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HomeMy WebLinkAbout0974 - - ~ L.ender's w~ttea a=rauaent or kabk law. Borrowe~ shatl ' t ~PP~ paY the amouat of all mo ~ Premitt~` ~ the maaner provided ut~der pua~rapb 2 hereof. . Any amounb disburs~d by Lende~ punuaat to this pungraph 7, with iatet+est theieoe. shall become sdditional indebteanas of Borrotiver secured by this Mortgage. Unless Borrower and Leedet aaree to othe~ temns of payanea~ such amounts ahall be payabk upon notice trom Lender to 9orrowe~ requesting payment thereof, and sh~ll bear interest froaa the date of disburaemeot at the tate payabk from time to time on outstandin~ principal u~der the Note untess psytneat of interest at such tst~ would be contrary to applicabk law, in which event such amounh shall be:r intercst at tha hiahest nte pertnitst~k ~r applicabk law. Nothing contained in this puagraph 7 shall require Lende~ to incur aay expetae or take any actioo hereuader. S. I~apectbe. Lender may make ur cause to be made reasonable entries upon and inspections of the Property, providod that Lende~ shall give Borrower notica prior to any such inspoction specifying nxsonabb cause therefor nlated to Lender's intercst in the Property. 9. ~aie~aWio~. The pmceeds of any award or claim for damaga. direct w consequential. in connxtion with any condemnation or other taking of the Property. or pa~t thercof. or for conveyance in tiw of condemnation. are heneby assi~ned and ahall be paid to Lender. ~ - In the evsnt of a total taking of the Froperty, the proceeds shall be applied to the sums xcurcd by ihis Mortgage. with the excess. if aay. paid to Borrower. in the evcnt of a partial taking of the Property. u~kss Bornower and Lender otherwise sgree ln wrriting, there ahall be applied to the sums secured by this Mortgage such proportion of the proceeds as is cqual to that proportion which the amount of the sums securcd 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 Borrovrer. _ If the Property is abandoned by Bonower, or if, after notice by L.ender to Borrower that the eondemnor offers to malte an award or settk a claim for damaga. Bonower fails to respond to Lender within 30 days after the date sueh notice is maikd, Lender is authoriud to colloct and apply the procecds, at Lender's option. either to restontion or repair of !he Propeny or to the sums secured by this Mortgage. ~ Unless ~ender and Borrower otherwise zgree in writing, any such aPplication of proceeds to prineipal shall not estrnd or postpone !he due date of the monthly installments referred to in paragraphs 1 and 2 he~+eof or change the amount of such installmeats. 10. Dor»wer Not Reka~td. Extension of the time for payment or moditkation of amonization of the sums sxared by this Moitgage granted by Lender to any successor in interest of Borrower shap not operate to nksae. in any manner, the liability of the original Borrower and Borrower's successors in interat. Lender shall not be required to commenoe _ proceedings against such suoce.xuor 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 ~orrower and Borcower's succcssors in interest. 11. For6earaece by Lender Not a W~rer. Any fotbcarance by Lender ie exercising any right or remedy hec+eunder, or otherwise atforded by applicable law. shall not be a waiver of or preclode the eaercise of any such right or remody. The procurement of imurance or the payment of taaes or other liens or charges by Lender shal) not be a waiver of Lender's right to accelerate the maturity of the indcbtedness secured 6y this Mortgage. • ~ l2. Raoedies Comul~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or reniedy under this Mortgage or afforded by law or equity, and may be ex~rcised concurrently. indep~ndently or successively. 13. S~ece~ors aed Assi~os Donud; 7oint aad Se~erd i.iabiUty; Csptlona. The covenaots and agreements herein co~tained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender ar~d Bornower. subjoct to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. 7t~e eaptions and headings of the paragraphs of this Mortgage are for convenience onty and ar+e not to be used to interpret or define the provisio~ hereof. 