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HomeMy WebLinkAbout1633 Lender's written agrerntrnt or :tpphcahk law. ItUrfOwrr shall pay the anwunt of all mr?rtgagr insurutcr premiums in the manner provide.[ under par.+gr.+ph 2 hcrcof. Any ant.a+nts dishurud by I.rndrr pursuant w this paragraph 7. with intrust there.+n, shall I+rc++ms~ additional in.lrh?edness of Bornnsrr second by this !1lortgagr. t'nlcs Bormwcr and I ender ague to other terms of payment. wch amounts shall pa~:thk up.?n ncaicr from I ender to Borf.~Hrf uyursting pa)•mrnt thereof, and sh:dl hr;u inured from the .talc of dishursrmrnr at the cafe pa)•ahlr from time to time .•n outcrmdinc principal un~Cr ~h ijiote•ttnless payment of intrust at cueh raft wrndd he contrary a~ applicahlc law. in which event such amounts shall ~+ear~interect ~t the highest talc permissible under applicable lac~•. Nothing contained in this paragraph 7 shall require Lender to incur am• expense or take any action hruundcr. • R. Inspection. Lender may make or c:u,sr to he made reacrn?ahlc entries ++p.?n and inspections of the Pmprrty, pmrided that 1 ender shall girt Borrower notice prior to any such incprction specifying n:asunahle cause theufor related to Lender's inured in the Property. 9. Condemnation. The pnkrcd. of any award or claim for damages. direct or a~nscqucntial. in connection with any condemnation ar other taking of the Property. ur part thereof, or for convcyancc in lieu of rnndcmnation. au hrreM• assigned and ,hall I?r paid to t.cndrr. In the event of a Total taking of the Property. the proceeds shall he applied to the arms secured by this Mortgage. with the eccrsc. if am•. paid to Barr.•wrr. In the event of a partial taking of the Property. unle.c Borrower and [.ender otherwise agree in writinf?. then shall he applied t+• the sums k~currd h~• thi. ~lartgagC such proporti..n of the proceeds ac is Brno[ to th:d pmlx•rtion which the amount of the cams secured by this ~lortgagc immediateh• prior t~ the date of taking hears to the fair market valor of the Property immrdiatrh• prier to the date of taking. with the b:d:mcr of the prorecdc paid to Bormwcr. If the Pmpert~• is abandoned by Bormw•er. or if. after notice by Lender Io Borrower that the condemnor offers to make an award or settle a claim for dam:+grs. Borrower fails to rrsp+~nd to 1 ender within :fl days after the d:dr such notice is mailed. 1.rnder is authorized to collect and apph• the prcx-~`eds. at I.endcr's option. either to restoration or repair of the Property or to the toms crcun-d by this Mortgage. Unless Lender and Borrower othenvicr agree in w•ritinc. am' such application of proceeds to principal sh:dl not extend or Ix~stp+•ne the due date of the monthly installments referud to in paragraphs 1 and 2 hcrcof or change the amount of such installments. 10. Borrower ATot Released. 1?xtencion of the time for payment or modification of amortization of the sums cecured by this \torts~gr granted M• I.endrr t.• am_• successor in intrust of Bormwcr shall not oprr;+te to release. in any manner. the liahilit~• of the original. &,rrult,rcr ~atild &~uowcr's srK;crs~+rs in interest. [.ender shall not he uyuiud to rnmmence pn~cccdin>s against such cucc:erwor ttr..rr(ysa.to axivnJ~tim~s for payment or Mhcrwisr modify amortisation of the sums scruud by this ht+~rtgagc by rcason.of• any demand made by the orieinal Borrower and Borrowers succesa.rs irf ~ntcrect. tl. Forbearance by ([.ender ~M a Waiver. Anv frrhearancr he Lrnacr in c~crcicinL :mc• right or remedy hereunder. or ?ahrrwisr atTurded by applicahlc law. shall not hr a waiver of ..r preclude the exercise of any such right or remedy. The prcxurement of insurance or the payment of tax.•s or other lien. or charges by Lrpder shall not Fx. a waiver of 1 enders right to accrlrntr the maturity of the indrhtrdnesc .r_uud hc• this Mortgage. 12. Remedies Cumulaliye. All remedies provided m thi, Mortgage art distinct and cumulative to any .~thrr right or remedy under this Mortgage or affo~drd M• law +ir equity. and may he exercised concorrentl}•. indcpendcntly or wccrsivrly. ' 13. Successors and Assigns &tund; Joint and Several l.iabilih•: ('options. Thr rnvrnants and agrrrmrnts herein contained shall hind. and the riehtc hereunder shall inure to. the rc:pective successors and assigns of I.rnder :u+d Borrower. u+hjrct to the provisions of paragraph 17 hereof. :111 cosrnants and :+gurmcnts of Borrower shall Fx: jo;nt :?nd several. The captions and headings of the paragraphs of This ~lortgagr au for a?nvenirncr onh• :,nJ arc not to Ixr used to intrrput or define the provisions hcrcof. 