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HomeMy WebLinkAbout1430 Lender's written agrecrnent a applicabk law. Borrower :hall pay the amcwnt of all mortgage inwranoe psemitrms in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.errder pursuant to this paragraph 7, with interest therearr, shall become s¢ditional indebtedness of Borrower secured by this Mortgage. Unkss Borrower and Lender agree: to other terms of payment. such amounts shall be payable upon notice from !.ender to Borrower requesting payment thertDOf, atr~'s~ball bear interest from the date of disbursement at the rate payable from time .to time err attstanding principal under' the Note unless pajsnesrt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense of take any sction hereunder. S. lagiectiow, 1.enckr 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 Larder's interest in the Property. 9. CowdewiwaMow. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc 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 slims 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 proporiion of the prooeedt as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the 'date ql taking bests 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 Barsower, or if. alter notice by tender to Borrower that the condemnor oifars 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 collect and apply the proceeds, at i.errder's option, either to restoration or repair o[ tha Property or to the sums secured by this Mortita~te. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extetd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the atrrount of such inttallments. 10. Borrower Not Released. Extension of the time for paymtnt or modilkation of amortization of the suers sectireo by this Mortgage genteel by i.ender to any successor in interest of Borrower shall not operate to rckate, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to eorrrrrrerroe 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. Forrearawce r7' Lewrer Not a Wainer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, steal! 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 liens or charges by Lender shag not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 1L Rewsediea Csiwirihere, All remedies provided in this Mortgage arc distinct and cumulative to any other right of remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Srccearors said AssiRws Borrad:.lo6rt sRr Several t.~sbil~; Captisws. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrir~ to. the respective successor and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of .Borrower shall be jolty and several. The captions' and hgdings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or deAne the provisans hereof. 14. Notice. Except for any entice required under applicable law to be given in another manner, (a) any notice to Borrower p fovided for in this Mortgage shall be given by mailing such notice by certifed mail sddresscd to Borrower at the Property Address or at such abet address as Borrower may designate by notice to Tender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.ender'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 given to Borrower or Lender when given in the manner designated herein. 1S. Udfonw Moshe; GorenlsR Law; SeverabAity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security iiatrument 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 Note rnnAicts with applicable law, such conflict shall not attest i other provisions of this Mortgage or the Note which can be given eRect without the eonAicting provision. and to this end the provisions of the Mortgage and the Note arc Declared to be sevenbk. lf. )sorrowes's Cody. Borrower shall be furnished a conformed copy of the Nose and of this Mortgage at the time of execution or after recordation hereof. 17..Truwder of tre Property; Aswwi'tias. if all or any part of the Property or an interest therein is sold or tnnsferrcd by Borrower without Lender's prior writicn consent. excluding (al the creation of a lien or encumbrance subordinate to i this Mortgage, (b) the creation 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 joint tenant or (d) the gent of any kasehoW interest of three yqn or less not containing an option to purchs:c, Lender may, at Lender's option, declare all the siprrs stxured by tha Mortgage to be immediately due and payable. Lender shall have w•rived Stich option to accekpte if. prior to the sale or transfer, Lender and the person to whom the Property is to be co1D or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inten~st payable on the sums secured by this Mortgage shall be at :iiclr me as Leader shall roquest. Tf Lender has waived the opion to accelerate provided in this paragraph 17. and if Borrower's s»coasor in interest has executed a written assumption a6reement accepted in writing by Lender. Lender :hall release Borrower from all obljgations under this Mortgage and the Note. if Leader exercises such option to accelerate, Lender shall mail Borrower notice of sccekntion in accordarr~-c with puaigraph 14 hereof. Such notice shall provide a period of nd ktt than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such sirens prior to the expiration of such period. g [.ender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. NON-UNIFORM W~CNAN7S. Borrower and Lender further covenant and agree as fOBOwa: ( li. Acceleratlasg Rewcriss. B'seept sr porMttr i• pRragraN 17 reseal. ~M ~estrrwes'i rseaer el ttwy coreoRat w aaeemprt et fessrtiwer ti this Mestgses, IRdairrg ere eorewaRts to !h' wrens rws aq stsssta seemed y tli Mesf~e. Lewretr p.iur» aeeekratlew sNe wWl soece to Bonner sr prowea fA p.ragrarr 14 reseet spscQrlrgs (i) ere bseaer: (2/ ere sietiesi spsisr M cwse sArtr rseweli; a ra1t~ wet less pars 30 gap trosw eie cute ere tsMfce Y swaitait M Bess+awer. iq wrrtr saki iseaer ssistst rs esrss~ itssil N) eat hilwse N eisre net rraeli ass K refese ere date gaerer V ere wetiee slay sestrlt,lw wec+elesaeew et Ire own aetrssr r!' trY Mostgs0e. leseclonse r! itsir sale wt eie rse*esly. Tre wNiea si1rRM lsirtrer iw/or¦i )tesrrwer el ere r1Rrt M seisrtalt greet wecelenseow Asir frt rIgIN M surest i• Ire hseelesrse /sra~aatll¦B _ tyre wow-edMewee e[ a refawM rr sh Nre~r dete+tsc of iorrrwer N accdenMrw stet tee~celosrse. g ere rreaer Y wM ewssd M • ~ ar rdore ere rsds s*aeiifar t• ere Welke. Lewder N I.esirer's eptNw rwRy reclase r et ea srsrs seeresr r7' ells Mestsppe ti k it¦RSerWely rte awl pwyaMe wflrowt irstrer deiwaaA awes stay leseclae ei Mes#irga"r)?1rikW rs+eesilc. Lender daN k swlWeil N ante/ r ner's+aeesriRg ar espenses of foreclosrse. l¦clrrliRg. bwt west llswNei M, ssaNwaOlt olturwer's fees. W ants al reeittseMarr erMewce, aMtewcls awl tWe seprb. If. ltersurwes's R~lt a RdRSh/e. NotwithstaridinE Lender's accekrstion of the swws setairod by thrr Mortgage. r Borrower shall have the right to have any proceedings begun by Lender co enforce: this Mortgage discontinued at any time T 832 P~1429 f.