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HomeMy WebLinkAbout1617 Lender's written sgreetnatt or applicabb law. Borrower shall pay the attnoud at aq trtortgage iasttraace premiums is ibe moaner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with itotccest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payttsent, such atnounh shall be payable upon ttalice from Lender to Borrower requesting payment thereof. and shall bear interest from the i date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payttaatt of interest at such rate would be contrary to applicable law, in which event such amounh shall bear inta+es! at the highest rate permi:sibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur nay ercptmss ar fate any action hereunder. fl. /rapecfbin. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation, The proceeds of any award or claim for damages, diroct or `consegtteatial. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby 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 Larder ~ 1 otherwise agree in writing, there shall be applied t6 the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of s 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 Propertq is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to mate iri award or settle a claim for damages, Borrower fails to rapond to Lender within 30 days afar the date such notice is r~..iled, Lender K authorized to rnlkct and apply the proceeds, at Lender's option. either to restoration or m:pair 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 date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. l0. 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 Borrowers successors in interat. Lender shall not lx required to commence proceedings against such successor or refttx to extend time for payment or otlxrwix modify amortization of Ilte sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. ftrorbsaraaee by I.eeder Not s Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. - The procurement of insurance or flee 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. Remedies Cumulatti~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may lx exercised concurrently, independently or successively. 13. Successors and Assigns locoed; .Joint and Seversi I.iabiBfy; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the n`spoctive wccessors and assigns of Lender acrd 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 arc for convenience only and arc not to be used to interpret or define the provisions herrnf. 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 Mortga¢e shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified- mail. return receipt requested. to Lenders address stated herein or to such other addras as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1_ender when given in the manner designated herein. - lS. Uniform Mortgsge; Governing Law; Sevenb8ity. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering j 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 or the Note conflicts with applicable law, such conflict shall not affect . other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Eorrowet's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'IYraader of the Property; Assrrmptiow. if all or any part of the Property or an interest tbercin is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to ~ -this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender s 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. Lender and the person to whom the Property is to be solJ 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 bythis Mortgage shall be at such rate ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall rcleax Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender 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. If Borrower fails to pay such sums prior to the expiration of cuch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norv-UNIFORM Covt:rterrrs. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Rettsedks. Except as provided is prs~grsph 17 hereof, upon )sorrower's breach of -nay coveasat or agreement ~ Borrower i• this Mortgage, including the conewawls to py when dne aey sours secured by fhb Mortgage. Lender i prior to sccekration shag mail wotics to Borrower as provided in pragraph 1< hereof spedfyiag: (1) the breach; (2l the actbn = required to care suet breach; (3) a dots, sot less than 30 days from the date the notice b ma8sd to Borrower. by ..hick such breach must be cured; and (4) Ihat taihre to care such breach on or before .the date spedBeai b the aotke may resat is acceleration of the sums secured by tbb Mortgage, toseclosnre by judicid proceeding asrd sak of the Property. 'ilre notice shag further inform Borrows of flee right to reinstate after sccekraBon and the right fo assert is the foreclosure proceeding the non-exbtewcs of a aefauk or any other defense of Borrower to ncceleratiou and foreclosure. If the breach is not cured on - or before the date gcci&d is the notice. Lender at Lender's option rosy deeius aft of the seas secured by fhb Mortgage to be immediately due and pyabk without further demand and may foreclose this Mortgage b1' judicial proceeding. Lender shag be entitled to collect ire snch proeseding aft s:peaces of forccbsurc, indtrdiag, but not liaated to, reasonable att~,rney's fees. and costs of doctnsentary etridesce, sbstract and lick report. _ 19. Borrower's Right to Rebritate. Notwithstanding Lenders acceleration of the sums xcured by thts Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ac;~~ z i~cF16~~ _ _