Loading...
HomeMy WebLinkAbout1141 .i T 1 .1. t Lender's written agreement a applicable law. Borrower shall pay the amount of all ttrottgsge insurance premiums in the manner provided under paragraph 2 hhroof, Any amounts disbursed by Lender pursuant to the paragraph 7, with interest thereon, shall become additional in.khtedness of Harrower secured by This Mortgage. Unless Borrower and Lendkr agree tp ,other telms of payment, such amounts shall be payable ulxxr mNice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the raft payable from time to time c.n aitstanding principal under the Nott unless payment of interest at such rate would be contrary to applicable law, in which event arch amounts shall bear interest of the highest me permiuibk under applicable law. NMhing contained in this paragraph 7 shall require lender to incur any experae a take any action hereunder. s. Iwspectiaa. Lender may make or cause to be made rcaaxrahk entries upon and inspections of the PropeAy. provided That I.erxkr shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Conderarratioa. The proceeds of any award ar claim for damages. direct or consequential, in rnnrrection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, art hereby assignod and shall be paid to i.ender. In the event cif a tMal taking of the Property. the prcxecds shall he applied to the sums secured by this Mortgage, with the etcess, it 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 cumc secured by this Mortgage such proportion of the prooeeds as is equal to that proportion which the amount of the cumc secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the: proceeds paid to Borrower. If the Property is abandoned by Bor:ower. or if. after notice by Lender to Borrower that the condt~rnnor oilers to note an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, i.ender is arrthoriTed to collect and apply the proceeds. at i.ende~ c option, either to restoration a repair of the Properly or to the sums sccurtd by this Mortgage. Untesc i_ender 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 - cuch ins1a11meMs. 10. Borrower Nof Released. Fxtencion of the time for payment or modification of amortization of the sums aecuted by this Mortgage goofed by 1 ender to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and llorrower'c succescorc in interest. 1_ender shall not bt required to commence proceedings against such successor or reface M extend time tot payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in inttrea. 11. Rorbtarawce rI' i.ender Not s Wdver. Any forbearance by Lender in exercising any right or remedy herarnder, a otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the paymcnt-oftateT r6n by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehlednecs ceciired by this Mortgage. 12. Rem Ceraahrthe. 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 he exercised concurrently. indepeirdently a successively. 13. Saecerors and AsslRas Ilioawd; .Joint sad Several I.iabilNy; fsptlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective wecesson and assigns of Lender acrd Borrower. . subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and savant. The captions and htadingc of the paragraphs of this Mortgage arc for convenience only and are not to tie used to interpret or define the provisions hereof. - 11. Notlee. 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 mice to tender :s provided herein. and (b) any notice-to Lender shat! Ire given by certified mail. retiiro receipt requested. to [.enders address stated herein a 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. Uoifonw MoARage; Covenriufc Law; Serenbiliq. This Corm of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jiiritdiction to constitrite a uniform xcurity 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 bore conRicts with appfic:abk 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 Mote arc ikclared to he severable. li. ilionowa's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Tramter of fire Property; Asarmptiow. If all or any part of the Property or an interest therein is sold or tnnsferrcd by Borrower without Lender's prior written consent. excluding (a~ the creation of a iien or encumbnnce wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a tnnsfer by devise. descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years a less not containing an option to purchase, Lender may, at l_ender'c option, declare all the sums aexured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale a transfer. [.ender and the person to whom the Property is to be colt or transferrtd reach agreement in writing that the credit of such person is satisfactory to Lender acrd that the inten~ct payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if Lender has waived the opion 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 :ll obljjations under this Mortgage and the Note. Jf Lender a:ercises such option to accelerate, Lender shall mail Borrower rrotioe of sccekntian in accordance w irh paragraph 14 hereof. Such notiix 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 expiation of each period. [.ender may, without further notice or demand on Borrower. invoke goy remedies pernnitted by paragraph 1 R hereof. Note-Untt=oat~t Coverrerirs. Borrower and Lender further covenant and ogres as follows: llt. Accdetation; Reweiies. Bscept as proviitd is ~raplr i7 cereal. itlaa •erronesrs rreser d say nveMnt er ~sgrtemeot d lorrfawer d trls Mortgage. lacMdbrg ere coreaawts to py who toe nay nr secorti y this MertgrRe. i.ea~er 'riot a aecelesotlM sMa/ oWl notice to ffiorrower ss'rovi~led Iw Mragraplr 14 rtrtol speclfyloF p) trt rseaclt4 (I/ ere actbrr r+strir~ei Is core aacr hreaclty W) . Gala na ter tram 3o days troy rrs irre ere oetke r .rred M fl~ornwer. b writer soar rrtacr ..sl re cars ..a (1) tw fairre a cart ncr rr+taclr on a. reface ere Galt a'eelfiti r ere .diet ..y result r acc~deratloa o} ere sox sr<carsr thr Uds Mortgage. tortelowre r'!' ~W ants tie al ere Property. Tire ¦otice sraY fartrer idocro liornwa of ere r1Rrt to rtittstsle after acceleratloo acct ere rlgM le airtrert i• trt tareebswe prt/eteitg ere aww•eswtewce of a defaak or asiy okra de(eree of Ilrorrower to accYleratiao and forerrwrt. N ere rrtarr r nest cared w aK before ere dNc speclie/ a. tse notice. Levier at I.erraer's option orry isslre nit of ere non aeearsd b err Mortg~t l0 re iraaeirtely doe and Myarle witroal tarts dewrand saod gray terecleoe err Mar1~t g jrilcri ~rrateeioR. Lewder sri bs eotldsr a eolltef V sacr proceeiirrg V ea'esses of forecbsort. fnciairB, rof oats ilaMsd tar reooorrir stt.xwt>rs tees. av.i costs of +vc..+sotary evideatt, aistrocts awtl title reNrls. 19. illorrowa's R~rl to RNogatt. NeNwithstanding lenders ai:cekrstron of the sums secured by thr_ Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforct this Mortgage discontinued at any time g~3~D ~~ii4~. . . ~m~