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HomeMy WebLinkAbout2656 • r 5 r..l Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unkct Borrower and Lender agree to other temps o[ payment. such 'amounts shall bt payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disburacment at the rate payable from time to time on artstanding principal under the Note unless pa}raatt of interat 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 ezpettse or take any action hereunder. fl. lata}ectiow, 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 rcasonabk cause therefor related to f~ndet's interest in the Property. 9. Coaadeatgtbw. The proceeds of any award or claim for damages, ~irect or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation. are hereby ausigned and shall be paid to under. - 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 Lander otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceed: as is equal, to that proportion which the amount of tl?c sums secured by this Mortgage immedutefy 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. 1f the Property is abandoned by Bor:ower, or if. after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim for damages. Borrrnver fair to respond to lender within 30 days after the date such ratios is mailed, Lender is authorized to collect and apply thf 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 ague 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. Eorrower Not Rehsised. Extension of the time for payment or modification of amortization of the sums aaxured by the Mortgage granted by Lender to any successor in interest of Borrowtr shall not ape*ate to release, in any manner, the liability of the original Borrower and Borrower s 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 :rny demand made by the original Borrower and Borrower's successors in intereu. 11. Forbearance br Lewder Nat a Wauiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall nc~t 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 LendePs right to accelerate the maturity of the indebtedness secured 6y-this Mortgage. 12. Reatedies Crawrrhtlre. 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. Snccesrors sad AssiRas Ilbuwd: Joint sad Several i.iabi[ifr; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the.respective successors 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 used to ;nterprct or define the provisions herrnf. - 14. Notke. 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 notice by certified mail addressed to Borrower at 'l the Property Address or at such other address as Borrower may designate by notice to Lender ss provided herein, and (b) any notice to Lender shall lx given by certified mail. return receipt requested. to Lender's address stated herein or to sucfi other address as Lander may designate by notice to Borrower as 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. j lS. ltlaifors Mortgage: GoTenriag Law; Severabpily. This form of mortgage combing uniform covenants for national ! use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ real properly. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the f event that any provision or clause of this Mortgage or~the Nnte conflicts with applicable law, such conflict shall not affect E 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 arc Declared to be severable. . 14. Ibrrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trsader of the Property: Assnrnplion. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrincn consent. excluding (a) the creation of a lien or encumbrance wbordinate to ' this Mortgage. (b) the creation of a purchase mc?ney 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 rnntaiining 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 co1D or transferred reach agreement in writing that the credit of such parson ; is satisfactory to Lender and That the intercet 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 interat has executed a written auumption agreement accepted in writing by Lender, Lender shall release Borrower from all oblijations under this Mortgage and the Note. ' If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordarirc with paragraph 14 hereof. Such notice shall provide a period c+f rat less than 30 days from the date the ratite is mailed within f which Borrower may pay the sums declared due. If Borrower fails to pay wch crams prior to the ezpintion of such period, , Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ig herrnf. I NoN•Ut+a=oter?t CoveNerrrs. Borrower and Lender further rnvenant and agr+es as foik~s: 1(R Acceleration Renrelfa. 1?:ceps as provitacd in paragraph 17 hereof, trpow •orrowers 6seaeh of say eo~ewt sK ' agrceagat of >serrower d this Mortgage. iwehr~fag the corenswts to par when ailne nay saner stew~ei h!' tYs Morlgs0e. Larder ~ prior b atederNioa:hai plait notice to>sorrower an ptrorilel iw paragraph 14 hereof speeYrla~ (1) fht lrtesch: (21 the sctMa i rrrgtrirci b etas neh M+rae~ (3) s irate, not ins than 30 days troy the date the notice it >.aYel b Mnewer. h!' whkh sash i hreacli start he eweait; earl (4) thsR tailare b true such breach on ar Ilefore the Gate specMd b the notke array resale b aeeeleralka d the wars senael br this MortgsBe. /oreeiosnro b jtrdkhl procseiMi sail save of the rropertr. Tice iiotfee char/ faarther Worn ion~ower of the riRM b rclagste after seceleratiow nnl the right b atrM i• the forielearrs pstoeeeitg the aoa•e:istaice M a letanM or ear other ~efease of Iorrower to aeeeleratioa sad forcclosare. >g the breach is sot csrtti a ear odors the laic ajpeiieai r the eerier!. Leader at I.ewders option taaar declare r of the stray seeareai ~ Ihls MortpRe b M iueifr?hir titre ear/ praMe wkhori rather demand sad asinr foreelaioe this Mortgage r!' jaikW p~+pcee~. Lender shag Ive arNdel to tolieet iw arch prod sN a:peaces s.f foreclosrre. Ineht~. brf act rrriitei b, reasogYe aNtwwer's fee. seal tosb of ioet.'~rertarr erNeaee, ab4rseb awtl title repro. 1!. ~onrwa's Rislit to Refirtate. Notwithstanding Lenders acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i g