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HomeMy WebLinkAbout0067 • ~ Lender's written agreettsent or applicable law. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereot. Any amounts disbursed by Lendt:r pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amatnts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of d'ISbursement at the rate payable from time to time on attstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate ? pernnissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expsrlse or take any action hereundeer. ' 8. iagectloti. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall hive Borrower notice prior to espy such inspection specifying reasonable cause iltercfor related to Lender's interest in the Property. - 9. Cowaemaaiorr. 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. Tn 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 wms secured by this Mortgage wch proportion of the proceeds 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 condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such rtotioe is mailed. Lender is authorised 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 amount of such instalirrients. 10. Borrower NM Releases. Extension of the rinse for payment or modification of gmortizatiorr of the wms sxured 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 Borrowers successors in interest. Leader 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 wcceswrs in interest. 11. Forbearance Iry li.ewaer Not a Wsier. Any forbearance 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 shalt not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies CimraWitre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afTorded by law or equity. and may be exercised concurrently. independently or successively. 13. Stcaessors apes Asdtrls Boaea: Joint and Scs-ed Liabiity; CaNions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. - subject to ih2 pioy-isions of par~r:ph t7 hcicvf. cif ~:'C:.a:.tS a:.d a6-reerrw :ts L`f 1~."!rL`:•.*er Shall b! :n:nt 3!!d elyenl. 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. 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein. and (b) any notice to Lender shall be given by certified mail. return 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 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~I iS.. Udform Mortgage: t,:orerniriR Law: SsveratiWy. This form of mortgage combines pniform covenants for national use and non-uniform covenants with limifed•variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hp the law of the jurisdiction in which. the -Property is located. In the •event that arty provision or clause of this Mortgage or the Note conflicts with applicable law, wch conflict shall not affect other provisions of this Mortgage- of 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. 16. )3orrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation lmereof_ 17. Transfer of tie Troperty: Assamptioa. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's priof written consent. excluding (al the creation of a lien or encumbrance wbordinate 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 (d1 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 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 interest 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 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 accordance 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 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 18 hereof. I Nox-UNIFORM CovExxrrrs. Borrower and Lender further covenant and agree as follows: 18. Accderatbn; Remedies. 1Facept as provided iw prmlgrspi 17 hereof. qwn Borrower's bract of a.y covenawt or agreemesmt of Borrower i• tits Mortgage. iaeladiag tie covenants to py wien ape sIq sams secar+ea by this Mortgage, I.enaer prbr to acceiention shag mac notice b Borrower as provided in pra6rapi 14 hereof specifysg: (1) tie bread; tie actiow required to care snci breach; (3) a date. not less tiara 30 days from the date tie settee b mailed to Borrower, by winic6 sacs bratci mast be cnrta: and (4) that faitare to cure such bread a or before tie date speeif'iea b tie notice sq rant it accekradon of tie same secured 6y tits Mortgage, foreclosor+e by judicial proccediog asma sale of the lht>lertf. The notice sha8 farther inform Borrower of the rigit to reinstate deer aecekrtmtbn asmd tie rlgit b assert i• tie formclowre prnceedillg the awn-a:btelrce of a detaalt or soy otter defersse of Borrower to acceleration sad foreclowre. Tf tie bl~eaei is stet ctrr+ed oe or before tie data~pecifed ~ tie notice. Leader at Censer's option may dtelare a• d tie Baas aecnrei ts7 tits Mortsa6e fbo be immediatdy dae acid pyabk witboU farther demesnes and may foreclose tits Mortgage il' jaaicW poceedLg. Lender shall be estNlcd to celled m sncb'rocecdiir6 a• a:penises of foreclosare. iaclodieg, bat sot lisitd to, rcasona6le attor'ey'a fns, sad costs of docaaaentaq evidence, abstracts sees tick reprts. 19. Borrower's Right to Reimtate. Notwithstanding Lenders acceleration 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 - ~7 PEE s~r .r ~