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HomeMy WebLinkAbout0325 7:~ ` • ~ ~ . ~L• " ~ ~ ~ l.ehder's writtea agreewent or applKabk law. Borrower shall pay the amount of all mungage insurance premiums in the . manner prnvidod unde~ pang~aph 2 heroof. ~ Any amouols disbursed by I.enJe~ pursuant to this paragraph 7, with interest the~eoo. ahal) become additional ~ in~ieb~ednas of Bornower secured hy tAis Martgage. Uniecs Ba~rawtr a~J I_ender agree to otheF terms of peyment. such amounts shall !+e payabk upcM n~~ice from I.codcr ta Borrowrr requesling payment thcreof, and shall bear intcrest from the date of disbursemcnt at the ntc payabk from timc to timc an aitstanding principal under the Note unicss payment of intercst at such nte would be.contrary to applicabk law, in which event such amounts shall bear interest at the highest nte perntissibk under applicabk law. Nathing containcd in this psragraph 7 shall requir+e [.ende~ to incur any expe~ue or take a~y action hercunder. ~ . ~ s. laspectis~, l.ender may make or cause to be made rrasonable entries u~n and insprctions of tha'P+toperty, provided - . ~ u r aoy suc inspec ion speci ying reasana cause ere or at1ed to T_ender s- intercct io the Property. - 9. Co~dewation. The prcxti~edc of any av?-ard or~claim for damages, direct or consequential. •in connection with any condem~alion or other taking af the P~operty,.o~ patt therrnf, or far conveyance in lieu of condcmnation, are hereby assig~d and shall be paid to Lender. in tlie' event of a 1Mal taking of the Pmperty, thc prcxeeds chal) he applied to the ~ums secnred by this Mortgage. with the ercess, if a~y, paid to Bormwe~. In thc evcnt oi a partial taking af thc Property, onless Borrower and Lender c?therwise agn+e in writing, thert shall t~e ~applied t.~ the ~ums secareJ b}~ this Mortgage such propohion of the proceeds as is equal to that proportion w•hich the amou?tt of the sumc secured by this Mortga~e immediately prior to the date of taking bears to the fair market ~alue of the Propcrt~~ immediatcly prior to the date of taking, with the balance af the proceeds paid ta Borrower. ~ if the Property is abandoneJ b~• Borrower. or if, after notice by i.ender to Bormwer that the condemnor otfers to make an award or xiNe a claim for damag~~s, Bormwer fail. to res~nd to Lender within 30 days atter the date such notice is , mailed, ixnck~ is autharized to collect and apply the prc~ceedc. at I.ender s option, eithcr to restoratioo or repair of the Property or to the sums sccured h~~ this Alortgaee. - Unless I_ender and Borrow•er otherw•ise agrea: in ~•riting, any such application of proceeds to principal shall not extend - or poctporK thc due date of the monthly ins~allments rcferrcd to in pa~agraph~ 1 and 2 hereof or change the amount of such installments. 10. Bormwer Not Rekssed. Extension of the time for pa5ment or modification of amortizalion of the sumc secured b} this Mc+rtgage granted 6y i.ender to am~ aKCecsor in intrrest of Borcow~er shall not opcrate to rclease. in any manner. the liability af the origin~) Borr~wer and &•rmw~cr'~ successorc in interest. I_ender shall not be rrquired to rnmmenre proceedings against cuch sua.-essor or refuse to ertenJ time for paymeM or atherv?~ise modify amortization of th~ .ums secured by this Mortgage by reason of am• demand made b~• the orieina) Borrower and Borrowers succescors in in~ercat. . 11. Forbearaace 6y I.en~ier 1Vot a Raiver. Any forbearance M• I.cnder in erercising any right or remc~fy hcreunJer, or • othuvvise affordea by applicaMe law, shall not he a waiver of or preclade the exercise of any such right or remedy. The procurement of insurancc or ihe payment of taxes or other liens or charges hy T_ender shall not be a waiver oi i_ender's right to accekrate the maturity of the indehtednecs cecured h}~ this Mortgage. 12. Ren~edies Cmunlati~e. All remeJies prorided in this Mortgage are distinct and cumulative to any olher right or remeJy under this Mortgage or atforded h~• law or equity, and ma~• !~e exerciseJ concurrcntly, independeotly or sucressively. . 13. S~ccessors aad Ass~as Bouad; ./oint and Se~•eral I.iaM'lity; Captbns. The covenants and agreements herein contained shall bind, and the rights herYUnder shall inure to, the respective succecu~rc and assigns of Lender and Borrower. _ subject to the provisions af paragraph 1~ hereof. All covenants an~l agreements of Borrower shal) be joint and several. The captions and headings af the paraeraphs of this Mortgage are for convenience only and are not to he used fo interpret or dcfine the provisanc hcrec+f. tI. NMice. Except for any noti~e r~yiiired unekr applicable law~ to be given in anather manner. (a) an~~ notice to Borrov~rer provided for in this Mortgaee shall he given hy mailing such notice bvi certified mail addressed to BOfFOwcr at ihe Property Address or at such ~Nher acldrecs as Bormw~er ma}• designate b}• notice to T_ender as provided hercin, and (b) an~ notice ta Lender_shall he given by certifx:d mail, return receipt requested. to I.en~ers address statcd herein or to such other address as Lender may desicnate hy n~tice to Bor~ower as pro~~ided herein. Any notice prrnided for in thix Mortgage shal) be deemed to hat•c bcen givcn to Bc?rmw•cr or I.rnder when given in the manner de~ignated herein. 