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HomeMy WebLinkAbout0731 . ~ 'z r•. ~ C l.epdcr's written agrcemen~ or appli~abie law. Borrower shal) pay the amount ot all mortgage insurance premiums in the manner pr~~vidrd under parag~aph 2 hercof. M) omounts Jishurs~Yi by Le~Je~ pur~uant t~~ ~his pa~agraph 7, with intercst therean. chal) becomc additional indchted~~ss af t3cirrower secuned by ~his Mor~guge. Unle« Rurre~we~ and I.cn~lrr agn~e t~ o~her ~erms of payment, such ampunts shall be payat?le uFx~n no~icc from Lrndcr tu Born~wr~ rcyuesting payment thereot, and shall hear intercct from the ' date of disbursemcnt at the ratr payaMc f~~,n~ time to time on oulstanding principal under the Nate unltcc payment of interest 3t such rate wauld be c~~nu~ry to applicable law, in w~hich event such amounts ~hall hear ioterest at Ihe higMest rate ~~ermissihk t~nder as+~+liCahlc lau•. Nnlhin~e ccu~lainal in ~his nara~eraph ~ shall reQUire I.endcr to incur ~ny cxpense or take any action hcrcunder. 8. laspeetion. I.ender may make o~ cauu to be made rea~onahle rn~riec u~n and in~pectionc of ihe Property, pravided that l.ender ~hall give &~rrower n~~tice pri~.~ to any surh inc~xctiun ~pecifying nasonable cause thereior rclated to I_ender s imrrect in thc Properry. 9. Condemaatbo. The pnxeedc of an~• award or claim for damaccs, Jirec~.or concequential, in connection with any . • _ -'e - - - ' - -c - .~_..._,r .n t:~.. ..i rnndmm~aiitu~ ~r~ F.er~hv acaaned l(3fHlCiiifiSliUff iif UifiCi i3Aiii~' lti tiK i-{U~>Git). C>i ttqt~ :'t~tit~t. :~it ~~:c:.~seae~_. ~u v... - - ~ and shall t~e paid to I.cndcr. ~ ' Tn the evenl of a tot.~l taking of the. Pm~:r~y. thc pr~kcrds ahall hc applicJ to the tums sccured by thia MortgaRe. w~i1h Ihe ercecs, if any, paid to Born•Nrr. ln the rvem uf a p~rtial ta{.ing ut ~he Propecty, unlees R~rrower and Lender otherwi~e agree in writin~t. there shall he applied t~~ the .uma ~curc.l h~• thi~ Mortgage such pmportion of the proceeds • as ic equal to that proportion H•hich ~hr amount ~~f thc .um~ .rcured h~• thic Mortgage immediately prior to ~he date of taking hears to the fair market value ~~f th~ Pnt~rt~• immrdi:~tcly prior to the Jate oi taking, wilh the balance of the pmceeds paid to Bormwer. If the Property ic abandone.l b~• B~rroMCr. c.r if. af~cr n~tire hy I.rnder to Bormwer that the condemnor offers ta make ~ an award or ceule a claim for Jamage., .B~~rn~wer fail. t~. r~.Fxmd tc. I.ender ~w•ithin 30 da}~s after the date ~uch notice is mailed. I.~nder is authorized to collect and apply ihe prc~cecds. at I.ender's option. either to restaration or repair of the Property or to thc sums xccurcd hy ~his M~nLa~,~. Untesc l.c~dcr and Borrowrr olhcrx•i.r agrec in ~+rilinc...am• suelt applicatinn of prckeedc to principal shal) not ertend or pcxtpone the due Ja~e of the monthl~• inetallmentt refe~rcd to in paragraphc I and 2 hercof or change the amount of such installme~ts_ 10. Borrower Nof Released. E~tcnsie~n of thr~time for paymcnt or modification of amortization of the sums xecured : by this Mortgagc grantecl hv 1 cnJcr an~• cu~ccca~r in intcrc.t uf Borrow~er ~hall r~ot a~ralr to rclcasc, in any manncr. the liability of the orie~nal BorroNC~ and B.