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HomeMy WebLinkAbout0189 . , %~~:D.K',:: . . r ~ s-. . : - ~ . ~ ~ Lender's written agrament or applicable law. Bo~roN~er shall pay tha smoun~ o[ all moNg~ge insurance premiums in the ._manne~ provided unde~ paragnph 2 hertot. Any amounts disbuned by I.endc~ pur~uant to ~his parag~aph 7. with intetest thtrcon. shall becom~ additianal inJebtedness o[ Borrower securcd by this Mongaga. Unless Bo~rower and Lender agree to othe~ terms of pa~ment, such amounts shsil be payabk upan nc~ticc f~om Leoder to ~o~oowe~ rcquesting paymen~ thereof, and shall bea~ ioterost from the date of disburaement at the rate payabk trom timc to lime on out:tanding principal u~de~ thc Note unkss psyment ot ieterest at :uch rate would bo contrary to applicable law, in which eve~t such amounts shall bear i~terost at .the highest rate permisaibk u~der applicabk lsw. Nothing contained i~ this paragraph 7 shail tequire Lender to incu~ any expense or take any action hereunde~. & ia:pecHoo. i.ender may make or cause to be made rcaso~abk eot~~es upon and inspections of the Propehy. provided that i.e~der shall give Bonower notice prior to any ukh inspection speci(ying reasonable cause therefor related to Lender's ~ interest in the PrapeNy. ~ ` 9. Condemaatba. The p~aceeds of any awatd or claim tor damages, direet o~ consequential. in connection_ with any corldemnation or other taking of the Property. or pan thercof. or for conveyance in lieu of c~ndemnation, are hereby assigned ~ and shall be paid to Lendet. ~ . In the event of a total taking of the Propehy. the proceeds shall be applied_ to the sums securcd by this Mortgage, __v?ith thc excess. if a~y, paid to BorroMer. In 1he event of a partial taling o[ the PropeNy. unless Bonowe~ and Lender otherwice agree in writing. iherc shalt-be applied to the sums ucured by this Mortgage such proportion of the proceeds as is equal to that proportion which thc amount of the sums socured-by this Mongage immediately p~ior to the datc of tak~ng bears to the fai~ market value of the Pmperty immediately prior to ihe date of taking, with the balance of the proceeds paid to Borrov~~er. ~ tf the Property is abandoned by Borrowcr, or if. after natice by Lender to Borrower that the condemnor ofiers to make a~ award o~ uttk a claim for damages. Borrower tails to rapond to Le~der within 30 days after the date such notice'is maikd, Lendec is authoriud to colkct and apply the proceeds, at i.ender's option, either to ratontion or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agtee in ~~riting, any such application of proceeds to principal shall not extend o~ postpoae thc due datt of the taonthly installments referrcd to In paragrsphs 1 and 2 hereof or change the amount of such instsllments. ~ ID.' ~rowre~ Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage gTanted by Lender to any successor in interest of Bonpwer shall not operate to reksse. in any manner~ the liability of the original Borrower aed BorroWers succeuors in iotercst. Lender shall not be requind to commencx proceedings sgainst such suocessor or nfuse to extend time tor payment o~ othenwise modity amortization of the sums seeured by this Mortgage by reason of any demand made by the or'ginal Borrowe~ and Borrower's succasors in imerest. 11. Forbearaaee by i,cnder Not a Wdrer. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise affordod by applicable law. shall not be a waiver of or Rroclnde the exercise of any such right or remedy. '1'he"procursment of i~uuranoe or thc payment of taxes or other liens or charges by Lender shall not be a waiver_of Lender's right to acceknte the maturity of the indebtedness secur~ed hy this Mortgage. ~ _ l2. Remedies ~nnalatira All remedies pro~ided in this Aiortgage are d'utinct and cumulative to any othe~ right or - remedy under this Mortgage o~ afiorded by law or equity, and may 6e ezercised concurrently, independently or succasively. 