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HomeMy WebLinkAbout0966 Le~ck~'s written ag~ecme~t o~ applkable law. Bor~owe~ shsll pay tha amuunt of all mortgase i~surance premiums io the mauoer p~ovide}! u~xk~ pa~a~~aph 2 hereQ[. Ahr amounls disburscd by I.eoder punuant to thi= parag~aph 7. with iotrrcst tf?~~eon, shall ix-~.~ma s~dd'eti~nal irtdrbtedness of Borrow-er secur+cd by this Mortgage. Unless Borrow~er anJ l.rn~ler agree ta othar termc of paymcnt, such amo~mtc shal) bc payable upc?~ nc?ticc fn~?m [_ender to Bo~n~wer rcquesting paymcnt then.~ot, and thall t~rar intercct from the data af dicbu~sement at the ratc payabla from time to time on outstanding p~incipal under thc Yote unitss payment of interest at such rate would be contrary to applicable la~., i~ Khich e~~ent such amounts sh~lt bea~ iotertst at the highest rate permissibk under applicabk law. Nothing caitained in this parsgraph 7 shall mqui~ I.e~de~ to incur zny zxper?se ar taka any action hereundec. 8. iaspection. Lende~ may make o~ ~ause to !+e made ~eawnable entries upan and inspections of the Praptny. ~1fOV1dC/I that Cender shall give Botrowe~ notice prio~ to any s~~ch inspe;tion specif~•iag rrasonabk caast thtrefor related to Lende~'s ioteresE iR the Prnpe~ty. 9. Condemaatton. The proceeds of any award or claim for damages, direct or consequential, in rnnn~:tioo with any co~demnatwn or other taking of the Propeny, or pan thereoF, ar for rnnveyance in lieu of condemnatiae, are h~reby ascig~+ed and shall be paid to Cender. In the event of a total taking of the Pmprrt~. th~ pri•ceecfs shall be applied ta the sums sccurcd b}• this ~lortgage. _ with the eacess. if aoy, paid to Borrowe~. in the evc~t oi a ps~tial taking of the Fro{+err~, u~less Borrou~ar and Lenckr otherv?ise agree in writing, there shall be applied to thc ~ums secuc~c~ by this Mortgage such pmponioa c+f the proc~eeds u ic equai to that propoKion which the amamt of the sumc se:ured by this 1?lortgage immediatel~ pri~r « the dat~ of taking bears to the tsir markM value of the Propcn~ immediat~h prior to the Jate of taking, w ith the balance Qf the pmcee~ls paid to Bormwer. • if the Property is abandoned by 8a~rov?e~, or if, after rtc?tice by tender to Bomower that the condemnor offers to malce an awa~d or settk a claim fo~ damages, Bc,rrowe~ fails to respond t~~ Lender within 3~ da.~s after ~he d3;e su:h notice is mailed. Lender is suthoriud to rnllect and apply the proceeds. at I_ende~ s option, either to ~estoration or repa+r of the Propeny or to the sums srcu~ed by this Nonga¢e. ' Unless Lender a~d Borrowe~ othenvise agree in .~~riting. any such apptication of proceeds to principal shal) not extend or postpont tht due date o[ the monthly inst~tlments referred to in paragraphs 1 and 2 hereof or change the amount of . such installtneats. ~ 10. Borrower Not Releaised. Extensio~ of the time for payment or modification af amortization of the sums securcd by this Mortgage granted by Lender ta any succesx~r in interest of Bc+rrower shali not o~rate to c~elease. in any maoner. the liability of the o~igi~al Borrower and Bc~rrower s sek-cescors in intercst. Lender shall not ba requirrd to commeoce proceedings 3gainst such successor o~ refuse to extend time for payment or otherwise modify amonization of the sums securcd by this Martgage b~ reason oF any dema~d made b~ the orE¢inal Borrowe~ and Borror~•e~'s s~ccessors in inten~st. 1I. Foroearance by Lende~ iVot a Waive~. A~y forbearance b~ I.ender in e~ercising am• ri¢ht or remed~ hereunder, or othenaise afforded by applicable iaw, shall r~ot be a waiver of or preclud~ the exercise of any~ such right or nmedy. The procureme~t of insuranee or the paymcnt ot taxes or other liens or charges by Lende~ shall not be a W~i~rr c?f LendePs right to acceltrata the maturity of the indebtedness securrd hy this Mortgage. ' l2. Remedies Comufati~e. AtI rcmalies Provided in this i?tortgage a~t distinct and cumulative to am other right or ~ . - remedy under this Mortgage or aiforded by law or equity. and may be exerciseci concurr+end?. independentl~ or successively. 13• ~ucce~ors and Assigns Bound; Joint and Se.eral I:~abilit~, Captions. The co~e~ants and aerrements herein coatained shall bind, a~d tht rights hereunder shall inure to. the rtspective successors and assigns of Lender and Borrower. subject to tf~e provisions of paragraph 17 he~eof. Atl covenants and agreements of_ BorroH•er shal! be j~ent and several. The captions ancl headings of the paragraphs of this -1?fortgage are for convenience onh and are n~t to be used to interpret o~ define the provisions hercof. . 