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HomeMy WebLinkAbout2702 Lars wn~t~ uag~ 'or applicable kyr, borrower ~haU pay the atrtoud d kq pto!fjaM ptemitrma is tM Pro W 2 hereof. Any amounts disbursed by Lender putsttant to this paragraph 7, with interest thereon, ,shag became additional indebtedrrea of Horrovrer secuted by this Mortgage. Unkss Borrower and Lender ages to other terra: o[ paymetrt, web amounts shall be payabk upon notice fran Lender to Borrower rogtresting payment thereof, and shall bear interest from the date of disMtrstxaent at the rate payable from time to time on outstatrt)ierg principal under the Note fatless paptgent of interest at such rate would be contrary to applicabb law, in which evert such antoturb shall bear interest at the higheM rata permiast'bk under applicable law. Nothbrg contained in the paragraph 7 shall require Leader to incur any experass a take any action hereunder. >R itrapeeNta. Lender may make or 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. C~ The procerd;ef{~ avi?ai~ or claim for damages, direct a consequential, in eonnectbn with soy condemnation or other taking of the Property. a part thereof, or for conveyance in lieu of condemnation, 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 execs:, if say, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender , otherwise sgree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds j as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the dab o[ ; taking bears to the fair market value of the Property immediately 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 that the condeaanor offers to make 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 authori~zod to collect and apply the proceeds, at Lender's option. either to restoration or repair of 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 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 installrtrepts. lt. Eorrower Not Rekasd. Extension of the time for payment or modifkatiat of amortization of the sums 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 Borrower's successors in interat. Lender shall not be required to commence prooeed•.ngs against such strcressor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successors in interest. 11. F_ orbearaoce 6f ieaier Not a Wa~rer. Any torbearance by Lender in exercising any right or rcmody 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 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. Rets~edies Ctsraobrflre. 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 streoessively. 13. Saceessors sari AsriRas boawd:.Joint sad Sereral i.is6itiln Csptieas. The eovenanb and agreements herein contained shall bind, and the rights hereunder shall intrrc to. the rapective successors and assigns of Lrnder attd Borrower. subject to the provisions of paragraph 17 hereof. A!1 covenants and agreements of Borrower shall be jolty and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 11. 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 other address as Borrower may designate by notice to Tender as 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 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. Uelfortw Mortgage; CoreraiaR Law; SeversbtlBy. This form of mortgage combines 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 of the jurisdiction in -which the Property is located. In the event that any provision or clause of this Mortgage 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 rnnfli~ting provision, and to this t end the provisions of the Mortgage and the Note are declared to be severable. 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 recordation hereof_ l7. Traasfer of the Property; Aasmption. Tf all or any part. of the Property or an lateral therein is sold or transferred by Borrower without Lender's prior written consent. excluding fa) the creation of a lien or encumbrance subordinate to ~ this Mortgage, (b) the creation of a purchase money security. interest for household appliances, (c) 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 years or less not 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 waived such option to accelerate if. prior to the sale or transfer. Lender i and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person j is utisfactory to Lender and that the interrct payable on the sums secured by this Mortgage shall be at such rate as Lender i shall request. If Lender hss waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agresment accepted in writing by Lender. Lender shall release Borrower fmm all obligations under this Mortgage and the Note. ~ 1 If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with t paragraph 14 hereof. Such noticx 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 sum: prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R herrnf. f Norr-Urrrr=near CoveNerrrs. Borrower and Lender further covenant and agree as follows: a lg. Aecderatioa; Reaedks. liartept as proviied is psragrs~h 17 her~eoi, rrprr iorrower's 6resch of tray corerrsat or s agrettsr~eat of bon+ower b this Mortgage, i~clrrdiwg the coreaaats to pq whew flee say sours aecrrrsi by this Mortgage. Lender f ptrior fo set:deratbts stall mail eotke to borrower as rroriar:d b psngra'h 14 hereof specifybg: (1) the 6resch: (2) the artiow ' regdrd b etue saeh brrcac~ (3) a dace,. sot less than 3A days fray the date the sotice is ssaBetl/o berrower, by which sash breach ertat be cared; ssti (1) that faihrre b care sash breach oa or before the date s'eclRd iw the aMke ttsay rsssk iw seeekrMiar of the s>r¦ts stcard by th4 Mortgage, /?.orecbwrr by jtrakid proceed6rg ttrri ssie of the Property. 711e notice shall farther iafotna borrower pf the right b rciastate after accekrstba :aa the right b assert b the toreclosrree Moeeedirg the aotrrexirteace at a defsdt or arty other ieferwe of borrower to accckratba sett toreebwre. N the breach is sot card oa . or before the desk speeiRd b the sotke. Leder at Lender's optiow stay deelar+e ar of the srssss seerrei by tbb Matgtrge b be iarwediately dae sad pysbk witbotN farther demand sad sway foreclose This Mortgage h' j>rakid pveeediag. Lender draw be eaBfkd to toBeet b saeb proeadiag sM a:pesses of foreclosare. brchrdiag, bat aN WtYte~ ta, rearoaa6le attorney's fees, aai casts of doeo~ eri8eaoe, abstracts aai Ikk reports. _ 1!. berrowet's Rkbf to ReisNate. Notwithstanding Lender's 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 ~~nn t 4 i 600K e~ll~ PACE~~