Loading...
HomeMy WebLinkAbout2698 • + L '~•sw • Lender's written agreement a applicabb law. Borrower :Itali pay the amount of all mortgage ia?tuancx prem~wns in the manner provided under paragraph 2 hereof. - Any amatnts disbttrsed by lender pursuant to this paragraph 7, with interest thereon, shall become sdditional indebtedness of Borrower secured by this Mortgage. Unlt:cs Borrower and Lender agree to other terms of payment. such amounts shall be payable upon nolK-c from I.cnder to Borrower requesting payment thereof, and shall bear interest trout the date of disbursement at the rate payable from time to time on attstattding principal under the Note unless paymtxtt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hightrtt rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender Io incur any expense or fate any action hereunder. 8. hstt'cetioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice.prlnr to ary sttch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coodeutaaflow. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnaton or other taking of the Property, or part therrot, or for conveyance in lieu of condemnation, are hereby assigned and s;~all be paid to Lender. In the event of a to1~l taking of the Pmpeny, 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 raking of the Property, unless Borrower and Lender 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 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 I-ender to Borrower that the condemnor otters to make an award or xttk a claim for damages, &rrrowtr fail. to resannd to Lender within 30 days after the date such notice is mailed, bender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the ' Properly o~ to the sums secured by this Mortgage. Unless [.ender and Borrower otherwise agree in w•rittng. any such application of proceeds to principal shall not extend or postpone the due-dale of Ihelhonthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1?0. llbrrower Not Reks<sed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any crK-~eccor in intcri~ct of Borrower shall not operate to release, in any manner, the liability of the original Borrower and &•rmwer's successors in interest. Lender shall not be required to commence proccedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of troy demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance 61r Lender Not a Wah•er. Any f~rhearancc by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable jaw, shall not Ix 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. Remedies Comnb>tive. 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 ezercisecf concurrently, independently or sttc~.essively. ' 13. 3aecewors and AssiRas >sound:.7oint and $ereral I.iabt'lity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirV and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc 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 Morlgatte 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 (h) any notice to Lender shall be given by certified mail. return receipt requested. to i.ender s address slated herein or to such other address as Lender may designate by nMice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have hecn given to Borrower ur t_cnder when given in the manner designated herein. 1S. Uniform Mortgage; Governing I.aw; Severobility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jttriuliction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which tlic~ Property is located. in the f 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 wilhottt the conflicting provision, and to this end the provisions of the Mortgage and the Note arc .kclared to be severable. - 16. 13orrowe~s Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Trarufer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred I j by Borrower without Lender's prior wrinen consent. excluding (a1 the creation of a lien or encumbrance subordinate to i this Mortgage. (h) the creation of a punhase money security interest for household appliances, (c) a transfer by devise. t 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, [.ender may. at tender's option, declare all the sums secured by this Mortgage to be 2 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 br 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 ac lender shall request. if Lender has waived the option to accelerate provided in This paragraph 17, and if Borrower ~ successor in interest has executed a written assumption agreement accepted in writing by lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. i i if Lender exercises such option t» accelerate, (_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within j j which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such pcricxl. € Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. 5 Note-UNIFORM Covt=_Natvrs. Borrower and Lender further covenant and agree as follows: ~ 18. AccelerMion; Remedies. Except as provided io paragrsph 17 hereof, apoo Eorrower's breach of any covetsaat or t a8rccttfreirt of lorrower b ebb Mortgage, iacltrdiriR the covenants to pay wbea due any inrms steered by this Mortgage. I.eadcr prbr to sccekratbo sbaB mail notke to Ilomower ss provided in paragtrapb 14 hereof specifybng: (1) the brtscb; (21 the sdbn [required to care saclt bresclK (3) a date. not less than 30 days from the date the notice b wailed to Eorrower. by which snob # breach mast be cared; ad (4) tbst tailarc to core such brescb on or before Ibe date specified in the notice may result is f sitceleratioo of the saes secured by this Mortgsge, foreclosure by jndkW proceeding and sale of the Property. The notice shall farther inform borrower of the right to reinstate after sccekratba gad the right b atisert in the totrecbsarc pr+oceeditrg it the wa-a:isteace of a detaolt or any other defense of Borrower to accekrstba sod forecbmre. If the breach is cot cared oa ~ or before the dste specified i4 the aotke, Lender at Lender's optbrr way declare ati of the saws secwred by this Mortgsre to be ~ immediately due gad payabk witbont further demand and way foreclose ebb Mortgage by jadicW /roeeediuR. Lender shall s ~ be entitled to collect b tareb proceeding sll expenses of forecbsnrc, laclndiag. brt [sot Whited to, reswaabk att.?rnri's fees. and costs of wxrr~oestary enideace, abstrscts and title reports. 19. dorrowa's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by the Mortgage. I Borrower shall have the right to have any proceedings hcgun ~y Lender to enforce this Mortgage discontinued at any time s Sccx~U6 ~acE2694 _ _ - - _ _ . ~ ~`n