Loading...
HomeMy WebLinkAbout1036 r Leader`s written agtesment or applicabb law. Borrower shall pay the amount o[ sp mortgage iasurattoe ptemiusaa is the , meaner provided under paragraph 2 hereof. - Any amounts disbursed by Txnd-.r pursuant to this paragraph 7, wish ater+at thereon, shall becane sdditional indeMed~tas of Borrower secured by this Mortgage. -Ilnkss Horrower~atd ~ttdertagtee to othu teens of payment. such amounts sl:sll be payable upon notice Pratt i_ettder to Borrower requesting payment thereof, and shall bear interest it~om the date of disburseattent u the rate payable from lane to time on a~tstanding principal under the Note unless psjrtrtewt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at this highest tale t permissible under applicable law. Nothing contained in this paragraph 7 shill require Lender to incur gay expetas or fate any action hereunder. f. 6a~eetisrt, i~nder may make or cause to be made tessoriabk entries upon and inspections of the Property. pr~mrided that Lender shag give Borrower notice prior to any such itispcction specifying trasonabk cwuse therefor related to i~ertder's interest in the Property. - Cam. The proceeds of any award or claim for damages, direr! or ootnequealial, in eoiutectioa with say condemnation or other taking of the Property, a part thereof, or for conveyance in lieu of coridemtiation, era herby asrigrtod - 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 T:eode~ otherwise agree in writing, there skis!! be applied to the sums secured by this Mortgage such proportion of the pt+oc~eedt- as is egwl to that proportion vrhich the amount of thg? sums sectrrod by this Mortgage imrrtediatdy prior to the data o[ _ taking bears to the fair market value of the Property immediately prior to the date of tskiag, with the bslaiioe 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. io mate sin award or settle a -claim for damages, Bomawer fails to respond to Lender within 30 days after -the date su.~h notice k mailed, Lender it authorised to collect and apply the proceeds, at lerider~s option, either to restoration or repair of tie. Propert'~ or to the wrm secured by this Mortgagee. ~ - Unless Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall riot ettiend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hete~ or change the timount of such installments. - ifi.' Borrower TVot Reitsded. Extension of the time for payment or modification of amortization of the sums secured by this MF~.tgstge granted by Lender to any successor in interest of Borrower shall not operate to release. in gay manner, - the liability of the original Borrower and Borrower's successors in interest. Lender shall not 6e required .to commertoe 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 :.:yr demand made by the original Borrower and Borrower's sitcoasors in interest. li. Feir6earawee <tj I.ewier Not a Waiter. Any forbearance by Lender in exercising any right or remedy heretrrtder. or otherwise afforded by applicable law. shall eat be a waiver of or prechide rho exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shs11 rat be a waiver of T,gidec's right to scctknte the maturity of the indebtedness secured by this Mortgage. l2. Remedies Cwrwslatitne. All remedies provided in .this Mortgage arc disfinct and cumulative to any other right or remedy Under this Mortgage or afforded by law or equity, and may bt exercised concurrently, irtdeperidently or wooes:iveiy 13. Sweea;sstss gad Assigns Boswi:.Joint awl Setreral i.is6iWy; Capiows. Tlie covenants and agreemeuts herein ooct:ined shall bind, and the rights hereunder shall inuug to. the-respective siiotessors and assigns of i.eatler gad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jdr~ and several. The captions-atid headings of the paragraphs of this Mortgage are for convenience only and are, not to lk used to interpret or define the provisans hereof. - - - - 14. Norke. Except for any notice rcgiiired under applicable law to be given in another maiuier, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by ceriifkd malt addreaed to Borrovrtr at the Property Address or at such dher address as Borrower may designate by notice to Tender as provided herrin, 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 Linder may designate by notice to Borrower as provided herein. Any notice provided for in this , Mortgage shall be dxmed to have been given to Borrower or Lender when given in the manner desipiated herein. 