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HomeMy WebLinkAbout1358 • ~ ~ ' j J J Lender'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 this paragraph 7, with intere-~t 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 brat interest from the date of disbursement at the rare payable from time to time on outstanding principal under the Note unless pa'ymeett 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 expetne or take any action hereunder. . g. Irtapectiow. Lender 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. Cademnatbn. The proceeds of any award or claim for damages, direct ot•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 the event of a total taken of the Pro rt the ` 8 Pe y. proceeds shall be applied tb the' sums secured by this Mortgage. with the excess, if any; paid to Burrower. In the event of a partial taking of the Property, unless Borrower and Fender otherwise 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 hears 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 abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim ear damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender ix authorized to collect and apply the proceeds. at lender's option, either to restoration or repair of the Property or to the ium~ secured by this Mortgage. 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 in paragraphs 1 and 2 hereof or change the amount aE such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the wms atxur+ed by this Mortgage granted by Lender fa any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's srtcctssarx in interest. Lender shall not bt required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not s Wainer. Any farhearance by Lender in exercising any right or remedy heretmdef, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar 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. l2. Rewtedies Camnh>tive. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity, sad may be exercised concurrently, independently or successively. 13. Successors and AssiRss Bound; Joint sad Several i.iabi>litr; Captbws. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and 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 ~f this Mortgage arc for convenience only and arc not to tie used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given. in another manner, (a) any notice to Borrower provided for in this Martga¢e shall be given by mailing such notice by certifkd 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 be given by certified mail. return receipt requested. to [.enders 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 Harrower ar Lender when given in the manner designated herein. 1S. Uniform 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 covering real properly. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the If event that any provision or clause of this Mortgage ar the Nate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given etlect without the conflicting provision, and to this ,end the provisions of the Mortgage and the Nate are Declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17..Traasfer of the Property; Assumption. if all ar any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior wrinrn consent. excluding (a) the creation of a lien or encumbrance wbordinate to 3 this Mortgage, fb) the creation of a purchase money Security interest for household appiiartces, (c) a transfer by devise, descent or by operation of law upon the death o(a joint tenant or (d) the grant of any leasehold interest of three yeah 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 t~~ 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 such rate ac 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 obliSations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with puagraph 14 hereof. Such notice shall provide a period of not less 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 stems prior to the expiration of such period, Lander may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. s Now-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: { lg. Accckratios; Remedies. B:ccpt ss provided is pragraph 17 hereof. epee Borrower's breach of say coveaatN K atretmest of Borrower V this Mont=age. btelwdiag the covewawts to pr whr:s ice say swims seesrsi by fhb Mortgage. Lewder prhx to aceeleratlos shay sWl aotke to iorrower as provNed la pragrapi 14 hereof ttpeclfriag: (1) the brash: (2) the setios rgrird to core sxb breach: (3) a thee, wet testa thaw 30 days from Stec date the sofke b teaseled to Borrower. b!' whkh sweh breach msM be eared: awd thM faBsre to twice sTrch brash ow or before the date gtcWaa r the wotkt may «strk ~ sceekra8ow of the sstss secured br fhb Mortgage. toreAossre br jerdicl.t proeeetiirtg ttrd sale of the Tropertr. The wotke shat brther iwform Borrower of the right to reiwstate after aceekratbs swd the right to stsert i• the ta+ecbwrt proceeittg the sowsxbtewce of a aetask or any other ae/ewse of Borrower to atcekrMiow std fweeiossre. H the btn',ch b sot Barrett a f or before the date speeiied i• the wetice. Lewder at I.ewder's optiow mar Aeclare ar of the ssttai secsred br Stets Mortg~t fs be immediately dwe and prabk withost fwrtlter demand and mar forecloa fhb Mortgage h' ~wdieW proeeedirtR. Lender shag be estltlea to eoiieet b twitch proceednwg V a:peases r?f foreclossre~ isclwdiwg, bat west Ywdted M, r+tasowablt•sfturtrev's frees. x asi Bests of doc~:~erttarr eviaewee. abstrsds awes tick «prb. lp. Borrowa's Right to Reisstate. Notwithstanding Lenders sccekration of the sums secured by th~~ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time r s ~~`~32? Pa~Ei357 9 9