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HomeMy WebLinkAbout1277 } ' ~ i • j Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage inwrattoe premiums in the manner provided under paragraph 2 hereof. Auy aul0uuta dis(i.u~ed by i.c„~ici pu~auaut tv ibis paragraph 7, wish iniertisi ihcreun, si~ait t,t:.~;nie addiiiattal indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender a roe to other ternts of payment. such amounts shall be payable upon notice from Lender to Borrower requesting-payma~ tt~reof, and shall bear interest ft+om the date of disbursement at the rate payable from time to time on aitstandin j g principal under the Note tmkss pa~tmeat of ) interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hiaitest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expetns or take any action hcrcundtr. 11 fl. laspectiow. Lender may make or cause to be made reasonable entries tr nand ins that i.endet shall give Borrower notice prior to an such ins i'O pections of the Property, provided interest in the Property. y pection specifying reasonable cause therefor related to L~ertder'a 9. Cowdemwtiow, The proceeds of any award or claim for damages, direct or consequential, in connection with any i condemnatan or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, ate hereby assigned and shall be paid to Lender. i in the event of a total fakir of the P g raperty, the proceeds shall be applied to the sums secured by this Mortgsge, with the excess, if any, paid to Borrower. in the event of a partial taking of the: Property, unless Borrower and Larder 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 secured 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 Borrower, or if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after the date such notice a mailed, Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair o[ the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shaft tat e><tatd or postpone the due date of the monthly installments referred to in paragraphs f and 2 hereof or change the amount of such installments. 19. Eorrower Not Released. Extension of .the time for payment or modification of amortization of the sums stxured 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 8c~rrower c successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify arttortization of the sums secured by this Mortgage by reason of any demand made by the original BoROwer and Borrower's successor in interest. - 11. Forbearawce by Lender Not s N?aiver. Any fottxarance by Lender in exercising any right or remedy hereunder, or - otherwise afforded by applicabk law. shall not be a waiver of or preclude the exercise of any such right or terrtedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of iendet's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewredks Camtdaff'?e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently. independently or sucoessivety. ' 13.. Sacceseors sad Assigns Bound; Joint sad Seved i.iabirty; Captioas. - 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 joiry and several. The captions-and headings of the paragraphs of this Mortgage arc for convenience only and are not to lk used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicabk law to be given in another manner, (a) any notice to Rnrrnw~r nmvicted for in this INnrtQaae shall be given by mailing such notice by certified mail addtetsed to Borrower st the Property Address or at such other address as Borrower may designate by naive to fender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shalt be deemed to have been given to Borrower or Lender when given in the manner designated herein. l5. Uwifotm Mortgage: Governing Law: Severability. This form of mortgage combines uniform covenants for national use and tton-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall fx governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note rnnflicts with applicabk law, such conflict shall not aRect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 1~. rorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of executor or after recordation hereof. 17. ,Trawsfer of toe Property; Asstttnption. 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 creation of a purchase money security 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 yeah or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to fx immediately due and payable. Lender shall have w•rived uich option to accelerate if, prat to the sale or transfer. Lender and the person to whom the Property is to be cold 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 rare as Lender shall request. Tf 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 shad release BoROwer 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 frotrt the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower faits to pay such arms prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. BOROM/er and Lendti further COVtnant and agree as fOllarrs: li. Aeeekratiow; Rewtedks. Ettcept r provided is parapaplt 17 rtreor, tr+pow •orrrrwers rrrraaer of arty eotrewarrt or agreet+reat of rorrower 6r this Marigage, kaeMd3ag ere corsasals to pq wrew titre awy sarwa aectrrN by tfsla MorlRsrje. Lewder prbr Io ateelaatlow anon naafi wotke to lorrower as provided Iw paragraph 14 tercet geetfyf~s (1) ere lletack (21 ere actisw re~airrd b cure tract rrtaclr (3) a dsMe. wet less traw 3A days hoar ere Gate ere wtttke r RsaYed bo rsrrower. r!' wrier enter rre,<r mtut re cared; awl t4) trot trail,tre to care stscr ixtaer ow or retor+e trc date yscMtd Iw ere wotke sway rssttM r aecelerwtiorr of ere sates ttecarsd by rids Mortgage. forecloswre y jad{cW prnesediwg awl sale s# ere Tr~operty. Tre works star ftrriber rstorra Borrower o[ ere rigrt to rNwslMe after aceelerstbw awes ere right b eased N ere toreeloaare ~seseirR lie tsow•etdalewee d a Betook or a.y otter detetae of lfbrrower to accekratfow and foreciowre. N ere 6reacr is wet cruel ea or odors ere dale sptclfled b tint wdfee. Lewder at t.ewder's optiow Tray desire r of tit setwa ssettasd by tYs Modp~t Ia re itiwediateiy Bess awl pyark witroat fadre? demand awd rway fortclote tWs Mor~age h' ~W preeeedlalt. Lender Best 6e satltkd tw corset V net procssdiRg tr espcosts of foreclosare. iwtlwdia~. r.t taw tlrrtietl 10, reasowarle sn.xrtev'a fees. aril coats d doc?~ewtary et?ilewce, abetraets awl title reports. - 19. Eorrown's Rlgrt to Reiatfate. Notwithstanding Lender's sccekration of the starts secured by this Mortgage, Borcower shall have the right to have any proceedings begun by tender to enforce this Mortgage discontinued at any tithe (alt n~~ ~ ~'7[?