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HomeMy WebLinkAbout0359 aqteewent or applicablt la~r. Borrowet shall pay the amount ot all mortqaqe insu~ance premiums in the manner providtd under pa»graph Y hereoL Any amouna disburxd by l.ender punwnt to thu paraqraph 7, with ioterest the~cc~n, shall become additional i~- debcedneu ot Borro~rer secuml by this \fortgage. Unless Borrower and Lender agree to other terms ot pa~~ment. such amounu stull be payablt upon notice (~om Ltnder to Bortower tequesting payment thereot, and shall Aear interat Erom ' th~ date ot disbursetnent at the rate payable from time to time on outstaoding principal under the Note unlrss paymtnt o[ interest at such nte would be contn~v to applicable law, in which ercnt such amounts shall bear interat at the highat ~atr permiuible under applicable la~. Nothing contained in this paragraph 7 shaU require Lendet to incut any cxpense or ; take any action hereunda. : S. In~pcdioo. Lender mar auke or cause to be made reasonable entria upon and inspections ot the P~opertr, pro- ~•ided that Lender shall givt Bonower noticr prior to any such inspection specityinq reasonable uuse therefor related to Lender's intereu in the Propacy. 9. Coodcoimtion. The praecds of any arvard or claim [or damages, dirat ot consequential, in connection with any - condemnation or other aking ot che Property, o~ part thereoi, or tor conveyance in lieu of condemna~ion, are hereby as~ signcd and shall be paid to Lender. - In the e~'ent ot a wul uting oE the Property, the procetds shall be applitd to the sums secured by thu Mortgage, . Mith the acctu, it any. paid to Borrower. In the e~•ent ot a partial takinq ot the Property, unless BorroMer and l.ender ~ otherwise aqree in ~rriting. there stull b~ applied to the sutns stcured by this \iortgage such proportion ot the praeeds t a; is equal to tlut proportion rrhich the amount o[ che sums secured by this Ntortqage immediately prior to the date of ; taking bean to the iair mutet value ot the Property immediately prior to the date o[ taking, with the balance o[ the pro- w~a ~o so~~n. lf the Proptrtr is abandoned by Borrower. or if, after notice by I.ender to Bonower that the condemoor oticrs to make an a~rud or srtde a claim tor damages, Borrower fails to respond to Lender within 30 days atter the date such notice ; is mailed, I.ender is authorised to collect and apply the proceeds, at Lender s option. either to restoration or repair of the ; Propercy or co the sums secured by chis ~iortgage. _ Unless l.ender and Borro~ver othen,rix agree in wrieing, any such application oE proceeds to principal shall not extend or postpone the du~ date o[ the monthlr installments re[erred to in pangraphs 1 and 2 hereoE or change the amount oE ' s such insullments. 10. Bormwer Not Relaue~d. Excension of the time fos payment or modi[ication oE amortization of the sums secured b} this '~tortgagc granted bv Lender to any successor in interest of Borrower shall not operate to release, in anp manner, ; the liability oE the original Borrower and Borrower's successon in interest. Lender shall not be required to commenc~ proceedings ap,airut such wccessor or refuse. to extend time Eor payment or otherwise mocfit~ amortization of the sums se- cuted by this \iortgage b7 reason of any demand made by tht oriRinai Borrower and Borrower s successors in interat. ll. Forbtataoce br Lrnder Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othenvise a(torded br applic~ble law, shall not be a wai~er o( or preclude the exercise of any such right or mmedy. The < procurement oE insurance or the payment of axes or other liens or charges by Lender shall not be a waieer ot I.ender s 3 right co accdmte [he macuricp of ehe inciebcedness secured by chis A~ortgage. ~ lY. Remedies (~mulatire. All remedia pm~ided in this \1ortRaRe arc distinct and cumulative to at~}• other right or remedc under this ~tortRage or aEforded by law or eyuity, and may be exercised concurrently, independenth~ or suttessi~•ely. : € 13. Succe~arois and Asigm Bouad; Joint and Stveral Liability; Captiona. "The co~•euants and aqreements herein ' contained shall bind, and the rights hereunder shall inure to, the respective succeswrs a~~d assigns of I.ender and Borrower, ~ subject to the pro~•isions o( pangraph 17 hereoE. All co~enants and aqreements ot Borrower shall be joint and several. The - captions and headings of tht paragraphs of this ~tongaqt are for com•enience only and are not to be uscti to interpret or ~ define the provisions hereoE. ? . 