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HomeMy WebLinkAbout1326 J i ! . J ~ !..li? tender'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' disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additiond indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tqp ~ pt pt~tmeM. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shalt bear hrtere•t from the date of disbursement at the ~ratt payable from tithe to time on out:landing principal under the Note unless paymptt of interest at such rate would be contrary to applicable 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 sexy expense or take any action hereunder. 8. laspecfka, 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. Cotdewaatioa. 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 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 Lender 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 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 Borrower. or if. after notice by Lender to Borrower that the condemnor oRen to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the daft such notice a mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of ttse Property or to the sums secured by this Mortgage. Uplesc Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postporK the due dace 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 sums atectrred by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to reksse. 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 Borrower's successor in interest. 11. Forbearance br Lender Not a Waiver. Any fort+earance 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 Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rernedit:s Comahrfie. 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 sutxessivdy. ' 13. Successors and Assigns >dound: ,Joint arts Sexed I.iaMlilr; Captions. The covenant: and agreeatertts herein contained shall bind, and the rights hereunder shall intrrr; to. the respective wccessors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jury and several. The captions' and headings of the paragraphs of this Mortgage arc for convenitnce only and are not to lk 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 such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by mice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return recxipt requested. to I.endePs address stated ht:rcin 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. Uniforw Mortgsge; Coverwiag Law: SeverabBitr. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifonrr security irWrurnent 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 affect other provisions of this Mortgage or the Note which can be given etTect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. lf. Eorrower's Copy. Borrower shall be furnished a conformed cop)• of tht Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. ,Trander of the Pro'trtr: Asatamptiorr. Tf 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 subordinatt 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 yeah or less t rat 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 sale or transfer, Lender and the person to whom the Property is a~ be cold or transferred reach agreement in writing that the credit of such person ! is satisfactory to Lender and that the intercct 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 ) interat has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all a obl?8ations under this Mortgage and the Note. if Lender exercises such option to sccelerate. Lender shall mail Borrower notice of acceleration in accordance with j paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice a mailed within 3 which Borrower may pay the sums declared due. If Borrower faits to pay such stems prat to the expiration of wch period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. ~ Nor+•Urrttoant Coververrrs. Borrower and Lender further covenant and agree as follows: lfi. Acceleration; Rernetiko. E:eept as rrnridea h paragraph 17 Irereoft, upn lsotrrwer's I~reaeh eft try covertartt ar ' agreerent d ¦arrower b trls Mortgage. inc~irrg ere coveaaiMs b pr when lue say sews otetrrel r7 tlris Mortgage. I.enier prbtr b aetekrutlon drall hell notice b Borrower w'ro•Hel i• pragrspr 141tKreot gecltriugt (1) ilre rreaer; (t1 ere tsetMn rgtdrel b c>fa+e serer rreacr; (3) a date, not less erne 3• days crow ere late ire notice fi tnoiei b Mrrewer. b wrki srrd rreaer wort re eore~ snl (q erne tatlrrrs b sere serer tract o. or retor+e trc late geeYe~ V ire notice w.y reap d seeekratlon of ere saws oeeur+ei 6y this Merigage. ta+cclaure b jtrikW lroe~ state ate of telex >rrorerir. Tre entice std ttretrer iwtorw Sorruwsr d ire rigrl b relnrWe after deradon tri trt rigrt b aarert r ere torttelatrre greeaeitig ` ~ ere ~oraexMatce of a letault or aq otter letcnse of iorrewer to aaeferutlon aril torr<clootrre. N ire M~aer r not awrel N t or bdore ere dale yeciiel b ere notkt. Lewder at I.entier's opbow wur tfrcchre ar et ire tttrwa seesrel rr !W Morfp)pe b re iwweliateir due and prsrie witrorri tuArer dtwtand and rear toreclae errs Morlsage b jtldkhi OrueeellwR. Lender dnN re esWlel b eoYed b swcr'rrtesslirtg d ex'eases of foreclostu+c. inclriiag. Got riot firniisl b. reaaonoMe sttwner'o tea. ' next eosb at iucr:rnewiarr evidence. ardraela and title repro. E 1~. lsorrower's Rlgrt to Relwatate. Notwithstanding Lenders scoekntion 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 } 8~~33 ~a~1~24