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HomeMy WebLinkAbout2812 ~ ; Leader's tlvriuen asr~eematt ar applicable lattr. Borrower shall p.y the amount o[ ap rrwrtsage insurance ~prrrmiwm is the ~ . Joatrner provided urtdsr paragraph 2 hereof. j Any amounb disbursed by Lender pursuant to this paragraph 7. with wterest thereon, shall become additional i indebtedness of Borrower sxured by tha Mortgage. Unless Borrower and Lender a=nee to other terms of payment, such amounts shall be payable upon notice from Lender to 8omower roquestins payment thereof, and shall bear interest tress the date of disbursement at the rate payable from time to tints on outstanding principal under the Note unless payroeat of interest at such rate would be contrary to applicable law. in which event such amounts shall beu interest at the hisltest rats pe_missibk under applicable law. Nothing contained in this paragraph 7 shall regains Lender to incur say expeass or take f any action htueuoder. fl. lttspecMest. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Condor shall live Borrower notice,Prjor to any~such inspection specifying reasonable cause therefor related to Larder's interrat in the Property: Cesiewados~. The proceeds of any award or claim for damages, direct or eonsequeatial, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby sssigtted and shall be paid to Lender. - in the event of a total taking of the Property, the proceeds shall be applied to the sums sxuned by this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Larder otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceed: ? as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the dab of taking bears to the fs~r markN value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. - lf the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the oatdannor often to make an award or scale a claim for damages, Borrower fails to respond to Lender within 30 days after the date such frolics is mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration or repair of the ~ Praperty or to the sums secured by this Mortgage. 1 ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds t~prlrtci¢i; shall not extend t - qr postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instal4nteats. 11). Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Bomowef shall not operate to r~ekaae, in any manner, ; the Iiabifily of the original Borrower and Borrowers successors in interat. Lender shall not be ,required to commence I proceedings against such successor or rcttrse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of aryr demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance b7' Lender Not a N?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 other liens or charges by Lender shall not be a waiver of Lender's right to acceknte the maturity of the indebtedness secured by this Mortgage. l2. Reswedia CmtoolMive. All remedies provided in this Mortgage are distinct and cumulative to any other right or j remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ~ 13. 3secewors swd Asslgtss Boasd: John and Several i.is6fllq, Captloss. 'llte covenants and agreements herein cnntained shall bind. and the rights hereunder shall inure to, the respective successor and assigns of Lender sod Borrower. F ~ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ 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 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 Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at sash other address as Borrower may designate by notice to Tinder as provided herein, and ~ (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.ender'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. 3 1S. UsRortw MortgsRe: Governing Law: Severab0ity. This form of mortgage combines uniform covenants for naCronal - ~ use and non-uniform covenants with limited variations by jurisdiction to rnr>:titute 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 conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. - 16. Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after rtxordation hereof. - 17. Treader of fire may; Assumption. if all or any part 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 subordinate to this Mortgage, (b) the crcahon 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 (d1 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 and the person to whom the Property is to be cold 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 as Lender - _ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all - obligationsunder this Mortgage and the Notes If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance-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 sums declared.due. If Borrower fails to pay such sums prior to the expiation of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Note-Utrrt:oatrt Covsrtretwrs. Borrower and Lender further covenant and agree as follows: la. Aet:elell atlon; Rewedia. Except as proridtd in psragrapb 17 hereof, open Borrowers bnwci of say covenant or agreewent of Borrower d this Mortgage, iwcludirtg the covenaats to pay whts doe stay soars seared by triis Mortgage. Leader prbr b sccelerstbst sisd rsall sotke to Borrower s provfdcd is paragraph 14 hereof stecifylsgs (1) the brash: (2) the series - rgsired here strci iKeac>q (3) s dote, sM less than 36 days frow tie date the sotlee rs tatslted fe Borrower. by whk6 asst breach rnsst k ~ asi (n that ftaBrrrc to core rich breach ow or before the date sptciiai ` the sotke way resslt i• accderatbn o[ me stars secret by tits Mort=aRe, foreclosdrr by jtr~cial procttdiog atad oak of the Property. TA: aotke - sbsY fsrtier irtorat Borrower of the right to rriasfstc after sccekrstbs sad tie ri`it b sttsert in tie fortxlessre p+oceedlat tie von-exigence of a iefsrdt or asf other actersse of Borrower to sccektrstion and torecbarre. if the 6reseM is sot cst~ os or haters tltc date steaiStd in the notice. Leader at (.esder's optics way tkelsre ant oft the sstss sasrt:d b7' tlds Moetgsge to be immedistely dse.and pysbie witbotd fsrtber demand sad way fwrclose tb4 Mortgage il' jsaitW preetedirg. Lender shah be earthed to collect is strci pr~octtdisg s• e:peases of forecbssre, isclsdisg, bst sot liwdtei to, reasonable stt.xney's fees. and ettsb of docsilerttary eiidence, sbstrseb and title reports. . 1!. Iton~owes's Right to Reinstate. Notwithstanding Lenders accekntion 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 - 800lf eKJ~ PAG-E28O0 - ~ X ~ - - _ _ - _ ' ~ -