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HomeMy WebLinkAbout0761 Lender s writte~ aarcemeot a arplicabk lai. Bonower ~F1~11 yay the amount of all mongs~e insura~ce premiums in the he~eq(' ' , . manne~ provided unde~ parag~aph 2 ~ - ' ~ Any amounts disbursed by Lende~ p~irsuant to this pang~aph 7, wi~h interest theroon. shall become additional imfebtednes: of Borrowe~ secured by this Mortgage. Unless Bonowe~ anci Lende~ agree to othe~ tern~s of paya~ent, such amaints shall be payabk upcM ncuice fmm ~ender to Bomower requesting payment thereof, s~d sba~l bear interat from the date of disbursement at the rate payabk f~om time to time oo a~tstanding priocipal undar the t~ote unless payma~t of intercst at such mte would be contq ry to applicable law, in which event such amounts shall bea~ iaterest at the hiahest rate permissibk under applicabk lsw. Tlothing contaioed in this paragraph 7 shall rcqui~ Cender to incur any expense or Uke any action hereunckr. 8. I~Spectios. I.ender may make or cause to be made roasonable eotries u{wn and inspections of the Propeny. pm~~ded that Lender shal! give Bonower owice p~ior to ~ny s~~ch inspection specifying~reason~bk cause therlb~rclated to Le~der'a interest in the Property. 9. Condemealioa. The prceeedc of any avvard or claim for damaRes. dircet or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnateor~, are hereby assigned and shall be paid to Le~der. . r. ~ in ~he ~vent of a total taking nf ~he Property. the proceeds shall be appli~d,ftr tli~iums'~ecured by this Mortgage. with the excess. if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Bomower and Lender othervvix agree in writing. there shall be applied to the sums secur+ed by lhis Mortgage such proportion of the proceeds as is equal ta that proportion which the amaunl of the sums cecured by this MoKgage immediately prior to the date of taking bears to the fair market value of the PropeNy immediately prior to the date of taking, with ihe balance of the proceeds , paid to Borrower. if the Prc~perty is abandoned by Borrower. or if. after notice by t.ender to Bom~wer that the rnndemnor otfers to malce an aw•ard or settk• a claim for damagrs, Borrower fails to respond to l_ender within 30 days after the date such notice is mailed. Lende~ is~ authorized to collect and apply Ihe proceeds. at i.ender's option, either to restoratia+ or repair of the Propeny or to the cums secured by this Mortgage. Unless I.~ndewnd BorroM•er othervvice agree in K~ritine. an} such application of proceeds to principal shall not exte~d or pc+s~pope the d~ date af the monthly installments referred to in paragraphs 1 and 2 hereof or change the unount of such imtallmeats. lA. Borr~wer Not Rekased. Extension of the time for paymcnt or mc~dification of amortization of the sums sxurcd by this Mortg~ granted by I.ender to any successor in interest of Borrower shall not operate to rekase, in any manner, the liability c~f Ihe original Borrower and Bonower s successors in intercst. Lender shall not be required to commence pn,ceedings against such s~w~tssor or rcfuse to extend time for payment or othenvise modify amortization of the sums secured by thic Mortgage by reason of any demand made b~ the original Borrower and Borrowers successors in interest. 11. Rorbearmce by Lender NM a Wdrer. 4n~~ fort+earance by I_ender in exercising any right or remedy heramder, or otherwise afTorded hy applicat?le law, shall n~t be a waiver aF or preclude the exercise of any such right or remedy. - The procurcment of insurance or 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 cecured hy this Mongatte. 12. Remedies Cmm~lati~e. All remeclies pmvided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or affarded by law or equity. and may~ be exercised concurnently, independently or successively. 13. Snccessors and Assi~as Boand: Jant aad Sereral i.iabiliry; Captions. The co~~ena~ts and agreements hercin contained shall bind, and the rights hereunder shall inure to. the respective successors a~d assigns of Lender and Borrower, subject to the provisionc of paragraph 17 hereof. All covenants and agreements c+f Borrower,shall be jo'snt and sevenl. ~ The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be uced to interpret or define the provisions hereof. 