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HomeMy WebLinkAbout0319 , yn . . ~ , ~ . ~ l.eade~'s written agooer~nt or applicsb+s law. Borrowu shall pay the amount of all mortgage ir~suraaoe premiums in the mann~r providod under paraan~pl~ 2 heroaf. Any amounts disbuned by l.z~der pun~wnt to this .parr~raph 7, with in~e~est thcreon, shall became additiooal indebtodnas of Bonower socurcd by this Mortgage. Unkss Bor~owe~ ane! l.enJer agrco to dh~~ serms of paymen~ such amounts shall be payabk upon notice trcxn i.endc~ to Bo~rowrr requating payment thereot, and shall bear interest from the date of disbursemcot at the rato payabk from time to time on autalanding principal under the Note unkss paytna~t oi ~ intereat at such nte would be contrary ta applicabk law, in which ev~ent such amounts shall bear interest at the hiahest nte ' pennissibk under applicabk law. ~Nothir?g ccxUained in this paragraph 7 shall require I.ende~ to incur any expe~e or tate any aMion he~uader. . . S. i~ettio~. i.ender may make or causc to bc made reaaonablc e~triec upon and inspoctions of the Property. ptovided ~ that Lender shal) give Borrower qotice prior to aoy such i~spoction specifying rcasonabk cause the~efor related to T.eoder's ~ interest in the Pt+operty. ~ 9. Co~dea~wadoa. The proceeds oi any award ar claim for damagcs, dircct or cormquential, in connection with aoy condomnatwo or other taking of the Prapeny. or paK thercaf, or for conveyance in licu of coodemnation, arc hercby usi6ned and shall be paid to I.ender. ~ In the event of a total taking of thc Properly. thc pra-eecis chatl be applieJ to Ihe sums sc~:urcd by this Mongaae.• with thc excess, it aoy, paid to Borrower. ln the event of a panial taking.af the PropeNy, unkss Bormwer and I.~nder otherwise agroe in writing. there shall be applied to Ihe sums secur~l bp thic Mortgage such proportion of the prc~o~eds a~ is equal to that proportion which the amaunt of the sum~ secured by this Mortgage immediately prior to the date of taking bcars to the fair market value of the Pn~pcrly immediatcly prior Io the date ot taking, with thc belance of the pr~ocoeds paid to Borrower. If the Pmperty is abandoned by Borrower, or if. after lxnice by I.ender to Bormwer that the condemnor oifen to mate an award or seltle a claim for damages, Borrower fails to respond to l.ender within 30 days after the date such ratice is maikd, Lender is authorized to collect and apply the praceeds, at I_ender's option, either to restoratioo or repair of the Property or to the sums sccured by this Mortgage. _ Unless I_ender and Borrower olhervvice agrce in writing, any such application cif prcxz'tds to principal shall not eatend or postpone the due date of tl~e monthly inslallmcnts rcfcrrcd to in paragraphc 1 and 2 hereof or change the amamt of such installments. ~ l0. Borrower Not Released. Extension aF the lime for payment or modification of amortization of tht sums sec~red by this Matigage granted by i.ender to any succecsor in interest of Borrower xhall not operate ta rekase, in any manner, the liability af ihe original Borrower and Borrower'c surcesu?rs in interest. I_ender chall not be requirecl to rnmmencY . proccedings against such succesxar or refuse to extend time for payment or otherwise modify amartization of the sums ± serured by this Mortgage by reason of any ~demand made by the original I~rmwer and Borrowcr s succesu~rs in interes~. 11. Fo~iea~nce 6y I.eader Na a waire~. Any forhearan~~e by 1_cnder in excrcising any right or remedy here~!nckr, o~ otherwise aRorded by applicable law, shall not be a waiver of or preclude ihe exercise of any such right or remedy. ~ The proturement of insurance or thc paymcnt of ta~ces or other liens or charges by Lender shall not he a waiver of .Londer s ~ right ta accelerate the maturity of the indebtedness xcured hy this Mortgage. . 1Z. Ren~edies Cmm~lat~re. All remedies pmvided in this Mcxtgage ar+e distinct and cumulative to any other rigM or remedy onde~ this Mortgage or afforded by law or equi~y, and may be exercised concurrently, independently or successively_ ~ l3. S~tccessors siod Assi~as Sourid; Joeat s~ad Se~•eral i.iabi~; Captions. The covenants and agreements hercin contained shall bind, and the rights hereuoder shall iniire to, the respective successors and assigns of I_ender and Borrovrer, subject to the provisions of paragraph 17 hercof. All covenants and agreements of Borrower shall be joint and uveral_ 'll~e captions and headings of the paragraphs of this Mongage are for convenience only and are not to he used to interpret or define the provisians hereof. 