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HomeMy WebLinkAbout0830 l_rnder's written agreement a applicable law. Borrower shall pay the smount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts disMrrsed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Uolecs Borrowcr arD 1_cnJer agree to other terms of payment. such amounts shall be payable upon notice fmm Lender tQ Borrowcr requesting payment thereof, and sh~a'lll~bear interest from the date of disbursement at the rate payable from time to time on artstanding principal un~iw {~4rh ((t~tless payment of interest at such nte• would be contrary to applicable law, in which event Much amounts shall crest' at the highest me permisst'bk under applicable law. Nothing rnntained in this paragraph 7 shall require [:ender to incur any expetrse or take any setter hereunder. i. lrapteliow. Lender may make or cause to be made reasonable entries upon and inspectiorts of the PropeAy. provided that Lender shall give Borrower notice prior to any arch inspection specifying rca:orrabk cause thtxetor related to Lerder's interest in the Property. Ca~aewwation. The proceeds of any award or claim for damages, direct ar corrsequential, in connection with any condemnation or other taking of the Property. a part thereof. or for conveyance in lieu of corrdemaatiow. art: heeeby atnisered and shall be paid to larder, in the event of a total tsking of the Property, the prod shall be applied to the sums secreted by this Mortgage. with the excess. it day, paid to Borrower. Tn the Burnt of a partial taking of the Property. unless Borrower and Leoder otherwise s~groe in writing, there shall be applied to the wens secured by this Mortgage such prtrportion of the proceeds as is equal to that proportion which the amount of the sums secreted by this Mortgage immediately prior to the date o[ taking bears to the fair market valrre of the Property immediately prior to the date of taking, with the balance of the proceeds Paid to Borrower. ~ ii the Property is abandoned by Borrower. or it. after notice by Lender to Borrower that the condemnor offea to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is maikd.~Lender is authorized to collect and apply the proceeds. at 1_errder's option, either to testoration or repair of the Property or to the sums secured by this Mortgage. Unless 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 installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. lt. lorrower Not Reieasea. lrtttrnsion of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any wocessor in interest of Borrower shall not opeate to release. in any manner. the liability of the original Borrower and Borrowers successor in interest. Lender shall not bt r+equired to commerroe proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sr,ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ~ 11. Rorbearwrce r7' Lewder Not a ~Naher. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall rat be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance~r the paynrertt of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Ressedia Cotrslatlve. All remedies provided in this Mortgage arc distinct and cumulative to any other right or . remedy tender this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' IS. Sweeeasors swi Astgws >sorrira: Detest awes Several 1.istNlity; Cspdews. The covenants and agreements herein contained shall bind, and the ri;tltts hereunder dtall inure to. the respective successors and assigns of Lender sod 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 arc rat to be treed to interpret or define the provisions hereof. 11. Notke. Except for any ratite required under applicable law to be given in another manner, (a) any ratite to Borrower provided for in this Mortgage shall be givrn by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address ss Borrower may designate by mice to i.ender as provided herein, and (b) any notice to Lrnder shall be given by certified mail. return receipt requested. to lenders sddress slated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any ratite provided _for in this Mortgage shall be deemed to have been given to Borrowcr or Lender when given in the manner designated herein. 1S. UwKonw Morl~e: Goverwirrg Lsw: SeverabNity. 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 bt governed by the law of the jurisdiction in which the Property is located. in the event that any provi:ion or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect f -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 Note are Declared to be severable. lf. )sonowers Copy.. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. l7. Trswder of tote Property: Asswsptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriucn consent. excluding (a) the creation o[ a lien or encumbrance wbordinate to this Mortgage. (b)-1he crcatan of a purchase money security interest for 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 purchsse, Lender may, at l.ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w~rived such 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 satisfsctory to Lender and that the interc.t Fayatk on the sums secured by this Mortgage shall be at such rate as 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 aswmprion agreement accepted in writing by lender, Lender shall release Borrower from all obligations under this Mortgage and the Nae. If Lender exercises such option to accelerate. Lender shall mail Borrower ratite of acceleration in accordance M•ith paragraph 14 hereof. Such ndice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums oxlared due. It Borrower tails to pay such sirens prior to the expiration of such period, Lender may. without further notice ar demand on_ Borrower, invoke any remedies permitted by paragraph 1 R hereof. Norv-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as folbrvs: ~ ]s. Accelentbw;_Rcwedks. Except m provided i• psragrspr 17 hereof. Rem lsorrswers Mead of ~y covtwl ar ~ agrecwewt of lorrorver M fete Mortgage. iwclwaiaR the corcwawls to pay rr•IrCw ace ay sows secwred ~ tris~MortgaRe. Lewder prior N sct-eMnttow stall wail wotke to domower as proriaea Iw psragrapA 14 tercet specMyfwg: (1) He Meacr:l2) ere setbw I a to ewre ewer Meaer; (3) a date. wa rya thaw SO days from ere date ere wotice b aaaika to Borrower. dy whkr ewer j Msaer mwst be ewred: sees (4) tell fawrre to ewes swell M~eacr a, or retore ere date speeiRea M the wotke way rcxtat i. sccekrMiow of ere strews ssesrra rl' this Mortgage, fsreclossre ~ jwncid proeteafa~ sees sale et ere Property. 'IUe wNke sear hrtrer iwtorw Borrower of ere riRM to reirrstafe after sceeleratbw swa ere tiger N assert iw tree foreelewre proeeealw~ ere wow-exWewce of a ~etawlt or awf otter defease of Qorro+.er to aeeekrMiow sera faredoarre. Here M~eacr is mot c~ ow or before ere date specified iw ere wotke. Lewder st l.ewders optiow wary arelart ar et ere strews stewrea by fete MortgaRt to re imwredistdy dse aces pysbk without fratrcr demand dad foreclose fete Mer~age rT jsakW prresedisR. Lendershaq be estidea to coBeet b seer pr+oceedirtR aw a:peaces of foreclossre. iwcluairrg. bN wet Brrrilsa M. rtasowsrle att.,rner's fees. ~ awe costs of~~ary eviaewee. aMtrscb aaa title reports. ' 1!. s R~Irt is Reiwstate. Notwithstanding Lenders acceleration of the sums secured by th,s Mortgage. ~ Borrower shall have the right to have any proct.dmgc be~,iin by Lender to enforce this Mortgage discontinueD ar any time . 8001 ~ PdGE -