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HomeMy WebLinkAbout0594 . , 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 l.ender~ pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of (lorrower 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 from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment 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 exptrrse or take any action hereunder. >s. laspectios. i_ender 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 caux therefor related to Lender's interest in the Property. 9. Cotrdenraatioa, The proceeds of any award or claim for damages, direct or consequential, in eonnectiion with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condarrntltiar, art hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the pro:eeds 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 Lender t 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 paid to Borrower. I[ the Property is abandoned by Bor:ewer, or if. after notice by lender to Borrower that the condemnor otters 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, L~endtr is authorized to collect and apply the proceeds, at finder's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writinc. 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. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums stxured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rckax, in any manner, the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to eomtrterree proceedings against such successor or refute. to ectenJ time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succusors in interest. 11. Forbearance by Lender Not a Wairen. Any forbearance by Lender iri exercising any right or remedy 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 taxer or other liens or charges by Linder shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 1L Remedks Camohtire. 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. Saecessors and AssiRas Bound; :Joint and Serena! i.iabr7ky; Captlorrs. The covenants and agreements herein Contained shall bind- and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender acrd Borrower, subjCxt to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jC>iry and several. The captions and headings of the paragraphs of this Mortgage arF for convenience only and arc not to tie used to' interpret or define the provisions hereof. 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 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 fender as provided herein, and (b) any notice to Lender shat! be given by certified mail, return receipt requested. to Lender'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 Lender when given in the manner designated herein. 1S. Uniform Mortgage; Gorernirrg Law; Sererability. 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 ciaux of this Mortgage or the Note conflicts with applicable law, such conflict shall not aRCxt 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 xverable. 16. Bon+ower'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. 17'..Traasfer of tie Property; Assumption. If al! or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written coaxal. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatton of a purchase money security interest for household appliances, (c) a transfer by Cievix, descent or by operation of law upon the death of a joint tenant or (di 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 drx 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 each per!wn is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac'Lender shall r~equat. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has executed a written assumpriCm agreement accepted in writing by Lender, Lender shall release Borrower frorrr all obljBations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mat! Borrower notice of acceleration in accordance with parasratph 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. 1f Borrower fails to pay such sums prior to the expiation of such period, Lender may- without further notice or demand on Borrower, invoke arty remedies permitted by paragraph 1R hereof. Nort-UtYtFOtrur Covetverrrs. Borrower and Lender further covenant and agree as follown: li. Acederstioa; Reraedks. B:ceps as prorided is Psra6rapr 17 retrtof. ups liorrvwer's 6rtecr Crf say coreratat w agrttxseat of Bon+ower b irk Mortgage. iaelrrdirr` ire torcnawts ro' pay when toe tray saw securoi b7' irk MortRags. LCtstaer • prior to aceetieratloa s1raM twail notice to Borr~owcr ss crucified iw pragrspA 14 hereof gieeKylt~: (1) the rreaer; (21 the settee e~egaid b care wcr Ittttacr; (3) a dale, rat leer tiaa 30 days /ros ire Clete the aCrtke k araNeJ to Berr~ower. r!' wrkr serer rrcaclr cad be C:areCk cad (4) teat tailrrrt to care seer brCmcr os or retore ire date s'eeffea iw tee ratke arse rtesrrM is aeeekratiorr of tie seers ttectrred by irk MorttaRe. torecbwrt y judicial rraessaiug acrd sale of ire heperty. Tie notice sli?aM farrier before Borrower Crt lire riRrt to rNsststc after aceeieratbw area fire rigrt to assert iw tee fortdowre peocee~¦g tie sowt><kttset tti a Ciefstrk or say firer atfesse of Borrower to accCrkrMba acrd toretlosere. H ire breacr k trot cares a or before ire date speciicd i• ire sCttice. Leader at I.esders ortiow sear dtC:lare all Crt tit wr sseared r7' frk Mortgage tea >le iaaaeCiiHtly dire cad pysbie wpbat ftrArC;r demand and rosy foreclose irk Mortgage rJ' jaaiew'.r,e.tai,rt. Lender strap be etrattkd /e «oBeet tw wet procecaitq sN espcascs wf fCmclosare, iachrdirrg, bar cot ~itCed te. resrorrsiic sttarner's fC:es. a¦d costs Crt Ctiocr,•~eMarr erideace, abdraets sae thk repro. - 1!. iorrowa's Rkrt to Reisdate. Notwithstanding lenders acceleration of the sums secured by thro Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this.~longage discontinued a~ any time BOr;K329 PAGE