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HomeMy WebLinkAbout0292 l.cndc~'s written urnxmcnt or applicabk iaw. Borrowe~ sh~ll pay thc amount ~t alt murtgabK insurance p~cmiums in thc man~er p~ovided undc~ parag~~ph 2 horcaf. Any amouots disbursed by [.endcr puruiant ta this paragraph 7. with ioterest the~eon. shall become additianal ~ iRJebr~~dncss o[ Borrowrr secured by this l?iongage. Unleis Borrower anJ I.cnJer agrcc to othcr tcrms o! paymen~ such amcx~Ms shall be payabk upo~ nMice fmm I.ender to Bo~row~cr requ~sting payment therrc~f: and ~shaii htar interest trom the datc af d~iburaement at the ?~te payabk trom time to time ~+n aut:landing priocipsl unde~ the ~tote unlesc ps}tinent ot interest at such ~te woutJ be contrary to applicabie (a~~, in w•hich eveot such amou~ts shall bea~ interest at the highest rate pe~misciblc emder:ppiicabk law. Nothing cantained ;n th;s paragraph 7 sfisll requirc Lendcr to incur any cxpt~se or take any artion ha~eu~der. S. ~ inspectio~. L~nder m~Y make or cause to be made ~easonable e~trics upon and inspections of tl~ Property, providcd thoi Lende~ shap give Borrowe~ notice p~ior to a~y such iospection specitying rcasonab)e cause theretor related to I.ender's interest in the Pt~operty. 9. Coade~aastiow. The proceeds o( any award or claim for damaga, dircct or consequantial. in connection with any condemnation or other taking of the Propeny. o~ pan thereof, or for canveya~ce in lieu ot coodem~ation, arc hercby auigoed aod shalt be paid to Lende~. . In thc event of s total taking of thc propcrly. the prc~cecds shall be applied to the cums srcurcd b~ this ~~ortgage. with the ccctss. if any, paid to Borrowe~. In the c~cnt of a partial taking ot the Propert~•, unless Borro.~er and I.ender othen+ise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equat to that proportion which the amount of the sumt secured by this Mortgage immediatel~ prior to the date ot taking bean to the fair markN value oE the Propcrty immediatcly p~io~ to the date of taking, W ith the balance of the proceeds paid to Borrower. . If the Property is aba~doned by Borrower, or if, aftar notice by i_ender to Borrower that the condemnor offers to make an awar+d or xttte a ciaim for damaga, Borrower tailc to rapvnd to Lender within 30 da}~s after the date such notice is ~ maikd. Lender is authorired to rnllect and apply the proceeds, at Lender's optian, either to nstoration or repait of the Propeny or to the sums secured by this Mongage. ' Unlas Lender and Bom~we~ othen~rise agrce in u~riting, any such application of proceeds to princip3l sh=11 not extend or postpone the due dAte of the montMy installments rcterrcd to in par~grophs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Nof Rekased. Factension of the time for paymeat or moditication of amortization of the sums secured by this Mortgage granted by Lender to any succe~sor in interest of BoROw~er shall not operate to rrlease, io a~y mannet. the Gabil+ty ot' the original Bonow•er and 8orrower's successon in interat. Lender shall not be requi~ed t~ commenee Fu~~~Bs ~S~p~ ~h successor or re[use to extend time fo~ payment or otl~erv?•ise modif~ amortization of the sums socured b~r this Mortgage by reason of any demand made by the or3ginal Borrower and Bonov?er's successon in interest. 11• Fa'baraece b~? t.ender Not a Wai~cr. ~1n~ forl+earance b~ I_ender in exercising am• right or remed~ hcrcunder. or ott~erwise aRorded by applicable law, shall not !~e a waiver of or precludb ihe e~ercise of any such right or rcmedy. The procurcment of insurance or the paymeot of taxes or other liens or charges by Lender shal) not be a w~ai~er of I.ender's ' right to acceknto the maturity of the ind~btedness securcd hy this Mortgage. 12. Rea~edies CumaWire. Ail remedies provided in this 1?tartgage are distinct artd cumnlati~e ta any other right or ' r+e~r~ed~~ under this Mortgage or afforded by law or equity, and ma} he exenised concurnentt}, independentl~• or successively. 13. Soccessors and Asslgas Sound; Joiat aad Se.