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HomeMy WebLinkAbout2846 f ~ ~ 3~,. ~ t' ) e 'Lender's written agreement of It~abk lawi'; rer shall pay the amount of alt mortgage iasurawoe premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender puruant to this paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paya+att of interest at such rate would be contrary to applicable law, in which event such amounts shalt bear interest at the highest rate permissible under:pplicabk taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate E any action hereunder. s. Iwsrec8ow. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i_ender sha0 give Borrower notice prior to any such inspection specifying reasonable cause.ihercfor related b I.ender'a i interest in the Property. ~ a 9. Cowdewrwatiow, The proceeds of any award or claim for damages, direct or consequtntial, in connection with any condemnation or other taking of the Property, or part tAereot, or for conveyance in lieu of condemnation. are 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 event of a partial taking of the Property. unless Borrower and Leader otherwise agree~in writing, there shall 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 bears to the fair market value of the Property immediately prior to the daft 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 b make an award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after the date such notice is 1 maile4, Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair o[ 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 shill not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of 't such installments. t 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccessor in interest of 8omower shall not operate to release, in any manner. the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence proceedings against. such successor or refuse to extend time for payment or otherwise modify amortintion of the sums secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successors in interest. 11. I+oriearawce i7' Leader Not a R'siver. Any forhearance by Lender in txerrising any right or remedy hereumder. or 1 otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or rerrnedy. 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 seamed by this Mortgage. 12. Rewedks Cwrrabttie. 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 concutretttly, independently or sutxessiveiy. 13. Snceesaors and Asdgws Bouwd:.Joiat awd Sererrrl iL61Btr; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. Ap covenants and agreements of Borrower shall be joird and several. The captions' and headings of the paragraphs of thic Mortgage' arc for convenience only and. are not to lie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail addtessed 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 lx 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 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uwifonw Mortgage; Govenriog Law; SeverabBitr. This fornin of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security itnttvment covering real property. This Mortgage shalt be governed by .the law of the jurisdiction in which the Property is located. In the event that any provision or cla?ue 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 arc declared to be severable. lf. Iflorrower's Corr. Borrower shall be furnished a conformed copl- of the Note and of this Mortgage at the time ~ of execution or after mordation hereof. ; 17..Traw~fcr of tie Trorerfr; Aswarptiow. if all or any part of the Property or an interest therein is sold or transferred ' by Borrower without Lender's prior_writtcn consent. excluding (a) the creation of a lien or encumbrance wbordinate 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 leasehdd 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 e 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 Properly is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intercct payable on the sums secured by this Mortgage shall be at snrch rate ac Lender :hall 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 assumption agreement accepted in writing by Lender. Lender shag release Borrower from all t obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in sccordan~•c 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 8orrover fails to pay such arms prior to the expiation of wch period, Lender may, without further noticevr demand on Borrower, invoke any remedies permitted by paragraph lg hereof. Not+-Yjt+IFORM CoveN~rns. Borrower and Lender further covenant and agree as follows: lfi. Aecdaalio~ Rerweika. Escert as rro~+ iw paragrapi 17 hexed, trrow )torn+rera Meaett d awn eovewaN K agrreerwewt d >teerower d tWs Mom. relrriiwg tie corewarMs to rwr whew dwe awn aaows seewed ~ rib MorlRage.l.ewier rrior N aceekratlow slnaii waN wotlee to Ronriwer as rrovlaed a raragnrb 14 hereof geelfrt~s t1) tie iaewelr: (ti file aetiow . regia! Ie erne awes Irrewclq (3) a dale. awl las tliraw 30 days traw tie date tit wotkY 4 wtaied N »I~arrswsr. ~ wild swei ireaci wtarat k ewsd; awl (4) tint Mare to erne wclt.ireaci ow or lretoa tic dale ytel0ad i• tie swtke agar rssalk f. s~ieeatlaw d tie sw ssewrtid b rib Mortgage. fo.seloore b jwdicial rroeeeiag awl ale d tie Trorertr. Tic wotiee Bar twrtier atom >forrewetr d tie right t• reaWMc after accYknMiow awd tie rlgit b amen iw tie fa+eefdaare rros~eediag . !re wonttMgrte d a detarrlt or awy otter defttwse d iorrower to accekntlow awl torscloanut. N fi! irsaei fr wet evened M or 4atore lie dNe geefied a tie wolke. lewder at i.ewder's enliven velar deemme r d tie awta seewed b lib Mortg~pe to k iawredLhly dax atti ~araMe wiliowf ttartier demand and wnar toreeioae rib Mortgage y jrriielal rrrreeedawlt• Lender irW ie aMMiad a eoBaet b~ swti rr~octsdirrg a1 aspcwses of foreclosure. Iwehrdio~, bwt vent trailed M. rearawaMe sltwrreYa fees. awl terla d dontttaewlarr esridewee, aiatrwcb awd title rerorb. 19. >sartowa'a Rkit b Rdwatatt. Notwithstanding Lender's acoekration of the sums secured by thn Mortgage, Borrower shall have the right to have any. proceedings begun by Lender to enforce this Mortgage discontinued at any time aoox ~ Peck : .