14. lYofice. Except for any notice rcquired under applicable law to be given in another manner. (a) any notice to Borrowtr provitkd for in this Mortgage shal! be given by mailing such notice by certitied mail addressed to Borrower at the Property Address or at such other address as Bornower may designate by notice to Lender as provided heroin, and (b) any notitt to Lender shall be given by certified mail, retum roceipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided henein. Any notice pr+ovided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hercin. 15. Uniform Mort~e; Go~eroia~ I.aw; Sererability. This form of mortgage combines uniform covenants for national usc and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 conflicts with applicabk law, such conflict shall not alfect other provisions of this Mongage or the Note which can be given effect without the conflicting prornision, and to this end the provisions of the Mortgage and the Note are declared to be severabie. 16. Eomuae~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or afttr recordation hereof. 17. Transfer af t6e Property; A~umptioa. If all or any part of ihe Property or an interest therein is sold or transferrcd by Borrower without I.ender's prior~ written consent, excluding (al the creation of a lien or encumbrance subordinate to this MoRgage, (b) the creation of a purchasc mortey security interes! for household appliances, (c) a transfer by deviae. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of thrce years or less not containing an option to purchase. Lender may. at Lender's option, declare all the sums securcd by this Mortgage to be immediately due and payable._ Lender shall have waived such option to accelerate if. prior to the sale or transfer, Lender artd the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such pe~son is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall rtquest. 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 Lender. I.ender shal) rolease Borrower from a11 oWigations under this Mottgage and the Note. 1f Lender exercises such option to accekrate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice sha{I provide a period of not less than 30 days from the date the notice is mailed within w6ich Borrower may pay the sums dalared due. If Borrower fails to pay u~ch sums prior to the expiration of such period, Lender may, without further notice or demand on-Borrower, invoke any remedies permitted by paragraph 18 hereof. NoH-UNtFORt?t CovExerrrs. Bonower and Lender fu~ther covenant and agree as follows: la. Accekntion; Remedia. Ezcept as provWed io para~rapb 17 henwf, epoo sorrower's brrscb of ssy co~ewt or aqr,rcemcat ot Eorruwer ~ tbb Mortsabe, lnclndiu` tbe co~taaats to pay whee due aay mms secared by tWs Mortzqe, I.esder prior to sccderatiod s~aD mW notke to Eorrower as provided ia paraEraph 14 bereoE specityia~: (1) t6e bresci; (2) t~e aetb~ rcquired to core socl~ breac6; (3) s dste, oot le~s than 30 daya Erom t6e dMe We nMice b ma&d to eorr~uwa, by wiki weti bresch omt 6e cored; aod (4) t6at tdiare to cnre soch bresch on or before t6e date speci~ed fe tbe nMke -ar t+ewlt h sccderatbe o[ t6e so~s ucwed by tbis Mortj~e, foreclosore by jndkial proceedi~ a~d saie of tbe Peopertr. 'Itie aotlce shaU tnrther IeEorm ~orrower ot the riebt to reiostate after sccekntlou and t6e ri~Yt b a~ert is t~e toreciowrs Noeeedt~ tbe ~oe-esWence d s detadt or aar otber defee~se of Sorrower to sccekr~tion and forecbw~+e. It Me be+eaci 4 oot c~ed o~ or betore We dak speclsed b tre sotlce, Leoder sl Leede~s opHo~ may declar~e a9 of tbe sant sec~rtd b~r tLi~ Mort;a~e iu be imntmediatdy doe s~sd p~ysbk witYost ttuther de~d aod may toreclote t64 Mortia~e bp j~kW l~oc~~i¦[. Le~der s~ be e~titled to callect iA wcr ~roceedie~ a~ espea~s of foreclosore, inclodia~, brt oot lia~itd to, rwn~abit attorsa~'s iees, aod rnsb of doc~ewtary erideoce, abstraeb aod ti~le rcporb. 19. Eorrnwer's R~t to ReLdata NMwitlutanding Lender's acaleration of the sums secured by this Mort~a~e, Borrawer :hall have the right to have any procoedings begun by Lender to enforce thia Mortgag~e discontinued at ~ny time ~ ~~4~'~ 974 ~ .~.2. ~ - ~ -