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HomeMy WebLinkAbout1418 - : ` Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner providtxl under paragraph 2 hereof. Any amounts dishursed by Lender pursuant to this paragraph 7, wieh interest thereon, shall becotne addiNona! indehtednesc of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such atnotrnts shall he payable upon notice from I.cnder to Borrower requesting payment thcrco(, and shall bear interest from the ' date of dicburxment at the rate payable from time to time on outstanding principal t the Tole unless payment 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 expetae or take any action hereunder. fl. lwspectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable caws therefor related to Lttider'a interest in the Property. 9. Cowderwwatiow. The proceeds of any award a claim for damages, direct or consequential. in oonneetiar with any condemnation or other taking of the Property, or part thereof, a for conveyance in lieu of condemnation. arc hereby suisned and shall be paid to Lender. in the event of a total taking of the Property, the prod shall be applied to the sums secured by Ma Mortsagt. with the excess, if nay, paid to Borrower. in the evrnt of a partial taking of the Property, unless Borrower and Lgtder otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceed: as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the daft o[ 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 Harrower. _ if the Property is abandoned by Borrower. ar if. after notice by Lender to Borrower that the condemnor often to matt an award or xttk a claim for damages. Borrower tails 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 agree in writing, any such application of proceeds to principal shall not extend or postpone the due c+ate of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1f1. lorrower Not Released. Extension of the time far payment or modifkation of amortization of the sums stxtrr+ed by this Mortgage granted by [.ender to any sttceessor in intereu of Borrower shall not operate to release, in any manner. the liability of the original Borrower and 8orrowe~ c successors in interest. Lender shall not be required to canmenoe proceedings against such successor or refuse to extend time for psytnent or otherwise modify amortization of the sums secured by this Mortgage by reason of aryr demand made by the original Borrower and Borrower's successors in interest. 11. Rorbearawce by bender Not • WaWer. Any farhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall nest be a waiver of or preclutk the exercise of any such right or remedy. The procurement of insurance Qr 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 secured by this Mortgage. 12. Rewredks ComabHtrs. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or af[orded by law or equity, and may be exercised concurrently. indepetldently or succe3sively. ' 13. Srccessors awd AssiRws 1loaad: Jeirtt awd Several i.iabiBfj, Captiows. The covenants need agreemrnts herein contained shall bind, and the rights hereunder shall inttrc to. the respective successor and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be 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 certified mail addressed to Borrower at ~ the Property Address or at such dhcr address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. rctum receipt requested. to tenders 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 i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. UrrRonw Mortgage; GovcrriaR Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute :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 clatix of this Mortgage or the Note conflicts with applicable law, such conflict shalt not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to tha end the provisions of the Mortgage and the Note are declared to be severable. 4 lf. Ibrrowcr's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time s of execution or after recordation hereof. 17. Trarsfer of the Property: Assrarptiow. If all or any part of the Property or an interest therein is said or transferred by Borrower without Lender's prior wriocn conxnt. excluding (a) the creation of a lien Or encumbrance subordinate to j this Mortgage. (b) the crcatton of a purchase mt.ney security interest for household appliances. (c) a transfer by devise, t descent or by operation of law upon the death of a joint tenant or (dl 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 due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. ixnder and the person to whom the Property is a, be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcrrst payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. tf Lender has waived the option to accelerate provided in this paragraph li, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower tram all obligations under this Mortgage and the Note. If Lender exercises such option In accelerate. Lender shall mail borrower notice of acceleration in accordance with paragraph 14 hereof. Such not"see 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 stems prior to the expiration of such period. Lender may, without further ndice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. NON-UNIFORM COVENANTS. BOfrower and Lender further COYtnanl and agree at folbws: lfi. Accekratiow: Rertedia. lExeept w provided iw pragrap6 17 tercet. trpow Hornwetls breach of t>wy covenaN er agreement of 11on+ower iw this Mortgage. iweludirtR the corewawts to par whew are awr strwrs accord r7' thts Mortgage. lewder prior to txcekntiow shad mail wotiee to Borrower as proritleA h pragraph 11 htttof spcclfrirg: (1) the 6rcach: f2) the sttbw ttgoircd to erne stew breach; (3) a date. rot less flow 30 days fraw ere sale the wotice r rraNed to /orrowtr. r!' whkr seer bseacr sow be cored: awn N) tAN tailore a came serer breach ow ar bdore trc date specified tw the wotke twat result iw txceleratiow of ere saws scored rr tltit Mortgage. forcclosore b joAieial prtieeediag awtl tale d the troperg. The wake ~ shad further iwforrw Isorrorrer oti the right to reiwshfe utter accekratbw arrtl ere rlgrt a atseA h ere tagcNwre preetc~ ere wor-exktewce of a acfaok or awr other deferasc o/ Horrewer tr wcc~ekratiow swd irreelorore. N ere breach is wet cw+ed aw a 6etore the date speefied iA the wotke. Lewder at I.ewder's optiow rnwr +eclare aR et Ire atr~s seewd rr tlds McAgage Io re iswrediatelr dire swtl dyable without trnher demand awA wear foreclose trls Mertp~e rr jotlkW ptrteeeaiag. I.rnder shah be eNitld to eoetet `stet prottcdirrg sp expewses of forcclosrrc. hcloAfa~. bet wet Yrrrifctt te. rcatowebie stt.,rnev's fees. awd coals of docrrwewtarr eridewce. abstracts and tick reports. 1!. Ilorrower's Rl~rt fo Rebwate. Notwithstanding Lender i acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proce~dmcs been by Lender to enforce this Mortgage discontinued at any time ~ ~L~ ; BOOK P1Cfi~~ , - - s-,