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HomeMy WebLinkAbout2589 1 , r Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the mariner provided under paragraph 2 hereof. Any amounts disbursed by lender pursuant to this paragraph 7. with interest thereon, shall 64c, additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other. tNpq ofnertt, such , amcwnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on ail:landing principal under the Note unless pa~rrrrart of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highr~t rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to irtctrr say exptat or take any action hereunder. fL Iwtrettiow. Lender may make or 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 reasonable cause therefor related to Lender's interest in the Property. 9. Coadettrusfioa. 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 thereof, or for conveyance in lieu of condemnation, are het+eby assigned i and shall be paid to Lender. i In the event of a total taking of the Property. the proceeds shall 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 Lender otherwise agree in writing. there shall be applied to the sums secrrrcd by this Mortgage such proportion of the prooeedt ss 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 Io the date of taking, with the balartoe of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by (_ender to Borrower that the condemnor offers to make an award or xttk a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I~nder's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ague 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. Borrower Not Released. Extension of the time for payment or modification of amortization of the sutra 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 Borrower and Borrower s' successors in interest. Lender shall not be required to commence proceedings again,? 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 intercst. 11. Forbearance r7 Lewder Not s waiver. Any forlxarance by Lender in exercising any right or romedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right of 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 indehtedrress secured by this Mortgage. 12. Resedies CtuwwWf~e. 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 srreoessively. ' 13. Swccestas awd Astigws Doawd; .Joist and Several i.iabipfy; Captfoas. The covenants and agraetnerrts herein rnntained shall bind, and the rights hereunder shall inrrrt; to. the respective successors and assigns of Lender attd 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 conveni:rtce only and are not to I)e used to • interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower proovided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to finder as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt niiuested. to Lender's sddress stated Irercin 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. IS. Uwffors Mortgage; Coverwieg 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. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aftoct other provisions of this Mortgage or the Note which can .be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. If. llorrower'a Cory. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time of execution or after tecordatiorr hereof. 17..Trawder of ere >rrorerty: Astaarptiow. if all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lenders prior wrincn consent. excluding (al the creation of a lien or encumbrance wbordinate 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 i not containing an option to purchax, 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 K t~~ be sold or transferred reach agreement in writing that the credit of such person i : is satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. T[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written aaumption agroement accepted in writing by Lender. Lender shall release Borrower frcxn all oblijations 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 z which Borrower may pay the sums declared due. if Borrower faits to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke qtly remedies permitted by paragraph tg hereof. Nor+-Utitrarr?r Covetv~tvrs. Borrower and Lender further covenant and agree as follows: IR Acederwtfow; Rewre~a. Buell r provided i• paragr~rr 17 Irertet. store florrowera fttaei of any eevesrmt K agrrDesewt of 1larowetr `tits Maigage. irrelwrlirrg ere corswaNs to lay wren cwt soy tpata teewrsi try trim Mortgage. iarde* trlor to acederado. dri s.p trwtke to lorrower s prorNed iw pragrari 11 terse[ gteYylwgs (1) tit rrewei: tic wdbrr rgwirted a ewe wet M+esek (3) a dt1e. wd ks traw 30 days tiros tie darts trt wotiee b mated to ~ttrower. r7' wild suer ftaewelr swM k ~ awl (4) fiat tairrre to erne sad tread ow or retore ere Gate gteiiti V tie notice rosy eesrrlt V atx^eleralito of tit srrttr itctts+ r7' tr4 Mortgage. totriclowre b jrdieial lrocstdMrg aoi salt et tie Trorcrty. Tie wetke r sW twrtrer rotors lorrower of tie right b rehrdNe attsr weeeferstbw acrd tit right to aced M tit terttlotwtt reetetirr~ i ~e wow•e:ittewce at s detaolt or soy otter detewse of Iorrower to wccekratbw arri toreclottrre. M tie 6rtacr r cot ewre! a a otr irttote tic dNe trteYed r tie wotke. lewder at I.ewder's ottiow tray atciart ap of tie sour s~ fly !tit Mortgage M f1e issedWtly doe awl rwywMe witbwt trrdrer demand awd Wray taeclat lift Modgrtgt h juikW rroceerleg. lender strap i fee ewdttti N eelrtct iw wet rneeeairrg ai e:pcwsa rat torecloswre. Iwclirairrg. itwt itt rwtited M. rteatewwMe sttwseYs fens. t a¦i cab of ioc•'rweMary erfdewee, abatrscts awl title retorts. I I if. >itnowa's R(grt to Reitttatt• NotwithstandinE Lenders acoekrstion of the sums secured by the Martpge, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time e~~K332 Pa~E2582 _ _ . A... ~.t '