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HomeMy WebLinkAbout0165 • ~ t • - ; s Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums to the manner provided under paragraph 2 hereof. •Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and l_ende:r agree to other Terms of payment. such amounts shall be payable upon native from Lender to Borrower requesting payment thereof, and shalt bear interest from the date of disbursement at the rate payable from time to time an a,tstanding principal under the Note unless pa`yraatt of interest at such rate would be contrary to applicabk law, in which event such amounts shall Ixar interest at the hisl,est rate. permissible under applicabk law. Northing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. a. lwspectiow. Lender may make ar cause la be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower novice pricer to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cottdemwatba. The praceedc of any award or claim for damages. direct ar eonsequenti:l, in rnnnection with any condemnation or other taking of the Property, or part therrnf, ar for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ti in the event of a total taking of the Property, the proceeds chart 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 Lender otherwise agree in writing. then shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion v?•hich the amount of the same 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 lender to Borrower that the condemnor otters to make an award or settle a claim far damages, Borrower fails to respond to l.cnder within 30 days after the date such rtotioe is mailed, Lender is authorized to collect and apply the proceeds, at i~nder's option, either to restoration or repair of the Property oc to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shat) not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. tti. Earroar: IVa! Rrlerursl. Exttnsiart of the time fir payment or modification of amortization of the sums secured by this '.tilartgage granted by i_ender to any cuccecsar in interest of Borrower shall not operate to release, in any manner, the Iiabitily of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or reface to extend time for payment ar otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the arit!inal Borrower and Harrowers successors in interest. ll. Forbearance I>)r [.ender Not a Waiver. Any forbearance by I.entler in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar other liens or charges by Lender shat; not be a salver of Lendet'a right to accelerate the maturity of they ndebtedness secured by this Mortgage. 12. Rewtedks Crmulttti•e. All iemedies 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. Saccewors awd Assips Found; Joint and Several T.iability; Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inurti to. tbe respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jair~ and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14, Notice. Except for any native required under applicabk law to be given in another manner, (a) 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 i_ender as provided herein, and (hi any notice to Lender shall t,e 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 or Lender when given in the manner designated herein. IS. Uniform Mortgage: Go•erniag l.aw: Severabitity. This form of mortgage combines extiform covenants for nat'wnal use and non-uniform covenants with limited variations by jurisdiction tp corutitute 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 Note conflicts with applicabk taw, such conflict shall not alftd other provisions of this Mortgage or the Nate which can be given e0ect without the conflicting provision, and to tha end the provisions of the Mortgage and the Nate are declared to be severable. 16. lliorrower'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. ,Trawder of the Property; Asanmptiow. if all ar 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 encumbrance subordinate to this Mortgage, (b) the creahan 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 joint tenant or (d1 the grant of any leasehold interest of three years or less not rnntaining 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 to be call or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable an the sums stcurcd by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accele?ate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all oblj;ations under this Mortgage and the Nae. Tf Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance u•irh puagraph 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 expiation of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R Iterrnf. Near-UNIUORM Covt=.HaH'ts. Borrower and Lender further covenant and agree as follows: 1>iR. Aecderatioo: Rearedks. Except as provided is pragraph 17 hereof, twat >to~n~awee's bt~i of any co•eaat otr a~reeateat of don~swer b dsfs Mont=age. haacltt~wg the coewawts to pay wbea tae aay strews secttretl bf fhb Mortgage. It.ewtter prior M sct:deratioa shay wtsil ttotke to i3ornrrwer as pr~o•ided iw pvagrap6 14 hereof specifyirK: (1) the brteacb: (2) the sctbw rgtdred b etas send bread; (3) a date, wet less thaw 30 days irww the date the watice Y ttnikd to >tenos?er. ti which arch btreaelt wettest be d~ d (4) that failrre to erne sareb breach ow or before the date gecYled i• the wotice way nestle if aecderaliow o[ the atwss aecttretl br thls Mortgage. taeelosare h jrdkW proeecdhg awl sale o[ the ltropetiy. The wotice s1aB farther Mots lllorro~wer o[ the right to rehrstate after sccekratbn swi the rfght b assert i• the toreeiosrte prot:uittg the aow~e><ideaee of a Jetatrk or aay other detctase of Eonrower to aeceieratioa awd foreclowre. N the breach b aot eateJ a or before the date apt:iBeal b the woNee. l.ewaer at Lender's optiow taay deeWe V of the: saws set:srei by ebb Mortgage b be iwatediately dare aai pysble withorl trnttter derrranA and may foreclose this Mortgage h' jwakW proeetdiwR. Lender shall tw eatltled to collect iw arch proetediag V a:peaces of foteciosrre, iwcltt~ag, bM wet Battled ta, teasoaabie sttxnev's fees. ass costs of tiocn~sewhrr e•ideact. abstract aua title rcprb. 1,. 1{onrowa's Right to Reinstate. Notwithstanding Lender's acceleration of the sums securod by thre Martaage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BOCiK J20 PbGE 165 . _ _