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HomeMy WebLinkAbout0848 •~dt1 ~ y t Lender's written agtument 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 Lender pursuant to This paragraph with inferrer thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unle.s Born?wcr arD I.cnJer agree to other terms of payment, such amounts shall be payable trpotl notice from I.cnder tQ Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payahk from time to time on outstanding principal undt7JIKy~ORf~ess payment of interest at such rate would be contrary to applicable law, in which event •circh amounts shall•be11~~~t}t~st t the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder, Iwspectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdewwslbw, The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof, a for conveysnoe in lieu of condemnation. ate hereby assigned and shall be paid to Lender, - Tn the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess. it any, paid to Borrower. In the even) of a partial taking of the Property. unless Borrower and Letsder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion wfiich the amarnt of the sums 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. cu if. after notice by Lender to Harrower that the condemnor oRets to make an award or settle a claim for damages, Borrower fair to respond to lender within 't0 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender i option, either to restoration or repair of the Properly or to the sums secured by this Mortgage. ilnless 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 o[ such installments. 1!. Borrower Not Releaser. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I.ender.to any srtccessor in interest of Harrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. lender shall not be required to commence 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 Borrowers sircctsson in intereu. ~ 11. Forbesraace by Leaner Not. w Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall nM be a waiver of or preclude the exercise of any such right or remedy_ The procurement of insurattotix the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the matunty of the indebtedness secured by this Mortgage. T2. Reatedics Cwrwwhtlire. 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 successively. ' 13. Swccesors swr Asdgws Bowwr; Johtf awl Several T.iabitily: Captb+ws. 'Ilte covenants and agreements herein contained shall bind, and the rights hereunder :lull intrrc 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 joint' and several. The captions and headings of the paragnphc of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to i.ender s address stated herein or to such other address as Lender may designate by nc?tice 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 in the manner designated herein. - ]S. Uwitonw Mortgage; GoveralwR T.avr: Severability. 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. 'iltis Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. In the event that any provision or clause of this Morigage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the .Note which can be given eflect without the conflicting provision, and to this end the provisions of the Mortgage and the Nde arc Declared to be severable. ' lf. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tune j of execution or after recordation hereof. r 17. Trawler of the >rroperry; Aswwptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn consent. excluding fat the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation 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 rat containing an option to purchase, Lender may. at !.ender i option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the ale or transfer. Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interc.t Fayabk 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 executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower trap all p obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordartcc 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 t,xlared due. If Borrower tails 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 Ig hereof. Norr-UNIFORM Covt=_NaNTS. Borrower and Lender further covenant and agree as follows: li. Accekratbw; Rewedfes. Bxeept w provided ~ pragraplt 17 hereof. upon Borrowers breach of tray covewaw/ o< agretwuwt ~ Borrower iw this Mortgage. iacWriag the corewarNs to pt' whew due awy snag secarer by this Mortgage. T ewrer prbr to accekratbw sba6 mail wotice to Borrower w provided Iw pragrtph 14 hereof specHybig: (l) the breach:121 the setiow ~ tregwirer b etm strcb breach; (3) a Rate. wet hiss thaw 30 days from the rMe the aotke b wtailer to Borrower. br wbkh strelt bseaeh wwM bt ewred: awn (4) that faihrre W etrre swch breach ow or bdore the date speeMer b? the wotiee twat' rtstrt bi sccelcratiow of tie saws trestrrer by fhb Mortgage. Mrccloswre by jurkial prrreesriw~ ttrtr salk of the rroperry. The aetiee . shag farther iaforw Borrower of the right to rebstMe titer wecekratiow awn the right to assert i• the tortcloswre proeet~ tie wow-existcwce of a detadt or ay other release of Borrower to aecekratbw awl foreebwre. N the breach b wM ewei ow or 6elore the date specifier br the wotke. Ltnrer at Lender's optiow wrq reelwre tl a< Ilte wws sctwrer by fhb MoAgage 1s tk iwtaediatdy due awl pyabk witbart twAher demand gad way forechtse fhb Mortgage by jrsrieW proeeedhtg. fender chap ; be eNitkd to coNeet M swei ptnceerlag wll expewses of foreclosure. htchrdiag. but wet Wwitd t0. ressowable stturner's fees. awn costs of roewrwewtary erWewce. sbstrwcts gad title rrprts. 19. Bon+uwers Rkltt to Reiwstate. Notwithstanding I ender': acceleration of the sums secured by this Mortgage. { Borrower shall have the tight to have any proceedings he~in by Lender to enforce thu Mortgage diuontinutd ar any time { ~i>~I~ PAGE 8~ ~ - - - - - -