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HomeMy WebLinkAbout1153 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage ittstuarrce premiums in the manner provided under paragraph 2 hereof. Any amounts disMrrsed by Lender pursuant to the paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to othtt tents of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest froth the date of disbursement at the rate payable from tithe to time on attstanding principal under the Note unless pa'yrwtxtt of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any experae a take any action hereunder. t. IwspeeHow. Lender may make ar cause to be made reasonable entrit:c upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasanabk cause therefor related to mender's interest in the Property. 9. Coadewtwatba. The Proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to ixrider. in the event of a fatal taking of the Properly. the proceeds shall be applied to the .sums secured by this Montage. with the excess, if any, paid to Borrower. 1p the event of a partial taking of the Property, unless Borrowef and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proooed: as is equal to that proportian which the amount of the sums secured by this Mortgage immediately prior to the data of taking-bears to the fair market value of the Properly immediately prier to the date of taking, with the balance of the proceeds paid to Borrower. If the Properly is abandoned by Borrower, ar if. after natice by lender to Borrower that the con. dcmnor oRers to malts an award or settle a claim for damages. Harrower fails to respond to lender within 30 days after the date such rtotioe is mailed. Lender is atttharized to rnllect and apply the proceeds, at Lender's option, either to restoration or repair d the Properly or to the sums secured by this Martgage. Unless Lender and Borrower otherwise agree in writing. any such applicatian of proceeds to principal shall not-eactertd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums sxured by this Mortgage granted by Lender to any cuccecsar in interest of Borrower shall not operate to rcksse. in any manner, the liability of the original Borrower and Be?rrowe~ c successors in interest. Lender shall not be required to eommertce 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 succeswn in intereu. 11. Forbearance by Leader Not a Waiver. Any farbcarance by ixnder in exercising any right or remedy hereunder, or otherwise afforded by applicabk law. shall hat 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 Lender's right to accelerate the maturity. of the indebtedness sectrrcd by this Mortgage. 12. Reatedies CrmrhNte. All remedies provided in this Mortgage arc 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 successively. ' 13. Srceessors sad Assitws Found; .joint awd Several i.iabilify; Capfioas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ 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 joirtf 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 provisions hereaf. 14. Notke. Except for any natice required under applicabk law to be given in another manner, (a) any notice to Borrower provided for in this Martga¢c shall be given by mailing such notice by cenifled mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by natice to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.endet's address stated herein or to such other address as Lender may designate by natice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Barrawer or Lender when given in the manner designated herein. 15. UwBorm Mortgage; Governing Law: Severability. This form of mortgage combines uniform covenants for national ttse and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. 'i?tis 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 ar the Note conflicts with applicabk law, such conflict shag not atfoct other provisions of this Mortgage or the Nate which can be given effect without the oonAicting provision. and to this end the provisions of the Mortgage and the Nate are declared to be severable. j 16. Borrower's Cory. Borrower shall be hrrnished a conformed cope of the Note and of this Mortgage at the titnt f of execution or after recordation hereof. 17..Trawsfer of the Irroreny: Assrmptiow. if all ar any part of the Properly or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creattan of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a jaint tenant or (d1 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 tit 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 said or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intent payable on the sums secured by this Mortgage shall be at such rate ac Lender shall rogtrest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower Pram 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. -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 sums declared due. If Borrower fails to pay such sums prior to the expiration of such perfect, ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereaf. Notr-IJNIFOaM Covewatr'rs. Borrower and Lender further covenant and agree as follows: li. Acederatiow; Re¦redks. Esccrt as provfitd is raratrapr 17 tiered, rrow Borrowers ereaeh d say coveasN or sgrtetaest d Borrower b tris Montage. 6~chrdiwt ere corewawt to ray whew ire say srrws sserrei ~ trls Mortgage. Lesser prior to aeeekratlow ~r saN wotke to Borrower m proriied Iw psnrtnplt 14 rer~d srecYyfst: (1) ere ercacr; (2) ere setMw regrirei b errs seer brash; (3) a life, woe r>ss traw 3, days from ere late ere wotice r mailed fe Borrower. ey wrke seer braclr srrt be esrr~ awe (1) that faNtrre a care stet breast a or eetore ere date srtelfiei r trc aotke way r+esrU iw wecekrNbw d de swr secrrei by trb Morttate. toreclosrre ry jrdkial N+aceedMt nwtl sale d trc Mrerty. 7Le wstice srsB brtrer hfora Borrower d ere ritM to rsirtstate after sccckratbw Bard ere ritrt to assert V ere toreebwrt Pror`~eeirrt trt wow-a:Wesce d a iefawM oir awy otter ietewse d Borrower to accelerNiow awl toredosrrr. N the Mrxr is woe errsa os or before the cafe sreeflied i• ere wotke. Lewder al Lender's orlbw way dtchre aw d fbe sawn scewrei 0T this Manage lw ee itwrwediately dre awl pyarie wilrort trnrer demand sect way foreclose tr4 MontsBe ey jirikll rroeeedirR. T.tnder xraM be eMltki to collect iw sscb rrocecdiat a1 arpewses of foreclosrre. laclriiat. err wof Ifurrkd ~ reasowaele stU~raer's fees. awl arils d iect:!sewtary eriiewee. abstract awl title report. 19. Borrowa's Rltrt t• Reirstafe. Notwithstanding Lenders acceleration of the sums secured by th~~ Morttate, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgaccg~~e discontinued at any time BOCK 340 PAGE 11~,, -