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HomeMy WebLinkAbout2532 1 ' ~ . . Leackr's written agreement or spplicabb law. Borrower shall pax the smount of all mortgage itrsurarttx premiums in the manner provided under paragraph 2 hereof. Any atnottnts disbursed by Lender pursuant to this paragraph 7. with irterest thereon. shall biome additional , indebtedness of Borrower txcured by this Mortgage. Unless >:orrpwer attd>l.endr:r agree to other terms of payment, such amounts shalt be payable upon nMicr: from [.ender to Borrower toquesting payment thereof, and shall bear interest tyom the date of disbursement at the rate payable from time to time on attstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate petYrtiasibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expense or take any action hereunder. 8. isrpeetbu. 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. Cotsdemsatbs. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or far 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 excess, if any, paid to Borrower. In the 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 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 Propertg 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 1_ender 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 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 installments. 10. 6orrowsr 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 Borrower's successors in interest. Lender shall opt be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of thr s~~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbarance by Lender Not a Wailer. Any forbearance by Lender in exercising any right or remedy heretmder. or otherwise afforded by applicable law. shalt not he 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 Cnmuhti~e. 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 ma}• he exercised concurrently. independently or successively. ' 13. Successors and AsdRss Bound: Joint and Sereral i.iabiBty; Capfbrrs. 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 ~rovcnants and agreements of Borrower shall be joir{I 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. 14. Nutlet. 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 he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma_v designate by notice to Lender as provided -herein, and (b) any notice to Lender shall Fie given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have t+ecn given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Governing law: Sevcrability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall lx governed h}• the law of the jurisdiction in which the Property is located. in the event that any provision or clause of this Mortgaee or the Note conflicts with applicable law, such conflict shall not affect j 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 arc ~kclared to he severable. 16. Eorrower's Copj. Borrower shall be furnished a conformed cope 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 i~sierest therein is sold or transferred € by Borrower without Lender's prior wrinrn consent_ excluding fat the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase me.nes• securit}• interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a j.~int tenant or (dl 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 ro be t immediately due and payable. Lender shall have aais•ed such option to accelerate if. prior to the sale or transfer. -[.ender ~ and the person to whom the Property is to be :ol.l or transferred reach agreement in writing that the credit of wch person is satisfactory to Lender and that the interest pa}-able 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, bender shall release Borrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. tender shall mail Borrower notice of acceleration in accordance ~sith 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 expiration of such pcnod. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. j Norr-UNIFOaM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Aceckratbe; Remedies. Escept as provided in psragraph 17 hereof. opus )sorrower's brracb of awy covesast or agreement of Eorrower is this Mortgage. including the corenaros to pay when doe any sums secured by this Mortgage. Leader prbr to acceleratbn soap mail aotke to Eorrower as prodded in paragraph 14 hereof specifying: (1) the bresch; 121 the sctbn s requirrd to cure ttucb 6reacb; (3) a date, set less than 30 days from the date the notke b msHcd to >;orrower. by whkh such brescb mwt 6e cored; sod (4) that failnrc to core such breach oa or before Ibe date spedRed in the nutlet rosy result is r accderation of the snttss secured by this Mortgage. foreclosure by jndkW proceeding and sale of the Property. The netke j shall fnrtber istorm Borrower of the right to reinstate after sccekrstbs sad the right to assert is ibe foreclosure proctedln~ the rros-existence of a defank or a.y other defct~e of tliorrower to sccelerstbn sod foreclosurs. N the breach b not cared a or before the date sperifkd b the nutlet. t.esder at Lender's optba may dcclsrr ap e+t the sums seemed by Ibis MortRare to be immediately doe ante paysbk without further demand and rosy torecbse ebb Morlaa;e by jodicW proceeding. Lender shall i be entitled to collect bA snob pt+oceedrag d a:penses of foreclosure. including. but not limited to, rsrtsoaabk :Ht.,rne-r's fees. sod lusts of wrcrreerHary evidence, abstracts sad title reports. 19. I{orrown's Rf6bt to Rebtstate. Notwithstanding Lenders acceleration of the sums secured by th~~ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time $Ot?K k 310 PA~f 2530 •