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HomeMy WebLinkAbout1737 • ~1.tnder's written agteement'or applicable law, Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof, , Any amounts disbursed by (.ender pursuant to this pat graph 7, with interest thereon, shall become additions! indebtedness of Borrqq~~cc this Mortgage. Unless Harrower aril I_cnder a rce to other terms of payment. such amounts shall be paytlb~~u~~ from Lender tq Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from tune to tirrrt on outstanding principal under the Note unless payment of interest at such ate would be contrary to applicable law, in which event Much amounts shat! bear interest at llre highest rate Permissible unc{sr applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expetae or take any action herctfrrder; , ~ I~tlaM. I-atHkr ttlay make or cause to be made reasonable entries upon and inspections of the Property, provided that. Lender shall' give 8orrbtver notice prior to any inch inspection specifying reasonable c:use Therefor related to Larder's interest in t Property. f. C The pr p,,coeds of any award or claim for damages, dirtet or consequential. io connection Frith any condemnation or otheriak~ng of ihe.rroperty, or part thereof. or for conveyaaoe: in lieu of cotrdemtratiotr, 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 ext:ess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Fender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amarnt 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 to the date of taking, with the balance of the proceeds paid to Bor_ rower, if the Property is abandoned by Borrower, or if. after notice by i_ender to Borrower that the condemnor oRen to malro an award or settle a claim for damages, &?rrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is atrthorittd to collect and apply the proceeds. at l.etrder's option. either to re:<oration 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 prod to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof of change the amount of such installments. 10. >sorrower Not Releases. Extrnsion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any siiccGCSOr 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 corrrmerrce proceedings against such successor or refuse to extend time for payment or otherwise modify amortitttion of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forhearawce hf~Lewier Not a 71?airer Any forbearsnce by Lender in exercising any right or~rcmedy hereunder, or ' otherwise afforded by applicable law, shall tat be a waiver of or preclutk the exercise of ~ any such right or ranedy. The prociircment of insurancet~r the payment of taxes or other liens or charges by Lender shall not be a waiver of L.ender's right to accelentc the maturity of the indebtedness secured by this Mortgage. 12. Rewiedks Criwrhrfi?e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy rrndet• this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. l3. Sreeesaors sws Aaay fas lioirws; John ant Several t.ia6~; Capliows. Tire covenants and agreements herein contained shall bind.. and the rights hereunder shall inure to. the respective successor and assigns of Lender soil 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 hereof. tI. Notlee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Martgaae 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 fender as provided herein, and (b) any notice to Lender shall ere given by certified mail, return receipt requested. to tenders 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. . IS. Uwitorai Mortgage: Gotreraiatt I.avr: Severability. This form of mortgage combines uniform covenants for national rise and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall h 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 shsll not affect other provisions of this Mortgage or the Note which can be given effect without the eanfticting provision, and to this - end the provisions of the Mortgage and the Note arc declared to be severable_ lf. ttbrrower's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution.or after recordation hereof. - 17. Transfer of t>te )rrorerly; Aawwiptiow. if all or any pare of the Property or an interest therein is sold or transferred by Borrower without Lendtr's prior writrcn consent. excluding (a) 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, descent or by operation of law upon the Death o(a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender i 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 to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inter4.t Payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. tf Lender 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 accordanc-c with paragraph 14 hereof. Such notice shall provide a period of riot las than 30 days from the date the notice is mailed within which Borrower may pay the sums e•xlared due. If Borrower fails to pay such arms prior to the expiration of such period, Lender may. without further novice or demand on Borrower. invoke any remedies permitted by paragraph f R hereof, NON-UNIFORM COVENANTS. Borrower and Lender further cOVenant and agree as follows: lei. Acceleratiow; Rearesia. Essen as provides itr pragrarh 17 Irersot. iirow iorrowes's breach of awy coerawt ear agreement of lerrower d ttds Mortgage. htclyditrR the cotewaNs to py when stye ay saws stcares ttry thk Mortgage. tLaiser prix- to aecekra~tiow shop wuiil wotice to tionowtr as rrorided iw pragrsph t1 hereat srecNyhg: p) the tsreaeh;/2i the actfow rgirlrrs b eirce srci tirraeh; (3) a sMe. wet leas thaw 30 days irowi the sate the wotiee d mopes to llsrrower. b wtiitli streh tit>each twtsat be ewes: awl (4) that faihire b Bret sreh trretrch ow or rtefore the dale srteMes b the wMke aaay resrN i scceferatiow of the scrota aeerres by ttsis MorttrRe. feseclosnre Ury rroeeeslwg awl sate cif the trorerlr. The wafkt. shill frrthcr iwfonw borrower of the tiRM b reiwga/t after arceleratirw aws ttre .aiglN N assert iA the taeclowre rrotee~ttg tie wow-exWewce of s ddar+lf or awy other sefewse of Borrower to aecekrMiow awd iweeloaue. N titre brewch is wo1 etrres ow or before the late srtcifies iw the wotice. lewser at I.ewder's ortbw way seelare aM ott the staves sterr~es fhr this MorfRaRe b be iwtwediately due awl pyabk without trAher demand awd wiay foreclose this Mor~age th }skirl ItraetesMR. 1-ender-chap fie ewWks to abpeet i arch rnoetssiwg sw espewses of foreckatrrr, Mehrsisg. bit wol lirtiites Iw. reasoiis<tle annrner's.frses. aws tests o/ soerarewlary t~iscwee. abstracts awd title reports. If. borrr+wers Right to Rehistste. Notwithstanding Lenders acceleration of the sums secured by tA~s Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued a: any time i t - -