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HomeMy WebLinkAbout0143 ~ • • ~ . t 1_ender's writtcn agreemenl or applicabb iww. Borrower shatl pay the stnount ot all tnoriga~e ituuranc~ ptemiums ia the ; manncr providai under puagraph 2 hereof. • - ; Any amounts disbursed by I_enJet pursuant to tha parag~aph 7, with intcrest thereon. shall become additionsl ` indebtodness of Borrowcr secured by this Mongagc. Unlest Borrower and [.enJc~ agrec to othe~ ternu of paymen~ such ' amounts shall bc payabk upc?n ~oticc f~om i.ender to Borrowcr requesting paymcm thercc~f, and shall bear interest fmm the date of disbursement at the ratc payable from time to ~i~ie on out:tanding principal under thc ~Vote unkss paymait of ' ioterest at such rate would be contrary to applicabk law. in wfiich event such amaunts shall bea~ i~lerest at the hiah~d rate permissibk under appl:cabk law. NolhinR cnntaincd in this paragraph 7 shall require Lrnder to incur any expense or talce ~ any action hereunder. ' ~ ~ • 8. laspectioo. i.ender may make ar cause to he made rcasonable entries upon and inspections of the Property, provided that I.ender shall gi~e Borrawer nMice prior to aoy s~rch inspectian specifying reasonabk caux therefar related to Lender's i interest in the Property. ~ 9. Copdtmaalbs. 'il~e proceeds ~f any award or claim for damages, dirce~ o~ consequential, in connoction with a~y condemnation or other taking of the Property, or part thercaf, ar f.or conveyance in lieu of condemnation, are hereby assigned ~ and shall be paid ta l.cndcr. s - a a mg o t. roperty, the prcx,-ccch shall he applied to Ihe sums secured by this Mongage, with the excess, if any, paid to Borrower. In thc evcnt ~i a partial taking af the Property,. unless Barcower and I.ender ~ o~hervvise agne in writing, therc sha11 be apptied t~ the ~ums secured by this Mortgage such pmportion of the procoods as is e~ual to that ptaportion which Ihc amount of thc sumc secnrcd by lhis MortgaRe immediately prior to thc date of taking bears to the fair market value of the Property immediately prior to the Jate of Iaking, with the balance of the proceeds paid to Borrower. Tf the Property is abandoneci by Borrower, or if, after notice by l.ender to Borrower that the condemnor ofkrs to make an award ar settle a claim for damages, Borrower fails to respond to I.ender within 30 days afler the date such notice is mailed. Lenckr is authorized ta collect and apply the proceeds, at l.ender's option. either to restoration or repair of the Propeny or ta th~ sums ;ec.ured hy this Mortgage. Unless Lender and Borrawer otherv?•ise agree in Writine, any such applicatio~ of proceeds to principal shall not e~tend or postpone the due date of the moothly installments referrcd to in parag~aphs 1 a~ 2 hereof _or changc the amount of such installments. 10. Borrowe~ Not Released. Extension of the time for payment or modification af amortization of the sumc securrd by this Mortgage granted by I_eneier to am• cuccessor in interett of Borrowe~ Qhall not operate to reiease, in any manner. the liability of the original Borrower and E3~.rrower'~ succes~r~ in interest. l_ender shall nat t~e required to commen~e proceedings against such successor or refiice to ertend timr for payment ar othe~•iie mcxlify amortization c?f the sums secured by Ihic Mortgage by reau~n of ant~ demand made by the orieinal Borrower and Barmwer s succenors in inte~est. 11. Forbraraace by Lender 1~iot a Walver. Am• forhearanre M• I_cnder in exercising am~ right orremedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or pre~lude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by l:ender shall not be a W~aiver of Lender s right te accelerate the maturiry of the indebtednecs cecurcd hy thic Mortgage. . 12. Remcdies Comulatioe. All remeJies provided in this Mortgage are distinct anci cumulative to any other right or remedy.under this Mortgage or afforded hy lav?~ or equiry, and may be exercised concurrently, independend)• or succecsively. , 13. Successors and Assigns Bound: JoiM and Sereral I.iab~lity; Gptbns. The covenants and agreements herein c~ntained shall bind, and the rights hereunder shall inurc to. the respective soccectors and acsigns of Lender and Borrower. ~ subject to the provisions of paragraph !7 hereoF. All covenants and agreementc of BorroW~er shall be joint and several.. "il?e captions and ~headings of the paragraphc of thic Mongage are for convenienc~ only and are not to be used to ~nterpret or define the provisions hereof. ]d. Notice. Except For any notice reyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Martga¢e shall be given b}• mailing such notice by certified mail addressed Io Bormw~er at the Property Address ot at such other addre~s as _Bo•mw~er mav designate by nc~tice to i_ender as provided herein. and (b) any notice to Len~r shall he given by certified mail. retum receipt requested, to Lender s address stated herein or to ~ cuch other address as Lender may deci¢nate b~• notice t., Borrow•er as provided herein. Any notice provided for in this Mortgage shall be deemed to have been givcn t~ Borrower or 1_ender when given in the manner designated herein. ~ : 1S. Uniform MortRs~e; Coveroin~ Iaw; Se.