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HomeMy WebLinkAbout0250 ' ~ _ ' t ~ l.endcr i written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. Any amrnints itish~irsecl by Lender pursuant to this paragraph; 7.. yrjtti ibterest thereon, shall become additional indebtedness of Horrower secured by this Mortgage. Unless Borrower and Lender agree to other ternu of payment. such amounts shall he payable upon notice From i.ender ro Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 sh>]II require Lender to incur any expense or take any action hereunder. ~ ~ g. Inspection. tender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademaatioa. The proceeds of any award or claim for damages. direct or consequential, in rnnrtection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial Taking of the Property, unless Borrower and Lender otherwix agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the rnndemnot oRets to mate an award or xttle a claim Tor damages, &?rmwer fail. to respond to 1_ender within 30 days after ttte date such notice is mailed. Lender is authorized to collect and apply the proceeds. at lender's option, either to ratoration or repair of the Property or to the sums secured by this Martgatte. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to jn paragraphs 1 and 2 hettof or change the anwtsnt of such installments. 10. ttbrmwer Not Released. Extension of the time for payment or modification of amortization of the sums sectsr+ed by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in sny manner. the liability of the original Borrower and 8c?rrower's successors in interest. Lender shall not be required to comrrtenoe proceedings against such successor or refute to extend time for payment or olhetwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance bI' Lender Not a Waver. Any forbearance by Lender in exercising any right or rcmody hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness xcttred by this Mortgage. 12. Remedies Camulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or successively. 13. Saecessors gad Assigns Bound; Joint gad Several I.iabiliry; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective successors and assigns of Lender gad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to tae uxd to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) arty notice to Borrower provided for in this Mortgarte shall be given by mailing such notice by cenifled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 7S. Uniform Mortgage; Governing Lsw: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveting real property. This Mortgage shall tx governed by the law of the jurisdiction in which the Property is located. In the event that any provision or claux of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the ?Note are declared to be severable. 16. torrower's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17. ,Transfer of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchace money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender s option, declare all the strtns secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person so whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcrest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written asumptiom agreememt accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower faits to pay such sums prior to the expiration of such period. Lender may, without funkier notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Note-Urrtcottt.t COVENANTS. Borrower and Lender further covenant and agroe as follows: 1g. Accderadoa; Remedks. Escegt s provided in paragraph 17 hereof. trpn =orr+owes's bleach of any cot?tprtt w agreeraesrt of tT+orsower io this Mortgage. refracting the covenants to M7 wbca doe any ataos seewd by this Mortgage. li.ender 'clue b setektatloa shall mW aotlce to borrower as provided V patrtgra'h 14 betreof s*ecifylagz (1) tits brteacb; (f) tbcaartivw rgaieta b carte seeb 6reacb; (3). a dace. not less than 30 days tcom the Batt the wotke is srsaBd to 1>losrower. by whkb s>.cb breach mtsat be ewttd; sad (4) that hilwe to ewe srrcb breach a or before the date geeifled r the aotke ferny te:alt b acceleration of the slurs seew~ed 6y 1hB Mortgage. tortclosnre by r ~oesedMrg ttrsi sale of the ttro~crty. Tie notice sbafl trrsiher bttotra Eotrower of tie right to meis>state after ateeleratioa asd tbt right b attseA h the taecbarre ptOeesdisR the non-exWeace of a reta~alt or asy other ddtase of torrower to sccekrdbw and torecbwte. N the breach is not crated ow or bdore tie date apccifitd b the trotke. Lender at Leader's o'tit?a may dt'clorr V of the strays isewed b'!' tW Mort~e fs be frtrtrsedisdely dire swd payable wNbotrt firrtber dcmanA gad may Iweclooe tbfs Mosgage by jriiehl ~toceedlaR, Lender dtaN be eatltled to coYect b snob pr+ocecdiaL a¦ expenses of foreclosure, bschtdirq. brat atot llimitetl b, reasoaabie s+tt~~raer's fen. atsi costs of ioeumeatar3' t•idenee. abstracts gad title rt'orb. 19. iosrowa's Rlgbt to Reinstate. Ndwithstanding Lenders acceleration of the sums secured by thee Mortgage, r Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time e~ 327 ~a~E 249