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HomeMy WebLinkAbout0003 Lcr~dc~'s ~a-~tt:~~ ag~ment or ~ppl'scabk lsw. &~tTOwtr sha!! p~y the att?au~is bf ~!1 rtx~tgage insurano~ premiums in the ma~~er providat under pa~agraph 2 heroof. Any amounts disbuned by I.endcr purxuant ta this parag~aph 7, with intcrest thercon, shall b~come additional irnleb~edness of Borrower secured by this Mortgage. Unlecs Borrowe~ and I.ender agrce to othe~ tenns of payment, such amounts shall bc payaMe upc?n notK-e from [.ender to Borrowc~ requesti~g payment the~rnt, and shall bcar intcrcst from the date of disbe~rsement at the ratc payabk trom time to tirne: ort oulstanding principa) under the Note unless wym«~~ ot interest at ~uch rate would be co~lrarv to applicabk law, in whieh event such amounts shall bear interest at the highest rate permissibk uoder applicable law. Nothing containcJ in this pa~agraph 7 shall require l.ender to incur any eapepse or take any action hcMUt~d~r. 8.. lnspeetiow. I.ender may make or cae~se to he made reasonst~k entriec u~n and inspections of the Property. provided , that I.ender chall give Borrower notice prior to any such inspectian specifying reasanabk caux therefor relatM to L.eoder's interesl in thc Property. 9. Coademnation. .The praceedc of any award or claim for damages, direct or consequential, in connection wilh any ~~~,~;;;;~!;y;. ..~h.~. e~4i.,o .,f the~ prnnPrly nr nart tAercof_ or fo~ cnnveyance in lieu ot condemnation, arr hereby assigned and shall be paid to [.ender~ ln ~he event of a total tak~ng af thc Propcr~y. the prcxccds chall bc applieJ to the cums securcd by this Martgage. with the cxcess, if any, paid to Borrower. In thc evcnt of a partial taking of thc Property, unlecs Borrower and [.ender othenvise agree in writing. Ihere shall he applied to the sumc cecurcd h~ thic Mortgage such propohion of the proceeds as is equal to that proportion w•hich thc amount of ~hc sumc sccured by this Mortgagc immediately priar to thc date of taking bean to the fair market value of the Praperty immediately prior to the Jate of taking, with the balance of the proceeds paid to 8orrower. _ If tht Property is abandoned hy Borrower, or if_ after notice hv I.ender to Borrower that the condemndt offers to make an avvard or settle a claim for damages, B~~rrower fail~ to re~~nd t~~ I.ender within 30 days after the dat~ such notice is mailed, Lender i~ authorized to collect and appl~~ ~he proceeds. at Lender's option. eithtr to restoration ar repair of the Prc~+eny or to the sumti secured h~~ this Morteaee. - Unlesc l.ender and Borrower~otherv?•ice agree in N•rit~ng. any ~uch applicatian of pre~ceeds to principal shail not extend ~ or postpone the due date of the monthly inctallmcnts rcfcrred to i~ paragraphs 1 and 2 hereo( or cha~ge the amount of sucN installcnents. . 10. ~orrower Not Released. Extcnsion of ~hc time for payment or modification of amortization of the sums cecurcd by this MoriRage qranted by Lender t~ any ~uccecsor in interctt of Borrower shall not operate to telease, in any manoer. the liabiliry of' Ihe oripinal Borraw•er and Borrower's succescors in interes~_ I_ender shall not be required to rommence proceodings against such succecsor or rcfu~e to crlcnJ timc for paymcnt or atherwice modify amortizat~on of thc ~~~ms serured by thic Mortgage by reat~n ot .~ny demand made b~• the ori¢inal Aorrower and Borrower s succescorc in interect. U. Forbearaace by I.ender 1M1ot a Waiver. Any~ f~rhearance by 1.ender in exercising any right oc remedy hereunder, or otherwise afforded by applicahle law, chall not he a waiver of or preclude the exercise af any such right or remody_ The procurement of insurance or the payment of tares or other liens or charges by I_ender shall not be a waiver of 1_endtr s right to accelerate the maturity of the indehtednecs ucured M• thic MortgaRe. 12. Remedies Cnmulatire. All remedies provided in thic M~rtgage are distinct and cum~dative to anp ather right or remedy under this Mortgage or aHorded by law or equity. :~nd may be exercised rnncurrentty. independently or sitcceuively. ~ 13. Successors and Assi~ns Bound: Joint and Serer~l I.iabi7ity; Captions. The covenants and agreements herein contained shall bind, and the riRhts hen;under shall inure to, the re~pective succet~rs and assigns of [.ender an~ Borrower_ subject to ~he provisionc of paragraph 17 hercof. All covenants and agreements of Borrower shall be joiru and ~ev~ral: "i?~e captio.