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HomeMy WebLinkAbout0919 . ~ I.emier's writtcn agrcement ar applirable luw. Botrower shall pay the amuunt uf all mortgage i~surance premiums in the . manner providcd under parug~aph 2 hercof. Any amounts disburscJ by I.cnJer purcuant ~o this parag~aph 7, with inlerest thereon, shai) become additional indebtedncsc ~~f Bor~oH•cr sccurcd by Ihi~ Mongage. Unle.c Borrawer anJ I.cnJer agn,~c to othe~ terms of payment, such am~uMs shall he payahlc uE+on natirr f~~m I.cndcr ti~ Borrowrr rcyursling paymrnt thereof, and chall hea~ interest fram the _ date of disbursement at the ratc payahlc (mm timc to ~ime on aulstanding principal under the Note unlecs payment of interest at such rate wauld be coMra~~• to applirable law, in which event auch amouMs shall hear interect at Ihe highest ratt permissihle unde~ applicablc law. Nulhing contained io this parag~aph 7 shall requirc I.ender Io incur any expense or take any action hcreunder. - Inspeclioa. I.ender ma}~ make ~,r ra~~.c to he made rca.onahle cntriec upc~n and inspection~ of the Property, provided that t.ende~ shall give Borrower nolicr pri~~r to any such in~pection specifying rcasonable cause therefor related ta l_ender s intCrcN in Ihe PfopCrtY. 9. Condemnatbn. The pmcred< .~f am• aw a~d or claim for damaees, direct or consequential. in cannection with any condemnatian or Mher taking of thr Properry. ~x part thereof, or fi?r conveyance in lieu of condemnation, are herrby ascigned and ~hall bc paid to I.cndcr. In the event of a total taking of thc P~o~xrtp. thc ~ro.:~~ds ~hall t+c applied to the soms sccured by thic MoNgage. ~vith the erccss, if any, paid to Bormwcr. ln thc evcnt .~f a partial taking ~~f thc Pra~+erty, unlcss Rorrower and I.ender o~herwise agree in writing_ therc ~hall he applied ti~ ~he .umc ~ecurcd h~• thi~ MortRage such proportion of the proceeds as is equal to that pm~rtion which the amoun~ af the tum~ tiecured h~~ this Martgage immediately prior to the date of taking lxars to the fair market valuc of thc Pm~xrt~• immcdiatel~• prior to the date of ~aking, with the balancc of the proceeds paid to Bor~ower. ~ • lf the Pmperty is ahandonc.l by Borrower. ~r if. :~fter noticc hv l.ender to Borrower that the condemnor offers ta make ~ an award o~ uttle a claim for damageti. R~~rn~wer fail. ~n re~pe.nd to l.ender within 30 da}~s after the date such notice is ~ mailed. Lender is authorized to collect and appl~• ~he procecds, at I.ender'~ option, either to rectoration or repair of the Propen~~ or to the sum. securcd M• ~hiti ;11~rtgaec. Unlest l.ender and Bo~m~~•er othen~•i:~ agrec in ritine. am• such appliratic•n of prexeeds to principal shall not extend or ~~stpone the due date of thc mon~hh• installmrnts rcferrcd to in paragraph~ 1 and 2 hercof or change thc amount of ~uch installments. 10. Borrower Not Released. Extension ~~f the time for pa~•ment or modification of amnrtization of the sumc secured by this Mortgage E~ntcd h}• Lender t~. am• wrcc~~or•in intrrect of Rorrouer ~hall not o~xrate to relcase, in any manncr. thc liabili~y af the ~rieinal Bormwcr :?nd R~•rn~w•cr'~ surcesc~.rc en intcrest. i.ender ahall not bc mquircd to c~mmcnrc prcx:eedings against such successor ~r refu.e t~ crtenJ time for payment or othen.•ice modify amortizat~~~n of thr .ums ~ecurcd b}• this Mortgage bY reason of am• dcmand made bc the oneinal Borrower and Borrowers succe~cors in in~cre~t. 11. Forbearance 6y Ixnder tiot a Wai~~er, :1ny f~rtxaran~r h~• I.ender in erercising am• right or remedy hercunder. or othenerise afl'orded by applicable law_ shall nc.t lx a waieer of or preclude the exercise of an~• such right or rcmedy. The procurcment of insuranrc or the payment nf ta~cs c.r other liens or charges by I_ender thall not he a waiver of l.endcrs right to aceclerate the maturity af the indebtedne.~ cecurcd h~• thic Mortgage. 12. Remedies Cumulative. All rcme~liec pm~•ided in thic Morigage are distinct and cumulative to anp ~~ther right or remeJy imdcr this Mortgage or aif~rdrJ M• law• c.r ~quit~~_ :?nd ma)' he exercixd rnncurrentl~~. independentl~• or s~rc~c~si~•el~~. 13. Successors and AcsiRns Boond; Joint and Se~eral I.iabilit3; Capdons. The covenants and agrcements herein rnmained shall bind, and the riRhts henunder shall inure to_ the respective succecsorc and ascigns of i.ender and Borrov?•er. subject to ~he provisionc of paragraph 17 hercoL All coecnams anJ agreements of Borro~~•er shall be j~int and ~everal_ "Il~e captions and headings of thr paraeraph. ~~f thie Mortgage arc for convenience only and are n.~t ti, be uted to interpret or definc thc prmisiont hcreof. 