~rrow~rr'. succ~.wr~ in imeresl. i.ender thall not be rcquired to rnmmence proceedings against cuch successor or rcfuce t~~ e~tend time fe~r pa}~ment or otherai~e modify amortizalion of ~hr wms secured b~ thi~ Mortgage by reacon ui :~m• d~mand madc b~• the orieinal Borrow•er and Borrowers ~ucce~~ors in intere~t. 11. Forbearance 6y T.ender ~04 a Wai~~cr. :~ny~ forFxaran~~ b~ Lrndcr in c~enicing an}~ right or rcmcdy~hcreunder, or otherwise aff~.rdeJ by applicafile law, shall nc~t tk a wai~~er ai or preclude the e~ercise of am u~ch right or remedy_ The procurement of insurance ur ~he p•ryment i.f tace~ or other li~ns ~~r rhar~,ec b~• I.ender thall not he a waiver of l.ender's ' right t~ accelerate the maturity of thc indebtednecc .ceureci M• thic Morigage. li. Remedies~Cumulative. All rcmcdics ~ro~•idcd in thi~ M~rtgagc arc distinct and cumulativc to aoy o~hcr right or rcmeil)• under Ihis Mortgage or alTordcd M• la~v ~.r eyuit~. :~nd may be exerciced concurrently. independentl~• or suc~cssivel)•. 13. Successors and Asci~as Bound: Joinl and Se~~eral I.iability: Captions. Thc rnvenants and agrcements herein con~ained xhall bind, and the rights hercunder shall inure tu. the respective succec~ore and asaigns nf 1_ender and Bormwer. subject to ~F?e provisiona of paraeraph 17 hcrc~~i. :~II ro~•enants and agreementc of Bormw•er shall he joint and several. 'il~e captiuns and headings of ~he paraeraphc of thic 111ortgage are for com•enicnce only and arz not to be used to interpret or define thc p~ovicions hereof_ - 14. Ndice. Except for any noti~c rcyuired undcr applicaMe law• to be given in another manner. (a) am• notice to S~irrower pmvided for in thic M~rtgage ~hall he gi~•rn M• mailin~: such notice b~ cirtified mail addressed to Borrow•er at the Pmperty Address or at such i~ther addrrc. as R~~rrc.w~er ma~' decignale b~' notice to Lender as provided hercin. and (hl an}• Rotice to Lender shall he gi~~n h~• cer~ifird mail. retum rcceipt requested. to Lender s address stated herein or to such other address as Lender ma~• de~ignate b~ nnti,~ t~• Bi~rrowrr as pro~~ided herein. Any notice provided for in this Mortgage shatl hc decmed to ha~e tk~en gh~rn to B~rn~~cr ur I.cnder K•hen gi~~cn in the manner designated herein. 15. Uniform MorlRa~r. Go~erninR I.aw; Se.erabilit~•. Thi~ form of mortga¢e combines uniform covenants for national use and non-uniform cm•enanti with limite.l variatii•ns M• jurisJirtion to constitute a uniForm security instrument cnvering " ! real property. 'Il~is Mor~gaec shall tk ¢~~vcrned h~• thc law of the jurisdiction in which thc Propert~ is la:atcd. In the i event Ihat any pmvision or clau~e of thi, Mortgagr ~~r the'~~~te c~nflictc ~~ith applicable law. such c~nflict shall not affect ~ Mher provisions of this Mortgage or the N~•t~ ~hich r:,n t?~ given e(fect ~~'i~hout the conflicting pmvicion, anJ to this j end the provisions of the Mortgage and thr ti.,tr arc .Icclared .o he severable. ~ 16. Borro~rer's Copy. Borrowcr ~hall tk furni.hcd a conformcd rnpy of the Notc and of thic Mortgage at the time . ~ of execution or after recordation hereof. 17. Tra~fer of the Propert}•: Assumplion. If all or an~ part of ~he Pr~~pert~• or an interest thcrein is s.