~eral i.iobilify; Caplions. The co~znants and agreements herein rnntained shall bind. and the rights fiercundzr shall inurc to, the respective successors and assigns of Lende~ and Borrow~er. su6ject to the provisions of paragroph 17 hereof. Atl co~~enants and agreemeots of Borrouer shall be jo;nt and several. The captia~s and Juadings of the parographs of this Mortgage arc for convenience onl} and are not to be used to interpret os define the provisions hereof. - 14. NWice. Faccept for any notice requircd under applicable law to be given in another manner. (a) ang ~otice to Borrower pr+ovided for in this Martgage shall be given by mailing such nrtice by certified mai! addressed to Borrower at the Pwperty Addras or at such dher addrcss as Borrower may designate by notice to T.ender u pro~ ided herein. and (b) any notic~e to Ltoder shall be givet~ by certified mail. return receipt rcquested, to Lenckr's addresx stated hercin or to , sueh othe~ s?ddress u I.er~der may datgnate by nc~tice to Borrower as provided hercin. Any notice pmvided for in this M~B~ to have been given to Borrow~er or Ler~der when given in the manner designated berein. !S. UsNorm Mortga~r, Go~erniu~ Law: Se~erabiliq. This Form of mortgage combines uoiform cove~ants for national use and non-unifam covenants with limited vaziations b~~ jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law af the jurisdictic~n in which the Propert~• is located. In the eveot that any pravision or ctause of this Mortgage or the 1~`ote conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this - end the provisioos o[ the Mortgage and thc Note are declarcd to be severable. 16. $on~owe~s Cop~. Borrower shall be furnished a copfornxd copy of the Note and of this l~fortgage at the time ~ of racecution or after r~ecordation hereof. _ 17. ?rsosfer of the Propert~; Assumptioa. 1( all or any part of ihe Pr+~peny ar an intercst therein is x+ld or transferred by Borrower without I.ender's prior written conxnt, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, fc) a transfer by dtvise. deszent or by operation of law upon the death of a joint tEnant or (d) the grant of any leasehold intercst of three ~cars or kss _ not containing a~ option to purchase, Lender may, at Lende~ s option, declare al! the sums secured by this ~~artgage to be immediately due and payable. I.ender shall have waived such option to aocele~ate if, prior to the sale or transfer. I.ender and ihe person to whom the Property is to be so1J or transferrcd reach agreement in ~riting that the credit of such person is satafactory to I.ender and that the interes~ payabk or~ the sums secured by tbis Mortgage shall be at such rate as Lender ' shall request. If Lender has waivcd the option to accelerate provided in this paragraph 17. and if Borrovrer s succasor in intercst hu executed a written assumption agreement acceptcd in writing by Lenckr. Lender shall retease BorroNer from all obligations under ihis Mortgage and the Note. If Lender exercises such option to arcekrate. I_enJer shal! mail BorroKer notice of acceleration in a;cordance with ` patagrrph 14 hercof. Such notice shall provide a period of not Iess than 30 days ftom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrovaer fails to pay such sums prior to the expiration of su:h period. Lencier may, without further notice or ctemand on 13orrower, invoke any rcmedia permitted by paragraph 18 hereof. Nox-UNiFOta?~[ CovEw~~s. Borrowe~ and Lender further covenant and agrce as follows: ' 18. Accderation; Remedks. Except as pro~ided i~ para~raph 17 hereof, npon Bonower's bre~ch of an~ rnrenant or sgreement ot Borrower in tbis Morfgage, inciuding t6e co~~enants to pay rrhen dne any sums secared by this ~lortg3ge, Lender s prior to acceitratioa sball mai! uotice to Bormwer as pro~ided In paragraph 14 hereof specifying: (1) the breach; (2) the action i required to cure sucb breach; (3) a date, not less than 30 days from tht dsUe the nofice is m~led to Borrower. by which such ~ brcach mtest be cored; aad (4) thaR failure to care snch breach on or before the date specified fn tht notice mav resolt in acceleralion oE t6e snms secured by thLs Mortgage. foc~eelosnrc by jodicial proceeding 9nd ssle of tbe Property. 7~e nMict shssll further intorm Eorroxer of tbe rigiN fo ninstate After accekratbn and the righl to assert in the foreclosure proceeding tbe non-existence ot a default or any other defensc of Borrowe~ to accelerstion snd foreclosun. 1f the breach Is not cured on i or betore the dnle specificd in tbe nMice, Leadcr at i.ender's option may declare all oi the snms secured by this ~fottgage to be ~ immedi~tely doe aai payabk wttiwut turthrr demand and msy foreclose thEs MortRage by judicial procecding. Lender shatl ` be entitled to collect fa sach proceediry~ all expeoses ot torcclosure, includin~, but hot limited to, reason~Dle attornep's ftes. and cosb of docn~nentary evidence, abstncts aad tiik nports. 19. Borrowe~'s R~ht to Retsatate. Notwithstanding _i_ender s acceteration of the sums securcd by this Mortgage. ; Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this ~fortgage discontinued a~ any time ~ 600K pACE ~+~7~.