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HomeMy WebLinkAbout2600.• ' .~ , ~ . 1 cndcr'c wnttcn agrermcnt or apphcahle I~w. Burrower shall pay the amount of all mortgage insuratut premiums in the manner pruv-dcd under paragraph 2 hereof. Any amounts di+huncd by 1 ruder pur+uant to Ihis paragraph 7, with -ntcrrst !hereon, shall bcc--me additiar~l indrhrcdnc++ of Nt-rruwl`r +~currd by th~+ Mortgage Unle++ Borrower and I ender ague to other ~crms of payment, such amount. .hall t-e pr~•ahlc upon Holier fr„m 1 ruder to &-rn-wrr reyuccting paymrnl thtxq-f. arjd civil) hear interest from the date of dishurcement at the rate payable from time to time tin outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in Chic paragraph 7 shall req--irc Lender to incur any expense or take any action hereunder. g. htxpeefba. Lender may make or ca-~+c to t+c made rcacanahk entries upon and inspections of the Property. provided that Lender shall give &-rrowcr nutn•r prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdettnaatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with ar condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of catdemnation, are hereby assign.: and :hall 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 ama--nt 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 bs• Borrow•cr. ar if. after notice by Lender to Borrower that the condemnor oilers to make an award or settle a claim for d:-maic+. Borrower fail. to respond to !.ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. al Lender's 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 of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums 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 Bc-rrowe~ c successors in interest. Lender shall not be rcgttircd to commence proceedings against such successor or refuse to extend t-me for payment or otherwise modify amortization of stir sums sec--red by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in etercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not 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 tx a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mongagt. 12. Remedies Comulatite. 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.:-nd may be exercised concurrently. independently or successively. ' 13. Strccessots and AssiRws Bound: Joint and Several I.iabilfty; Capttions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure 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 this Mortgage are for convenience only and are not Io be aced to interpret or define the provisions hertc+f. 11. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to lender as provided herein. and Ib) any notice to Lender shall he given by certified mail. reu,m receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as pro+ided herein_ Any notice provided for in this Mortgage shall tx deemed to have !-een given to Borrower or Lender when given in the manner designated herein. IS. Uwiform Mortgage; Governing law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h~ 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 ar clause of this Mortgaee or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Notr which can I,e given effect without the conflicting provision, and to this end the provisions of the Mortgage and the 'vote are declared to Ix severable. 16. Borrower's Copy. Borrower shall be ft-rni+hed a conformed copy of the Note and of this Mortgage at the time of execution or after retardation hereof. 17. Transfer of the Property: Assumption. If alt or any part of the Property or an interest therein is said or transferred by Borrower without Lender's pricer wnlrrn ~ansem. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (ht the creation of a purchase m-•nev security interest for household appliances. (cl a transfer by devise. descent or by aperation of law• upon the death of a t-,int tenant or (di the grant of any leasehald interest of three years or less not containing an option to purchase. Lender ma)•. at lender's option. declare all the sums secured by this Mortgage to bt immediately due and payable. Lender shall hive waved such option to accelerate if, prior to the tale or transfer. Lender and the person to wham the Property i+ to I,c .ol.l or transferred reach agrcrment in writing that the credit of such person is satisfactory to Lender and that the interc+t payable on the sums secured by this Mortgage shall be at such rate ac !.ender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a 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 Nate. If Lender exercises such option to accelerate. I ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall pravide 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 sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1st hereof. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: Ili. Acceleratba; Remedies. Ettcep as provided iw paragraph 17 hereof. upow Borrowers breach of awy covewawt or agreemnat of Borrower is Ihis Mortgage. includirtg the cot+ewaMs to pay whew due awy srrus secured by this Mortgsge. Lender prbr to sccekratbw shall mail notke to Borrower as provided la paragraph 14 hereof specifying: (1) the bresch: 12) the acfbw tr+tquired to crre such breach; (3) a dste. not less than 30 days from the date the notke b mailed to Borrower. by whkh srcA breach must be erred; and (4) that failure to care srch brescb ow or bdore the date specified iw the notke may resole iw sccekrstion of the soars secured by this Mortgage. foveclosare by judkial proeeedittg sad sale of the Property. The notke shall further inform Borrower of the right to reinstate after acceleMbn swd the right to aster! iw the /orccbsrre *roreedittg the aon-a:istenct of a deisuk or any other deftwse of Borrower to accekrstion and fortcloswre. 1f the breach k aot erred ow or before the date specified is the notice, Lender at t.irndt-'s oplbw way declare aA of the sttwss stored by his MoARaRe b be immediately due and payable without further demand end may forecbst stile Mortgage by jisdkial protetdirtR• f.en~ler shall be ewtitkd to copeet M arch proceeding all eapenses of forccbsrn. iaclydin=. brt not igmitd to. seasonable ata,rnrv's fees. and tests of dotuwsaNary etridewct. abstrscts and title reports. 19. Borrowers Rlgbt to Reinstate. Notwithstanding I ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an} pracetdinec txt:~m b~ Lender to enforce th-s Mortgage dnconlinued at an) hint s~~x 344 P~E~