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HomeMy WebLinkAbout0191 Lt~nuers wirNen agreement o? applicable law. Borrower shalt pay the amount of all o gq,~n~uraTjmrums rn the manner provided under paragraph 2 hereof • r Any amounts disbursed by Lender pursuant to this paragraph 7. with inter@~1 on, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shat! be payable upon no!rce Irom Lender to Borrower requesting payment Ihereot,and shall bear rnteresl from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, rn which event such amounts shall bear interest at the highest rate permrssibie under applicable taw. NUthury wnlau?etl in this parayraph T Shall rttquire Lender to rnCUr any expense or take any acton hereunder. 8. Inspection. Lender may make or cause to be made reasonable enures upon and inspections of the Property. provided that Lander shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Properly. _ 9. Condemnation. The proceeds of any award or claret for damages. direct or consequential, rn connection with any condemnation or other takrny of the Property. or part thereof, or for conveyance rn Ireu of condemnation, hereby assigned and shaft 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, it any paid to Borrower. In the event of a partial takrrig 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 rs equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the Carr market value of the Property rmmedrately prior to the date of taking, with the balance of the proceeds paid to the Borrower. It the Property is abandoned by Borrower. or rt. after notice by lender to Borrower that the condemnor oilers to make an award or settle a claim for damages. Borrower lads to respond to Lender within 30 days after the date such nolrce rs marled. Lender rs authorized to collect 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 rn writing, env such application of proceeds to princrpat shalt not extend or postpone the due date of the monthly installments referred to rn 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 granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the orrgrnal Borrower and Borrowers successors rn rnteresl. Lender shall not be required to commence proceedings agains! such successor or refuse to extend Irme for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orrgrnal Borrower and Borrower's successors rn rnteresl. 11. . Forbearance by Lender Not a Waiver. Ary forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law. shat) not 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 bens or charges by Lender shall not be a waiver of Lender s right to accelerate the ma!unty of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. 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 successively. 13. Successors and Assigns Bound; Jaint and Several Liability; Captions. The covenarts and agreements herein contained shat! bind. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provrsrons of paragraph t 7 hereof. All covenants and agreements of Borrower shall be lornt and several. The captions and headings o1 the paragraphs o1 this Mortgage are for covenrence only and are not to be used to interpret or define the provrsrons hereof. 14. Notice. Except for any nolrce required under applicable law to be,gryen rn another manner. {a? any notice to Borrower provided for rn this Mortgage shall be given by marking such nolrce by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and !b? any notice to Lender shall be given by certified marl, return receipt requested, to Lender s address stated herein or 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 green to Borrower or Lender when given rn the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for natrona! use and non-urnforrrr covenants with limited vanatrons by iunsdrCUOn to Con$Utute a uniform security instrument covering rea! property The sate and local laws applrcabre to this Mortgage shall be the laws of the lunsdrehon in which the Property rs located. The tore9orng sentence shall not Irmrt me applicability of federal raw to this mortgage. In the event mat any provrsron or clause of this Mortyage or the Nute conUrcts with applicable law. such conNict shall not affect other ' provrsrons o! this MortcJaye or the Note Yth,rch can be yrven effect wrihout the contrrr_trny provrsron and to this end the provrsrons ct the Mortgage anti the Nate are r:ieclared to be sF~:erahle 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the Irme I of execution or alter recordaUcn hereof. 17. Transfer of the Property; Assumption. If all or any part of the Propertyor an interest therein rs sold or transferred by Borrower without Lender's poor written consent. excluding {a1 the creation of a Iren or encumbrance subordinate to this Mortgage. Ib) the creation of a purchase money security interest for househord apprrances. Ic? a transfer by devise. descent or by operation of law upon the death of a point 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 be immediately due and payable. Lender shall have waived such option to accelerate rf prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement rn wnUrlg that the credit of such person rs satisfactory to Lender and that the interest 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 t 7, and i! Borrowers successor rn rnteresl has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrowertrom all obligations under this Mortgage and the Note. If 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 that 30 days from the date the nolrce is mailed within which Borrower may pay the sums declared due. Ii Borrower faits to pay such sums prior to the expiration of such period. Lender may. without lurther notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. _ NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: ! 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrowers broach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. 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 Railed to Borrower, bywhich such breach must be cured; and (4) that failure to cure such breach ~ on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding end sale of the Property. The notice shall furtherinform Borrowsrof the rlghtto roinstats after acceleration and the right to assert in the foreclosure proceeding the non•extstence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or beforo the date specified in the notice, Lender et Lenders option may declare ell of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage bI? judicial proceeding. Lender shall bs entitled to collect in such proceeding ell expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title roports. 19. Borrowers 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 fender to enforce this Mortgage discontinued at any time x342 p~ i9l . r', ~ _ '