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HomeMy WebLinkAbout0262 • ~ . . . . chi.,. } Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. , ~ ~ Any amounts disbursed by fender pursuant to this paragraph 7, with intereal thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on o?ttstandint principal under the Note unless payment 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 shall require Lender to incur any expense or take any action hereunder. fl. laspectiar. i.ender may make or 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. Coadcwaatba, The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of tht: 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 Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prootxds 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. If the Property is ahand~ned by Bor:Dover, or if. after notice by l.ender.to Borrower that the con_ demnor oRers to make an award or settle a claim for damages. Borrower fair to resaond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at lender s option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writin~e. any such application of proceeds to principal shall not extend or postpone the due date of tbe monthly installments referred to,in paragraphs 1 and 2 hereof or change the amount of such installments. 1t,. i?orrower Nof RtMased. Extension of the time for payment or modification of amortization of the sums stxurrd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's s?tccessors in interest. Lender shall not be requirrd to commence .proceedings against such successor or refuse to extend time for payment or otherwise 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. ll:orbearaoce iY Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rtmedy. 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 secured by this Mortgage. 12. Renred~ks Camnhttirt. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Soecessors curd Assigns clouted; Joint and Several t.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall in?tr~ to. the respective successors and assigns of Lender sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtT and several. The captions' and headings of the paragraphs of thix Mortgage are for convenience only and are not to be ?txd to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such rwtice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and (b) any notice to Lender shall be given by certified mail, velum receipt requested. to fender'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 Io have been given to Borrower or Lender when given in the manner designated herein. IS. Ueiforee Mortgage; Governing Law; 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 cgvering real property. This Mortgage shall be" governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect f other provisions of this- Mortgage or the Note which can be given etrect without the conflicting provision, and to ,this end the provisions of the Mortgage and the Note are declared to be severable. 16. lbrrower's Cory. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trateder of tie Property: Assumption. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written c•ansent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase 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, dtclarc all the sums 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 at:d the perm t•• whi+rn the Preps'rty is t.. hr cnl~t nr Ir2nsferred reuh agreement in writing that the credit of such person is satisfactory to Lender and that the interest 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obli3ations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower rrotice of acceleration in accordance w•~th_ 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 exptnhon of such period, Lender mr~, without further notice or demand on Borrower, invoke any remodies permitted by paragraph 1R hereof. Nox-UNtt=oaur Covetver,TS. Borrower and Lender further covenant and agree n follows: li. Aecdaatloo; Rewedia. Except as provided ire pangtrari 17 iKreot, arorr lorrowe>rs btreaci of airy corenaot K agroeneot of lionewer b ti4 Mortgage. ~eloding tie coreteaMS to pay wieo toe ~Y sows seetrrci ivy flit Mortgage. Leader prier b accdtratbre slat! tmW taolice !o dereower at provided V rongrari 14 iereol geeltyiags (1) flee isteaei; f2? tie rxfiow rgoircd b cue sorb breach; (3) a dale, tact lest flag 30 dap ftrowr tie date tie notice is woReti fe )torrower. by wild steel bsttati wost be etre$ asra (4) fiat faBore to core strci ItKaci a ar before tie date areeMota iw tie teotke way r+eselt d aecekratfos, of tie sat seeord by tilt Mort=age. tosecloaorr i7 jodkW rroesediog asi sale of tic Propetrty. Tic wodee sia/ ttertier iwtotrw iore+ewer of tie right to reitr?stNe after accekratbo aoa tie rlgltt to attscrt i• tie toreckwro rreeet!ti7rrg tie ¦ow~etrMewce of a dets?olt or twy otter aetewse of >sorrower to acceleratioo soft foreclowre. N tie ireaci V prof coved osr or before tie riNe geeNied i. tie sttatke. Lender at i.eoder's ortiorr way declare aM d tie sottso seeorsd ~ flit MoAgage tb be iwwetiia/ely doe aretl pyabie wifbM tortier demand and stay tort?clae tilt Mortgage iy joiieW rrectsdiog. Lender siaN be estHled to coYteet V setei rrocetidiag alt axpeases of totrecbsrre, ioetodiag. bat got Bwifed ta. rtasoaaNe sttur,reY's fees. ; a~ of doetr'westarr eritiestee. abttrocls stwtl title reports. 19. •orsowa's Rlgbt to Retottate. Notwithstanding Lenders scceleration of the scans secured by the Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~a K327 P~~E 261 ~c,, ;