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HomeMy WebLinkAbout0004 aRrermrot or applicable law. Borrower shall pay the amount of all mortgaqe i~isurance premiums in the manner provided under paragraph Y hereot. Any amounts disburscd br l.toc~er pursuant to this paraRraph 7, with interest the~eon, shall become additional in- debtedness oE Sorrower secural bY this Atortgage. Unless $orruwer and l.ender agree to other terms of payment. such amounts shall be payable upan notice t~om i.cndc~ to Bortower requtsting payment thereo(, and'st~aq t~ear interat irom cl~e date of disbursement at the rate payable t~om time co timc on outstandinR principal under the ~ote unlcss payment ot interest at such rate would he caiurary to applicable law, in which event such amounts shall bear interest at the highest _ ratt permissible under applicable law. Nothing coutaincd in this paraqraph 7 shall require Lender to incur a~y expenx or ~ ~ake any action hereunder. 8. In:pection. Lender may make or cause to be made reasooable entties uFx?n and inspections of the Propertr, pro- eideci that Lender shall give Borrower notice prio~ to any such inspection specifying reasonablc .cause therefor ~tlated to Ixnder's interest in the Propcrty. 9. Condannation. Tht prae~ecls oE anp award or claim for damages, dirett or conscquential. in connection with any condemnation or other taking of the Property, or part thereof, or tor convcyance in lieu of condemnation, arc hereby as- signetil and shall be paid to Lender. In the event oi a total takiag o[ the Property, the proceeds shal) be applied •to the sums secured by this \tortgaqe. with the excess, if any, paid to Bono~er. In.the e~znt o( a partial taking ot the Property, unless Borrower and Lender - otherwise aqree in writing, there shall be applied. to the sums secured bv this Mortgage such proportion of the procecds a; is equal to that proportion which the amount of the sums secured bp this ~Iortqaqe immediately prior to the date of uking bears to the tair market ~~alut of the Property immedia~ely prior to the datc of taking, with the balance of the pto- ; ceeds paid to Botrower. I( the Proptrtr is abaodoned by Borrower, or i[, aEter notice by Lender to Borrower that the condemnor o[ters to make an award or settle a claim [or damages, BorroNe~ faits to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceecls, at Lender's option, either to restoration or repair o[ the Property or to the sums secured by this \fottgage. Unless L.ender and Borrowet otherwise agree in writing, any such application of proccrds to principa! shall not extend or postpone the due date oi the monthly installments re[ernd to in paragraphs 1 aiid 2 hereof or chanRe the amount of i i such installmrnts. 10. Borrower Not Released. Factension oE the time tor payment or moditication oE amorciration of the sums secured b}• this ~tortqage granted by Lender to any successor in ioterest of Borrower shall not operate to releasc, in any manner, the liability of the original Borr~wer and Borrower's successon in interest_ Lender shall not be requirea to commence proceedinRs against such successor or re(use .to extend time for payment or othen+ise m«li[y amorti:ation o( the sums se- cured hy this \fortgaRe by reason of any demand madc by the original Borrower and Bonower s successon in interest. ll. Forbearance by Lender Not a Waiser. 4ny [orbearance by Lender in exercising any right or mmedy hereunder, or other~sise af[orded by applicable law, shall no[ be a waiver or preclude the erercise of any such riRht or mmedy: The ; procurement of insunnce or the payment o( taxes or other liens or charges by l.ender cha11 not be a wairer of I.enders ~ right to accelerate the maturity o[ the indebtedness secured by this Mr?rtgaRe. ~ ~ 12. Remedies Gtimulatire. .111 remedies pmvicled in this \fortRaRe are distinct aud cumulati~•t to at~r• other riqht or i remcYl}• under this MortRaqe or atforded by law or equicY, and ma} be exercised concurrentl~•, inde~e~ideneh• or successively. - 13. Successon and Aasigns Bound; Joint and Several Liabilitp; t~ptions. "1'he co~~enants and aRreements herein contained shall bind, and thc rights hereunder shaU inure to, thc respecti~e suacssors aud assigni of l.ender and Borrower. L subject to the pro~~isions of paraRraph 17 hereof. All co~•enants and ap,reements of Borroher shall be joint aud several. The j captions and headings oE the paragraPhs of thes ~tortgage are for com•enience only and are not to be used to interpret or deiine the provisionx hereoL ~ l4. Notice. Except [or any notice required under applicable law-to be given in another manner, (a) any notice to ~ Bormwer provided (or in this ~tortgage shall be gi~eo by mailing such notice by certifieei mail addressed to Borrower at the ProPert} Address or at such other addreu as Borrower may designate by notice to I.ender as pmti•ideci herein, and (b) any notice to Lender shall be giveo by certified mail, return receipt requested, to Lender's address stated herein or to such oeher address as Lender may desi}mate by notice to Borrorver as pro.