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HomeMy WebLinkAbout1280 . war . - ~ ~ 'a~ . t Lender's written agreement a applicable law. Borrovsre~ shall pay the amount of all mortgages itrsttraraoe premiums in the manner provided under paragraph 2 hereof. : ~ _ r , ; Any amounts disbursed by !.ender purwant to this pangrlph 7, with interest thereon, shall bexorrre atlditionai indebtexinexs of Borrower secured by this Mortgage. Unless Borrower and Lender agrex to other terra of payment. such amounts shall be payable upon notice from i_ender to Borrower requesting payment thereof, and shall bear intex+pt ftrta the _ date of disbursement st the rate payable from time to time nn outstanding principal under the Note furless paytrroat of ' interest at such rate would be contrary to applicable law, in which event such amounts shall bear inte:rcst at the highest rate pe:rmiasibk under applicable law. Nothing contained in this paragrai+h 7 snail require Lender to incur any esxpeaaa err tams any action hereunder. - >L lwarectiew: 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 spxifying reasonable cause therefor relates! to Larder's interest in the Property. 9. C~ The proceeds of any award or claim for damages, direct ar rnnsequeatial, in oonrrectioa with gay cardemnation or other taking of the Property, or part tAerrof, or for conveyance in lieu of coadetnnation, are: hereby attsigtred • 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 Leander otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the: pt+ooeeds as is egwl to that proportion which the amount of the sums secured by this Mortgage: imtrredtate:ly prior to the date tat taking bears to the fair market value of the Property immediately prior to the daft of taking, with the balance of the proceeds paid to Borrower. - ~ - - if the Property is abandoned by Bor:ewer. or if. after notice by lender to Borrower that the condemnor die:rs to mike an award or settle a claim for damages, Borrower fails to respond to i_ender within 30 days abet the dates such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option. either to textoration or repair etf lase Property or to the wms secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing,,arr,~.yte~t application of proceeds to pritrcipa) shall not ecctard or postpone the due date of the monthly installments re(eSpod to.in paragraphs 1 and 2 hereof or change the atrrount est such installrrrents. - le. 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 manrrex, the liability of the original Borrower and Borrower c successors in interest. Lender shall not be roquire:d to comrnetrce proceedmgs against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. l I. Ferbearace 6y I.e~er Not a waiver. Any forbearance by Lender in exercising any right or remedy hernmder, or otherwise afforded by applicable law, shall not lx 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 Louder shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewaedies CatsaWatire. 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. Swecestors swd A~ws Eoawd: Joint sad Several i.iabiBty; Captiotas. The covenants arrd agreeoxnts herein contained shall bind, and tM; rights hereunder shall inert to, the re:spextive successors and assigns of Lender gad Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirM and several. 'ilre options- and headings__ of the paragraphs of this Mortgage arc for convenience only and are not to Ile used to interpret or define the provisans hereof. 14. Nestiee. Except for any notice rcgttired under applicable law to be given in another matrrrer, (a) any notice to Borrower p~+ovidtd 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 !.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lextdex's address statexl herein or to such other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in this Mortgage shall be dexmed to have been given to Borrower or Lender when given in the manner dgignrrtex! herein. . lS. Uwife?nw Mortgage: Gorerwiog Law: Severability. This form of mortgage combing uniform covenants for national _ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform tbettrity instrument e~tvering ~ real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n the event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shat) not. affect other provisions of this Mortgage or the Note which can be given etfert without the eonfliding provision. and to this end-the provisions of the Mortgage and the Note are Declared to be severable. lf. liorrowex's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the bare of execution or after recordation hereof. 17..Traasfer of ire irrorerty: Assamption. if all or any part of the Property or an interest therein is sold or tnnsfe:rrod by Borrower without Leader's prior written consent. excluding (al the creation of a lien or earwmbrance subordinate to this Mortgage, tb) the crcatron of a purchase money security interest for household appliarrog, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or {d) the grant of any leasthold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums sxurcd by this Mortgage to be immediately due and-payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer, Leerder and the person to whom the Property is to be so1J or transferred teach agreement in writing that the crrdit of such person is satisfactory to Lender and that the intcr~st payable on the sums secured by this Mortgage shall be at such rate as Lender shall r+egtrgt. 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 accepted in writing by Lender. Lender shah release Borrower from all obligations under this Mortgage: and then-Note.. If Linder exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordarr~-c 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 wms 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 remedig permitted by paragraph lg hereof. NoN-UHtraoatK Covex~teTS. Borrower and Lender further covenant and agree as folbws: li. 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N the ranger is wet eearel eaw err betetre ire ehle srectiei lea ire wdke. Lewder at i.esier's orliow ray eke:hre >r ed rise www strewretl b' tfila MorlgsAe fro k ittrtmeel~lely Brae awl rsyarie wi1r9w1 tertrer dewanA awl wily fsreeloae tbls Mortgage y }ikW rtrseetiiR. Leader eftaN k awfWei a nseet i wet rrocee~iiwg as areascs ut ferccloswre, raelwiiwe. rwt war swtNel Ier. rearwwsMe sttnraeYs fees. aartt costs eft isea.-~ewhay ewWewee. arstrscls aw/ title reprls. 1!. Itsne?wea't pert h Rdaatate. Notwithstanding Lender s accekntion of the sums secw+ed by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mortgage discontinued at any time ao~x PAGF~ ~ o -