Loading...
HomeMy WebLinkAbout0497 . _ _ _ . _ ~ _ - _ _ _.a~Me . ~ i . . Leaders written agreement or applicable tart. Borrower shall pay the amount of ap mortgage insurance pretttitaas in the manner provided under paragraph 2 hereof. !?ay amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall becans additional indebtedness of Borrower secured by Ihis Mortgage. Unless Borrower and Lenckr agree to other terms o[ payment, such smounts shag be payable upon notice from Lender to Borrower r+igtat~t piynlent thereof. and shall bear interest Eras the date of distiurrcssmtt. 3t t!t:s r:tt Fsyabk from time to time on outstanding principal under the Note unless payaseat of interest at such rata would be contrary to applicable law. in which event welt amounts shall bear interest at file higher rats permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur nay eupense a take any action hereunder. iss~ecliew. Lender may make or cause to be made reasonable entries upon and inspections of the Property. ps+ovkied that Lender shall give Borrower notice prior to any wch inspection specifying reasonable cave therefor rdatad sD Center's interest in the Property. - Cosiewaatfest. The proceeds of any award or claim for damages, direct or consequential, in oorutecdos wide stay condannation or other taking of the Property, or part thereof. a for conveyance in lieu of cortdemastioa, are hereby asigaed ' 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 1Nostgage. with the excess. it any, paid to Borrower. in the event of a partial taking of the Properly. unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of~ the proceeds ss is egwl to that proportion which the amount of the surr~ secreted 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: pt+oeeeds paid tq Borrower. tt the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the oondemaor oQets to melee an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the data such rtotioe b 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 sha8 not axtad or postpone the due date of the monthly installments referred to in parsgraphs 1 and 2 hereof or change the amount d such installments. 10. )torsewrer Not Reieaaci. Extension of the time for payment or modification of arrtortizatan of rite stuns servred bq the Mortgage granted by Lender to any ctrccessor in interest of Borrower shall=not operate to release. in any ntanrtet the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to eommertoe proceedings against such strocessor or refuse to extend time for payment a otherwise modify atrtortization sf the arms secured by this Mortgage by reason of any demand made by the oritinal Borrower and Borrower's successors in intert~t. 11. Forrearawee b Lerlr Nat s Wsives: Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise-afforded_bryr_ipplicabk_lasr__shall_not.be a waiver of o~preclude_the exercise_of an~r such right or t+anedy. The procurement of iraurauoe or the payment of taxes or other liens acha~ges-by Lender shall not be a waiver of I~ertder'ri - right to aceekrate the maturity of the indebtedness secured by this Mortgage. - 12. Res~eiies C,1nrr>hNvt. All rerttedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this Mortgage or afforded by law or equity. and may be exercised oortcurr+attly, irtdepertdeatly or sttooessivdy. 13. Seeeeseoa ar Assiges 1or>•i: Jeiat awl Several i.Lbilify; Ca*lieas. The oovert:nb _aod agreements herein contained shall bind, and the rights hercutder shall inure to. the.respeMiva srrocessors and assigm of Lender sad Borrower, subject to the provisions of paragraph 17 hereof. All covenants -and agreements of Borrower shall ba joinj -and several. The captions' and headings of the paragnphc of this Mortgage are for oonvpiw:~e only and one not to lie used to interpret or define the provisans hereof. 14. Notice. Except for any notice required under applicable law to bt given in another maMer. (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 Tender ss provided herein. and (b) any notice to Lender sha0 be given by certified mail, return receipt requested. to Latdes's address stated herein or to ' such other address as Lender may designate by notice to Borrower ss provided herein. Arty notix provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the mantra de:iptrtted herein. iS. Udtas* Maylage: GovsniaR Law: Severa68ity. This form of mortgage combing uniform oovettants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a tntiform security irMrturtdtt covering real property. This Mortgage :hall be governed by the law of the jurisdiction in which the Property is located, la the event that any provision oa clause of this Mortgage or the Note oonfiicts with spplicabk law. such conflict sleep not erred other provisions of this Mortgage or the Note which can be given effect without the oonfiiding provision. and to this i end the provisions of the Mortgage and the Note arc declared to be severable. I lf. >terrewer's Cent Borrower shall ba furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..1'n¦afer of ere Ps+opesty: Asarwtpiora. if all or any part of the Property or as interest- therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or ertcumbranoe subordinate to this Mortgage. (b) the creation of a purchase money 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 gent of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender s option, declare afl the sutras 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 and the person to whom the Property i~ to be sold or transferred reach agrcetnent 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 arch rate as Lender shall request. Tt Lender has waived the option to aeakrate provided in this paragraph 17, and if Borrower's staccessor in interest has executed a written assumption agroentatt accepted in writing by Leader, Lender shall release Borrower from all obljptiats under the Mortgage gad the Nae. if Lender exercises such option to acceknte, Lender shall mail Borrower notice of aoa{eratan in aocordartec with paragraph 14 hereof. Stadt notice shall provide s period of trot less than 30 days from the data the notice is ma'kd within which Borrower may pay the sums declared due. Tf Borrower taih to pay such sums prior to the expiration of such period. Lettda trraay, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Not+-Uxtrore?t Covet~rswrs. Borrower and Lender further covenant and agree as Edlows: ~ IfR Aetdaatissl Rerseifa. B=cent as !r'ovMei is Psragra/r 17 meet. rte lwrwrera teener at arq tavetrset K agreerrwet of >sessewer i• Iris Mortgage. irtelsi¦g ie eovwaats fo M wrew ise near staass steurei b IYs Meslgage. Iwwier pekr I..cedeattl.. sri r satlee !r Isonewsr as preiie+ iw parsBrarr is terser spee~isgt p) Its rsertels m ere .aloe reelect N erase steer lraelr (3) a iMe. sat less theta 30 lays isew Ire isle ere nafke r resist N Oersewer. b wrier steer ireeer swat re esrs~ err (A erne relate a etas wet rreaer os K retese trs late ~ ~ at Ire P~ly~'11re~Mk`s aeederstiss et tre w.s seeersi y his Mortgage. taarekwue b l~r !r'«s~[ stet fhsrtier ids Bsnewer d Ire: rtgrt N stele after etasieradioat anti ere rlgrt M sttsest r Ire: taetMware /reeearlltrg Ire ~ et a ietaelt or sny etlKr iefeans et >serrewer M seeekraltes seal tereeisesas. g Ire ireaer fe set eerei es err retea Ire tale s*seYei r tits taeNee. I.ertier at.1_errier's e*tiss rosy ieliar+e i et rite was secsrr r'!' I~Ys MNtg~pe is re iaa¦eiisley ire and Marie wNrotst tertrer ieetaed err/ ray forsekae rites Mortgage b ~ preaseiaR. (tender dal re eeUAsd to center i sett psreseiirrg ai d forscWMe, iselta/iatg. teat eN i¦tilsi /s, reseaesMt stturrreylt tea. asst essas et ieeairew~tsrp eviieasa, aratrseb esi tlde ss~ard. _ 1p, Iisrsesses~ a R~erMata Notwithstanding Lender's aooderation of the stuns secwnd by the: Mortgage. - Borrower shall Gave the right to have any prooeedings~e fern Mr--L~ttd~ to~nforoEthis-Mortgage ~discoettinned a~ 316 PEE 49?