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HomeMy WebLinkAbout0480 1 I.ertder's written agreement or applicabk law. Borrower shat! pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amountc disbursed by Lender pursuant to Ibis paragraph 7, with interest thtreon, shall became additional indehtednesc of leorn~wcr secured by this Mortgage. Unless Borrower and Lender a tee or~o~f~~ tertrt~ of ayment, such amounts shall l,e payabk upon notice from !-ender to Borrower rcytrestinR payment lhereo~kthda~Y"bait interest from the date of disbursement at the rate payabk from lime to time on outstanding principal under ehe Note unless payment of interest at such rate would be contranr to applicable law, in which event •cuch amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shat) re:quirc Lender to incur any expense or take k arty action hercuttder, i s. Itaspectiott. Lender may make or cause to l?c made reasonable entries upon and inspections of the Propeety. provided ~ that lender shall give Borrower notice prior to any such inspection sptxifying reasonable cause therefor related to Lender's interest in the Properly. 9. Coademwstioa. The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnation 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 total taking of the Property, the proceeds shall be applied to the arms secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property; unless >iorrower and Letadtr otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceed: as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of i 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. ' If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to tttake an award or settle a claim for damages, Btrrower faits 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 Mortgage. Unless !_ender 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. 10. borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any ctsccessor in interest of Borrower shall not operate to release, in sny manner. the liability of the original Borrower and Borrower s successor 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 successors in interest. ~ 11. Rorbeanwce by lender NM a Waiver, Any forbearance by f.endtr in exercising any right or rcmtdy hereunder, or otherwise afforded by applicabk law. shall not be,a waiver of or preclude the exercise of any such right or ranedy. The procurement of insurancepr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the matunty of the indebtedness secured by this Mortgage. i2. Rerwedks Cmm~latitre. All remedies provided in this Mortgage art distinct and cumulative to any other right or remedy ttnde~ this Mortgage or alfordcd by law or equity. and may be exercised concurrently, independently or successively. ' 13. Snecessors srtd Assigns bowed: Joiaf tnri Several I.iabibly: CapMows. The rnvenartts and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender at~d 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 are not to be used !o interpret or define the provisions herrnf. t4, NMke. 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 cectified mail addressed to Borrower at the Property Address or at such other address as Borrower rosy designate by notice to 1_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stattd 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. Uaitorm Morejtsge: Governirtg Law: 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 irutrument covering era) 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 applicabk law, such conflict shall not affect other provis"tons 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 bt severable_ l6, borr+ower'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. 17. Transfer of ewe Property: Assumption. f f all or any part of the Property or an interest thertin is sold or transferred by Borrower without Lender's prior written consent. excluding fa) the creation of a lien or encumbrance subordinate to this Mortgagt, (b) the creation of a purch:rc~ mc•ney security interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or td1 the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at 1-ender i option. declare all the sums secured by this Mortgage to be immediately due and payable. I_cnder shall have Naived itch option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Properly is to be cold or transft~rcd reach agreement in writing that the credit of such person is satisfactory to Lender and that the interact Fa)•able on the sums secured by this Mortgage shall be at such rate as Lender - shalt request. It Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in i interest has executed a written assumption agreement accepted in writing by Lender. Lendet ihall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, t_enJer shall mail Borrower notice of acceleration in accordarttx with paragraph 14 hereof. Such notice shat! 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. If Borrower fails to pay such stems prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph tR hereof. Norr-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 4 Ile. Acceleration; Reatedies. IEtccept ws provided iw pwragtraph 17 Itetrot. topoa borrower's Meech of any cot?ewwN or 1 agreement of Borrower iw Ibis Mortgage. iwclndiug the coretatNs to pay whew dne arty sn+ns scented Ity this Mortgage. Lender prior to scctrleratbw shoe! malt wotke to borrower m prowlded iw paragtraplt 14 hereof specetpiag: (1) the breach:/2! the aKfba rttgnirted eo cnre srch breach; (3) a dwte. woe less flaw 30 days frost ewe date the wotke b maYeta to borrower, by wbkw snow isleach ratan be cntred: sad (4) that tailnre to cnre snch breach ow or ttrctore the dNt spectAed M the tttotkt way resttN M nccekrttrttoa ot_twasnms scented by this MoregaRe. toaclosnro by jtr~cial pr~scterdittg aw/ sale of twe Ihoperty. Tire wotke. shah fnrtber iaforra borrower o11he riRlp to reiwshee wlter wecelerwtiow sjwil ewe tiger b ttsseA iw ewe toreclesnre /roetedlrtg tbe,ow-cxistewct of w dctsnk or aAy other dtfertse of Eorrower to accelerstiow awe toreclosntre. N ewe Mracw b wM cwd oa or before the date specfRed iw the notke. Lewder at f.etader's option way aeeiare d of Mee stswss stenrter by twk MoregaRe b bet imtnxdiatdy due swd payabk without tnreber demand and way tondos ells Mortgage try jwdkW proteediwR. Lender shah f be tatitkd to collect b such proceedirtR all espenses of toreclosnn. iwdnairtg. bee not Ywiled fst. reaaowable tNtureetr's fees. ssttl casts of tdiocnrnewtary evidencerahstraces atsd title reports. 19. botrrower's Rigwe to jitdptste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. , Borrower shall have the right to have any procerdincc'be~~n by Lender to enforce this Mortgage discontinued at any time i . s. 80ft~f 3~ P4GE ~ • ,