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HomeMy WebLinkAbout1743 ' t.'3. t ~ • Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the • tnanner provided under paragraph 2 hereof. Any amounts disbursed by i.ender pursuant to this pat~gtaph 7, with interest thereon, shall become additions! indebtedness of ~jo ru0;d by this Mortgage: Unlecc Borrower and !.ender agree'to other terms of payment, such amounts shall he y#t~ tee from I.cnder tq Borrower regttcsting payment thcrrnf. and shall bear interest from the date of disbutserwent at the rate payable from time to time on outstanding principal under the Notc unless payment of tnterest at such rate would be contrary to applicable taw, in which event such amounts shall bear interest at the highest rate permissible tinder applicable law, Nothing rnMained in this paragraph 7 shall require I:ender to incur any expense or take eery action ttereurtAet4 , g• 1 ~ ~ ~ R.er?tler may make or cause to be made rcasotiabk entries u that Londe port and inspections of the Property. provided shtt!? g+vee Borrower notke prier to any such inspection specifying rcawn:bk cave therefor related to Lender's intereu in the Property, ' Cttl~dt The groreeds of any award or claim for damages, direct or consequential. in oonrtectiow with any cottdemnatton oti~aking df thh, Property. or paA 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 u+ms 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 Lewder otherwise agree in writing, there shalt be applied to the sums secured by this Mortgage such proportion of the proceeds u is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean 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 t3ormwer that the condemnor offers to make an award or settle a claim for damages, Borrrnrer fails to respond to Lender within 30 days after the dale such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lenders 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 a change the amount of such installments. 10. Borrower Not RelRased. Extension of the time for payment or modification of amortization of the sums securedt by this Mortgage granted by Lender to any strcccssor in interest of Borrower shall not operate to rcksse, in any manner; ' the liability of the original Borrower and Borrower's stccessors in interest. Lender shall not be required to commenos• proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the surr?t' secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. ~ 11: Forbearawee by Lewder Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall rat be a waiver of or preclutk the exercise of any such right or rartedy. The procurement of insurartce~~r 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 indebtedness secured by this Mortgage. 12. Rewnedks Cttuwwlatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded bI? law or equity, and may be exercised concurrcntty, indeptndently or successively. l3. Swecesaors awd Asslgws >sowwd; .TMwt wwd Screed I,iablBryr; Captions. The covenants and agreements herein rnntained shall bind, and the rights hereunder shalt int+rc to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower sball be joit~ and sewers!. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof.- 11. Netter. 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 other address u Borrower may designate by notice to i_ender u provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested, to i.ender s address stated herein or to such other address u 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. UwEorm Mortgage: Gorerwiwg 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 properly. This Mortgage shall Ix 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 aReet 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 are declared to be severable. lf. )sotrrower'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. Trswsfer of the Property: Aswrwptiow. if alt or any part of the Property or an interest ihercin is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to :f this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a Iranster by dtvise, ~ descent or by operation of law upon tht death of a joint tenant or (d) the grant 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 secured by this Mortgage to be . immediately due and payable. Lender shall have waived Stich option to accelerate 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 interest Fayabk on the sums secured by this Mortgage shalt be at such rate as Lender shall request. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrower's wcceuor in interest hu executed a written assumption agreement aaepted 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 aecekration in aecordartcr with 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 wms oxlared due. I( 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 IR hereof. f NoN-UHtFOrt>vr Covt_rtavTS. Borrower and Lender further covenant and agree ss follows: lg. AccekrNiow; Rcwxdks. Except as provided iw'wragrapH 17 Hereof. wpow Sorrewers 6rtracH at my corewawt ar a;recwnewt of Borrower b fleets Mortgage. iwelwdiaR the corewswts to pay whew dne mry swtwa seewred by Mk Morgtage. Lewder prior Io at:cNerwtfow sAatl wra8 wotice to torrower as prodded b paragrspH 11 Hereof specifyiwg: (1) the breaeH: t21 the setbw regwircd to etrne swell M+eacH; s date. wet less tbtwr 30 dsys tro+w the mate the wotice is ttaa8ed to lsonower. by wbkH swell bttsacH rwwrR be ewred; awl (1) tHat fa8wre to etrre swell brewcH ow or before the date speellied fa the wotict wrsy resttil iw wccekratiow of tie swwn seewrrd 6y tHis Mortgage. fireeloswre b jwdkW proeeedirrg swd sale at eHe PrWerty. THe wetkt. r sHtdl hrtHer iwforrw Borrower of the riRM to rrh~tste after wecekratibw awd tHs riglN to aatKtt M tHt foraclaarre preeee~ tHt wow-a:stcwce of a def~rrlt or ~y other defewse of Borrower fo wccskrMiow awl torteloswre. N the tlreacH M wet ewes! ew f or before the dsle specified i• the wotke. Lewder at i.ewder's e/Iiow wtay dttelarc all of 1He swrrtt setwrttd i)r tests Mort~t fw k iwiwxdiately dwe sad payable withoM twrlHer demand ant array foreclose tests Mortgage fly jwdkW prwetediwR. T.ender• cHap be ewfidcd to co0est tw swell pr+oeeediwg aB eapcwses of forecbswa. fiiclirdirig. bwt wN Ihaitta tsti rcatowwblt stt.xnev's.fses. awd tasb of doewtweahry eridewee, abstracts snd title reports. 1!. lliorr+owet's Rtslit fo Reirwtste. Notwithstanding 1-enders acceleration of the sums secured ~ey this Mortgage, Borrower shall have the right to have any proceedings txdin by Lender to en/~rce this Mortgage discontinued at any time . X335 p~17~6 r i - ~ ~ .