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HomeMy WebLinkAbout0728 Lender's wriucn agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.enJer pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Untets Borrower aril Lender agree tp other ~e~qqf Of payment, such amounts shall he payabk upon rx~tice from I.cnder to Borrower requesting payment thcrcaf~ >ji~ ~~al[ bt)arjinterest from the date of disbursement at the rate payabk from time to time on attstanding principal under the Note unless payment of interest at such rate would be contran? to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require !:ender to incur any expense or take any action hereunder. s. Ittapectlow, Lender may make or cause to be made reasonable entries upon and inspections of the PtopeAy. provided That Lender shall give Borrower notice prior to any such inspection specifying reasonable pate therefor related to Lender's interest in the Properly. 9. Cowaewtwatbw, The proceeds of any award or claim for damages, direct ~ consequential,•in conrtectbn with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are htm~r aligned and shall be paid to Lenrkr. In the event of a total taking of the Properly. 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 Leoder otherwise agree in writing. there shall bt applied to the sums secured by this Mortgage such proportion of the prooeeds 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 fajr market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower, \ If fire Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim far damages, Borrower fair to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the .proceeds. at fender's option, either to restoration or repair o[ the Properly or to the sums secured by this Mortgage. Unless !.ender and Borrower otherwise agree in v?•riling. 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 installments. 10. borrower Not Released. Fattension of the time for payment or modification of amortization of the sums secured ~ 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 Borrowers successors in interest. Lender shall not be required to cornmenoe- proceedings against such~strccessor 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 successors in interest. ~ 11. IRorbearanee by I.enaer Not a Waiter. 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 insurancaQr the payment of taxes or other liens or charges by Lender shall not be a waiver of I,ettder's ` right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewredks Cwwtulatite. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aBardcd by law or equity, and may be gxercised concurrently, independently or successively. ' 13. Successors sad Assigws >souwd; .loht awe Berets! t.ia6it3ryr; Capflsrrs. The covenants and agreements herein containxd shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender std Borrower. subject to the provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall be joirlj and sevtnl. The captions and headings of the para~eraphc of this Mortgage arc for convenience only and are rat to be used to interpret or define the provisions hereof. 14. Ndke. Except for any notice rcgttired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Martgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall 1te given by certified mail. return receipt requested. to Lender'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 shat) be deemed to have tteen given to Borrower or Lender when given in the manner designated herein. 1S. UwNorm Mongags: Goternitra Law: Sererability. 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 property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is looted. ~In the event that any provision or clause of this Mortgage or the Nate conflicts with applicable taw, such conflict shall not affect ' 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 Nate arc declared to be severable. lf. 1Zorr~nwers Copy. Borrower shall be tarnished a conformed copy o[ the Note and o[ this Mongsge at the time i of execution or after recordation hereof. 17. Tnutder of the Property: As6ttmption. If all or any pan of the Properly or an interest therein is sold or transferred IE by Borrower without Lender's pricer writrrn consent. excluding (a) the creatan of a lien or encumbrance subordinate to this Mortgage, fbl the creation of a pur~hace money security interest far household appliances, (c) a transfer by devise, } descent or by operation of law upon the death of a joint tenant or (dl 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 w•:caved such option to accelerate if, prior to the sale or Transfer. Lender and the person to-whom the Property is to be cal.! or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inferrer 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 exavted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Nate. if Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordantx M•ith 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 sums o:clared due. If Borrower fails to pay such arms prior to the expiration of ctreh period. Lender may, without further notice ar demand on iorrower, invoke any remedies permitted by paragraph I8 hereof. t Note-UNIFOIIM CoveruNTS. Borrower and Lender further covenant and agree as follows: ~ 18. Accderatiow; Retwedies. Except a provided iw paragraph 17 hereof. upw Borrowers Iweaeb M awy cotewtrN K ~ agrcewteat of borrower iw this Mortgage. iwcluaing the corewawts to Ny whew awe awy swats secures by thk Mortgage. I.ewaer prior to aeeeleratlow sttaq mail notice to borrower as proriaed iw paragrsph 14 hereof t/ecityia<s (1) the breach;/21 the setiow regrrir+cs to cure such Itrtach; (3) a daft. cwt less that 30 days trorw the Gate the wotke Is wracks to Ilerrower. by which suelt 'r breach taunt be tared: awd (4) that failure to cure such breach ow or before the date spetiits M fht rtotiee way resist iw I sccderatiow of the scats srctrred by this MorlgaRt. toreebsure by judicial proeeesMrg awl salt of tM rroperty. The wdkt ~ shah futnber inform 1lorwwer of the riRM to reiastMe after aQcekratiow awe /k rfgM to avert iw the totedetutt /rsteeslwt ~ the raw-cxistewce of a detauM or awy other decease of eorrm?er to arcekntiow awe torsebture. H the Ikeach M wN euees a or before the date specifics iw the notke. lender at lender's optfow Wray aeelare aw at the wtws secures b7' tltia MortRaRe N !K imwtediatcly due srd'syabk without further demand and stay foreclose this Mortgage ~7' jwakW'totteaiwR• i.ender-shah be ewtitkd to collect a sweh proceedirrR aN expewses of foreclosure. Iwclaaias. but wet Yrwites f•. rtatowablt att.,rrtetPS .fees. awe costs of stxurwewtary eridcatt. abstrscts and title repres. l 19. Borrowers Right to Reiwstate. Nolwithsrandtng Lenders acceleration •of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings beN~n by Lender to enforce this Mortgage discontinued ar any time Boo ~ PAGE ~ ~A -