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HomeMy WebLinkAbout0244 • r._ . S rr 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 disMrrsed by Lender pursuant to tha paragraph 7, with interest thereon, shall become additional indebtedness of Borrower 'secured by this Mortgage. Unless Borrower iq~ Ile~i1 roe to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower roquesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on orrtsianding 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 rafts permissible under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur any expense a take any_action hereunder. A Iwalseetiota. Lender 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 cause therefor related to Larder's interest in the Property. 9. Cowdewrwatbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Properly, 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 Properly, the proceeds shall be applied to the sums scarred by this Mortgage, with the excess, if any, paid to Borrower. In the event of 'a partial taking of the Property. unless Borrower and Larder 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 secrsred by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Properly immediately prior to the date of raking, with the balance of the proceeds paid to Borrower. _ If the Properly is abandoned by Borrower, or if. after notice by i_ender to Borrower that the condemnor ot[ers to make an award or settle 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 ratoration or tapair 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 a:tend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 beteof or change the amount o[ such installments. 10. Borrower Not Rekared. Extension of the time for payment or modification of amortization of the wens sescrrred by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse, 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 Borrower's successors in interest. ll. Forbearawce by Lewder Not a Wairer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall riot be a waiver of or preclude the exercise of any such right or t+anedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shalt not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewrediea Ctraruhdte. 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. - ~I 13. Sweceasas awd Asdgws >dound; Joint swd Sererd iLbAfty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sod Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir>f and several. 7tre captions-and headings of the paragraphs of this Mortgage arc for convenience only and are rat 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 Much notice by certified mail addressed to Borrower at the Properly Address or at such other address as Borrower may designate by notice to Tinder as provided herein, and (b) any notice to Lender shall 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. Usiforrw Mortgage: Corerniwg Law; Sevenb8ity. This form of mortgage combines uniform covenants for natural i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly: This Mortgage shall tx 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 affect other provisions of this Mortgage or the Note which can be given etl'ect without the conflicting provision, and to this ' end the provisions of the Mortgage and the Note arc declared to be severable. ` t lf. lorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time j of execution or after recordation hereof. ~ 17..Trader of the Property; Aswmptiow. if all or any pan of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the crcatan of a lien or encumbrance wbordinate to ~ this Mortgage, (b) the crcatrors 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 j immediately .due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender i and the person to whom the Property is t~. be co1J or transferred reach agreement in writing that the credit of such person is utisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall rsquat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in I interat has executed a written assumption 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 accordancw 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 Borrower fails to pay such auto prior to the expiation of such period. ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Norr-UNtFORat CovENenrrs. Borrower and Lender further covenant and agree a follows: ill. Acceleratbw; Rewrediea 1L:cept as provNed iw paragraph 17 rereaf, upon llorrowera brateh at nary cerewaN K t agreatscaR of Mrrvwer Ira tlria Malgarge, twehr~wg ere eorewawts to pay when die aq sans steursd r7' fhb Marlgage. t.enier prior N aecaleraaow drat wail wotke to >sorrrwer as prorNtd b pragrapr 11 ra~of geeityfa~ (1) the ra~a.er; the aetMw tntpired w cure such rreacr; (3) a date. not lad thaw 3A days troy the data fire wotiee b oaied fe llwrtrowar. by wrier such newer t~wst ra cwrsd; dui N) that fafdare to cure such breach err or before the date spaYaa V the wotiee nay rssalt V ateekratiow d the raft aacwtd by this Mortgage. forccloaure b proesrdMr~ awl sale of the h+sperty. 71re wetice drag twrtrer idorw iorrewer at ere right fo reinstate after aceekrhiorr awl ere rlgrt b aaurt i• the toreeNaae /soeee~rrg ere wow-e:Maree d a defawk or awr dher deterrre of eorrowK t0 aaceleratiorr ri foreelowrrs. N the breach b riot curet M or 6dore are dale speeYed is ere tratfKe. Lewder at I.ewder's optic. ray declare ai oR ere wwta aceursd rp trb MoApge w be iwwrediately doe awl pyabk wkiowt father demand awd moray fwedae trb Mor~age rT jriicbi prrtessdiaR. Lender drat k ewatlad to cornet V awcr proceedngs aw espewses of foreclosure. iwclwriwg, trot west rswftad M. reaaara>tit sttxeer's fees. awd eoab at doert,~ewfa+ry eridewee, alatrscfs awl title rrports. 1!. ~ortowa't ~t to Reiatate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time E 8~~330 P~~E 244