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HomeMy WebLinkAbout0826 '1 _ Lender's written agreement or applicable law, Gorr?~ ~r ,ahaU pay rho rat of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. t A?~y amounts disbursed by !.ender punuan~ foJtll'js paragraph 7, with interest thereon, shall become additions! ~indebtednt:ss of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such amounts shall he payable upon notice tram Lender to Borrower requesting payment therrnt, and shall bear interest from the date of disbursement at the rate payable from tirt?e to lime an outstanding principal under the Note unless paymer?t of interest at such rate would be contrary to applicable law, in which evens such amounts shall bear interest at the highest rata pennissibk under applicable law. Nothing contained in This paragraph 7 shall rGquirc I:endt:r to incur ttny expe:raa or take any action hercut?der. R Iwgeetiow. Lender may make or cause to 6e made reasonable entries upon and inspectioru of the Property. provided that Ler?dar shall give Borrower novice prior to any such inspection specifying rcasonsbk cause therefor related to Ld?der's interest in the Property. 9. C~ prate ~ any award or claim for damages, dir+txt a cot?soqueatial. in eonr?ectioa with any condemnation or other taking of the Property. a pare ti?ercot. a for oonveyanoe in lieu of cor?demastion. arc hetadjr at~gr?ed and shall be paid to Lender. In the avant of a total taking of the Property, the prod shall be applied to the sums ,~1.~ ~ortgaga. with the excess, if say, paid_to Borrower. in the event of a partial takit~ 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 which the amatnt of the sums secured by this Mortgage immediately prior to the data 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 Borrower that the condemnor oRers to ?ti?alca an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days alter the date such r?otitx is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option. either to tastoation or repair of tbt Property or to the sums scoured by this Mortgage. Unless Lender and Borrower dherwise agree in writing. any such application af.proceads to principal shall not extend or postpone the due dale of the monthly installments referred to in paragraphs. 1 and 2 hereof or cbar?ge the amount of such installments. 10. Borrower Not Relaaed. Extension of the time for payment or modifkation of amortiution of the sums secured by this Mortgage granted by Lender to any s?rocessor 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 commentx proceedings agairat such successor or rtefuse to extrnd time for payment or otherwise modify arrtoriization of tl?e sums secured by this Mortgage by mason of any demand made by the orifinal Borrower and Borrowers sttcceswn in interest. 11. Rorbarawce by Levier Not a Wsiver. Any fofiearance by Lender in exercising any right or remedy hereunder, a otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement, of insurancr~~x the payment of taxes or other liens a charges by Lender shall not be s waiver of sender's right to secelente the matunty of the indebtedness secured by this Mortgage. 12. Rerwedks Crw?obttire. All remedies provided in this Mortgage are distinct and cumulative to any abet right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Srreceissrs era AsrtRws >torrwd: ,Joiwt a.a Borers! iLbAffy; Captlows. The covenants and agreements herein contained shall bind, and the riltl?ts hereunder shall intrrc to. the respective successor and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hsreof. All rnvenants and agreements of Borrower shall 6e joird and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and one not to be used to interpret or define the provisions hereof. • i<. Notke. 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 wch other address as Borrower may designate by naive to i.ender 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 abet 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. 13. tilwRorw ltrlorigage: Goserwiwg Law: Ssierabititp. 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 proptrty. This Mortgage shall Eti governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of chic Mortgage ar the Nae conflicts with applicable law, such conflict shall not aRect abet 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 arc declared to 6e severable. If. lsorrowet's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of extcution or after recordation hereof. 17. Trwwder of tic Troprfy; Assamptiow. if all or any part of the Property or an interest therein is sold or transhrned by Borrower without Lenders prior western consent. excluding lal the creation of a lien or encumbrance wbordinate to this Mortgage. (bl the creation of a purchase monep security interest for .household appliances, (e) a transfer by devise. descent or by operation of law upon the Death of a jt~int tenant or (dl the grant of any leasehold interest of three yeah 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 staved such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is te. be ca1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interr.t Fayable on the sums secured by this Mortgage shall be at such rate ac Lerder shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bon~ower's successor in interest-has executed a written assumption agreement accepted in writing by Lender, Lender~shall release Borrower from sll obligations under this Mortgage and the Nae. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such naive shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums o:ctared due. If Borrower tails to pay such sums prior to the expiation of such period, Lender may, without further naive or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNIFORM CovENeNTS. Borrower and Lender further covenant and agree as foib+ws: 1i. Aceekdiow; Remedies. Except s provided iw pwrsgrapi 17 1?ersol, mow iorrawers breach of troy coewawt K agreemewt of llonower b this Mortgage iwelraiag tee covewawts to py whew dove awy swms settrred try tib~MortRsRe. Lewder prior to aceekrwtiow shall wail wotke to Borrower of provided iw psragrapi 11 iereo[ s*ecNyiwg: (1) tie brcaci: (21 tie setiow rs;t+lrtii to eras swci Mssci; (3) a dMe. root less tloaw 3A days tr+awr tie date the works b waxed fo lorruwer. d!' wiles sreA Mcscl? warts k cwrrd: awd (1) that fsWre to own srrci ireaci ow or before tit date apeelitd M tl?e wotke way reswM iw - weeekratiow of tie sus atewred by fhb Maigage. Mt?scloswre h' jwdkial proceedlrtg swd sale of tie hoperty. Tie wdkt. slail beerier iwtorm Borrower of the riRM to reir?sfMe after accskratbw awd tie rigs! b avert iw tie tatclawee poeee~rtg tic wow-exWesce of a default or awy otl?er deterae of Borrower a aecskrMiow awd forsclopre. N tMe rrescw b roof owed ow or before tie date s/ttiBeJ lw tie wMke. Lewder at I.ewders optiow way daelars sM of tit wrwa seesrti ry rib MortRsRe b be , immediately dove swd pyaik without iwtier demand awd way foreclose rib Mortpge h' jrdkW preesediwR. Lender clap bs ewtitkd to eopsett tw secs proceednwg aw a=pewees of foreclosure. iwch~rdiwg. bwt tt+stt Wwke~d to. rearowabk att.,rwer's fees. awd coats of doewwerNary evidcatt. abstrscts sad tine rsporis. 19. borrower's Rtgl?t to Reiwstate. Nawithstanding Lenders acceleration of the sums secured by th.s Mortgage. Borrower shall have the right to have any proceedings beM~n by Lender to enforce This Mortgage discontinued ar any time gppK e~e ~ PAGE ~