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HomeMy WebLinkAbout0852 }f l . ~ ~ , t Le~der's writte~ agc+aeaaeot or applicabk law. Borrowrr shall pay the amount of afl mortga~e inaurance prcmiums ia 1he maaner provided under puag~aph 2 hereof. • Any amouoq disbursed by l~nde~ pursuant to th~ puagnph 7, with interest theroon, shali become additio~ai ~ inckl+~edneu of Bormwer securrd by this Mortg~e. Unless Borrov?~r and Lenckr agroe to othe~ temu of paytaea~ ~cb ( amau~ts shall be payabk upon ratice f~om ~ender to $o~rowe~ roquesting payment theroof. and shall bear interat from the r date of disbursement st the ate paysbk from time to time on au:tanding principal under the Note unku payiment oi # interqi at weh rste wculd be contrary to applicabk law, in which event such amounts sha11 bea~ interat at the high~st rste j permiaibk under spplica~le law. Nothing contai~ed in this paragraph 7 shall require Leoder to incur any expense or t~ke ~ a~y action hereunder. - a. ia~peetiow. I.e~der may make or cause to be made rcasonable ent~ies upon and inspections of the Property. provided t that Leoder shall give Borrower notice p~ior to any such inspectiuo specifyina reason~bk cau~e therefar ~elated to Lender's # i~terest io the Property. 9. Cordewaadon. The proceeds of any award or claim for dunages, direct or rnnseqoential, in connectioa ~with any condemn:tion or other taki~g of the Property, or put thercof, or for conveyanct in lieu ot candemnation. are hercby usjgned and shall be paid to Lender. - in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortiage. with the excesa, if any, paid to Borrower. In the event of a partia) taking ot the Property. unless Borrower and La~der ~ othenvise aarce in writing, thete shaN be applied to the sums securcd by this Mortgage such proportion oi tht prooeeds as is equal to that proportion which tlx amount of the sums secured by this Mortgage immediately prior to the date of . takiag bears to the faii market value of the Property immediately prior to the date of taking, with the balance of the pt~occeds ` paid to Bon+ower. - . if the Property is abandontd by Borrower, or if, 3[tEs notice by Lender to Borrowec that the condemnor o![ers to mslte an award or xttle a claim for damages, Bomower fails to respond to I_ender vrithin 30 days after the date such ~wtiee b mailed. Lende~ i~ authorized to colkct and apply the proceeds. at Lender's option. either to restontion or repair of tLe Propeny or to the sums secured by lhis Mortgage. Unlas Lender and Borrowec otherwise agree in writing, any such application of proceeds to principal shall not extend or pcutpone the duo date of the rnonthly installments referred to in paragraphs 1 and 2 hereof or change the amount ot such installments. ~ 18. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums aecured by this Martgage granted by Lender to any succcssor in interost of Borrowe~-shall net operate to rekase, in any manner. , the liability of the original Borrower a~d $arrower's s~kcessors io interest. i_ender shall not be required, to commeaoe proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sumt secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succcssors in -interest. 11. _~orbearance try Lender Not a Wd~er. Any fort~earance by Lender in exercising any right or rcmedy heceupder. or otherw~ise aiforded by applicable law, shall not be a waiver of or proclude the exercise of any such right or rcmedy. The proct~rcment of insurance or the payment of taxes or other iitns or charges by Lender shal) not be a waiver of Leader's right to ~ccelerate !h~ maturity of the indebtedness secured h~ this Mortgage. l2. Ren~edies Comubet~e. All remedies provi~ied in this Moitgage are distinct and cumulative to any other right or ~ rcmedy under this Mortgage or afforded by law ar equity. and ma~• be exercised concurrently, independendy or successively: l3. Soccessors and Assigas douad: loinl and Se~eral i.iability; Captbns. Thc covenants and agrcements herein contained shall bind, and the rights hereunder shaU inurc to, the respective successors and assigns of Lende~ and Botrower. subjoct to the provisions of paragraph 17 hereof• All covenants and agreements of Borrower shal) be joint and sevenl. 'il~e captions and headings of the- paragraphs of this Mortgage are for convenience only and arie not to be t~sed to interpret or define the provisions hereof. 