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HomeMy WebLinkAbout0697 • . r ~ i Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iastuatrce premiwns in the manner provided under paragraph 2 hereof. _ Any amounts disbursed by Lender pursuant to this para~atipll Yk'tr~thf interest thereon, shall become additiond indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agr+oe to other terms of payaneM. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from tiro date of disbursement at the rate payable from time to time an artstanding principal under the Note tmkss paymetet of interest at such rate would be contrary to applicable law, in which overt such amounts shall bear interest at the higheA rate Fermissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any e><petae a take any action hereunder. sl. Iwspectiow, Lender may make or cause to be made reasonable entries upon and inspections of tht Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9. Coadearuatbs, 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, are hereby a:si=teed and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums scarred by this Mortgase. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Larder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equsl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the pr+oceech paid to Borrower. If tht Prop~;rty is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor olhrs to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice a mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of tlse Properly 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 e:tard or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 1Q. Eorrower Not Rckased. Extension of the time for payment or modification of amortization of the Brims secured by this Mortgage granted by Lender yo any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commetroe _ proceedings against such 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 wcceswrs in interest. 11. Forbearawee ly' Lewder Not a R?drer. Any forl+earance 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 rareedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Larder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewiedies Coreotati•e, All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ?rnder this Mortgage or afforded by taw or equity, and may be exercised concurrently, independently or successively. ' 13. Swccessors cad Assigws douad; Joint awtl Screed i.iabirfy; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender aqd Borrower, subject to the provisions of paragraph 17 herrnf. All covenants and agreements of Borrower shall be joiry and several. 'lire captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk used to interpret or define the provisions herrnf. 11. 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 other address as Borrower may designate by notice to Tender ss provided herein, and (b) any notice to Lender shall he given by certified mail, rctum receipt requested. to Tender's address stated herein or to such other address as [.ender 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. 1S. Ueiforw Mortgage: CorernirgC Law: Sererability. This form of mortgage combines uniform covenants for national I~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument oovtring real property. 'ibis Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clarrst of this Mortgage 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. lf. Eorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..Trawder of the Property; Assorrrptiow. If all or any part of the Property or an interest therein is sold or tansferred by Borrower without Lender's prior writrrn consent. excluding (a) the creation of a lien or encumbnnee wbordinate to this Mortgage. (b) .the crcatron 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 arch option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be cold or tnnsferrcd reach agreement in writing that the credit of such person is satisfactory to Lender and that the interc-ct payable on the sums secured by this Mortgage shall be at srrch.rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written aswmption agreement accepted in writing by Lender. Lender shalt release Borrower from all oblijations 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 provide a period of not less than 30 days from the date the notice is ensiled within which Borrower may pay the Burns declared due. Tf Borrower fails to pay such Berms prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any rerrredies permitted by parsgraph IR hereof. Nori-UNIFOarrr Covt=_rietrTS. Borrower and Lender further covenant and airoe as follorns: 1 1!L Accderatlos; Rewcdks. Except str porlaed ire prsgtapli 17 Ireraof. ~w ltornwa's ir~iii of iiwy cotrew~wt K agrcerneN of borrower r thin Mortgage. L the eorewsMs to p)• wlew doe ssry sows stesr~ei ti tits Mortgage. Iwwiler a prior to accderatlow slat war wotke to Borrower as MrorideA V pragraplr f1 Uereo[ speclfy~z (1) tic treacle (2) tie settee ~ rrtgwiroi to care tract ireaci: (3) a rate, wet lac flan 30 days frour tie date tie notice r ttsareti N lenower. y wYei swei ireacl wwrR be cwre>; awl (4) flat tailtrre to etrre steel ircacl ow or ftetore tie date s'eeYer r tlMe wotiee tw.y result i• wecekratiow of tie sswrs sewed iy' tih Mortgage. foreeioswre lye p+ocetdlrtg awl Bak a< tie ho'erty. '[1re wietiee Blear better iwtorw iorrower of tie riRM to reieMMe after secekratbw suit tee riglt b atwert iw tie forseloase potet~ t tic tuoraesiMewee of a refairk or a.)• otter rdtwse of rorrower to sceekrdbw asr forreloswa. N deg iresei r ttwt carte M or bttore tie late spciiei ~ tie wotiee. Lewder at I.ewders optiew way reelsrt ar of tie trtrtses seetretd fYyr tleis MorlpRe Iw ik i•wedWely reie awl pysbk witbwt tsrtler demand cad Wray tottclose tits Mertgags h' jwiieW pnteedf¦R. Lender dear ix ewtltler to eoreet r swei p+ocesdiwg V treptssa of torecloserrt. iwchwiiwg. 6wt tsN rwitett M. reaeowsile stt•xiier's fees. awd eosb of roc`.~etetaq sridewcte. abstrsets awe tick repro. 19. Isorrowa's Bigler to Reiwstate. Notwithstanding Lenders acceleration of the wens secured by this Mot•tgaje, s Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time I B0~1328 PAGE 1 _ -