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HomeMy WebLinkAbout0692 . rl• R ~ , i ~ , ~ Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance ptemiunrs in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.endef pursuant to chi paragraph 7, with ieta~tt,tlrereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and I.tend~rt>igr~e td other temps of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa~?meet 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. Noshing contained in this paragraph 7 shall requite Lender to incur aey expense a take any action hereunder. fl. Iwspectiow. 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 rcasanabk cause therefor related to t-ender': interest in the Property. . 9. Cowdesmatbm. 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 assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shaft be applied to the sums secured by this Mortgage. with the excess, it any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Feeder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds 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 proceeds paid to Borrower. if the Property is abandoned by Borower. or if. after notice by Lender to Borrower that the condemnor oRers to mike an~award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is marled. Lender K authorized to collect and apply the proceeds. at Lender's option, either to restotxtion or repair of; the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, 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 Borrower shall not operate to release, in aey manner, the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to corrtrrtenoe proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the surm secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. - 11. Forbcarawce by Lender Not a Waiter, 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 by this Mortgage. 12. Remedies Castrlalire. 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 sumes:ively. 13. 3aecesiors amd Assigns Found:.7ohrt sad Several i.iabiWy; Csptbws. The covenants and agreements herein contained shall bind, and the rights hereunder shall incrg to, the respective wecesson and assigns of Lender apd 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 arc for convenience only and are not to lie ustd 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 - Borrowcr provided for in This Mortgage shall be ~ given by mailing such notice by certiflod mail addressed to Borrower at the Propertq `Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to tender's address stated herein or to _ such other address as Lender may designate by nc?tice to Borrower ss 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. 15. Uniform Mortgage; Gorerwimg Law: Serera6Bity. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed t+y the law of the jurisdiction in which the Property is located. In the event that any provision or clause of chic Mortgage ar the Note conflicts with applicable law, such conflict shall not a1lett ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to tha end the provisions of the Mortgage and the Nate are Declared to be severable. 16. >sorrowtr's Copy. Borrower shall be furnished a conformed cop~• of the Node and of this Mortgage at the time _ of execution or after recordation hereof. I 17. ,Trawder of the Property: Assamptiow. 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 (al the creation of a lien or encumbrance wbordinate to this Mortgage.. (b) the creation of a purchase mangy 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 yeah or less i 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 calD or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intenKt payable on the sums secured by this Mortgage shall be at such rate as Lender I shall request. Tf Lender has waived the option to accelerate provided iri 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 oblijations under this Mortgage and the Note. If Leader exercises such option to accelerate, Lender shall mail Borrower ratite of acceleration in accordance v?•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 tails to pay such sums prior to .the expiation of such period, i.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. ~ NON-UNIFORM COVENANTS. BOrrOwei ind Linder furthef cOVenanl and agree as fOllarrs: lg. Accekratiow; Rerwcdks. Eue}t as provided iw'wragralr 17 terser. trpw fiorrewerr's rreaei of eorewwwt or of iorrower b tits Mortgage. iwd~rdiwg the eorewswb to par wiew dreg arty sass secwei 67 ctrl Mortgage. LRwder t prior a arrceleratbw :rill sail wotke to renewer as providd in paragraph 14 tercet geclfyfwj: (1) tie bresxi: (21 tie aetiow regdred le care smci reach: (3) • dale. slot less craw 3o days teas tie date tic trotiee V ¦tared b lfornwcr. b wikr strefk bract sst be cured; a¦d (4) tent taihre b etta+e steer bresrr a er rdore tie date geelfied i• ire wotice say resdt Iw aeeefieratiow of ire wwrs :geared by tint Mortgage. tercclosrtre h i~~ M awtl sttk of ire Property. Tie wades ~ stall better hdorwr Eorroncr of ire rijM to reirrsttttt suer scceieratlow awd tie right b alert N ire toraeloswt prsceeittg tie ww-esYtt~wee at a detawft or awy firer detcwse of lorrower to accekrwtlow awi toreclostrre. K Ae M~taer Is wet etrrei ew or before ire dale specified `tie wotke. Lewder at I.ewder's optbw say declare ai of ire straws stesed b7' iris Mortgage b be isaredWeiy dwe awtl pyabk whroH trotter dcmrand awd way foreclose tMr Mortgage by ~W p~~¦R• Lender dray b< eMiMed b rolket b steer proceediaj aB espewses of torecloswre. rrchrdiag. bwt wst liwrkod b• reasewaMe stttxaeYs tags; acted costs of dotr:.wewtarr eridewee, abstrseb awes tick rcprts. 19. •orrowa's Rijn b Rdwstate. Notwithstanding Lenders sooekration of the stunts secured by tht! Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time E~~~ PAGE 69Z