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HomeMy WebLinkAbout0687 t.cmtcr's ~~•~iucn agrc~mcnt o~ appli~;:blc law, H~~rrw~~cr shsll ~ay thc amuunt of al) mortgagc insurancc premiums in ~hc mannr~ pruvidcJ unJcr par:~graph 2 hcrcof. Any :i1110untS t1i~hUfSCI~ by I.C(1cICf rUf~U~nl tu Ihis par:~graph 7, with intcrest thcrcon, shall bccomc additional indcbtcdn~~s of Qorrow•cr s~~:urcd hy this ~lortgabr. Unlc:i 13orroH~cr .~nd LcnJc~ abrca to othcr tcrms uf p:+ymcot, cuch antountc shalt hc payablc u{xm naticc from (.cndc~ t~~ lic~rru~~•~r rcqucc~i~~g paymcnt thcreof, and shaU hcar intcrest [rom thc datc of dicbi~rscmcnt at thc ratc pa~•ablr from Iimc to tim~ on autxtanding pri~cipal i~nder thc Notc unlcss payment of intcr~st at such rate ~voula be comrar~~ lo applicable I:~w, in ~~hich event such amounts shall bear interest at the highest rate pc~missiblc under applirable law, i~othing cont~incJ in ~his p;~~agraph 7 shall requirc I_cnde~ to incur any expense o~ lake :?ny action hcreu~der. _ _ 8. inspection, i.endrr n~ay make or c:~use to be madc reaeonable ~ntriec upon and inspections of the Pmpc~ry, pro~ ided that l.cnJcr shall givc Borrowcr noticc prior to a~y such incpcction Spccifying rcasonablc causc ihcrcfor rclatcd to I.endcr's interest in thc Pmpcrty. 9. CondemnAlton. The pn,ceedc of ;~ny au•ard or elaim for dama~ec, direct or consequential, in con~~ection with any condcntnation or olhcr taking of thz Pmpt:rty, or part thercof, ar for ron~•cyancc in licu of condcmnatio~, are hcrcby aseigncd an.l shall bc paid to i.endcr. In ~he event of a total lakine of the Prop~:rly, the proceeds chall be applied to the ~ums secu~ed by this Mortgage. w•ith the c~cess, if any, paid to 8orro~~•c~. In the c~•ent of a parlia) taking of the Ar~perly. unlecs Borrower and Lender otheru~iu: agrec in writin~. therc shall be applied t~~ ~he sums secured by ihis M~rtgage such proportio~~ of the proceeds~ as is equal to that proportion ~chich thc amount af the sumc secured hy this \lortgage immediately prior to the date of taking bcars to thc fair markrt valuc of thc Propcrly imm~diately pri~r to thc Jate of taking, ~vith thc balancc of the procceds paid to Borro~+•er. . If ihe Property is abandoned b~• Borro~•er, or if. after natice by i_c~dcr to Borrower that thc condcmnor of~ers to make an awa~d or utUe a daim f~~r dama~es. Borrower fails to recFx~nd to I.ender ~vithin 30 da~~s a(ter the date such notice is mailed, I_ender is authorizcd to coll~ct and apply thr proceeds, at i.ender's option, cither to restoration ar repair of the Propcny or to Ihc sums sccured b}• this '~forigagc. Unlesc Lender and Borro~~~er otherw~i~e agree in ~~~ritinc. any such application of proceeds to principal shall not extend or poslpone the due date of thc monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of such installmcnts. 10. Borrowtr Not Relessed. Extension of the time for payment or modification af amo~tization of the sums secured by ;his 1lfortgage granted by i_ender to an~~ successor in in~ere~t of Borrower shall not operate to mlease. in any manner. the liability of the original Borro~ser and BorroWer's successors io interest. i_ender shall not be required to commence proceedings ~gainst such suecessor or refuse to e~tend time for payment or olherw•ise modify amortization of the sums secured by this Mortgage by reason of any demand madr b}• the or:¢inal Borrower and Borro~ser s successors in interest. l l. Forbearance by Lender 1~ot ~ R'ai~•er. Any forttiarance by I_e~der in exercising any right or remedy hereunder, or otherwise afTorded by applicable law, shall not be a waiver of or precludZ the exercise of any s~~ch right or remedy. The procurement of insurance or the pa~ment of taxes or other tieos or charges by I_ender shall Roi be a waiver of Lender s right to accele~ate the maturity of the indebtedne.cs secared hy ihis Mortgage. 12. Remedies Cumulative. All remedies p~ovidcd in this Mortgagc are distinct and eumulative to any other right or remedy i~nder this Mortgage or atforded b~~ la~v or equity, and may be exercised concurrently, independenti~ or successively. 13. Successors and Assigns Bound: Joint and Se~rrrl i.iabitity; Captions. The covenants and agrcements herein containeJ shall bind. and the rights hereunder shall inure to. the respecti~~e succeswrs and assigns of Ccnde~ and BorroKCr. subject to the provisions of paragraph 17 hereof. All co~enants and aercemcnts of BorroHCr shall be joint and several. "ihe captions and headings of the paragraphs of this :~Tortgagc are for convenicncc only and are not to be uscd to interprct oc define the provi~ions hereof. - 14. \'otice. Exeept for any notice required undcr applicable law to be given in anoiher manner, (a) any notice to Borrower provided for in thic Morteage shall he biven b}• mailing tuch notice by certified mai) addressed to Borrower at the Property Address or at such other address as Borro~~•er may designate by notice to I.ender as provided herein, and (b) an~• notice to Lender shall be gi.