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HomeMy WebLinkAbout2601 • . ~ - Lenderts written agreement or applicabb law. Borrower shall pay the amount o[ all mortgage iasuraaa premitrats is the meaner provided under paragraph 2 hereo[. Any amounts disbursed by lender pursuant to this paragraph 7. with intet+esl thereon. shall biome 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 Lender to Borrower roqueuing payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to Time on outstanding principal under the Note unless payment o[ interest at such rate would be contrary to applicable law, in which event such amounts shall beu interest at the highest raft: permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to irictrr any expense err take any action hereunder. >R Iarpectiaw. 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. Cowdewwstbw. The proceeds of any award or claim for damages, direct or consoqueMial, in conwectioa with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnatiot, ar! hereby assigrW and shall be paid to Lender. in the event of a totil taking of the Property. the proceeds shall be applied to the sums Tess ~ ~ ~tt4 Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless ~orrowet and Leader 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 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 the proceeds paid to Borrower. if the Property is ahandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to melee an award or xttk a claim for damages. Bc?rmwer 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 Propc~ty 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. 11. Borrower Not Released. Extension of the time for payment or modifkation of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower c successor 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. Forrearawce by [.ender Not a Waiter. Any fart+earance by Lender in exercising any right or remedy heretmder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or ttimedy. The procurement of insurance or the payment of taxes or other liens or charges by Ltnder shall not be a waiver of I.tader's right to accelerate the maturity of the indebtedness secured by this Mortgage. 4 12. Rewedics Css>tehtlre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or rcrtxdy under this Mortgage or afforded by law or equity, and may be exercised concurrently, irtdependaitly or successively. 13. Swccessors and Asaigas •oaad: Joint awd Several I.isbility; Captloas. The covenants and agrteaxats herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jetty and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and arc not to Ise 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 dher address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to sender's address stated herein or to ~'i 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. Uwiform Mortgage; Gorereiag Law: SeverabiWy. This form of mortgage combines uniform covenants for national j use and teen-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering j 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 claux of this Mortgage nr 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 this i ~ end the provisions of the Mortgage and the Notc are declared to be xverabk. j ld. Son+ower's Co'y. Borrower shall be furnished a conformed cop}- of the Note and of this Mortgage at the tithe ' of execution or after recordation hereof. ` 17..Traasfer of ere Troperty; Aawrwptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written conxnt. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the crcatton of a l+urchace money security interest for household appliances, (c) a tnnskr 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 yeah or less F not containing an option to purchase, Lender may. at Lender's option, declare all the sums xcured by this Mortgage to be immediately due and payable. Lender shall have waived such option to stxeknte 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 and that the inten~ct payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement atxepted in writing by Lender. Lender shall release Borrower from all obljguions under this Mortgage and the Note. If Lender exercises such option to acceknte, 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 wms declared due. If Borrower fails to pay etch sterns prior to the expiration of such period, i Lender may, without further notice or demand on Borrower. invoke any remedies permitted by parsgraph 1R hercc?f. 9 Note-Urrrrottut Covtan~rrrs. Borrower and Lender further covenant and agree as follo+s: lit. Actderatiest; Resedies. lgxce*t as prorMed iw paragraph 17 rersot. tow fiorrtrwer's rreacr a< ash crrewswt K agreessewt ar >toerrvwer i• tris Meng,age, 6~clwdlrtg ere eorswaels to ~ whew sae aonr saatts seeared y trla Mortgage. Leaser prier to aceeieWsw sra/ wW wotlce is lerr~swer as'rorYcd b MrsgraN 14 rereof geelf'yisgz (1) tie Breach: (2) the setbw rgtslred N ewre serer rreaetg (3) a dMe, woe less thaw 3• days trorw ere date ere wotfce r Wad M Merrwer. B!' wrid serer resaer mwst re etarsd; asd (4) teat (airrre a care ancr Breach ow K Before the date apoeifiW iw ere tuotict may restrit b f aeederdiew of ere s¦ms secased y tlrls Mortgage. /ireeisstrr~r b ! sW sale o! ere thopery. 71re watico star twrtrer iwtonw •orrower a< ere right is rsiwstale after at;cYkratlow awd ere rlgrt to aaseA lts ere rarttlowrs precee~ ere ~ of a defWt or awy otter detewse of iorrower to accekratlow awi foreclowre. N ere breaer fs asst etsred w or retort Ire datle apoeifiai lw ere woMctr. Lewder st [.ewder's optjow aas+y dcelsre r of ere stress stewrsd ti tYs Msrfggpe fr k itwaedislely dwe asd NyaMe witrowt trrtrer destand and w>sy foreclae trf. Mertgags b jwikW NrreeedisR. Lender daD j re ewtfUed coiect fi awer'roctediag sr ex'eases of torecloss>re, iwciwdfag. rte wet Bwitsd a. reaarWe sttnroer's fee. 3 a~wd costs sf ioet.-~ eridewes, afrstracts aW title repro. 1!. •srrowa's RftiN N Rd¦Matt• Notwithstanding Lenders scoekration of the stints secured by thr_ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time enlrnt ~2 PaGEz~94 l