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HomeMy WebLinkAbout0866 ~ ~tJ~ • Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums 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. Unk~s 8orrow~cr arKl Linder agree to other~tle~,m~ts of payment. such amounts shall be payable upon notice from I.tnder IQ Borrower regtxsting payment 1he~~~~T1At! err interest bent the daft of disbursement at the rate payable from time to lime err outstanding principal un unless Payment o[ interest at such rate would be contrary to applicable law, in which evens such amounts shall bear interest at the highest rate Permissible under applicable law. Nothing rnntained in this paragraph 7 shill require Lender to. incur any experae or take any action hereunder. i. llwsPeetiew. Lender may make or cause to bt made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specifying rca:ortable cause therefor related to Larder's • interest in the Property. Cowiewwaliow, The proceeds of any award or claim for damages, diroct or consequential. in eonnectioa with any condemnatan or other taking of the Property. a part thereof, or for coaveyartoc in tiro of corrdemaation. are hereby assigned and shall be paid to [,ender, in the .event of a total taking of the Property, the proceeds shall be applied to the wms secured by the Mortgage. with the excess. it day, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing, there shall be applied to the wms secured by this Mortgage such proportion of the prooceeds ss is equal to that proportion v?fiich the amarnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the tali market value of the Property immediately prior to the date of taking, wish the balance of the q+eceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRea to make an award or settle a claim for damages. Harrower 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 Lender's option, either to restoration or repair of the: Property or to the sums secured by this Mortgages 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. ifl. lorrower Not Released. Extension of the time for payment or modifkation of amortization of the sums secured by this Mortgage granted by Lender to any wooessor in interest of Borrower shall not operate to ukase, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings sgairtst such successor or refine to extend time for payment or otherwise modify amortization of the s~~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ~ 11. For6earawce r!' lewder Nof a ~Nairer..Any forbearance by i.ender 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 insurancy~r the payment of taxes or other liens or charges by Lender shall not be a waiver o[ Larder's right to sccekrate the maturity of the indeMedrte:ss secured by this Mortgage. 12. Rtrntdits CwrwalNira All remedies provided in this Mortgage arc 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. Swceesssts and Asdgws Dowwi:.loiwt awl Several I.iw6iNlr; Cartiews The covenants and agreements herein contained shall bind, and the rights hereunder shalt inure to. the respective successors and assigns of Lender dad Borrower. subject to the provisions of paragraph 17 hercof. 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 not to be used to interpret or define the provisans hereof. 14. Notke. Except for any notice rcgrrired 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 certiRod mail addressed to Borrower at -the Property Address or at such other address as Borrower may designate by naive to Lender as provided herein, and (b) any notice to Lender shall he 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 shall be deemed to have been given to Borrower briender when given in the manner designated herein. 1S. Uwitorw Mortgage; Goverwlwg Lavr; Sevenbility. This form of mortgage combines uniform covenants for national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform saurity irrstrumatt coveting ~ real property_ This Mortgage shall h 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 conflicts with applicable law, such conflict shall not alfeet other provisions of this Mortgage or the Note which can be given effect without the conflicting provican. and to this ~ end the provisions of the Mortgage and the Note are declared to be severable. ifs. librrowet's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trawler of the >rrorertr: Asarrwptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the crcatan of a lien or encumbrance subordinate to this Mortgage, (b) .the crcataa 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 (d? the grant of any leasehold interest of three years or less not containinjj 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 such option Io accelerate if, prior to the Berk or transfer. Lender and the person to whom the Property K t~~ be co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest Fayabk 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 i7, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lend_ er. Lender shall release Borrower tiara all obligations under this Mortgage and the Note. • E If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordart~z v?•ith paragraph 14 hereof. Such notice shall provide a period of rat less than 30 days from the date the notice is mailed within which Borrower may pay the sums ~xlared due. if Borrower fails to pay such Brims prior to the expiation of wch period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. NoN-UNrFOarat Covttnerrrs. Borrower and Lender further covenant and agree at follows: s lfi. Accekratiow; Rewedks. liiscept s rrorMea i• pragrsirr 17 rereo/. rrpw •orrewers Meech of «tr corewwwf K agreemnwt of sorrower M trb Mortgage. wet fire corewswls Io pr wrtw acre Mr swwts seewtti fby fhb-Mortgage. Lewder prior b acceleratbw sraN wail wotke to •orrower ro rrorNtd Iw pragrapr 14 rertrt srecltriwg: (I) ere Meaer: It) ere setbw rgairti b ewre swcr Meacr; (3) a iatq root less draw 3• days trorrs ere +ate ere wotiee b wnYed N ierrower. b wrkr saver 6sacr wwt re cartel: awl (4) fiat faiiare b cwre strclt Mescr ow or retort ere Gate srtef6ta iw ere wotice war reswM iw accekratbw of ere stress secwrd rT tris Mortgage. firteloswrt b jwdkial rreetedias wed sale o1 ere Prorerry. 71re walfee. M srafll hrdrer iwforw Borrower of ere right to rtiwstNt after sccekrNiow awl ere right a avert M-ire fertelsswe rreteeig 6 ere wow•existewet of a defawM or error otter defeau of ¦orrower to ~ awl /ortelowre. If ere Mean b root ew+ed ew I or before ere date gceiied iw tit wotice. Lewder a1 I.trrder's ortiow war dcelsrt err of tit tasrws reetrr+ed rr trb MerfgaRe N re iwwsediattlr dwe awl prsbie witrotN /wrier demand and wear fortciost WtMertgage h jw/kW rrrreteAiwg. fender-sraN 6e aNided to eortct 4 steer rrecetdiwR aft a:rcwses of forecloswrt. Iwclwdirt~ Mrt wN Ywiled M. reasonable s+tt.xerr's fees. awl oohs o/ isetrwsewhrr erlarwet. abstrwcts awes tilk rtptts. . i!. Borrower's RljZltt to Rebwtate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceed~n~es bgy~n by Lender to enforce this Mortgage discontinued ai any time ~~ee~~ i BOOQt~e~ PAGE t s