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HomeMy WebLinkAbout0185 Condor's written reetnerit a a ~ . 3;i~ I 1 ag pplicabb kw. Borrower shall W ~ the amount o[ all mortgage insurance pttmiuats in tre manner provided under paragraph 2 hereof. Any amounts disbursed by lender pursuant to tha paragraph 7, with interest thereon, shall become 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 requesting payment thereof, and shall bear interest tt+om the i date of disbursement at the rate payable from time to time on outstanding. principal under the Note unless paytwewt 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 incytr any experae or tike any action hereunder. !L Iwspetliow. i_ender may make or cause to be made rcasonabk entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to i.atder's interest in the Pfopt:rty. - 9. Cowtletwwatbw. The proceeds of any award. or claim for damages. direct ar rnnsequential, in oonnectiow with any condemnation or other taken of the Pr i g operty, or part thereof, or for conveyance in lieu of condemnation. are hereby attsigtted and shall be paid to Lender. in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid-to Borrower. in the event of a partial Taking of the Property. unless Borrower and Letuder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is egwl to that proportion which the amamt 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 abandoned by 13or;ewer, or if. after notice by Lender to Borrower that the corrdetnnot offea to tnaioe an award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after the date :;cell twtiae it mailed, Lender is authorized to collect and apply the proceeds, at i-ender's option. either to restoration oT. tepait; Q[ tike Property of to the sums secured by this Mortgage. - Upkss Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or changt'thr:-apsouM o[ - such installmerrQs. 10. Sorrowcr 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 rpinneL ~ ; the liability of the original Borrower and Borrower's successors in interat. Lender shall not be required to eOrtitixwt# proceedings agairat such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forresrawce bar Lewder Not a waiver. Any fort+earance 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 I,.atdet's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewxdies Cwsaahtl~e. All remedies provided in this Mortgage are d'atinct and cumulative to any other right or remedy under this Mortgage or aRordcd by law or equity, and may be exercised cortcurrcntly, independently or sutxxssively. 13. Sweeessors awd Aatigws Itbwwl: ,Joiwt awd Several i3rrbilih, Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the.rapxtive successors and assigns of Lenckr sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joitf and several. The captions' and headings of the paragraphs of this Mortgage are for convenience only and are Trot to Ile 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 Bomovrer at the Property Address or at such other address as Borrower may designate by notice to Tinder a: 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 been given to Borrower or Lender when given in the manner designated herein. 1S. Uaifonw Mortgage: Goveraiwg Law: SeverabBity. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument oflvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property a located. in the event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not celled ~ other provisions of this Mortgage or the Note which can be given effect without. the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. _ lf. ibnewer's Cojy. Borrower shall be furnished a conformed roP}• of the Note and of this Mortgage at the tithe - of execution or after recordation hereof. 17..Trwwsfer of the Property: Assutwpliow. if all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior wrinrn consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money security interat for hotuehold appliances, (c) a transfer l+y devise. E descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat of three yeah or less ~ not containing an option to purchase, Lender may, at Lender s option, declare all the sums aecuted by tha Mortgage to be immediately due and payable. Lender shall have waived Stich option to accelerate if. prior to the sale or transfer. Leader and the person to whom the Property is to be cold or transferred mach agreement in writing that the credit of such person is satisfactory to Lender and that the inter~~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 Borwrrer s successor in interat has executed a written aswmption agreement scxepted 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 secekration in accordance v?•ith paragraph 14 heroof. Stich 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 such sums prior to the expiration of wch period, Lender may. without further notice or demand on Borrower. invoke any rcmedia permitted by paragraph Ig hereof. i - Not+•UNtt-oRt?t Covetusrrrs. Borrower and Lender further covenant and agrrx as folloars: lfi. Accderaflosq Rewtedla. )trtagt as N+ovrkl i. pwragra fh 17 Irereot. ttpw lionrrw~s rrraelt of awf eNewwl ar . sBrocaewt of Nrr+awer d Iris Mots:age. iwdalGtg ere coewsrrts to pwy whew lwe awy stress seewr+si try tri 11. iewler prbr to aeeeierwtlow scat wtail wotke to /ornwer as provflN ~ pragrwplt 14 recce[ speeltylag~ (1) tfe rrsacr: the setMw egsiel is cwr+e trwer rreaelr (3) a true, wet less traw 3fi days tro. tre late ere .otke r swsiel w liarnwer. iq' wrkr atscr rseaer saast re ewes awe (n trot ta(ilwre w ewre serer rreaer a or retre ere late speelfial r ere wedee rwq rowel r atcekeatiow et ire swr seetrsel b tW Mortgage. taweclowre b j.lieW lrweta>ftt6 awl sale sf ere I're~erty. 'lire wstlee ~ tssfrer faforo •orsewer of ere right to relwstafe after aeeekradort awl ere right to assert i• ere tsreeMswrt: pnC~es~ttg ere ttow•e:Masee d • letawit or awy otter ietease of •errower to acce~eraliow awe tosstlaswre. R Ate rrarer r sent ewssi sw I ar bstoro ere idle spt:f/iei r ere wotloe. Levier at Leveler's o*tiow saay ledare r st else swr¦s setwrsi rT Iris Msr~,agt fk re imatlialely lwe awl pwyakie witrottt twrtrer demand awl wtay taecloae tr4 Msr~ttge f1r jwiieW peseisg. Lender doll - re eafldei M eereet i• ssrer prweeeiiwg all expewsa et forecloswre. iwciwiis>t. cwt veal B.titel ta. rera.sMe sttwaetrs tea. awl east of ise~ry ediewet, a6strseb awe Iif k repro. ~ 1!. •ssrewa's Right t• Retrtate. Notwithstanding Lenders aceekration of the scans secured by thu Mortgage. - ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time - - a~~K335 PacE 185 u