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HomeMy WebLinkAbout2674 ' l.rnder's written agreement or applicabk law. Borrower shah pay the amount of all mortgage insurance prcmiurrr: in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with igtercst thereon, shall become additional indebtedness of Bormwer secured by this Mortgage. Unless Borrower attd Lender agree to other terms of payment. such amounts shall he payable upon nruicr from Lender to Borrower requesting payment thereof, and shall liar interest from the date of dicbrrrsement at the rate payable from time to time cur outstanding principal under the Note unless payment of interest at such rate would ht 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. , tt. Inspection, lender may make or cause to he made rcaccurahk entries upon and inspections of the Property. provided that i.ender shall Rive Borrower notice prior to any arch inspection specifying reasanablt cause therefor related to Lender's interest in the Property. 1 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 t??ereof, ar for conveyance in lieu of condemnation, are hereby assigned and shall ire paid to Lender. In the event of a total taking of the Property, the prcxecds shall tee 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 same cecrrrecl by this Mortgage such proportion of the ptoaak 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 abandoned by Bar~ower. or if. after notice by 1_ender to Borrower that the condemnor offers to make an award ar settle a claim for damages. Borrower fails to respond to 1_ender within 30 days after the dale such ttotiee a mailed, Lender is auth.,rized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property ar to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extetad or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof oi• change the amount of such installments. 10. Borrower Not Released. Extension of the time far payment or modification of amortization of the sums stxured 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 srrccessars in interest. Lender shall not be required to commence proceedings against such successor or refucT to extend time far payment or otherwise modify amortizatron of the sums secured by this Mortgage by reason of any demand made by the original Bormwer and Borrowers successors in interest. 11, Forbearance by I.cnder Not a Waiver. Any forhtarance by I_endtr in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shalt not he a waiver of or preclude tht 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 t,e a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rerntdks Cumulatit, 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, :end may l,e exercised concurrently, independently or successively. 13. Successors and Assigns Bound; ,Joint and Several I.iaM'tity; Captions, The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty- and several. The captions -and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the pmvisions hereof. 14. Notice. Except far any notice rcyrrired under applicable law to be given in another manner. (a) any notice to Bormwer provided for in this Martgatte shall t,e given by mailing such notice by certifed mail addressed to Borrower at the Property Address or at such whey address as Bormwer may designate by notice to i_ender 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 I.endec may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Bormwer ar Lender when given in the manner designated herein. 15. UnNorm Mortgage; Governiag Law; Severability. This form of mortgagt combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall bt 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 applicabk law, such conflict shall not affect other provisions of this Mortgage or the Nntc which can be given eBect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are declared to be severable. 16. lttorrower's Copv, Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the tittre of execution or after recordation htreof. 17. ,Trander 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 pricer writrcn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. Ibl the crcatron of a purchase mr~nev security intertst far 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 kss 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 sak or transfer, Lender and the person to whom the Property is to be salt or transferred reach agreement in writing that the credit of such ~ersOn 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 tram all obljgations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekration in accordance With paragraph 14 hereof. Such notice shall provide a period of not Tess 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 at such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Nort-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: Ill. Accekatbn; Rewtdia. Except as provided iw pragrsph 17 Gereof. ryow iorrowtr'i brsaei oI any coetcawt er agreement of sorrowcr hs this Mort`a`r. liwcfadlag the covenaats to par whew dice a¦r swws secwrsi by tfrY Mortgage. Lewder prior to secsierstbw shall mtrd wotke to dorrowcr arc provided Iw paragraph 14 htrcot speeitrhrg: (1) the breach; (2) the sctbw regw4td to crave such bread; (3) a date, not kss than 30 days teen the date the wotke i. ttaallcd to liarower. br whki steel brsach wrest be cwred: and (4) that fagrrre to etrre such breach on or before the date spcciAtd h the notice war resit b ntccekrMbw of the sues secured br this Mortgage. foreclosure br jwdklal proccldlwg mrd scale of the Property. The wdict shad frrrtier intern lorrower of the right to reiwstste deer aceelerstba and the right to arscrt iw the foreebtwre procttditg tie wow-exirttwce of a defwek or awe other defense of borrower to accekMiow arwi for+cclwrre. Ii the breach b wof esrtd ow or before the dste specified i• tie wotke. Lender at l.ewder's optbw war declare s• of tie wws seewred br tiY Mortgage M bt irwwediatelr drre awl prabfe withod trrrtlxr demand and near /orcclose th4 Mor~age br Jindichl proeeedhgt. I,tnder shad be entitled to collect b snci proceeding sp espenses of foreclosure. iwclrrdiw~. bet not limited to. reasowabk stturaer's fees, and teats of doc~~sentary erideeee. abstracts and titk reports. 19. )borrower's Right to Rehctsle. Notwithstanding Lender's acceleration of the sums secured by thrs Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 3~7 ~~~E 267:3 . .