-en by certified mail. rett~rn receipt requested, to I.ender s address s~ated herein or to s:ich other address as Lender ma~~ designate by notice to B~rrau•er as provided herein. Any notice provided for in this rtortgagc shall be deemed to ha~•e bceo givcn ta Borrow•cr or Lcndcr «hen given in the manner designated hereio. IS. Uniforne 1ltort~;age; Goaernin~ LaN; Se~•erabilit~. This form of mortgage combines uniform covenants for national use and non-uniform covenants ~rith (imited variations b~• jurisdiction to constitute a uniform security instrument covering rea) property. This Mortgage shall be go~•crned bti• the la~s of the jurisdictiun in ~vhich the Property is located. In the e~ent ~hat ~ny provisio~ or clause of this Alortgage ~~r the \ote conflicts ~~•ith applicable law. such conflict shall not affect other pro.•isiuns of this Atongage or the Note w•hich can be given e(~ert without the conflicting provision, and to this end the provisions of ~he :~fortgage and the ti'ote arc decl~red to be severable. 16. BorroK•er's Copy. Borro~+•er shal! be furnished a conformed copy of the Note and of this Atortgage at the time of execution or a[ter recordation hereof. 17. Transfer of the Property; Assumption. If all or an}• part of the Pro{xrty or an intercst therein is sofd or transfcrrcd by Borrow•er w•ithout Lender's prior w•ritten consent, e~cluding (a) the crcation of a lien or encumbrance subordinate to this Mortgage. (b) the creatioo of a purchase money security interest for household appliances, (c) a transfer by de~ise. ~rs,."en*, ~r !~y •_+~ratinn nf la~v u~n the death of a ioint tenant or (d) the grant of any leasehold interest of three }ears or iess not containing an option to purchase. Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shaii have ~vai~ed such option to acce~erate if, prior to the sale or transfer. I_ender ~ ~ and the person to whom the Propertv is to be sold or transferred reacfi agreement in v?riting that the credit of such person ~ is satisfactorv to Lendcr and that the intcrest payable on the siims sccured by this Mortgagc shall be at such rate as Lender - f shaU request. If I_ender has waived the option to accelera.r provided in this paragrapF? 17, and if Borrower's successor in ~ intcrest has executed a written assumption agreement accepted in writing by Lender. LeRder shall release Borrower from all R obligations under this MoRgage and ihe Note. ~ € If Lender exercises such option to accekrate. [.endcr shall mail Borrow•er notice of acceleration in accordance H~ith E paragraph 14 hereof. Such notice ~hall provide a period of not less than 30 days from the date the notice is mailed w~ithin ; which Borrow•er ma}• pay the sums declared due. (f Borco~~er f:~ils to pay sirch sums prior ~o the expiration ot such peri.x~. ~ LenJer may, w•ithoot further notice or drmand on Borruw~er. invokc any remedics permittcd by paragraph 18 hereoF. Norr-U~~FOR~t CoveN~rrTS. Borrower and [_ender further covenant anJ agree as follows: 18. Acceleration; Remedies. Except as pro~•ided in para~raph l7 he~eof~ upoo Borro~et's breach of any co~~enant or a~reement of Borrorser in this Aiortgage, incluJing Ifie co.enants to pay Khen due anp sums secured by Ihis titortgage~ Lender prior to acceleralion shall mail nolice to Borrow~er as pro.•ided in paraRraph 14 hereof specifying: (1) the breach; (2) the action required to cure snch breach; (3) a date. not less Ihan 30 da}•s from the date the notice is maited to Borrower, by w•hich such brtach must be cured; and (4) i6at faiture to cure such breach on or before Ihe date specified in the aotice may result in accek~ation of the sums secured by- ~his ~1orl~age. foreclnsure by judicial preceeding and sale of the Property. The notice shall fu~lher inform Borrovser of the riRht to ~einstale afler acceleration and the right fo assert in the toreclosure proceedin~ ! the non-exi~tence of a de[ault or any~ other defen~e of Rurrower to acceleration and foreclosure. If the 6reach is not cured ~n or before the date specified in the notice, (.ender at i.cnder's optian may declare all of the sums secored by this 1lfori~a~e fo be immediately due ~nd pa~ablt w•ilhout furiher dem•rnd and ma}~ forecluse ~his ~ltort~age by judicial proceeding. Lende~ shall be entilled to collect in such proceeding all eapensec ot foreclosure. including. but nol limiled fo, reasonable attorne~'s fees, and cosls oi documentary evidence, abstracLc and lille reports. 19. Burrower's Right to Reinsfate. Not~+~ithstandin~ [.ender c zcccleration of ihe sums secuted by this :4lortgage. Borrower shall have ihe right to have :~n}~ proceedin~s hrg~m bv i_enucr to enforce this l~tortgage discontinued at any time . ~`~~r~~~ ~',1C!