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HomeMy WebLinkAbout1301 as, • ~ o Lender i written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in ilte manner provided under paragraph 2 hereo[. Any amounts disbursed by Lender pursuant to fhb paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other ternis of payment, such amounts shall be payable upon notice from tender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from titre to time on outstanding principal under the Note unless pa}?rrteat of interest at such raft would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. NMhing contained in this paragraph 7 shall require Lender to incur any expetae or take any action hereunder. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borcower notice prior to any such inspection specifying reasonable cause therefor related to I,ertdePs interest in the Property. 9. Condernuatbn. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. gg ~ r ; - 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, unltss 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 amaint of the same 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. If the Property is abandoned by Borrower, or if. after notice by Lender to Borcower that the condemnor oRets to make an award or settle a claim for damages. Bc•rcower fails to respond to l.tnder within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair d the Property 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 amount of such installments. 10. >dormwer Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borcower shall not operate to release, in any manner. the liability of the original Borcower and Bc?rrower's successors in interest.. Lender shall not be required to commence proceedings against such successor or rcftrse to extend tune for- payment or otherwise modify amortization 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 br Lender Not a Wsiver. Any forbearance by Lender in exercising any right or remedy heretmder, 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 Fender's tight to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Reasedks Camahrtlre. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or atfordtd by law or equity, and may be exercised concurrently, independently or sucoasively. 13. Successors asd Assigns Eoand: Joint sad Several i.iabititr; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inur•~ to. the respective successwrs and assigns of Lender and 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 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 i the Property Address or at such-fiber address as Borrower may designate by notice to Tinder a: provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to ~I 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. Uniforet Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national f use and non-uniform covenants with limittd 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 clause of this Mortgage ar the Note conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Nnte which can be given eQect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Domower's Copy.. Borrower shall be furnished a conformed cop)' of the Note and of this Mortgage at the titre of execution or after recordation hereof. 17. ,Transfer of the Property: Assumption. 1f 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 subordinate to this Mortgage. (b) the creation 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 rat 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 sale or transfer. Lender and the person to whom the Property is a. be so1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inten~ct 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 Borrower's successor in interest 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 accordancti with 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 Borcovver fails to pay arch sums prior to the expiation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lA hereof. NoN•UNtt=oat~r Covt:rrawrs. Borrower and Lender further covenant and agree as follo+vs: la. Aceekrdioa; Retrsedia. E:ce*t as provided in pragryb 17 hereof, ttpa >sonrawes's MeaA of any coversaN K a~reearent of lforrowsT b this Mortgage, hrtladirr` tlrc covenants to pr when doe oar snras see~ci y elsb A'lorlgaLe. Lender 'riot ro sccderatlon stsi snail wotke to Sorrower as provWed Iw prsgraplr 14 tercet specYrin~z (1) the htKaelr; ft) tre actlsn sgalred b core troth MescM: (3) • dale, not less ttsaw 30 days (roar the date the wotke Y srtaUed fe llosrower. ~ wrki sut.~ kreath ~tM fie cured: trod (4) that tailnrt to core soelr breacw a or ~etorc t>te date gecYed i• the notice tray result d sec~ekrMion of tre states tteetacd b7' tlr4 Mortgage. toscclosare fir jiadkW proeeedia~ aai sale of tre !'ro'ertr. 7Le notice strait ttrrtltter informs •orrower of tfsc right to rciastMe after aceekratba and tMe right b assert b the torcelotwre pnoeee~ ire now~esYlewce of s taetaak or any fiber defense of Eorrower to aaekratiow and toretlowre. B ire 6rtaclr b net e>trtt~ ew or before the isle speeiied V the settee. Leader at [.codex's option rear declare ar of ire tturns seetpsd ~ tYY Morl~alpe to lee imrnedi.Mr dtse soft prate witbotrt trrtlrer dcn?and and nrsr foreclose fhb Mortgags rr jtrikW ps+ateeedfag. I-ender ~raM be estWed to eoBect b sneY procccding alt a:penses of foreclosure, iaclsdia~. Otrt trot lbaNei Mr rearoaabltr stlutattrs tees. ana cosh of doc.~enfary evideaee. abstracb and tkk rcporls. 19. lonowa's Rl~t to Reirtata Notwithstanding Lenders acceleration of the sums secured by that Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BOGK L~ PbGf