Loading...
HomeMy WebLinkAbout0853 r ~ . . ! ~ I.eodcr'a written agrccment or applicable law. Burrov?~er shaU pay thc amount of al) mort~agc insu~ancc premiums in thc ~ r manner p~ovided under paraR~aph 2 hercot. ' Any umounls dicbutsrd by I.enJcr purcu.nt to this paragraph 7. v?•ith intrre~t theroon, sl~aU becomc additional ~ inJebtedncss of Borrower ucund l+y Ihis I?1ort~agc. Unless Borrowe~ and I.enJe~ a~rre to othc~ terms of payment. such ama~nts shall bc psyabk upoo notice from I.e~der to Bc~rrowcr requeslinK payment thereof. and sh:dl lxar intercst from tha ~ date of disbursement at thc ~ate {wyable lnwn timc to time on outstanding principal unc~er thc I~'otc unless payment of ioterest At such ~ate would be conirary to applicable law. in which event sucfi amounts shall bear inte~t at the hishest rate ~ pe~missible uoder applicable law. Aothing contained in this pa~ag~aph 7 shall ~equire Lender to incur any expense ot take any action hercunder. 8. Inspection. Lende~ may ~ake or cause to be made reasonahle entries upon and inspections of the Propetiy. pro~ ided that Lender shall give Borrower notice prior to any such inspection specitying reasonabte cause iherctor related to Lende~'s interest in the Property. ~ 9. Condemnalioo. The proceeds of aoy award or claim for damages; direct o~ consequential, in connection v?ith any condemnatioo or other taking oF the Property. o~ pa~t thercof, or for ennveyance in lieu of condemnation, are hertby assigned and shall be paid to i.ender. I~ the event of a total taking of the Propeny. 1he procceds chall be applied to the sums sec~ired b~ this MortgaFe. with the ezcess, if any, paid M Bor~ow~rr. In thc c~c~t af a pa~tial taking of thc Prope~ty, unless Borrovrer and I.endcr otherwicc ag~ee in writing. there shall bc applied to thc sums secured by Ihis Mongage such pmportion of the proceeds as is rqual to that proportion vvhich ihc amaunt of the sums secured by this Mortgage immediately prio~ to the date of taking bears to !hc fair market value of ihe Propcrty immediately prior to ihe date of takinb, with the balance ot the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that ihe condcmnor offe~s to make an award or settle a claim for damages, Bor~ower fails to rapond to Lender within 30 days after the date such notice is mailed, Lender is authoriud to collect and apply the proceeds, at T_ende~'s option. either to restoration or npair of the Prope~ty or to the sums secured by this Mort~tage. Unless Lender and Borrov?er othen~?ise agree in ~riting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments refemed to in paragraphs 1 and 2 hereof or change the amc+unt of such installments. 10. Borro~ Not Rdcnsed. Extension of the time for payment or modilication of amo~tization of the sums secured by this Mortgage gnnted by Lender to any successor in interest of Borrower shall not operate to releue, in any mann~r, the liability of the originil Borrower and Bc?rrower s successors in interest. Lender shall not be reqvired to commence proceedings agaieut such successor or ~efuse to eztend time for payment or otherwise modify amortization of the sums secured by this Mo~igage by nason of any dema~d made by the or:ginal Bomower and Borcower's succcssors in interest. 11. For6eannce by Lcnder Not a Wai~er. A~y forbearance by Lender in exercising any right or remedy hereunde~, or otherwist aBorded by applicable law, shall not be a waiver of or praluck the exercise of any such right or remedy. The procurement of insurance or the paymeot of taxes or other liens or charges bjr Lender shall ~ot be a waivc~ of Lender's right to accekrate. the maturity~ of the indebtedness cecured hy this Moctgage. l2. Remedies Camulative. All nmedies provided in this Mortgage are distinct and cumulative to any other right rr rcmedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or succcssi~el}. ~3. Successors and Assigns Bonnd; Joint and Se~~eral i.iabiiity; Captions. "ihe covenants and agreements herein contained shall bind. and the rights hereunde~ shall inure to. the respective successors and assigns of Lender and BorroN~er. subject to the provisions of paragraph 1~ hereoF. All covenants and agreements of Borrowrr shall be ~joint and se~-eral. The captions and headings of the paragraphs of this Mortgage are for convenience onty and are not to be used to interpret o~ define the provisions htreof. ' I4. Notica Except for any notice rrquired under applicable law to bc given in acwthcr manner. (a) any notice to Borrower provided for in this l~fortgage shall be given by mailing such notice by certified mail addresxd to BorroKer at the Property Addras or at such other addrcss as Borrower may designate by notice to T.ender as provided herein. and (b} any notice to Cender shall be given by certified mail, return receipt requested. to Lender's address stated hercin or to ' such other address u I.ender may designate by nc?tice to Borrower u provided herein. Any notice provided tor in this - ~ Mortgage shall be deemed to have been given to Borro.