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HomeMy WebLinkAbout0296 4 • ~ aRreement or applicable law. Aorroh•er shall pay the amount ~~f all mortRaKe insurance ~~rcmiums in thc manner provided under paragraph 2 herrot. Any amounts ctisbursecl by l.cnder pursuant co this paraRraph 7, with intete,t therc~n. .hatl bccumc additional in- - debteclness o[ Borro~+e~ secural I~y this \tortKage. l)ntess B<,~rowe~ and l.ender aRree to oiher terms u( pzymeut, such amounts shall be pa~~ablt u~?n uo~ice from l.ender to Borrower rc~uesting pa}'ment tt?ercof, and .l~all bcar in~e~est trom the datc of disbursement at the rate pa~able (rom time to time on ouutaudinR princ ipal under the \c,te unlr.s pa~•ment of iuterest at such rate would be contrary to applicable law, in which e~~ent such amouuts s1iaU tx•a~ i~~~erest at thr highest r.~te prrmissible under applicable law. Kothii?R containcYt in thit paraRraph 7 shall require I.ender to incur any expeuse or ~ake any action hereunde~. 8. Inspection. l.ender may make or cause to be made reasonable entriec u~n and inspectio~?s of the Property, pro- ~•ideel that Lender shall gi~~e Borrower notice prior tu any such iiispection specifyinR reawnable cause therrfor ~elatecl to _ l.ender's interest in the Property. 9. Condemnation. The proceeds of any award or daim tor damaRes. dirett or consequential. in connection with aoy condemuation or nther takinR o( the Property, or part thereof. or (or com'eyance in lieu o( condrmnation. are hereby as- signcci ai~d shall be paid to Lender. ln the e~•e~t o[ a total taking o( the Propert~•, the proceeds shall be applied to the sums secured b~• this \tortga~e, Mith the excess, it an?•, paid to BorroNer. In thr e~~ent o[ a partial takinR of the Propert~•, unleu Borror+•er and I.er~der otherwise a~{ree in writinq, there shall be appliecl to the sums secured by this ~Inr~RaRe such proportion o( ~he proceeds a; is equal to that proportion which the amount ot the sums secured by this \(or~RaRe immecliateh• prior to the date o[ takinq bears to the fair market ~•alue o[ the Propertv immediatel~• prior to the date o[ takinq. Mich che I,al:+nce ot the pro- ceeds paid to Borrower. If the Yroperty is abandoued by Borrower, or if, after notice by Lender to Borror.er that the condemnor o([ers to make an award or setde a daim for damages. Borrower fails to res~nd to l.ender Mithin 30 da}~s aftcr the datc such notice is mailed, Lender is authorized to collect and apply the proceedc, at Lender's option, either to restoration or repair ot the Property or to the sums secured by this \fortgage. Unless Lender and Borrower.othenvise agree in writing, ar~y such application of proceeds to principa! shall not extend ~?r postpone the due date o[ the monthly installments reierred to in parap,raphc 1 and 2 hereof or chanRe thc amount of such installments. 10. Borrower Not Releaxd. Extension of the time for p~~~ment or mociification of amortiration of the sumc secured by this \Iortgage granted by Lender to any successor in interest ot Borrower shall not operate to release, in am• manner, the liability ot the oriRinal BorroMer ai:d Borrower's successor~ iu interest. Lender sha? not be requirect to commence prcxeedinRs aRainst such saccessor or refuse to extend time for pa~~ment or other~.ise mocti(y amortiration of the sums se- cured b~• this ~1ortRaRe b}• reacon ot any deman~l made by the oriRinal Borro~cer and Borro~er's successors in interest. 11. Forbearance by Lender Not a~Vaiver. AnY torbearance by Lender in rxercisinR any right or remeci~• hereunder, or other~.ise af[orded by applicable IaN, shall not be a waicer ~,1 or prerlude the exercise o( am~ such riqht or mmed~~. The procurement o( insurance or the pa}•ment of taxes or other lien~ or c1~ary{es by Lender shall not be a Kairer of Lender's riRht to accelerate the maturit~~ o[ the indebteciness secured bv thic ~tortgaRe. 12. Remedies Cumulati~e. ~~ll remedies pmvided in this ~ic~rtRa~e are distinct and cumulati~•e to am• other riRht or remeclJ• uuder this ~I~rtRage or affordeci b~~ law or equitc, and mai• br exercised concurrenth•, inde~~endentl~• or successi~•elr'. 13. Successors and Assigns Bound; Joint and Severai Liabilitw Captions. '1'he co~•enants and aKreements herein contained shall bind, and the riRhts hereunder shall inure to, the res~ecti~~e ~uccesx?rs and asciRns ot l.ender and BorroHer. - suhject to the pro~•isions of paraRraph 17 hereot. All co~•ermnts and aRreements ot Rorm~•er shall be joint and se~~eral. The captions and headings oE the paraRraphs of this \tortgaRe are (or com•enience onh• and are not to be useci to interpret or de(ine the provisions hereof. 