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HomeMy WebLinkAbout1289 ' ~ 1 Lender i 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 t inJehtedrtess of Borrower secured by this Mortgage. Unless Borrower and Lender-agree RO other terms of payment. such amounts shall be payable upon notice from (.ender to Borrower requesting payment thereof,•and shall bear interest from the date of disbursement at the rate payable from tune to time on attstandmg principal under the Note unless pajrmart of interest at such rate would be rnntrary 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 or fate any action hereunder. ; >l. laspectioo. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Larder's j interest in the Property. , 9. Coademaatba. -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 therrnf, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. j In the event of a total taking of the Property, the proceeds chall 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 header otherwise agree in writing. then: shall be applied to the sums secured by this Mortgage such proportion of the protxed: as is equal to that proportion which the amount of 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 condemrwr oRers to mate an award or settle a claim for damages, Borrower faik to respond to lender within 30 days after the date such notice its mailed. Lender is authorized to collect and apply the proceeds, at i~nder'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 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 anauat of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sutras secured by this Mortgage granted by lender to any cuccessor in interest of Borrower shall not operate 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 any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance hr Lender Not a Wainer: Any fortxarance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or rsmedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender snail not lx a waiver of E~endePs right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rea~cdies ComuWire. 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. Soecessors aed Asigras Found; .Joint sod Several i.isbilitr; Captloas. 'ilte covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender strd BotTOVrer, subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be joir~ and several The captions-and headings of the paragraphs of this Mortgage arc for convenience only and are, not to lk used to interpret or define the provisions herec+f. - 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¢c 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 ss provided herein, and (b) any notice to Under shall t+e given by certified mail. return receipt requested. to i.enders address stated herein or to such other address as Lendr=r may designate by nc?tice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender wlxn given in the manner designated herein. IS. Uniform MortRrrge: Gorerniug Lsw: Severabilitr. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrriment 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 aged other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to tha { end the provisions of the Mortgage and the Note are declared to be severable. lf. Borrowers Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tune of execution or after recordation hereof. E 17..Traoder of the Property: Assnmplioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrrn consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the-creatron 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 (d) 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 due and payable. Lender. shall have waived such option to accelerate if, prior to the wk or transfer. Lender and the person to whom the Property is to be solJ 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 as Lender shall request. if 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 a obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period ~f cwt las than 30 days from the date the notice is mailed within which Borrower may pay the sums dxlared due. If Borrower fails to pay such urrns prior to the expiration of such period, ` Lender may, without further notice or demand on Borrower, invoke soy remedies permitted by paragraph I R hereof. - Now-UwtFOat?r CosrEwew'rs. Borrower and Lender further covenant and agree ss follows: j la. Acederatioo; Retoedia. Esc~t as prorWed io psrstryi 17 hereof. npo~ ion+swers 6e~soci of ••r covetsarrt K r atrcettaetst of Eorrower b file Morttate. brclodirt the eoretrsots to pr wieo doe awy sorry secorcd b tlrls Morttate. II.eoder ~ prior b oeederatloo sisr argil aotlce to >dorrower ro prorNed fw prstryi 14 hereof s~eeMriot: (1) tie lbresci; (2) fire setfso regdred !o core tract ireaci: (3) a dale, not less Aran 30 days trove tie date tie notice is orttitted 101Krower. b wild strei i INeaci mrnt be cored; and (4) that tallare b care wci bread a or iefore tie date speclfitd i. the ootlce orsy restdt w aeceknttlotr o[ tie strtos secored il' tits Morttate. forcciosare b JodicW NoeaedMrg ant( sole et tie lr+orettr. Tie weeks sfroB twrtier iwfonw Eorr+ower of tie riRM to refwstate suer wccekratlow awd tie right to aaseA iw tic totsdestae proeeetirg tie fro.-exaewce of a defswk or mty otter ddewse of Illorro..er to accekrdlo. wwd forselosors. N tie 6rttaci fs cot ewred ow or raefore tie dste s'eciicd d tie notice. Lender at 1_ew8er's opiow racy declare >r of tie wtws aeetwred b tits Mortgage M ire immediately doe awd prwik wiNtowt torttrer demand and mar forcclae tNs Marttate h' jodieW ~roeeedtaR. Lends. slraN tae atltled to eollket M soci p+ocecdiat aM expenses of forecloswre. iwcladint. btrt tad fwdted M. reasstaMe trttxsrr's fees. awd coals of doe`~eMarr eridetrce. abstracts cod lick rcprts. . 19. Borrower's Rltit to Reinstate. Notwithstanding Lenders acceleration of the sums secured by thrs Montage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ ao~~329 P~~Z288