14. \otice. Except for any notice required under applicahlc law to t+r given in another manner. fat any notice to Borrower provided fur in this Mortgage shall he given by mailing wch notice he certified mail addressed u? Bormwcr at the Pn.ixm• :~ddres. or at such other address ac Borrower may designate hv- rn~ticr to 1 ender ac provided herein. and th! any notice to I.rndrr shall he given h}• certified mail. rct:?rn rrrr?pt reyurstrd. to I coder. address stated herein or to such other address as Lrndrr may designate he notice t.i Borrower ac provided herein. -1nv outset provided for in this Murtg;+gr shall t+r deemed to have tx:rn given to Borro«rr or I ender when given in the manner desigr?ated herein_ 15. t'niform ltortgrge; Governing l.aw: Se~erabiliN. 'this form of mortgage combines uniform rnecnanh for national use and non-uniform casrnant. with [smite.[ variations he junsaictirn to con,tiurtr a uniforni srcnrit~• indn+mrnt covering real property_ This ~lortgagr shall he cuvrrned M~ the law of the juri..tiction in which the Propertc i. located. In the event that any provision or clause of this ~Mrtgagr or the \otr conflict. ~~ith applic:+hlr law. such conllict shall not affect other provisions of this Mortgage ar the Nob which ran hr given rlTect ~~ithout the cimtlicting provision. and to this end the pn.visiom of the Mortgage ;utd the \otr are .Irclarcd to he .rs•crahlr. 16. Borrowers ('opt. Borrower .hall he furnishr.! a conformed copy .?t the \otr and of This Mortgage at the time .•f execution or after recordation hereof. 17. Transfer of the Property: assumption. If ;dl or am p:ut of the Property or an interest therein is s,.ld or transferred fir Borrower without I.rndrr's prier wrinrn consent. excluding rat the creation of a lien or cncumhrance whorilinatc to this Mortgage. ih? the cuation of purch;ne moors- securits intrust for household appliances. (c! a transfer by devise. dr.crnt or by operation of law up+ro the death of rant tenant or 1.1, the Brant of any leacchold intcresl of three vrarc or Ices not containing an option to purchase. I ender mac. at 1 endrr'..,ption. drel;ue all the sums secured by this Mortgage to he m?n?ediately due and payable. I ender shall have ~+:ucrd s~rih option to accelerate if. prior to the side or transfer. Lender ,,nd the person to whom the Property is t.• fn solJ or tr.+ns(erred reach agreement in writing that the cudit of such person e. satisfactory to I.rndrr and th:+t the inMrc.1 payable on the wm. strand M' this 'Mortgage shall he at such rate as i_ender sh:dl request. If I coder has waived the option to accrlrrdr provided in this paragraph 17. and if Borrower's wccessor in interest has executed a written assumption agreement accepted in writing he Lender. 1_ender shall release Borrower from all ~~hligatiom under thic'.1lortgagc and the Notc. • If 1 coder exercises such option to accrlcYatr. 1 ender shall mail Borrower notice of acceleration in accordance with paragraph 1•i hcrcof. Such notice shall provide period of not less than ?O days from the date the notice is mailed within tchich Borrower may pay the some declaud due. 1( Borrower fails to pas wch~sums prior to the expiration of wch period. Lcndcr may. without further notice or demand on Brrmwer. ,nsv.kr and remedies permitted M• paragraph IR hcrcof. Nom-Unrttotest Covt=~~~;TS. Borrower and Linder further covenant and agree as follows: 18. Acceleration; Remedies. Fxcept as prorided in paragraph 17 hereof. upon Borrower's breach of aay, cotenant or agreement of Borrower in this ~'lortgage, including the covenants to pay when due any sums secured by this Mortgsge, Lender } prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice Is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notce racy rtsnlt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. 'Ilte notce shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure ptroceedirtg - ; ~ the non-existence of a defauN or any other defense of Borrower to acceleration and forecbsure. If the breach is not cutred on or before the date specified in the notice. [.ender at Lender's option may declare all of the sums secured by this Mortga8e to be k immediately due and payable without further demand and may foreclose this MorfRage by judicial proceeding. Lender shag be entitled to collect in stub proceeding ap expenses of foreclosure. includjng, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. - 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time aaoi339 P~1633 .