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HomeMy WebLinkAbout2357 i , ~ t tender's written agreement or applicabk law. Borrower shall Qay the tsmou~t of all morigsge insurance prerreiunts in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indkbtedness of Borrower secured by this Mortgage. Unless Borrower and 1_ender agree to other terms of payment, such amounts shall br payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disburxment at the rate payable from tithe to time on artstanding principal under the Note unless pajrneeat of interest at such rate would be contrary to applicabk law, in which event such amounts shall brat interest at the highest rafts permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. tl. Inspection. Lender may make or cause to be made reasonable entries upon and inspectiotu of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9. Coadrwwatbn. The proceeds of any award or claim for damages, direct or consequential, in eonaection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds chap be applied to the sums secerred 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 otherwix agar 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 o[ 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 Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condtmtror offtts to mate an award or settle a claim for damages, Borrower fail. to resaond 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 o[ 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 e><tard or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. ~ f0. borrower Not Rekasrd. 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 intemt. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwix modify- amortization of the sums secured by this Mortgage by reason of any demand made by the original Borruwer and Borrower's successors in interest. 11. Forbearance by Lender Not a R?aiver. Any forbearance by 1_ender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law, shall not be a waiver of or preclude the exercix 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 xcurrd by this 1liortgage. 12. Reweedks Cowuh>ttie. 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 exercixd concurrently, independently or successively. ' 13. Successors and AssiRes bound; .Ioiwt and Several i.iabitity; Capdows. -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 covenants and agreements of Borrower shall be joirg and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. 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 Lender as provided herein. aced (b) any notice !o Lender shall he given by certified mail. return receipt requested. to Lenders address stated htrcin or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice 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: Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering i real properly. 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 conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be xverable. 16. borrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the tune E of execution or after recordation hereof. 17. ,Transfer of ere Property: Asswrnptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crcatron of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of taw 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 a~ be sold or transferred reach 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 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, 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 Wirh 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 faik to pay srtch uems prior to the expiation of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NoN•UrttFOnur CoverreNrs. Borrower and Lender further covenant and agree as folbws: ( lg. Accekratbw; Rewcdia. Except as provided i• paragraph 17 tercet. trpw borrowers rrewcr of say coveaarrt K agreeweeN of borrower in this Mortgage, rscler~wg ere eo.aeawts to py wren ds+e a.y stns stxwrrai b trig MorlgsBe. Lewder prbr !o aettlerwtiow slab wrap notice to bprrowtr ss provided la paragrsplr 14 Irenot speeltying: (1) the rreaer: (2) ere action required b erne swci rrrraci; (2) n dale. wet less draw 30 days trove ere dde dre works fs waged a borrower. try wrki swcr I brraelr wtart be cwred; asrd (4) trot taWrrt to cwre swcr tracer ow or before ere date apeeifled V ere works stay re:tdt iw accekrMiow of ere swwa secwr+ed ey trio Mortgage. torccloawre b jadfcial proeeeding aattl ale et trc Tr~operty. Tre weds s sraM brtier intern borrower of ere rigrt b rNrsstate after oeeekrMbw and ere right b asraert iw ~e torecloarre preceetbtrg ! tre wow-a:irtewce of a detnk or any otter defense of borrower to aceekratbw ara torseloatrre. N ere Mrxr is wM etMei ow or 6etore dre date spetiied V trt wotke. Lewder at I.aeders option way dcchre V of ere stwwa saeasJ iy Mis Mortgage a k iwwrediately dtre and poynbk witroN trutrer demand and wear foreclose tris Mortgage h jwiieW'neetdlwg. Lender draM be ewdtled to cobttt r saver proceeding V a:parses rat forecloawr:. iwchrdiwg, 1N oat ¦weitad M. reasoarle sttxeeer's fses, and costs of iott.-~ewhry erNeace, a6strxts nerd tick reports. 19. bonowa's Rkr! to Reiwatate. Notwithstanding Lenders acakration of the sums secured by this Mortgage, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time (?K!~~n nets /.5~.1 _