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HomeMy WebLinkAbout1550 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurartoe premiums in the manner provided under •paragraph 2 hereof. Any amatnts disbursed by Lender punwnt to this paragraph 7, with interest thereon, shall .became additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agroe to other terms of payment. wch amounts 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 artstanding principal urtdtr the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highent tale permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense a take any action hereunder. Iwspeefiow. Lender may make or cause to be made reasonable entries upon and inspestioru of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.atder's interest in fife Property. 9. Cowdewwatbw, The proceeds of any award a claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof, a for conveyance in lieu of condemnation. are hereby assisrted and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. )n the even) of a partial taking of the Property. unless Borrower and Larder aherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeedt~ as is equal to that proportion which the amatnt of the sums xcurcd by this Mortgage immediately prior to the dab 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 Borrower. if the Property is abandoned by Borrower, or if. after notice by i.ender to Borrower that the con_ demnor o(fas to make an award or xttle a claim for damages. Borrower tails to rat~ond to lender within 30 days after the date such notice is _ mailed. Lender is authorized to rnllect and apply the proceeds, at Lender's option, either to radoration or repair o[ tht Property or to the sums secured by this Mortgage. Unless Lender and Borrower aherwix agree in writing. any such applicatian of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount o[ such installments. - 10. borrower Not Reltaael. Extension of the time for payment or moditkation of amortization of the wms secured 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 Borrower and Borrower c succtssors in interest. Lendkr shall not be required to comme:+toe proceedings against such successor or rcfux to extend time for payment or aherwix modify amortiution of the sums secured by this Mortgage by reason of aryr demand made by the original Borrower and Borrower's successors in interest. 11. Forbesraraee r! (Lewder Not s R?tlrer. Any forbearance by Lender in exercising any right or remedy hen:tmder, or osherwist affo~td by applicable less, shall not be a waiver of ar preclude the exercix of any such right or remedy. The procurement of insurance or the payment of fazes or other liens or charges by Lender shall not be a waiver of Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage. I2: Remedies CtawaWire. All remedies provided in this Mortgage arc distinct and cumulative to any otlttr right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Saecesaors awl AsaiRws Iloerwl: ~loiwt awl Several I.iabiBfy; Captions. The rnvenaats and agreements herein contained shall bind, and the rights hereunder shall incu0 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 joirg and several. The captions -and headings of the .paragraphs of this Mortgage arc for convenience only and are not to Ik useed to interpret or deAne the provisions hereof. 14. Notice. Except for any native required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall lie given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower mad designate by naive to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. rctum receipt requested. to ).coda's stWress stated herein or to li such other address as Lender may designate by nc?tice 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. Uwiforw Mortgage; CoverwLg Law; Sevcrabpity. This form of mortgage combines 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 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 ar the Note canflicts with applicable law, such conflict shall not affect aher provisions of this Mortgage or the Nate which can be given effect without the oonAicting provision, and to this end the provisions of the Mortgage and the Nae arc declared to be severable. lf. lonowers Cory. Borrower shall be furnished a conformed cop~• of the Nae and of this Mortgage at the time of execution or after recordation hereof. 17..TrawJer of tre Property; Asearwrptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money xcurity interest for household appliances, (c) a transfer I+y devise, descent or by operation of law upon the death of a joint tenant or (d1 the grant of any Itase:hold interest of three yeah cx less not containing an option to purchsse, Lender may, at LendePs option, declare all the sums secured by tha Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale a transfer. Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest 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 IT, and if Borno+rer s successor in interest has executed a written aswmption agreement acxepted in writing by Lender. Lender shsll release Borrower from all obljgations under this Mortgage and the Note. If Lender exercises wch option to sccelerate, Lender shalt mail Borrower notice of acceleration in accordance with r paragraph 14 hereof. Such notice shall provide a period of rtes less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower (ails to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof. Non-Utrrt~rtnt Covenerrra. Borrower and Lender further covenant and agree ss follows: li. Aceekratk~ Remedies. Ettcert as rwvNea iw ruagrarr 17 hereof. trrow liorrrtwets'a breae! ar any cavetMrtt K agreewewt or terrawer r gtlr Mortgage. iwtlwlirrg tre covewawb to ray wrew awe swy tars rrcwrel ~ trir Merppge. li.ewier trier to aeaekratiew slei nail wotlce; to )torrower w crevices fw rarapa/r 14 tercet q~iagr (1) tre )treaer: (21 tre we1Mw spied N core weh hreaerr; (3) • late. sot less craw 3• awys trove ere dale tre wettke r wtt~tl M Il.er~ner. Iry wrici rover . rreaer vest rs eatrea; awl (n drat raHwre etrre tact Irreaer a or retore tre date sraei0ei V tfre wotkY war rerttk r secdentlew ar tre r¦tarl aeeaeel y tiffs Morlgsgs. hreclearrc b jwrkW rroeaeaiwg awl oak of tre >rrererty. 71te wettltt star ftrrtrer Iwras Ooer+swer of tre right to rdrerhte after aca~ekratiow awl tre rigrt to aanert N tre fireeNaare rrrtceet>r¦g trc sow-esMewee a/ a ddawk or awy after detewac at iKrower 1s aecde*Miow awtl rereelostne. N tre rrea~rr r west ew~ai M atr before tre late geeiiel V tre Welke. Lewder N I.eweler's ortieiw wait testate ,1 of tre ravers seetrrea b tW Mertpgalpe w k iwwreliately awe awl rayaMe wifroat feartrer dew+and aver wtsY terselrre tW Mor~age b jwakW rr+teellwll. Lewder dtaN s k ewfMka M atltket V veer rncealiwg ar esrewsa n! rorecbsrrre. Iweialiwg, bwt west ~a M. rearawaMe sflutweV's Stets. ~ awtl aorta of aeerirwett~tary evilewce, alMlrsels awl title toroth. I!. >jerte~wa'a Rrert N Rel¦rtate. NotwithstandinE Lender's aeeekrstion o/ the sums secured by chi: Mortgage, Borrower shall have the right to have soy proceedings heEun b7 Lender to enforce this Mortgsge discontinued at any date 8342 P~1~49 -