13. Socce~ors and Ascigns Bound; Joint ~od Se~•en~ i.iabiiity; C~pttons. The covenants and ~grcements hercin contained shall bind. and ihe rights hereunder shall inurc to, the respective successors and assigns of Lender and BorFOwer. subject to ihe provisions of paragraph 17 herec~f. All covenants and agreements of Borrower shall be joint and several. The captions a~d headings of the paragrapfis of this Mortgage are for rnnveoience only and are not to be used to interpret oc defne the provisans hereof. • 14. .Nolka Except for any notice requircd under appticabk law to 6e given in another manner. (a) any noiice to Borrower provided for in this Mortgage shall be given b3 mailing such notica by certifled mail addresscd to Borrow•e~ at the Property Addras or at such dher addrcss as Borrov?er may daignate by notice to Lender as provided herein. and (b) any notice to Ltnder shall be given by cenified mail, return receipt rcq~xst~d. to i.ender's addrcss 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 damed to have been given to Borrov?er or Lender when given in ihe manner designated herein. IS. UwHorm Mort~a~e; Governin~ Law; Severability. This form of mortgage combines uniform crnenants for national ; ~ue and non-uniform rnvenants a~ith limited variations by jarisdiction to comtitute a uniform security instrument covering r+eal property. This Mortgage shall be governed by the 1aw of the jurisdiction in whech the Property is located. ln the ~ event that any provision or clause of this Mortgage o~ the Note conflicts with applicable law. such con8ict shatl not aRect otber provisions of this Mortgage or the Note v?~hich cao be given effect without the conflicting provision. and to this f end the provisions of the Morigage and the Note are declared to be severable. 16. Bo~rower's Copr. Borrower shall be furniched a conformed copy of the Note and of ihis Mortgage at the time _ of txecution or after recordation hereof. 17. 'l~aaster of tbe Propedy; Assumptiop. If all or any part of the Pmperty or an inttrcst therein is sold or transferced by Borrower without Leoder's prior written consent. excluding (al the c~eation of a lien or encumbrance subordinate to this Mortgage, (b) the ereation of a purchase money ~ecurity intercst for household appliances. (c) a transfer by devise, dacent or by operation of law upon the death of a jant tenant or (d) the grant of any leaxhold intercst of three yean or less not containing an option to pnr~chase, L-ender may, at Le~der s option, declarc all the wms secur~d by this Mortgage to be immediately due at~d payable. Le~der sha11 have waived such option to accekrate if, prior to the cale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at soch rate as Lender ahall request. if Lender has waived the option to actelerate provided in this paragraph 17. and if Bonower's successor in interest has executed a written assumption agrcement accepted in writing bx Lender. Lender shal) release Borrower frorp all obligations under this Mortgage and the Note. If I.eader exacises wch option to acceterate. Lender shall mail Borrower notice of acceleration in accordance ~~•ith paragraph 14 hereof. Such notice shall provide a period of nM less than 30 daps from the date the notice is mailed within w~hich Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on t3orrower, invoke any remedies permitted by paragraph 18 hereof. .°iVorr-UxtFOrtut CovEW~rrrs. Borrower and~Lender further covenant and agrce as follows: 18. Acceleratan; Remedia. Except as pro~ided in pangraph 17 hereof, upoa Borrowe~'s breacb of aay co~enant or agreement of Bon~ower fn thts Morigage, inclnding the covensints to pay whe~ due aay snms secnred by this Mortgage, Lender prioc to accekration sbaU ~nail notice to Borrovrer as provided io psngnph 14 hereof speciiyiug: (1) tlie b~each; (2) the action required to edrc suc~ breseb; (3) ~ date, not less tban 30 days (rom the date the aotice is mailed to Borrower, fry v~hich such breach must be cund; and (4) that fatlnre to cure wch breach on or before the date speeified ia the notice nesy mult in _ accekratjon of. the suRts secured by ihls Mortgage, fomlowre by 14djcial proctedin~ and sak of the PropertX The notice stiall furt6er ~aform Bortovrer of the right- to reinstate after accckration aod the right to ~tsett ia ihe forecbsure proceeding the non-e:iqence of a deEault or aap other defense of Bosower to accek?atioa snd forecbsurc. if the breach is not cured on ~ or 6efore the date speciRcd in tbe nofice. Lender at Lender s option may declare all o( the snau securcd by this MortgaRe to be immediately due and payable rsithout furiher demand and may foreclose this Morigage by judicial proceeding Lender shall - # be eatitkd to collect In aach proceeding all expenses of foreclosure, incfudiag, but not limited to, reasoaiAile ~tforney's f~es. ~ and costs oi docuaieatuy e~ldence, abslracls and tilk reports. . ~ l9. Borrower's Right fo Reinslxte. Notwithstanding Lender ~ acceleration of the sums secured ~j1! ihis 1liortgage. ; Bonower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontiAued at any time . 60oR1~ ~6~ FACE ~ . .