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HomeMy WebLinkAbout2659 t i Leader's written egr~oeraatt a applicabb law. bocrowet tthall pay the amount o[ aN pttrtjage insutttnog.prtsniums in the meaner provided under paragraph 2 leeteot. - Any amounts disbursed by Leader purwant to this paragraph 7, with -atertat thereon, shalt became additional indebrodnas o[ Borrower secut+od by this Mortgage. Unless Borrower and I_ertder agree to other terns of payttaattt. ouch smounts shall be payable upon notice Fran I.ertder to Borrower r+egtresting payment thereof, and :hall bear interest hem tln date of disbursement at the rate payable from time to tithe on out:tatedireg principal trrtdat the Note unless paymartt of interest at such nb would be contrary to applicable law. in which event such amounts :ItaO bear inbrat at the highest tale permissible tinder applicable law. Nothing rnr?tained in this parsgnph 7 shall require tender to iacw say expttms or tabs any action hereunder. . >lw Ites~eeliest. Tender may make or cause to be made reasonable entries upon and inspections of the Property. ptoridod that Lender shall give Borrower notice prior to any such inspection specifying rra:oreable cause therefor related to Leetdet"a interest in the Property. 9. Conierastatian. The proceeds of anX award or claim for damages, direct or consequential. in connectbn with say condemnation or other taking of the Froptrty. or part thereof. or for conveyance in lieu of coredartnation. are hetfeby assigned and shall be paid to Lender. - in the event of a total taking of the Property, the proceed: shall bt 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 Fender aherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the p[ooeedt ss is egwl to that. proportion which_ the amount of the sums secured by .this Mortgage immediately prior to the dab of taking bears to the fair market value of the Property immediatety 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 thst the condemnor offer to malts an award or settle a claim for damages, Borrower fails to respond 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 o[ the Property or to the sums secured by this Mortgage. Unku 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 tunount of such installments. 16. borrower Not Rekasd. Pxtension of the time for payment or modification of amortization of the stems stxurfed by this Mortgage granted by Lender to any successor in interest of Borrower shall nor operate to release, in any manner. the liability of the original Borrower and Borrowers successors in interest. Lender shall not be r+equircd to commence proceedings against such successor or refuse to extend time for payment or aherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the -original Borrower and Borrower's succeswn in interest. 11. Forbearawce r7' I.ereder Not a R?aiver. '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 aher liens a charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Rea~edles Cteasolatlre. All remedies provided in this Mortgage art 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 successively. 13. Saceessors aoa Assigns Booed; ,lout and Sereral T.ist>ibq, Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender sad Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joitft and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are rat 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, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such wher addresc as Bormwer 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 i.ender s address stated herein or to a such other address u 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. Uelform Mortgage: Gorereiag Law: $ererablUty. This form of mortgage combines uniform covenants for national _ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instnrment covering 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 claux of thic 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. ~ ~ j 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 r+tcordation hereof. 17. Transfer of tre Property; Assumption. Tf all or any part of the Property or an interest therein is sold or transferred i by Borrower without Lender's prior written conxnt. excluding (a) the creation of a lien or encumbrance subordinate to I this Mortgage. (b) the crcateon of a purchace money security interest for household appliances, (c) a transfer by devise, I ~ 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 rat 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 a•rived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to bc. cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcrcct payable on the sums secured by this Mortgage shall be at such rate ac Lender shall rtiquest. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest hu exceuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all ~ obligations voder this Mortgage and the Note. - Tf Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance H-ith puagnph 14 hereof. S'~ech Waite 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. Tf Borrower tails to pay such sums prior to the expiration of each period, ; Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof _ 1 . ~ Noty-TJNIFORM CovENANTS. Borrower and Lender further rnvenant and agree u follows: 1g. AceekMioe; Remdks. Except as provided is paragraph 17 rereof. apes Borrower's 6erad of say corenret er of borrower b this Mortgage, iechedieg the eorewseets to py wrew sae aey wens securd by tits Mortgage. Leader 1 prior b acceterafHoo sl?all mail ewtke to borrower u provided b pragraph 14 hereof specffying: (1) ere hisser: (2) the settee raplyd b cure sects hisser: (3) a date, not las than 3A days from the Gate ere notice Is snaBei to borrower. by whici such breast •wt be eared: sad (4) fist faBtere b sere stech hisser ow or before ere sate speei6ea i• ere wotice may rexelt i acceleration of ere- tries sectud by tits Mortgage. torceloserr b judicial proedeg aei sale of ere Property. Tie corks srsY hither iefotrm borrower of the right to reisstMe after aceeleratioe aeir! ere right b amen ie tie foraloaere proeedt¦g s tie face-exietsace at a dcfmdt or aey other deterrse of borrower to accekratbw sud toreeloarre. N ere 6rwcr is sat cod oe - or 6etorr ere date spetifid fe ere soHce. Lssder at 1.eder's option may deeieee all of Ibe seems seeretd h' tits Mortgage b be z imtiedistely die aoi pysbk wkboet farther demand and may fa~ecbse tits Mortgage by jeikid prot:eediag. Lender shay be eetitld to collect b stet rroceedieg s,M expenses of toredosere. ieche~ag, haft riot Waited b. reasoeable sttxney's fees. sad casts of aoetetateetary eridesce, abstract sad title reports. . 19. borrower's Rigrt to Reitstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i i I BOOx 3U3 vaGE 2655 ~ r ~ ,