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HomeMy WebLinkAbout1498 • - i • - - i Lenders written agreement a applicable law. Borrower shall pay the amount of sll mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by i.ehder pursuant to thu 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 Borrower requesting payment thereof. and shall bear interest ft+om the ~ date of disbursement at the rate payable from time to time on out:landing principal under the Note ttniess 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 Lender to incur any expense of lofts - any action hereunder. - >l. Irto'eetiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall Rive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. Cortdewswstbw. 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 assignod and shall be paid to Lender. y • t - t t In the event of a total taking of the Property, the proceeds cha~l -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 Calder 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 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 j . paid to Borrower. - if the Property is abandoned by Borsower, or if. after notice by Lender to Borrower that the condemnor offers to matte an award or settle a-claim for damages. Borrrnver fails to respond to 1_endtr withiA'30`dlyS-after the date such notiar is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either fo restoration or repair of the Property or to the sums secured by this Mortgage. - } Unless Lender and Borrower otherwise agree in writing. any such appljt:atron of proceeds to principal shall not extend or postpone the dus -date of the monthly installments -referred to in paragraphs 1 and 2 hereof or change the atrtottnt a[ such installments. l0..Borrower Not Released. Extension of the time for payment or modification of amortization of the sums stecttred by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to ukase, in any manner. the liability of the-original Borrower and Borrower`s successors in interest. Lender shall not be rsquirsd to comrtxrsoe proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums a secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest. 11. Rortiearawee by Lewder Not a N?siver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver o[ 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. Rewsedies Crwsnlatlre. 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 successively. _ ' I3. 3uecessors awd AssiRras Gourd: Jolwt awd Several I.iabiBfy; Captioas. The covenants and agreemnts heroin - contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender atd Borrower. subjoct to the provisions of paragraph 17 hereof. All rnvenants 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 lfe used to interpret or define the provisans hereof. 14. Notlee. Except for any notice required under applicable law to be given in another manner: (a) any notice to j Borrower ptoovided for in this Mortgage shall be given by mailing such notice by certifkd 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 Lender shall he given by certified math return receipt requested. to t.endet's address stated herein a to € such other address as Lender may designate by notice to Borrower as provided herein, Any notice providod for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Ueiform MoriRaRe: tuoerwiaR Lsw; 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 - j event that any provision or clause of this Mortgage ar 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. 16. Eorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tithe [ of execution or after recordation hereof. i 17..Trawder of the ho'erty; Assrmptiow. 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 E this Mortgage. (b) the creatu+n of a purchaa money security interest for household appliances, (c) a transfer by devise. , I descent or by operation of law upon the death of a joint tenant or (d) the grant of any kaxhold interest of three years or less 2 not containing an option to purchase, Lender may. at Lender'x option, declare all the sums aocured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to acxelerate 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 shsll be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in i interest has executed a written assumption agreement accepted in writing by Lender, Lender shall reka'se 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 accordaec-c vrith pattitgnph 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 such strms prior to the expiration of wch period. ~ - [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof. E NotwUNtFOat?t CoveHarrTS. Borrower and Lender further covenant and agree as fellows: lfl. Acetierrttlo~ Retwedks. Eueea as provWed M MragraN 17 iet+eeft, trton lortstwet'e.Meaei e< aay ayssiawt K atgroeseaR of •otrewer r flit Mortgage, Iwefadiwg the covewrtwfs to My whew dtae aay ranwt seearei ti tl?it Malgage. fiewder Nior b taeederatlw siai rttail wotlee to lfiorrower ss'rovided Iw paragraph 14 iersot steeltyiags (1) tie Meadt;l=1 the ttetiew rgsslred b etsre ssrei MesKi; (3) w dMe, wot fat Thaw 3flt days troves the date fie ratite to ttsttflled N >>otnwer. y' wild sssei Meath twMt rte ewrc~ sal (4) fiat faWsse b care sweh breach ow or helots the daft paffied iw the wotiee wsay resaN fts aeceleralfew oft fie srtst ttattrer by file Mortgage. toseeloswre ~ lraeeelirtg rtttd sale of tie Mperty. Tie wotiee ; sltafi twrther iwtorm Borrower of tie rrigfN to rebtstste s~Eter seederatlow rind fie vigil b acted i• tic torstlesrte pteeeeig fie wow.e:ittewce oft a ielttwlt or ttwy offer ddrrwsc o/ ffiorrower to acceleratiow twti totrttlootsre. ltt ~e Mead is ttet eta o• or M.totc tie font geeiied i• lie wotice. Lewder at I.ewder's optbw tstsy dtxlate >r o[ tie strtwt stewre~ iy flit MortSttRe 1ti k ismeiiafely doe ravel MyaMe wkbfat tswlher demand awd tray toredose tilt Mortgage lhr JtrtlkW pe~ettedlwg. Lender dtaN ie attltlei b toiled fw awei'rocesdiwg r t:ptwses of tor~eclosrre. fwdraiwg. Mgt tnt ~ti b. tewwaMe snurser's fta~ awl tttttlt of sieer.'~y evNeste, aMtratb rrwi title repro. 1!. fiettewa's Rfiit b ReiwttMe. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~~x 328 P~~E 14~ . 4 - - _ - - - . - _ _ - -