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HomeMy WebLinkAbout1671Lender s wntten agreement or appl+cable law Borrower shall pay the amount of aU mor~g + a~~p +n the manner provided under paragraph 2 hereof ~ ~,~ Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become addrt+onat +ndebtedness of Borrower secured by this Mortgage Unless Borrower and Lender agree lo_other terms of payment, such amounts shall be payable upon not+ce Irom Lender to Borrower requesting payment thereof, and shah bear interest Irom the date of disbursement at the rate payable Irom time to time on outstanding principal under the Note unless payment of +nterest at such rate would be contrary to applicable law. rn which event such amounts shall bear rnterest at the highest rate perm+ss+ble under apptrcable law. Nothing contained in this paragraph 7 shall rQgdire Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and rnspect+ons of the Property, provided that Lender shaft g+ve Borrower notice prior to any such ;nspectron specifying reasonable cause therefor related to lenders rnterest rn the Property. 9. Condemnation. The proceeds of any award or claim for damages. d+rect or consequent+at. rn connection with any candemnatron or other taking of the Property. or part thereof. or for conveyance rn Ireu of condemnation. hereby assigned and shall be paid to Lender. to the event of a total taking of the Property. the proceeds shaft be apptred to the sums secured by this Mo..-tgage. with the excess. it any paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender otherwise agree rn writing, there shat) 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 fa+r market value of the Property immediately prior to the date of Taking, with the balance of the proceeds paid to the Borrower. If the Properly rs abandoned by Borrower. or il. after notice by Lender to Borrower that the condemnor offers to make an award or settle a ctarm for damages. Borrower fails to respond to Lender within 30 days after the date such notice rs mailed, Lender is author+zed 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 in writing. any such application of proceeds to principal shalt not extenri or postpone the due date of the monthly installments referred to rn paragraphs t and 2 hereof or change the amount of such installments. 1 O. 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 rn interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrowers successors in +nterest. Lender snarl not be required to commence proceedings against such successor o- refuse to extend time for payment or otherwise modify amortrzatron of the sums secured by this Aortgage by reason of any demand made by the original Borrower and Borrowers successors rn rnterest. 11. •Forbearane4 by Lander Nota Waiver. Any forbearance by Lender rn exercising any right or remedy hereunder. or otherwise afforded by applicable law, shalt 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 o- charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. An 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, independenttyor successively. 13. Successors and Assigns Bound; Joint and Several liability; Captions. The covenants any agreements nerern contained shall b+nd. and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph t 7 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenrence only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice regwred under applicable taw to be given in another manner. (a- any noUCe to Borrower provided for in this Mortgage shau be gwen by mailing such notice by certrfred.mait addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and ib- any notice to Lender shall be given by certified ma+l, 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 rn this Mortgage shall be deemed to have been given to Borrower or Lender when given rn the manner designated nerern. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for nai+onai use and non-ur.rform Covenants with l~mrtect vanat~~>ns by iunsdictron to consirtute a uniform security rnsirument covering real property. The state and Local ~atvs app!rcat,iE~ -o this Mortgage s'eal- be the taws of the turrsdicoon in which the Property rs located The foregoing sentence ,hail not !~mrt t!~e appl+cab~rrty of federal law to this mortgar~e In the evert trat any provis;on or clause of this Mortgage or the P~lute c~~nfucts with app+rcabie law, lucre conflict shall not affect other ;xovr5rons pf tnr; f~lortgage or the r•fo!e which r an he c3~:E:n efte~a wrthou' the Contirctrnn provision an~f to Th+s encf the prUV+S+OnS r)t the Mt~rtgege anti tt:e fJO'.r. a'F' <tErC ~:•Et7 try t,F• Mfr:frralile 16. Borrower's Copy. Borrower sha!+ he furnished a conformed copy of the Note and of this Mortgage at the t+me of execution or after recordation hereof. 17. Transfer of the Property; Assumption. l' alt or any part of the Property or an rnterest therein is sold or transferred by Borrower without Lenders prior wntten consent. excluding tar the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creation of a purchase money security rnterest for household appliances ic- a transfer by devise. descent or by operation of law upon the death of a joint tenant orld- the grant of any leasehold rnterest of three years or less not containing an option to purchase. Lender may. at Lenders option, declare alt the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate rl prior to the sale or transfer. Lender and the person to whom the Property rs to be sold or transferred reach agreement rn writing that the credit of such person rs satrslactory to Lender and that the rnterest payable on the sums secured by this Mortgage shat) be at such rate as Lender shall request. It Lender has waved the option to accelerate provided in this paragraph 17. and rf Borrowers successor in rnterest has executed a wntten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shat! marl Borrowef notice of acceleration rn accordance with paragraph 14 hereof. Such notice shall provide a period of not Tess that 30 days from the date the notice is marled wrth+n which Borrower may pay the sums declared due. It Borrower lads to pay such sums prior to the expiration e! such period. Lender may. without further 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. Acceloration; Remedies. Except ss provided in paragraph 17 hereof, upon Borrower's breach 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 broach; (3) a date, not less then 30 days from the date the notice is mailed to Borrower, bywhich such breach must bs cured; and(4) that failureto curs such breach on or beforo the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judiclsl proceeding and sale of the Property. The notice shall further inform Borrowsrofthe rightto reinstate afteracit~lsratlon and the right to assert in the foreclosure proceeding the non-existence 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 at Lenders option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosuro, Including, but not limited to, roasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrowers Right to Reinstate. Notwithstanding lender's acceleration of the sums secured by this Mortgage. Borrower shaft have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ;~~44 o~f671 _~~t~ ~,.