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HomeMy WebLinkAbout1676 ` . !.trader's written agreement or apphcahle lew. Borrower shall pay the amount of all mortgage insurance premiums in the manner provedrd under paragraph 2 hereof. Any amounts dishwsrd by I ender pursuant rt+ this paragraph 7, wuh intrrc~t thereon, shall become additional indrhtednrsc of Burrower secured by this Mortgage. Unless Born+wer and I ender agree; to thcr fermi of payment, such amounts shall he payable upc+n nc+ticr from 1 ender to &+rn+wrr requesting payment Ihcrcof, cent! shall Bear interest tram the date of disbursement at the raft payable tram time to time an outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable taw, in which event arch amounts shall hear interest at the highest rate pertniuible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. lospectbn, Lender may make or cause to l+c made reaconahle entries tepon and inspections of the Property. provided that Lender shall give Borrower noUcr prior to any such inspection specifying r:.asonabk cause therefor related to Lender's interest in the Property. 9. Cottidemttatbn. The prcxeeds of any award or claim for damages, direct ar consequential, in connection with any condemnation or other taking of the Property, or part thereof, nr for conveyance in lieu of condemnation. arc ht:reby assigned 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. 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 as is equal to that proportion which the amaeent of 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 Properly is abandoned by Harraw•cr. or if after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim far damages. B+•rrower fail. to respond to !.ender within i0 days after the dale such notice is mailc~. Lender is authorized to collect and apply the proceeds. at lender i option, either to restoration or repair of the Property or to the sum. secured by chic Mortgage. Unless lender and Borrower otherwise agree in w•rittnc. any such application of proceeds to principal shall not extend or pc.;tpone the due date of the monthly inctallmcnts referred to in paragraphs 1 and 2 hereof or change the amount of such installments. ' lA. Borrower Not Released. Extension of the Time for payment or modification of amortization of the sums stxured by this Mortgage granted by Lender to any successor in interest of Harrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizattext of the sums secured by chic Mortgage by reason of any demand made b}• the original Borrower and Borrowers successors in interest. i 1. Forbearance by tender Not a Wdver. Any fort+earance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall rtot be a waiver of or preclude the exercise of any such right or rrsmedy. The proct!rement of insurance pr the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indehtednecs teetered by chic Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively. ' 13. Successors and AssiRas Bound; Joint aad Several i.iabipty; Capfbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall intere to. the respective' successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of chic Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notke. 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 i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.enders address stated herein or to such other address as Lender may designate by notice tc. Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed Io have been given to Borrower or !.ender when given in the manner designated herein. • 1S. Uofform Mortgage; Governing [.aw; Sererability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• jurisdiction to constitcete 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 I?lortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to tha end the provisions of the Mortgage and the Nate arc declared to be severable. 16. Borrower's Copy. Borrower shall be fternished a conformed cop}' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's pricer w•rete~n consent_ excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the createon of a purchase money ucurity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a juror tenant or (dr the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at lender's apron. declare all the sums secured by this Mortgage to be immediately due and payable- Lender shall base w.uved such option to accelerate if. prior to the tale or transfer. Lender and the person to whom the Property is a. t+n .old or transferred reach agrrrment in writing that the credit of such person is satisfactory to (.ender and that the intcrr.t pa}'able on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If tender has waived the option to accelerate provided in this paragraph 17, and if Borrower a ~ucetssor in interest has executed a written assumption agreement accepted in writing by 1_ender, Lender shall release Borrower from all j obligations under This Mortgage and the Nate. If 1_ender exercises such option to accelerate. !_ender shall mail Borrower notice of acceleration in accordance with 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. 1f Borrower fails 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 IR hereof. t Now-UNIFORM Covetv,?tvTS Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedks. Except ss pmriekd is paragraph 17 hereof, npoo Borrower: breach of .ray covenant ear F agreeemsnt of Borrower in Ibis Mortgage. includir~ the covenants to pay when due say sntns secnred by fhb Ment•tRaRe. Lender prbr to accekratbo shill mail notice to Borrower ns provided In paragraph 14 hereof specftriag: (1) the breach: (21 the setbo regnlred to crate such brcach;l3) adate. not kss than 30 dsys from the date the twtke b maped fo Borrower. br whkh trash t beteseh must be crated; sod (4) thst ttriluro to crate trash brescb on or before the date specified is the ewtke may result h seeerkntbn of the sntm secured by this Mortgage. foreclosure by judlcid proee!eding and sale of the Property. The notke shag further inform Borrower of the right to reinstate after seeerleratbn and the right to assert io the tocccbsnre proceeding f the Dora-exasience of a detauk or any other defense of Borrower to accekratbn and torecbsnre. It the breach b Dot crated o0 ( or before the date specified in the notke, Lender at tender's optba Dray declare all of the snort txcn by fhb Mortgage M be immediately due and payable without further demand and mar torcebse•thb Mortgage by jtrdkW ding. I.tnder chap be entitled to coped ht trash proceedittR cep expenses of forecbsnrr. Inclndittg. but Dot Btniteed to. reasonable att.+rnev's fees. and costs of ebcuttneotary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding 1 grader's acceleration of the sumo secured by th~c Mortgage. Borrower shall have the nght to have any prcxerdmg. hrF+in by Lender to enforce Ihes Mortgage d~scontenued at an} hme g~K 3~3 P~ 174 ~ _