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HomeMy WebLinkAbout0392 Z `i / - , ~ • • . . l.ender's writ~cn agreement or applicablc law. Borrowe~ shall pay the amount of ail mortgagc insurance premiums in the manner providcd under paragraph 2 hercof. Any amounts disbursed by I.ender pursuant ta this paragraph 7, wiih intcrest thereon, shall become additional indehtedncss i~f Borrower securcd hy this Mortgage. lJnlccs Borrawer anJ L~nJer agrcc t~i other terms of payment, such amounts shall hc payable u{x~o notirc fmm I.cndcr to Barrowcr rcquccting paymcnt Ihcre~~f, and shall hear interest from thc Jate of ~lisbursement at the ratc payahlc fmm timc to time on outstanding principal under thc Note unless payment of interest at such rate wauld be contrary ~o applicable law, in which event such amounls shall t~ear interest at the highest rate permis,iL1~ uad~: applicablc fa.v. Nothing contained in Ihis paragraph 7 shall rcquim I.ender to incur any expense or take any action hereunder_ 8. Inspeetioo. i_ender may m:ike or rause to 1?e made reaconable enlreec u~xm •rnd inspectionc of the Properly, provided that i.ender shall givc Bor~awcr noticr pri~r t~~ anp such i~spection specifying n:~sonable cause therefor related to I.ender's interect in Ihe Property. ' 9. Coademnntb~. The pmceedc of an~• ati•ard or claim for ciamages. direct or coneequential, in con~ection with any condemnation or other taking of the Pro~rty, or part thercof, or f~r conveyanre in lieu of condemnation, are hercby ascigned anci shall t+c paid to I_ender. ln ~he event of a tota) taking of the Pmpert~~, the pnxeeds chall he applieJ to the sums secured by thic Mortgage. with the erccss, if any, paid to Barrow~er. 1~ 1hc event of a partial taking of thc Property, unless Bo~rowcr and Lender ~~~herwise agree in writinR, therc shall he applied to thc ~umc securcd b}• [h~, Mortgage sucfi proportion of the proceeds as is equal to that proportion which the amount nf the cum~ tiecured h~~ thic MortKaRe immediately prior ta the date af Iaking hears to the fair market value of the Pro~xrty immrdiately pri~~r to the d:tte of taking, w•ith the balance of the proceedc paid to Borrower. if the Property is abandoncd by Borrow•cr. or if. aftcr n~tice by I.cnder to Borrower that the condemnor offers to make an awrrd or SetUe a claim f~r damages, Bormwer iaih a. r~~~x~nd t~~ 1_ender within 30 days after the date such notice is mailed. Lencler i~ aiithorizcd to colle:t and apply thr pr.~?ceed~. at Lender ~ option, either to resroration or repair of the Property or to the s.~ms sc~ured h~~ this rtongaec. Unlesc Lender and Borrower otherw'iu aeree in ritinc_ am• such applicatii•n of proceedc to principal shall not extend or postpone the due date of thc momhh• i~ctallmcnts rcferrcd to in parag~apht 1 and 2 hercof or change the amount af ~uch installments. ' 10. Borrower Not Releascd. E~trnsion ~f the time fi~r pa~~ment or modificati~~n af amortization of the sumc secured by this Mortgage granted b~ l.ender to an~~ wcce~u~r in imcre~t of Rormw•cr tihall nrn o~xrate to rclease. in any manner. the liahility of the orieinal Borrower and Borrow~er'. surces,or~ in interett. 1_ender shall not be required M commencc proceedings against such ~uccessor or refute to erten.l time for payment or otherw•ice mcxlify amortization of thr ti~ims secured by thie Mortgage by reason of :m~~ demand made b~• the orieinal Rarmwer and Borrower s~ucce~~orrc in intere~t. U. Forbearance by I.ender hot a Waivee :1m~ f~nc~arance hy Lrnder in erercising ~m• right or remed~~ hereunder. or atherwise afTordecl b}~ applicable law. chall n~t Fx: a w:+~v~r c,f or preclude the e~ercise of am• such right or remedy. The procurement of insurance or the payment af ta~ct or other liens or charges b}• I_ender shall not hc a H~aiver of l.ender's . right t~ accelerate the mawrity of the indehtedne~s ~cured M• thi~ Mortgage. 12. Remedies Cumulative. All rcmcdies pm~•idcd in thic Mortgagc are distinct and rumulativc to an)' ~ther ri~ht nr remedy under this Mortgage or afTordrd M• law~ or eyuit}•. and may be e~erciced concurrcnth~. independently or succe~sively. 13. Saccessors and Assi~as Bound: ]oinl and Se.eral I.iability; Captions. Thc covcnants and agrcement~ hcrein contained shall bind, and the riRhts hercunder shall inure to_ the recpective succe«ors and assigns of Lende~ and Borrower. subject to Ihe pmvisions of paragraph 17 hcrcoL All covcnants and agrecmentc of Bormw•cr shall he joint and several. 