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HomeMy WebLinkAbout1135 . ~ , Lender's written agreement a applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. Any amounts distxrrxd by Lender pursuant to tha paragraph 7, with interest thereon, shall become additional indebtedness of Borroviccr secured by this Mortgage. Unless Borrower and Lender agree to other tsrtns of payment, such amcxrnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the . date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa'ymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest gate permissible under applicable law. NtNhing contained in this paragraph 7 shall require Lender to incur any ezperae or tape any action hereunder. I¦apecflo¦, i_ender may make or cause to be made reasonable entries upon and inspeNions e/ the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Properly. 9. Coadesr¦afb¦. The proceeds of any award a claim for damages, direct or consequential, in connection with any condemnation or dher taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the: Property. the prtxeeds shall be applied to the sums secured by this Mortgage. with the excess, .t any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Larder otherwise agree in writing. them shall be applied to the sums secured by this Mortgage such proportion of the prooeedt as is equal to that proportion which the amount of the sums toured by this Mortgage immediately prior to the date o~ ' taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance e>E the proceeds paid to Borrower. If the Property is abandoned by &ir:ower. or if. after notice by Lender to Borrower that the condemnor oltets to maim an award or settle a claim for damages. Borrower faih to respnnd to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at I.ender'c option, either to restoration or repair of the Property or to the sum. secured by this Mortgage. Unless Lender 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 I and 2 hereof or change the amount et such installments- 19. lorrower Nol Released. Extension of the time for payment or modification of amortization of the sums soured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borcower and Borrowers successors in interest. lender shall not be required to commence proceedings against such successor or refute to ectend 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 .Borrower's successors in interest. 11. Forbeara¦ce r?' Lender Nof a N?airer. Any forbearance by Lender in exercising any right or remedy heramder, ex otherwise afforded by applicable law. shall riot 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 Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtcdneu ccct+red by this Mortgage. 12. Resxdies C¦m.lathe. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy t+nder this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Saeceasors awd AssiRss Bound: Joht s¦d Several I.isbiKfr; Capdo¦s. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender grid Borrower. subject to the provisions of paragraph 17 herrnf. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to 13e teed to interpret or define the provisions herrnf. lI. Notice. 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 be given by mailing such notice by certifed mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. rett+m receipt requested. to Lenders address stated herein ex 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. UsKora Mortgage: Conrsirgt Law: SeversbNitr. This form of mortgage combines uniform covenants for national rise and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity 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 afttx:t other provisions of this Mortgage or the Note which can be given effect without the earfticting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. lbrrower's Copt. Borrower shall be ft+rnished a conformed cop}' of the Note and of this Mortgage at the tune of execution or aGer recordation hereof. l7. ,Trader of ere Trepertr: Ass¦¦rptiow. 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 encumbrance subordinate to This Mortgage. (b) the creat+on of a purchase mc.ney security interest for household appliances. (c) a transfer by devise. desceni or by operation of law upon the death of a jrnnt tenant or fd> the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at I_ender'c option, declare all the stuns secured by this Mortgage to be immediately doe and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be co1J or transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest payable on the st+ms secured by this Mortgage shall be at such rate as Leader shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lendei shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s?•irh paragraph 14 hereof. Such notice shall provide a period of riot less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faits to pay such st+ms prior to the expiation of wch period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NoN-l.1NlFOawt CovEtvat~m. Borrower and Lender further covenant and agree as follo..s: tfi. Accderatio¦; Res¦edles. >E:te}t w provWed i¦ pruagrapr 17 Irered. ¦p¦ llonswes'a rseseY d •r cerreaa¦t or agrcetrae¦t of Iorrower b Urfa Mottgase. lwcl¦di¦g file corewa¦Is to par wrc¦ d¦e a¦y rsrr¦s atxwed b tris Mortgage. Larder prfiotr to acceier¦tle?. sbaU r¦aN aotlce Io •onowp as provfdtd h psragrapr 11 Hereof sptcifrlstg: q) ere rseacr: (21 ere setlas toeq¦Irsd b f:twe rarer breaeir; (3) a erne, ¦ot leas tra¦ 30 days trove ere flare ere ¦ofke is oaYtts N ller»wer. r7' wrier sewer rreacr start be ewtd; asd (n fiat tafi¦re fo ewe veer rrescr o¦ or refer: ere date speeiied i• ere .crier scar rtsalt V accekratlow et[ Ire a¦sts sawed rl' trb MftrlgsRe. toteaiosrtre b jlrtdlelal procrtrtdi¦~ asd aa4 of ere Tropertr. Tye watlee sltaN tsrfber iJocst lorrower of ere riRM to reiwtate after aecekratb¦ awd ere tigrt b awert V fie tor~[eleare proc~asrsis~ ere sorrrexlrtewce of a fsetattM or ssr errs deternt fit Borrower to aecekratio¦ a¦d tertcsowrt. N ere rfrrxr V aof ewers w a bdore ere date apecYed d fie ¦otke. Lender at Lewders option scar drehte a• d ere wttr seewed iy Irit Matrtgn(pe 1a 4 i¦taedhtetr d¦e asd parable wifro¦t Iwtrer demand a¦d .tar torselae !Iris Merf;a~e ti' jf.dlcl.l psocsedl¦(t. iefrder draN ~ be estftted to corset t• ater proceediag sw esperteks at tetreclos¦re. Mrerrdisg. rsf sat ¦rsNad M. teaasaaMt stlwrreYs fees. asd r:osts rat floet:~seMary st?ideace. arNracts a¦d litk reports. 19. roaowet's R~rt to Reisstate. Notwithstanding Lenders acceleration of the sums secured by th+a Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time eoox 3~ pu;~ - -