14. NWice. Except for any notice required under ~pplicable law to be given in another manner, (a) any notice to Borrower provided for in this ~iortgage shall he givep b~~ mailing such notiar by certified mail addressed to Borrower at thc Property Address or at sueh cuher addresc as Borrower ma~ designate by notice to i.ender as provided herein, and k (b) an~ notice to Lender shall he given by certified mail. retum receipt requested. to i.e~ders address sta:ed herein or to t f cuch other address as ' en~er may designate by nc~tice to Borrow~er as provided herein. Any notice provided for in ihis ~ 4 Mortgage shall be deemed to have been given to Borrov?•er or 1_cnder when given in the manner designated herein. ! ` l5. Uaiform MortgaRe; Go~erniu~ Lavr; Se~~enM1it~. This form of mortgage combina uniform covenants for national 3 use and ncx~-uniform covenants with limited variations bp jurisJiction to constit•~te a uniform security instrument covering real propeny_ This Mortgage shall be governed h~ the law• of the jurisdiction in which the Property is located. In ihe : event ~hat any provision or claux of this Mortgage or the Note conflicts with applicable law, such conflict shal) not affeet ~ other provisions of this Mortgage or the Nose W~hich can be given etfect wiihout the conflicting provision, and to this = end the provisions of the Mongage and the Note are Jeclared to be severable. f I 16. Eorrowe~s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traasfer of tiie Pmpetty: Assumption. If all or an~ part of the Property or an interest therein is sold or transferred by Borrower without I.ender s prior written consem. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the ~,reation of a purchase money cecurity interest for household appliances. (c) a transfer by devise. ± descent or by operation of la'vv upon the cieath of a joint tenant or (d) the grant of any leasehold interest of three years or 1ess ; not containing an oPtion to porchase. Lender may, at Lender's option. declare all the sums secured by this Mortgage to be immeeiiately due and payable_ [_ender shall have v?aived such option to accelerate if, prior to the sale or transfer. L.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such per3on ~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shalt be at such rate as Lender ~ shall request. lf [_ender has waivod the optian to accelerate provicied in this paragraph 17, and if Borrower's succeswr in ~ interest hac executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all a obligations under this Mortgage and the Note. . ~ If ~ender exerciscs s.ich optio~ to accelerate. Lender shall mail Borrower notice of accekt2tion in accordance with paragraph 14 hereof. Such notice shall provide a period of no~ less thao 30 days from tht date the notice is maikd within which Borrowe~ may pay the sums declared due. lf Borrower tails to pay such sums prior to the expiration of such period. - Lender may, without further notice or demand on liorrower. invoke any remedies ptrmitted by paragraph 18 hereof. Nwv-U*~tFae~?t Covex~rrrs. Borrower and Lender further covenant and agree as follows: 18. Accelerstioa: Remedia. Facept as provided ia para6rap6 17 6ereof, opo~ Borrower's 6~eacL of a~y co~ewt or ; atree~aeot of Borrower in t6ts Mort~a~e, includin~ tbe coreoasls to pay w~ben dns s~ s~ms ~ by tr4 Mort~~q I.aeder ~ . prior to accekratioa sbaU mail notice to Eorrower as prorided ia psra6rapb 1` ~ereoE apecNy~: p) tre berse6: ti~e acfiow ~ reqnired to esre socl~ 6resc6; (3) a date. aot less tban 30 dafs frorn tbe date the nMice b ma~ed to derrowe:, by ~?rkti sac~ breach maat 6e cored: aad (4) t6at faiinre fo cure sach brescb os or tiefor+e t6e date speei6xd i~ tie ~otke s~y res~lt b accderatiow ot Ife sus~s secored by t~ Mort~e, foreclosen by j~dicid proceeaio~ aad sde oE tbe Pro~eely. 'ILe ootice ~ sbdl forther iaform Borrower of tbe rig6E to rei~iate afier accek~stios ssd t6e ri~6t b a~ett ir We foreclow~+e prue~e~ the noa-existeace of a defaok or asy dhet detease of Borrower to acceleratio~ sad forecloame. if We b~escb i~ aot e¦Ki a~ ~ or before t6e date speci6ed ia We sotice, Leadcr a1 LeodePs optfos msy dedare a~ of tbe st~s sectred by t~ Mor1~a`e to be ~ immediately doe aad paya6te wit~od fwiLerdemaod awd ma~ foreclose t6is Mo~a6~ dl' b~~ i~ ~ i be ~ided to coYe~~t ~ s~cb proccedia` dl e:pe~aes of foreclosrre, iclodioa, bet ~ot li~ed t0. raroeable attone~'s fas, ~ asd costs d doc~meutarr erWewce. sbstncts asd tide reports. ~ 1 19. Don+uwer's Ri~Lt to Re~estate. Notwithstanding Lender s aceeleration of the sums socured by this Mortaage. Borrower shall have the right to.have any proccedings begun by Lender to enforce this Mortgage discontinuod at any time s~z~r ~ 7~ .