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HomeMy WebLinkAbout0645 I.ender's written agreement or applic~ble law. Borrower shall pay the amount of all mortgagc insuranre premiums in the man~er provided under paragraph 2 hereof. ~ • ° ' - ' ' , , Any amounts disbursed by I.ender pursua~lf .to this para~apM 7, with interest thereo~, shall becamc additional 'indebtedness of Boriower secured by Ihis Mortgage. Unlccc Borravrer and 1_ender agrcc to other terms of paymcnt, such amounts shal) be payabk upon notice from I.ender to Bor~ower requesling payment thcreof, and shall bca~ intcre~t fram the date of disbursement at the rnte payahle from time ta time ao otrtstanding prenc~pal under !he Note unless payment of i~ttrest at such rate would be contrary ~a applicable law•, in which event such amounls shall ~ea~ interest at the highest rate permissible under applicable law. Nothiog contained in this paragraph 7 shall require I.ender to incur a~y expense or take any action hercunder. 8. taspectfon, I.ender may make or cause to be made reasonable entriec upoo and inspections of the Property, provided that~t.ender shall give Barrower ~otice prior to any such inspection s~x:cifying reasonable rause therefar related to I.ender's - interest in the Property. 9. CoademnaHoo, 'il~e proceeds of any award or cfaim for damages, direct or con~equential, in co~neciion with a~y condemnation or othtr taking of the Properly, or part thercof, o? for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to I_ender. In the event of a total taking af thc Propcr~~•, the prcx;eeds shall hc applied to ~he sums sccured by this Martgage. with the excess, if any, paid to Borrower. To Ihe cvent of a partial taking of thc Property, unless Borrow~e~ and I.ender otherwise agree in writing. there shall be applied to the sums secureJ by this Mortgage such proportian of the proceeds as is equal tu that proportio~ which the amount of the sums secured by this Mortgage immediatelp priar to the date of taking bears to the fair market value of the Proprrtp immediatety prior to ihe date of taking, with the batance af the proceeds ~ paid to 8orrower. If thP Properly is abandoned b~~ Borrow~er. or if. after notice by i-ender to Bormwer that the condemnor offen to make an award or setHe a claim for damages, Botrower failc to re+{x~nd to 1_ender within 30 days after the date such notice is mailed. I.ender is authorized to collect and apply the proceeds. at t.ender c option. either to restoration or repair of the Prapeny or to the sums securcd by this Mortgage. Unlecc I_ender and Borrow•er otherwise agr~e in writing. an}• such application of proceeds to principal shall not extend or poslpone thc dae date of the monthly installments refe~rcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Rekased, Fxtension of the time for payment ar modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccessor in intrrest of Borrower shall not operate to release, in any manner, the liability of the original Borrow~er and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to ex~e~d time for payment or otherw•ise modify amortization of the sums secured hy thic Morigage by reasoo of any demand made by the oriqinal Bormwer and Borrower s succestors in interest. 11. Forbearonce by i.ender Not a Wairet. Any fc?rhearancc h}• Lender in exercising any right or remedy hereimder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the eYercise of any such right or remedy. The procurement of inwrance or the payment of taxes or other tiens ar charges by I_ender shall not he a w•aiver of Lender s right to arcelerate the maturiry of the indebtedness secumd hy thic Mortgage. l2. Remedies Cumulative. All remedies pm~~ided in this M~rtgage are distinct and cumulative to any olher right or remedy under this Mortgage or afTorded by IaW~ or equity, and ma}~ be exercised concurrently, independentiy or successively. 13. Successors and Assi~os Bound; Joint and Sereral I.iability; Captioos. The covenants and agreements herein contained shall hind, and the riRhts hereunder shall im~re to, the respective successors and assigns of I_ender and Bormwer, subject to the provisionc of paragraph 17 hereof_ All covenants and agreementc af Borrower shall be joint and several. The captions and headings of the paragraphc of this Mortgage are for convenience oniy and are n~t to be ~sed to interpret or define the pravisions hereof. • 14. Nofice. Ezcept for. any notice required unc~er applicable law• to be given in another manner. (a) any notice to BorroWer provided for in this Mortgaee shal) he given by mailing such notice by certified mail addreszed ta Borrow•er at the Property Address or at such other address as Bormw~er ma~• designafe by notice to i.ender as pro~•ided herein, and (b) any natice ro Lender shall he given by certified mail, retum receipt requested. to I.enders addre~ stated herein or to such other address as Le~der may designate by notice to Borrovver as provided herein. Any notice provided for in this Martgagc shall he dcemed to have been given to Borrower or l.ender when given in the manner designated herein. 