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HomeMy WebLinkAbout0183 0 + i , ~ ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortttatte insurance premiums in the rganner provided under paragraph 2 hereof. - Any amounts disbursed by l.cnder pursuant to This paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Bormwcr requesting payment thereof. and shall bear interest from the date of disbursement at the n!e Y~;s~k from !irrr time on outstanding principal under the Note unless pa}rment of interest at such rate would be 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 Leender to incur any expense or take any action hereunder. g. Istspeefbw. Lender may make or cause to he made rcaconable entries upon and inspections of the Property. provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. - 9. Cowdemwatbw. 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 thereof, or for conveyance in lieu of condemnation, are hereby assigtrod and shall be paid to Lender. : , , • in the event of a total taking of the Property. the proxeeds shall be applied ~o 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 he sculled 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 of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the pros.-Beds paid to Borrower. if the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail. to rest and to lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•ritin~e. any such application of proceeds to principal shall not extend ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. llormwer Not Rekascd. 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 Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. i_ender shall not be required to commence proceedings against such successor 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 Borrowers successors in interest. 11. Fonbearawce by Lewder-Not a Wainer. Any h.rhearance 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 righ! or remedy. The procurement of insurance or the payment of tapes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewredies Cwtwutatlre. 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, and may be exercised concurrently, independently or successively. ' 13. Sweces,oors and Assigns Bound: Joint and Sercrd i.iab8ity; Capfbws. The covenants and agreements herein contained shall bind, and the rights hereunder shall inert; 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 ~joirtt and several. 'ilre 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 hereof. 11. 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 police by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Fender 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 notice to Borrower as provided herein. Any notice provided for in this Mortgage shall tx deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 1S. Uniform Mortgsge: Governing Law; Severability. This form of mortgage combines uniform covenants for national j use and non-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 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 effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. e li. son+ower's Copy. Borrower shall be furnished a conformed copy' of the Note and of this Mortgage at the tune of executan or after recordation herrnf. 17..Traasfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. e?ccluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation 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 (d) the' grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at tender's option, declue 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 interest payable on the sums secured by this Mortgage shall be at such rate as 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 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 acceleration in aceordancr M•ith puagnph 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 arch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Nort-IJNIFOaM CoveNeNTS. Borrower and Lender further covenant and agree as folMws: li. Acedenatlow; Rewedia. Ezcept as provided iw parsgrapb 17 hereof, tspow lsornowen's bleach of any cortttgwt K agreewtewt of lionower b ebb Mortgage, bchrdiwg the corewrugs to py whew owe any straws aeewrd 67' this Mortgage. Lewder prior b acceksatlow sbsi wall eotlcc to lsonrower ss provided Iw pragrapir 14 bereot specMybg: (1) the bttcacb: (2) the setiow t+gwlrea b etts+e sttxzlt breach; (3) w date, not less thaw 30 days fwrw tbt Gale tbt wotke b taaited to lonrower. b!' wbkb sash 6rreacb mast be eared; awl N) that fwptrnc to care socb breach ow or before the date speclicd b the notice Wray nesalt iw wceekratiow of Ibe awn secwred by ebb Mortgage. foreclosure by jodkial pnot:etdittg and sale of the Property. The wotiet sbwtl fwrfber b>totrw iorrower of the right to reiwstNe after sccelcrwtbw and the right b anent h the fonccloswre pnoceedisB fie wows:btewce of w iefswN or any other ddewse of Borrower to wccekratiow wwa foreelowa. N the breach b wM cweci ow or herons the date spcMed r the wotke. Lewder at !.Badge's option slay declare sit of tbt wtrss srcwrcti by ebb Mortgage b be bwwredbtely owe awl pyabk witbN slather demand and way foccclose ebb Mont=age by jiadlcl.i pnoeeedhR. Lender sbaN be atw1N~ to coYect V sash prooceednwg sM ezpetases of forecloswre. iwclwdiag. bat star Bwritd b. rtasowsMe stturaer's fees. . and costs of doc`sewtar7' eridewee, abstracts and IBk repnts. 19. iorrowa's Right to Rebsstate. Notwithstanding lenders acceleration . of the sums secured by shit Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued .rt any time B~K~~ PAfE ~S•,