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HomeMy WebLinkAbout0147 Lender'+; written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amaunts disbursed by Lender pursuant to this paragraph 7. 1iviNr Interest thereon, shall become additional - indebtedness of Borrower secured by this Mortgage. Unlecc Borrower and Lender agree to other terms. of payment. such amounts shall be payable upon natice fram lender to Borrower requesting payment thereof, and shall bear interest from the date of disbttrsemcnt at the rate payable fmm time to time on outstanding principal under the Note uttkss I?aymatt of interest at such rate would bt contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing captained in this paragraph 7 shall require lender to incur any experae or take any action hereunder. 8. haspeetiow. i.ender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that [.ender shall Rive Borrawer notice pear to any such mspectian sp~.:ifyiilg reasanable cause thtrcfar related to Leader's interest in the Properly. 9. Cowdemnatbw. The praceedc of any award ar claim for damages, direct ar consequential, in connection with any condemnation or other taking of the Property, or part therrnf, ar for canveyance in lieu of condemnation, are hereby sssisned and shall be paid to f.endtr. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrawer. 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 proportian 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 priar to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandaned by Bar:ower. ar if. after natice by lender to Borrower that the condemnor otters to make an award ar settle a claim far damages. Barrawer fails to respand tc. Lender within 30 days after the daft such notice is mailed. Lender is atrtharized to callect and apply the proceeds. at Lender's option, either to ratoration or repair of the Property or to the sums secured by this Martgage. unless Lender and Borrower otherwise agree in writing. any such applicatian of proceeds to principal shall not extend or postpone tltc dtx date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ - such installments. 10. Borrower Not Released. Extension of the time~for payment ar modificatian of amartization of the sums sxured by this Mortgage granted by i_ender to any cuccessar in interest of Borrower shall not operate to release, in any manner, the tidbit"rty of the original Borrower and Borrower s s?rccessars in interest. Lender shall not be required to commence proceedings against such.successar or refuse 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 Borrower's successors in interest. I1. Forbearawce by leader Not a R'airer. Any farhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall pat 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 shalt not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Ctrmnhtive. All remedies pravidcd in this Mortgage arc 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. Srcccssors and AssiRos Bound:.Joist awd Severd i.iabBity; Capliows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. dhe respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. A)1 covenants and agreements of Borrower shall be joint 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 provisions hereaf. 14. Notice. Except for any natice required under applicable law to be given in another manner, (a) any notice to Borrower pravidcd for in this Martgage shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Address or at such other address as Barrawer may designate by notice to fender as provided herein, and (b) any rtoticc 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 natice to Borrower ss provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Barrawer ar Lender when given in the manner designated herein. 1S. Uwiforsa Mortgsge; Gorcrwiag Law: Sevcrability. This form of mortgage combines uniform rnvenants for national use and nori-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 • went that any provision or clause of this Mortgage ar the Note canflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given cQect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are ~kclared to be severable. 16, Borrower's Copy. Borrower shall be ftrrniched a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17, ,Trawdcr 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 written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creattan of a purchase maney security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a faint 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 alt 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 to be sa1J ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interctit payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the optian 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 obligations under this Mortgage atld the Note. If Lender exercises such option to accelerate, Lender shall- mail Borrower notice of acceleration in acrnrdancr with 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 periad, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereaf. Nort-UNIfoaM t.;ovlsNANrs. Borrower and Lender turther covenant and agree as follows: 18. Accekratbr Rcasedks. E:cept as provided b pngrapi 17 -isuot. trporr Borrowers bread o[ awy co•eswtt K agn~t of Borrower, b Hrfs Mortgage. iwciadirrg the corenaMs to pay wiew arts day snttas secured b7' tide Mortgage. Leader prior b acederagoo shag rwail~siotlce to Borrower as prortded Iw ptapapi 14 hereof specityiw~: (i) tie 6reaci: (2) the scttow re~lrid b elute tt~ci btssci: (3) a Gate, wol ids thaw 30 days trowr tie Gate tie works r dratted to Berrewer. i7' wild strei ireaci rants k cored: and (4) that tatihtrre b crrt such tureaci ow or before tie date specticd b the works twat' restdt b acederatlow of tic swtr secured by this Mortgage. toreclosnre by jadkW pweasdirrg awd sale of tie hopcriy. Tire works stall brtier hdortw Borrower of tie riRN to rNwstste after sceekratiow and tie right b assert M tie tortcloarre proetediag tie Corr-a:Werrce of a defank or arry otter defense of Qorrower to accelcrrrtbrr awl torecioatrre. H tie 6reaei Is got esred a or before tie dale speeiRed is tie storks. Lewder at I.ewder's optiow arsy declare ati of the ands seewred ~ rift MoARaRe b be iwrrwediatelr arts awl pysble wkiowt tnrther demand dad may foreclose tilt M4rKage il' jtrdkW prnesedlaR• Lender shah be ewtlded is eofleet iA strri proeeediwL sr espenses at foe.~t..a•re. iwchrdirtg. brit wet BwrHed M, rsatowaMe sn•xaer's fees. and tor4 of doe.metrtary eridcwce, abstracts dad tick rep-.rb. 14. /onowa's Rlgiit to Reiartate. NatwithstandinE Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time . $~~328 pa~E 147 - - - _