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HomeMy WebLinkAbout2060 • y _ 1 ~4', • l.enJer's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums to the manner provided under paragraph 2 hereo[. k ' . Any amounts Jichursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of iorrower secured by this Mortgage. Untecc Borrower and I.enJer agree to atlxr terms of payment, such amounts shall he payable upon rx.lice from Lender to Borrower requesting payment thereof, and shall hear interest from the date of disbursement at the rate payahlc from time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts shall hear interest at the hi8hest rate permissible under applicabk•taw. Nothing containeJ in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8, laspettiorr, tender may make or cause to be made reasonable entries upon and inspections of the Property, provided that lender shall give &~rrawer notice prior In any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Coadenraatbn. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation ar other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to !.ender. In the event of a fatal taking of the property. the proceeds chat! he applieJ 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 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 (xars to the fair market valor of the Property immediately pricer to the Jate of taking, with tree balance of the proceeds paid to Borrower. If the Properly is ahandoneJ by Bar:ewer, or if. after Halite by Lender to Borrower that the condemnor Defers to make an award or settle a claim far damages. Borrower fails to respond 10 lender within 30 days alter the date su.fi notice is mailed, Lender is arrthorizcd to collect and apply the prpceeds. at Lender's option, either to rat1)ration or repair of the Property or to the sums 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 o? change the amount of such installments. 10. borrower Not Released. Extension of the time for payment of modification of amortization of the surt+s stxur+ed by this Mortgage granted by Lender to am successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and torrower c successorc in interest. Lender shall not be required to commencY proceedings against such successor or refuse to a<tenJ time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Borrower's wecessors in intertu. il. Forbearance by Lender Not a Waiver. Any forhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall Hat 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 he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Renredks Camulati~e. All remedies provided in this Mortgage are distinct and cumulativt to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Snecessors and Asaigas )sound; .!Dial and Several i.iaM'lity; Captions. 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. Att covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (s) any notice to Borrower provided for in this Martga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to lender 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 ar Lender when given in the manner designated herein. lS. Uniform Mortgage: Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument covering 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 Ngte conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect 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 furnisheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17_ .Transfer of the Property; Assumptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's pricer written consent. excluding (al the creation of a lien or sncumbranct subordinate 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 jo,nt 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 6e 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 co1J 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 hu executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance N~ith parasroph 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 further notice ar demand on Borrower. invoke any remedia permitted by panaraph 18 hercaf. Not+-UNtt=ont?r Covt:NeNTS. Borrower and Lender further covenant and agree as folto~vs: 18. Aceekrdba; Rerwedia. )Ettcept as provided in paragraph 17 trtreof. tttloa borrower's breach oft a.y co~eawt ar agreeraeat of borrower ~ ebb Mortgage. iaeltrdiag the covenants to pny wbea titre nay wens secarcd ~ ebb Mortgage. Leader prior to accelera8os shad nrait notke to borrower as provided In ptrrrrgrapb 11 hereof spceKybg: (1) the Meaeb: tree setiow req~ to cure tiucb breach; (3) a dale. sot less than 30 days from the date the notice b waAed to borrower. try wfrkb wN breach Hence 6e cured: and (1) that tagnre to care web breach a or before the date apscYed M tree wotice gray resWt b secelerMioa of the ttttatra aecared by tbM Mortgage. torcclowrtr b7' judicial proeeedirrg aai sale of the ti'ropcrty. The notice rbaY hrrtbtr iaforar borrower of tbt riRM to reinstate titer rrccelcration and the right b ttwert b the torecbwre prod the ttww-esWerrce d a detarlt or any other detctne of Borrower to accekratfow and toreciowre. N the 6treacb b sot eared ow or bdorc the date specified i• the settee. Leader at I.endtr's optiow rosy deebrte aN d the suers tkcarsd by ebb Mortgage b be irmediately due and pyabie witbort! ftrrtirer demand and Wray toreclae ebb Mortgage by jndletal prvetedirrR. i.ender strap be to collect 4 web prot:teding a8 a:peases of forecbwre. itscltrdiag. but sot iWted a. reaoowabk stt.rrneYs fees. and costa of suer. aeatary eridewce. abstracb and tick reports. 19. borwwa's Right to Reistate. NotwithctandinR Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings heFun by Lender to enforce this Mortgage discontinued at any time ~~I'UK PaGE~~ .