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HomeMy WebLinkAbout0844 _ ,.r ' Lender's written agreement or applicable law. Botrowe ~ hall pay the amount of all mortgage insurance prsmiums in the: manner provided under paragraph 2 hereof. • Any amounts dishttrscd by I.cnder pursuant tot ~is~p~trgtaph ~ ~i~ interest thereon, shall become additional indebtedness of &irniwer secured by this Mungage. Unless 8nrrowcr and !.ender agree to other ferrets of payment. such amattnts shall he payable•ttpan notice from !.ender to Borrower requesting payment thereof, and shall hear interest from the date of dicburscmcnt at the rate payahk from time to lime on outstanding principal under the Note unless payment of interest at such raft; would be contranr to applicable law, in which evEtlt such amounts shall bear interest at the highest rate petmissibk under applicable law. Nothing contained in This paragrsph 7 shill require Lender to incur any eitpettse or take any action hereunder. ' fl. Itrspectloa. Lender may make ar cause to be made reasonable entries upon and inspections otthe Property. provided that [.ender shall give Borrower notice prier to any such inspection specifying rearonabk cause therefor related to Lender's interest in the Property. 9. Cowderwwatiow. The proceeds of any award or claim for damages, direct or consequential, in oantteetiott with any condemnation or other taking of the Property, or part thereof, a for conveyance in lieu of condemnation. are httrcby 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 Borrowar ttn~ Lender otherwise agree in writing. there shall be applied to the sums stxttr+ed. by this Mortgage such proportion oT they p~boeeds as is equal to that proportion which the amattnt of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Pmperty immediately prior to the date of taking, with the balance of the proceeds 1 paid to Borrower. ! if the Property is abandoned by Borrower. ar if. after notice by Lender to Borrower that the condemnor offers to make an award pr settle a claim far damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender.ic authorized to collect and apply the proceeds, at tender's option, either to teston?tion or repair at Cite - Praperly or to the sums secured by this Mortgage. Unless [_ender 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 Itet'~eof or change the amount of - such installments. I0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secttrcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not opeate to release, in any manner. the liability of the original Borrower and Harrower c sttccessorc in interest. Lender shall not be required to commence proceedings against such successor or rcf?tse 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 successors in interest. ~ 11. lirorbesnnce bl' !.ender Not w Waiter. Any fart+earance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable last'. shall not be a waiver of or prccltitk the exercise of any such right or remedy. The procurement of insuranceQr the payment of taxes or other liens or:chatges by Lender shall not be a waiver of Lender's right to accelerate the maturely of the indebtedness secured by this Mortgage. 12. Rewtedks Cawrlstive. 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 atitxasively. ' I3. Srecessots and Assigns Bored; Joint aced Serersi i.isbiBry; CapNows. 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 the provisions of paragraph 17 hereof. All covenants and agramcnts of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are 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 Martgatte shall be given by~mailing such notice by certified mail addressed to Borrower at the Property Address or at such abet address as Bormwer may designate by novice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to tender's 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 Barrawer or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Governing i.aw-; Seversbility. This form of mortgsge combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sceurity instrument covering real property. This Mortgage shall h governed by the law of the jurisdiction in which the Property is lceated. In the ~ event that any provision or clause of Chic Mortgage ar the Note conflicts wish applicable law, such conflict shag not aAed t other provisions of this Mortgage or the Nate 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. Iorrower'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. f 17. Transfer of tAe Property: Assumption, if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's pricer written consent. excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage, (b) the creation of a purchase money security interest far household appliances. (c) a transfer by devise. descent or by operation of law upon the death aft joint tenant or (d> the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at l.ender'c option, declare all the sums secured by this Mortgage to 6e immediately due and payable. Lender shall have waived such option to accelerate if, prior to the wk or transfer. Lender and the person to whom the Property is to be .a1J or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the intcra~t Fayable on the sums secured by this Mortgage shall be at such rate ac Lender ' shall request. If 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 Niue. If Lender exercises such option to accelerate, Lender shall mail Borrower ratite of acceleration in accardartc-e 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 o:clared 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 paragrsph lft hereof. Noty-UtvIfORM CovENeNTS. Borrower and Lender further covenant and agree as folbws: 1=. AeeiektMiow; Remedies. !Except as provided iw psragraplt 19 Itereot. trpow liorrswer's er~nett cif a.y coverawt K agreewteet of eomower iw this Mortgage. iwcludisg the covenants to pt' whew are cent' srttas secttrttd hf' this Mortgage. i.ewder prior to aKCekntbw shall mail notice to >sorrowcr as provided iw psrttpaplt 14 hereof specifyirts: (/)the 6rescli: tit tAe attiow required to sere silt Breach; (3) s date. not less thaw 30 days trorw flee late the notice b wraged b •orrawer. by whkA stall # . bseach mast fsc erred: stud (4) that tailrre to sere strclt 6?eacli ow or before the date specified b tAe notice way result frt ~ ttKCeleraliow of the sums secured by this Mortgage. foreclosrre fly jrlkial proceedMtg and stele of the property. Titre wetfice. i s!!aq hrther iwforwt Borrower of the right to reiwstNe abler sceeleratiow awl fire right b assert frt the tortclatrt~e proeeellwg t the wow-existtwce of s defsYM Or cent' other !!(true Of Qorrower t0 aecekratiow awl Iorr!elo+wre. llf! the MescA is act street oat or (before the date specified iw the notice. Lender at Lender's option wtsy laclarti A o[ tttt strrtts stewr+el fby this MortRaRe Is fa imttaedistely due sad payahk without further demand and ttssy foreclose tYs Mortgage fty jrdieial pnetedlwR. i.ender-shop ,y be eatitkd to collect bt srcM proceeding afl attpenses of forecloswrt. fnclttttiwg, ftwt not Ytwitel to. reasowsbie stlvrwrr's ftis. and costs of doerrwerttary evidence. abstrscB and tick reports. 19. ljorrorer's Rkltt to Reiws/ste. Notwithstanding 1-enders acceleration of -the sums secured by this Mortgage. Borrower shall have the right to have any procecd~n~ec begin by Lender to enforce this Mortgage disrontinutd at any tithe F X337 P~~ 8~3 - d