14. Notice. Except for any notice required under applicable IaM to be Ri~en in annther manner, (a) am• notice to Borroher pro~ided for in this \tortRage shall be gi~•en b}~ maileng such notice b~~ certitied mail addressed to Borrower at ; the Propert}' .~ddress or at such other adclress as Borrower ma}• desiqna~e b~• notice to Lender as pro~•ideci herein, and (b) ~ an} notice to Lender shall be gi~•en b~~ certified mail, return receipt requestect. to Lender's addreu stated herein or to such ~ other address as Lender may desiRnate b}• notice to Borrower as pro~•ided herein. An~• notice pro~•ided tor in this ~tortRaRe ~ shall be deemed to ha~•e been gi~~en to Borrwver or Lender when Ri~•en in the manner desi~nated hereia F 15. Uniform '.liortgage; Go~eming I.aw; Se~erability. This (orm o[ mortga~e combines unitorm co~•enants for na- ~ tional use and non-unitorm co~•enants with limited ~~ariations b~• juriuliction to constitute a unitorm securit~• instrument ~ co~ering real propert~~. This ~(ortqaqe shall be go~•erned by the la~r of the jurisciiction in ti.•hich the Propert}• is located. f Tn the e~~ent that anJ• pro~•ision or clause o( this ~[ortRaRe or ti~e \ote contlicts H•ith applicable la~., such rnnflict shal! not ; atfect other proeisions of this \tortqaRe or the \ote which can be Ri~~en etfect ~ithout thr confliccinR pro.•ision, and to ~ this end the pro~•isions oi the ~fortRa~e and the tiote are declared to be se~•erable_ ~ 16. Borrower's Copy. Borrower shaU be (urnished a contormed cop} of the \ote and of ehis ~IortRage ac the time ~ of execution or a(ter recordation hereo[. ~ ~ 17. Transfer of the Propert}•; Assumption. It alt or an~• part ot the Propert}• or an interest cherein ic sold or trans- ~ ferred b}~ AorroMer Nithout Lender's prior Nritten consent, excludinR (a) the creation o( a lien or encumhrance subordinate ; to this ~IortRaRe, (b) the creation of a purchase mone}- securit~~ intere,t (or houseliold appliances. (c) a trans(er b~- de~~ise. = deuent or b~• operation of laM upoi~ the death of a joint tenant or (d) the Rtant of am• leasehold imeresc ~t three ~•ears or ~ less not containinq an option to purchase. I.ender may, at Lender's option, dedare all the sums secured bv this ~iortf{age to be immediatel~• due and payable. Lender shall ha~•e haived such option to accelerate if, prior to the sale or transfer. Lender ~ and the person to whom the Property is to be told or transferred reach aRreement in Mriting that the credit oE such person z is satisEactory to Lender and that the interest pa}•able on the sums secured by this ~tortqaRe shall be at such rate as Lender ~ shall request_ If Lender has wai~~ed the option to accelerate pro~•ided in this parar{raph 17, and ii Borrower's successor in ~ interest has executed a written assumption a~;reement acceptecl in writinR by L.ender. Lender shall release BorroHer from ~ all obligations under this ~IortKaqe and the Aote. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall pmcide a period of not less than 30 da}•s from the date the notice_is mailecl Nithin - which Borrower may pay the sums dedared due. If Borroher fails to pa~• such sums prior to the expiration of such period. ~ Lender ma}. without further notice or demand on Borrower. in~~oke any remedies permitted by paraqraph 18 hereo(. ~ NON-UNIFOR~t Co~•e.Y~r`rs. Borrower and Lender further corenant and agree as (olloNS: - 18. Acceleration; Remedits. Ezcept as pro~~ided in paragraph 17 hereoE, upon Borrowe~s breach of any rnvenant or agreement of Borrower in this blortgage, induding the covenants to pay when due anv sums securect b} this ~fortgagt, Lender prior to acceleration shall mail notict to Borrower as pro~-ided in paragraph 14 hereof s~~ecif)ing: (1) the breach; : (2) the action required to cure such breach; (3) a date. not less than 30 da}'s from the date the notice is mailed to Borrower. _ . by which such breach must be cured; and (4) t6at tailure ta cure such breach on or before the date specified in the notice may ~ result in accelention of the sums secured b~ this Atortgage, [oreclosure br judicial proceeding and sale o( the Property. 1"he - notice shall further intorm Borrower of the right to reinstate a[ter atceleration and the right to assert in the foreclosun f~ praeeding the non-e:istenct of a default or anv other defense ot Borrower to accderacion and foreclosurt. If the breach is ~ not cured on or Fxfore thr date specified in the notice. Lender at Lender's option may dedare all of tht sums secured by this ~ 1lfortgage to be immediately due and payable without [urther demand and may (oreclose this Atortqage bY judicial proceed- ing. Lender shall be entided to colkct in such proceeding all expenses ot foreclosure, including, but not limited to, reaaon- ' able attorney's fees, and costs o( d«umentary e.•idence, abstracts and tide nports. ~ ~ Q~ b00!c 2C71J PAGE - , _ y,_ ; ; ~ ry . . _ , .