~er or i.ender when given in the manner designated herein. ~ 15. LTAlfO:«Z .~'~OTM~bc; Goserain~ Ls~; Se~erability, Th~~ f~rin of morteaee combines uniform covenants for nation~l ~ use and non-uniform covena~is 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. 1n the evrnt that any provision or clause of this Mortgagc or t6e Note conflicts with applicable law. such conftict shall not affect othec provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. l6. Borrowe~'s Copy. Bormwer shall be furnished a conformed copy of ihe Note and of ~his ~tortgage at the time of execution or aiter recordation hereof. 17. T~ansfer of the Prope~ty; Assumption. If all or any pan of the Prnpcrty or an interest therein is sold or transferrtd by Bonower without Le~der's prior written conxnt, excluding (a1 the creation of a lie~ or encumbrance suhordinate to this Mortgage. (b) the creation of a purchase money xcurity interest for household appliances, (c) a transfer by de~ise. descent or by operation of la~ upon the death of a joint tcnant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender s c+ption, declare alt the sums secured by this I?tortgage to be immediately due and payable. Lender sha11 have wai~ed such option to aceelerate if, prior to ihe sale or transfer. Lender and the person to whom the Properly is to be sold or transferred rcach agreement in writing that the credit ot such person is satisfactory to Lender and that the interat payable on the sums secured by this Mor~gage shall be at such rate as Lender shall request. lf Lender has wai~ecl the option to accelerate provided in this paragraph 17. and if Borrower's successor in interat has executed a w~ritten assumption agreement accepted in writing by Lender. Lender shall release Bonower from all obligations under this Mortgage and the Note. If Lender exercises s~Kh option to accelerate. Lender shall mail Borrower notice of acceleralion in actordanee ~~~ith paragraph 14 hereof. Such notice shall provide a E+eric+d of not fess than 30 da)s from the date the notice is mailed wi~hin which Borrow~er may pay the sums Jeclared duc. If Borrower fails to pay such sums prior to the ezpiration of such peried. Lender may, without furthcr notice or demand on l3orrower. im•oke any remedies permitted by paragraph 18 hereof. F NoN-UrtFORtit Cove~eNTS. Borrower and~Lcnder turther co~enant and agree ~s follows: l8. Acceleration; Remrdies. Fxcept as pro~ided in paraRraph 17 hereof, uiwn BorroKe~s breach of anv co~~enant or agreement of Bono~ser in this !lfortgage, including the co~enanfs to pay when due any sums cecured by this N,ortk~ge, T.ender prior to acceleration shall mai! notice to Borro~ser as pro~~ided in parag~ph 14 hereof specifcing: (1) thr bre~ch; (2) ihe action ~ requi~ed fo cure wch breach; (3) a date, not less than 30 da~s irom the date the notice is niaited fo Borrower. 6y which sucl~ bre~ch must be n~red; and (4) that failure to cure such breach un or before the date specified in tT~e notice may resuit in aceeleration o( the sumc secured by this lllortg~ge~ foreclosur~r by judicial proceedin~ a~d s~le of ihe Proprrh. 71~e notice shall furlher inform Rorrow~er nf the right lo rein.late after accelecation and !he right to assed in the G~reciosure proceeding tlie non-ezklence of a defAUlt or any other defense of ~Torr,w-er fo accelerAfion and forec{osure. if the breacli is not cured on or 6efore Il~e date speci6ed in the notice. Lender at Lender s oplion may drela~e all of the sums secured b~ this :lfott~a~e to l~e immedialely due and pa~able without further demand and m~y foreclose this Aiortga~e by judicisl proceedia~. i,endc~ shall be entitied to cullect ~n such pruceeding all ezpenses of foreclocure. including. but nut limited to, reasonable allorne~'s fees. and costs of documenlary e~~idence, afnfncts and litic ~eports. - . l9. Borrower•s Right to Reinstate. I~otw•ithstanding LenJer c acceleration of the sums ~tcurtJ by this ;1lottbage. Borrower shall have the right to ha~•e any~ proceedings hegun by l.ender to enforce this Mortgage discontinued at any time ~ O 1 ~ ~ W~ ' - ' ;