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HomeMy WebLinkAbout2781 Lender's written agreement or applicabb law. Borrower shall pay the amount of all mortgage insurance premiums is the manner provided under paragraph 2 her+oof. - Any amounts disbursed by Lender pursuant to rho pangraph 7. with iatetrst thereon, shall become sdditional indebtedness of Borrower secured 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 tr+orn the date of dtsbursernent at the rate payable from time to time on outstanding principal under the Note unites payafatt oI interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rats permissible under applicable law. Nothing contained in this paragraph 7 shall rCquirc Lender to incur any expeme ar fate any action hereunder. iwt~ettiow, Lender may make or cause to be made rrasonabk entries upon and inspections of the Property. provided that [.ender shall give Borrower notice prior to any such inspection specifying rcat+oaabk cause iherefor related to I,atder's interest in the Property. - 9. CowieswNbw. The proceeds of apg a~i)~`or c~~m for damages, direct or eorrsegtretrtial. in coartectiow wiW .wy condemnation or other taking of the Property; dr Matt thereof, or for conveyance in lieu of eoredemrtation. an hereby atsigwed . 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 8orrowrr. In the event of a partial taking of the Property. tmless Borrower and Fender otherwise agree in writing. there shall be applied to the sums secured by this Mort such lrroportion of the pnooeedt 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 p~oceods paid to Borrower. It Ate Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the ooadawttor oRers to mats an award or settle a claim for damages, Borrower tails to respond to Lender within 30 day: after the data such twtioe is tnaikd, lender is authorized to collect and apply the proceeds, at Lender's option, either to t~tstoratio_ n or npttir o[ t6s property or to the sums secured by this Mortgage. Unkas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpcxre the due date of the ptonthly installments referred to in paragraphs 1 and 2 hereof a change the sunotrat o[ such installmttrts. 11. Borrower Not Released. Extension of the time for payment or modification of amortization of flee sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall rapt operate to release, in say manner. the liability of the original Borrower and Borrower's ~ttccesson in .interest. Lender shall not be required to eorrtrrterroe proceedings against such stccessor 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. 11. Forhearawce by Levier Not s Wsiver. Any forbearance by under in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of ally such right or rely. The procurement of insurance or the payment of taxes or other liens or charges by Lender sha0 vat bt: a waiver of Calder's right to accelerate the maturity of the indebtedness secured 6y this Mortgage. 12. Rewiedks Ctsseilatlvt. All remedies provided in this Mortgage err d'atinct and cumulative to any other right or _ remedy under this Mortgage or afforded by law or equity, and may be exercised cortcurrrntly, independently a successively. ' 13. Swecesas awl Assigns sorrwi: Joist sell Severe! t,bbility; CaplMas. The oovenaats and agreements herein contained shall bind and the rights hereunder shall inur+g to, the.rrspective successors and assigtts of Leader sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall lx joirtl and stweral. The captions' and headings of the paragraphs of this Mortgage are for coovenienoe only and are:. not to lie used to interpret or define the provisans hereof. 14. Notion Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower ptovidod for in this Mortgage shall be given by mailing such notice by certified math addressed to Borrower at the Property Address or at such other address as Borrower may designate by eiotioe to Tender at provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's •ddrrss stated herein or to such other address ss Lender may designate by notice to Borrower sa 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 hernia. iS. Uwltors Mortgage: Goverwiwg Law: Seters6iWy. This form of mortgage cornbitres uniform oovroants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security irtstrumatt oovrring real property. This Mortgage shall be governed by the law of the jurisdiction in which the Proptrty is located. in the event that any provision or clause of this Mortgage ~r 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 bt severable. li. lotrower's Cody. Borrower shalt be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsier of the h~operty: Aswwrptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or arcumbnnce wbordinate to this Mortgagt, (b) the creation of a purchaa money security interest for household appliances, (c) a transfer tw devise. ~ descent or by operation of law upon the death of a joint tenant or (di the grant of any leasehold inter+at of three yeah or less ~ rtot containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by the Mortgage to be ~ imtrtediately due and payable. Lender shall have waived Stich option to aceeknte if, prior to the sale or transfer. Lender d and the person to wleom the Property is to be cold or transferred reach agrrenxnt in writing that the credit of such person is satisfactory to Lender and that the inten-ct payable on the sums secured by this Mortgage shall bs at such me as Lender shall request. i[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obilgations under this Mortgage and the Note. ~ if Lender exercises such optwn to accelerate, Lender shall mail Borrower notice of atxekntion in sccordan~ti with paragraph 14 tterrof. Such notice shall provide a. period of rtot less than 30 days from the date the ratite a mailed within ~ which Borrower may pay the sum: 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 1 g hereof. NoiY•Uxttaoretot t;.ovetv~rrrs. Borrower and Lender further covenant and agree ss follows: li. Acederado~ Resew. E><eeM ss'rovfiei i• pwagra*Ir 17 Ireseof. spw 1err+swes's hesaeh e[ awy eavewswt K agreewre¦t of •ernwer V this Mortgage. Iweiweiirtg Ilse eoewnNs to whn iwe atsy tawrts seawei Yy thY Mostgsgt. ltwwier peiotr N seetierwdew shtM tn8 wodoe m •oerswer as provNci M 11 tteeeet speeRj~irrgs p) the Meseh: (21 the setMw rpti~ti M etts~e sled trrrack (3) a isee. wet ins than 3i lays tees tee ials the wstke I< twiei N lsssrvwer. by wbki strele - ~srawtlr ssett tie estre$ awl N? that taYwre ie ewre ssrel~ rrraeh ow er rMdere tie isle speetBsi r the wotiet twq resell r " wtxderaWw e[ the swat tatarri tty ttsis Mo+tpge. hr"sclowrir h7? jsikW poeee~Wg awl tttk of the h~operly. 7Trt wertke sW ttrrther iratorrw lonawstr of tree right to e~rtdale aHer secderstiow awl the right M saert fa tht terstloase preeetig t!e wofrsistewor of a iefa~it or sq other ietewse of Renewer ~ accekratiew awl foreelostrre. 1! the 1reaKh V wet estrei M ar tktors the isle yeciiti Iw the wotioe. Levier:d l.ewier's oMtiow say deet~tee a)t s[ tee Barr ssetrrri ~ 1hY MortpRe b k isseiislely tl4re awes payable wilhowt tsrrtlrsr demand awe wrq foreclose gtlt Merlgtegt h7' }ikW ps~tteciwg• irertder daiN be ewNtlei to eoYset t+w stseb proetsiirrg afi es~ at tortcloswr~e, Iweltsiire;. bet wet rwtilsi Is, r+eassrnbie sttxreeylt fees. ~ a¦i essls of ise~.~sewtry eviiesee. abNrsett arts tick r+eportt. r 1!. •srss+was's R~ht N Rdsthte. Notwithstanding Lender's acoekration of the sums secured by the. Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enioret this Mortgage discontinued at any time ~~z ~z778 . - -