Loading...
HomeMy WebLinkAbout1759 . . . ' ~ ~ R iJ' + . 7~ Lender'l written agteemetit't3r applicable law. Borrower shall pay the amount of all tnortgsge itt=tuatrce premiums in the manner provided under puagrsph 2 Iteteof. Any amounts disbursed by Leader pursuant to this paragraph 7, with lateral thereon, sht:ll b4cortre additional indebtedness of Borrower secured by this Mortgage. Unless Bo_ trower and Lender agree to other terms of payment: such amounts shall be payable upon rrotice from Lender to Borrower requesting payment 'hereof. and shalt bear irtsret (rota the data of disbursement at the rate payable from firm to tines on outstanding principal under the Note unless paytaeat ot. interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the higtre:t rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to it?cur any a:pt:nse-or take any action hereunder. - a. iaspectloo, Lender may make or cause to be made reasonable entries upon and itupections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying teasarrabk .cause therefor related to Leader's interest in the Property. - 9 Cam. The proceeds of any award or claim for damage, direct or consequential, in contraction with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation., are het+eby assigned- and shall be paid to lender. . in the event of a total taking of the Pt+operty, the proceeds_ shall be applied to the sums aacur+ed by this Mortgage. with the excess, if any, paid to Borrower. In the event of :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 u is equal. to that pr~poAion which the amount of the sums secured by this Mortgage :mmediatety prior to the date of - taking bears to thy. fair market value of the Froperty immediatety prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, afar notice by Lender to Bomovrtir that the condetanor offer to make an award or settle a claim far damages, Borrower fails to rapond to Lender within 3Q days after the date such trotice is mailed, Lender is authorised to collect and apply the proceeds, ai Lender's option, either ter ratoration or repair of the - - Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal -shatt not extend - . or postpone the due date of the monthly installments referred to in paragraphs 1 and Z hereof or change the amount of such- installments. - _ 18. Uormwer Not Released. Extension of the time for payment or mod'dkation of atnortiution 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 Borrowers successor in interat. Lender shall not be required to comrrretree proceedings agaitrst such strocessor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the- original $orrower and Borrower's successors in interest. Il. Forbearance tg Ixeder Not a R?aiver. Any forbearance by Lender in exercising any right ar remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. lire proctrrcment of insuratrce or the payment of taxes or other liens a charges by Lender shall not >>e a waiver of Lender's right to accelerate the maturity of the indebtedness secured by-this Mortgage. 12. Retnsdies Cnmrtlatfts. 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 cotrcurrentty, independently or successively. 13. .rtoccesaors sad Assigns Botrttd;_ Yolst arrd Several I.iabtBfy; Captloas. Tire covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. -the rapective successors and assigns of Lender ami Borrower, subject to the provhions of paragraph 17 hereof. All covenants and agreements of Borrower shall lx joint and several. The captions and headings of the paragraphs of this Mortgage arc- for rnnvenience only and are not to be used to interpret or define the provisions hereof. - l~. Notice. Except for any notice required under applicable law to 6e given in another manner. (a) any notice to Borrower provided 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..iray designate by notice to Lender as provided herein. and (b) any notice to Under shall be given by certified mail, mum receipt requested, to t.ender's address stated herein or to such other addras 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. IS. Uaifortn Mortgage; Governing Law; Sevetabiil&y: This form of mortgt:~e combines uniform covenants-for national rise and non-uniform covenants with limired 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 t~at a:~y provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shalt not affect - other p~,rvisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the'rfortgage•and the Note are declared to lx severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of -this Mortgage at the time of execution or after recordation hereof. ~ - 19. Transfer of the Property; Aswmption. 7f ail or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money security interest 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 interest of three years or less not containing an opiion to Frrchase, 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 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 s.•cured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's sutxxssor ir. interest his executed a written assumption agreement accepted in'writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ~ - if Le~rder 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 from the date-the notice is mailed within which Borrower may pay the sums declared due. if Borrower fails to pay such stuns prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any st~red~ permitted by paragraph 18 hereof. Note-UKtt=ahnt Coverv~rrrs. Borrower and Lender further covenant and agree as follows: - 18. Arcdt:atioe; Reaoedks. Except as provided in parttsrspi, l7 irtrsof, ripe Borrower's bread of ray covenant er tr6rtaeat~ of Borrowrer in -this Mortgst„e, ittctodirre the covsaants to pay wtree doe any area secured by this Mortgage, Leaser - prior to scceleratbo sWl sail erotica to Borrt?rrer as provided in psr:sraph 14 hereof specifying: (1) the bread; (2) tie sctfou t+egeirstl to cet+e such brescl?; (3) a date, not less than 30 days from the date the notice b maBed to Borrewer, by wltkh stielt 1 brracb inrt bt cared; sari (4) that failare to care such brsarh on or lxfors the date spsciied i• file eotke say reach (ia sceeler~ioit of the sties sscausd by tits Mortgage, foreclosers by jndkW proceeding red sane of the ProKrty. 'tire aotioe shag ftirtlrer iufotm Borrower o[ toe tight to rsirtstate after acceleration and the right b assert ie the forecltorarrs prrkee~ the non-e:isteace of s defatdt or asy other defense of Sorrowcr to accekratba and forecbwne. If the brsacL Is >!ot enni or, or before qte date spcci}kd b the notice, Lender at feeder's optiat asap declare s)1 of des sti~w se~~nred y7' this Mortgage !u ie WwediNdy due asd payable wkbotit ftitther detwnd and nosy forsdose tins Mortgage by ~W pruceedi~• Lacier tW be safflied to to0sd la strcft pt+occtiding all eapsoses of forsilossre, iacteiiog, 6M not tisilei to, reataonibie attoreey's tea, and costs arf deeneeetary evWettee, attract sari title report. 19 Bortrlxer's Rtgirt to Rsieetate. Notwithstanding Lender's acceleration of tlra sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enfora this Mortgage discontinued at any tithe oe_Qart~d ~R A _ ~ / A n