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HomeMy WebLinkAbout2715 . . Lender's written agrermem or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner providsJ under paragraph 2 hereof. . Any amounts dishursrJ by Len~kr pursuant to this paragraph 7, with interest thereon, shall become additional inJeMedncss of i3urruwcr secured by this Mortgage. Unless Borrower and l.rnJer agree to other terms of payment. such amcxrnts shall he payable ufxjn notice from Lender to Barrawer requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable Pram time to time on outstanding principal under the Note unless pa'ymettt of interest at such rate would he contrary to applicable law, in which event such amounts shall bear interest at the highest rate pertnissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetne or take any action hereunder. g. Iispection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Burrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation, The proceeds of any award or claim far damages, direct ar consequtntial, in +conncetion with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigtrod and shall be paid to fender. In the event of a fatal taking of the property. the proceeds shall he 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 the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking hears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. if the Property is ahandoncd by Bor:ower, or if. after native by Lender to Borrower that the condemnor offers to make an award or settle a claim far damages, &~rmwer fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at lender i option, either to restoration or repair of the Property or to the sums secured M~ this Mortgage. Unless lender and Borrowrr otherwise agree in writmc. 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 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 Lender to any successor in interest of Harrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not bt required to commence proceedings against such successor or refuse M extend time for payment or otherwise modify amortization of tht 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 a Wsirer. Any forhearance by Lender in exercising any right or remedy hereunder, 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 or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedness secured by this Mortgage. 12. Remedies ComulsHre. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. 13. Succeswrs and Assigns Bound: Joint sad Several i.iaM7ity; Captions. The covenants and agreements herein contained shall hind,rnd 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 jetty and several. 'tire captions and headings of the paragraphs of this Mortgage are for convenience only and are not to ISe 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 far in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address ar 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 f.ender'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 he deemed to have been given to Barrawer or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Gorernirrg Last: Sevrrability. This form of mortgage combines urniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real araperty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the even that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision, and to this end the provisions of the Mortgage and the *lote are ~kctared to bt 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 otter recordation hereof. l7. ,Transfer of the PropMy: Assumptiorr. ]f all or any part of the Property or an interest therein is sold or transferred by Borrower without I_ende~ s pricer wrinrn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation of law upon the Death of a jrnnt 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 thi: Mortgage to be immediately due and payable. Lender shall have aa~ved such option to accelerate if, prior to the sale or transfer. Lender and the person to wham the Property is a? be so1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the slims 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 it Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrowrr tram all obligations under this Mortgage and the Note. (f Lender exercises such option to accelerate. Lender shalt mail Borrower notice of acceleration in accordance H•ith paragraph 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 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 ]g hereof. Note-L)NIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: lg. Accekratfoi; Remedka. li?:cept at: Provided ii paragrsph 17 hereof. wpor >ion+ower's brcaci of any eorewawt or agre:oeit o1 Baronet is this Mortgage. iwcfudirrg the cotenants to pay whew die any same accord by this Mortgage. Leader prfor to accekratbi shall sail wotke to 1orrower as prorWed iw paragraPA 14 hereof speelfyiag: (1) the breach;121 the action regrrired to tors such brrach; (3) a date. not hiss thaw 30 days from the date the iotke b taraNcd to •errower. dy whkh such breach riot be cared; and (4) Ibat taUaro to core such breach w tx before the date geci8ed iw the notice mss result b aeeeieration of the soma secured by this Mortgage. foreclosure br jadicW proceeding aid sale M the Troperfy. The notice shag farther iifornr Borrower of the right to rNwstate after sceekratba and the right to saacrt la the foreehrwre proceednig the tow-t:ietewce d a defauk or any other defense of Borrower to accekratioi and toreelowre. N the brexh b pot ettutd of or before the date apecfied V the notice. Lender at I.ewder's opiow fray dechm alit of the arras secured b fhb Mort~e to be iswedbtNy drre ant payable witboit trrAbtr demand and Wray torcchrae ebb Mortgage ~ jidkW proettdirrR. i.ender sW 6e atithui to cofleet b rich pr»ceediag all a:pewees of foreclosure. iwcludiwg. bit not Hrilttd to. rcaaoiaMe stlorner'a tea. aid coats of docr:!aeatary eridcnce. abstracts and title reports. 19. lgrowa's Right to Rtbutatc. Notwithstanding Lender i acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedrngs begun by Lender to enforce this Mortgage discontinued at any time i:t;CfK X327 F~CE2714 _ - . _ . . _ - :4