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HomeMy WebLinkAbout1100 1 ? . Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance pttxrsiurt?s in the: manner provided under paragraph 2 heroof, Any amasnts disbursed by !.coder pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the t date of disbursement at the raft payable fragn time to time on artstanding principal under the Note unless paj?trtettt of ~ interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any eapensts or take any action hereunder. >l. Iaspectiow. fender may make or cause to I,e made reasonable entries upon and inspections of the Property, provided that Lender shall give Harrower notice prig to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdewwafba. The proceeds of any award or claim far damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for canvcyance in lieu of cot+demWtipo.,arp hereby assigned and shall be paid to ?.ender. . . In the event of a total taking of the Property, the proceeds chart 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 seciircd by this Mortgage such proportion of the prooeals ~ as is equal to that proportion v.•hich the amount M 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 Prop:.rty is ahandoned by Bor;over. or if. after notice by lender to Borrower that the: condemnor oRets to make an award ar settle a claim far damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized la collect and apply the proceeds, at Lender's option,: either to restoration or repair of tots Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application ab pretests to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 ahd $ ~trereof or change the amount o[ 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 succasar in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s successor in interest. i_ender shall not bt 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 ofrny demand made by the original Borrower and Borrower's successor in intertu. 11. Forbearance by Lewder Not a N?dvcr. Any forbearance by l.endtr in exercising any right or remedy hete~mder, or otherwise afforded by applicable law, shall oat be a waiver of or preclude the exercise of any such rust or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtednes: secured by this Mortgage. 12. Rewedies Cawnhthe. All remedies 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 bt exercised concurrently, independently or successively. l3, Sacetssors swd AsslRws bouwd; Jdat awd Several I.labflity; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sac! Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several. Tha captions ~ and headings of the paragraphs of this Mortgage are for convenience only and aft not to tie used to interpret or define the provisions herrnf. 14. Notkr. 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 Certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to ?.ender as provided herein, and (b) any notice to (.ender shall he 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 shalt be deemed to have been given to Borrower or Lender when given in the manner designated herein. lS. UwNorm Mortgage; Goverwiag Law; Severability. This form of mortgage corribina uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall 6e 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 the provisions of the Mortgage and the Note arc declared to be severable. 16. borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after mordation hereof. 17..Traader of the Property; Assumptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrcn consent. excluding (al the creation of a lien or enwmbrance wbordinate to this Mortgage. (b) the creation 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 yeah or less 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 shalt have waived inch option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inten~st payable on the sums secured by this Mortgage shall be at such rate as Louder 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 Lander, Lender shall release Borrower from all obliSations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ~sirh 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 declared due. if Borrower fails to pay arch arms prior to the expiation of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. NoH-Utvtt=oRr~t CovtrNaHTS. Borrower and Lender further covenant and epee as folbws: ~ lei. Acrderatloa; Reareiks. Except r provNed is prssrapr 17 tiered. trpow Mtowds rreacr d a.y coewawl se agreement of borrower i. tlrfs Mortgage, rreladitr~ ere coeaawts to pl wren else ry sprs reett~ i!' trlr Mortgage. Lewder prior to aecekratlon slab rwail wotice to borr~swtr as provWcd Iw pcagrapr 14 hereof 4Kr7~ (1) Me irescr; 121 ere setiow _ r+apdrsi b eatnt rtrei rneacM; (3) a rd1e. sot tar !raw 30 days trove trc Gate ere notke r wa&d to bsrrswer. b wrkr saver rreaelr cart k cwt saver !bat fWat: b can serer rtYaer ow or refore ere date speeYert f. ere wotice wavy resdt b accektratlotr of ere strr serarei r7' eves Mortgage. ta~eclosaa h jwdkW proeesiiwg ant role o[ ere Properg?. 71re wotke stab fnrtier 1a2orw borrower of ere riRM to reftratate deer aceeieratlon arrr! ere rigrt b arrtrt t• ere tort<iswre protee~ttg tie non-ezirteatce of a rtefaaN or aver otter ie?ease of borrower to acceleration save! toreclowre. N ere 6reacr ss sot etrttN a or irtore ere late speeMisi iw ere uotke. Lender at l.entkr's option way declare all o[ ere sows seenr~ai ~ I1rls Msripge b 4 iwnreifatelp doe ant pyable witrotM tartrer dcmanA sad way foreclose trlr Morlgags iy jaiieW pnscee~ntt. Lender slsap be entltkd N collect V rncr proeesdiwg stl c:pcwses of foredosnrtr. ladwahtg. Ent nN Meted tla. rtasowalie sttwscr's fees. atl ~ of ioc~.~aeadrry erldenee, abstracts anti tick rt:prb. 19. barrowa's Wgit to Reirtate. Notwithstanding Lenders actxkrstion of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time enoK340 P~E1100 ' ~t~ ~~;;ayz..a _..a s