Loading...
HomeMy WebLinkAbout1729 - ~ - ~ ~ i, - Leader~s writters sarramemt or applic+lb~hivi. 8orrowei shall pay the amount of ap mortgages uuurance pt+emiurtrs in the manner provided urrdel paragraph 2 he:yof. - Any amounts disbursed by Lender purwant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secut~ed by this Mortgage. Unless Barrowtir and Lender agree to other terms of payment: such amounts shall bt payable upon notice from Lender to Borrower requesting payment thereof, aid shall bear interest from the date of disbursenreM at the rate payable from time to tune on artstanding principal under the Note unless payment of interat at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable lavsl. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take - any action hsrruoder. - fR lfapeetlao, Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give BomoMrer notice prior to any such itu~pection specifying reasona4k cause therefor related to Lender's interest in the Property. . CaeiearraNe?s, The proceeds of any award or claim far damages, direct or cvnse:quential. in connection with any condemnation or other taking of the Property, or part thereof', or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender,- _ _ in the event of a iota! taking of the Property, the proceeds shall be applied to the sums secrtrcd by this Mortgage. with the etcess, if any, paid to Borrower. In the-event of a partial. ul:ing of the Property, unless Borrower and Lender otherwise agree in writit>!t, iherc shall be applied to •tre sums sexurrd by this Mortgage such proportion of the procYeds as is ogwl M 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 et taking, with the balance of the proceeds paid to Borrower. if the Property is abandaied by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make _ an award or settle a claim foe damages, Borrower tails to respond to I_endtr within 30 days after the data such notice is mailed. Lender >s authorized to collect and apply the proceeds, at Lender's opti::n, tither to restoration or repair of the Property- or3 to the wms secured hY finis Mortgage. - Unless Lender and Borrower otherwise agree in wriiine, any such application of proceeds to principal shall not extend - or postpone- the due: date of the monthly-.instagments referred to in paragraphs 1 and 2 hereof or change the amount of -such installments. - 1~, Somower Nof Re3eased. Ettension 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 interest. Lender shall not be required to rnmmence proceedings against such successor or refuse to extend time fur payment or otherwise modify amortization of the sums secured by this :dortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. li, Rerrbearanee ti 1Lenekr NM a Warfrer, Any forbearance by Ixnder in exercising any right or remedy hereunder. or - otberwise afforded- by applicable law, shat) .not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insuran~,e or the payment of taxes or other liens or charges by Lender shall not be a waiver of lender's right to yeeekratt the maturity of the indebtedness secured by this Mortgage. 12, Remedies Ct+wpWin. 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 concurrently, independently or strcctssively. 13. Successors awd Assig•s sorrad: Joint -and Ses-rraf iiab~ty; Captloas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inert to, the respective successors and assigns of Lender and Harrower. subject_to the provisions of paragraph 17 hereof. All covenant's and agreements cif Borrower shall. be joint and several. The captions and headibgs of the paragraphs of this Mortgage are for convenience. only and are not to be used to interpret or define the provisions hereof. - - 14. Notice: Except for any notice required under applicable law to fie given in another manntr, (a) any notice to Borrower provided for in thjs Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at -the Property Addressor at such other address as Borrower may designate by notice to Lender as provided herein, and - (b) any notice to Lender shall be given by certified mail. return fcreipt requested. to Lender's address stated herein or to such Wher address as Lender may designate by notice to Borrower as prawided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or lender whin given in the manner designated herein. 1S. Urdferrar Mort~e: GoYereirrg Law: $ererabAity. Tlris farm of mortg~rge combines uniform covenants for national use and non-urrifotm covenants with limited variatioat byihuisdictioa Lo oaastitute a uniform security iastrurneat rnvetiag real property. Zlte state and local laws appligbk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregooag senurrce shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note oooflicts with applicable law, such conflict shall not affect other pravisiaosi of this Mortgage or the Note which can be given effect without the eooflict6rE provision, anti to this end the provisions of the Mortgage and the Note are declared to be severable. lf. sorrrawer's Copy. Borrower shall be furnished a confirmed copy ~~f the Note anti of this Mortgage at the time of execution or after recordation hereof. - 17. Transfer of the hoperfv: Assumption. if all or an}° part of the Property or an interest tberein is sold or transferred by Borrowe? without Lender's prior written consent. exclerding /al the creation of a lien or encumbrance subordinate to -this Mortgage, (b) the creation of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation.of law upon the death of a joint tenant or (dl the grant of any leasehold interest of-three years or less not containing an option to purchase, [.ender may, at Lender ~ option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to a:~celerate if, prior to the sale or transfer. Lender and-the person to whom the Property is to 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 Borrowers 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 Ltirckr exercises such option to accekratt, !.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hertvf. Such notice s-ha:l provide a period csf not less than 30 days from the date the nutlet is mailed within which Borrower may pay fhe sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without furttrer notice or. demesnes on Borrower, invoke any remedies permitted by paragraph 18 hereof. - - Norr-L;HtFOrefN CoveHxtvs•s- Borrower and Lender further covenant and agree as follows: Iff. Accderatioa; Remedies, Fatcept ae; provided in prs~rapb i? hereof, rtpon Dorroirer's brsacb of nay earenartt err aRreeseut of )forrrtwer a~ !Iris McMgaRe, inclediaR else coreusrats to psy when due nay sti>NS secured by this Mortgage. Leader - prior to accekntios shall mail twlice !o lorrov?er:s provided is perragnpb 14 hereof speEifyisB: (t) the bceacb; (2) the setioa re~e:d to care sorb bresclq (3) a date, ant less tfraw 3® days freN-tr the daft the aotice is atailed to Borrower, by wbici such breach must be ~ and (4) t[wt-far7rrre fo care sre;b brescb oa .rr Stforr the date speeiBed is the notice gray resrtit b - accdersaou of tbt sacs secured by this Mortgage. lweciosnre by judicial rrocecdirg and sale of the Property.. '11re wotice sha0 further iwforrrr Borrower erf the right to reinstate :Free-nccelerntiorr seed the right b assert is the foreclosure Mrucexdi~ , tie noes-Mistence of a ief~lt or nay other aefeitse of Eorrower to sccekratiop and foreclosure. If the 6rracb is oat erred oa _ a before tl~e date s'eciied fie the notice. Leaser at Lender's option may declare as of the sass secured by tbk Mortgage to be immediately due ani rayuMe without ferrtlrer demand awd may forecbae this Marigage by judicial procexdia(l. bender shag be e'atiNed to collect i stscb rroeeedirrg all ezpeases of foreclosure, iacludiag, beet not 6raited to, reasoasble attorney's fexs. awd casts of docremewtary eridesce, absirscts and ark reports. - 19. lbrrower's Right to Reinstate. Notyvithstanding Lenders acceleration of the sums secuttc: by this Mortgage, - 13orrowrr shall Irav+e eke right to have any proceedings heRun by 1_ender to enforce this Mortgage diuontinued at any time