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HomeMy WebLinkAbout2665 Lender's written agreement a applicabb law. 'Borrovtrer ahaU pay the amount or aY mortgage insunnoe prrn?iutm in tM manner provided under paragraph 2 hexed. Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage: Unkst Borrower and I_rnder agree to other term: d payment. such amounts shall be payable upon notice tram !.ender to Borrower requesting payment thereof, and shall bear interest tray the date of disbursement at the rate payable trap time to time an outstanding principal under the Note tatka paj?ment d interest at such me would be contrary to applicable taw, in which event such amounts shall bear interest at the highest rats permissr'bk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any ettperw or tats any sction hertiuttder. - tl. l~eetiest, i.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that bender shall give Borrower notice prior tq any Such inspection specifying ~rcasonabk cause therefor related t0 Leaders interest in the Property. Cost~etaataaort, The proceeds d any award or claim for damages, direct or consequential. in connection with any condemnation or other taking d the Property, or part thereof. or for conveyance in lieu d condemnatan, are hereby assigned 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 Borrower. In the event of a partial taking of the Property. _unless Bomovrer and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such ptnpurteon of the proceeds ss is egwl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date d taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance d the proceeds paid to Borrower. • if the Property is abandoned by Box:ewer, or if. after notice by Lender to Borrower that the oottdetattor ofkrs tD mats an award of settle a claim for damages, liarrawer fails to respond to Lender within 30 days after the date such notice is mailed, Lender n authorized to collect and apply the proceeds, at Lender's option. either to restoration or repair d 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 shag not e>ttatd or postpone the due date of the monthly installments rcferreA to in paragraphs 1 and 2 hered or change that amount d such installments. lt. rorroner Not Released. Extension of the time for payment or modiAcation of amortization d the sttrra secured by this Mortgage 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 &+rrower's successors in interest. Lender shall not be required to corrtrrtence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Roriearawce iy I.ewier Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall rat be a waiver of or preclude the exercise of any such right or remedy. The procurement of ittsurartoe or the payment of taxes or other liens or charges by Lender shall not be a waiver d I.er?der's . right to acceknte the maturity d the indebtedness secured by this Mortgage. 12. Rerweis Cwttthave. All remedies provided in this Mortgage are distinct and cumulative to arty other right or remedy under this Mortgage a afforded by law or equity, and may be exercised concurrently. inekpendeotly a successively. 13. Srtccessors said AssTgss lonrtd:.loins anti Several i.iabirly; Cs*fkrts. The oovenaots and agreements heteia contained shall bind, and the rights.hercurtder shall inttr~ to. the.rcspective sttocessors and assigns of Lender spd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joie!{ and several. The pptions' and headings of the paragnphc of this Mortgage are for convenience only and ape not to Ik used to interpret or define the provisions hereof. 11. Notke. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower p~avided for in this. Mortgage shall be ~ivrn by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such ghee address as Borrower map designate by notice to !.ender ss provided herein, and (b) any notice to Lender shall he 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 ss provided herein. Any notice provided for in then Mortgage shall be deemed to have been given to Borrower or Lender when givrn in the manner designated herein. 1S. Utltor>• Mortgage: Govert,ir~ iaw: Sevsra6ility. This form of mortgage combing 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 d the jurisdiction in which the Property is located. In the evrnt that any provision or clause of this Mortgage err the Note conflicts with applicable law, such -conflict sha8 not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. and to tha end the provisions of the Mortgage and the Note arc declared to be sevenbk. lf~ iorsowers Ce*y. Borrower shall be furnished a conformed copy of the Note and d this Mortgage at the time d execution or after recordation hereof. - I - 17..7'raissfer of tee Tropesty: Assnwtpliort. if all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's pray written consent. excluding fa) the crratiort of a lien or encumbrance subordinate to I this Mortgage. (b) the creation of a purchase money security interest for howeltold appliarteg, (c) a transfer by devise. ~ desornt or by operation of law upon the death of a joint tenant or (d) the grant of any kssehold interest of three yeah or less ~ not containing an option to purchase, Lender may, at Lender's option. declare all the sums secured by tha Mortgage to be ~ immediately due and payable. Lender shall have waived arch option to aeceknte if, prime to the sale or transfer. Lender ~ and the person to whom the Property is to be Bald or transferred reach agreement 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 be at such me as Lender shall regtrgt. if Lender has waived the opion to accelerate provided in this paragraph 17. and if Borrower's successor in interest bas executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower tram all obljpttions under this Mortgage and the Note. - i[ Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordanc-c 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 wms declared due. if Borrower fails to pay such sums prat to the expiration of such period, Lender may. without further notice or demand on Borrower. invoke any rcntedig permitted by paragraph 18 hereof. Na+-Ur+rtxoarat Cov~ar~rrs. Borrower and Lender further covenant and agree as follows: li. Ac~eeleratiesr Re~si. EaeepR ss povitiled i• paragraph 17 fsereor. tr*ort Isoesrwes's ise~ti o< ttaiy eevsttswf K agnettsssst eft Benwrer r fiis Masigage, belrifrtg ~e coverrssis 10 pay wltett ie any sews seesatti ti Ikis Merfgsge. I.esder pefstr N aecekntisw star aaY stotice N lfosrrwer m provYed r rragrapi 14 Uere+r speetfylsg~ (1) ate •sestle (Zl tfle aelisrt spti~si M tas~e sici ir+acii (3) s its. rtst less liars 3t hys freers the ife ate stsaee r .Wed N llsrnwer. b!' wild sate! ~ ireaei sMM Tk esire~ sr.i (n ataf rarrtn M etrn serelt iresei ost er blase fire ire speefisi V the tsotiee sssy srestalt r aoederaass~ d fie struts serrresd b atis Mosigrtge. hstieksere try js~lcW NeesarMtg sari ask of tee Tr~operty. 71te ¦sfkti .!tore rrtrtier btert• ~errawer et lie right w rtiitutate after aeeekssaort ssi tie right w ssse*t b lie roreeMswt /soteeitR 6s .o..e:Mnee sft . dCranle er ssy ether aerestse .r so.ro..K ro .eeelerane. snti r«eaio.twe. It ore inset r .et estrsi 3 es' bden ate iMe sp«Yei i• ate rtoMea i;.ewtler st i.e.+er•: epiort may dsel.n sf1 d tic Harr. sse.s~sd iy lib Mest`a)pe fr. rte lnsaeiislelX dtre ssi NyaMe witiotrt ttsrtlter dewtand and .fay t«eeiose ors Mos~sge Try ~W psrte:ettisg. bender sW k entlOsi N teifieet i, stsei pcadisg si arpenses of fercclssrtre. i~ela/irrg. iut ttstt rmbisi ls. s+eassrtsYt sltorttetr's.Eeg. ate essb er iseutsiesMary evMencs. aMtracls srti ride re~es~s. 1!. Dsss~wa's R~it M Reinstate. Ncttwithstsnding Lenders atxekntion of the tapes. secured by thn Mortgage. Borrower sets116ave the right to have any procesdings begun by Lender to enforce this Mortpgt discontinued at any time a - soox 3U3 NA~F266 i - , .