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HomeMy WebLinkAbout1268 • i ~ ~ Lender's written agreement or applicable taw. Borrower shall pay the am~t(of alltr~tgages insurance ptemitmss is the manner provided under paragraph 2 hereof. , ; Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree. to other terms of payment. such • amounts shall be payable upon notice from tender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment o[ interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the higtrest sale permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expeme or fate any action hereunder. - fk Iaspecliow, i.ender may make or cause to be made reasonable entries upon and inspections of the Property. that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. - - _ 9. Coadewuatbw, The proceeds Qf any award or claim for damages, direct or rnnsequential, in connection with say condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, arc hereby as<sigoed and shall be paid to tender. 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 Gums 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 imrr:ediately 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 oRersso make an award or xttle a claim for damages. Borrower fails to resix?nd to lender within 30 days after the date such notice p mailed, Lender ;c authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the - Property or to tlrc sums secured by this Mortgage. Unlesti Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extad or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof "or change the amount of such installments: - lA. EorrowerNot Released. Extension of the time for payment or modification of amortization of the sums stecnred by this Mortgage granted by Lender to any successor in interest of Borrower shalt not operate to release, in any manner, the liability of the original Borrower and Borrower ~ successors in interest. Lender shall not be ttquir~ed to commetroe proceedings against such successor or refux to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in iMercst. 11. Forbearance 6y Lewder Not a R?aivcr. Any forhearance 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-aA~ti~pgtrt or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Rerrredies Cwmnhp~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}• be exercised concurrently, independently or srrcoasively. ' 13. -$wccessors and Asr~as Iliound:.Joint sad Several l.isb7ity; Cappows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower, subject to the provisions of paragraph 17 hereof. All -covenants and agreements of Borrower shall be joirtj and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk used to interpret or define the provisions hereof. t4. Notke. 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 certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by-notice to i~nder as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to l.errdet's sddress stated herein or to such other address as Lender may designate by notice to Borrower u provided herein. Any ttotioe provided for.in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage: GoverwinR IAw: Severability. This form of mortgage rnmtrirres uniform covenants fa national - use and nonuniform 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 claux of this Mortgage or the Note conPicts with applicable law. such conflict shalt not affect 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 Nate are declared to be severable. 16. lbrruwer's Copy. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time of executan or after recordation hereof. 19..Trawster of the (Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrrn consent. excluding (a) the creation of a lien or arcumbnnce subordinate to this Mortgage, (b) the creation of a purchase move}• 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 Lender'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 and the person to whom the Property is r.. be co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inecrrst payable on the sums secured by this Mortgage shall be at such rate ac Lsndtr - shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepttd in writing try Lender. Lender shall release 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 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 period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Note-I1NIFORM CovetvavTS. Borrower and Lender further covenant and agree ss follows: Is. Acederdbw; Rewiedies. Except as provided iw psragrapi i7 Irereot. Capon liorrrawers trstacr d any covenant sr agreeaent oft Borrower ~ thk Mortgage. iwcisdisg the covenants to pay whew sot any errs stewrsi try psi Mortgage. iRSder prior b seederatlow arses wrap wotlce to lorrower as provided la paragrspr 141rereo[ yecitylwgz (1) ~t ts+eaelr: (2) the sclkw rgwired b csre twrclr ira+twki; (3) a dale, not less thaw 30 days frosty the date Cite notice it saBed N)terrower. r?' wlriclr swe<t bread mtut be ewrsd; said (q that ta0wre to erase ~arelr 6rescA oa or l~efort the date apecl~ed i• tMe wotke way resslt b secekaapoa oft the wes aecsaed try tlrls Mortgage. toaeebawrr ~ jwdicial proetedirtg awl style d fire >rroperly. TGe walk! slay brtrer intort. Borrower of the right b reinstste after sccderapoa and the rtglrt b safest h pre toaetloarrrt proteeitt~ pre wow~e:Wewce of a detswit or any other defense of >sorrower to accelerstiow sal foreebewre. H tare Irreaelt r wel etrred a or before the dale sptelisd m the wMke. lewder st [.ender's option way-dethrt s/ of pre stews sscwaai ~ psis Merfp)pe fin k imwredistely dwe awl pyaMc witlrowt farttrer demand and nay foreclose Cris Morigagt try jlsdit:tal paraetediwR. lender ctrl ire ewpped to co0eet Mr ewer pr~sceediwg sM a:penses of foreclosure. iwchrdiwg. hwt wet r¦tllti le. reaseaslMe stturwer's tees. and coats et doer.-meNary evidence, sbatrscts swd title reports. 1!. iorasrwa'a Rtgirt tw Reinstate. Notwithstanding Lenders acceleration of the sums soctued by thr: Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinuod at any time a~3~7 p~~