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HomeMy WebLinkAbout2221 • . . ._r _ - . . - - _ _ _ _ • Lsttders'written agreement ~or applicable law. Harrower shalt 'pay the amount of all mortgage insurance premiums is the maantr providsd under paragraph 2 hereof. i Any amounts disbunod by Linder pursuant to this parag-aph 7, vrith interest thereon. shall become additional indebtedness of Borrower xcured by this Mortgage. Unless Borrower and Lender agree to other terms of payteent. such amounts shall bt payable upon notice from Lender to Borrower requesting payrnent thereof, :red shat! bear interest from the date of disbursement at the rate payable from time to time ai outstanding principal under the Note unless paymeeit of interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take guy action hereunder. a. iagectkw. Lender m:y make or cause to be made reasonable entries upon and inspeMions of the Property. provided that Lender shall give Borrower notice {sriar to any such inspection specifying reasonable cause therefor related to Leader's interest in the Property. 9. C~ The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or' part thereof. or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Leader. Tn the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgago. with the excess, if any, paid to lorrower- in the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be applied to -the sums secured by Chic 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 dire of - taking bears to the f:ir market value of the Property immediately prior to the date of taking, with the balance of the proreeds paid to Borrower. - Tf the Propt-'y is abandoned by Borrower, or if. after notice by Lender to Borrower tfiat the condemnor offers to make an award or settle a claim for damages, Borrower fain 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 restoration ar repair of the Properly or to the sums secured by this Mortgage.. - Unless Lender anti Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone ;he due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of z such installments. le. Dorr~ewer.I!le~lRekased. Extension 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 urccessors in interest. Lender shall not be required io rnmmence proceedings-against such sutti-essor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand mask by the original Borrower and Borrower's successors in interest. l 1. Forbearawee by T.ewder Not a Waiver: Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiseafforded by applicable law, shall not be a waiver of or preclude the exercise of any such rght or remedy. 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 indebtedness secured by this Mortgage. ~ ~ - l2. Reseiies Cesehitlve. All remedies provided in this Mortgage are distinct and cumulative to any other right ar ~ _ remedy under this Mortgage or afforded by law or equity. and may've exercised concurrently, independently or successivety. 13. Seecessors nwd Iksaigws d~nad: Jdat and Several T.irl;~~ishr: Captions. The covenants and agreements herein contained snail bind, and the rights hereunder shall inure to. the ~--!-Y:~:rive successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants an.l agreements of Borrower shall be joint and several. The captions and headings 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 be 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 c+r at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to i.enders address stated herein c_ 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 bcen given to Borrower or Lender when given in the manner designated herein. - 1 S. Uniform Morq~age; Governing I.ar?: Severabiiity. This faro of martgaage combines uniform covenants for natiaod use and non-uaifomi covenants with limited variatiats by jurisdiction to a uniform security instrumem oaveriag heal property. The state and local taws applicable to this Mortgage shall be the laws of the jurisdiaion in which the Property is located. Tbt: foregoing sentence shall not limit the tppkabslity of federal >sw to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable taw, such conflict shall rat affect other provisiooa of this Mortgsgn er the Note which can be given etl'ect without the ooatlicting provision, and w this end the provistona of the Mortgage and the Note are declared to be severable. If. 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. _ - ` 17. Trar~fer of the I'.operty; Assnmp4ion. If all or any part of the Properr~ or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creatio- of a lien or encumbrance subordinate to _ this Mortgage, (b) the creation of a purchase money security interest :or ho- Behold appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (dl the gran! d any leasehold-interest of three years orkss not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgag~• to fie immediately due and payable. Lender shall have waived inch . ~tion to accelerate if, prior to the tale or transfer. Lender and the person to wtwm the Property is to tx 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 Borrower's successor in 11 interest has exxuted a written assumption agreement accepted in writing by Lender, Lender shall release Harrower from all obligations under this Mortgage and the Note. - if Lender exercisers such option to aceclerate. 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 tl~ date the notice is mailed within which 13orrawer may pay rho sums declared due. if Borro~?~er fails to pay inch sums prior to the expiration of s!tch period, - Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph l8 hereof. Nort-11N1FORM CovvHaHrs. Harrower and Lender further covenant and agree as follows: if. Accderatiow; Remedies. Ezcept as provided is paragraph 1? hereof, epow Eorruwer's breach of gay toveaart or agreement of Eorrower i, thb Mortgage. iwciediag the corteaats to pay whee doe a>!r severs secertd by this Mortgage, Leaser prior to accNeratiow shall saB entice to Borrower as provided in paragraph I4 hereof specifying: (1) the breach; the actbe rcgeirsi to cart serh breach; (3) a date, act his thaw 3A days from the date the aetke b sailed to Tsorrowu, bTr wbieU secs ireach sent be cwr+ed; awd that fsQere to rare seen breach o0 or before tie date specified i• tie wotlre Wray reach h: accderatiow of tie sars secured by tits Mortgage, foreclosure by jrr~cial prooceediwg awd sale of the Property. '11be notice sbaB farthsr iaforwr Korrowsr of the right to reiestate after acceleratiow sod the right to assert i• the fortclssone proceedleg the wow~ezistewce of a dtfadt a gay other deteese of Borrower to accekratiaw gad Eoreelosore. if the brtwch is woe cured oa or before the date specified iw the wotice, Leader n Leader's option say declare all of the seas secsnd by this Mortgage to fie isarcdiately dne awd payailt without farther demand gad may forrcluse this Mortgage by judicial proceediwg. Lewder shag be eetittcd.to cc~fittY b secb procetdirg all a:pewsts of fareclasert, iaclediag. bet woe lisiftd to, reasoeable attorwcy'a ices, - awd costs of doceseetary evideeee, abstracts gad title reports. _ - _ yy 19. 13orrawer's Rigit to Reiw:tate. Notwithstanding Lenders acceleration of tl~e scans secured by this Mortgage. 3 Borrower shall have the right to have any proceedings h.eun by Lender to enforce this Mortgage discontinued at any time # X324 ~~~1.?