14. Natice. Eacept for a~y notice required under applicable law to be giveo in another manner. (a) any notice to 3 Borrower provided for in this Mortgage shall bc given by mailing such notice by certified mail addressed to Borrower at ~ the Property Address or at such 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 Lenders address atated hercin or to such other address as Lender may designate by notice to Borrower as provided herein. Any notioe provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whcn given in the manner designsted herein. ' 1S. Uaiform Mort~a~e; Go~erni~ Iaw; Severabitity. This form of mortgsge combina•uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uneform security instrument ooverina r~eai property. This Mortgage shall be governed ~`iy the law of che juriscliction in which the PrQperty is located. In t6e ; cvent that any provision or clause of this Mortgage or the Note conflicts vvith applicabk law,.such conflict shal) not affect ~ other provisions of this Mortgage or the Note which ca~ be given effect without the conflicting pmvision, and to this { end the provisions of t?~e Mortgage and the Note are cieclared to be stcerable. ~ 16. Dorrower's Copy. Borrow•er shalt be furnished a conformed cop} of the Note and of this Mortgage at the time of executioa or after recordation htreof. ~ l7. TransEer of t6e Property; Assumption. If all or any part of the Property or an interest thercin is sold or transferred by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to £ this Mortgage. (b~the creation of a purchase monep cecurity interest for household appliances, (c) a transfer by devise, _ descent or by operation of law upon the death of a joim tenant or (d) the grant of any leasehold interest of thrce yeats or ltss _ ~ not containing an optia: to purchase. Lender may, at Lender'c optio~~, 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, L-ender _ ± and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person E is satisfactory to i.ender and that the interest payable an 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 succexsor in ~ interest has executed a written auumption agreement accepted in writing by I.ender, Lender shall release Borrower from all ; obligations under this Mortgage and the Note. ' ~ Tf Lender exercises such option to accelerate. Lender shall mail Borrower notice of.acceleration in accordance with - ~ paragraph l4 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. lf Borrower fails to pay such sums prior to the expiration of such period. ~ Lender may, without furtt~er notice or demand on~Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ i ~ NoN-[:~iFOru?t Cov~xerrrs. Borrow~r and Lender further covenant and agree as followa: ~ ~ 18. Accderatios; Remedia. E:cept as pro~ided in paragraph 17 bereof, ~on ~orr~ower's 6reac~ ~ a.p co~eas~t or ~ agreeme~t of Eorrower fo t~k Morlga~e. inclndia` tbe coresants to pa~ w6eA d~e sey sams aecored by ti~ Morl~a~e, I.eaier ~ p~ior ~o accek~sW.?s sba~ matl uotice b Borrower as pro~ided ie para~raph 14 Lersof apecNyio~: (1) t~e breacb3 t~e s~~tba ~ ~ reqaired Eo core sa~ 6resc6; (3) ~ datr, not less t6an 30 days from tbe date ttie ootke ~ maikd to dorro~ver, by w6kb mcti ~ breacti mmt be cored; aod that Eailare to cere sac6 brracb oa or before t6e date apai6ed i~ t6e aotke wy ee~lt Y ~ accderaf~on ot tie ~ms sec~red by thia Mort~~e, to~eclosure by jadkW proc~edio` aed sde of the Yruperty. Tbe notk~ aball tortber ioform Dorrnwer of t6e ri66t to rel~state ah~ sccekration ~ad ti~e ri<bt b awert in We for~cloearre p~eeed6~ t~e ao~-es~tence af a defauk or ~y other defe~e of Borrower b accekrdioa aud fo~re. ff~e bresch k sot cised on or berore t~e aa~e spect6ea io tbe sotke, i.s.der n I.eader': o~ioa ~ay a~ctare aR at ebe sems,ec.cea ar ad. Morl~a~e b 6e immedWdy doe asd p~yabie witboo! tart6er dee~ aei a~ar forec!ose tbi~ Moreia~e bj' j~icial proeee~• i.esaer dar be eo~ded to coNeet i~ ~i alf ezpe~ces of ior~cbs~re, ioelndios, brt ~ot ~ to, rea~o~ble attorte~'s t~a. ~ a~d casb et doc~e~estaqr evide~ce, abdtscb ~d title repoeb. 19. sorro~er's Ri~t to Reimtata Notwithstanding Lender s acceieration of the sums socurcd by thia Mortgage. ~ Borrowet shall have the right to have any procoedings begun by Lender to enEorce this Mortgage discontinued at any time ~ ~ r~• ~ ir i V •„~7L V V~ . ~ ~ t ^.~%t-«~.'~ ~ . v~_ = . . . . . ....>r~--.. . . ~~~'~,"~~~".-`,~~-'~~t.:x~.,, .