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HomeMy WebLinkAbout2066 • r • _ l.endcr'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 DichurseJ by Lender pursuant to this paragraph with interest thereon, shall become additional iu~iebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such arnottnts shall be payable upon noticr 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 artstanding principal under the Note unless pa~nttent of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incpr any experae or take any action hereunder. > g. Irrsptctioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. ptrnrided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'a interest in the Property. 9. Condemnation. 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 tberrof, or for rnnveyance in lieu of condemnation, arc hereby assigned and shall be paid to tender. In the event o(a total taking of the Property. the proceeds chat[ 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 come secured by this Mortgage such proportion of the prooeedt 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 d_ ate of taking, with the balance of the proceeds paid to Borrower. If the Property is ahandoneD by Borrower. or if. after notice by lender to Borrower that the condemnor oBets to mate an award or settle a claim for damages. Borrower faits to rest and to [.ender within 30 days after the date such notitx is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair Of t1tC Property or to the sums secured by this Mortgage. Unl:ss Lender and Borrower otherwise agree in writin~e, 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 of s<tch mstallments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cttccessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower i successors in interest. Lender shall not be required to commence proceedings against such successor or reface 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 successors in interest. 11. Forbearance by t.endcr Not a Waiver. Any forbearance by Lender in exercising any right or remedy heretmder, 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulatbn. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or affordcd'by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bortad; .)Dint gad Several I.iaM71ty; Captious. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ 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 joitd and several. The captions and headings of the para¢raphc of this Mortgage are for convenience only and are not to be 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 notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to tenders 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. Uniform Mortgage: Governing 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 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 prevision or clause of this Mortgage c.r the Note conflicts with applicable law, such conflict shall not acted other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision, and to this l end the provisions of the Mortgage and the Note are Declared to be severable. 16. Borrower'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..Trsnder 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 writrrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase monee security interest for household appliances, (c) a transfer by devist, dtscent 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 t~. be co1D or transferred reach agreement in writing that the credit of each 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 regtxst. 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 obljgations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancc with paragraph 14 hereof. Such notice shall provide a period ~f not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I R herrnf. NON-UNIFORM COVENANTS. Bpffowtr and LendK fUrthef COrtnant and agree as follows: ls. Acederatioo; Reatcdfes. fl::rcpt w provided in paragraph 17 hereof. ulorr ¦onowet's btreaeb d guy covenant er agrKttseM of Borrower is tbk Mortgage. ineludirtg the corcaauts to par wbcu due guy sows secured by iMs Mortgage. [.coder prior to accelcratlon sbsR wtaN notke to Borrower its provfded la paragraph 14 hereof specNriog: (1) the btreseb: (2) the ncfion requ4ed to cure such breach; (3) a date, not less than 30 days (roar the daft the ttotkt is tttnacd to /errower. b' wbkb sttt:b breaelt must be nred; and that hilure to cure strcb breach on or before the dale spe<WeJ b the wotke tttar resaik a aeceleratlou of the soots secured br tbLs Mortgage. foreclosure b7 jodkial proctedirts ttrtd sttk of the ftwpertr. The notice , sbttU frrrtber htforw Borrower of the right to reinstate utter acceleration and the right to assert i• the foreclosure p0eetdittg . Litt aou-a:isteace of a detauM or gar other deftuse of Borrower to accekratbu gad tortebwrt. N the breach M teat esred ou or before the dsle specified i• the nMiee. Leader at I.ewder's option star declare s8 of the sows secured by this Mo~~ a dtaN • iwttaediatelr due gad parable witbwtt father demand and mar foreclose chit Mortgage bl' judicW proceeding. be entitled to collect d such proceeding sR a:peones of forcciosurc. lucluding. bed ttrof Wtdtei ts+, reasowabk sttxner's fees. gad costs of docr:!uentarr evidence. abstracts and lick reports. - 19. ldorrpwet's Right to Rrthstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shat{ have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 327 PaCE~~