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HomeMy WebLinkAbout1093 . Lender's written agreement or applicable law: Bdtrifvtrer shah pay the amount of all mortgage insurance premiums in the manner pnwidcd under paragraph 2 hertot. Any amounts disbursed by Lender pnrsttant to this paragraph 7, with interest thereon, shall become additional indebtedness of Horruwer secured by this Mortgage. Unless Harrower and !.ender agree to other terms of payment, such amcxtntc shall he payabk upon ttoticc fmm Lender to Borrower requextinR paymem thereat. and shall bear interest from the date of dicburscment at the talc payabk from time to lime aft outstanding principal under the Note. unless payment of • interest at such me would be contrary to applicable law, in which event ~sttch amounts shall bear interest at the highest me permissible under ttpplicabk law. Northing contained in this paragraph 7 shell rt:quiro I:cnder to incur any expense or take say action hereunder. a. Itaspecliow, I ender may make ar cause Io he made reasonable entries upon and insptxtions of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowderwtatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part tltercof, a for conveyance in lieu of condemnation. are hereby sasignod and shall be paid to Lender, I ; • ; ; , i In the event o[ a total taking of the Property. the proceeds shall be applied to the sums secured by this Irlortgage, with the txces:, 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 secured by this Mortgage such proportion of the proceeds ss is equal to.that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the tart muket 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 Lender to Bormwer that the condemnor offea to mate an award or settle a claim for damages, Harrower 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 3estoration or repair of the Property or to the sums secured by this Mortgage. '''w • ~ Unless Lender and Borrower otherwise agree in writing. any st>ch ttj~lllclliNn ~ dloteeds to principal shall not extend or postpone the due date of the monthly installments referred to in paYhjlr~+h! i ~rtd 2 her+eo< or change the amount of such installments. • - 10. Borrower Not Released. Eittension of the tithe for payment or modification of amortization of the wms securt:d by this Mortgage granted by Lender to any successor in interest of Harrower shah not operate to release. in any manner, the liability of the original Borrower and Borrowers steccesson 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 sums secured by this Mottgage•by reason of any demand made by the original Borrower and Borrower's successor in interest. ~ 11. Rorbeannce 6y Lender NM w Wahetr. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall rtot be a waiver o[ or preclude the exercise of any such right or remedy. The procurement of insuntace~r 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 indebtedness secttrrd by this Mortgage. I2. Rerwedies Ctnaohtite. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Sraccesaors and AstiRws Boratad; .Ioitt std Several I.is6NNy: Capttotss. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttrc to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joit~ and st:venl. The captions and headings of the paragnphc of this Mortgage arc far convenience only and are not to be used to interpret or define the provisions hereof. 14. Notlee. Except for any notice rcgtrired 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 fiber address as Borrower may designate by notice to 1_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. retttm receipt requested. to [.enders address stated herein .or to such other addre3s as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall bt domed to have been given to Borrower or Lender whin given in the manner designated herein. 1S. UwBonw Mortgage: Go~erwiwR Law; Sererabilitr: This form of mortgage combines tmiform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering veal property. This Mortgage shall h governed by the law of the jurisdiction in which the Property is loafed. In the event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shalt rtot affect other provisions of this Mortgage or the Note which can be given effect without .the conflicting provision, and to this I end the provisans of the Mortgage and the Note arc declared to be severable. Ili. 1orrower's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. I I7. Trswster of fie Property; Asswtwptiai. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding /al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest far 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 i option, declare all the sums secured by this Mortgage to be immediately dtte and payable. Lender shall have waived such option to accelerate if, prior to the cork or transfer. Lender and the person to whom the Property is to bc'calJ ar transferred reach agreement in -writing that the credit of such person is satisfactory to Lender and that the interc.t Fayable on the sums secured by this Mortgage shall be at such rate ac 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 aswmption agreement accepted in writing by Lender, Lender shall release Borrower tram all obligations under this Mortgage and the Nate. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in xcordancr with paragraph 14 hereof. Such mice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums ~xlared due: If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further itotice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. c Noty-Urttfoatu COVENANTS. Borrower and Lender further covenant and agree u follows: ~ tor. Acceleration: Reaaedies. >Exciept as prodded iw reragrsph 17 hiereot. taros 1ors~swetts bireai:h of say corewawt K s>treetsaewt of Borrower ~ fhb Mortgage. iwclydiaR the coreisaMs to pay when one wry sriws ssrwrcd b!' thk MixtgaRe, Lewder E prbr to attekratbw sluN maL aaotke to lsosrower as proridcd iw puagraph 14 hereof specNyftag: f 1) tits breach:121 the setiow trgrir+d to sere srch breach: (3) a dafe. woe less thaw 30 days trowa the date the atotice d warped b ldorrower. hf' whkh snot r bnacla watrst be erred: flexor (4) thN failrre b etart arch breach ow or bdore tbt date specilted h the wotice way atstth iw accekntlow of the srttss ttecrred 6y this Mortgage. tMecbsrrr by jrdkW proccedhrg rata/ sale of the Property. The woliee _ chap frrther iwtonw Borrower of the riRM to rietttstate offer aeceleratiow saaa the right b araert h the torte{osrre /raeeedlrrg # tie ttww-existence of a defsrk or awy fiber ie/eaase of Borrower to aeeekrNbw sjwd torecbsrre. N the tKCae~ is tat erred ow or before the date sptci6cd ba the wiwice. Lewder at Lender's optbw way declare r o1 the wttsa scerred try this MotrtRaRe b be iataxiliately fire swd paysbk witbotat trtlher demand and say toreetose this Mortgatge iy jtaiieW prrceedittR. I.ender•shap be ittstitkd to coped ` sara9t proeetdiwR aA a:peaces of toreclosrire. btdrdittg. bet woe YrwHei to, rrasoisabk m.,rerr's -fees. s awd costs of doerrweNary edilewce. sb3tracts sad tick reports. 1!. lorrower's Rl~lat to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this .Mortgage. ' Borrower shall have the right to have any proceedmgc beNm by Lender to enforce this Mortgage discontinued at any time } j aooK341 P~Ela91 _ _ ,