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HomeMy WebLinkAbout1556 • _ f , . . t ~ ; ~ , • . . , ~ ~ ~ Lender's written agrament or applicabk law. Borrowe~ shall pay the amou~t of all moK~e ~nsuranoi pretniunns ia the manner provided unde~ paragraph 2 hereof. Any amounts disbursed by Lende~ pursuant to this paragraph 7. with interest thereon, shall become additional ~ indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to othe~ temu of paymeat. such ~ amounts shali be payable upoo noticc from Lender to Borrower roquating payme~t thereof. and shall beu inte~est from ihe date of d'ubursement at the rate payabk trom time to time on ountanding principal under the Note u~less payma?t of interat at auch rate would be contnry to applicable law. in which event such amounts shall bear intaeat at the highest rate permissibk under applicable law. Nothing contained in this paragaph 7 shall require Lender to incur aay expense or take aay aciion htrtuncler. S. Isrpectio~. Lender may make or cauae to be made rcaso~abk entries upon and inspections of the Property. providad ' that Lender shall give Borcower notice prior to any auch inspoctioa spocifying reasonabk cause therefor nlated to Lender's interest in the Pr+operty. ~ 9. Cond~mnatba. 7'he proceeds of any award or claim for dunagcs. direct or consequential, in connection with any condemnation or other taking of the Property. or pa~t thercof. or for conveyance in lieu of condemnatiot~. an hereby assig~td a~d shall be paid to Lender. In the event of a total taking of the Propeny, the p~oc~s 11 ~e applied to the sums secuc~ed by this Mortgage. with the excas, if any, paid to Borrower. In the event of aF~t~king of the Propeny. u~iess Bomower a~d Lender ` otherwise agree in writing: there shall be applied to the sums socured by this Mortgage such proportion of the proceeds t as is equal to that proportion which the amount of the sums securod by this Mongage immediately prior to the date of ~ takiag bears to ihe fair market value of the Property immcdiately prior to the date of taking, with the balanoe vf the pmceeds ~ paid to Borrower. ' if the Property is abandoned by Borrower, or if. after notice by Lende~ to Bomowe~ that the condemnor ofiers 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 authoriud to collect and apply the procceds, at I.ender's option, either to ratoration or npair of the ~ Propeny or to 1he sums securcd by this Mortptage. ~ Uniess Lender and Borrower otherwise agree in writing, any such application of procee~ to principaf shall n~ extend or pcutpone the du~.date of th~ monthly instaltments referred to in paragraphs 1 and 2 henof or change the amount of such installtnents. 10. Eorrowe~ Not Released. Exte~sion of the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to re{ease, in sny manner. the liability of the original Borrower and Borrower's succossors in interest. Lender shal) not be required to commence prooeedings against such successor or refuse to extend time for paymcnt or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interat. I1. - Forbaraoce by Leader Not a Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by .applicablo law, shall not be a waiver of or preclade the exercise of any such right or nmedy. . The procurcment of insurance or the payme~t of taxes or other liens or charges by Lender shall not be a waivor of I.ender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. i 12. Reaxdia Cemul~he. All remtdies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ; 13. Soecessors aad Aad~o~ Eouad; Jo~at aad Sered [.iabi~ty; Captbns. The covenants and agreements herein } contained shall bind, and the righfs hereunder shall inurc to, the rapective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borcower shall be joint and several. The captions and headings of the paragraphs of this Mortgag~ sre for convenience only and are not to be used to interpret or define the provisio~n hercof. - 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 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, retum receipt rcquested. to I.ender s address stated herein or to such other add~+ess as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be dcemed to have bcen given to Borrower or Lender when given in the manncr designated herein.. lS. Uniform Mortgase; Go~erning Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenanls with limited variations by jorisdiction to constitute a uniform s~urity instrument covering 3 real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not atFect other provisions of this Mortgage or the Note which can be giveo effect without the conflicting provision, and to this 3 end the provisions of the Mortgage and the Note are declared to be severable. 16. dorrawe~a Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time r of eacecution or after recordation hercof. ` $ 17. Tra~fer o[ the Property: Assumption. If all or any part of the Property or an intercst therein is sold or transferred ~ by Borrower without L.ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation- of a purchase money security interest for household appliances, (e) a transfer by devise. k descent or by operation of law upon the death of a joint tenant or (d> the ~rant of any leasehold interest of three years or less ' ~ not containing an option to purchau. Lender may, at Lendcr s optioo, declare all the sums secured by this Mortgage t~ be ; immediately due and payable. Lender shall have waivcd such option to accelerate if, prior to the sale or transfer. I.ender t ~ and the person to whom the Proporty is to be sold or transferrcd rcach 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 rcquat. If Lender has waivod the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ intercst 6as executed a written assumption agreement accepted in writing by Lender. Lender shall rolease 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 sums prior to the expiration of such ptriod, ; Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ NON-UNIFOAM COVENANTS. Bomower and Lender further covenant and agree as follaws: ; g 18. Aceeleratbo; Ree~edks. F~eept a~ provided io para~npb 1~ 6er~of. apo~ Sor*owe~'s breaeh ot a~y co~enaat or ; agreemeet ot Eorrower ia tbis Mort~a`e, inclsditq tbe eo~enaNs to pay whea d~e aey soms secertd by t~it Morli~[~. ' t prlor to accekntbo s6aB maN notke ro 8orrower as pro~Wed in pan~nph l4 6ercof specifyi~: (1) tbe brsach; tbe actjon ~ ~ reqolred b core s~c~ bresc~ (3) a dsh, oot leas than 39 dan from the date t6e ootke b maYed to Eorrower, by wrk6 we6 breac~ mmt be cared: aod (4) tbat failnre to cure sncM bresc6 oe or betore tbe date speciHed i~ tl~e ~otke m~ rewlt in accekratioo oE t6e soan secwed by tbb Mort~e, foreclowre by jodkial proceedi~ ~d sde ot t6e lmpertr. '1Le notke shaU further isform Horrower ot t`e ri~6t to rei~stah after accekMio~ asd t6e ri~N b arsert is tie forecloa~rs proc~edbL ti t6e oon~acWeace of a detauk or anr otber de[ea~e ot Eorrower to aecekntbo nnd lorecbwre. N t6e breac~ i~ oot e~+td o~ y or bctore t6e date WeciBed io tbe aMke. I.ender at Le~der's optlon a4ay dechn a9 ot tbe sams secrrei by th4 Moet~a`e b 6e ' ; ima~cdhWp due and p~yab~e witboot fnrt6cr demasd aud may torec{we tbi~ Morti~Le bp jndicW p~oc~. Leoier tl~ ` ~ be eatltled to coltect ie sse6 proceediss d espea~es ot toreelosare, inclndio~, M~t'ot limited to. rea~oosble attorse7rs tea. ~ aad eosb oE docoaeofary erWesce. abtrscb aed tide reporb. . ~ 14. Borrower's Ri~6t to Rein~tata Notwithstanding Lender s acceleration of the sums socured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ b ~ BoeK 311 ~acE 15~' ~ . ~