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HomeMy WebLinkAbout0570 . . Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pruvidtxl under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this patagra;+h 7. wrth intcrrct thereon, shall become additional indeMednesc of Borrower secured by this Mortgage. Unless Borrows; and tender agree to other terms of payment, such amounts shall be payable upon notice from Lender In Borrower rcyucstinR payment thcreot. and shall bear intcrest tram the date of disbursement at the rate payable from time to Iitne on outstanding principal ttnder~,,l~e unless payment of interest at such tale would be contrary Io applicable law, in which event such amounts sfi~ll Ifesr inttxtt~ at the highest rate permiuible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. fl. Inspection. i.ender may make or cause to be made reaconahle entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor rclatod to Lender's interest in the Prope»y, 9. Condemnation, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Prope»y, or part thereof, or for conveyance in lieu of condemnation, are hereby sssigned and shall be paid to Lender. Tn 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 any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums scrttred by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mo»gage 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 notice by i.ender to Borrower that the condemnor often to make an award or fettle a claim for damages, Borrower 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 b}• this Mortgage. Unless Lender and Borrower otherwise agree in writinc. 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. IB. Borrower Not Released, Extension of the time for payment or modification of amortization of the sums stxured by this Mortgage granted by lender to any cttccessor 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 be required to commence proceedings against such successor or refuse to extend time for -payment or othe?wiu modify amortization of the sums secured by this Mo»gage by reason of any demand made by the original Borrower and Borrowers successors in interest. ~ 11. Forbearance by lewder Not a R?tlwer. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insuranceQr 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. 12. Remedies Cwwrulstitre. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mo»gage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Sweeessors swd AsslBws Douwd: Jobe atsd Strertl i.iabifity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender aced Borrower. subject to the provisions of paragraph 17 hereof. All covenants and .agreements of Borrower shall be joiry and ~sevenl. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 14. NMke. Except for any notice required under applicable law to be given in another manner, (a) any ratite to Borrower provided for in this Mortgage shall bt given by mailing such notice by certified mail addressed to Borrower. at the Property Address or at such dher address as Borrower may designate by notice to lender as provided herein, and (b) any notice to Lender shag he given by ce»ified mail. return receipt requested. to 1 ender 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 Io have been given to Borrower or l.cnder when given in the manner designated herein. 1S. Unicorn Mo»gage: Corerning Law: $everabilitX. This form of mo»gage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform socttrity instrument covering real property. This Mortgage shall k governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of chic Mortgage or the Note conflicts with applicable law, such conflict shall not offal other provisions of this Mo»gage or the Note which can tx given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Ibtmower's Copy. Borrower shall be tarnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trawler of the Property: Assumption. 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 (a? the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of a purchase money security rnterest 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 containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to bt immediately due and_payable. Lender shall have waived st:ch option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is a? be cold or transferred reach agreement in writing that the credit of each person is satisfactory to lender and that the interest Fa}•able on the sums secured by this Mortgage shall be at sash rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under This Mortgage and the Note. If Lender exorcises such option to 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 c,:ciared due. If Borrower fails to pay sack stems prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof. Nona-UNIFORM CovENAxTS. Borrower and Lender further covenant and agree as follows: ta. Accekrstiow; Rearedks. )Except as prodded iw pars:grspb 17 hereof, upon 1<orrowtrs breach of any corewawt or asreemewt of Eorrower iw this Mortgt~e, iwcledit!~ the corcaaats to pay whew due any netts secured by tbk Morrtgage. Lewder . prbr to srecekrstbw shtll mail aotke to >dorrowcr as proridcd In paragraph 14 hereof specifying: (1) the hooch: (2? the nation required to core snob breach; (3) • dste. not less tbaa 30 days irom the date the wotke b mailed to 18orrowet. by wbkb snob bstacb wttM be cored: and (4) tbst failnn to con socb bnscb ow or baton the date specifed iw the notkt guy tresrrll iw wccekratiou of the swwts sieeond by this Mortgage, toreciosun by judlcitl proceednwg seas ask of the Property. Tice wotkt. sbaU further iwtorwt f3orrowcr of the right to trNasbfe after scceknstbw gad the right M asaert iw the toreriaswrt prottedMt~ the wog-existtwce of a default or soy other defense of sonowtr to accelerstiow wad totrecloson. It the breach M wM cw'td ow or 6etort the date specified iw tbt notice. Lender st i.rnder's optbw may declare all of the news seatrred by this Mortgage to be immediately due swd payable without to»htr demand and rosy tonclose this Mortgagi bl' jodkW proceeding. /.endershap j be entitled to coUeet M stub proceeding sR a:penses of forecloson, including. bet not IJntiteJ to. nasowabk atarrerY's fees. and costs of doewrwewtary tridtnet. sbstrscts and title nports. 19. >dorrower's Rlsbt to Reinstate. Notwithstanding I ender s acceleration of the sums secured by this Mo»gage. Borrower shall have the right to have any proceedrnec brgrm ray Lender to enforce this Mortgage disrnntinued .r any time Bo013~ PACE ~T ~ . ~ yam,; .