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HomeMy WebLinkAbout1468 s •t ~S i f k Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage insurance ptanitrtra in the manner provided under paragraph 2 heroof. Any amounts disbursed by Lender pursuant to thin paragraph 7. it1~ intereest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borto~tt and 1et~der agree to other ternns of payment, such amounts shall be payable upon notice Pram i.ender to Borrower roquesting payment thereof, and shall bear interest ft+om the date of disbursement at the rate payable tram time to time cur otgstanding principal under the Note unless pa'~rrrant of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate petmissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur aoy expetne a take any arisen hereunder. lageetiow. Tender may make or cause to be made reasonable 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. Condewrrntbw, 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 thercaf, 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 shall be applied to the sums aecurod by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial Taking of the Property. unless Borrower and Larder otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportan which the amount at the sums secured by this Mortgage immediately prior to the date o[ 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 offers to trrake an award or settle a claim far damages. Borrower tails to respond to 1_ender within 30 days after the date such notice to mailed, Lender n authorized to collect and apply the proceeds. at Lender's option, either to restoration or t+epair 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 ractard or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the turrount o[ such installments. lA. aorrower Not Releases. Extension of the time for payment or modification of amortization of the sums assured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender 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 Borrower's successors in interest. 11.~ Irorfrearantx by i.ender Not a Wdver. Any forbearance by Lender in exercising any right or remedy hen:tmder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of aay such right or renredy- The procurcmcnt 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. Retwedies Ct~nhfhe. 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. l3: Soccesaors awd Asdgas.l3oaad: Joid acrd $ercral l.iabiiiff; CapBoas. The covenants acrd agreements herrrin contained shall bind, and the rights hereunder shall incug to, the.respoctive successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agraments of Borrower shall be jary and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and ar+e not to Be used to interpret or dt:fine the provisans hetmf. 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 Mortga¢e shall be given by mailing such notice by certiflod mail addressed to Borrower at i, the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lenders stldras stated herein or to - such other address as Lender may designate by notice to Borrower u 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. 1S. Unifonrr Mortgage: Goveniag Law: Severabgity. This form of mortgage combines uniform covenants for national use and rwn-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 j other provisions of this Mortgage or the Nate 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. I lf. llbnower's Cory. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the tithe ~ of execution or after recordation hereof. I7. ,Trsoster of tine Tto'erty; Assoraptioa. Tf all or :ray part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (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 id) the grant of any leasehold interest of three yeah or less ( not containing an option to purchase, Lender may, at Lender s option, declare all the sums aecurtd by this Mortgage to be i immediately due and payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, Lender g and the person to whom the Property is to be colD or transferred reach agreement in writing that the credit of such person € is satisfsctory to Lender and that the interrat payable on the sums secured by this Mortgage shall be at such rate ac Leader ~ shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers succeuor in interest has executed :a written assumption agrament accepted in writing by Lender. Lender shall release Borrower from all ~ obljgations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of aecekration in sccordancc with ptPagraph 14 hereof. Stirch notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the lams dxlared due. if Borrower fails to pay such arms prior to the expiration of such period, Lender may, without furthu notice or demand on Borrower, invoke any remedies permitted by paragraph 1 g hereof. ~ Nau•Ut+tt~oaut CoverreN'rs. Borrower and Lender further covenant and agree a follo+rs: ii. Aceekratio~ Re~eiies. Except as provisos io porttgnrb 17 hereof. trice )sernwesrs ireaelr of any covenant K , i apeennent of iKtrewet in qn4 Mor~age. MnciadirrL fire corewMs to Ny wirenn stae atryr arena reawei iy tli Mortgage. ienier j prior N aecefierotlon start nsaY aotke to Bonrwer as'rovtied bra raragrarfr 14 tteree[ srcelfytn~ (1) tine frreacb: (2) the setiow rptiel b cone arelr fsreaer: (3) a ~ not lax ttrasr 3t says fr+orn the late tine notice r ttoalltl N >errower. b whieY staelr farad ttnot k ewr* sni (4) dal faptsre Y ctsre s>rcM ttreaclr a or rtetore fire sate sreclfies >w tine notks nnay rwft i• aeederatlen of t<te soma aecarss b tlsis Mortgage. fireelowrc iy jpdiehl Noeeesiog ttnrd ttttik of tie rno~erty. Tire wotiee 'E alW twrtrer inrtortw iornwer of Nse rigfst to reht4ste after acederadon nnrs dne rlgln/ b ttoaerf i• Nre foreeiowre rnwcoesfiag j 1!e tioo.e=Ytenee of a la[anit or army other leterwe of >forrower to accekratfon atsd foreclooore. B qre lrrrxM r trot strict M i or Bdore Ilre sale geeYes i• lift troticr. Looser st I.enser's onion nay dnxiane aB d die arms stxwsl ti lris Mortgage tle ire irnrnreliMeiy dtrt awn pyaNe witltod tortlrer demand errs Wray foreclae tfi Mortgage 1y jtnikial pnrcecsiaR. Lender draN ire enfWes N ar0eet inn aui rtroesesinrg si s:peones of toreclosrn+e. incloii~. fiat Mt fWtai M. rsaMnable staxwer's fses. erns awls of soer~estary oridetrce, abstracts wi tkle ttrorts. if. ilori~rwa'o Rlgirt N R,ei¦rtats. Notwithstanding Lender's aocekration of the scans secured by thr_ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortpge discontinued at any time ~ i enriK P~GE14~