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HomeMy WebLinkAbout0830 • l ~ ' • : ~ . ' ` . L.ender's written agrce~aent or applicAbk law. Borrower shall pay the unount of all mortgage insura~ce premiums in the maaner provided unde~ pa~ag~aph 2 hereof. Any amounts disbursed by I_enJer pursuant to this parag~aph 7, with intcrtst thereon, shal) become additional indebtednas of Borrowc~ secured hy this Mohgage. Unlecc Bor~ower and l.eoJcr agrcc to othe~ ternu of payment. such ama~nts shall be payable upcx~ notice from I.cnder ta Bc~rrowcr requcs~ing payment thcreot. and shall t~ear interest from the date of disburssmeot at the rate payahlc fram time to time on outstanding principal under the Note unless payment of intercst at such rate would be contrary ~o applicable law, in which event such amount: shall bear interest al the highest rate - permissibk tmder applicable law. Nathing ccmtained in this parag~aph 7 shall require i.ender to incur any expense o~ take a~y action hereunder. & I~spectio~. i.ender may makc or rauu to t~e made reasonable cntries upon and inspections af the Property. provided that I.e~der shall give BaROwe~ notice prior ta aoy xuch inspection specifying reasanabk cause therefor related to Lende~'s interest in the Property. 9. Cosdemnation. The prc~ceeds of any award or claim for damages, direct or consequential, in connection with any co~demnation or other taking of Ihe Property, or part thereof, o~ for conveyance in lieu of condemnation, are hereby assigned and shall be paid to t.ender. 1n Ihe event of a total taking of the Pmpe~~y.,thc pracceds shall bc applied to the cums scciircd by this Mortgage. with the ercesc, if any, paid to Bormw@~. in the evcnt of a partial taking of the Propeny, unlecc Borrower and Lender othen~vise agree in writing, there shall be applied to the cums secured by this Martgage such proportion of the proceeds as is equal to that proportion w•hich thc amount ot thc sume ~ecurcd hy this Morigage immediately prior to the date of taking bears to the fair market val~ie of the Pmperty immediately prior to the date of taking, with the balance oi the proceeds paid tc? Borruwer. ~ ~ . if ihe Property is abandoned by Borrovver. ~r if. after notice by I.ender to Bormwer that the condemnor offers to make an awaod or x1He a claim for damages, Borrower faik to r~~pond to I.ender within 30 days after the date such notice is maikd, t e~der is authorized ta collect and appl~~ ~he proceeds. at i.ender s option, either to rrstoration or repair of the Propeny or to the sums secured by this Mortga~e. Unlecs I.ender and Borrov?~er othervvice agree in ~~ritine. an}~ such appliration of prcx~eeds to pri~cipal shall not extend or pastpc:~e the due date of the monthly installments referrcd t~ in paragraphc 1 and 2 hereof or change ihe ama~nt of sxh installments. ~ 10. Borrower Not Released. Extension of the time for payment or madification of amortization of the sumc secured hy this Mongage granted by l.ender to am ~uccesuir in intere~t of ~rraw•er ~hall not operate to release. in any manner, the lidbility of the original Borrower and Bormwer'c surces«rs in interest. [.ender shall not be required to commence proceedings against such successor or refuse to e~tend time for payment or otherwice modify amartization of ~he sums secured by this Mortgage by reacon of am~ demand made b~• the original Bormwer and Borrower s succesu~rs in imerest. 11. Forbearanct by I.ender 1Vot a Waiver. Any forhearanrc by I.cnder in ercrcising any rigM or remedy hcrcunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurcment of insurance or the paymcot of taxec or other liens or charges by I_ender shall not be a w~aiver of Lender's right ta acceferate the maturiry of the indehtedne~s tecured h~• this Mortgage. ~ lZ. Remedies Cnmulatire. All remedies provided in thic Mortgage are distinct and cumulative to any olher right or remedy imder this Mortgage or afforded b~• law or equity. and may be exercised concurrenUy. independently or succecs~vely. 13. Successurs and Assi~as Bound: ]oint and Se~-eral i.iability; Captbns. 