14. NMice. Except for any notice required unckr applicable law to be given in another inanner, (a) any notice to - Borrower provided for in this Mortgage shall be given hy mailing such notice by certified mail addressed to BorroKrr at the. ProEierty Address or at such Mher addrcss as Bormw-er may designate by notice to i.endt~ as provided herein, and (b) any notice to Lenekr shal) he given hy cer~ified maiL retum receipt requested. to i.enders address stated herein or to such other address as Lender may designate bp notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage shall be dcemed to havc been given to Borrow~er or Lender when given in the manner designated herein. IS. Uaiform Mortga~e; Govemin~ Ia~: Se.•er~bility. This torm of mortgage rnmbines uniform covenants for national use and non-uniform covenants with limited variations ~?y jurisdiction to constitute a uniform security instrument covering ' rea) propeny. "tl~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is lcuated. In the ~ event that any provision or clause of thic Mortgage or the Note conflicts w•ith applicable law, such conflict shaN not affect ~ other provisions of this Mortgage or the Note which _can be given efTect without the conflicting provisicx~, and to ihis end the provisions of the Mortgage and the Note arc ck,-clared to he severable. , 16. Borro~rer's Copy. Borrower shall t?e furnished a conformed copy of tfic Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Transfer of tbe Property; Assumplion. If all or any part bf the Pmperty or an interest thcrein is sold or transferred by Borrower without Lender's prior written ronsent. e~cluding (al the cn:ation of a lien or encumbrance subordinate to ~ this Mortgagg, (b) the creat~on of a purchace money security interest for household appliances. (cl a transter M• devi3e. descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold intercst of ihrec }ears or lest not containing an option to purchase, Lender may, at l.ender's option: declare all the sums secured by this Alortgage ta l+e immediately due and payable_ Lender shall ha~~e w•ai~~ed such option tn accelerate if, prior to ihe sale or transfer. 1_ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such per~on is satisfactory to Lencler and that the interest pa~•able on the sums secured by this Mortgage shall be at si~ch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's ~uccess~r in inierest has executed a written assumption agreement accepicd in writing by Len~ier, 1_eneier shall releace Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mai) Bo~rower notice of acceleration in accordance w~ith paragraph 14 hereof. Such notice shall provide a pericx! of n~t less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such pericxl, Lender may, without further notice or demand on &irrow~er, invoke any remedies permitted by paragraph 18 hercof. ~ Nort-Utv~FOR~?t Cove~eNrs. Borrower and Lender further covenant and agree as follows: 18. Accde~tfon; Remedia. E:cept as provided in para~taph 17 bereof, ~poo Borrower's brrac6 of aey coreeaei or agreEmeet of Borrower is tl~ Mortgs6e, inclndiug t6e covenants to Pay wben dae any sums iecnred by t6fs Mort~a~e. T.eader ~ prior to accderatio~ s6ag mail notice to dorrower ts pro~ided in p~ra6rsph l4 6ereot specit~: (1) tbe brescr: (2) t6e actio~ ~ reqnired b c~ soch breac6; (3) s date, oot less t6au 30 days from tbe date t6e ootice is mailed to dorrower, by whk~ s~cb ~ 6~+ese6 mwt be c~red; aod (4j t6at hilore to cnre snch breach oa or before tbe date speel6ed ia the aotice mq resdt i~ ~ secderatioe ot tDt snn~ stcu~ed by thts Mort;s~e. forccbsurr by jndicitl proceedia~ md sak of tbe Pmpe~. 'IUe ootice ~ s~all furt6er iaform Eorrower of t~e riE6t to refastate after accekraKaa aad t6e ri~6t to aesert ia tbe foreclos~rs procee~L ~ tie no~-e:isteace of s defwk or ~y othtr defease of Borrower to acceleration and foreclo~re. if t~e bresc~ is ~ot ee+e~ e~ ~ ar before We date s~eci6ei m t6e sotke, Lender at Lender's oPtba iosy deciare a~ d t~e snos sec~red by t6ic Mort;a~c ~n be ~ ia~mediately doe a~d p~ble witboot Eart6er demaed and may forcclose Wis Mort~a~e by jodicW ~roc~. Leeder s6aY be entitled to coDect ~ s~i proeeedio6 aB e:pensa of forecbsar+e. laclndioi, bat oot limitca to, rea~oaa6le attoneys fees. aad coWs of doc~ erldeace, abetracls and title reporfs. 19. sorrower'a Ri~it to ReL~tate. Notwithstanding Lender s a~celeration of the sums secured by this Mortgaae, ~ Borrower shaU 6ave the right to have any proccedings begun by l.ender to enforce this Morigage discontinued at any time ~ . ~ Bo~K289 PAGE 319 ~ ~ M - - : ~ ~ _ ~ ~ ~ ~ ~ ~ = - ~ ~ : ' _ - - "