14. Notice. Except for any notice required under applicabk law to be given in another manntr. (s1 ahy notice to ~ Borrc:°x Tmvide.3 for in this Mortgage snail be given by mailing such notice by ce~tified mail address~d to Borr~wer at the ProFer~y Address or at such other address as Borrflwer may designate by notice to i_en~er as pro~ ided herein. and ` (b) any notice to Lender shall be given by certified mail. rctum receipt requestcd, to Lendtr s address sta:e~ herein o: to such other address as L~nder may dcsignate by notice to Borrovrer as pruvided herein. Any notice pmvided for in this Mortgage shall be deemed to have Ixen given to BorroKer or Ixnder when given in the manner designated 3~;.:eo.:. ~ 2S. Uniform Mortg~t; Gorernin~ I,a~+. Se~eraM7ity. This form of mortgage combi~es uniform covenants fur national' iise and non-uniform covenants with limited variations by jurixiiction to constitute a unifomn security inscrument covering r~al proptrry. This Mortgage shall be governed bv tht law of the jurisdiction in which the Propert~ i; to~ate~. In the event that any provi;ion or clause of this Mortgage or the I~ote conflicts with ap~licabk lau. such con@ict sha!) not affect other pr~visions of this Mortgage or the Note which can be gi~•e~ effect without the conflicting pro~ision, and to this end the provisions of the Mortgage and the Note are cleclared to be severable. 16. Borrowe~s Copy. Borrewer shall be furnished a conformed copy of the Note and of this itorteage at the time of execution or after recordation hereof. ~ !7. Tra~fer of !be Propertr; Assumption. If all or an.• part of the Propeny or an interest therein is sold or transfe~rcd b~' Borrower without Lender's prior written cQnsent, excluding (al the creation of a lien or encumbmnce subordinate to this Mortgage. (b) the creation of a purcha:.e money security interest for household apptiances. ici a~transfrr by devise. descent or by operation of 1aw upon the ckath of a joint tenant or (d) the grant of aoy leaseho~d interest of three }ean or kss not containing an option to purchase, Lender may, at Lender ~ option, declare all the sums xcured by this ~tortgage to be immediately due and payable. t.ender shall have wai.~ed such option to accelerate if, prior to the sale or transfer, Lender • and the person to whom the Property is to be solJ or transferred reacfi agreement in writing-that the credit of such person is satisfactory to Lende~ and that ti~e interest payabte on the sc~ms secured by this Mortgage shall be at sueh rate as Lender shall request. Jf Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowrrs successor in interest hzs executed a w~itten assumption agreement accepted in writing by Lenckr. Lender shall release Barrower from all obligations under ihis Mortgage and the Note. If Lender exercises such option to accelerd:e, I_endrr shall mail Borro~ver notec~ of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed withen which Borrower may pay the sums dtclared due. If Borrower fails tu pay such sums prioc to the expir~tion of such period. I_en.kr may, wiihout further not~ce orckmand on ~rraWer, invoke any remedies perm:tted~_• Faca~raph i4 hereof. Notv-UtvtFORat Covex~~rrs. Bvnower and Lender funher covenant and agree as follows: 18. Acceleration; Remcdfes. Except as pmvided in pars~~nph 17 hereof, apon Borrower's breach af any covenu,t or agreement of Borrower in this Malgage, including the co~en~nts to pay whtn doe any snms secured bv this 1lortgage, Lender prior fo acceleration shall raai! nolice to Bomower as Prosided in para~raph i4 hereof specifying: (1) the bre~ch: (2) the action nquired to cure web breacb; s date. not less th~n 30 da?s from the date the aotice is maiied to Borro+~er, by vrhich such breach must 6e cnred; aad (4) that failure lo cnre such brrach on or before the date specifitd in the notice tnay raWt in s~cceletation of t6e sums seeu~ed by lhis 1ltorfgage. foreclowre 6y ju~icial proceeding snd saie of the P~pertr. The notice s6ati further inform Borrower of the ri6ht to rcinstate ~fter accekratiow ~tnd t6e rigbt to atsert in the forerlosurc proceeding the non-existence af a defanlt or aay otber d~fense of Bo~rower to acceleration aRd foreclosure. 1f the breach is not cnrcd on or before the dafe specified in tbe notice. Lcnder at Lendrr's option may declare all of the sums secured 1~ r this ~tortgage to be immediatdy due and p~yable without further demaad and may foreclose this~Vtortgage hy judiciai procecding. I.tnder sball be entitkd to coitect in snci~ proceedin~; an expenses of to~ecbsere, inc~udieg, but oot limited to, rtason~ble attorne~'s fets, and costs of documenlary e~idencs, sibstracts a~d tifk reports. 19. Borrower's Right tu Reinstate. Notwithstanding LeoJer s accel ~ tion of the sJms secuted b} this Mortgage. Borrower shall have the right to have aoy proceedings t+egun by 1_ender to en(orce this I?tortgage dixontinued at any time ~ aoac z~ ~ ~'3 ~ _ _ ~ _ - - - . _ _ - - - ~w...