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HomeMy WebLinkAbout0890 Lender's written agreement or applicable law. Borrower shall pay the amour.: of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dichurscd by Lender pursuant to this paraagraph 7, with interest thereon, shall become additional indlMedness of Borrower secured by this Martgagc. Uolccs Borrower and I ender agree M ?o~the~r Terms of payment. such amounts shall tic payable upon ttoticc from Lender to Borrower requesting payment Ihert~~~r'thb ~u~ar interest from the date of disbursement at the rate payable tram time to time on outstanding principal bn oft unless payment of interest at such rate would be contrary to applicable law, in which event •such amounts shall bear interest at the highest rate permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >L ltts'tcNow. lender may make or cause to be made reasonable entries upon and inspections of fife 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. Condemnation. The proceeds of any award or claim for damages, direct or rnrtsequential, in connection with any condemnaCan or other taking of the Property, a part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. in the event of a totil taking of the Property. the proceeds shall be applied to the sums secured by this Morgage.~ with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise scree in writinE. them shall be applied to the sums secured by this Mortgage such proportion of the: proceed: as is equal to that proportion which the amatnt 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, or if. after native by lender to Borrower that the condemnor oRers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such ratite is mailed. Lender is authorized to collect and apply the proceeds. at Lertd4c's option, either to ratotation or repair of the Property or to the sums secured by this Mortgaie. 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 oc change the amount of such installments. lA. Iliorrower Not Released. Fattrnsion of the time for payment or modifkation of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse. in any manner. the liability of the original Borrower and Borrowers successor in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortintion of the sums secured by this Mortgage by reason of any demand made-by the original Borrower and Borrower's utecesson in interest. ~r 11. Foriesrawce i7' I.ewaer Not s Waiter. Any fort+earance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable lea: shall not be a waiver of or preclude the exercise of ~ any such right or remedy. The procurement of iruurancc~r the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rinredks CaauWitt. 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 lx exercised concurrently, independently or successively. ' 13. Sneceaeots swa Asdg¦s dotted; Joint ewe Several ILM~; Cepliows. `ilte covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lrnder acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc rat to be used to interpret or define the provisions hereof. • 14. Notice. Except for any ratite required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at , the Property Addross or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall Me 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 tx deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Uwitorrn Mortgage; Gorcrniwg Law: Seterebility. This form of mortgage combines uniform covenants for national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform sceurity instrottrrnt covering j real property. This Mortgage shall !~e governed by the law of the jurisdiction in which the Property is located. In the i event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not ilfect ` 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 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 time ` of execution or after recordation hereof. l7. Treader of the th~o'erty: Assrwrptiow. 1f all or any part of the Property or an interest therein is sdd or transferred by Borrower without Lender's pricer written consent. czcluding lal the creation of a lien or encumbrance subordinate to - this Mortgage. (bl the creation of a purchase me•ney security interest far 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 purchssc, Lender may. at I.ender'c 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 sale or transfer. Lender ~ and the person to whom the Property is t~~ be salt or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the intcre.t Fayable 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 tram all obligations under this Mortgage and the Note. If Lender exercises such option t~ accelerate, Lender shall mail Borrower notice of acceleration in accordance 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 o:clared due. 'lf 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 18 hereof. NoN-iJt{IFORM CovErr~tvTS. Borrower and Lender further covenant and agree u fdlo+vs: i li. Accekrstiow; Rerredks. )except r protiae4 in'eragrs'h 17 hetto/. rpn lliorrrwtr's bresclr of any corewawt er agreewtewt of Borrower bi this Mortgage. iweltrdiwg the eorewewls to pf when are swy stuns stcrrca by fib Mortgage. Lewder prior to aceekretloo shall maN wotke to Borrower as provided lw paragraph 14 hereof s*eclfykg: (1) the bececi:121 the adbw ~ etgrired to care etch breach; (3) a daft. root less thaw 30 days frorw the aMe the wotke b wutilca to Borrower. by wikh srci Mach artrM be need: sna (1) That feNrre to ewe such breach ow or before the date sptelRtd iw the rootlet Wray result b seceleretbw of the stuns sccrrcd by this MoetgsRs. fweclosrrt h7' jeakW Nocetdiwg area sale of the rropcrty. The wotkt- shaN frrtber iwform Borrower of the right to reirMNe attic acteleretiow awe the right b tnseA bi Nee toreclesrte /eeeeeiltt~ _ tie wow-existewct of a defaak or awy other dtfer~e of Borrower to wecekratiow awd forteloant• N the breach k root creed an or before tie date specified iw tie notice. Leader at [.cwder's optb!w reay declare V of the t~s stetted iy fib Mortgage b he f Lwwrediatdy dre awe pyabk withort frrtbcr demand awd dray fotielote fib Mortgage i'1' jirtakld proesediwg. Lender shah be ertitlid to collect 6r srci'noitediwg sB espenses of foreclosrre. iwclrAirrg. het wet t[rrrNd te. rcatonabk stt.,rner's fees. awe costs o1T aocrrnentary crldiwce. rrbstrexts awd /irk reports. 1!. Bernowet's Rigit to Reiwstate. Notwithstanding 1 ender s acceleration of the sums secured by this Mortgage. Borrower shall have the tight to have any procecd~n~ec brtt~n by Lender to enforce this Mortgage discontinued i+ any time 600 ~ t1CE I . w