•e~abilitv. This form of mortgage combines ~miform cavenants for national use and non-uniform covenantc with limiteJ variations by jurisdiction to constitute a uniform secority instrument rnvering real property. This Mortgage shall be go~~erned h~ thc law• of the jurisdiction in which the Propetiy is located. In the ~ event that any provision or clause of thic Mortgage or the Note rnnflicts ~•ith applicable law, such ccmflict shal) not affect i other provisions of this- Mortgage or the Note which can be gi~en effect without the conflicting provision. and to this end the provisions of the Martgage_ and the Nate are declared to he severable. 16. Borrowe~s Copy. Borrower shall tk. furni~hed a conformed copy of the Note and of this Mortgage at th~ time ~ of e;ecution or after recordation hereof. , 17. Tramier of the Property: Ascumption. If all or an~~ part of the Pmperty or an interest therein is sold or transferred ~ by Borrower without Lender's prior writtrn consent. excluding (a) the crcation of a lien or encumbrance subordioate to ~ this Mortgage, (b) the creation af a purcha~e mone~• security interest for household appliances. (cl a transfer by devise, descent or by operation oi law upon the dcath of a_joint tcnant.or (d1 the grant of any leasehold interest of threc years or Icss not containing an option to purchase, I_ender may, at Lender's option. declare all Ihe sums secored by this hiortgage to be immeci+ately due and payable. t.ender ~hall ~ha~e w~aived such option to accelerate if, prior to the sale or transfer. I.ender and the person •to whom the Property is to be u~ld or transferRd reach ag~eement in writing that the credit of such person is satisfactory to Ixncier and that the interrst payable on the sums secured by this Mortgage shall be at such rate ac Lender ~ shall request. If Lender has waivod the option to accelerate pravided in this paragraph 17, and if Borrower's succeccsor in ~ interest hac.executed a written assumption agreement accepted in writing by Lencler. I_ender shall release Borrower from all obligations under this Mortgage and the Note. ; if Lender ezercises such option to -acceferate. I_eneler chall mail Borrower notice of accekratian in accordance w~ith ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. 1( Borrower fails ro pay such sums prior to the expiration of such period. ~ Lender may, without further notice or demand on Horrower, invoke any remedies permitted by paragraph i 8 hereof. ~ NoN-UNtFORtrt Coverrerr'rs. Borrower and Lender further covenant and agree as follows: ` IS. Accekration: Remedies. Escept as prov`ded io para6raph 1~ 6ereoE, apoa Borrorrer's bresch of sar co~enfiat ar ' ; - agreemest of Borrower ia t6~s Morf;s~e, iaduding the rnrenants to pay wheo due aay saa~s secorcd by this Mort~a~e. Lender ~ ~ prior to accekratio~ s6aN maail notke to Eorrower ~s prorided in paragrspb 14 bercot specifyioa: (1) tbe breacb; (2) the actioe ~ riqoired to c~~+e mch breacl~ (3) a date, aot kss Wan 3A days from t6e date t6e ootice b maikd to Bomower, by w6k6 sncb ~ breach mwt be cared; and (4) tbat faii~re to cure such breacb on or before tbe date speci6ed in tbe ootice way radt in ; scederstioa oE lie siss sccared by t6is Mort~a~e. fo~rcbsure by jndicial proceedin6 snd sWe of tbe Prope~i~+. 71e adice ~ shatl furtLer iufonn Qorr~ower d the ri~6t to reiastste dter sccekrstfo~ and t~e ri~6t M~se~t in tbe for+eelowre proe~ ; t6e nore~isteoce of s def~lt or aoy ot~er defease of Eorrowcr to aecekralion and foreclosure. If the 6resc6 is sot cut~td o~- ~ or befare t6e aate speci6ed ~ t1~r notke. Lender al i.eade~'s optba may declm afl ot tbe sams seeored by ttik Mort~e ~o be ~ ima~ediately dne aad psyable witlwot fnrther demand and may foreclase t6b Mort~e by j~dicial p~+nceedi~. I.ender shaN ~ be eatided to coRect ~ s~ch proceediag a~ e:peases of forecbwrr, ioclydioa, bot oot ~ited to, reatoeaWe attoroey's fees, aed costs of doc~eatar~ eridesce, abstrscb aed tNk reports. ~ 19. Eorrower's RI¢t to ReL~taRe. Notwithstanding 1_ender s acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right w have any proccedings begun by Lender to enforce this Mongage discontinuod at any time ~ k _ a~~ 289 ~~E 1 ~ ~ ~ , ~ ,:j.'~`~ ~ : ti. 'nr.^'T'a~-.. ;_i W. " ~zT ~v~ "S b~€s' i ~ 3' 3 i~ TE ' . y...'C' ~X...r°`°~.~9',S'.i'~.. ^+9+~~a-~~~~'~~ ~,~~q°-~ 5' ~ s~iF3 . . ~'e ~ !d~"4 SY:r~t" -~.~w-a`+ '1 _ . ~ . ~ ~4NSi~ ~~1-~~-`-y ~ ^5.. .j:F~ ~e~ ~'~C~ . ~i' ~~~..FO`. Y~~;''~ . . ~"'L-~. .