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HomeMy WebLinkAbout0273 t . , Lender's written agreement or applicable law. Borrower shall pay the amount of sill rnortgN~ iasurana premium in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additionsl indebtedness of Borrower secured by This Mortgage. Unless Borrower and Lender agree to other temu of payment. such ' amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from tha date of disbursement at the rate payable from time to time on attstanding principal under tha Note rntkss paytrtatt 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 exptaae or take any action hereunder. A. IaaMeeNow. I.enekr may make or cause to be made reasonable entries upon and inspections of the Property. provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. f 9. Cowdenwsaoa. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or dher 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 Lakin of the i ` ' g Property. the proceeds shall be applied to the sums by this Mortgage. with ,the excess, if any, paid to Bormwer. In the event of a partial taking of the Property. unless Borrower and Lender oth~~i~;D rn writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ~~k~pqual to~tb~t proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ ~ ~~Y+t1~ra to the fair market value of the Property immediately prior to the date of taking, with the balance of the ptooeeds ..~a jl 1f.tltt fro ert~tiis ~bandoncci by Borrower, or if. after notice by Lender to Borrower that the oondeoanor oRess to malrc ":-~tt •aw~ rd or settle 1r't:4aim for damages, Barrrnver faik Io respond to l_cnder within 30 days after -the date such notice is - 7niitc~d!~~ is,at,thoriud to collect and apply the proceeds, at Lender's option, either to restoration or txpair o[ the Property or to tlse sums secured by this Mongatee. `l+1il rand Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpd~ue date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1t1. Eorrower Not Relatsed. Extension of the turn for payment or modification of amortization of the sutra secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to ukase, in any manner. the liability of the original Borrower and Borrowers srtcctssors 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 sr~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ! 1. Forbearawce by Lender 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 insuranot or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders j right to accelerate the maturity of the indebtedness secured by this Mortgage. i 12. Rewredies CtrwrwWht. All remedies provided in this Mortgage are 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. 3wceessors and Assf~s Swrwd; .Ioht and Several i.lsl>~; Captieas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the.respoctive wccesson and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereoL• All covenants and agreements of Borrower shall be joiry and several. The captioru' and .headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisions hereof. '!4. 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 Lender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to tender's sddress stated herein or to such other address u 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 designatted heron. 13. Uaiforsa MortRagr, GoterwireR Law; Sewenebpity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifomn security instrument covering 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 clause of this Mortgage or the Note rnnflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without tht conflicting provision, and to this end the provisions.of the Mortgage and the Note arc declared to be severable. !f. Torrower': Cody. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. !7..Trawda of the !'roperty: Aswwrptioa, if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrirtcn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase morny 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 kssehold interest of three yeah 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 Stich option to atxekrate if. prior to the sale or transfer. Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intenxt 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 3 interat has executed a written assumption agresment accepted in writing by Lender. Lender shalt release Borrower from all i obligations under this Mortgage and the Note. If Lender txercises such option to sccelerate, Lender Shall mail Borrower notice of acceleration in accordanc-c with paragraph [4 hereof. Slrch notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. Tf Borrower faik to pay such sums prior to the expiation of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Not+-Untwaut CoveNarrrs. Borrower and Lender further covenant and agree as fellows: !i. Aecderatle~ Retwedks. Ezeept as'rowYed i• Mragraph 17 fitcseo% trforr •orrrwss's breae~ r airy s+areart ar agr«wsewt of son+ower b airs Mar~age, Iwcl.dirtg are eoreaanls to tom' when elves ary tmrrrs aaettrai y flits Mortgage. i.ewder prior >d aeeekrstloa sba/ nap woeke to >forrswer as proriidsi a parsara'M 14 Merest spaeQyiwa (1) kite btreaclr; (>h ttte axtlew ragrrired Is cars s¦cr breach; (3) a dale, wet less traw 30 Rays trove the date-the notice r cared M Merawer. ~ wbklr srreb bseacb ~ be ewre~ a¦d (n that failwre b cure sash lreaeb oa or bdore are date apecYei iw the wotilce nay resrdt r 1 ' ttKCderatlow r Ira sties secwad 6T arir Mortgags. Ioreelowre by ~wdkW ~roetadia~ awd cafe d arc lrr+s'erty. The wstiee shirr lwrifrer iwfors lonrwtr of arc riRM a rebtstate after seeekraaow sad the right b assert iw tUe feroeiaswrt ~receoiwg - ttre wow~sMewce et a adatrlt or awy a6er derettsc w rorrower to aeeekratiow sad toreciowre. K are brrarb b nut aswr.. ar bdae are dMe geefisd i• are wotiee. Lewder at Leader's o'tlow w>ay dalra r a ~e stwws seeared ~ this Mortgslpe M be inweiiNety des awd pwraiie wilbowl [artlser demand sad rasp fereelose this Mortgage 1y jrrdkW [.ender slwar be eatWsi a corset r saeb'roeeediag ant espeases of torecloawrtt. Iweiwdiag. best wet r.ri,,ad M. rarsawabie sttwaer's ftes. awl esa/s rtf ioe?-tweatary ltidewl'a, abstracts awd title n'OIU. f •arrosra's RfgM to Reiwalate. NotwithstandinE Lender's accekrnion of the writs secured by thn Mortgase, } Borrower shall have the right to have any procesdings beEun t+)r Lender to enforce this Mortgsge discontinued at any time BOOX~~ PdGE 2~ - a - - - - az.