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HomeMy WebLinkAbout0813 e ~ ; t 1 1 • ~ 1 Lender's written agreement or applicable kw. Borrower shall pay the amount of all mortgage itrwrance premiums is the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to the paragraph 7. with interest thereon. shall become sdditional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrtx to other terms of payment. such remounts shall be payable u{pn i.ender to Borrower requesting payment thereof, and shall bear interW from the date of dubursetnent at t t y fran time to time on outstanding principal under the Note unless payment or 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 expetae a fate any action hereunder. - ft. Iwsreetiow, Lender may make br cause to be made reasonable entries upon and inspections of the Property. provided _ that Lender shall give BorForrrf rlotic~ prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9, C~ ~lre N~4~eds of any award or claim for damaftes, direct or consequential, in conrrectiorr with any condemnatan orother-taking of the hoperty; o~ part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the sutras 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 Lender otherwise agree in writing, there shall be applied to the sums secured by this. Mortgage such proportion of the pr+ooeed~ as is equal to that proportion which the amount of the sums secured by this Mortgage immedtately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the pt+oreeds paid to Borrower. i if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to mate an award or settle a claim for damages, Be?rmwer fails to respond to Lender within 30 days after -the date such rrotiee is mailed. Lender is authorized to cdkct and apply the proceeds. at lender's option. either to restoration or t+epair o[ the Property 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. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage grunted by tender to any successor in interest of Borrower shall not operate to release. in .any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to comrrretroe proceedings against such successor or refuse to extend time for payment or otherwise modify arrwrtization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forhearawee the 1Lewier 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 sny such right or remedy. The, procurement of itrsurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Letrder'a right to accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Rewedka Cawrwhtlve. 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 suoassivety. 13. Swccessas and Assigws Itbwwa: Joiwt ewer Several I.ia6iNtr; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the.r+espective successor and assigns of Lender sod Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joirg and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ile used to interpret or define the provisans hereof. 14. 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 Borrower may designate by notice to Tender ss 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 nc?tice 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 hetran. iS. Uairorwr Mortgage; Coversbrg Law: Sevcrability. This form of mortgage combine= uniform covenants for national l use and non-uniform covenants with limited variations by 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 or the Note conflicts with applicable law.:uch conflict shalt not atfoct other provisions of this Mortgage or the Note which can be given etTect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc Declared to be severable. 16. lionower's Corr. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time j of execution or after recordation hereof. 17..Trawarer of sire Ihorertr: Aswwrptiow. 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 (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money security interest for househdd 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 leasehold interat of three years or less no[ 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 uk or transfer. Letrder and the person to whom the Property is to be solD or transferred reach agreement in writing that the credit of such person is utisfactory to Lender erred 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 interest has executed a written assumption agreement accepted 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 acceleration in accordance v?•ith paragraph 14 hereof. Such notice shall provide a period of trot less than 30 days from the date the notice is mailed within 1 which Borrower may pay the sums declared due. If Borrower fails to pay such srrrns prior to the expiration of such period, Lender may, without further ndicx or demand on Borrower, invoke any remedies permitted by paragraph 18 hermf. ~ Norr-Utvn¦otesr CoveNarns. Borrower and Leader further covenant and agree as follows: ifs. Acederatior, Reweaies. IEuert err rrovMed iw ! 17 ht:reot. rron llerrewer's lMeae! d awe covetrsrrt K s agrceaiest of !renewer `This Marigage. Iwehr~rtg the ewajarNs to rsr whew awe swr stress seairea ily !Iris Mertgsge. llerreer ~ prior to acoderatbw shsi nail woflce b >sorrwwer at rrovNe! M pragraph 14 hereon srtxlrrlwgt (1) tfe !treacle; (21 the sclMw retiwlsea a wire sweh ttsa>e~ (3) a ile, wet less thaw 3• days morn the date ~e wotke Y wrnNca N IMrrrwer. b which stseh tt~reaeh s>ewat k csre$ swa (4) that tailwrte to enre atrch hraieh ow K ftetwe the date sresliea V the wotke wur reels r secelkratlsw or rile steer seessea h7' this Mortg~e, roreelosrrre b 1~W N'g awd oak at the >rrorertr. 'rice weties shall farther iwtorw?lorrwwer err the rfRM a r+eiwsWe after eccekratbw awl tie right to arerf iw the foreelosart rreteeirR the wow-e:faewce or. deraaM or awe other ~etewre of >sorrower to aeeekrMiaw awl rorrcbwre. Ir the hr+each i. aN eaei aw or hderc the ante geefsea V the wotiee. I.eweer at l.ewaer's ortfow rwry dalar+c at err the swas seearsa b this Mortptpe k larasediatelr awe a¦i raraMe wifhowt ttrrtha aernand owe wur tereclese tMs Mer(gage TIr ~W rr«~. Lewder dra11 t be ewMdea t• cosies V stresh rrreesairrg err espaesa err torecloswrtt, Iwchreiwg, Mt wst ¦rnitsa M. reasewaMe sttwrrer's yea. awl ensts Or decy.'~retMar eriiewce. ai>rtraets awl title KrOrti. i!. lenowa's Rt~ght t• Reinstate. Notwithstanding Lenders acceleration of the sums secured by then Mortgage, Borrower shall have the right to have any proceedings begun h7 Lender to enforce this Mortgage discontinued at any time a~~K335 PEE 812