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HomeMy WebLinkAbout1840 - - ! Lender's written agreement a applicabb law. Borrower shall pay the amount of all rrrortgage instuanoe~premirrans in the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to tha paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secuttd by this Mortgage. Unless Borrower and Lrnder agree to other terms of payment. such amounts shall be payable upon rrotii:c from Lender to Borrower requesting payment thereof, and shall bear intereq from the date of disbursement at the rate payable from time to time on arbtanding principal under the Note unless pa~rrneat of interest at such rate would be contrary to applicable law, in which event such amounts shall bear,inttreq at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall requirc~ Lender to irrctrr say experae or take any action hereunder. It. ltss~eetisw. Lender may make or cause to be made reasonable entries upon and inspsctiorrs of the Property. provided that Lender shall give Borrower notice prig to any such inspection spet:ifying reasonable cause therefor related to Lender's interest in the Property. ; ; : = > 1' CoeiewrrNios. The proceeds of any award or claim for damages, direct or consequential. in eonrreetion with au7 condemnation or other taking of the Property, or part thereof, a for conveyance in lieu of eorrdernnation, are hereby asigtred 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, it any, paid to Borrower. In the event of a partial taking of the Property. -unless Borrower and Ileoder otherwise agree in writing. there shall be applied to the sums stxrrted 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 taking bears to the fair market value of the Property immediately prior to the date of taking, with the balarroe of the goceeds paid to Borrower. - If the Property is abandoned by Borrower, or if. after notice by Lender to $orrower that the condemrror offers to mate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the d:te such ootioe is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair of the Property or to the sums secured by this Mongage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not ex>tiard or postpone the due date of the monthly installments referred to in paragnphi I and 2 hereof or change the amount of such installments. -10. Borrower Nof Rekasei. Extension of the -time for payment or modification of amortization of the scans secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to tekase. in any manner. the liability of the original Borrower and Borrowers successors in interat. Lender shall not be required to corrrrrrerroe proceedings against such urocessor or refry-ce to extrnd time for payment or otherwise modify anwrtization of the sums secured by this Mortgage by reason of -any demand made by the original Borrower and Borrower's srccessors in interest. 11. Forbearance try Lerrder Not a waiver. Any forbearance by Lender in exercising any right or rorrredy 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 be a waiver of Leader's right to accelerate the maturity of the indebtedness secured by this Mortgage. - it. Reweaits Ctiswnlaebe. 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 be exercised concurrently. independently or sueemively. 13. 3tseceasoss sari AnriRrrs Bonnd: Joint awd Seved i.iabi~; Ceplens. The oovenanb and agreements herein contained shall bind, and the rights hereunder shall inure to. the.respective wcoessors and assigns of I;ender Bpd Borrower- subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and srwenl. - The captions' and headings of the paragraphs of -this Mortgage arc for convrnierrce only and art not to Ik used to interpret or define the provisions hereof. 11. Notice. Except for any rrotige 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 lender as provided herein- and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's sddresa gated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage :ball be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Udtorw Mort~e; Governing Lary. Seversbitity. This fornn of mortgage combing uniform covenanb for national use and non-uniform covenants with limited variations by jurisdiction to cotrstitute 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 11re I` evrnt that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shalt not affect ~ other provisions o[ tha Mortgage or the Note which can be given effect without the oonAicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. f if. Borrower's ~7. Borrower shall be furnished a conformed cop)' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17:.'Trarster of ere Property: Aswwptiow. If all or any part of the Property or as inteteq therein is sold or transfemod by Borrower without Lender's prior written consent. excluding (al the oration of a lien or encumbrance wbordinate 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 intereq of three yeah or less not containing an option to purchase, Lender may. at Lender s option. declare all the scans secured bry? tha Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the Bak or transfer. Lender and the penorr 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 interact payable on the sums secured by this Mortgage shall be at such rate as Leader shall request. it Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers successor in interest has executed a written asstrmption agreement aaxpted in writing by Lender. Lender shall release Borrower from all ot,4gstions under this Mortgage arrd the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in sccordancc with paraigraph 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 Burns declared due. it Borrower fails to pay such cams prior to the expinfron of cash period. Lrnder may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph Ig hereof. Not+-UHrt=orrut CO'VENAM'S. Borrower and Leader further covenant and agree as fopows: li. AeeeleeatiotK Renreslks. F.:cept r< N'ovided i• NrrLnN 17 hereef, ttps Berrewds itraer et soy csverN err agreeweet o/ liereswer L grin Meregage. f•eirsilni ere eotensNrls a l~ wren toe ah scars stxwei Df MIs Meclgage. Leerier R~ a aeeekratisn sri wail rrotla~e a Bosrewer w provided Ica ~rapr 14 rereot gaeitylsgs p) ere rseeer: (2) ere ae1Ns ~ r~isi a ewe sttKr ra+epck (3) • not Ices draw 3i ~ how ere isee fire tsetirx r trssisi a Bessewer, y wrkr stet rseutr wont tk eased; ssi to fiat taibre a erase ester rre.er on K rdre ere ices spscwi Y ere srstirti way resent Y aocsleralisw ~ ere tsrws sscwei b f)ds Morlpge, h~eelowre y ~W std Bete et ere >rroperty. 71re wNiee star baiter intotrw Borrower d ere right a reinstale after aeeekra8ow s~i ~ ~ a ssert f• ere feseelawe lseeaeisg the note>dstewee .t s iefa¦It or ay after ietewse of Borrower a seeekrslissr Beni trselowrs. d ere rseaer is nst etssei N K relate ere isle gweffiei `ere notice. Lerrier >u i.e~iers eptisw way tsetse r st ere stress ssewar ry tYs 1N~Iga10e a k ire sri g~aMe witrone fa>ttrer dews surd ~ ~~x fta. 6e sneNlei a reisrt V seer ! aB aPe~ sti essls st ieerttaesrtarl? eriience, argrnees ssi title reMrb. i!. •esss?wa's Rt~t a Rdnstale. NotwithstandinE Lender's asxekntion of the cams secured by thr_ Mortgage, i Borrower shall have the right to have any proceedin Lender. to rnforce this Mortgage discontinued at any time t e~ 2 ~A~f1840 _ - 4" f~ ~ - ;