14. Niotic~e. Faccept for any notice requireci under applicable law to be given in another manner, (a) an~ notite to BormMer procided for in tbis ~fortgage shall be giren by maileng such notice by certi[ied mail addressed to Borrower at the Properey Address or at such other address u Borrower ma}• designate by notice to Lender as pror•ided herein, and (b) ? any notice to Lender shall be given bvi cereified mail, return receipt requested, to Lender's address stated herein or to such ~ other address a3 Lendtr may designate by notice to Borrowrer as pro~ided herein. Any notice pro~•ided for in this \tortgage shall be deemed to have bten gi~•en to Borrower or Lender when gi~~en in the manner designated herein. 'i 15. Unifam :Hortgagt; Go~erning I~~r; Se~erabilit~. This torm of mortgage combines uniform co.•enanu for na- tional use and non-uniform co~•enants with limited variations by jurisdiction to constitute a unitorm securit) instrument j co~•erinq real Property. This \tortgage shall be go~•erned by the law o[ the jurisdiction in which the Property is located. ' In the ecent that anr pro~•ision or clause ot this ~tortqage or the Note conflicts with applicable laM, such conflict shall not ~ ~ atfect other pro~isions of this \~ortgage or the lote Nhich can be Riven etfect without the conflicting procision, and to ~ ~ chis end the pro~•isions oE the ~torcgage and [he Note are dedared to be severable. + 16. Borro~rels Cop~. Borrower shall be furnished a conformcd copy of the \ote and of this \tortqaqe at the time ; ot execution or afttr recordition hereof. ' 17. Tran~fer of the Property; Aseumption. If all or an} part of the Property or an incerest therein is sold or trans- ; ~ ferred by Borro~rer without Lender's prior wriuen consent, accludinq (a) the creation of a lien or encumbrance subordinate ~ ~ to this ~tortgage. (b) the atation of a purchase money security interest tor household appliances, (c) a transter b} devise. , descent or by operation of law upon the death of a joint tenant or (d) the qrant of an}• leaschold interest of three years or ? € less not containing an option to purchase. I.euder may, at Lender's option, declare all the sums secured by this ~fortqage to ~ be immediately due and payable. Lender shall have waived sach option to accelerate i(, prior to the sale or trans[er, Lender and the person to whom the Property is to be sold or transferred reach aqreement in Mriting that the credit of such person ~ is satistactory to Lender and that the interese pa}able on the sums secured by this ~ltortRage shall be at such rate as L.ender ~ shall requat. If Lender has waived the option to accelerace provided in this paragraph 17, and if Borrower's successor in ~ intetest hu executed ~ written assumption a~{reement accepted in writing by I.ender, Lender shall release Borroher from ; all obligations under t1~is Afortgage and the Note. , e If Lender e~cercises such option .to accelerate, Lender shall mail Borrower notice of acceleration in accordante with j ~ paragnph 14 hereof. Such notice shaU provide a period of not less than 30 days [rom the daee the notice is mailed wiehin s _ whith Borrower mav par the sums declamd due. If Borrower fails to pay such sums prior to the expiration of such period. ~ I.ender may, without further nocice or demand on Borrower, ina•oke any remedies permitced by paragraph 18 hereof. ~ 1\'or-Ur~~on~ Cov~~wxrs. Borrower and Lender [urther covenant and agree as tollows: l8. Aecelmeion; Remedies. Faccepe aa prorided in pangnp6 17 hereof. upon Borrower's breach o[ wy rnrenanc or ' agrcemm[ o[ Borro~rer in this Morcgige. induding tLe rn~enants to wr w6en due any sums secured bp chia Mortgage, : ~ I.ender prior to xcekneion ihall mail noeice to Borro~+er as provided in pangnph 14 hereo[ speci[ying: (1) the bnach; ~ ~ the xtion required to cure auh brrxh; (3) a date. aot ks than 30 da>+s trom the date the notice is mailed to Borrower~ ~ b~r ~v6ich such brcach muse be cured; and (4) tLat tailure eo cure such brcach on or before the date specified in ttu notice may : mult in acaelmtioo o[ t6e wms secured br this ~fongage, toredown by judicial proceeding and sale oE ttx Property. The ~ noeioe ~hall fnrtber in[orm Borrowrr o[ ~Le right eo reinuate a[eer acceleracioo and che rig6t to aaeert in the (oreclosure ' ~ p~+oceeding tLt non-ezistence of a de[ault or an~ other dtfense of Borrorrer to accelention and foreclosure. If tht brpch is ~ ~ not cnred o0 or before tbe dace specified in tbe no[ice, Lender a[ I.ender's opeion may drdare all of the wms secured by this - Mottgage to be iaunediately due and parabk ~rithout further drnund and ma~ [oreclox this Mortgage b~ judicial proceed- ~ it~. L,eoder t6a11 be entitkd to collece in wch proceeding all ezpenus of foreclowre. including, but not limited to, reaqn- y able attorneYs fees, and caas of documentary rridenu, abstru[s and tiUe nports. i 2 ; BJRx ~~3 PacF 3~ ~ 1 ~ ~ . . . . _ _ . - . . _ _ ~ _ . _ . _ ~ - - . . a , . _ .