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HomeMy WebLinkAbout0486 Lender's written agreement a applicable law, Borrower shall py the amount of all mortgages insuraace premiums in the manner provided under paragraph 2 heroof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional 3 indebtedness of Bgrrowcr secured by This Mortgage. Unless Borrower and 1_cnder~ ro~e~.to terms of nt. such amounts shall be payable upon notice from i.ender to borrower requesting payment tTi6rbof. rind -shall bear interest from the date: of d'asbursennent at the rate payable from time to time im outstanding principal under the Note unless pa~rraeat of j interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rates permissible under applicable law. Nothing contained in this r ra 7 shall ; pa ag ph require Lender to incur any expeme a take any action hereunder. >L Irupeclbw. lender may make ar cause to be made reasonable entries upon and inspeMions of the Property. provided that [-ender shall give borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest ,in the Property. 9. Ceaeadewestba. 'T'he 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, or for conveyance in lieu of condemnation. arc hereby assigned and shall be paid to i.ender. in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Matgage, ' with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Bomovrer and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ss is equal to that proportion which the amount 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 bon:ewer, or if. after notice by i.ender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower tail. to respond to lender within 30 days after the dart such notice: is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or respair of the Property or to the sums secured by this Mortgage. -Unless Lender and Borrower otherwise agm in writing. any such application of proceeds to principal shall not extesnd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. tA. Eorror?er Not Released, Extension of the time for payment or modification of amortization of the sums aecut+ed by this Mortgage granted by i_ender tq any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s successors in interest. Lender shall not 6e 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 ori(tinal Borrower and Borrower's successor in interest. 11. ~ Rortsearasce rl' Leader Not a Wainer, Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or_ prexlude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or ch:rges by Lender shag not be a waiver of bender's right to accelerate the maturity of the indehtedness secured by this Mortgage. 12. Rewedks CauwolMhe. 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 6e exercised concurrently, independently or successively. ' t3. 3ereeeatoa and AsslRws Hound; .Joist sad Several T.isbiWr; Csptlois. The covenants and agrexonents herein contained shall bind, and the rights hereunder shall intsr~ to, ttx respective successors and assigns of Lender std Borrower. subject to else provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall 6e joiry and several. + The captions' and headings of the paragraphs of This Mortgage arc for convenience only and art not to Ile used to interpret or define the provisions hereof. 11. NMiee. Except for any notice required under applicable lave to be given in another manner, (a) any notice to Borrower. provided for in this Mortga¢e shall be given by mailing- such notice by certifkd mail addressed to borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, acid (b) any notice to Lender shall be 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 or Lender' when given in the manner designated herein. IS. Usitorra Mortgage; Corenrisg Law; Sererability. This form of mortgage combines uniform covenants for nation:l use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering 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 applicable law, such conflict shall not aRect other provisions of this Mortgage or the Note .which can be given eBect without the cantlicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Iorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Tnaater of ere Troperty; Asssmptiow. Tf all or any part of the Property or an interest therein is sold or transferred _ by Borrower without Lender's prior writtcn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatron 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 rat containing an option to purchase, Lender may. at Lender's option, declare all the sums aeeured by this Mortgage to be immediately due aril payable. Lender shall have v?•aived such option to aceelente if, prior to the sale or transfer, Lender and the person to whom the Property is to be cold or transferred reach agreement in writinj that the credit of such person is satisfsctory to Lender and that the interc~et payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if Lender has waived the opion to accelerate provided in this paragraph 17, and if Borrower's successor in interext has executed a written assumption agreeement accepted in writing by Lender. Lender shall release Borrower from all obfijations under this Mortgage and the Note. - if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanr~ with peuagraph 14 henoof. 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 declared due. if Borrower tails to pay such srtms prior to the expiration of wch period. Lender may, without further notiex or demand on Borrower, invoke any remedies permitted_ by paragraph Ig hereof. NoN-UNIFOaM COVENANTS. Borrower and Lender further covenant and agree as follows: IfL Accderatlow; Reeweiles. E:eept • prorNel iw p~ragrapr 17 leered. opw tiorrewew's bstwer eat rr coreaawt err agrrtr~st d iearrewer 4 trY Mortgage, Iwcrrdiag trc rortwasts to par wre:w ellae gar esarws aeewed b tYs Morgpsge. lewder prior to a<eeleratloes aver wail notice to Borrower as prodded iw parsgrapr tl.rertd geeltriwg; (1) tit Mtaer: (2) else srtisw rgtairttr ref ewe Weis Mtaeiq (3) a erMe, wet less eWw 3r gars trelw ere late trt .eaet r wnNel N l.m...tr. b wrier serelt reeaer aswst k ewre~ awd N) trat taWare to cant acv brtaer ow or bete?re ere late spteYeei r the wotke war rssenlt b wecekradew d ere tsatns seewresd h errs Mortgage. foetcloseart h jttelcW pr+sceselirtg awl stale d ere thopcrtr. 71tc wetter sraM taadrer iwfoas lfonvwK d ere right to rehrstMe after aoeekrMiort sal ere ridlat b avert tw tire; torteiestat pr+seetisg ere wora~e:Me;aace d a ekfaralt or awl ether elefetiue d iorrowrr to accekrMtaw awl toreelowrt. N ~e rstacr V net cwtd caw or betor+e ere elate apeetied t• trt wotice, Leader at Leader's optiow war declare s/ d ere tertera stcewti)tr iris Merge b k iwweiiatelr ltrt awl parable wNrowt taetlteir deasna gad won tweclose trls Matgagt h jaalkW pneeselrwg. Lender slash k ewfitled N eoYee.! iw snela pteactdis~ art a:pewees of foredostare. lwchsdi~. rrrt welt fawiftd M, reaoowakie snwwer's feax. awl eaoats d itt:..~ewtarr etrilewee. abNrset gal rate report. t!. •enowes's Rtsrt t. Rtiwaate. Notwithstanding Lenders aeeekration of the sums sexurcd by thr~ Mortgage, ` Borrower shag have the right to have: any proceedings l+egun hY Lender to enforce this Mortgage discontinued ae any time BOOK PdCE ~ .