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HomeMy WebLinkAbout0578 • 0 _ Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to this 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 1 amounts shall be payabk upon notice from Lender to borrower. requesting payment thereof, and shall bear interest from the ` date of disbursement at the rate payabk from time to time on attstanding principal under the Note unless pa'yanent 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 experrx or take any action hereunder. - latrpectiow. i.ender may make or cause to be mask 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 Larder's interest in the Property. 9. Cowdemwatiow. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnatan or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation. arc hereby assigned and shall be paid to Lender. , In the event of a total taking of the Property, the proceeds shalt be bpplied 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 Lender otherwix 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 xcitrtd 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 protxods paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or xttle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at tender's option, either to restoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writin~e, any such application of proceeds to principal shall not extend or poc;pone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amarnt of such :nstallrrrents. Ifl. borrower Not Released. Extension of the time for payment or modification of amortization of the sutras stecured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bc?rrowcr s successors in interest. Lender shall not be required to comrrrerrce proceedings against such successor or reftix to etitend time for payment or otherwix modify amortistion of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Wainer. Any fortxarance by Lender in exercising any right or rcmody 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 xcttretl by this Mortgage. 1Z. Renredks CtrmnHMire. 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 exercixd concurrently, independently or successively. l3. Swcceaors and AssfRws bound: _Joiat and Serena! i.iabiBty; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall iniirg to. the respective successors and assigns of Lender aqd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiner and several. The captions- and headings of the paragraphs of this Mortgage arc for convenience only and art not to be used to interpret or define the provisions berrnf. 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 certified mail addressed to Borrower at - the Property Address or at such other address as Borrower may designate by notice. to i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to I-ender's address stated herein or to such other address as Lender 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 !.ender when given in the manner designated herein. 1S. Uniform Mortgage: Goreraiwg Law: Severability. This form of mortgage combines uniform covenants for natural 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 I event that any provision or clattx of this Mortgage nr the Note conflicts with applicable law, such conflict shall not aged ~ other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. borrower'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..Trawder of the Property: Asaumptioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conxnt. excluding (a) the crcatan of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money xcurity 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 c 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 colt 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 shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in 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 obljbations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance wish 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 fails to pay such sums prior to the expiation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Noty-UNIFORM Covt=.Nerrrs. Borrower and Lender further covenant and agree as follows: - lfi. Aceeleratlow; Rewtedka. I?:cept w provided is panRrapH 17 Hereof. rrpoa borrorrer'a breweH of awl covewawt ar trgrtcaewt of Borrower b tWs Mort=tr`e. iweardiri~ the cordraats to pay wHew tf+we awy swans seetwsxl by tHls Mortgage. iewtler prbr b acl'eleroUow slab aaY sotict to borrowK as'rorided Iw pragrapH 11 Hereoe spccifyiw~: (1) the btnacH: (2) the setiow rctidrea b cwre ttwcH breacH; (3) a date, woe Ids /Haw 30 days ftrowr the dale the wotice k aa9ed b harrower. by wAkH sucH ~ HreacH atsot be cwred; awl (4) tHat tsilwre to care wcH breacH a or before the date gecYed Hr the wotke way reswlt b aecekrMiow of the stets aectw~eA by tHis Mortgage. foreelowre by judicW N'oceeilw[ awl sale of the Pro'erty. Tire wotke sHaN further iwfotw borrower of the riRHt to reiwstste after aecekratiow grad the rl:lrt b. assert i• the foreeiowre proete~ 1He won-exWewce of a default or awy other defewse of borrower to accelerMiow awtt toreclowre. N the breaeH b toot care/ a a before the dale gedieta i. the wotiee. Lewder at i.ewder's optbw Tway dechre ar of the was stewed b7 tbfs Mortgage t~ iwrrwe+aiately due awtt pyabk without twrlHer demand cad may foreclose tHfa Mortgage by jwtlicW Nreeedirtg. be atlded to collect V wcH proeeediwL a• a:pcaaes of forecbstrre. iwcludiag. bwt woe fiaifett lo. rtasewaHle slb,rner'a fees. wwd coats of doc`!wewtary eridewce. abstract awn title reports. 19. horrowa's RIgHt to Reiwrtate. Natwithstanding Lenders acceleration of the sums secur+cd by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~~K329 PEE 5?8