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HomeMy WebLinkAbout0280 • _ ~ j I.eadri s written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to 1ha paragraph ~witja interest 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 otRStanding principal under the Note unless pa'yrrtent of interest at such rate would be contrary to applicable law, in which event such amounts shalt hear interest at the highest me permissible under applicablt law. Nothing contained in this paragraph?~ shall require Tender to incur any expetae or take any action hereunder. tT. Iwspectiow. Tender 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 inspectign speeifyjn~ reasonable cause therefor related to Lender's interest in the Property. , 9. Cowdewwatbw. The proceeds of any award or claim far 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, are hereby assigned and shall be paid to Lender. In flat event of a total taking of the Property. the proxeeds 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 otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of fire pr+oeeeds as is equal to that proportion which the amount o/ the same secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately prior to the daft of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Tender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail. to rc~~nd to l_tnder within 30 days after the date such notice is •tnaikd. Lender is 3uthori7ed to collect and apply the proce~-ds, at lender's option, either to restoration or ttpair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in v?ritinF. any such application of pracetds to principal shall not extend or postpone the due dare of the monthly installments referred tq in paragraphs 1 and 2 hereof or change the amount Of such installments. , 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by [.ender to any cuccecsor in interest of Borrower shalt not operate to release, in any manner, the liability of the original Harrower and Borrowcr'c successors in interest. Tender shall not be required 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 Borrowers wccessoa in interest. U. Forbearance 6y header Not a Waiver, Any forbearance by lxnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not bt a waiver of or preclude the exercise of any such right or remetly. 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 cecored by this Mortgage- 12. Reweedies Ctwwuh>dve. AN remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy t,nder this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Swccessoa sad AssiRws Bouwd:.loiwt sad Several i.iabilNy; Captbws. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd 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 are for convenience only and are not to Ik used 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 notitt by certified 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 T_endePs 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. 1S. Uwitorw Mortpsge: Coverwiwg Law; Severability. This form of mortgage combines uniform rnvenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security ituttvment Qovering 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 chic Mortgage or the Note conflicts with applicable law, such conflict shall not _affed other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to the end iht provisions of the Mortgage and the Note are declared to be severable. 16. iorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of -this Mortgage at the tithe of execution or after recordation hereof. 17..Trawder of the Property; Assumption. Tf all nr any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writrcn consent. excluding (al the creation of a lien or encumbnnee subordrnate to this Mortgage, fbl the crcat,on of a purchase more}• 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 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 and the person to whom the Property is to be cold or transferred reach 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 arch rate ac Lender shall request. if Lender has waived the option to accelerate provided 'rn this paragraph 1T, and if Borrowers successor in interest has executed a written assumption agreement 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 shalt mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not Tess than 30 days from the date the notice a mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such Burns prior to the expiration of each period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 herrnf. Note-TJNIFORM CovENANts. Borrower and Lender further covenant and ague as follows: - lt: Aceekratbw; Rewedia. lid:ceps :s provided iw pragrspr 17 bereol. trtaow )sorrowa's btreacr of Wray covetuwt sx agreemewt of borrower b fhb Mortgage. r~elwdfag the co•cwants to py whew dwe awy swwrs secwrsd b!' tits Mortgage. Easier prior to wccekrwtfow shad wuail wotke to Idorr~owcr ss rro~idei N prsigrapla 14 hereof s'ecitiybag: (/)the Meech: (2) the setbw rgwNed to etrre rawer breach; (3) a dam, woe gas thssa 30 days from the sate trc wotke i waded to •errower. b7' whkh swrr breach wwst 4e ~ awd (1) that hiiwro to cwre such braicr ow or bclorc tttc date yeciBea M the wotke way reswN V wceekrwtiow of ere swrns setwrei by ebb Mortgage. foreebswrr by jwdkW'roese~ awi gale of tht Property. The wotict shay iwrther hstorrw liorro+?er of the right to reirsstde steer stxekradow awd the right b awttrt h? ere forrclotarre Noeeeiwg the w00-libtewCt Ot a dtfanlt Or awy ofhtr defewse of Borrower to wccekrNiow awd forrciowme. Here brcacr b wort ewred aw or before the salt s'eciRei i• ere wotke. Lender at [.ewder's opiow wswy dechr+e alt d the strrws fettgrei by tris MOrt~! b be bwwresiafely dwe atsi pyabie withwat trrther demand and waay romloae ebb Matgage by jwikial prrteeilwR. Lender shalt bs ewtltlei to cotket rw staxh trroeesdiwg V espc,sses of forcckatrrc. fwclwiiwg. Mat woe lirwitei tfa, reasowable stturwer's fees. awd costs of ioet:!werNary etridewce, abstrwcts awd tick reports. 19. >forrowa's Rtght to Reigate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgagerdiscontinued at any time • BOOK ! PbGE 2~