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HomeMy WebLinkAbout1022 • k • ) ~ 1 [.ender i written agreement or applicable law. Borrower shall pay the amount of all mortgage inwrantx premiums is the manner provided under paragraph 2 hereof. Any amounts disbursed by {.ender pursuant to Chia paragraph 7, with interal thetxon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such amottnts shall be payable upon notice from Lender to Barrowrr requesting payment thereat, and shall bear interest from the date of disbursement at the rate payable tram time to time on outstanding principal under the Note tmkss payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear intetest at the highest rate permissible under applicable law. Northing contained in this paragraph 7,shall rrqulrc Lender to incur any etcpense or take any action hereunder. - iaspectiar. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided ~ that !.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademrratbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part therrnf, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to !.ender. in the event of a fatal taking of the Property. the proceeds shall he 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 sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums uc~ired 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 proceeds , paid to Borrower. if the Property is abandoned by Bar:over. ar if after notice by Lender to Borrower that the rnndemnor offers to make an award ar settle a claim for damages, Bormwer faih to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender i option, either to ratoration or repair of tbE Property or to the sums secured by this Mortgage. t)nless Lender and Borrower otherwise agree in wriUne. any such application of proceeds to principal shall not extend or postpone the due date of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time far payment or modification of amortization of the stems secured by this Mortgage granted by lender to any successor in interest of Harrower shall not operate to rcksse, in any manner, the liability of the original Borrower and Borrower'. successors in interest. Lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of ihs sums secured by this Mortgage by reason of :?ny demand made by the nri¢inal Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender NM a Wsiver. Any forbearance by I_endcr in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Remedks Carnah~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 may be exercised concurrcntty, independently or successively. ' l3. Successors and AssiRas Bound: ,]Dint and Several i.iabrlity; Captlorrs. The covenants and agreetnrnts herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and arc not to Ke used to interpret or define the provisions hereof. l4. Notice. Except far any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower ptovided for in this Mortgat!e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma_v designate by notice to !.ender as provided herein, and - (b) any notice to Lender shall he given by certified mail. return receipt requested. to tenders address stated herein or to such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this ~ Mortgage shall be deemed to have bcen given to Borrower ar Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing I,aw; Severability. This farm of mortgage combing uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifomt security instrument covering ~ real property- This Mortgage shall be governed by the law• cf the jurisdiction in which the Property is located. In the ~ event that an rovision or clause of this Mort a c or the Note conflicts with a !!cable law, such conflict shall not affect ~ Y P g g PP other provisions of this Mortgage or the Note which can be given r0ect without the eonfliaing provision, and to this end the provisions of the Mortgage and the Note are .leclared to be severable. 16. Borrowers Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the tithe of execution or after recordation hereof- 17..Traasfer of tie Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's pricer wriucn consent. excluding (al the creation of a lien or encumbrance wbordinate to F this Mortgage. (b) the creation of a purchase money ucurity interest for household appliances, (e) 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, [_ender may. at Lender's option, dtclare 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 ~o1J or transferred reach agreement in writing-that the credit of such person 3 is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in g interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all j obl?gstions under this Mortgage and the Nae. if [.ender exercises such option fe accelerate, tender shall mail Borrower notice of acceleration in accordance wirh ~ paragraph 14 hertrof. 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. I( 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 18 herrnf. j Noty-UtvIFORM CovENANTS. Borrower and Lender further covenant and agree ss follows: lg. Accekrafba; Rearedks. Esctp as provided is Paragrsph 17 frereof. rrp. Iliorrrwar's !seas! of ay covatarrt or agreement of Borrower b tbia Mortgage, iweladiag ibe covenants to pay whs. dtre ay ttttsss steetttr+ti ~ drls Mortgage. i.esder prbr 1o sectleration siar araq aotke to Borrower s provided in paragrspi 14 itreof spteYyltag: p) ffe MeseM: (21 tic setlow r+eq.Med to core ttnri Dread; (3) • date, cwt Ids than 30 days troar tfre d{tte tie notke b ttsailed le Mrr~ower. b wfritlr strci brae! mast be c.red; and (4) fiat hilrrrtt to care wcD breach a or before tDe date spcclfiti r tie notke tarry resale i. sccdtrNion of tie snttm stctrrcd by tDb Mortgage. toreclosore Dy j.dkial procsedirg arrd sale 01 tDe Property. Tire nutlet sDafl frrtier inform Borrower of tie right to reitadrtte steer sceekr•ation gad the right b ttastrt N tit foreclowrt pretesitrg tie rros-txWewce of a >efsrrlt or aey oticr deterrse of borrower to accekrstbrr awi toreeloarrt. M fie kegs! it not e.rsd en or before tDe dsfe specffiti i• tie no8ce. Lender at Lender's optiow Wray deehre ant of tit snr seewti Dy fib MerfBsRe t• De bsttsedistely due ani pysbk witbont twtlrer demand and may toreclost this Mortgage ~ jrrdkW proctedlnR. Lender draM be eatlded to co8eet bt tttrci procecditrg all c:pioses of foreclosure. locldieg. (,rrt net BnrNer fo, rtasonaMt sttxaer's tea. and Dods of doer:.~nentary erideece, sbdrscts gad tick reports. 19. Iltotrrowa's Riot to Rebstate. Notwithstanding t-enders acceleration 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 ~a~x 321 PEE 102!