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HomeMy WebLinkAbout2272 4 z 1 ~ . ~ t • i Lender's written agreement or applicable law.. Borrower shall pay the amount o[ ap mortgage iasuraaoe ptemitum to the ~ • manner provided under paragraph 2 hereof. Any amounts dislxtrsed by Lender pursuant to thu paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and I ender agree to other terms of payment, such amounts shall be payable upon notice from i~nder to Borrower requesting payment thereof, and shall bear interest froth the date of disbursttnent at the rats payable from time to time on attatandmg principal under the Note unless pa~?tttent of interat 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 expense or take any action hereunder. fl. lwspectiow. 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 Lender's interest in the Property. 9. Cowdetwwttba. 'The proceeds of any award or claim for damages, direct or consequential, in connection .rith any condemnation or other taking of rho Property, or part thereof, or for conveyance in lieu of condemnation, are hereby sssigrted and shall be paid to lender. Tn the event of a total taking of the Property. the proceeds shall be applied to the+sriini secure by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lettder otherwise ague 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 o[ taking bears to the fair market value of the~roperty immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is ahandoned~ Bor:ower, or if. after notice by Lender to Borrower that the condemnor ofl`ers to make an award or settle a claim for damages. Borrower tail. 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 rctodation or repair of the Property or to the sums secured by this Mortgage. Unless Lender and $orrower 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. lt. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in intertst. 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 ofrny demand made by the original Borrower and Borrower's successors in interest. 11. Forbearawce r!' Levier Not a N?siver. Any forbearance by Lender in exercising any right or remedy herattnder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or retrtedy. The procurement of insurance or the payment of taxes or ocher 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. 1i Rewtsdiss Ctnwolatire. 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. ' t3. Sttccessots and AsiRas Isouwd; Joie! amd Several T3abiBty; Capdotts. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sttd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ 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 provisions herrnf. !4. Notke. 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 8ormwer may designate by notice to fender 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 notice provided for in this . Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uaitorm Mori~e: GoreraiwR Law: Se.erabBity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations ~,y 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. Tn the event that any provision or clause of this Mortgage ar the Note rnnflicis with applicable law. such conflict shall not alTect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the previsions of the Mortgage and the Note arc declared to be severable. 16. •orrower's Cory. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawder of the Property: Assnntptiow. if all or any part of the Property or an interat therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creatan of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchace money security interest for household appliances, (c) a transfer by devise, descent or by operation of taw upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less mot 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 coil or transferred reach agreement in writirtf 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 such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has executed a written assumption agreement accepted in writing by Lender. Lrnder shall release Borrower from all obli4ations under this Mortgage and the Note. ff Lender exercises wch option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with puagraph 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 wms declared due. f f 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 111 hereof. Not+-(JNIfoaM COVENANTS. Borrower and Lender further covenant and agree as follotrs: ls. Aeedesatiow; Renteiks. Except as provNed M rusLarr 17 ret+sot, ttrow •ornwes's Meech d ttwy coreattwt er apseasewt of •orrower fss trfa Mortisge. incitrdirtg trc co+ettttttts to pray witch ire awy ttwr aecnrei d! tWs MerlgtKs. Levier prior to aetsierstlow seal twaN wotlce to Borrower as prodded Iw rarrtgra'M 14 ressot sreeifyrt~s (1) ere breach: (tl trs setiow rgttlrei b ewe steer bsYaclr (S) o dwk, trot less tram 30 dsys front ere tlMe fee wotiee r tttdlei to 1•errswer. b' wrkr welt Meacr ttsttot k enrsi: awl (4) that failure b cttrrc arrclt Msaer ow or before Ute Bats srtclfiei V trs wotke Wray rssttk iw ' neceieratioo o[ the tats aectn+ei by title Mortgage. tasclowre b jriicial peoese~itq ttwi teals e; ere if't+operty. Tee wotice araN brtrer itttortw lorrower of ere right to reiws/ate after et:aekrwtlow awl ere tigrt b avert f+w ere forseiawte peoeeeittg ere wow~e:Mettee d a jetastlt or awe otter ietswse of Borrower to accekratfow awl toreelowre. N the bsrtaer is wet cssti es or Mgars ere late gedisi M ere wotiee. Lewder at l.enier's orliow say ieeWs V of ere tauaa stewsi 67' trio Mertg,Rs M be Mtwteiiafeiy are atti pwyaMe wilratt ttatrer dsntand awd ntay toretlat title Mattags ?r jwikW /retee~ttR. Lander sraN be eatltletl to soYset 4 twscr pt+aeeediryi a1 espewsa of forccbswre. iwchtiittg. bttt wN rtnitsi M. reaaowaMe stt.xeev'o fsss. ttwi cattle of dvet.-rwewtary eviiswee, wbatraees awl title arorb. i!. iwrrvwa's Rfgitt tw Rdwatate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrowtr shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time gCq(~~ PbGEG.~Ih'~ `