14. Notice. Except for any m~~i« reyuircd under applicable law• to be given in another manner. (al am notice to Borrow•er pmvided for in this 1~1i?rtga~c ehall he given h}• mailing ~uch notice by certified mail addresced to B~rm~~~er at the Propert)~ Address or at such u~her addrcc. as B~.rr~.wer ma~~ decignate M' notice to Lender as pmvided herein. and 1hl an~• notice to Lene(er shall hr giv~n h~° certifir~l mail. return receipt reque~ted. Io l.enders address stated herein ar to such other addresc as Lender ma~• de~ienate h~• n~tire to RorroNCr as provided herein. Any notice pmvided for in this Mortgage shall he dcemcd to ha~•c lx:en gn•cn to R~rn•~~~rr or L~nder w~hen gi~en in the manner designated herein. 15. Uniform Mort~a~e: Co~•ernin~ iaw; Se~erobilih. Thi~ form of mortgage combines uniform covenantc for national ; use anJ non-uniforsn cn~enantc with limited ~~ariati~~ns M- jurisdiction to constitute a uniform security instrument rnvering ; real property. This htortgage shall be governed h~• the laW~ of the juricdi~tion in which thc Property is located. In the E event that any provision .~r clau~e of Ihi. M~rtgage ~v the 'v`ote ~onflictc ~cith applicable law, such conflict shall not affect : other provisions of ~his Mortgage ur thr N~~t~ Hhich ran be given efiect without the conflicting provision, and to .this end the pm~~itions of ~he Mortgage and the tiole arc ~Icclared to he ~everable. ~ 16. Borrower's Copy. Bormwer ~hall hc furni.hc~l a c~mformed ropy of thc Notc and of this Morlgage at the time of execution or aftcr recordation hercoL , 17. Transfer of the Propert~•; Atcun~plion. tf ali ~.r an~ part of the Pn~pcrty or an interest thercin ie sold or trancfcrrcd ~ by Borrower without I.ender's prior wrin~n ~~.ment_ e~cluding la1 the crcation of a lien or encumbrance sut+ordinate to this Mortgage. (h) the creation nf a pur:h:~c~ m~~nc~ .eruri~~- interest f~r household appliances. Icl-a trancfer h~~ de~•ise. descent or by operation of la~~ upon the dcath i~f a j~~int tcnant or (di the grant of am• Icasehold interest of threc }-cars or lecs not containing an option to purchase, Lender ma~•, a~ Lender'~ option, declare all the sums secured br this !?lorteage to 1?e immediately due and pa}~able. 1_ender shall have ~+:u~~ed such option to accelerate if. prior to the ~ale or ~~ansfer. 1.enJer and the person to whom the Pmperty ic t~~ tx :ol.l ~~r ~ransferred reach agreement in writing that thc cre~iit ~~f .urfi person is satisfactory to t.ender and that the interc.t pa~~able on the sumt secured b~~ thic Mortgage shall be at such rate a. Lender shall reqaest. If 1_ender has waiveJ the option to accelerate pmvided in this paragraph 17, and .if Borrawer', ,ucce~sor in interest has executed a written ascumption agreement accepted in writing b} I_en~ler. Lender shall release Borrow•er from aU obligations under this Mortgage and the Note_ If i.ender exercises such option to acceterate. I.ender shall mail Borrower notice of acceleration in acrnrdancr :+i~h •a paragraph 14 hereof_ Such notice shall provide a pcric?d ~~f not less than 30 da)'~ fmm the date ihe notice is mailcd .4ithin ~ which Borrower may pay the sums declared due. If Borrower fails to pa~~ such sums prior to the expiration of tiuch ~?en.xl. Lender may. without further notice or demand on Knrrower. invoke an~- remedies permitted b~~ paragraph 13 hereof. ~ No[v-UtviFORt~t CovEV~rvTS. Borrower and I_ender further cavenant and agree as follows: ~ l8. Accderatan; Remedies. Except ac pro.•ided in pa~raph 17 hereof. upon Borrower's breach of any covenant or ~ ~greement of Borrower in this Mortgage. includi~ the covrnants to pay w6en due any surres secnred 6y this Mort~age. Lender ~ prior to accekration shall mdl notice to Borrower as Provided in paragraph 14 hereof specifying: (1) the broach;l2) the action ~ requircd to enre such breacb; (3) a date. not less than 30 days from tbe date the notice is maikd to Borrower. by which suc6 ~ breach mwt be cured; aad (4) Ihat failurc to cure such bnach on or before the date specified in the notice may result in ~ accekration of t6e sams secnrcd by tbis Mortgaqe. foreclosure by judicial proceedin~ and sale of the Property. 71~e notice ~ shall furtber inform Borrower of tde right to reinstste after accderation and the rig6t to assert in the forecMsurr proctedi~ ~ t6e aoa-e:islence of a defauN or any other defense of Borrower to acceleration and forecbsure. If the brcach is oot cared on or 6efore the date specified in t6e notice. [.ender at I.ende~'s option may declare a0 of the snms secnred by thi~ MortgaRe to be ~ immediatdy due and payabk without fu~iher demand and mav foreclose thiS Mortga~e by judicW proceedinR. t.endtr chall be eatitled to collect in soc6 proceediog all e:penses of foreclosurr. includiug, but oot [imifed to, reasonabk anorney's fees. and cosfs of doeumeatary evidence, abstrrcts and titk rcports. 19. Borrower's Ri66t to Reinstate. Nntv?•ithstanding I.encler s acceleration of the sums secured by this Morigage. Borrower shall have the right to have any proceeding, hc~un hy I.ender to enforce this Mortgage discontinued at any~ time ~ E~k K 285 ~A~E 9~7 ~ - - ~ - - - - . _ . .