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HomeMy WebLinkAbout2774 ~ Lender's written agrcemer~t or applicable law. Borrower shall pay the amount, eft al,efol~age insurance premiums to the: manner provided under paragraph 2 hereof. 1 ! ~ Any amounts disbttrscd 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 Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on attstandint principal under the Note unless parrment of interest at such rate would be contrary to applicable law, in which event suefi amounts shall bear interat at the highest rate permissible under applicable law. Nothing rnntaitred in this paragraph 7 shall require Lender to incur any expctao or take any action hereunder. s. faspecKosr. 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 specifying reasonable cause therefor related to (.codex's interest in the Property. 9. Coadesnatlioa. The proceeds of any award or claim for damages, direct or consequential, in connextion with any condemnation or other taking of the Property, or part (hereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to I~nder. In the event of a to1a1 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 o7 the Property, unless Borrower and (.ender 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 tlee 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 (.ender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fails 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's option, either to ratoration or repair of tots Property or to the stems secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums setcured by this Mortgage granted by (.ender to any successor in interest of Borrower shall not operate to release, in any manrre7, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify :mortization of the sums secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrowers successors in interest. 11. Rorbearaace by Lender Not a R+aiver. Any forl+earance 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 any such right or rexrredy. 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 indehtedrress secured by this Mortgage. 12. Reasediea Ceuanlad~t. All remedies provided in this Mortgage arc 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. Saecesaon awd Assigns Bound; Joint gad Several Lisbrity; Captions. The rnvenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ 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 jolty and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and art not to Ke used to ~i interpret or define the provisions hereof. 11. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower pt'ovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender 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 shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uaifors Mortgsge: 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 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall 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 Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trsader of ere Property: Asexrmptioa. Tf atl or any part of the Property or an interest therein is sold or transferred by Borrower without (.codex's prior written consent. excluding (a1 the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creatron of a purchase money security interat 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 interat 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 to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intenyt payable on the sums secured by this Mortgage shall be at stech rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interat 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 with f 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. z Nox-Utvtrortnt CovENAT17S. Borrower and Lender furthi:r covenant and agree u follaetrs: _ li. Aceekratloa; Renredks. Except as provided in psragrapr 17 terror, trpar Borrowex's bt~eaer of troy cw~etsawt K agretaseM etf Berr+ower d Iris Mortgage. iwcindin~ ere covewMMs to pay wren doe gay sass seearei r!' trls Mortgage. Lesr,der prbr b accskrstloa sri sail rwtlce to Borrower s pro•Ided fa paragrapr 11 repo[ specltyia~s (1) ere reraer; (t1 ere setbw t segakei b care wet tract; (3) • dale, got less traw 30 days tresrrt ere elate Ire aotke r oared b Borrower. fly wrkr serclt rreacr soot k e:w~ed; ssd p) trM taibre b care srrcr rreacr era or retort ere date geeltitd r ere notice eay rexrit b secekratloa of Ire wars secured Ay errs Mortgage, torecloarrc b proeeeiM~ asd alt of ere Propcrry. 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