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HomeMy WebLinkAbout2570 Lender's written agncmem or applicable law. Burrower shall pay the amount of all mortgage inwran:e premiums in the manner pruvuicd under paragraph 2 hereof. Any amounts dishurtcd by I ender purwant to !his paragraph 7. with interest thereon, shall become additional indchtednrss of A+~rr++wcr secured by this Mortgage l)nlest Borrower and Lender agree to other terms of payment, such amaunh .hall be payable upon notice from 1 cndrr to Bormwcr rcyrrecting payment thereof. and shall hear interest from the Date of dishurscment at the rate payable tram time to time air outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which even) arch amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. s. laspectioa. Lender may make ar ra+~sc to be made reasonable entries upon and inspections of the Property. provided that lender shall give Aormwer Haber prior to any such inspection specifying rcasonabk cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or rnnsequeotial, in connection with any condemnation or other taking of the Property, or part !hereof, or for conveyance in lieu of condemnation. are hereby a>;tignod and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the stryr~ >lecttredt i)- this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, tlnkss Bbrnotver and Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeods as is equal to that praportic-n v-•hich the amount of the sums secured by this Mortgage immediately prior to the date of taking bears 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 Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to make an as••ard or settle a claim far damages. B+•rraw•er fail. to respond to 1_ender within 30 days after the dale such notice is mailed. [.enter is authorized to collect and apply the proceeds, at Lender's option. either to restoration or repair of the Property or to the sums secured M• this Mortgage. Unless Lender and Borrov-•er otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due dare of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments 10. Borrower Not Rekased. Extension of the time far 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 original Borrower and Borrower's strecessorc in interest. [-ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or othen+vice modify amortizaUOn of the sums soured by this Mortgage by reason of any demand made by the original Bormwcr and Borrowers successors in interest. 11. Forbearance by Lender Not a Wtlver. Any farhearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance nr 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 indehtedrrecs scarred by this Mortgage. 12. Remedies Cnmulathe. 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. Snecessors and Assiges Borrnd; Join) sad Severtl I.iabitity; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure 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 join] and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided far 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 Barrawer may designate by notice to Tender as provided herein, and (h) any notice to Lender shall be given by certified mail. reh+rn receipt requested. to Lenders address stated herein or to such other address as Lender may designate by native to Borrower as prosided herein. Any notice provided for in this Mortgage shall be deemed to have been green to 13armwer or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Governing Law: Severabilitq. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations M' juris+liction to constitute a uniform security instrument Hovering 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 ar the Natc conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Natc which can be given effect witho+rt the conflicting provision, and to this end the provisions of the Mortgage and the Note arc ~kclared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of exec+ition or after recordation hereof. 17. Traaster of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without [_ender's prior wnnrn content. excluding lal the creation of a lien or encumbrance subordinate to This Mortgage. Ib) the creation of a purchase m+•nev security interest far household appliances, (c) a transfer by devise. descent or by operation of law• upon the death a(a jaunt tenant or Id1 the grant of any leasehold interest of three years or kss not containing an option to purchase. Lender may. at 1_ender't option, declare all the sums secured by this Mortgage to be immediately due and payable. !.ender shall have u.uved such option to accelerate if, prior to the tale or transfer. Lender and the person to wham the Property is t+~ be .aIJ ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the aptian to accelerate provided in this paragraph 17, and if Borrower's ~uceessor in interest hat executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Nott. If Lender exercises such aptian to accelerate. Lender shall mail Borrower notice of acceleration in accordance ss;th paragraph 14 hereof. Such notice shall provide a period of not Icss than 30 days from the date the notice is mailed within which aorrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration at such period. Lender may, without frirther notice ar demand on harrower. invoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENANTS Borrower and lender further covenant and agree as follows: lg. AccelerNioa; Rcmedks. Except as provided is paragraph 17 hereof. wPa Borrower's breach of awy coveaawt a sgreemeat of Borrower is this Mortgage. including the covenants to pay wbea due say sums secured by ebb Mortgage. Leader prior to accekratbn shill mail notice to Borrower ss provided In paragraph 14 bereot spetNyiag: (1) the breach: f2) the adios required to cure such breach;l3) a date. not kss than 30 days from the date the wotke b maikd to Borrower. by whkb such bseach mnsf be cured: and (1) that tailrace to core swcb brescb on or before the dale specified is the notke pray recnN h accekratan of the sums secured by this Mortgage. toreclosnre by jndkitl proceeding card sak of the Property. The aotke shtll further inform Bormwcr of the right to reinstate otter accekntbw and the right to swore iw the tortcloswre proeeedittg the aura-existence of a detanN or any other defense of Borrower to accekration awd toreclosrrre. It the breach b aot swirl o0 or before the dste specified iw the notice, lender at I.rnder's oplbw racy declare aN of the srrrws secured by ebb MortRsKe fao be immediately due and payable without further demtind and may foreclose ebb Mortgage by jndkW pbeeediaR• I.tnAtr sbaN be entitled to cogeet in snob proceeding s0 expenses of foreclosure. iacladirrg, brat woe fJmited to. reasonabk attnrnev's fees. awd costs of documewtary e~ideace. abstracts and titk reports. 19. Borrower's Right to Reinstate. NotwithstandinK 1 ender's acceleration of the sums secured by th+s Mortgage. Borrower shall have the right to have am prexerdme. he'~in b~ lender to enforce this Mortgage discontinued at and time a~344 •P~E2569