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HomeMy WebLinkAbout1726 'ii ` ~ , ` - t i Lender's written •agretment a applicable law. Borrower shall pay the amount of all mortgage iautranos premiums in the meaner provided under paragraph 2 heroof. Any zmounts disbursed by Lender pursuant to the paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lcrlder lagiq to other terms of payment. such amounts shall tx payable upon notice from under to Borrower requesting pajrnien( if, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payrraatt of interest at such rate would be contrary to applicable few, in which event Such amounts shall bear interest at the highest rats permissible under applicable law. Nothing contained in this paragraph 7'shall require Lender to incur any expewss or take any action hereunder. >R IwspeeHow. 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 therefor related to Fender's interest in the Property. 9. Coweewplbw. The proceeds of any award or claim for damages, direct or consequential, in connection rviNt any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned ~ and shaA be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the soma secured by this Mortgage. with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall tx applied to the sums secured by this Mortgage such-proportion of the proceeds ss is equal to That proportion which the amount of rho sums secured by this Mortgage immediately prior to the date o[ 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, ar if. after notice by Lender to Borrower that the condemnor offers to malts 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 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. Unfas Lender and Borrower otherwise ague in writinie, any such spplication of proceeds to principal shall not extetrd or postpone the duo date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Not Released. Extension of rho time for payment or modification of amortization of the wms secured by this Mortgage granted by Lender !o any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interat. Lender shall not be ttquired to cotnrtreaoe proceedings against such suaessor or reface 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 Borrowers successors in inlorcst. 11. Forbearawce by Lewder Nof a Wdrer. Any forbearance by lxndor in exercising any right or remedy hert?mder, 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 paymenf of taxes or other liens or charges by Lender shat! not be a waiver of Lender's - right to accelerate the maturity of the indebtedness secured by this Mortgage. I2. Rew~eLs CwwwWive. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under the Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.. 13. Srsecessors swd AssiRws Donwe:.loiwf swd Several I.is6iilfr; Captiows. ??te coveenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ tel. the.rapective succeswrs and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. 71te captions' and fradings of the paragraphs of this Mortgage arc for convenience only and aft not to tae uxd to interpret or define the provisions hereof. . 11. Notiee.• Except for any mice 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 crrtifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender ss provided herein. and (b) any notice fo Lender shall he given by certified mail. return receipt requested. to Tenders t~nss 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 tx deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwiforrw Mortgage; t;orerwiwg Law; Seversbilify. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to cotutitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clat+se of this Mortgage ~r the Note conflicts with applicable few. such conflict shall rtot affect other provisions of this Mortgage or the Note which can be given effect without t1x conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. lt;. >son~ower's Corr. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17, .Tsswdtr of tie Pro~ertr; Aswnrptiow. 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 (al rho creation of a lien or encumbrance wbordinate to this Mortgage, (b) the crcatton 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 (dl the grant of any leasehold interat of three years or less not containing an option to purchsse, Lender may, at Lender's option, declare all the wms secured by this Mortgage to be immediately due and payable. Lender shall have v.•aived st+ch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be cold or tnnsferr~ed reach agreement in writing that the credit of such person is utisfaetory to Lender and that the inten~ct 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 hss executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all ots4gations under this Mortgage and the Nae. If Lender exercises such option to sccekrate. Lender shall mail Borrower notice of accekntion in accordance with paragraph 14 herreof. Such notice shall provide a period of not less than 30 days from the date the notice a mailed within which Borrower may pay the wms declared due. if Borrower fails to pay such afros prior to the expiation of each period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Nor?-Utvtt=otts+t Cavet+arrrs. Borrower and Lender further covenant and agtts as follows: lei. AccderaRior, Rewsseks. E>rce}t ss provNd its pwrsgrspi 17 hereof. ~w tiots+swes's ttrewei of sore eorews~¦t K agroewsewt a<)farsowet fr tlsis Mortgage, iselwefwg tie eovewssMs to per wtsew LK awe stew seesteed y tYs Mortgage. I.enier prier N aetekss+tlow aisti wail wotlec N Borrrwer as rrovMieA fw p~sragrapi 14 ieseol specitfis~ (1) lie t~esrh; (2) tic sjefisw tpstirei Iw ewe stsei iseaek (3) a LIe, swt less deer 30 says twr tie Lee the wotke r wuesi N tisfrsrwer, y wirier stsei breach wrtsst foe etsse~ awl (n tIW taWsa to ewe stsci tssewei ow er below the date speeiiei iw lire wotice way rtwslt !w sec+deralfew d ere wttr seewed y this Mortgage. tacaiowse h l~+r Nw'~i aRi sale sf tie Trnpertr. 71rc watiee tiwM twrlrer iwforsw Iforrower at tie sigh a rehMNe after wecekratioo awl ttse right to assert N ere ta~eelswrc psoeesitg tie wow~:sMeree of w detaiwlt or ~r otter ielease of liorro.•er a accekratforr awl loreebwte. B ere hscaei r twt ewttd sw or fiefosc floe Lk spseiisi i. fie wofke. I.eweer at I.ewders o'tiow wear eetias+e aft wf lie saws seewrei r!' tilts tllsclgttRe M Ise l.wsediwtey eye awl pwraMe.?ilba ttsrther deatane awe war toreelae lit. Mosfgsige h M'~Llt• I.e+rder siaM fie ewtlHsi fo eaiaet iw wet pneeeeitsg ai espcwses of torecioswre. Iwclweiag. rttsl wN ttiwiNd M. rcasswaNe sltwtter's fees. awl essls wt ioc.uwtwkarr eviiewee, abstract awl title reparb. . if. Ifersowa's tllkit to Reiwstate. NotwithstandinE Lender's acceleration of the sums secured by thh Mortgage, liorrawu shall have fire right to have say proceedings begun by Lender to enforce this Mortgage discontinued at any time e~a~331 ~~E1725 - -