15. Uaifor~ Mott~e: Governin~ Iavs; Severab~7itr. This form of mortgage combines uoiform covenants for national use and non-uniform co~•enants with limited variations by jurisdiction to constitute a uniform security instrument covering~ ' real property. This Mortgage shall be governcd hy the law of thc jurisdiction in which thc Property is locatcd. In the i event that any provision ar claiKC of thic Mortga¢c ~r the Nate conflicts w•ith applicable law, such eonflict shal) nat affect other provisiwis of this Mortgage or the N~.te a~hich can be given eRect wiihout the conflicting provision, and ta ihis end ihe provisions of the btortgage and ~he '~iote are ~leclarcd to he severable. 16. dorruwer's Copy. Borrower shall be furnitihtJ a conformed copy of the Note and of this Mortgage at the time of executian or after recordation hereaf. ~ . ~ 17. Traaster of i6e Propertv; Aswmption. 1f all nr an}• part of the Pmperty or an interest therein is sold or transferred by Borrower without I.ender's prior wrinrn consem, e~cloding (al the creation of a lien or encumbtance suhorJinate to this Mortgage. (b). tht creat~on of a purch~~.- mc~ney ~ecurin• interest for household appliances. (cl a transfer h~ devise, descent or by operation of law upon the Jea~h of ~ joint tenant or (d) the grant of any Icaschold interest of ~hrce ~~cars or less not containing an option to pur+chase. (_ender may. at 1_ender'~ option, declare all the sums secured by this 1~longage to F~e immediately due and payable. Lender chall h~ve N;tl~'ld such optiun to accelerate if. prior to the sale or transfer. l.encler and the person to whom the Property ic t~. be .oW or transferrcd reach agreement in writing that the credi~ of such person is satisfactory to Ixoder and that the iMen.t pa~•able on the sums secured by this Mortgage shall be at such rate ac I_ender shall roquest. If Lender has waived the op~ion ~o accelerate pro~•ided in this paragraph 17, and if Borrower ~ successor in interat has ezocufed a written assump~ion agreement accepted in writing by [.emier, I_ender shall release Borrow•er from all obligations under this Mortgage and the Nate. If Lender exercises such option to accelera~e. 1_ender shall mail Borrower notice of acceleration in accordancr ~+i~h , paragraph 14 hereof. Such notice shall provide a pericxf of not Iess than 30 days from the date the notice is mailed within which Borrower may pay ihe sums declared due. If Borrower fails to pay such sums prior to the expiration ot such pcriud. [.ender may, without further notice or demand on E3nrrower. invoke any remedies permitted by paragraph ~1R hereof. Notv-Ux~foRnt CoveNexTS: Bonower and Lender further covenant and agree as follows: ls. Accdaatio~; Resedies. E:cept as pro~ided ia paragr~pl~ 17 hereof~ OpOD BO~fOMtf~S ~'t1CI1 Of apy CO~'tO~/1t Of • ~ a~reesest oE dorrower ~ t~is Mo~age, includin~ t6e coveaants to pay v?tien dne any snms secared by t6is Mortga~e. Leeder prior to accderstio~ sYaO sa~ eotke to Eorrowcr as prorided ia paragraph 14 hereof apecN~: (1) the bresc6:/2)1he action req~+ei b e~re src~ 6reac~ (3) a date, wot Iss dum 3A days fmm tbe d~e tbe notke b maikd to Borrower~ by which suc~ ~ Mesc~ a~t be c~r~e# a~ (4) tiaR fa~are to cure sach breach on or betore tbe dUe speci6ed ia tbe notice /Iffy flStil~ i0 sccekratio~ of t~e sws sec~red by t6ia Mort~a~e. forcclosurr Iry jodkial proceedjn6 aad sale ot the Property. 71~e notice ~ s6a11 fnrtier i~fora~ Eorrower of tbe ri6W to reiastste sfter acceleratioa aad tbe ri66t to a~ert ia tbe foreclasure proctedia~ tre tao-eriste~ee ef s aefsek or a~y ot6er defeme of Borrower to secekratioa and foreclosnre. If t6e brescb is not corsd o~ or before t6e da~e s~ecifiei i tre ~otfce. Lewder at l.eade~'s option may declare a~ of tbe sams secored by tbis Mort~a~e to be isved~tety dae aea pryabie wit5ort fertber dem~ed and may forcclost thb Mort~e bp jadicW Proceedie~. Lender slwp be ~ to edieet i~ s~ci trottedis~ ~ e:penses of Eoreclosnre,laclndio~, 6ot ~ot_ ~itd tq rea~owble atturaey's fees, a¦i eosls of ~oe~ e~iae~ee. abeirscla ss~ litle reports. 1!. ~orrower's Ri~t to ReLitale. Notwithstanding [_ender s acceleration of the sums secured by th~s M~rtsage, Borrawer shaU have the rig6t to have any ~oceedings hegun hy Lender to enforce this Mortgage discontinued at any time - s~~M289 Pa~~ 325 . _ ~ . - ~ ~ ~ ~ ~ ~ ~ ~ ° - ~ ` . . ~ ~-~~x . ~r~~ : .