Loading...
HomeMy WebLinkAbout0974 Lcndcr's written agretmcnt or applicabk taw. Borcovrer sha14 psy the amount of all ts~ottpgt insuraact ,precniums in tbe , maaner provedcd under paragraph 2 heroo(. Any amounts disbursed by Lender pursuant to this paragraph 7, with interat thareon, shall becart?e sdditional . indebted~xss of Borrower securcd by this Mo~tgage. Unlcss Borrower anci Cen~ier agrx to othe? tetms of paymeat. such amounts shap be payabk upon not+ce from i_ender to Borrower reqnesting p3yment thereof. and shall btar interat from the date of disbursement at the rate payabk f~om time to time on a~tstaruiin~ principal urtder the Note unltss panaent of interest at such nte would be contrary to applicabk law, in which event such amounts shall bcar interat at the hiahest rale permiss~'bk un~r applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any espet~se or take any action hercuader. S. iw~}ectbs. Lender may make or caux to be made reasonable tntries upon and inspections of the Propecty, p~ovided that l.ender shall give Borrower notice prior to any s~~ch inspeclion spccifying reasonabk caux therefor related to Lender's irlterest in tFit PiOpel1y. Co~de~adiow. The proceeds of any awasd ~r claim fos damages, direel or consequential, in rnnnection with any condemnation or dher taking of the Property, or paR thereof, or for conveyar?ce in lieu of condemnation, are hereby assigned and shall be paid to L.ender. In the event of a total taking of the Propeny. the procteds shali be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking o6 the Property. ~mless Borrowe* and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such propa~rtion of thc proceeds as is equal to that proportiwe which 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 immediatety prior to the date of taking, with the balanct of tht proceeds paid to Borrow~r. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to make an award o~ s±ttk a claim for damages, Borrower fails to respond to L~nder within 30 days after the date such notice is mailed, Lender is at~thorized to col{ect and apply the proceeds, at Lender s option. eithet to ratoration or repair of the Property or ro the sums secured by this Mortgage_ i7nless Lender and Borrower othe~wise agree in writing, any such application of proceeds to principal shall not extend or Qnstpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installmetris. lA. D~rower Nof Releas~cd. Eztension of the time for payment or moditication of amo~titation 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, tfie liability of the original Borrower and Bor:ower's successors in interest. Lender shal) not be required to commence Qroceedings against such successor or refuse to exten3 time for payment or otherwise modify amortization of the sums secured by this MoRgage by reason of any demand made by the oriRinal BoROwe~ and Borrower's successors in interest. ll. Rorbearsere by Lender Not a W~ver. Any farbearance by Lender in eaercising any right or remedy hereunder, or otherwise afforded by appiicable taw, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of i~surance or the payment of taxcs or other iiens or charges by L.ender shali not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Renredies Ce~nnbti~e. All remedies provided in this Mortgage ar~e distinct and cumulative to any other right or remedy under this Mortgage or at[orded by law or equity, and may be exercised concurrently, independently or successively. 13. S~ccesso~s a~d A~as ~o?+~: Iou~t aad Se~eral LiabiBty; Captions. "il?e covenants and agreemeots 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. Alt covenants and agreements of Borrower shall be joint and several. 'iltie captions and headings of tfie paragraphs oi this Mortgage are for convenience onTy and are not to be used to interpret or de6ne the provisions hereof. 14. Notice. Except for any notice required under applicable iaw to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at su~h other address as Borrower may designate by notice to T_ender as provided herein, and ~ (b) any notice to Lender shall be given by certified mail. retum receipt requested. to i.ender s address stated herein or to f such other address as Lender may designate by notice to Borrower as provided herein. Any notece provided for in this ` Mongage shall be deemed to have been given to Barrow•er or I.ender when given in the manner designated herein. f I5. Uniform Mort~a~e; Goveroin~ I.aw: SeverabHity. This form of mortgage combines imiform covenants for national ~ use and non-uniform covenants with limited variations h~~ ji~risdiction to constitute a uniform security instrument covering E real property. This Morigage 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 conflicts with applicable law, such conflict shall not aftect ~ other provisions of this Mortgage or the Note whicfi can be given eitect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to be severable. 16. Borro~re~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. E 17. TraasEer of the Property: Assumption. if all or an}' part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior Mritten consent, excluding (al the creation of a lien or encambrance subordinate to ~ this Mortgage, (b) the creation of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or less g not containing an option ta purchase, Lender may. at t.ender's option, dectare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prioc to the sale or transfer. L.ender and the person to whom the Property is to be sold or transfe~red reach agreement in writing that the credit of such petso~n is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as I.ender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lencie~, Lender shall release Borcower from 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 sha{I provide a periocl of n~t less than 30 days from the date the notice is mailed within ~ggg which Bormwer may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of such period, ~ [_ender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragraph 18 hereof. E NoN-Urr~FOR~+.t CovEr~~xTS. Borrowec and Lende~ further covenant and agree as follows: 18. Accekration; Remedies. Exceq as provided in p~ragraph 17 hereof. upoa Borrawer's breach of aay coreQant or agreement of Borrower in this Mortgage, inclndi~ t6e coveoants to pay when due any sams stcared by thLs Morfga`e, Lender prior to accekration sball ~ail notict to Borror?er as pmvidcd in paragrapb l4 bereof spec#y~: (1) tbe b~+tacb; (2) tbe sction , requircd to cure such breac6; (3) a date, not less tiwn 30 days from t6e d~te tt~e notice is maikd to llorrower, by w~icL sac~ breach must be cured: snd (4) that failer~ to c~re sncA bnuh oa or befoce the date speci6ed ie tbe ootice may cesdt ia accekration of t~e sums sccurcd by this Mort~age, forecbsun by judicial pmceeding and s~le of tbe Property. 'tbe uotice shaii furth:r iaform Eorrower of the right to reinstate after sccekratioe xnd tbe ria6t ta sssert ie t6e forsciowre proeee~ the aon-eaistence af s def~alt or wsy otber deterae of Borrower to accckration t~nd foreclosare. If tbe bres~ch ts oot cored o0 4 or bcfore tbe date spcci6rd in tbe notice. Lender at Leoder's optaa may declare a0 of the sa~as secared by tt~ Mort~se6e to be immediatdy due and paysbk wit6ont fWrtber demaw! and may foreclose this Mortgage by jndkial procee~. Leeder shall be eatitled to coikct tn wch proceeding al! expeoses of forecbsnne. includir~. but eot ~i~nited to, reagoasble attotoe~'s fas, ~ and costs of docemeatary evideoce. abstracts snd htk rc~orts. 19. Borrower's Rig6t to Reinstste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrow~er shall have the right to ha~e any proceedings hegun hy t_ender to enforce this Mortgage discontinued at any time E~('tV~ PdGE ~ ~ i , ~ ~ , w _ - - --3 - - ~