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HomeMy WebLinkAbout1302 ~ i Leader's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the meaner provided under paragraph 2 hereof. Any amounts disbursed by Lender 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 amounts shag be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note twless payment of interest at such rate would be contrary to applicable law, in which event such anaunts shall bear interest at the highest rate permadbk under applicable law. Nothing contained in this paragraph 7 shag require Lender to incur say expeme or take say action hereunder. - 1R I~spectlss. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shag give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. CaniesMadon. The proceeds of any award or claim for damages. direct a oonsequeatial. in connection with any condemnation or other taking of the Property. or part thereof. a 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 pr~ooeeds strap be applied to the sums secured by this Mortgage. with the excess, if say. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there :hall be applied to the sums secured by this Mortgage such proportion of the proceed: as is equal to that proportion which the amount of the wms 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 ratios by Lender to Borrower that the condemnor offers to make an.award a settle a claim for damages. Borrower hih to respond to Lender within 30 days aher the date such notice 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. Unka 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 ir>:tallments referred to in paragraphs 1 and 2 het+eof or change the amount of such installments. lt). borrower Not Retaeei. Extensan of the time for payment or moddkation of anrortizaCan of the sums secured 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 Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment a otherwise modify amortization of the sums seared by this Mortgage by reason of any demand made by the original Borrower and Borrowers arcoasors in interest. il. Foriearanee i!' Lersier Not s Waher. Any forbearance by Larder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prochrde the exercise of any such right or remedy. The procurement of insurance or 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. Re¦rciks ('amrafire. All remedies provided in this Mortgage are 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 :uooessively. • 13. 3necewors ant Asdgns borrn~ 7oin1 sari Several Liaipky; CapMarss. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective wooessors and assigm of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience Doty and are not to be used to interpret or define the provisions hereof. 14. Notice. Except. for any notice required under applicable !aw 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 Lender as provided herein. and ~ (b) any notice to Lender shall be given by certi&d mail, return receipt requested, to Leader's address stated herein or to j 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 M the manner designated herein. 1S. Usiitorw Mortgage; Govening Law; Seversj6pilr. This form of mortgage combines uniform covenants for national use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage a the Note conflicts with applicable law. such conflict shall not affect I other provisions of this Mortgage or the Note which can be givar effect without the conflicting provision, and to this ! end the provisions of the Mortgage and the Note arc declared to be severabk.- lta borrower's Copr. Borrower shall be furnished a conformed copy of the Note and of this Mortgage st the time of execution or after recordation hereof. 17. 1'ra¦sfer o[ tits lropMr; Aswwptlon. If all or any part of the Property or an interest therein is sold or transferred by Borrower without bender's prior written consent. excluding (a) the cration of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for housdrold appliances. (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less rat containing an option to purchase. Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediately due srd payable.~~t~j~~)[~~[t~~~(d~i~~~ ~i ~ ~oo~tl~Dgxaott~m[fbe[Leo[i~tbt~s1k1a0e1odtt~dll~iR~Ali+fSal~~ltdk~F rlcA ~A+k iswm[itfoadx~RmdxlMicff~iadCmd~twxl~t~[R4[ftgt~Q4txl~tlt~Oc~yt>~f~t98fc1~Allc~l9cgk~lElt~l44crlfa~tl9l9t~k ~tRac~axx~airic ~~t~n1tR~1l~i~dal~t~ck~cl~lf~C ,~c fK ~Jklc~ft~l~llc~c#plElkrR~~~~~~k51E9~i~lc A41+ggt~x~Rl~i4>~x~[r11~~41pic If Lender exercises wch option to accelerate. Lender shall mail Bomovver notice of aaekration in socordanoe with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the ratite is mailed within which Borrower may pay the wms declared due. If Borrower fails to pay such wars prior to the expiation of such period. Lender may. without further notice or demand on -Borrower. invoke arty rhnedia permitted by paragraph 18 hereof. Norr-UxtFOarrr Coverretr'rs. Borrower sod Lender further covenant and agree as follows: lg. Aceekratbn; Rewedies. IBrceept as~proviiei t. ps~ragnpi 17 ieseot, upon bonvwes's Mead of ar covesumt ar sgreeweat of borrower M this Mortgage. indr~dirrg fire covagsrfs fo /ay wMn ~s any stress eec~rei i! tits Mortgage, Lerrier prior to secderatlon slab wap aotke to borrower r pro.Me~ iw Mragra*Ir 14 tercel spedfyirrg: (1) tie Mreaci; ttse aetbe regtr4ei b care ssrci brash; (3) a date, sat less than 3• days frees lie sale lie rtNice it waxed b borrower, i7' wYci ncr Mwci wttst ire awred; and (4) fiat tafirre b true strei Mead a err iefore tic sale speefwei fA tie notice war eesrit V acceleratiow d tie ssrars satires br tits Mortgage. tarcelowre h Mraeeeiiag ~ ssfls of lie Iholestr. 7tie ranee stuff ttrrtier isrtorw borrower of tie right to reirtsta/e after atakragon trot fife rlgit N assts r tie tar,elowre pr~aceding - tie uotexistenee d a detssit or our otter delase of borrower M seaksatlerr ant /or+ecla..rc. q tic M~aei r sot e~rei a¦ or betorc tie date specified b tie notke. Leader si I.enier's optiarr w~ deelwrt ant M tie rows ecctrrei b this MerTga~e b >le iwwedlaidr doe ssti pgsbk without testier iewroi ant wq tcrreiscs tli Mcrlgage b ~ N'aa~4 Center slap M entlgei to collect r wci proceeding ab a:*ersr: of tor~sekwre, Indtdl~. Md sat ffrwMs+d lo, rearoastile atlasusy's ha, ant cab of ioetrweNarr eddewee, abstract and tltle reports. 1!. borrower's Rigit to Rd¦state. Notwithstanding Lender's acceleration of the swan secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at soy time . B[~Jv~ Pl.Gf.1~.~V~7 - - , ~ - - - .