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HomeMy WebLinkAbout1295 ~ ~ . . • lt., Lender's written agreement or applKabk law. Borrower shall' pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dishurs+rd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness ~f Borrower secured by this Mortgage. lJnk~s Borrower anJ Under agree to other terms of payment, such armottnts shall he payahk upon notice from I.cnder tt~ Borrower regtteslinR payment thereof, and shall bear interest from the date of disbursement at the rate payahk from tune to time on outstanding principal under the Nate unless payment of interest at such rate would be contran? to applicable law, in which evens ~cuch amounts shall hear interest at the highest rate permiuibk under applicabk law. Nahing contained in this paragraph 7 shall require I:ender to incur amy.expertse a take any action hereunder. . S. IrrtPectlaw. Lender may make or cause to be made rcasonabk entries upon and inspections of the PtopeAy. provided that lender shall give Borrower naive prior to any such inspection specifying reasonabk cause therefor related to Lender's interest in the Property. 9. Cowtletwwstiow. The proceeds of any award or claim for damages, direct or consequential. in connection wash guy condemnation or other taking d the Property. a part thered, or for conveyance in lieu of condemnation. arc hereby assigned and shall be paid, to Leader. in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if gay, paid to Borrower. In the event of a partial taking of the Property. -ua[ys. ~ao~dr sand Larder 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 which the arnatnt of the sums secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. it the Property is abandoned by Borrower. or if. after notice by t.ettder to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such ratite a mailed. Lender is authorized to collect and apply the proceeds, at sender's option, either to restoration or repair d the Property or to the sump secured by this Mortgage. - Unless Lender and Borrower aherwise 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. " ~ ~ "'">'R-~ ^4 *xt'~ 10.., Borrower Not Released. Fattension d the time for payment or modification of amortization of the sums stxurrd - by this Mortgage granted by Lender to any successor in interest of Borrower shall na operate to rekase, in any. manner. the liability of the original Borrower and Borrower's sttccessorc in interest. I~nder shall not be r~equircd to commentx proceedings against such successor or refuse to extend time for payment or ahetwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ~ ll. Forbearance b7' Leader Not • WaWer. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law. shall rrat be a waiver of or preclude the exercise of any such right or rerrredy. The procurement of ituurancapr the payment of taxes or other liens or charges by Lender shall not be a waiver d Lender's right to acceknte the matunty of the indebtedness secured by this Mortgage. 12. Re,wedies Cwsrlatlre. All rcrrtedies 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 sttcoessively. ' 13. 3wceeason turd At~ws liowwrl; Jdwt arts Several i.iabiBly; Captlows. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective successor and assigns of Lender and 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 are for convenience only and are eta to be used to interpret or define the provisions hereof. - 11. Natlce. 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 notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. rctum receipt requested. to lenders 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 or Lender when given in the manner designated herein. - 1S. Uwitortw Mortgage: Gorerwiwa Law: Severabpity. 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 I! real. property. This Mortgage shall be 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 applicabk law, such conflict shall not affect ghee 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 Jedared to be severable. tf. fionewer's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the tune 'E of execution or after recordation hereof. 17. Ttrawsfer of the hoperty: Atsttrwptiow. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior western consent. excluding lal the creation of a lien at encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfeF by devise. descent or by operation of law upon the death of a joint tenant or (dl the grant of any kasehold interest of three year or kss not containing 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 to accelerate it, prior to the sak or transfer. Lender and the person to whom the Property is t~~ be colt or transferred reach agreement im writing that the credit of such person is satisfactory to I_enJer and that the interc.r Fayable on the sums secured by this Mortgage shall be at such rate ac Lettdt:r shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rekase Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. lender shall mail Borrower notice of accekration in accordant. with paragraph 14 hereof. Such naive shall provide a period of eta less than 30 days from the date the notice is mailed within which Borrower may pay the sums rrxlared dug If Borower fails to pay such stems prior to the expiation of such pericxl, Lender may, without further naive or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof. Norv-UNtt:ortar Covt=_rvaNTS. Borrower and Lender further covenam and agree as fellows: ` la. Aceektraliow; Rewredks. Except ra'rovitled iw MragraPA 17 hereof. rlow lorrowters bleach d wy corewaM K agreewrewt d Borrower iw this MarlgttRe. iwduding the corewatNs Io py whew flue awy tnrrps tecwred by this Morgtage. Lewder ! ptrior to actekntbw shall map wotke to Eorrower ro prodded iw prtgraph 14 heted s'ecNyiwg: (1) the 6rcach:121 the trKfbw ` regwired to cwre arch breach;l3) a dMe. wet kn thaw 30 days frown the Gate the wotice d wailed b Borrower. bf' whkh strelt btKach rwrsst be cwted: swa (4) that faibre to crttre such breach ow or before /bc dale spcciliea iw the wotke ttsay testrN iw trKCeleraKow d the swwrs ttcctsred bI' this Motrtgage. fesecfosurr by jtrdleid ptoceedhrg awtt sak d the Property. 'ilte wdkt f shag fresher infonw Borrower of the right to reirsstMe after aceekiMbw awa the rkMt b reA iw the torecieswrt proceed 1 the wow-existewce d w detark or awy other defersse of forrower to wceekrMiow swtl forecbare. N the brcacjr is wof cwted ow ; t or before the date specified i• the police. Lewder at I.rpder's opiow ttsay declare ant d the sofas secwrcA h fhb MoARaRe M bt ' immediately due turd pyabk wNhout trtAher demand and wtay foreclose thin Malgage by jrtlkW preceediwR. I.ender~shap ' bs ewtith:d to collect iw arch proceeaipR all a:pertses rat toreclosrre. fwclttrdirrg. bet wet Wwitd to. reasowabk marnrr's fees. sod costs d dotnwreatary eridewct. abstracts attd titk reports. € 19. dorrruwer's Rlglit to RtrhutMe. Nawith.tand~ng 1 ender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any prcxerdrncc hr~in by Lender to enforce ih~s Mortgage discontinued at any time - so'~339 PA~E1295 s . y r n - - ~ - - F_~.~