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HomeMy WebLinkAbout0250 • ~ • i ~?i , ~ '1.~ ~ i c. Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurarrcx pt+emiums in fire mariner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ternu 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 fire Note unless pa}rttreat of interest at such 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 shall requite Lender to incur any expense or fate any action hereunder. f1. I~geetiow, i.ender 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 Larder's interest in the Property. 9. Cewdewraatbw. 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 assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds chall 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 Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the prooeedt 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 date of taking, with the balance of fire proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to mate an award or settle a claim for damages. Borrower fails to respond to I_endet within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at i~nder'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 o[ such installments. lf. Eorrower Not Released. Extension of the time for payment or modification of amortization of the wens secured by this Mortgage granted by Lender to any cuccessor in interest of Borrower shall not operate to release, in any manner, fire 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 amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Rorbearawce rl' Leader Not s Waiver. Any forbearance by Lender in exercising any right or remody hereunder, or otherwise aflordod by applicable law. shall not be a waiver of or pnxlude the exercise of any such right or t+errredy. ~ 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 accelentc the maturity of the indebtedness secured by this Mortgage. 1Z Rerwedies Ctswr 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 successively. 13. Soecesaors awd AsdRas Found: John acrd Se.eral i.iabilily; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrrg to. the respective successors and assigns of Lender and Borrower. i subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be join{ and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisons hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower ptovidcd_ for in. this' Mortgage shall be given by mailing such notice by certified mail sddressed to Borrower at j the Property Address or at such other addresc as Borrower may designate by notice to Tender ss provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to [.ender'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 this Iortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ]S. UaNor' Mortgage: Govcrwiag Law: Severability. This form of mortgage combine uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of chic 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 tha end the provisions of the Mortgage and the Note arc declared to be severable. 16. lilorrower's Co'y. Borrower steal{ be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. ¢ 17..Traoster of fire Troperty: Aswwrptioa. if all or any part of the Property or an interest therein is acid or transferred i by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinatc to this Mortgage. (b) the creation of a purchase money security interat 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 aecekrate it. prior to the sale or transfer. Leader and the person to whom the Property is a~ be cold or tnnsferrcd reach agreement in writing that the credit of such person f is utisfactory 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 exceutcd a written sssumption agreement accepted in writing by Lender, Lender shall release Borrower from all ~ obljgations under this Mortgage and the Note. ~ if 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 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 rerrredia permitted by paragraph lg hercc?f. f Note-Untt~orrr?t tVov><Haxn. Borrower and Lender further covenant and agree ns Idlo+rs: 10. Accekratbw; Rewedies. Except as'rovWed iw pantgrs'r 17 reheat, Ra •errrwa's breach et say ceewaN K apetwrtmt eft)torrower d this More=age. fwefaaiag ere co•eaarrts to day whew nos airy tws secorea by this Mortgage. Leader priotr b acceieratlew srfi w>•fl wMke to fkOnower as'rovidN fw pragra'r 14 rertoQ aleel[yia~: (1) tee brreacr: (2) ere actiea • . rgaitd b etas web irescr: (3) s dr1e, sot cos tlurr 3s days trorw fire dale ere wallet it rwafiee~ b 11arr~rwer. b wrficr loci brtacr molt be fora; awl (n fiat failare b care wcr breach ore or retsire ere date yaeifiert V ere wotiee asay resale d . aeederalisw eQ die wws aecorea by this Mortgage. fosalosartr y jirrdicltd proeaed~ awl sale ef! ere h~o~erry. Tire wetiee sear torlrer 6rtorm lorrower of tit right b rtlwshte after ateekradow area ere rlgb b asscA i• ere tor~teimwt /rvtttairr~ ere aotrresMasee of a aeta.it or airy other attcwse of lltorrorrer b accelerdiow swa torecloawre. lit fee breach fis cast cartta es or before ere aNe geciita r ere wotke. Lewder st l.ewatr's option Wray atthrt sN of ere tws seetsrta b Iris Mortgage Na >k ( lt.t¦tai.ftly dot awn ~ayarie ..itro.t torttrer deawnd and rosy teretlae this Mortgage y joakW /rrteeaiaR. ><-ender srafl I be ewdgea to toflfeet V wcf~'roceadiag si txpemes of forectowre. rrcrraitK. bof wof firrrifta b. r+ewwaMe sttwsev's fen. awn teals of docr.-~ewtary cvidewct. a6stracb area tick ntprts. lf. sorrowa's Right to Relastate. Ndwithstanding Lenders acceleration of the sums secured by thr~ Mortsase. Borrows shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 8u0K ~ PACE '