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HomeMy WebLinkAbout0177 - 1: r' - R Lender's written agn:ement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in 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 noel Lender ~gt~ to other ternns of payment, such amounts shall be payable upon notice from lender to Borrower requesting pkymedt t trot, and shall bear interest from the date of disbursement at the me payable from time to time on artstanding principal under the Note unless pajrment of interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the hight:st rate permissible under aQplicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or twice any action hereunder. Ewspeetiar. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condewrwatbn. The proceeds of any award or claim for damages, direct or consequential, in rnnnectioo with any condemnation or other Taking of the Property, or part thereat, ar for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. 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 Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwix agree in writin(t. there shall be applied to the sums secured by this Mortgage such proportion of the protxeds as is equal to that proportion which the amount of the sums xcttred by this Mortgaie immediately prior to the date d 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 Borrower: or if. after notice by Lender to Borrower that the condemnor oRets to mane an award or settle a claim for damages. Borrower fails to respond to i_ender within 30 days after the date such ratite is mailed, Lender is authorized to collect and apply the proceeds. at i~nder's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. U~tless [.ender and Borrower otherwix agree in writing. any sucfi 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 d sack installments. - 10. >sorrower Not Released. Extension of the time for payment or modification of amortization of the. wms stoetrrtd 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 c sttcctssors in interest. Lender shall not be roquired to comrrtertoe proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest. l 1. Forbearawce 6p Lender Not a Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, 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 Lender's right to accelerate the maturity of the indebtedness secured 6y chic Mortgage. 12.. Rernedks Ctrasalati•e. All remedies provided in this Mortgage are distinct and cumulative to any other right or rcmedjr under this Mortgage or afforded by law or equity, and may be exercixd concurrently, indeptrtdentiy or suceessivety. ' 13. Srccessors and Assigns Bound; .Joint wad Several i.iabBitr; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender spd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to Ile 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 Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to [.codex'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: Cotrerniag Law: Sevenbility. This form of mortgage combines uniform covenants for national I! use and ran-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 provision or clattx of Ihic Mortgage or the Note conflicts with -applicable law. such conflict shall not affoct - I other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to be xverable. 16. Borrower's Corr. Borrower shall be furnished a conformed roP)• of the Note and of this Mortgage at the time ~ of execution or-after recordation hereof. E 17..Trawder of the Pro'ertr: Assatnptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money ucurity interest for household appliances, (c) a transfer by devise, descent 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 to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate as Lender shall rogtrest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordarttx with paragraph 14 hereof. Such notice shall provide a period c?f not less than 30 days from the date the ratite is mailed within which Borrower may pay the sums declared due. if Borrower tails 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 111 hereof. Note-IINIFOnM CoverraHTS. Borrower and Lender further covenant and agree as follows: a lfl. Accderatio~ Rewredks. Fatcelt as provMed in pragryh 17 tiered. ttpw lorrvwer's Meech d ant covewt K agreement d Il)orrower bi his Mortgage. iwclndfag the eotrensttts to pr when die aver serves seetrrd b7' tW Mortgage. Letnier priotr to accderatfos slat twaN wotlce to lionrwer as *ro•fded f. pragrarlr li hereof s~eeltriag: (1) the Mtach; (2) the sttien ralrfired to errs strei Mead (3) a date, toot less thaw 30 days trora the Gate tie wotia b walled to lierrewer. b whki arch Meaeb mwM be creed; atsd (1) that taNrrre a etrre arch Meech a or betoro the date s'sciAei V the notke war result d aceeierMiow d tie swan secrtred br this Mortgage. toreclosare br jtrdkW poeee~wg awd sale d the >rro'erry. Tate wotke ahsY trrtier hrtonw Ibrtrwer d the right to reirsstste after accdcratlow awd the right to asseA iw the taeeleswe proteeirg tie won•existence d a rietarlt or a¦r other defense d Borrower to accelerNbn and toreelowre. N the Meacb b trot credi ow or before the date specified r the tsotice. Lender at lenders opiow trot declare aN d tie atws secsreed b ebb Mortgage to be ianedistetr die awl prable withort trrther demand and wrar torecbse fhb Motrtgage br jrrdicW'roeeediwR• Linder dWl be ewtltled to eoreet iw arch rroctediag ar espcrrses of foreclosrre, iwclyding, bit test flwrMei a. reasewaMe snurneYs tea. atsi cosh d doct.-+wewtarr eridenee, aMlracts and tick repro. 19. ljorrrowa's RIgM to Reiwsate. Ndwithstanding Lenders actekntion of the sums secured by thtn Mortgage. Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mortgage discontinued at any time B~ 328 Q~~E 1'T'~' - -