Loading...
HomeMy WebLinkAbout2144 * ~ r- - • Lender's written asreaasat a applicable law. Borrower shall pay tM antotrnt a[ aq aartgage insurance ptemiuaa is the manner provided tutdec paragraph 2 bsreof. Any amounb disbursed bj? Larder pursuant to this pan~graph 7. with iotet+est tlra~voe. -shag becotrte additional indebedness of Harrower secured by this Mortgage. Utrkss Borrower sad Lender agree to other ~ of payment, arch amounb shag be payable upon notice from Lender to Borrower requestittg payment thereof. and chap bear inta+est from the date of dbburtrtaatt at the rate payable from three to lima oa oubUndhrg principal under the -Note unka pa7ttsattt of interest at such rats would be contrary to applicable lair. in which event sttdt aanounb shalt bear intasat at the highest rtte permisdble under applicable law. Nottdttg contained in this paragraph 7 shall require Landtx to incw any expense a take any aMion hereunder. i. It¦spsctlata. Lender may make or cause to be made reasonable entries upon and itaspections of fire Property. provided that Lender shall jive Borrower notice prior to any such inspection specifying reasonabN cause ttrerefor related to Leader's interest in the Property. f. CNiewlMn.• The prooads of any award or claim for damage:, direct a ootaequeMiat, M eonnectlon wilt say coadarrntttion or other talons of tits Property. or part thereof, or for conveyance in lieu of oondattnation. are hereby assisned and shall be paid to Larder.. In the event o[ a toW talons of the Property. the prooec~ shall be applied to the sane secured by this Mortsase. with the excess, if any. paid to Borrower. la the event of . a partial takinj of the Property, airless Borrower and Larder otherwise N~ in writins, there shall be applied to the sum: secured by? this Mortgage stx~r ptopttrtiort of the prooeetls as is equal to that proportion which the amount of -the sums securod by this Mortsase immediately prior to the date o[ talons bean to the fair market vahre of the Property immodiatefy prtor to the date of talons. with life tralattce of the proceeds paid to Borrower: If the Property is abarrdared by Borrower. or if. after notice bl? Lender to Borrower that-the condemnor oilers td make an award oc settle a claim for damases, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is atnlrorited to celled rod apply the proceeds. at Lenders option, either m restoration or repair of the Property or to the sums secured by this Mortgage. ifnkss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal dtall not extend or postpone the due date of the monthly installmenb nferrcd to in paragraph 1 -and 2 hereof. or chattge th0 amount of such installrgestb. ~ - - - - . If. i~tiwrer Not Rekasai. I?.xtensiar of the time for payment or, modillcation of amortization of~ tht;.wens secured by the Mortgge srsutted by Lender to any stroassor in interest of Borrower shall not operate, to release. in any manner. the liability of the original Borrower and Borrower's sttceasors in interest. Lender shall not be required to eoaanarce proceedings asainst such woce::or or refuse to extend time for payanart or otherwise modify amortization of ttre sums secured by this Mortgage by reason of any demand made by the original Borrowwer and Borrower's strecessors in interest. 11. 1?oriearasree yr I.eaier Nat a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the exa+ase of any such right a remedy. The procurement of insuraooe a the payment of taxes a other liens a charges by Lender shall not be a waiver of i.ender's right~to aooekrate the maturity of the indebtedness secured by this Mortgage. 12. Reaseaies t7rrsrlatlve. All remedies provided in this Mortgage are dktinct and ctnrrulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently. independently or sttooessovdy. 13. Hrteeasars sal Astgas.>Iort~ Joint s¦i Several T.labiHq; CaplMsr. The cOVenanb and agrearrenb herdn contained shall bind. and the righb hereunder shall inure to. fire rapective strooeswrs and assigns of Lender and Borrower. subject to the provisions of ~ragraph 17 hereof. All covenants and agreements of BorroMrar 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 detirte the provisions hereof. 14. Notice. Ifraroept 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 liven by certified mail. return receipt requested. t4 Lender's address stated herein or to such other address 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 a Lender when given in the manner desisnated herein. IS. Ualiorar Mortgage; Gover¦Mg Law; Severa6iity. This form of mortgage combines uniform oo~vgtanb for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument emrering real property. This Mortgage shall be governed by the taw of the jurisdiction. in which the Property is located. In the event that any provision a clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not a![ect 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. lti. liorrrwer's t;o'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 1~aastes of lire Troperty; Aswarptioa. If all 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 creatan of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money sceurity interat for household appliances, (c) a transfer by devise. descent or by operation of lavv upon the death of a joint tenant or (d) the grant of soy leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender s option, dtclarc all the sums secured by the Mortgage to be immodiatdy due and payable. Lender shall have waived wch option to aooekrate if. prior to the sale or transfer. Lender and the person to whom the Property is to be sold a transferrsd 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 Lertder shall requrst. if Lender bas waived the option to accelerate provided in this paagraph 17. and if Borrower's strooe»or in interat 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 wch option to accelerate. Lender shall mail Borrower notice of aceekration 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 wens prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Norr-Urrtrottr?r Coyexswrs. Borrower and Lender further covenant and agrse as follows: li. Acceleratiom Reaeaiss. lfaree*t as provYai b paragrapi 171rereot, rpa llorrowst's br~acb of say coveaaat et agrceaeat. of lton+ower d tbfs Morfga`e, ~etiraieg the eoveaaab to pay when are asy sets seerrti b!' tWs Mor,sage, I.eaaer prior m aeeelerado. stta/ asaY aotke is Iorrower as providsa iw paragraph 14 bercot,~«ityl¦g: (1) the breaelK tits aetiors rgdrei m acre wch brare~ t3) a aatq sot tae rhea 3t days fro. the date tbs entice Y waYei m lierrawer, b whie~ aKb bread, .osc ire eared aaa t+) fiat t'aibrs to care wch irrac6 0. or before the date spseiBad its tw .olive sarq? reap i. s seedessrtioa of the sacs sscrrsa by this Mortgage, for+cdowre by jr~ciai ~roeeeains sea sale et the Pr~a}srty. 'lt+e asfia shall trrrtbet driora Borrower of the right to relwtate niter accekrNiosr sal the right tb aaseA r tie tarcMwrs prreee~trg tie rotezisteace et a aetait or ay ether se[ease of Borrower b acceleratNa aai fos+ea~losure. g t<te breach Y sot erraa a or be[are the ante spaYei i• the notice, I~esier M I,eaier's option essay declare sw of the ware seated fly 16is Mortgtge fie M laaediatdy ire sad tayable witbotst frrtber seaaai sea aray torsdoee this Mortgage by jrikW praceeaf¦g. 1Jesisr it be eaWka fa cosset i web perese~rg ai eupeases of ioreeloarre, ircitsifa~ btsf sot IfwNea to, reasonable atNrae~4 tear. area costs of aoca~ealary eviaeacs, abstraeb sal tl0e re~orls. 1!. larower's Rtgirt M Rel¦Mate. Notwithstanding Lender's aceekration of the sums sectued by this Mortpge, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortpse di:coatinued at anl? time 800K~ 1AI~~~