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HomeMy WebLinkAbout0746 ` Lerder's written agreement a sppGcabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disMtrsed by Lender pursuant Io 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 shall be payable trpcHi trotice from (.ender tQ Borrower requesting payment (hereof, and shall bear interest from the date of disbursement at the rate payal?k tram time to time on artstar?ding principal undd~the, olq kss~ payment of interest at such rate would be contra to a M. ~ ~ ry pplicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shill require Lender to incur day expetne or take any action hereunder. . B. hsrecHer. Lender may make or cause to be made rcasarabk entries upon and inspections of the Property. provided that Lender shall give Borrower ndice prior 1n any such inspection specifying reasonable caws therefor related to Larder's interest in the Property. ~ CewierwrMiow, The proceeds of any award a claim for damages, direct or consequential. in ootrrrection with any condemnation or other taking o[ the Property. a part thereof, a for canveyarroe in lieu of oorrdarastioer. are hetttby a::Agaed and stall be paid to Lender. in the evart of a total taking of the Property. the proceeds stall be applied to the wnrs secured by Iha )ttorfgage. with the: excess. if any. paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Larder othenrise agree in writing, there shall be applied to the wens secured by this Mortgage such proportion of the pooeeds as is egwl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the gooeeds paid to Borrower. if the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the ootrdemtwr oRers /o make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lerrd_ er's option, either to restoration or repair o[ tba Property or to the sums secured by this Mortgage. ~ L der and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend A~ ii~ 1~f7[ti monthly installmrnts referred to in paragraphs 1 and 2 hereof or change the amount of 11. llerrwwer Not Rekasetl. Extension of the time for payment or tnoditkation of amortization of the wms 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 Bc+rrawer's successors in interest. Lender shall not be required to commence proceedings against such successor a refuse to extend time for payment a 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. l1. Forlrearawee i7' Lewder Not a Q?airetr. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aRorded by applicable law. shall not be a wa'wer of or prechrde the exercise of any such right or remedy. The procurement of irnurancejx the payment of taxes or other liens or charges by Lender shall not be a waiver of iarder's right to acceknte the maturity of the indebtedness secured by this Mortgage. 12. ReMCdies CwrwlrHrt. All remedies provided in this Mortgage are'drstinct and cumulative to any other right or remedy under this Mortgage or aRordcd I+y law or equity, and may be exercised concurrently, independently or successively. ' 13. Swetessors awi Asstgrs liorrr~ .lolwt ari Sereral i.iarriBfr; Cartlars. The covenants and agreements herein contained shall bind, and the rights lrereutrder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall, be joiN and several. Tire gpiars and headings of the paragraphs of .this Mortgage are for convenience only and are not to be used to interpret or define the provisions hera+f. 14. 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 certiAed mail addressed to Borrower at { the Property Address- or at such other address as Borrower may designate by notice to i.ender as provided herein. and ; j (b) any notice to Lender shop Ix given by certiAed mail. return receipt requested. to lender's address stated herein or to such other sddreu as Lender tray designate by notice to Borrower u provided herein. Any notice provided for in this I~ INlortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated heron. ~ 1S. Usdtorw Mortgage: Gorersiwg Law: Se•ersbility. This form of mortgage combines uniform covenants for national i .tree and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall he governed by the-law of the jurisdiction in which the Property is located. In the: event that any provision or clause of this Mortgage or the Note rnnAicts with applicable law, such conflict shall not affect r ` dher provisions of this Mortgage or the Note which can be given eBect without the conflicting provision. and to this t end the provisions of the Mortgage and the Note are Declared to be severable. 14. >jonewer's Corr. Borrower shall bt: furnished a conformed copy of the_ Note and of this Mortgage st the time of execution or after recordation hereof. 17. Tnwster of ere Prorertr: Asarrwplow. If all or any part of the Property or an interest ihercin is sold or transferred by Borrower without Lender's prior wriurn consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b? the creatton of a purchase money security interest for household appliances. (e) a transfer I+y devise, descent or by operation of law upon the Death of a joint tenant or td? 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 sttch option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcrr.t Fayabk on the sums secured by this Mortgage shall be at such rate as Leader shall request. if Lender has waived the opion to accekratt provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lendu shall rckase 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 accordarrtx v?•ith 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 t,.xlared due. If Borrower fails to pay arch arms prior to the expiration of such period. Lender may, without further notice or demand on Horrower. invoke any remedies permitted by paragraph 1 R hereof. NoN-UNIFOaM CovENANTS. Borrower and Lender further covenant and agree as fdlonvs: lA. Accekntiow; Rewredies. 1Bxcert as rreriied iw pragrarr 17 tercet. rpn Borrrwers Mead et awr cerewawt K agreetaent of Borrower i. Iris Mortgage. bcir~rrg ere corewawts to pr wrcw One awr strrws secwrert dr tbk Morgtsge.lLew~er trier to accelcratlon shah raafl wotice to ¦orrower as rrorNe4 M pragrapr 14 tenet s*eeYrirrg: (1) ere Meacr: t21 ere setloa setpire~ b ewre set Meser; (3) s date..a less Hun 3s days frerr tre date Hre .ofiee is rrailetl to Borrtawe?. b wdkr seer i Mreacr treat k cwred: arse (4) Hut tairrre fo eree stscr Metier ow or Mfere ere Bite ytelAtd M ere notice niur resrN i, aecekrMiow of rye stirs seewred h' tr4 Mortgage. feseeloswre t1r ji.~icl.l rreeet~irrt ari salt of ere Prorertr. 'lire wNiet- srar farfrer idorrr Borrewer of ere tiglM ro reiwsfdt otter aetekrNiow awtl Hre riglrl M assert iw tie fireeieswet rseeeet~ ere row-a:Werce of a defsdtor art otter 4eteRSe of Borrewer M aeeekraliow ari tar~eelptrre• B ere Meter is ref etwtJ ew or beten the dare srteiie, iw trt srotice. Lewder at I.ewder's ortiow way i[elart ant of Ire. was sKrrsd r7' tlrls MerfRage N re irrwrediatelr dwe swi Arable wiNrowt twrtlrer demand dad war toreclae 11ris MoetiagC h jwiieW rneeedlag. fendtr~araM. be ewWkti le coyest iw stscr rroceetfiwg tl expcwses of tortcloswre. iwelw/iwg. Mrs wN IMrrile4 te. rsaserra6k att.,rner's fees, awl coals of tloetrrrertarr erHewee. arstrads awd rick netts. 1!. iorsower's Rlgirt fe ReiwNate. No/withstanding (.enders acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proctrdinFs bey~n by Lender to enforce this Mortgage discontinued st any time ~ - :