'I~e covenants and agrcements herein contained shall bind, and the rights hereunder shall inure to, the respective succecsors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hcreof. All cavcnants and agrcements of Borcowcr shall be joint and ce~eral. The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice reyuired unckr applicable lav~~ to be given in another manner. (a) any notice to Borrower provided for in this Mortgaec shall he givcn hy mailing such notice by certified mail addrcsced to Borrower at the PropeAy Addresc or at such other addresc as Borrower mav designate b~ notice to i_ender as provided hercin. and (b) any notice to Lender shai) he gi~~en b} certifird mail. retum receipt requested. to Lender s address stared herein or to such other address as I.ender may de~ignate b}• notire t~ Bormwer as provided herein. Any notice pmvided for in ihis Mortgage shall be deemed to havc been given to Borrow•cr or 1_cnder w•hen given in ihe manner designated herein_ 15. Uniform MortRa~e; Governin~: IaN; Se~•erabilit~. This form of mortgage combines uniform covenants for national ' ~ use and non-uniform covenants with IimiteJ. ~~ariations h~• juriufiction to constitute a uniform sec~irity instrument covering ~ r~eal property. This Mortgage shall be governed h~~ the law• of the jurisdictian in which the Property is located_ In the ; event that any provision or clause of thie Mortgage <~r the Note conflicts With applicable law, such conflict shall not affeM f other provisions of Ihis Mortgage or the Note which can be given efiect without the conflicting provi~ion, and to this end the provisions of the Mortgage and the Note arr declared to be severable. i 16. Eorrowe~s Copy. Borrow•er ~hall bc furnicheJ a conformed copy of the Note and of thic Mortgage at the time of execution or after recordation hereof_ ~ l7. Tn~fer of t6e Property; Assumplion. Tf all or an~• part of the Pmperty or an interest thcrein is sold or transferrcd by Borrower without L.ender's prior written consent. e~cluding (al the creation of a lien or encumbrance subordinate to ~ this :Nortgage. (b) the creaUon of a purcha~c mone~• security interest for household appliances. (cl a trancfer M• devise, descent or b) operation of Iaw upon the death of a joint tcnant or (dl the grant of am• leasehold interest of threc ycars or less not containing an option to purchase. I_ender m•ry, at I.ender'a option, declare all the sums secured hy this Mortgage ta be immediately due and payable. Lender shall have w•aived such option to accelerate if, prior to the crle or transfer. I.ender and the person to wfiom the Property i~ to be solJ or transferrcd reach agreement in writing that the credit of such person , is satisfactory to Lenckr and that the interect payable on the xums secured by this Mortgage shall be at such rate ac I_ender ; ihall request. if l_ender has waived the option to accelerate provideci in this paragraph 17, and if Borrower i successor in . interest has executed a written assumption agreement accepted in writing by i.enckr. Lender shall release Borrower from all obligations under this Mortgage and the Nwe. If Cender exercises such optiQn to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordancr with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days irom the date the natice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of tuch period. Lender may, ~vithout further notice or demand on Borrow•er. invoke any remedies permittecl by paragraph 18 hereof. ~ NoH-UtvrFORMt CovENerns_ Borrower and Lender further co~enant and agree as follows: ~ 18. Accekrstion; Remedks. Ezcep as provided in Pa~raph 17 hereof, upon Borrower's breach of any coveaset or ~ a6reemewt of Eorrower in t~ Mort~age. includin~ tbe co~eoants to pay w6ea doe any soms secured by tl~ Mo~s~e, i.eeder prior to sccekratba s6ap mail notlee to Borrower as provided in para6raph 14 bereof spccifyio~: (1) tbe breach; (2) tbe actbn nqoired fo cnre soc~ b~t~ch; (3) a date, not les t6an 30 days from tbe date tbe ootke is mailed to Borrov?er. by vrhkh wc6 ~ breac6 m~d be cered; and (4) that fatlnre to cure such breach on or befort the date specified in ~he uutice u~ay resWt in sccderNios ot t~e soms secnred by tbis Mortgage. toroclosure by judicW proceedioa snd sale of tbe Propcrty. 'il~e notke s6aY fart`er iaform Borrowcr ot t6e ri~6t to rcinstate after accekration and the rig6t to a~ert fe t6e Eortclosure pmcced~ t~e oow-es~tesce d a defanlt or any other defe~e of Borrower to accekratioa sad foreclosnre. If tbe breac6 b oot cared o0 or 6dore tbe date speci6ed in t6e notice. Lender at I.ender's option nwy declare all of the sams secared by tl~ Mort`a~e to be w~tely due and paYabk wiNwat further demand and may foreclose t6b MortRa~e b~' jodicial ProcKd~uR. Lrnder shall be eMided to coUect is s~c6 proceedin6 a9 e:peoses of forecbsnre, iacl~e~„ bat oot limited to, reatooaWe ~torsey's fess, aMl eosb ot doeti~ e.idence. atistrsc~ aod titk repores. 19. Dorrower's Rl~t to Rei~state. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, Bonower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time ao~ 27~ ~ 82~ ; . - _ _ _ _ . - - - - - _ .