'il~e captions and headings of the paraeraph~ of thit I?lortgage are for comenience only and am not tc. hc uced to ~ interpret or define the pro~~isiont hereof. j l4. Notice. Except for any notirr rcyuired under :~~rr~~hi~ law• to be given in another manner. fal an~• notice to j Borrow•er pmvided for in this Mortgaee shall he given M• mailing such notice b}' certified mail addresced to Borrrn~•er at ~ the Property Address or at such uther addre~c B~•rr~•w•er ma~• de~ignatc h~• notire t~• I.ender as pm~•ided herein, and f (h) am• notice to LenJer shall he gi~•cn by certificd mail. return receipt reque~ted. to l ender's addrect stated herein or to ! ~uch other addres~ as I.ender ma~ detiienate h~~ n~~tice t~~ Borrciw~er as procided herein. Any notice provided for in this 4 :~fortgage shall he deemed to havc been giv~n to E3c~rn~~ccr or 1_ender w~hen gi~~en in thc manner detignated hcrein_ ~ 15. Uniform Morl~a~e; Corernin~ I.a..; Se~erabilih•. Thic form of mortea¢e rnmhines uniform rnvenants for national i use and non-uniform covenants with limite~l varialion. h~• jurisdictian to constitute a uniform security inttrument covering ( real propert}•_ This Mortgage shall be gov~rned h~~ the law of the juri~Jiction in which the Propem• ic Icxated. In tnc f event that any provision or clau~e of thi~ ;1lortgagr rr thc `ute conflirts Nith applicable law. such conflict shal) not afTect ~ other provisions of this Mortgaee ur thc N~~tr Hhich ran tx gicen etFect aitho~it_ the canflicting pmvision, and to this F end the provisions of thc Mortgage and thr tic~te are ~kdarcd to be severable. ~ 16. Borrower's Copy. Borrow~cr shall hc furni~hed a~nformed rnp}• of the Notc and ~f thi~ Alortgage at the time of execution or aiter rn:ordation hereof. ~ 17. Transfcr of the Properly: Assumption. If all or am~ part af the Pn~pert}• or an interest thcrein is s~,ld or transferrcd e by Borrower without Lender s prior w•ri~trn consent. e~cluding lal the creation of a lien c.r encumhrance sutx~r~linate t~~ ' this Mortgage. (bl the creahon ~~f a purchatic me~nev .~curit~~ interest fc?r household appliances. (c) a transfer h~• de~ise. ~ descent or by operation of law• upon the Jeath of a ju~nt tcnant or (d? the grant of am• Icasehald interest ~f threc ycarc or less ~ not containing an option to purchase, Lender ma~•. at Lender'c ~,ption. declare all the sums secured hy this Mortgage to be ~ immediately due and payable. I.ender shall ha~•e ~ai~•rd ~uch option to accelerate if. prior to the .ale or transfer. I_ender ~ ; and the person to whom the Propert~• i~ to be sald .~r transferred reach agrecment in w•ritinR that the crc~iit of tiurh person : ic satisfactory to I_ender and that the inierc~t pa)~~ble on the sums secured by~ this Mortgage ~hall be at such rate a~ I.ender A shall request. If I.ender has waived the option to accelerate pmti~ided in this paragraph 17. and if Borrower'ti successor in ~ interest has executed a written assumption agreement accepted in writing h}• i.ender. I.ender ~hall relea~e Borrow•er from all : i; obligations undcr this Mortgage and thc Note. - If Lender exercises such option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accor~ancr ~ ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice i~ mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such pericxi. ' Lender may, without further notice or demand an Borrowcr, invokc an~~ rcmedies permitted hy paragraph l3 hercof. Nox-UNtFOtet~t CovEtv~rrrs. Borrower and l.ender further cnvenant and agree as follows: 4 I8. Aceeleration; Remedies. Except as provided in paragraph 1~ hereof. upoa Borrower's breach of any co~enant or agreement of Borrower in tbis Mortg~e. includi~ the corenants to pay when due any sarns secured by thts Mortgage. I.ender -n prior to acceleradon s6aU maA notice to Borrower u provided in paragraph 14 hereof specifyiog: (1) the brcscb; (2) the actan ' ~ requjred to core soch brrac6; (3) a date, not less than 30 days fmm the date the notice is mailed to Borrower. by vrhic6 such breach must be cored; and (4) ilwt failure to cure such breach o0 or before the date specified in the oofice may result in accckrittion of tbe wu~s secured by this Mortg~qe. forcclosurc by judicial proceedins and sale of the Property. 71~e notice shaU furtber inform Borrower of the right to reinstate after sccekration and t6e rig61 to assert io the foreclosure prnceeding . - t6e non-e:istence of a defank or any other defense of Borrower to accekration and forecbsure. If the bnach is oot cnred on - or 6efore t6e date specified io the notice. I.ender ~t Lender's option may declare aQ of the sams secnnd by this Mortga~e to be ` immediattly dne and payabk witlaot further demand and may forccbse tfi~s Mortga~e by judkial proceediu~. Leader shall be eotidcd to col{ect ia sac~ proceedi~ aq e:peasa of foreclosorc, includiag, but not 6mited to, reasoaabk attoroey's fees. aod costs of docnmeatary evidence, abstracts and litk rcporls. 19. Eorrowe~'s Riaht to Remstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. y= Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diuontinued at any time _ , rJR~ . - BU01( v(l NAj,E 3 ~ j ~ t.'~. t%~ 1-~ ~ !