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HomeMy WebLinkAbout2506 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage ituuratwe ptetnitrrru in the manner provided under paragraph 2 heroof. Any amounts disbursed by Lender pursuant to thu paragraph 7, with interest thettoar, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and [_ender agree to other terms of payment, such amatnts shall be payable upon notice from fender to Borrower requesting payment thereof, and shall bear interest fran the date of dicbtrrsement at the rate payahk from time to time on otrtatanding principal under the Note unless payttnatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hight~t rate pernniasibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or fate any action hereunder. 8. lospectioa. Lender may make or cause to be made reasonabk entries upon and inspections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Lender's interest in the Property. 9. Coademaatbn. The proceeds of~any sward or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or 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 chat( be applied to the sums secured by this Mortgage, with the excess,. if any, paid to Borrower. In tbe event of a partial taking 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 same 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 that the condemnor 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 authorized 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 ague 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 arrtount of such installments. 10. 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 Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowers successors in interest. [_ender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the s~~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's strecessors in inlerrct. 11. Forbearance 6y i.ender Not a Waiver. 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 accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. 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. Successors and Assigns Bound; .Joint and Se~•eral I.iaM'lity; Captlotrs. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joira 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 Mortgaee shall be given by maiNng such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders 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 (_ender when given in the manner designated herein. lS. Uniform Mortgage; Governing Law: Severability. 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 Niue Khich can be given effect without the conflicting provision, and to this ` end the provisions of the Mortgage and the Note arc 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. 17. Transfer of the Property: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writrrn consem. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mones• 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 tender'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 t and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person I is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate ac Tender shall request. if (.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written assumption agreement accepted in writing by fender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accordance ~+ith 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 faits to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. ' Noty-Utvrt=occur Covertetvrs. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedks. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when dot any sums secured by this Mortgage. Lender prior fo acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bresch: (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notke is mailed to Borrower, by whkh such ? breach must be cured; and (4) that failure to cure smh breach on or before the dste specified in the notke may recall in , scceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after sccekration and the right to assert in the forecbsuro proceeding the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. /f the breach is not cured on or before the date specified in the notice. Lender at (.ender's option may declare aN of the sums secured by thk Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicid proceeding. Lender shall be entitled to collect in such proceeding a6 atrpenses of foreclosure, including, but not limited to, reasonable attnrney's fees. and costs of documentary eridcnce, abstracts and Iitk reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings bcEun by Lender to enforce this Mortgage discontinued at any time g~GK JV~ raCf250~ ~ 4 ~ ~,,~3 ~