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HomeMy WebLinkAbout0646 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgagc Ipiu~~ P~~~u~~..~n the man~er provided under paragraph 2 hereof. Any amounts disbursed by l.ender pursuant to this paragraph 7, with interest thercon, shall become additional indebtedness of Borrower securcd by this Mongage. Unless Borrower and Lender_ agree to other ternns of payment, such amounts shall be payable upon notice fram I.endcr to Borrower requesting payment thereof, and shall bear interest from the date of d'ubursement at the rate payable trom time to time on outstanding principal under the Note unless psyme~t of interat at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest nte permisaibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. S. IaspecHon. Lender may make ur cauu to be made reasonable entries upon a~d inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Le~der's interest in the Pmpetty. . : 9. CoademaaNon. The proceeds of any av?~ard or claim for damages, dircct or conuquential, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigntd " and shall be paid to Lender. In the event of a total taking of the Propeny, 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 Borrower and I.ender othervvise agree in writing, there shall be applied to the sums securcd by this Mo~tgage such proportio~ of the proceeds as is equal to that proportion which the amaunt of the sums secured by this Mortgage immediately prior to the date of 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 thaf the condemnor otfen.to make an award or settle a claim for damagcs, Borrower fails to respond to Lender within ;0 days after the date such notice is mailed, Lender is suthoriud to collect and apply the proceeds, at I_ender's option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend or pcutpone the dut date of the monthly installments referred to in paragraphs 1 and 2 hereo[ or change the amount of such installments. 10. Borrower Not Rekased. Extension of the time for payment or inoditication of amortization of the sums ucurcd by this Mortgage gcanted by Lender to any successor in interest of Borrower shall not operate to release, in any ma~ner, the liability of the original Borrower and Bc~rrower s successors in interest. Lender shall not be requircd to commence proceedings against such successor or ref~~se to extend time for payment or otherwise modify amonization of the sums secured by this Mottgage by reason of any demand made b~~ the original Borrower and Borrower's successors in interost. l l. Forbe~trance by Lender NM A Waiver. Any forbearance b~~ Lender in exercising any right or remedy henunder. or otherwix afforded by applicable law, shall not be a waiver of or prcclude the exercise of any such right or remedy. The prceurement of insurance or the payment of taxes or other liens or charges by Lender shal) not be a waiver of Lender's right to accelerate the maturiry of the indebtedness secured hy this Mortgage. I2. Remedks Cumulstt~e. All remcdies 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. Socceasors aad Assigas Bound: Jotnt and Several i.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of tender and Borrower, subject to the provisio~s of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Morigage are for convenience only and are not to be used to interprct or define the provisions hereof. 14. Notke. Eacept 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 Borrow~er at the Property Address or at such other address as Borrower may designate by notice to I.ender 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 such other addrcss as Lender may designate by notice to Borrower as provided herein_ Any notice provided for in this i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ; 15. Uoiform Mortsage: Gorcrnin~ Law; Severability. This form of mortgage combines uniform covenants for national f use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering i real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the j 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 3 end the provisions of the Mortgage and the Note are declared to be severable. I 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. ~ 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without L.ender's prior wriuen consent, excluding (a) the creation of a lien or encumbrance subordinate t~ ~ this Mortgage. (b) the creation of a purchase money security interest for household applianca. (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 intereat 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. L.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~ is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. If Lendar has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has executed a written assumption agreement accepted in writing by L.ender, 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 accordance with paragraph 14 hercof_ 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 sams prior to the expiration of such period. ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Nox-UtviFORwt CovEHexrs. Borrower and Lender further covenant and agree as follows: ~ 18. Accekratbn; Remcdies. Ezcept as provided in psra6raph 17 hereof, upoo Borrower's breach of any~ coreuaot or $ a~greemeet ot Borrower in this Mort~s`e, indndi~ tbe covenaats to pay r.hea doe any so~ ~ecnred by thh Mortt~e, Lender prior to sccdentbn shall msil ootice to Borrower ns provided in par~raph 14 bereof specH~: (1) t6e breacb; (2) t6e action - ~ required to care soc6 brrac~; (3) a date, nM kss t6an 30 days from t6e dste tbe ootke i~ mailed to Borrower, by w6kh wc6 ~ breac6 moet be c~red; aod (4) t6at fdlnre to cure snch brcach oa or beforc the date speci6ed io the notice may raatt in ~ sccderatbn d tbe sams iecnred by this Mort~age, foncbsurc by jndiciat proceedi~ and sak ot the Property. 'iLe notlce ' ahall furWer ioEonn Borrower of the ~ht to rei~bte after accekntbn and the ri`6t to ae~ert ie tl~e forccbwre pmceedia~ ~ t6e oon-e~teoce of a defank or aay otl~er defense of Borrower to accekrstbn and foreclosore. N t6e brescli is oot care8 on or before t6e date spect8ed ie t6e eotice, Leader at Lender's optba may dechre aU of tbe sams aecnred by thb Mori~a~e to be ~ inrmedhtely due u~d payable s?itlant furt6er demaad And may foreclose tbb Mort=a`e by jodicW proceedius. Leadfr shall be eadtled to colkct la sac~ proeeedio6 a~ e:penses of toreclosnre, inclnding, bor noc u~~~a ~o, rea~ooabte anoreeys t~es, ~ sod cods ot documeataty eridence, a6stracts aod titk reports. 19. Borrowtr's Ri~6t to Rein~tate. Notwithstanding Lender s ac: eleration of the sums sccurcd by this Mortgage, ~ Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time ~a z ~r aoGr 305 r~~ ~ 645 ~ ~