Loading...
HomeMy WebLinkAbout2293 j ~ • • • 1 • .4 Lender's written agreement or applicable law. Borrower shall pay the amount d all ttwr~ga~e insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower sxured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from tithe to time on ouutanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this puagaph 7 shall rsquiro Lender to incur any expense or take any action hereunder. tR tatpsetba. 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 str~h in;peCt~ specifying reasonable cause therefor related to Lender's interest in the Property. i , ~ , r a 9. Coadestnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereat, or for conveyance in lieu of condemnation. are herby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceed: 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 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 balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower tails to rapond to Lender within 30 days after the date such notice 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 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 d such installments. 10. Dortower NM Released. Extension of the time for payment or modification o[ amortization of the sums secured ~ by this Mortgaga: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 successor in interat. Lender shad not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. il. Forbearance i7 lender Not a Wai~cr. Any forbearance by Lender in exercising 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 be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Remedies Casstlatlve. 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 concurrcntty, independently or successively. 13. Saecearots sad Assigns >doead; Joist sad Several i.iabiliq~; Captions.. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 herYOf. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law. to be given in another manner. fa) 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 be given by certified mail, return receipt requested. to Lender's address stated herein or to such other address 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 Lender when given in the manner designated herein. lS. Uniform Mortgage; Governing Law; SeverabBlty. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by 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 3 event that any provision or clause of this Mortgage or the Note rnnflicts 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. Borrower'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. ~ r t 17. 'l~ransfer of tie Property: Assamptioa. Tf all or any part of the Property or an interat therein is sold or transferred s 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 e 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 sold 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 by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has exxuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. _ i 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 such period, i Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-UNIFORM COVENATtTS. Borrower and Lender further covenant and-agree as follows: 18. Acccderaatioa; Raaedia. Except s. provided b pan~gt~i 17 hereof. apw borrower's breae6 of Bey covewt a agreement of Eorrower b tits Morlgase, iechraiag tie eovenarts to pay view doe Bray sass seearea i7' tit Mortgage, I.eaier prbr to secderatb¦ suit maY notice b Borrower as provided b prtrsgrap6 14 iersof speti<>iag: (1) tie bread; (Zf tie action esgatred b ears sttci 6reacb; (3) a doh, ant let flea 30 days from tie date tie nodce d ntatkd b Borrower, try wttidt sstci bread moat fie cared; ants (4) fiat faYare to care s¦ci trtreaci on or beforo tie date apeeciioi d tie notke ssaY testrk ~ scedetsNoa d tie stunt iecatsd try flit Mortgage, for+eciosare iT jadteW proceedhtg arts sale of tie ltrperly. 'Itie notke siaB tattier isrfotu aomower of the rigit b reinAate sNer sccderstiort sad tie rigit b asrett h tie foreciowte psoeseairg ~ tie non•ezisteaee of a detadt or any otter defame of borrower to aeeeler~iorr sera toteciosees. ff tie !tassel i. sot areal a or bdore tie date speciliel b tie aotke, Lender at t.enle~s option niay deehre sY of tie w~ ttcnral try tilt. Matrlgage b be ' V imsseditdy doe eel payable witioat tattier demand and may foeecbse tbi Mottga`e i!' jadicW proceeding. I.enler tbsY fie artltlel b co8ect to ssci procsediag s>t expeates of tortxlosare, iocladisg, trot not limitei fey t+eatonsbie attornty'a fee, astd eosb o[ docareentsry eridetscs, abdrseb snl tNle tepotb. 19. bortowet's Rigbt to Reinttata Notwithstanding Lenders axeleration of the sums secured by this Mortgage. ' l Borrower shall bave the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time x gC~K X02 ~AC~ ~z93 T~ _