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HomeMy WebLinkAbout0225 . ~ ' Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.cnder pursuant to this paragraph 7, with interest thereon, shalt become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such amcxtnts shall be payable upon tx~licr from Lender to Borrower reyuecting payment thereof, and shall bear interest fmm 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 interat at the highest rate permissibk under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expettsa or take any action hereunder. 8. Inspectiioa. 1_ender may make or casue to be made reau~nahle 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 I-enders interest in the Property. 9. Cotademnatiow, The proceeds of any award or claim for damages, direct or consequential, in rnnrtection with any condemnation or other taking of the Property, or part thereof, or fur conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ~ )n the event of a total taking of the Property. the proceeds shall be applied to the sums setttrrt~ b')+ this .Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Leader otherwise agree in writing. there shall be applied to the come secured by this Mortgage such pmportion of the proceeds as is equal to that proportion v?•hich 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. If the Property is abandoned by Bor.ower. or if. after notice by Lender to Borrower that the condemnor often to mate an award or tittle a claim for damages. &~rmwer fails to resix~nd to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at i.ender i option, either to ratontion or repair of tlfe Property or to the sums secured M this Mortgage_ Unless Lender and Borrewer otherwise agrce 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. llbrrower Not Released. Extension of the time for payment or modification of amortization of the wms socttred by this Mortgage granted by Lender to any cttccessor in interest of Borrower shall not operate to rckase, in any manner, the liability of the original Borrower and Borrower's successors in interest. i_ender shall not be required to commence proceedings againu 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 orieinal Borrower and Borrowers successor in interest. 11. Forbearance by Lender Not a Wainer, Any forbearance 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 indehtedtxcs secured by this Mortgage. 12. Remedies Cmm~lathre. All remedies provided in this Mortgage are 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 sttccessivety. 13. Successors and Assigns lpound; Joint gad Several t.iaM'llry; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd 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 arc not to be used to interpret or define the provisions herrnf. 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 Mortgaee 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 Tender as provided herein, and - (b) any notice to Lender shall be given by certified mail. return receipt requested. to I-ender'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 MortRsRe; Governing 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 law of the jurisdiction in which the Property is located. 1n the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect l I other provisions of this Mortgage or the Note 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 copy- of the Note and of this Mortgage at the tithe j of execution or after recordation hereof. 17. ,Trawsfer of the Property; Assumption. 1f all or any part of the Property or an interest therein is sold or transferred a by Borrower without Lender's prior written consent. excluding fat 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, descant 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 Bak or transfer. Lender and the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender j shall request. if 1_ender 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 from all 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 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 sums prior to the expiration of such period. [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Now-UNIFOaM CovENAwTS. Borrower and Lender further covenant and agree as follows: • R li. Acceleration; Remedies. E:ceps ss provided is prrtgraph 17 rereot. trpw lsorrowcrs bread o[ tmy tove*awt or agreetuest of 1lsorrower fa this Mortgage. hxlnding the co~ewaats to pay whca due soy ssms secured by thls Morgttt~e. l[.e~der prior to sKtrderatiow shay maN twtice to Borrower ss provided la paragraph 14 hereof spccKyiag: (1) the breach: (2) the setbw required to core such breach; l3) a date. not ks thaw 30 days from the dale tlye wotke r ma8cd to Borrower. by whk6 sueA btresKh mere be cured: sstd (1) that fsibrc to cure Bench breach ow or before the date speeNed d the wotke may restrtl b acederNiou of the sums secttucd by This Mortgage. torcciosnrc by judkial proesedirtg awi ssk of the Property. The tatke sbs>>I trtrther htorm Borrower of the right to trelrtstste after ttKCekrntioa awd the right to assert b the loraelosrre'roesediag the troa.cxWeace s+f • dtfatslt or troy other tietetosc of Borrower to sxcclerMbw swd toreclowre. it the breach d tat coved a or bdorc the date gecfBed i• the wotice. Lender at tenders apioa may dechrc N of the wms secured by Ibis MorlgsRe fo be iassediatdy due awd pyabie without father demand and may foreclose this Mortgage by judkW Nvcssdigl• Lender shah be eNltled to collect b such proceadnwg all atrpenses of foreclosure. hxhrdirrg. but woe Wrdlttd lo. reasowabk sttureer's fres. srd casts of doct:~ewtary eddeuce. abstracts nrtd tick repwrts. 19. BorrowN'~ Right to ReiastMe. Notwithstanding Lenders acceleration of the sums secured by tht~ Mortgage. Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time s arox~2 PaGE ~5