Loading...
HomeMy WebLinkAbout0257 r. ~t ~ . • . r ~ c~ Lender's written agreement or applicable law: Borrower shall pay the amount of all mortgage insuraraa premiums in the marirr~r provided under paragraph 2 hereof. j A t ~ t= ; 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 terms of payment, such amounts shall be payable upon notice from I.endcr to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on artstanding principal under the Note unless pa}rtrrent 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 require Lender to incur any eapetae or take any action hereunder. , fl. laspretiow. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided ~ i that tender shall give Borrower ndice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademaatba. 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 shall be applied to the sums secured by this Mortgage. j 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 pmceedt 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 [air market value of the Property immediately prior to the date of taking, with fire balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by 1_ender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fair 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 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 shag not extend or poslpont the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount ofi such installments. 10. )dorrower Not Released. Extension of the time for payment or modification of amortization of the sums secut+ed by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manna, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to eomrrrerrce proceedings against such successor or rctrrse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason otrny demand roads by the original Borrower and Borrower's successor in interest. 11. Forbearance by Leaser Nof a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, a otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of I:.ender's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Rearedies CaaraWhe. All remedies provided in this Mortgage arc 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. Saccessas sari Asdgas >doarrd: Joial awd Severtl Ibbilih; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sad Borrower: subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ile used to interpret or define the provisions 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 other address as Borrower may designate by notice to i~nder as provided herein, and ~(b) any notice to Lender shall he 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 ratite provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uaitorsn Mortgage: Goveraiae Law: Sererab[lity. 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 covering nest properly. This Mortgage shalt be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this 1?tortgage or the Nate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this end the provisionu of the Mortgage and the Note are declared to be severable. 16. Don+ower'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..Traader of fire Property: Assawrptiow. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrrn consent. excluding (al the creatan 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 leasehold interest of thrcc years or less I 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 co1J or transferred reach agrcernent 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 ac Lender j 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 aaumpcion agreement accepted in writing by Lender, Lender shall release Borrower from all obliyrtions under this Mortgage and the Noce. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekratiorr in accordance .with ! paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from tfie date. the ratite is mailed within ~ which Borrower may pay the sums declared due. if Borrower fails to pay such wens prior to the expiration of wch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof. Note-UNIPOIIM CovFNANTS. Borrower and Lender further covenant and agree ss follows: ls. Acceleratiow; Reaxdia. Escept w provNed io prasryb 17 hereof, rrporr >sorrower's breach of say coverer K agreewewt of torrower d this Mortgage. lae>adirrg fire co~easats to pr whca iae say wars secarsd 67' this Mortgage. Lewder prior b accelesatloa attar stair notice to tiiorr~ower s'rovlded N pragrapY 11 flereaft speellyiaE: (1) the bseaeb; (2) the tefiaw rgied b care sash bnaxb: (3) a ialq sot less theses 3A days trorw the date tbs woliee ie wnYei N lfarrower. ~ wbltb saeb beeacb wiart be esee~ awes (1) that failure b true sash breach oa or before the date geelied i• fire wotiee any result d lxcekra8aw of t!e wars sauced br this Mortsage. tortclosare by j's+dieid pnoeseliag aai sale of the Tro'erry. Tire aotke drat twrtber idona lorrower of tree riRM b reiastMe after aceekratbrr awd the ridt b anent i• the tereelassrs proceeintg tf>te wow.esWewce of a refauM or arq direr ¢rfewse of rorrower to accelcratba awd foreclostrre. N Hre breach fa set earn/ M a before the dab s*ecifiei la titre wotfee. Lewder at Leader's opiow raay decYre a• of the wwts seear+ar b' tW MatsaRt la 4 iwrareiiately sae and pyable witboat Eartlrer demand and wnr foreclae this Mortga`e by Jadklal lrocsediaR. Lender drat be eaWki N cortart d web L a• expcases of toreclosart, hclaaiag, bat sat rwrils+ for reaseaabie sttwseYs fees. awi costs of doca!weataq evideaee, abstracts sad tick rcprb. 1!. •orrowa's R46t to Reiwtate. Notwithstanding Lenders acceleration of the sums secured by thr_ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 8(10KJJV PAGF ~ _