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HomeMy WebLinkAbout0818 Lender's written agreement or applicabk law. Borrower shil~'~~. amoun~d i~ mortgage insurance premium: in the manner provided under paragraph 2 hereof. /?ny amounts dishtrrscol •by Lender punttanl to This paragraph 7, with intcrt:st 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 upon notice from Lender to Borrower regttestinR payment thereotg~ili~jslF~ interest from the date of disbursement at the rate payable from time to •time on outstanding principal under 11''Ij~ie'' NNote unless payment of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. NMhing rnntained in this paragraph 7 shell require i:cttder to incur any expense or take any action hereutttler. IR Iwgectitrw. lender may make or cau~c to be made reasonable entries upon and irtsptxtions of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cattle therefor related to Lender's interest in the Property. Cowiewtwstiow. The proceeds of any award or claim for damages, direct or consequential. in oonrtectiow with any condemnation or other taking of the Property, a part thereof, a for conveyance in lieu t>< condanastiat. arts hereby 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 1Ntxttgage. with the exoas, if say, paid to Borrower. In tht event of a partial taking of the Property. unless Borrower and Lewder otherwise agree in wrilin(t. there shall be applied to the sums stxured by this Mortgage wch proportion of the proceeds as is equal to that proportion which the amatnt of the sums socttred 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 nMice by Lender to Borrower that the condemnor ogees to rttake 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 n authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the Properly or to the sums secured by this Mortgage. Unless Lender and Boreower 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 I and 2 heroof or change the amount of such installments. 11. Borrower Not Released. Extension of the time for payment or modification of arrtortiution of the wms sescurcd by this Mortgage gagttd by Lender to any cucoessor in intereu 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 r+equircd to eommettoe proceedings against such successor 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_ wccessors in interest. ~ 11. Ror6earawce ~ Lewder Not a Waher. Any forbearance by I~nder in exercising any right or rctntody hereunder, or otherwise afforded by applicable law. shall nM be a waiver of or preclutk the exercise of any such right or remedy. The procurement of insurance fx the payment of taxes or other liens or charges by Lender shall not be a waiver of I.dtder's right to accelerate the matunty of the indebtedness sectrrcd by this Mortgage. 12. Rerwedies Ctrrwwlsti~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aftorde~ by law ar equity, and may be exercised concurrently, independently or successively. 13. Sweeasors sad AssiRws >dowwd; ,Joiwt sad Several t.ia6iBfy; Cspfiorrs. The covenants and agreemrnts herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to bt used to interpret or define the provisions hereof. • 14. Notke. Except for any notice required under applicabk 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 such other address as Borrower may designate by mice to Lender as provided herein, and (b) any notice to Lender shall he~given by certified mail. return receipt requested. to i.enders address stated herein or to such other.addrcss as Lender may designate by notice to`Borrower as provided herein. Any ndice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwitorrw Mortesge: Governisg Law: Sevenbility. This form of mortgage combines uniform covenants for national _ use and non-uniform covenants with limited variations by jurisdiction t0 constitute a uniform security instrument covering ' real property- This Mortgage shall tae governed by the law of the jurisdiction in which the Property is located. In the f event that any provision or clause of this Mortgage or the Note conflicts with applicabk law. ouch conflict shall not afkct other provisions of this Mortgage or the Note which can tx given effect without the conflicting provision, and to this li end the provisions of the Mortgage and the Note are declared to be severable. li. )sorrower'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. 17. Ttrawsfcr of flee ho'erty; Assuwrptiow. 1f all or any part of the Property or an intent therein is sold or transferred ~ by Borrower without Lender's prior written consent. excluding lal the creation of a lien or encumbrance subordinate to } this Mortgage. (bl the crcahon of a purchase money security interest tar household appliances, (c) a transfer by dtvise. desceltt or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three ycan or less ~ not containing an option to purchase, 1_ender may, at Lender's option. declare all the sums secured by this Mortgage to bt 1 _ immediately due and payable. Lender shall have v?•aived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be co~IJ or transferred reach agreement in writing that the credit of such person is satisfactory to 1_ender and that the intcrect Fayable on the sums secured by this Mortgage shall be at such rare ac Lender shall request. It 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 Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdanc-c 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 ~xlarcd 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 paragraph 1R hereof. NON-UNIFORM COVENANTS- Ol)rrOWer and Lender further COVtnant and agree as follows: lg. Aeeekratlow; Retweditx. Except as provided M pragrtylr 17 1tKrcof. tgow Sorrr+wers Mead a< awy coeaM K ttgreetwt:wt of llorrowcr Iw this Mortgage. iwclttidinR the corcwawls to py whew dtse swy stows seewred ~ Nrk Mortgage.lLewder pion ro aKCderatfiow shall grail ,totke to lorrower as provided iw pragraplr 11 hereof specitrlwg: (1) fire Mtracw:121 tAe st:fiow regtrlircd to ett~ne srult Meech; (3) a date. root less tUsw 3A days trotw the tide flte wotke tr twttRed M iorrower. Icy wlticlt strclt Msacb wswM rse etrrcd: aed (1) that fdlttrc fo care swt:lt bresclr ow or before the date specified b fhe wotlice way rtestrh fsi ! stcderatiow of tee swraws stetta<ed by tlrM Mortgage. torceiosrrrc by jwdkial proeeedYrg trod sole et the rroperry. 'ilte woticc. ~ ~ shop trrrtlser iwtorwt Borrower of the riRM to rciwshte after accekrwfiow and the right to assert iw tMe toreclsswrc proceedlwg r ~ tee wow-exktcwce of a detsrdt or awy ttfber defense o1 Borrower is aecekrtttisw swtl [orcciorwrc. N Nse Meech is root ewrcd ow or Mtorc the date specified ire the wotke. Lender al Lender's ortiotr twat' dtYiwrc trN N the straws s~ewrcd ~ tltM MortRaRe fs k ~ imrwcdiatcly dire swd pyable without trrrther demand and Wray tercclose Iltfs Mortgage h' jwtlirial proeeedlwR• Lender shah be eatided fo coMt:+ct M stt~ proceedirtR all a:peaces of foreclosrtre. iwclwdirrg. Mri wN Ytwited fo. tcasowable att.,reer's fees. steel costs of doewtweMary eridewee. abstracts and title reports. I!. lorrower's Rkltt to RebrslNe. Notwithstanding tenders acceleration of the sums secured by th,s Mortgage. 9 Borrower shall have the right to have any proceed~ngc bekm by Lender to enforce This Mortgage discontinued at any time nK BooK339 818 .