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HomeMy WebLinkAbout2222 ,j ~ ~ ' _ is ~ J 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 punuamt to this paragraph 7, with interest thereon, shall become additional indtbtedrtess of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such amounts shall bt payat>te upon notice Pram Lender Ia Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable tram time to tint on outstanding principal under the Note unless payment 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, Nothing contained in this paragraph 7 shall require Lender to incur any expense or take .any action hereunder. fl, ~ Iwspectiow. I.tnder may make ar cause to be made reasonable entries upon and inspections of the Property, provided that [.ender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to I.errder's interest in the Property. 9, Cos?derswatiow. The proceeds of any award or claim for damages, direct 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 assigned and shall be paid to Lender. In the event of a fatal taking of the Property. the proceeds shall Ix applied to the sums secttrtd by this Mortgage, vitith the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeed~ as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market valor 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 tender to Borrower that the condemnor offers to make an award or settee a claim for damages. Harrower fails to resaond to lender within 30 days after •the date such ranee is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of flee 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 rat 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 secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrowtr and 8arrower'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 Borrower's successors in interest. 11. Rorbesraoce hl' iender Not a Waiver. Any farlxarance by Lender in 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 taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewredies CswruWl~e. Atf remedies provided in this Mortgage arc distinct and cumulative to say other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Successors sad Assigns Bound; ,Joint and Strenl i.iabiiity; Captious. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender geed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions ~ and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to interpret or deflnt the provisions hereof. 14. Notkt. Except for any- notice required under applicable law to be given in another manner, fa) any notice to Borrower p~+ovided for in this Mortgage shall ere given by mailing such notice by certifkd 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 he given by certified mail. return receipt requested. to t.rnders address stated herein or to such other address as tender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein. 1S. Ueiform Mortgsde: Covernimg Law: Severability. This form of mortgage combines uniform covenants for national - 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 iaw of the jurisdiction in which the Property is located. In the event that any provision ar clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision, and to thit end-the provisions of the Mortgage and the Nate are declared to tx severable. I6. 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: Assumption. if all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writr~n consent. excluding (al the creation of a lien or eneumbnnce subordinate to this Mortgage. (b) the crcahan of a purchase money security interest for household appliances, (d a transfer hy-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 tx 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 sold or transferred reach agreement in writing that the credit at such person is satisfactory to Lender and that the inttrc~st payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower tram all _ obiisations 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 of not less than 30 days from the dots the notice is mailed within which Borrower may pay the sums declared due. if Borrower faits 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.pangraph IR herrnf. NON-UNtcoant COVENANTS. Borrower and Lender further covenant and agree as follows: li. Aceekratios; Rewredks. E:cep as provided in pragrapb 17 hereof, trps >torrowa's bract of .wy covewt K agreewust of >torrowsr ~ ebb Mortgage. wg the corewrtrrts to py when titre rosy strews stctued 67 ebb Mortgage. i.esder prbr b wecekrstbs sea/ stW wotlce to iorrower s prodded h pragryh 14 hereof geclfying: p) the breach; (2) the wetiow rquired b care such Brach; (3) s date. riot less thaw 30 days from the late the wotiee b ttralkd N iornower. by whkh sseh Brach ranee be cared; anti (4) that tailrrre to care such breach ow o? betors the date specified Is the sotke may result 4 aeeeltntiow of the twss trccsrrd by ebb Mortgage, toreclossre b jrrdkW proeeedMrg test! seek of the Itr+opcrty. The wotiee shW briber isforw tiorrowet of the right to reiWNt titer scaYkratiow surd the right b avert fn the tortclosrrre poceeig the twn-e:Mesce d s defsrlt or grey other defense of Borrower to accekrMion anti toreclowre. N the beach it sot! csrsd aw or before the dNe sptciied i• the sotlee. Lewder at l.ewder's optiow wuy declare V of the ttsr setttsed by fhb MorglaRe to be - ~wrtdbtelq dot and prabie without further demand and way foreclose fhb Mortgage h' }dkW peedbg. Lender shah be ewtWed to colki~t 4 streh proceediwg tl espeases of foreclosrrrt. iwchrdirrg. bat sot fbttiled M. rasoarbit stt.xnelC's Tess. ttstd cosh of doc.~estatry eridewee. abstrsct acrd INk report. 1!. ~orrowa's Riga to ReiaAate. Notwithstanding Lender's acoekratiom of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time } UR B~~ PaGE~~