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HomeMy WebLinkAbout2595 . • Lender's. written agreement or applicable law. Borrower shall pay the amount a[ all mortgage insurance premiurrts in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7, with interest therm. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to aottpttN p~'.pt?ymeM, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, a 11 bear interest from the date of disbursement at the rate payable from time to time on attstanding principal under the Note w.kss paYmatt of interest at such rate would be contrary to applicable law, in which event such amcwnts 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. Iaspeetion. Lender may make or cause to be made rcssonabk entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause thercr~r related to larder's interest in the Property. Condewnatbn. The proceeds of any award or claim for damages. direct or consequential, in connection nrith any condemnation or other taking of the Property, 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 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 Larder otherwise agree in writing. them shall be applied to the sums secured by this Mortgage such proportion of the proooeds as is equal to that proportion which 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 Borrower, or if. after notice by Lender to Borrower that the con_ demnor ogees to make an award or settle a claim for damages. Bormwer fails to respond to 1_ender within 30 days after the date such notice a mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of 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 atraunt of such installments. 10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums aecursd by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers 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 Borrowers successors in interest. 11. Foebearance by Lender Not a Ws,iver. Any fonc~arance by I~nder in exercising any right or remedy hereunder, or otherwise aBorded 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 Qther liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. I2. Rewcdks Corrruhtive. 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 successively. ' 13. Seecc~ssors sad Assigns Isouad; Joist sad Several i.iiabitiq, Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Linder apd Borrower. subject to the provisions .of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtj and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ik 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 provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dhec 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. rctum receipt requested. to Lenders 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 Mortgagt shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. lS. Ueriforw Mortgage: Govenrierg Law: Severabllity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limitr~t 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 i event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not afhct other provisions of this Mortgage or the Note which can be given effect without )he conflicting provisan. and to this ' end the provisions of the Mortgage and the Note are declared to be severable. lf. Ioroewer'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. ~ 1~..Trsasfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subord•.nate 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 o(a joint tenant or (d) the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may. at Lender's option, declare all the wms secured by this Mortgage to be ~ immediately due and payable. Lender shall have wrivcd such option to aceekrate if. prior to the sale or transfer. Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of -such person is satisfactory to Lender and that the inten~st payable on the sums sexured by this Mortgage shall be at such rate as 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 auumption agreement accepted in writing by I.endrr. Lender shall release Borrower from all obljgations under this Mortgage and the Nae. tf 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 ratite 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, ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Note-IINIFOaM COVENANTS. Borrower and Lender further covenant and agree as follows: lfi. Acederatiota; Rerwedies. Except w prorNed i• pangrapi 17 Itereot. stpoa iornwes'a Meath of any eerveaaat er agreeweat d >tarrower i• iris Mortsage. inciaii~ the covewaNs to pay when rise say saran stewe4 by iris Mortgage. I.ewier prior to accderdista sisr mail notice fo Borrower ar provNe4 iw prapaph 141tereoL specilyla~: !ie ireaci: (2) tM sctMa r~gaied b care stteti Mates; (3) a 4a1e, not las tiara 30 days te+ow tie date fie ¦oftes is rnaNei to larrawer. by wiklt saes Meaelt wash be eared ant (4) that fdltsre b care weir bleach a or iefore the Gate spesYei V the wotiee way restttt to ~ seeeierMien of tie stttar secrared by tits Morfsage. terecioserre iy jitrekw lroeealiag a¦tt sale of the Property, 77te Hader ritll trsrtier iaforas lsorrewer of the right to reirMate after secekradoa sad the right b ssoert ins tie fereclswre preeeeiet~ the aon•e:iMewee et a delaalt or say dher 4etewse of lorrower to acceleration ant forselosare. If tie brrxh is naf ewsi esi i or bdore Ilse table s'eeiRed V tic notke. Leader at i.eader's option way deelart aM of the tars stearetl iy tits Mertgs(pc Ia rte ' iwweriaMiy rrre ant payable wifioal taAier dearand sad wsy fareclae this Mar~age try JriieW prrteeaiag. Lender drag t ~ be eaddei !a ea0eet is stsd prbecsdiws ,r a:pctssa of foreclosure. taclndiag. bat test Beaktd ta. reasoaabk sttweeYs ftes. } € atsi oosls of iaeuweNary eraderste, abstracts awd tick report. i!. llorrvwa's Riot to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, ' Borrows shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ 60~7ik(JJ~ PAGE ~:cJ00 ~ ~ ~ -