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HomeMy WebLinkAbout0701 •y j » • . . r•~ l.e~de~ i wtitten agrcemem ar applicable law. H~irra~er shall pay Ihe amount of al~ mo~n~e insurance prcmiums in the manne~ provideJ under para~~aph 2 hercot. Any amounls disbuned by l.ende~ pursuanl ~o this parag~aph 7, wl• ~h interctit thorcon, shall become additional indebtedness of Bo~~ow•rr securcd by this Mortgage. llnle~~ Bormmv~cr anJ !!EnJer agrce to olher terms of paymeM, cuch amounts shsll be payabk upc~n notirc f~om l.cnder ~o Born~wrr reyues~inY paymrnt ~hcre~~(, anJ shall hcar interat trom the date ot disburxment a1 the nte payahle trom time to time on oul:tanding principa) under the Note unless payment of intercst at such rate would !+e contrary to applic~ble law. in which event a~ch amounts shall t+eat interest at the hiahest rate permiuibk under applicable law. Nothing contained in thic parag~aph 7 shall requirc I.ender ta incur any expense or take any action hueunder. a• la~pectbe. [.ender may make or rausc to bc mack rea~onable enl~icc upon and incpections ot the Property, provided thal !_ende~ shall give Bonowe~ ootice prior to any such inspection ~pecifying rcaso~able cause therc(or related to l.ender's } interest in Ihe Propeny. ~ ~ 9. Coademaatbn. The prcxeedc of any award or claim for damages, direct or conuquential, in connectian with any ~ condemnatiort-t~r other taking of 1he Propeny, u~ part therrnf, o~ for conveyance in lieu of condemnation, are hercby aisigned i a~d shall be paid to I.ender. ln Ihe erent of a total taking af the Propeny, the prc~ceeds chall be applied to the cums secured by this Mortgage. with the etcess, if any, paid to Born?we~. in ~hc event ot a partial taking ot the Property, unless BoROwer and I.ender otherwise agree in writing. Iherc shall be applied to ~he sums securcd by thit Martgage tuch proponion of the proceeds as i~ equal to that praportion which ~he amount of the sums ucured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Fropeny immediately prior to thc Jate of taking, with the balance of the proceeds paid !o Borrowe~. , iI the Property is abandoned by Bor~ower, or it, after notice by t_ender to Borrower that the condemnor oRen to make an award o~ settle a claim for damages, Borrower fails ta respond to I_ender within 30 days atttr the date such notice is maikd, Lender is aulhoriud to collect and apply ~he proceeds, at I~nder's optioo, either to restontion or repair of the Propeny or to the sums secured by this MorlRage.. Unless l.ender and Borrower othervvix agrce in writing, any such application of procecds to principal shall not extend or poslpone the due date o( the monthly installments referred to in parag~aphs 1 and 2 hereof or change the amaunt of such installments. 10. Sorrower Nof Rekased. ~:xtension of the time for payment or modiBcation of amortization of the sums securcd by this Mortgage granted by Lencler to any successor. in interest of BoROwer shall not operate to rckase. in any manner, the liability af the original Borrower a~d Bc~rrower's successon in inttrat. Lender shall not be requircd to commence proceedings agai~st such successor or rcfuse to extend time for payment or otherwise modify amortization of the sums securcd by this MoRgage by reason of any demand made by the original Borrower and Borrower s wccesson in interest_ 11. Forbaraace by I.ende~ Not s Wd~er. Any forhearance by I.endcr in exercising any right or rcmedy hercunde~, or otherwise afforded by applicabk Iaw, shall not be a waiver o( or preclude the exerciu of any such right or ~emedy. The procurcment of insurance or the payment of taxes or wher liens or charges by I.tnder shall not be a waiver of I.ender's right to accele~ate the maturity of the i~debtedness securcd hy this Mortgage. 12. Remedks Caaulat~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or rcmeJy under this Mortgage or afforded by law or equity, and may be exercised concurrcntly, independently or successively. 13• S~cce.~ssors aad Asi~d aouad; 7dat s~d Several ~.IabAity; Csptions. The covenants and agreements herein contsined shall bind, and the rights. hercunder shall inure to, the respective successors and usigns of Lender and Borrower, - subject to lhe provisions of paragraph 17 hereof. All coveoants and agreeme~ts of Borrower shall be joint and sevenl. The captions and headipgs of the paragraphs of this Mortgage are for convenience only and ar+e not to be used to interpret or define the provisions hereof. 