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HomeMy WebLinkAbout1456 . • - Lender's written agreement or applicabb Mw. Borrower shall pay the amount of all mortgages insurance prexaiums in the manner provided under paragraph 2 hereof. ' Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additions! 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 Borrower requesting payment theresof, and shall bear interest from the data of disbursement at the rates payable from t'tnx to time on outstanding principal under the Note unless p?yatent of interest at such rate would be contrary to applicable law, in which event such amounts Shan best interen! at the highent rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any eatpsase or fate any action hereunder. Twsreeliew, 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 Latda't interest in the Property, C~ The proceeds of any award or claim for damages, direct or consequential, in connection wilt gay condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby stnigned 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 otherwise agree in writing, thane shall be applied to the sums xctsred by this Mortgage such proportion of the pe+oeeeds • :s is equal to that proportion which the amount of rtes sums sexured by this Mortgage immediately prior to the date e>E 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 6y Borrower, or if. after notice by Lender to Borrower that the condemnor oResrs to tetate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice its mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to recoodation or repair of tba Property or to the sums secured by this Mortgage. - Unkss Lender and Borrower otherwise ague in writing, any such application of proceeds to principal Shan not eactaed or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount at such installments. 1t. Borrower Nof Releases. Extension of the time for payment or modifkation of amortization of the sums secured by this Mortgage granted 6y Lender to any successor in interest of 8ocrowcr steal! not operate to rcksee, in any manner, the liability of the origins! Borrower and Borrowers successors in intarext. Lender shall not be requited to eommaetee 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 Borrower's successors in interest. l 1. Forbearance b Lewder Not a Waiver Any forbearance by Lender in exercising any right or remedy herantder, or otherwise afforded by applicable law, shall not be a waiver. of or presclude the exercise of any such right or remtsdy. The proctircment of imuranoe or the payment of taxes or other liens or charges by Lender span not be a waiver of T.attder's right to acceknte the maturity of the indebtednexs secured by this Mortgage:. - tZ. Rewesies Ctienewhll?e. All rcrrtedies provided in this Mortgage arc distinct and cumulative to any other right or rcrnedy under this Mortgage or sRorded by law or equity, and may be exercised coetcurrnttty, ittdependesntly or wooe::iveiy. 13. 8wecessoes awd Assigas lfouets: Joint awl Sued T.isl~ty; Capisws. The covenants and agrexateetts herein contained shall bind, and the rights hereunder shall incug to. the.rcspectivc successors and assigra of Lender sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirsj and sevesral. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and one not to be used to interpret or defirx the provisions hereof. 14. Notice. FaccepY for any notice required under applicable law to be given in soother manner, fa) any ratite 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 i.ender a: provided herein, and (b) any notice to Lender shall be given by certified mail, return rexeipt requested. to Lender's address ststod herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this 2 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desigrtatesd herein. lS. Unitorsi MoAgype; GoversiwR Law: SeverabiBty. This form of mortgage combines uniform covenants for national use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument ooverirtg real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the _ event that any provision or claux of this Mortgage or the Note conflicts with applicable law. such conflict span not affect other provisions of this Mortgage or the Note which can be given etfext without the oonAicting provision, and to the atd the provisions of the- Mortgage and the Note arc declared to be xveabk. 1tT. >fsrrower's Cory. Borrower shall be furnished a conformed copy, of the Note and of this Mortgage st the tune: of esxexution or after recordation hereof. 17..1lrawster of the Trorerty; Asswwgsliow. If all or any part of the Property or an interest therein is sold or transferred ' by Borrower without Lenders prior written consent. excluding (a) the cration of a lien or encumbrance subordinate to this Mortgage, (b) the creatuxt 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 Lender s option, declare all the sums secured by this Mortgage to be immediately due and payablt. Lender shall have waived Stich option to accelerate if. prior to the ask or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inter~•st payable on the sums secured by this Mortgage shall be at s,tch rate ac Lender shall request. if Lender has waived the option to acctkrate provided in this paagaph 17, and if Borrower's successor in z inte~at has executed a written assumption agreerrtertt accepted in writing by Lender, Lender Shan release Borrower from all ob)jpttions under this Mortgage and the Nae. d If Lextder exercises such option to acceknte, Lender shall mail Borrower notice of accekation in aceordanc~ with paragaph 14 hereof. Such ratite shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the tyros declared due. If Borrower tails to pay such sums prior to the expiation of such period. Lender rosy. without further ndioe or demand on Borrower, invoke any remedies Permitted by paragaph 18 hereof. Non-Ur~rttronrt CovEr+nrrrs. Borrower and Lender further covenant and agr~oe as fogo~ws: li. Aceekestissq Ra¦ediea. Bascept as rrovYed i• ruagrarh fy ierse% saran 1.re.wa's bea+eei et arty ewvewwwl K a~greeasenl of •ererwes !ifs Meslga~e, iinefiwiiteg !ie coraaals to rs~7 whtw lee sesy satyrs sectssi fly tltfs Mortgage. Larder NiK M weesieratiow stet watt nolke to >somwer ss ree~Nes `raragrarM 14 tteeset sreelfyis~s (1) tee iseaei: (2) tie saelMw - epiei M etsee welt rteeac<q (3) s sate, got las flaw 3• isys~haw the date lie swtlee fie settles It? Msrnwer. b wteicr steely iseaei saast k rani (4) fiat tailrace to cwre reel beraei a or ttstoee tie date srsdiei b the wotiee ttsay eesell V aecskraNsn of the nos secteeei iyy tlds MoetpRe, fer"eelowre b l~ ! sect sale wt tit: h+srerfy. 'lie wetice sltsB ttertYar idotrrw sotnwer of tie rIRM to e+ehalNe sitter acceleration sM tic rIg1M Is sweA f• tic feeoeNsteets rroossitt~ tfe non~exMewee of w iefaesk or awy otter aetesese of Borrower to sueekeatlew ant toeeebwrs. d lie rreraelr is net eweei a ar ietee lie i.R gediei i. tie tatke. Leerser a< !.crater's ogtlow nay ireiirs ar et tie vents seeteess ~ tYs MoegptRe le k iarweiWely tree as;li rnyaYe wNleowt twrtier demand arai wtay feeeelae tWs Mee~age h }ikW p+seeeiwR. Lender dtraY be atdllsi is coNset iM wd rsoeestiwg ai creases of foeeeloswc. Iwclniisg. Mt s;Iet ~elist te. trewnaiie stturrrer's fees. ant esssts e< ioe.-~entse~y eviiewee~ aiAracb ant title repels. If. lfesetwa"s Rat a R~drtate. Notwithstanding Lender's aceekrstion of the sums secured by thr_ Mortgage, Borratva shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time . 8~x X28 P~~E~456 •