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HomeMy WebLinkAbout0940 Lender"s w~iuen ajreaneat a spp~icabk law. Borw~re~ ~hall pay tha unouat o[ dl mottsa~e jowranoe premiuau ia the maaner provided under pus,~rap6 2 heceof. , Aay amounb disburied by I.cnder pursuaat to this paniraph 7, with intenst thereon. ~hall became additional i~debtedness of Bo~rower secured by this Mo~ase. Unku Borrowe~ and Lender s~+ee to othe~ tera~ of paymeM. a~ch amounts ~all be payabie upon notioe fwm Lender to Borrowe~ requestin` payment thereof. and shall bear inte~est froaa the date of dhbunement at the rata payabb fmm time to time oe oubtandtn= principal under the Note unleas p~ymeat of interest at :uch rate would be coatrary to applicabk law. in which event such amouab shall bear iete~eat at the hiahest rate permim'bk u~der applicabk law. Nothina contained in this paraaraph 7~all require I.ender to incar aay expante or take any action henunder. s. t~eclb~. Lender may make or caute to be made reasonsbk entries upon and i~spectiora of the Property. provided ~ that Lender shall give Borrower notice prior to any such inspection spocifying reasonabb cause therefor related to Lm~der's interat in the Propetty. 9. Co~de~andow. The proceeds of a~y award or claim for damaga, direct or rnnseqoential, in connectton with any condemoation or dher taking of the Property. or pa~t thercof, or for conveyance in lieu of candemnation, are hereby aaigned and shall be paid to Lender. in ihe event of a total taking of the Propeny, the proceeds shall be applied to the sums axured by this Mortgage. . with the exeess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ender . otherwise agree in writing, there shall be applied to the sums socured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums securod by this Mo~tgage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balana of the proceeds paid to Borrower. If the Property is aba~doned by Borrower, or if. after notice by Lender to Bomowe~ that the oondetanor offera to make an award or settk a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lende~ is suthorized 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 Mort~tage. U~kss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eactead or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change tht amoant of ~ such installmeats. ~ 10. Dorrower NM Rekased. Extension of the time for payment or moditication of amortization of the sums sxurod by this Mo~tgage granted by Lender to any successor in interest of Borrower shall not operate to rekase, in any ma~ner. the liability of the original Borrower and Bc?rrower s successors in interest. Lender shall not be required to c:ommenoe proceedings againct such suocessor or refuse ta extend time for payment or otherwise modify amortization of the aums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in iaterest. - ll. Forbearance by Lendcr Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afiorded by applicable law, shall 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 shall not be a waiver of Lender'a right to accelerate the maturity of the indebtedness cecured hy this Mortgage. lZ. Remedies Comnlali~e. 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. Soccessors and Asai~ns Bound; Joint aad Se~~eral t.iability; Captions. 'il~e 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 joint and several. 77~e captions and headings of the paragraphc of . this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Eacept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for 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 Bormwer may designate by notice to i.ender as pmvided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to i.ender's addras atated 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 roanner designated herein. 1S. Unifonu Mortgage; Go~erain~ Ls~w: Sererab~ity. This form of mortgage combines uniform rnvenants for national use and non-uniform covenants with limiteci variations by jurisdiction to constitute a uniform security instroment coveriag real property. This Mortgage shal) be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mongage or the Note conflicts with applicable law, such conflict shall not al~ect g other provisions of this Mortgage or the Note which can be given eSect without the conflicting provision, and to this ; end the provaions of the Mortgage and the Note are cieclared to be severable. ` 16. Borruwer'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. ~ . 17. Tramfer of tLe -Property; A~omption. if all or any part of the Property or an interest therein is sold or transfernd f by Borrower without Lender's prior written consent, ezcluding (al the creation of a lien or encumbrance subordinate to ; this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, E 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 not containing an option to purchase. Lender may, at Lender'c option. declare all the sums socured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person to whom the Property is to be sold or transferred reach-agrcement in writing that the credit of such pason is satisfactory to I.ender and that the interest payable on the sums secured by this Moitgage shall be at auch 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 I.ender, I.ender shall nlease Borrower from all ~ obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from ihe date the notice is mailed within _ ~•hich Borrow•er may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of sach period. ~ Lender may, without further noti~e or demand on ~Bomower, invoke any remedies permitted by paragraph 18 hereof. Notv-LSxtFOat?t CovExerrrs. Borrower and Lender further covenant and agree as follows: _ y 18. Accderatbs; Remedies. Ezeept as provWed b~ pua~~ 17 bereuf, ypoo Eorrowe~a breser of aoy rn~awt or a`ree~eat of Borrowu io t6js Mat~e. ~ t6e coveaaets to ~y wbe~ d~e sor soots sawred by t6i~ Morf~e, I.eader i prbr to seceierslioe s~ ~ vofke to Don~ower a~ pro•Wed ia p~ra~rap~ l4 ~ereof (1) fia breacti; tre actlo~ req~red to c~re s~cY 6reaclr (3) a dah, ~ot ks tiao 30 dars frae ti~e date tre ~otlce ia ~aiied to ~erruwer, 6~ wricti wci breach ~~t be eorea; a~ (4) tWt fa~ore to c~e wcM brac6 0~ or 6etore t6e date a~aiiea i~ tre ~otke wq ra~lt is sceelerdloa ot t6e sus sa~ by fWs Mort~e, foreclo~tire !ry ~chl lroe~OL ai s~le ot tie h+o~ery. ~e ~ofke sba~ fortiier i~tors Dor~+ower d tre ri~t to r~e attu accelen~tio~ ~ ttie ri~t b areit d t6e [areclosae ~e~ooeedt~ ~ tlk eoo~ezietesee at a deta~lt or asy a~ttier iefare ot eorrower to aca~ele~atio~ iwi toreclowra It tre bnscr is ~ot c~e+ci o~ or betore tre da~e speci~ 6 tre wotke, Le~der st Lea~ier's o~tioe ~ deeh~e a1 of tre w~¦s seeuca M~? t~ Mo~e fo be iwo~tdy dee aed pyaNe wk~oot tstier desaw~ a~d wy to~eclose d~ Mo~e iy ~icW le~oee~4 I.e~ier sbal be edf8e~ to coYeet ie sser ~noose~ a/ es~eara ot tora~lowre, i~do~, 6at ~ot W¦itd ~~~7'~ E~. a~ coMs ot docrse~tary e~ide~ce, abMracU a~i title eeporl~. ~ 19. Dorrowa's Ri~t to Rd~tata Notwithstanding Lende~s acaleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have aay proceodings begun by Lenda to enforce this Mortgage discontinusd at any time FORY-316 (3 0/ q ~J~~ ~ . ~ ' -5... ~ _ _ ~ - -