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HomeMy WebLinkAbout1320 , r ~ • /f.jj ~ ,J 1' • 1 i ' Lender i written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance praniums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall bccane additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such amounts shall be payable upon notice tram lender to Borrower requesting payment thereof, and ltitf~l.hea~ ktt~est tr+ont the date of disbursement st the rate payable from time to time on cxitstandng principal under the Note uekss payrrrent of interest at such rate would be contrary to applicsbk 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 experae or take any action hereunder. fl. latpeclios. 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 rented to Larder's interest in the Property. 9, Conderrtustioa The proceeds of any award or claim for damages, direct or consequential, in conrtecdorr rridt any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby snigtred and shall be paid to [.ender. 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. there shall be applied to the sums secured by this Mortgage such proportion of the proceed[ as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date Ot 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 condemnor otters to make an award ar settle a claim far damages. Borrower tail. to respond to 1_ender within 30 days after the date such notice is mailed, Lender is authorized to callect and apply the proceeds, at Lender's option, either to ratorztion or repair a[ 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 Attend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ 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 Borrower and Harrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for paymer+t or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and BorrowePs successors in interett. 11. Forbearsrrce by Lender Not a N?dvcr. Any farhearance by Lender in exercising any right or rcrrtcdy herctrnder, or otherwise afforded by applicable law, shall rear be a waiver of or preclude the exercise of any such right or rarredy. The procurement of insurance or the payment of razes or Whet liens or charges by Lender shall not be a waiver of Latch's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remcdles Ctrmulati.e. 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 strccasivdy. 13. Successors gad AsaiRos sound; ,Joie[ asd Several i.iabliily; Captions. The covenants and agreeatertts herein contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigra of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and arc rat to lie used to interpret or define the provisans hereaf. 14. Notice. Except for any notice required under applicable law to be given in anothtt manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certiflod mail addressed to Borrower at the Property Address or at such abet address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by native 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. Ueitona Mortgage; Govereiog Law; Sevcrability. This form of mortgage combines tniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform axurity 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 ar the Note conflicts with applicsbk law. such conflict snail not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. snd to this end the provisions of the Mortgage and the Nate arc declared to be severable. I 16. 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..Traester of the Property; Assemptiorr. Tf all or any part of the Property or an inter~at therein is sold or transferred s by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crcatran of a purchase manev security interest for household appliances, (c) s transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the gent 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 axurcd by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the wk or transfer, Lender and the person to whom the Properly is to be cald or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inters-st payable on the sums secured 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 Borrowers successor in I 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 ratite of acceleration in accordance vrith 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 arch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ' _ NoH-UNrconrrr CoveNewrs. Borrower and Lender further covenant and agree as Edlows: lg. Accdaatio~ Rewcdia. IExcep as ~rovNed b pragraplt 17 bereot. repo serrowers breaei M goy ceves>.rN ar agreeaseot of Borrower d tits Mortgage, fieeirdieg the eoteoaets to pr wieo doe goy sets reeorsd by tots Mortgage. I.esder d 'rbr b sccekratloe sia6 Bail aotlce to Borrower aa'rovided w pragrspb 14 tercet slecltrirgs (1) lie bseaei; (2) tie eetiao rgaied b cseie snci iresci; (3) a dole. cot las [teat 3• days [tore tie date tie oefke Is oreBe~ N setrower. by wild snd braacb most be crated; and (4) fiat faWtrs to core Beet breach a or bdae tie date apaeYed i• tie trotiee ray reset[ b scederatloo of tie [cuts sa:ctrred br tots Mortgage. toaeclosors b7' jittdieial poeeaallrrg aotl sale art f!e Property. Tire ateda sW fttrtier iotorea Borrower of tie right to refrtstMt after aeeekratbw and tie tigit Io atssert i. tie taeeMswe poteeitg . tie eow~exMeece of a defaetlt or nor otter defense of Borrower to sceekrMloo sed torcelosere. >g Nte breast r trot [tree! a or before the date s'ecYied V tie ootiee. Leader at I.eeder's optiow ersr declare r et tie snots seetarei by Iltis MorlpRe f~ be iroescdiahlr dtte aoi prnMt wkbol terirer deetand and tar toreelost tits Mortgage by jodkW peeedloR. Lende? dtaN be sMided to eoYeet fw seal preeeedieg >r experaes rtf foreclosure. ioclriirrg, bet oat ~ M. aearooabk aNtxwer's fees. ~ and costs of ittet:!oestarr et-ideoce, abstracts and title repro. 19. soraowa's Rigit to Reiestate. NatwithstandinE Lenders secekration of the scans secured by tht• Mortgage, Borrower shall have the right to have any proceedings heEun by Lender to enforce this Mortgage discontinued at any time ~~3`33 P~E~.318 i i ' i9' , ~ I 1