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HomeMy WebLinkAbout2266 . - - - _ _ ~ - - - - - a - - - _ _ _ _ _ _ _ - - _ - _ Lender's written sgreemeut or applicable law. Borrower shall pay the amount of aU mortgage iasteraaoa praaitttm is the manaar provided under paragraph 2 hereof. . Any amounts disbursed by Lender pursuant to fhb paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and I.cnder agree to other terms of payaaeat, such amounts shall be payable upon notice from Gender to Borrower requesting payment thereof. and shall bear interes. (rota the . date of disbursement at the rate payable from time to time on outatand&tg principal under the Note unless paytaent of interat at :uch rate 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 shaU.requirc Lender to incur any expet»e or take any action hereunder. _ 8. Inipation. Lender may make or causes to be made reasonable entries upon and inspections of the Property. provided that Lettdar shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.endet's interest in the Property. 9. Condesnatbn. The proceeds of any award or claim for damages. direct or consequential. in oonnectiort with any condemnation or other takiog~f Llt4P~+op~rty, or part thereof, or for conveyance in lieu of condemnation. ere herehy assigned and shall be paid to Lender 3 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 L.'nder otherwise agree in writing, there sbaN 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 the date of taking-bean 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 Lender to Borrower that the condemnor offers 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 restoration or repair of the Property or to the sums 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. 1f1. Borrower Not Released. Fattension of the time for payment or modification of antortiution 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 orig~~j.~grrower and Borrower's successors in interest. Lender shall not be requirrd to commeatae proceedings against sut4i~uecessor or t~efuse to extend time for payment or. otherwise mo~ty amortization of the seas secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in imterest. 11. Forheara~e by Lender Not a R?dver. Any forbearance by Lender in exercising any right or remedy hereunder. or othewise afforded by applicable law, shall not be a waiver of or preclude the exercae of any such right 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 aceelente the maturity of the indebtedness secured by this Mortgage. 12. Remedks Catau4ttve. 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 concurrentty, independently or sttooessivdy. -13. Sajeceaaors and Asalps Ilosni; Joint aoi Seerd IJa6iWy; Csptlons. The covenants and agreements herein contained sh:11 bind and the rights hereunder shall inure 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 joint an3 several. The pptions and headings of the paragraphs of this Mortgage -are for rnnvenience only and arc not to _be used to interpret or deF.ne the provisions bereof: _ - 14. Notices 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 or 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 receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ss provided herein. Any notice provided for in th"s Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uniform Mortgage; Governing Law; SeverabNty. This form of mortgage combines uniform covenants for national u•.a and non-uniform covenants with limited variations by jorisdiction to constitute a uniform sxurity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is locatod. In the event that any proviswn or clause of this Mort~,;~ 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 lfi. )dorrrwe~s Copy. Borrower shall be furnished a confomxd copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ - 17. Trander of tie Property; Assnmptioe. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lemder's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate 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 am option to punhase. Lender may. at Lender s option, declare all the sums sxured by this Mortgage to be imneidiately due and payable. Lender shall have waived such option to accelerate if, prior to the tale 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 ~ayabk on the sums secured by this Mortgage shall be at such rate as bender shall t+equest_ If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's suceessor 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 Lender exercises such option to accelerate, Linder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days frwir the data the notice is mailed within which Borrower may pay the sums de:.lnred due. If Borrower faits 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 18 heroof.: Norr-Urrrt=oreM COVENAt+il'S. Borrower and Lender farther covenant and agree: asfollows: 1& Accdaatlon; Rsmedia. F.uuept s prodded le pragrapb 17 hereof, ti~ert ldarrower's brraei of s7 covenant a< 1 rtgreesenE ot.Don~ower b flit Mortgage, itseindietg tie covenants to pay when dne aq sasss sawed i7 rib lVlorigaBe, I.enaer prbr to aeederation siaB sa8 tweke to liorr~ower as provided in p~rapi 14 iersot ~riog: (1) fire be~ci: tie adbrt regdred to cane soci braes (3) :date, riot less than 30 nays from tie date fire notice rs tnalkd b borrower, ~ wYdt sne6 i?raFlt wnat rte ctarsa; ant (4) that failere to crate snclt breaei on a lretorr: -tie date sPeettiei iA tie.nofke nuy radt in nceelerafion of ttie sos secarod 67' rile Mortgage, foraloanre blr jdiciat procadh; ~ sale of fie lroteety. '!tie netlte siaB fnrtier idornr borrower of tie right to re~e atlrr sccetsratiort sni flte right to aattert is tie tsrsclewre pseeeeil¦g - tie note~dstence of a detadt or stay crier detenae of borrower b acederation ant foretiosnre. )1< tie bract fa not sneer eta or before Ste dMe speeMei b tie notlee, Lender a iende:'s option my dal=e ati et tie stars acaei b fYs Meetgage to be imoaiiafdy tine and ptpa6ie wititont inrtier.desasi anti Wray foreclose this Mortptga h is~iieial penece~g. lender nisi be ad8ed to coilea~t Lt snei proceeding alt espenaes of foreeioaue, iseinding, brat nst rrrtifei isy reaaowMe aftoene~s tea, and cab d dotnrtsenhrt evldesce, abAraeb s¦i tWe rtporb. lg. borenwa's RfgM to Rdnshte. Notwithstanding Lender's. aceektation of the summa secured by this Mortgage, Borrower shag have the right to have any ptooeedings begun by Lender to enforce this ~Mort~e discontinued at any time 6t10 t~?4 PAGE~~ ~