Loading...
HomeMy WebLinkAbout2774 _ _ _ _ _ r ~ ~ • t' : ~ ~ Lender's written agrewrreat a applicable law. Borrower shall pay the amount of all mortgage iasuraooe prtmtiumt+ in the manner provided ender paragraph 2 hereof. Any amounu disbursed by Lender puntrant to this paragraph 7, with iotatest thereon. shall become additional indebtedness of Aorrower sxared by this Mortgage. Unless Borrower and Lender agree to other terms of payttaeM. such amount shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest fray the data of ~t at the rate payable from time to time on outuandbtg principal uttdar the Note unless payment of interest at wch rata would be contrary to applicable law. in which event such amount sha0 bear interest st the highest rate permiaibk under applicable law. Nothing contained in this paragraph ~ shall require Lender to incur any axpease or take any action hercundec. . . i. 6sMteMas. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. Cosiearsaliew. 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 Lender. 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 tvQrtt pf ~ 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 pt+ooeeds ss is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the data of taking bears to the fair market value of the Prolxrty 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 rapond to Lender within 30 days after the date such notice is mailed. Lender is authorised to collect and apply the proceeds, at Lender's option. either to nettontion 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. lt. >Borower Not Released. Extension of the time for payment or modification of amortization of the sums secured by. this Mortgage granted by. Lander 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 interat. Lender shall not be required to commence proceedings agairtst<wch successor 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 Borrower and Borrower's successors in interat. 11. Forrearsace r7' Leader Not a Wai•er. 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 exercise of any such right or remedy. The procurement of insurancaor the payment of taxes or other lieps a charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Reaudies Cuwuhli•e. 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 attecessively. 13. Successors sots Asdgas dosed; Joist sad Serentl i.iabiNty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only .and are not to be used to interpret or define the provisans 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 ,or at such dher 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 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 I; Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. iS. Uttdtotna Mortgage; t3o•eraiaR Law; Sevcrabiiity. This farm of mortgage combines ttaifotm covenants fa national use andnon-unif'or'm ooveoaats with limited variations by jurisdiction to oonstidtte a uniform security instrument covering veal property. The state and kcal laws spplic~abk to this Mortgage shall be the laws of the jurisdiction in whiten the Property is located. The foregoing sentence shall not limit the applicabiUty of federal law to this mortgage. In the aveat that any provision a clause of this Mortgage a the Note oooflids with applicable law. sttcb contlict shall not affect other provisions of this Mortgage or the Note which can be given effect I without the conflicting provision, attd to tins cod the provisions of the Mortgage and the Note are declared to be severable. lf. dorrowtr'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. 7~wfer o[ ire Property; Aswatptioa. 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 (al 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 an option to purchase. 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 agrcement 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 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. Tf Lender exercises such option to accelerate, ,Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provick 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 sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. No~x-UNIFatM COVENANTS. Borrower and Lender further covenant and agree 18 follows: 18. Aeceleratios; Reutedies. liaarcept si pro•ided b prrtgrap6 17 rertof, upon dorrewer's 6rtscr of say co•eaast or sgretatRat of Borrower i• iris Mort';age, iadu~ug ire rnvewauts b py win due ay sums secures r7' iris Mortgage, Lesser prior to accdentba stall araif notice b Borrower as provided m paragraph 14 rertof speeit>ilg: (1) ire 6seacr; ire action requird b cure suer 6rtacr; (3) a date, not las traw 30 days trove ire date ire notice is wailed b Borrower, b wrier suer brtacr want 6e eure~ sod (4) fiat faiitrre to curt suer breast oe or bdore ire date spalliei b ire tsMiet wq resuH fs scceleratba of !re saws sectored by this Mortgage, fortclosnre by ju~cial proeeedmg anti sale e# ire Prepry. 'Itie aotixe abets bitter iaforw Borrower of ire rigrt b reinstate after sccekratioa sad ire rigrt b asstM i• tie forscloare ~rueeeiiag ire aoa-existence of a detauk or soy otter defer~e of Borrower to scederstbw sad torecioaut. 18 ire breast is sot cured as or before the date specBied is ire notice, Leader st Leader's option way dechre all of ire sows sectaeti b iris Morigege a be immedl~ely due sad pysbk witrotN tMrer dewaad sad way tortctost iris Mortgage by ~trdkial proetcdi¦g. itewtler stall 6e artitld to coxed ~ suer proceeding all arpesses of tortciosua, incladieg, but not liwitei to, reasoaabie attorney's fee, sad costs of aocaweatary e•itkace, abstracts anti title reports. 1!. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this pMc o~rtgage dirscontinued at any time BUKc:I~ ;J P~GEG IU(7