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HomeMy WebLinkAbout1094 +ai ~ Lender's written agreement or applicable law. Borrower shall pay the amount o[ all rrtortgage insurance premiums in the manner provided under paragraph 2 heroof. Any amounts disbursed by tender pursuant to this paragraph 7, with interest thereon shalt become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree tai otlKr teams of payment. such amatnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbutxment at alto rate payable from tune to time art outstanding principal under the Note unless pa~rnratt of interest at such rate would be contrary to applicable taw, in which event such amounts shall tzar interest at the highest rate permissible under applicable law. Nothing contained in This paragraph 7 shall require lender to incur say expense or trice ? any action hereunder. iwtpectiow. !.ender may make or cause to be made rcasonabk entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cattle therefor related to Lenders interest in the Property. a, 9. Cowdestatbw. The proceeds of any award or claim for damages. direct or consequential, in connection rritit any condemnation or other taking of the Property, or 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 Ire 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 mender 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 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. Tf the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the sera. dt:mnor otters to make an award or settle 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 by this Mortgage. Unless Lender and Borrower otherwise ague 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 Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsar in interest of Borrower shalt not operate to release, in any manner, the liability of the original Borrower and Borrower c successors 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 stern: secured by this Mortgage by reason oI any demand made by the original Borrower and Borrowers successors in interest. 11, FBrbearwrtte r!' leetder Not a R?aiver. 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 insurance or the payment of taxes or other liens or charges by fender shall not lie a waiver of LendePs right to accelerate the maturity of the indehtedttcss secured by this Mortgage. 12. Rerwedks Ctwuwhtlre. 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 be exercised concurrently, independently or sucoasivety. 13. 3wecessoa wad AwtiiRws Idoawd; .loiwt aed Serentl i.iabiBty; Captions. 'flte covenants and agreements txrein contained shall bind, and the rights htreunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall lx joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to ik used to interpret or define the provisions hereof. 14. Notice- 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 certifled mail addressed to Borrower at the Properly Address or at such other address as Borrower rosy designate by naive to Lender a: provided herein. and (b) any notice to Lender shall he given by certified mail, return 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. Uwtform Mortgage; Corerwiwg Lww; Strcrwttility. This form of mortgage combines uniform covenants for national use and nonuniform 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 affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this end ttte provisions of the Mortgage and the Note arc declared to be severable. 16. borrowers Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. I7..Trttwster of the Property; Asswrttptiow. if all or any part of the Property or an interest therein is sold or innsferred by Borrower without Lender's prior written consent. excluding (a) tht creation of a lien or encumbrance subordinate to this Mortgagt, (b) the crcatton of a purchase money security interest for household appliances, (e) 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 xcured by this Mortgage to tx immediately date and payable. Lender shall have waived such option to acxekrate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agrtetnent in writing that the credit of such person is satisfactory to Lender and that the intent payable on the sums secured by this Mortgage shall be at such rate as 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 from all obligations under this Mortgage aced the Note. Tf Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in sccordanc~ with paragraph 14 Ixreof. 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 fails to pay such sums prior to the expiration of wch period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lfl hereof. r NoN-Untrortnr t:,oveNetrrs. Borrower and Lender further covenant and agree as fdlaws: li. Aceekraidos; Rtwrcdks. Lscept at'r+orlded iw pwngrylt 17 rereof, throw )totrrwwa'a Hewer a< try cortwtwt K 1 agreeatKat of berro+rer i. tltis Mort;a~e, iwerrdiw~ the coretwrls to pwy wrew awe awy tA.rwt ween~cd 6y aria Morlgsbe, Lewder t~ To wcceleradow srti tr.W wotlt:e to Itiorrower as'rorNed iw pwrasrapr 14 retest 4eclhirtg: (1) titre irewcr: (2) the setiow rgtdrei T• etnre wc\ Macr; (3) a drttit, wet ks traw 3f! dwys Goer the date are tsotiee r stalled itD borrower. b wbkr laser irtewer tttetsst be etsred; awl (4) that /agwee to cwre ,Arent breach ow or retort the date rKcYed b the tuolke way rawk Iw wecderaTiew of Tre tAtttr ttetusd r7' Thin MoelgaRe. tosrelorwre y jwdltiwl proestdirg anti style off the Pro'crry. 'I1te wotice I+ that ffwrtlter hrtotw borrower of are riRM to reinstate rifer wceekrwtbw turd the right to ttrett fiw are toreeieswre poceeitrg are oow~e:Wewce et w defsolt or wwy otter defewse of >sorrower to wccekrMiow sni toretlowre. N ~e rreaer Y wet etreoi aw or oriole the dwte tpeeifetl iw are ttotke. dewier wt I.ewders opiow way dechre tab e[ are ttrttttt ttewred b tW Mortgage w re fwwrtdistely dale awi'wyaele wifrowl twrtfser dewtand awd way taeclott Tltit Mortgage by jriicW'rwetedf~. I.rnder shag be ewfilled To eobttet tw tttser proeeeiiwg wli e:pewsa of toeecloswre. iwcitriira<. rtaf wet Ifiwtitei To, rewtswwMe rftv?wry't tea. tttei eotb a< dwct:.~ewhry eNinee, wMtrwcb fatal tllk repro. 1!. bonowa'r Rltrt to Reiwttate. NMwithstandintt Lenders acceleration of the sutras secured by tht• Mortgage, Borrowu shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tithe PdGE~O9~ t_.___._ - - -