~ld or transferred by Borrower without l.ender's prior w~riurn concent. ~~cluding lal the creation of a lien or encumbrance subordinate to this. Mortgage, Ib) the creation of a purcha.a~ mnnr~~ .ecurit~• interest for household appliances, (cl a transfer hM devise, descent or by operation of law upon the dcath ~~f a j~~~nt tenam or (Ji the gram of an}~ Irasehold interest of threc ycars or less . not containing an option t~~ purchase. Lender ma}•. at Lrnder'. uption. declare all the sums secured by this 1liortgage to be immediately due and payaMe. l.cnder thall h:~~•e ~~.~i.~ed ~u~h option to accelerate if. prior to the tale or transfer. Lender and the person to whom the Property i~ to be ~oIJ ..r transferred reach agreement in writing that the credit of wch person ic saticfactory to.i_ender and that the interr.t pa~•able on the sumi secured hy this 1~lorteage shall be at such rate at I_ender shall request_ If Lender has waived the option to scceleratr pmvided in this paragraph 1~, and if Borrower's successor in. interest has executed a written assumption agceement acceptcd in writing by I.ender. Lender shall release Borrow•cr from all obligations unJer this Mongage and thc Note. Tf I_ender exercises such option to accelerate. Lendrr tihall mail Borrower notice of acceleration in accorJancr ~sith paragraph 14 hereof. Sueh notice shall provide a{?eri~xl o[ not Iess than 30 da~~s trom the date the notice ic mailed w•ithin which Borrov~•er may pay the sums declared dae. If Borrower fails to pay such sums prior to the expiration ot such peri~~d. Lender may, without further nolice or dcmand on Borrowcr, im~oke an}~ remedies permittecl by paragraph 1R hcrcof. Nox-UtvtFORnt Covey~NTS. Borrower and l.ender further covenant and agree as follows: ~ l8. Acederstaa; Remedks. E:cept ~ provided in paragraph 17 hereof. upoa Borrower's breach of pny cove~wnt or aigreemeot of Borrower in t6is 1ltortgage. includir~ the covenants to pay when due any sa~ns secored by this Mortgage. i.ender . pri~r to sccekratbo shall maii notice to Borrower as provided in para~rspl~ 14 hereof specffyiog: (1) tbe breach; (2) the actao ~ reqnired to enre wc6 breacb; (3) s date. not less than 30 d'ys from the d~e t6e notice is mailed fo Borrower, by wbkh wc6 ~ breach mnst be cared; and (4) ttwt failure to cure such breach on or before the date spec~ed io tf~e notice msy resWt in accekrat~Oa of the sams secnred by 16~5 MortRage. foreclosure by judicial proceediog smd sale of the Pwperty. 7Le nMice ~ shaU furt6er inform Borrower of the right to rcinstste after ~cceleration nnd t6e right to a~ert in tbe foneclosure proceedinB ~ We oon-e:istence of a defaolt or any other defense of Borrower to sccek~tion and foreclosure. it the breach is oot cored on or before the date specified in the aotice. I.ender at I.ender's optioo may declare aU of the sau~s secnred by this Mort~a~e to be immediately due and psyable withoot furiher demand and mav foreclose thh Morlga~e by judicisl proceedi~• I.ender shall be eati8ed to cdkct io soc6 proceeding aU e:penses oi foreclosute. iacludiog, but aM lia~ited to, reasonsble attorney's fets, aod cost: ot doceoeatary evidence, abstracts and titk reports. 19. aorrowe~'s Ri~6t to Reiostate. Notwiths~anding l,ender s acceleration of the sums securcd by this Mortgage, Borrower shall have the right to have any proccedings hegun hy I.ender to enforce this Mortgage discontinued at any time . . g~~~ 288 PA~E 729 = .~~~c ~ ~ - - - - - ~ - . ~'~~~~~.~s-` _ .