15. Unifo~n 1liort~a~e; Governin~ Law; Se.•era6itii~. This form of mortgage combines uniform covenants for nateona! use and non-uneform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering real property.. This Mortgage shall be governed hy the law• of the jurisdiction in which the _Property is located. In the event that any provision or clause of this Mortgage or the Note co~flicts w•ith applicable law, such conflict shalf not affect other provisions of this Mortgage or the Note which can be given effect withoert the conflicting provision, and to lhis end ihe provisions of the Mortgage and the Note are Jeclared t~ be severablc. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Notc and of this Mortgage at the time of execi~tion or after recordation hereof. 17. Transfer of the Property; Assumption. IF ati or an}• part of thc Property or an irtterest therein is so]d or transferred by Borrower without Lender s prior written consent, ercluding (al the creation of a lien or encumbtance subordinate to this Morigage. (b) the creation of a purchase mone~~ cecurity interest for hausehold appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d~ the grant of any Ieasehotd intetest of three years or less not containing an option to purchase. ~ender may, at Lender's option, declare al! the sums sectired by this Mortgage to be immediately due and payable. I_ender shall have waived such option to accelerate if, prior to the ~ale or transfer. Lender and the person to whom the Property is to be soW or transferred reach agreement in writing that the credit ~f such person - is satisfactor}• to Lender and that the interest payable on the sums secored by this Mortgage shali be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in i interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all ' obligations under this Mortgage and the Note. ~ if I_ender exercises such option to accelerate. I.ender shall mail Borrow~er notice of acceleration in accordance with _ paragraph i4 hereof. Such notice shall provide a perioc! of not less ~han 30 days irom the date the notice is mailed within w•hich Borrow~er may pay the sums declared due. If Borrower fails to pay such sams prior ta the ezpiration of such period, ' ` . Lender may, without furiher notice or derriand on E3orrower, invoke any remedies permitred by paragraph 18 hereof. 3 Norr=UK~FOxt~t Covix~N7s. • Borrower and Lender funher covenant and agree as follows: ' ' 1$. Acceleration; Remedies. E:cept ~ provided in para6raph 17 hereof. upon Borrowe~s breach of any cove~wnt or ' agroement of Borrower in this Mort~sige. iaclud~ the covenants to pay when dne anY soms secnred by this MoHgsge, Leader ~ plrior to sccekntion s6aU msil aotice to Borrovrer as pmvjded io paragraph i4 heteof specifying: (1) tbe breach; (2) the action rrquired to cure socb breac6; (3) a date, not Iess than 30 days fmm the dste tbe notice b mailed to Borrower, by whic6 wcb ' breac6 most be curcd; aod (4) that failure fo cure stich breach on or before the date speci6ed ia the aotice may resdt in ~ sccekrsition of tl~e snms secnred by thts Mortgage, forecbwrc by judicfal proceeding and sak of t6e Property. 'ILe notice ' shall furWer iaform Borrower of tbe right to reinstate sfter accekration And t6e tight to a~ert in t6e forecbsure proceedlug t~e nont=ktence of a defaolt or aoy other defense of Borrower to sccekration and foreclosure. [f the bteach Ls not cured o0 or befare tbe dste speci6ed in t6e notice, Lender at Gender's option may declare sU of the sa~ secnred by this Mort`aLe to be ' immediatdy due and p~yable v?ithoot fuM6er demand and may forecbse this Mortga~e 6y judlcia[ proeeedi~. Lender sball j be eot~ded to co~ect ia suc6 proceeding all e:peoses ot torecbsurc. including. but rat l~mited to, rcasounbk ~toroey'a fees, ~ and cods oE documentary evideace, abstrscts snd titk nports. { 19. Borrowe~s Rf6bt to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, _ Borrower shall have the right to have any proceedings hegun b~ I_ender to enforce this Mortgage discontinucd at any time 1 gooK 284 PaCE 645 ~"z'~t'"'.~~~":~'~..`-,¢~3,".~'~-'..._-~...- _-r.... I - _ _ ~,sa++a .