~ided hemin. Any notice pro~~ided for in this ~fortgage ~ shall be dcemed to ha~~e been given [o Borrower or L.ender when gi~~en in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This torm o[ mortgage combines uni[~rm co~•enants for na- tional use and non-uni[orm co~•enants with iimited ~•ariations by jurisdiction to mnstitute a uniform security instrument co~~ering real property. This ~fortgage shal! be governed by the law o[ t~e jurisdiction in ~hich the Propert~ is located. in the event that any provision or clause o[ this ~tortgaqe or the Note con(licts Mith applicable law•, sLch con(lict shall not a(fect other pro~isions oE this ~1ortRaqe or the tiote which can be Ri~•en e[tect without the conflictinR provision, and to this end the pro~~isions oI the \fortt{age and the Note are declared to be sez~etable. 16. .Botrower's Copy. Borrower shatt be furnished a conformed copy~of the ~ote and of chis liortRa~e at the time ot execution or after recordation hereoL 17. Trans[er ot the Propertv: Assumption. If a11 or any ry~rt of the Propert}~ or an interest therein is sold or trans- (erred by Borrower without Lender's Prior written consent, excludinR (a) the creation o[ a lien or encumbrance subordinatc to this ~tortRaRe, (b~ the tteation of a purchase money security interese for household appliances. (c) a transfer by deeise,_ descent or bti operation o[ law upon the death of a joint tenant or (d) the qrant of am• leaschold interest of three pears or leu' not _containing an option ro purchase. I.ender may, at Lender s option, declare all the sums secured by this ~tortRage to be immediately due and payable. Lendet shall haa•e waived such option to accelerate it, prior to the sale or transfer, Lender and the person to whom the Property is ta be u~ld or transferred reach aRreement in writing that the credit oi such person is satisfactory to Lender and that the interest PaJ•able on the sums secured by this ~tortp,aqe shaA be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in ehis para~{raph 17, and i[ Borroaer's successor in interest has executed a written assumption aqreement acceptecl in Mriting by L.ender, Lender shall release Borrower trom all obligations under this ~totq{aqe and the !~ote. I( Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paraqraph 14 hereof. Such notice shall pro~•ide a period of not less than 30 days from the date the notice is mailed within which Bonower may pay the sums dedared due. If Borrower Eails to pay such sums prior to the expiration ot such period. ; Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paray,raph .18 heieof. ~ 1\or-Ur.~FOR~t COYENAH'iS. BOfrOwCi aRd I.CfI(Itf [urcher covenant and agree as toitows: 18. Acceleration; Remedies Except as provided in paragraph 17 hereof, upon Borrower's breach o( any carenant or agreement of Borrowa in this Mortgage, including the coveaants to pay whrn due any sums secured by t6is 1?fortgage, Ltader prior to accderation atull mail notice to Borrower as pro~ided in paragra~h 14 hereof speci[ying: (1) the bnach; s (Y) the action required to cure such bteach; (3) a date, not k~s :han 30 days trom the date the notice is mailed to Borrower. b~ which suct~ breach must be cured; and (4) th.it (ailure to enre such breach on or before the daee specifitd in ehe notice m~y rcwle in acceteraeion of the ~ums eecured br this Aiortg~ge, [oredawre by judicial proceeding and sale o[ ehe Propertr. The notict shall funher in[orm Borrower of the rig6t to reinstate aiter ucdention and the rig6t to aasert in the [oreclosure proceeding the aon~eziuence of a de[ault or anr other defense of Borrower to acceleration and foreclosurc. If the breach is not cwed on or betore the daee specified in the notice. L,euder at Lender's option may dedur al! oE the sums secured by this ~ Mort~aqe to be immediately due and payable with~t further demand and may foreclox this Mortgage by judicial praeed• t ing. Lender shall be entidect to collect in such proceeding all expenscs o( foreclowre, including, but not limited to, rea~on• abk attorntp's fees, and cow o[ documentary evidmce. abstracts and title reports. 600K ~04 PAf,E ~ ~ ~ - - - - - • ~ ~ 'ti3 Y f,:,, ~ e~ p ~~a~*"~ si . Y~+.x . .