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HomeMy WebLinkAbout2690 - 4 Leader's written agtopioertt a applicable kw. Borrower sltafd pay the arrtottpt;.Qt t~ btl~~ iotlutasoe pretaitans is the meaner provided under paragraph 2 htaeot. e ~ - Any amounts disbursed by Lender pursuant fo this isaragnph 7, vritii 'iaterost tlta~eoa. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agres to other tams of paytaeeR. such amounts shall be payable upon notice Fran Linder to Borrower royuesting payment thereof. and shall bear interest from the date of disburstxrtatt at the rate payable from lane to time on outstanding principal under the Note unless payttoaot of interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest st the highest rttb petmuq'ble under applicable law. Nothing contained in this paragraph 7 shall require Lends to incur say ettpease oft fate any action herettader. - i. irpedaa. Lender may make or cause to be made reasonable entries upon and inspoctian of the Property. provided cihat Lender shall give Borrower notice prior to any such inspection specifying rcasortabk cause therefor rtdated to I.ettder's interest in the Property. ~t Coait:rwaatba The proceeds ~~i`~r~ 9r claim for damages. direct a consequential. in oortrtectiow with say condemnation or other taking of the Property. or put thereof. or for conveyance in lieu of condemnation. are hereb)? asaigrted and :hall be paid to Lender. in the event of a total taking of the Property. the proceeds shall be applied to the sums stxured by -this Mortpse. with the excess. if any, paid to Borrower. in the event of a partial taking of the Properly. unless Borrows and Leeds 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 secttrcd by this Mortgage immediately prior to the dab of feting bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. it the Property is abandoned by Borrower, or it, after notice by Lender to Borrower that the oottdtaanor offers to meta an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days ahs the date such rtotioe is mailed. Lender is authorized to collect and apply the pra~ecds. at Lender's option. either to restoration or tspair of the t?ropeny or to the wins secured by this Mortgage. Unless Lender and Borrower otherwise -agree in writing. any such application of proceeds to principal shall rat 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. - lfl. ¦orrower Not Released. Factension of the time for payment or modification of amortization of the wins 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 Borrowers successors in interest. Lender shall not be required to commence protxedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by r+4acon of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance b1 Lewder Not s Wtlver. Any forbearance by Lender in exercising any right or remedy heretmder, 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. 12. Rtwtedks ttirwbttive. All remedies provided in this Mortgage are 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. Sweeessors awd AssiRws Bowed: Jobt awd Several i.bbiiity; Captiows. The covenants and agreements herein contained shall bind. and the rights hereunder shall tnttrc to. the respective succcesssson and assigns of Lender attd Borrower. . subject to the provisions of paragraph 17_lkt+eoF- AN 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 hermf. 14. Notke. Except for any notice rcgttired under applicable law to be given in another manner, (a) 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 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 Lender's address stated herein or to such other address as Lender may designate by nc?tice 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. 1S. Uwiforw Mortgage: Goocraiog Law: Severability. This form of mortgage combines uniform covenants for national use and tan-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 I, event that any provision or clause of thic Mortgage or the Note conflicts with applicable law, such conflict shall not atTed other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisans of the Mortgage and the Note are Declared to be severable. 16. Borrower's Cop'. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17. Trawder of the )Poperty: Asantnplieu. If all or any pan of the Property or an interest therein is sold or transferred by Borrower without Lender s prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e) 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 yeah or less not containing an option to purchase, Lender may. at Lender's option, declare all the suttu secured by this Mortgage to be 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 co1D 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 ac Lender shall request. if Lender has waived the option to accelerate provided. in this paragraph i7, and if Borrowers successor in interest has executed a written assumption agreement accepted to writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acrnrdanc~ wirh 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 pericxl, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. Norr-Uxrt-oRt~r Covt=_Narrrs. Borrower and Lender further covenant and agree ss follows: 17 hereof, trpw •orrowers frseacY of awy eovewaN err lg. Acederatbw; Reredia. lgttcept as provided iw pngraRM agreerewt off lorrower b tlt[s Mortgage, iacttrdiag the corewawts to py whew dwe awy sttuws seawrei by this Mortgage. Lewder prbr b seesleratlow sbaN mail wotlce to Borrower:ts prorided iw'aragnp6 14 ttereot specltyiw~ (1) the breach: (2) tree wctiow r rrgwis+ei b care tra>eh br+acr; (3) a date, root las thaw 30 days irorw the rite tfire wotice is astYei a ¦orrower. by wltki sudt breach wrest Ire ewred; awl N) that faWtre to cue web breach ow or betoee the date specfiea b the wotiee ray reswM b ! acakatiow e< the sae aecud by tb4 Mortgage. toseclosure ti j~dal ~rocesdiwg -aai sale of the hoperty. Tk wotitx tlW briber iwforr Borrower aft the rf+gbt b rcinttate after accekratba awd the right to assert b the toredowre ptrocesiitg ` the woa•exbteaee of a dtfailt or say other detettse of Borrower to acceleratiow sad forecloarre. H the 6reacb is wst card a err befa+e the date s*eclid b the wotice, Lewder at tenders opbw ray decbrre all of the swan stxweti ti this 1Mo~~ e ~ ~ irretfihly dtse acrd pyable wfiboet trrrtber demand and stay foreclose this Mosigage b7' jwdicid lreesediaR- be ealitled to co8ect b swdt proctedirrg ~ etrpt:wses ot-foreclossre, aR• bwt not lirrtiled M. reasewaYe atbrwey's fees. a~ casts ~ ~~~r evidence, a6stracb and title reports. 19. )torrower's Right to RebNate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, 1 Borrows shall have the right to -have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 600X g1GE~~ - t n ~ r S~ ~R-. ~r