14. Notiee. Ezcept tor any notice rcquired under applicable law to be given in another manner, (a) any notice to Borrower provided tor in this Mongage shall be give~ by mailing such notice by certified mail addressed 1o Borrower at the Property Address or at such other address as Borrow~er may d~signate by notice to I.ender as provided herein. and (b) any notice to I.ender shall be given by certi(ied mail, retum receipt rcquested. to I.ender s address stated herein or to such other addrcss u Lender may daignate by notice to Borrow~er as provided hercin. Any notice providod for in this Mortgage shall be deemed to have been given to Borrowe~ or Lender when given in the manner designated herein. 1S. Uaifora~ Mort~aRe; Go~erninR i.aw; Sererab8ity. This form ot mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform securiry instrument covering rcal property. This Mongage shall be governed hy the law of the jurisdiction in which the Property is located_ In the event that a~y provision or clause of this Mortgage_ ur the Note conflic~s with applicabk faw, such conflict shall not affect other provisions of this Mortgage or the Note which can be giveo effect without the conflicting provision, and to this ! end the provisions of the Mortgage and the Note are declared to tx severable. ~ 16. dorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of ihis Mortgage at the time of execution or atter recordation hereof. ~ 17. Traasfer of t6e Prope~ty; Assumptlon. if all nr an}• pan of thc Property or an intercst therein is sold or transferrcd ' by Borrower without Lender s prior written consent, ezcluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage, (b) the creation of a purchase money xcurit}• interest far household appliances. (c) a transfer by devise, f descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or less _ f not containing an option to purchase. Cender may, at Lender's op~ion, declare all ~he sums secured by this Mortgage to be ~ ~mmediately due and payable. Lender shall have waived such option to accelerato if, prior to the ±sale or transfer. Lender _ ~ and the person to whom the Properly is lo be sold or transferrcd rcach agrecment in writing that tht credit ot such person - is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall rcquut. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interat has executed a written assumption agreement accepted in writing by Lender, ~enckr shall release Borrower from all obligations under this Mortgage and the Note. it Lender exercises such option to accelerate. I.ender chall mail Borrow•er not~ce of acceleration in accordance with paragraph 14 hercof. Such notict shall provide a pericxl of not less than 30 days from 1he date the notice is mailed within which Borrower may pa~ Ihe sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. [_ender may, without further notiee or Jemand on Bcirrow•er. invc?{;e an~~ remedies permitted by paragraph 18 hereof. ~ : € Norr-UtviFORt~t CovEx~tvTS. Borrower and Lender further covenant and agret as follows: f 18. Accelenition; Remedks. Excep at provided in par~rapb 17 hereof, npon eorrowcr's bresch of sny co~ea~at or ; a~rcewent of Borrower fe tbts Mori~aje. iacludi~ the coreaauts to pay whee doe ~ay sems stcand b~ thM Mwt=a`e, I.ender ~ prbr to accekratios sbaN ma0 aotice to Eorrower as provided in pua`raph 14 6ereof specityios: tl) tbe brescb: (2) tbe actiou < <+eqdrcd to core soc~ brescb; (3) ~ date. not kss tban 30 days tmm the date tbe notice ir o~aYed to Eorrower, by w~ich sec6 breac6 mo~t be cured; aod (1) t1~N failnre to eure soch brescb o0 or before tbe date speciBed la t6e ootke au~ resalt b sccdtndoe of tre s~na securcd by thts Mort~e. for+ecbwre by jndicW proceedln~ spd sde ot t6e Property. 7Le notiee ; shall tarther iwtorm Eon~o~+er d tbe rf~bt to reiastste dter sccekrstbn and tbe ri~ht to ~tf1 ~O tb!' t0flCIOi11R'lOC~l~ x f tbe ~on-e=istexe of ~ detaok or aoy dher dtttase ot Borrower to sccekration and toreclowre. if tbe bnsc4 h aot crred oo - ~ or bdore the dste specf&d b the notlce. Lender st Leoder's option msy dechre aN ot the snms secured by t6b Mortsa~e to be ~ ~s~ediatdy dot snd psyabk witboot tnrtber demaad and msy toreclose thb Mo~a=e by judkW proceedi~. Leader s6aD r be eatided to collect in soc6 proceedia~ sR e:peaies of tweclowre. inch~djat. but nM Umited to, reawaabie attorney's fees, 3 and cosb of docomeatary erWeace. a6stracls aad tHk repo~es. ' ; 19. don+uwer's Rl~ht to ReimtMe. Notwithstanding Lenckr s acceleration of the sums securcd by this Mortgage. ; ; Borrower shall have the right to have.any proceedings txgun hy [.ender•to enforce this Aiongage discontinued at any time f s ~ oor 26? ~ ' ~ - ~ - ~ _ _ ~ . ~r~n::.~~.