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HomeMy WebLinkAbout1860 ` Lender's written agreement or applicabk law. Borrower shall pay the amount of all tnotyaie insurataet: •p~+emiurtu in the manner provided under paragraph 2 hereof. ~ - Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ternts of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from tuns to time on attatanding principal under the Note unless payment of interest at such rats would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate petYrtissibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. tapectlow. 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. CowdewaaNoa. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other 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 taking of the Property, 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 Lender 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 abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers.to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to rnllect'and apply the proceeds, at lender's option. either to restoration or repair of 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. _ Ilorr+ower 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 Borrowers successors 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. Forbearaace by Leader Not a R+slrer. Any fort+earance by Tender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law, shall not be a waiver of or preclude the exercise of any such right or remedy. The proc~irement of insurance or the payment of taxes or other 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. 12. Remedies Cumelatl~e. 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, inckpendently or successively. 13. Successors and Assigns lbund; Joint sad Several i.iabillty: Captlonn. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hertof. - - 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 other address as Borrower m.ay designate by notice to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lenders address stated herein or to such other address as Linder may designate by notice to Borrower as provided herein. Any ~ notice provided for in this Mortgage shall be deemed to have bcen given to Borrower or T.tnder when given in the manner designated herein. 1S. Ueiforw Mortgage; Go•ersisg Law; Sertnbility. This form of mortgage combines uniform ooveaauta for natiasal use and non-uniform covenants wilt limited variatiass by jurisdiction to constitute a uniform security instrumtent.onvering real property. The I state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing . sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or 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 end the provisions of the Mortgage and the Note are declared to be severable. 16. Eonower's Copy. Borrower shall be furnished a conformed copy of tht Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of ire Property; Assumption. Tf 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 subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by dtvise, descent or by operation of law upon the death of a joint tenant or (di the grant of any leasehold-interest of three years 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 such option to accelerate 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 interest payable on the surnc 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 - obligationsunder this Mortgage and the Note. - Tf Lender exercises such option to accelerate, 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 rwtica is mailed within which Borrower may pay the sums declared due. If 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 Ig hereof. _ - Note-UNIFORM Covt:NSlwrs. Borrower and Lender further covenant and agree as follows: 18. Accekratiow; Remedks. E:cept as provided is paragraph 17 hereof, upon Eorrowes's beescr of say covewast or agreement of Eorrower is this Mortgage, iacludirrg tre corcaasts to pay wren due say setae steered by trls Mortgage, Lewder prior to sccekrsdiow sbaB wrail wotiee to Eorrower as provided is paragraph 14 hereof specifyisg: (1) the breach: (T) ire action required to cure such breach; (3) a date. not lee than 30 days from ire date the notice b wrailed to Eorrower, by wrkr snc6 breaer mmt 6e cared; sad (4) that failure to care snch breach on or before the date specified b ire sotke nay resale is accekratioa of tre arrms secured by this Mortgage, forcclostrre by judicial proceeding sect sale of the Property. Tre wotice sbsN further inform Borrower of ire right to reinstate after acceleration sad ire right to assert is ire forecbmre pnsceedieg the nos-existence of a defaok o~r say otter defense of Borrower to accekratioa sad foreclosurt. If the breacr is sot cured oa or before the date specified is ire uMice. Leader at Leader's option nay declare afl of the suss second by Ibis Mortgage to be imaxdistdy due sect payable witroet further dcmasd sad may foreclose this Mortgage by judicial proctediwg. Leader sbap be entitled to collect is suer. pr+oceedirrg a9 a:peones of forecbsure. including, but not limited to, reasonable attorney's fees, and Costs of docestestary evideate, sbstrscts sad title rtports. 19. Bormower's Rigrt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by lender to enforce this Mortgagt discontinued at any time - s~ 335 P~i853 ?