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HomeMy WebLinkAbout2319 • , • ' ' s . , ri ~ t r. Leader's written asreemertt or applicable law. Borrower shall pay the amount of aU mort~ insurance pt~ttniwra in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with iwterest thereon, shall become additional indebtedness o[ 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 tl?e date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary. to applicable law, in which event such atnounb shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expet»e or take any action hereunder. >s. ist~eetiost. 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 t~iercfor related-to Lender's interest in the Property. 9. Cowderwwatbw. 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 secttre~ •aj? 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 proceeds as is equal to that proportion which the amount of the sums securcai 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 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 respond 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 ratoration 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. 10. >dormwer Not Released. Extension of the time fof payment or moditkation of amortiution of the sums secured by this Mortgage granted by .Lender to any successor in interest of Borrower shalt 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 amortization of the sums securtd by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. tl. Fobbearawce by Lewder Not a waiver. 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 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 secured by this Mortgage. - - 12. Rewxdles Cwmulathe. All remedies provided in this Mortgage arc distinct and cumulative to any tether right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Swccessors awd Assign 13oand; Joiat awd Several i.iabr7ity; Captbas. The covenants and agreements herein i contained shall bind, and the rights hereunder shall inure to. the respective 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 are for convenience only and arc not to be 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.ender 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 Mortgage shall be deemed to have bcen given to Borrower or Lender when given in the manner designated herein. 1 S. LtsNorm Mortgage: GoverniwR I,aw; SeverabWty. This farm of maigsge oombiwes uoifatm oovetrauts for national use and non-uniform covenants with limited variatiaos by jurisdiction to ooostiwte a uniform seauity instrument oavering real property. The state and heal laws applicable .W this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note contlids with applicable law, such oowflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the c~nllictittg provision, and to this end the provisiowa of the Mortgage and the Note an declared to be severable. 16. Sotrrower'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. Transfer of the Property: Assumption. 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 (a? 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 (d1 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 agreement in writing that the credit of such person ~ is satisfactory to Lender att~ 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 interest has exceuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all ' obligations 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 i 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 1R hereof. Nox-Utvrcoatrr CovEtvert7s. Borrower and .Lender further covenant and agree as follows: 18. Acceleratbw; Remedies. Excep as provided iw paragraph 17 hereof, upon Borrower's breach of nay corea~awt er s;recrwewt of Eorrower b tYia Mortgage, iwcludiryl the covewawts to pay whew tine any swwts scewrcd by tYb Mor~age, Leader prior to accekntiow sbaB malt notice to Borrower as provWed iw paragraph 11 hereof specifying: (1) the bttracb; (2) the action required to came swcb breach; (3) s date, not less thaw 30 days from the date the notice b asa8ed to Eorrrawer, by whkh sscb breach mast be cured; aced (4) than failure to cure such breach ow or before the date specified i• the notice Wray resale is acceleration of the swwts secured by this Mortgage, foreclosure by judkial proceeding anti sale of the Property. The wotke ~ sbaq further inform Borrower of the riRM to reinstate titer sccderatiow aced the right to assert iw the foreclosure proceeding the wow-esistewce of a defauk or swy other defense of Borrower to sccekratiow sad foredosua. if the bseach is sot creed ow or before the date specifed io the sotke, Lewder at Lender's optba Tway declare aq of the surws secwr~ed by this Mortgage to lie immediately else surd payable without further demand anti way foreclose fhb Mortgage by ~rdicial proceeding. Lewder sbaN be ewtitted to collect i• such procecdisg aB espewsa of forcclosare. iacludiog. but sot Urwited to, r~w~ atteraey's fees. anti costs of docwmewtary evidence, sbstrscts anti Iitk reports. i 19. Borrower's Right to Reimtate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time 800KJJV PAGE~,enJC7