1S. Uwiforp Mort~e; Goterwhg Lw; SeversbBity. This form of morigsge combines uniform covenants for national ~ -use and non-uniform covenants with limited variations by jurisdiction to corsstitute a uniform security iratrument covering real property.. This Mortgage shall be governed by the law of the jurisdiction in whirl. the -Property a located. in the evenc that any provision or clause of Chic Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eQect.withoiit the eonfticting provision. and to the end the provisions of the Mortgage and the Note are Jeclared to be severable. ~ - if. /on+swer's Cow. Borrower shall be furnished a conformed cop) of the Note gad of this Mortgage at the time of execution or after recordation hereof. - - -17..Trsasier of Ilse Tropaty: Aawwsptiow. - Tf ail or any part of the Property or an interest therein is sold or tramerred by Borrower without Lender's prat written consent. excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage, tb) the creatan of a piirchaa mcmey cocurity interest for hoiaehold appliartoes, (c) a eraiisfer try devise. dtscerit or by operation of law upon the death of a joint tenant or (d) the-grant of any leasehold interest of three jrears a less not containing an option to purchsse, Lender may, at Lender s option, dcelare all the scans aeccired by the Mortgage to be _ immediatety 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 cred:= of such person is utisfactory to Linder and that the inten~ct payable on the surety secured by this Ib[origsge skis!! be at :ucli rate as Lender shall request. if Lender has wai~!ed the option to atxxkrate provided in this parasraph 17. and if Borrowers sriceessor in i interest kiss executed a written aswmption asrearieeit accepted in writing by Leader. Lender shall teksse Borrower from all obljgations under this Mortgage and the Noce. - If Lender exercises such option to accelerate, Lender shall mail Borrower notice of aecektaiion in sccordanca v?ith paragraph 14 hereof. Such notice shall provide a period of• not less than 3d days from the date tht notice a mai'kd wi:!iin which Borrower stay pay the cams declared due. Tf Burrower fails to pay such sums prior to the expiration of ciiclt period. i.etider may. without further ratioe or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Not~t-Ut+tt~atut CavaNSt+ss. Borrower sod Lersder funkier covenant and agree as toBow=: - ~ li. Aceekratio~ Rawedla. T3xce}t as'rotiiei iw paragrspd 17 fit. ttlsrt >?sn+awss'i Maesi s[ sq c~~swswt K agreeseens of rsrrdwer d ark Msrtgage, iwewiirrg the co~rswswb to pat cab dwe sq atttns secwsi y ark Msrtgsgt. leader prior Ica seeekratisw sill n+sif wotice to torrrwer w Nei M Mngrapi 14 tteres[ yteQyisg: (i) alt letaelt: (=l ate sdMw regsirei b ape writ 1re~eack CS) s late. a~at fart flaw 3t days trop fist date die nMke ` anied w . h9' wlikl r~ iseaci sssit k awed; and (4) brat ttaRsre m ape spelt ftreaelt ew car ttd~rt t>te date apteMti r the wsi~tiee .west' rrtsslt m seeeietalio. at die sp.t stewel y ark Mort~e. t~teci.wre b 1~W w awl .sit at tlt lrnperty. 'rat ..aa .Ysr iwrater iwtaartn Rorrrwer of ate rlgTtt a rsiwatale suer aeeekrafiow sal tle tiglH M assts i• alt leeeeitewe ppscstiltt~ alt ~ et s ieh.it ai awy outer tkfertse Borrower M acceleraaew awl rarreT..me. !r ate fnseh i cast etreei a - or >ktist arc dale geelaal i, ate ntiate. l.ewler st t.ertler's eMiow ~ tkeine s/ st ate glass atep+sl fly ails M«lgslpe Is lyre 1~lsleilr iwt anti wktioN iwrtlter dewiasad gad carat' fatciott ilk Msstfage b }dklsl prroetigr. irwde: sintA ie ealias, N esBsct fs wei ~rwstttliwg sr espewses ai forsciosttre, lwciwiis~. itrt last lolls! M. aasossiit sttwitetr's less. ttsti esNs si ivetFaewfary ediewee, aGttratb awl tide re/wrb. . 1! )tsssrwa'~s RtsM N Rtlsststt. Notwithstsndingt Lender's aoakration of the wens sectored by this Mortgage. Borrower shall have the right to have any proceeJings heEun Fry Lender to enfortx this Mortgage discontinued at any ti:we F 8f]OK ~ tai ; .