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HomeMy WebLinkAbout2042 • 1 . iy . ) • Lender's written ~~g~ centt:nt or applicabb Isw. Borrower sttalr pay the tutwunt of ail mortgage instuartce pr+smiutns in .the manner provided .under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7. with itatet+al thereon. shall becotrte additiond indebtedness of Borrower secured by this Mongage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon nMice from Lender to Borrower requesting payment thereof. and shall berr interest tram the date of disbursement at the n?te payahk from time to time aft outstanding 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 paragraph 7 shall require Lender to incur any expense or fate any action hereutder. - >l. luspectien. Lender may make ar 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. Condeantstiow. The proceeds "at`any iward or claim for damages, direct or rnnsequential. in connection with any condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of condemnation. are hereby assigned and s. tall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the aims 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 lender otherwise agree in writing. there shall be applied to the sums seamed 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 valttc of the Property immediately prior to the date of taking, with the balance of the pmceods paid to Borrower. - - - If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim far damages. Borrt•wer fails to respond M lender within 30 days after the date such notice is mailed, Lender n attthorized to called and apply the proceeds, at I~nder s option, either to restoration or repair of the Property or to t}te sums secured by this Mangagc. - - IJnkss 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. 19. Borreser Not Released. Extension of the time far payme+tt or modification of amortization of the sums stxured by this Mortgage granted by I-ender to any cuccecsar in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower. and Barrower'c successors in interest. Lender shall not be required to commence proaxdings against such successor or refuse- to extend time for payment or otherwise modify atnonization of thr sums secured by this Mortgage by reacan of any demand made b)• the original Borrower and &~rrawers successors in interest. 11. Forbearance by Leader Not s Waiver. Any farhearance by Lender in exercising any right or remedy hereunder. or - otherwise afforded by applicable law, shall rant be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness s.^cured by this Mortgage. 12. Remedies Camnhtth~e. All remedies provided in this Mongage-arc distinct- and cumulative to any other right or remedy-under this Mortgage-or afforded by law ar equity, and may be exercised concurrently, independently or sur•.essively. 13. Successors sad Assigns botiad; .Joint and Ses•eral i.iabaity; Captions. The covenants .and agreemen s herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jairq and uveral. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are .not to be- teed to interpret or define the provisions hereof. 14. Notice. Except far any notice rcyuired under applicable law to be given in anothtr manner, (a) any notice to Borrower provided for in this Manga¢e shall be given by mailing such notice by certified mail addressed to Barrawer at the Property Address or at such taker addres. as Borrower may designate by notice. to i.ender as provided herein, and (b) any notice to Lender shall be given by cenifieJ mail. return receipt requested. to I-enders address stated herein or to such other address as Lender may decienate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Barmwer or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Governing I,aw: Severabitity. This form of mortgage combines uniform covenants for national ose and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mongage shall be governed hs• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mongage 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 !Vote arc Jcclared to be severable. 16. borrower's Copy. Borrower shall he furnished a confirmed cope of the Note and of this Mortgage at the time ~ of execution or after recordation hereof, E 17. Trtut~sfer of the Property: As4trn,ption. if all it any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lenders pricer written consent. excluding (al' the creation of a lien or encumbrance subordinate to this Mongage. (b) the creat,on if a purchase money security interest far household appliances, (c) a transfer by devise, descent or by-operation of law upon the death if a joint tenant it (d) the grant of any leasehold interest if three years or less not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mongage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the_ sale it transfer. Lender and the person to whom the Property is to be SiIJ it transferred reach agreement in writing that the credit if each person is satisfactory to Lender and that the interest payable in the sums secured by this Mongage shall be at such rate as 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 release Borrower tram all obligations under this Mortgage and the Ntue. If Lender exercises such option ti accelerate. Lender shall mail Borrower notice of acceleration in accordance H ith paragraph 14 hereof. Such notice shall provide a period if not lest than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration if such period. Lender may, without further notice or demand an Birrower, invoke any remedies permitted by paragraph lft hereof. t Note-Urvrt=oath CoveneNrs. Borrower and Lender further covenant and agree as follows: 18. Accekratbn; Rersedia. Except m provided iu paragraph 17 hereof. upn borrower's 6resei oft any coretiaut or agreestesrt of borrower b tits Mortgage. including the covenants to psy when dtie any suuss secured by this Mortgage. Lender prior to sccelerstbu shalt rnaB notice to borrower ss provided is paragraph /4 hereof specbying: (1) the breach: (2) the sctios 4 requbed to eur~e such btn*aci; (3) s date. not less than 38 days from the date tit tsotke b etsNcd to bo'rowtr. by which stick - brash asst be cured; asd (4) that fsittire to cure stick breach on or before the date specMed h the sotke may restiN in sccekratiou oft tie sours scarred by this Mortgage. foreclosure by judkbl'roceedisg and, cork of ibe Property- The nMke slant further inform borrower of tie right to reiwsiste after sccekratioa and tie right fo arsert i• tie forecbstire proceed6rg ~ the uoo-a:isfeuce oft s default or aay Wbcr defense of borrower to sccekratiow snd forecbwre. If the breach- is not cured ar or before the dste specised b the notice. Lender at tender's option ruay declare V of tie stuns secured by fib Mortgate to be bawedistely due snd paysbk witiorq further demand and may toteclose tits Mortgage iy jtidicbi'receedi~. i.endrr shall - be eutitltd to coBcet is stick proceeding ant a:peaces of foreclostire. inchrding, but uof fWnited to. rrarowabk °ttnrne~'s tea. atsd costs of twc.~tseutsry evidence, abstract and tick reports. 19. borrown's Rlgit to Reinstate. NcNwithstanding Lenders acceleration of the sums secured by this Mongage. Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mongage discontinued at any time t - s°oox 303 ~acE2039 • - -