~s and headings of ~he paracraph~ c•f thic Mor~gage are fcir convenience anly and ane not te be eised to ~ interpret or define the provi~ion~ hereef. ; 14. Notice. Except for any notire rcyuired under applicable law to be given in another manner. (a), any notice to ~ Bo~rower provided for in thic Mortgaee shall he given hy mailing such notice by certified mail addressed to Borrow•er at i the Property AJdress or at such uther addre~, ac Rormwer mav designate by nrnice to (.ender as provided herein. and ~ (h) any notice to Lender shall he givcn by certified mril. return receipt requested. to l.ender s address stated herein or to ~ such other addres~ as I.ender ma}~ de~i¢nate b~• n~tice to Bormwer as provided herein. Any notice pmvided for in this ! ~lcxtgage shall be deemed to ha~•e tn,~en gn'cn to Bc?rmw•er or Lender wfien given i~ the manner designated herein. 15. Uniform MoH~a~e; CoverninR La~+; Se~-erability. Thic form of mortgage combines oniform covenants for national use and non-uniform covenantc with limited variations h~ jurisdiction to constitute a uniform security instrument rnvering real property. This Mortgage shall be govcrned M~ the law= of the jun~dic~ion in which the Property is located. in the event Ihat any provision or clauce of thi. 1~1ortga¢c ar the N~~te conftictc with applicable law. such conflict ~hall not afiect other provisivns of this Mortgage ~r the N~~te which can t?e civen eBec! without the conflicting pmvision. and to this end the provisions of the Mortgagc and the ~1c~te :?rc .Icclared to Me severable. 16. Borrower's Copy. Borrowcr shall bc furni.hcd a conformed copy of thc Notc and of this Mortgage at tbe time of execution or after recordation hereof. I7. T~ncfer of the Property; Actumption. If :~ll ~r any part of the Pr~.perty or an interest therein ic sold ar transfened by Borrower without I.ender's prior writrcn ~~~ntrnt, c~cluding la? the creation of a lien ar encumbrance sutwrdinate to this l~tortgage. (bl the creation of a pur.hacr munr~• ~ecuril~• mterest for household appliances. (c) a trancfer hv devisz. detcent or by operation of law up.,n the Jcath ~~f a j~~~nt tenant or (dl the g~ant of aoy teasehald interest of three years nr lect not containing an option to pe+rchase, Lender ma~~, at I.rnder't aptinn, declare all ~he sums seciired by this ytortgage ro be immediatel~ due and payahle. I_ender ~hall have N;n.•rd surh oplion to accelerate if. prior to the ~ale or transfer. 1_ender and the person to vvhom the Aro{~erty i, tu bc :oIJ or transferred reach agreement in writing that the credit ~~f wch percan is satisfactory to [.ender and that the enterr.t pa~•able on the sumt ucured by: this Mortgage shall be at such rate a~ I.rnder shall rtquest. if Lender has wai~•ed the option t~ accelerate p~rn~ided in this paragraph 17, and if Borrower'~ successor in interest has executed a written assump~ion agreement acceptcd in writing by t.ender, Lender shall releace Borrower from all obligations under this Mortgage and thc Note. If [.ende~ exercises such option to acreterate. I.ertder chal! mail Borrower notice of acceleration iri acrnrdancr u;~h paragraph 14 hereof_ Such notice shail provide a pericxl of not less than 30 days fram Ihe date the notice is mailed ~ith~n which Borrower may pay the sums dectared due. It Borrower fails to pap such sums prior to the expiration of ~ucf~ pericxi. Lendcr may. without furiher notice or demand on Kc~rrower, invoke any remedies permitted by paragraph IR hereof. No~-Utv~FORi?t CovexertTS. Borrower and l.ender further covenant and agree as follows: 18. Acceleratan; Remcdies. Except as provided in parnRraph 17 hereof. upon Eomower's breach of anY rnvenani or agrcemeat of Borrower in this MortgaRe, including tbe corenants to pay ~vhen due any snms secured by this Mort~age. i,ende~ prior to accekratioa shadl m~il notice to Eorrower as provided jn psragraph 14 hereof specifyiu~: (1) the breach: (21 the ~ctan requind to cure wch breach; (3) a date, not less than 30 days irom the dste the notice ~S enatled to Eorrower~ bY which such brtach must 6e cnred; and (4) that failurc to cure such breach on or before tbe date speci6ed ia the notice may resutt in accekratbn of the sums secured 6y this Mort~a~c. toreclowre by judicia! proceedint and sale of tbe Pmperty. The notice sh~ll further inform 8orrower of tbe right to ninstate sfter sccekratbn and the rig61 to assert in the foreclosurc proceedi~ . t6e non-existence of s default or any other defcnse of Borrower to accelerstion and forecbsure. If tbe bresch is aot cured on or befon the dste speciPie~ ia the notice. Lender at [.ender's option may deelur a8 of fhe soais secnred 6y this MortRaRe to be immedistely due and paysbk without furiher demand and may foreclose this Mort~a`e br judkW proctedinR. I.ender chall be entitkd to eollect in sor6 proctedir~ aH espcnses of foreclosure, includi~. bnt not iimited !o, reasonabk att•,rney's fees. srd costc of documentary eridence. abstracts and tiile rcports. 19. EorroMer's Ri`bt to Reinstatt. Notv?-ithctandin~e I.ender i acceleration of tht sums securtd by th~c Motigage. Borrower sbal! have the right to have any prorerd~ng, hc~r~~n ~y !_ender to enforce this Mortgage discontinued at any time ~ `~"~o~ 293 ~ ~ 3 ~ R ,i - ~ " ' v ' _ _ . . _ _ ,~~fi'k ~ . ~ . ~ _ . -a-~. :'<w`~v..e1 ~ . _ e L . ~ . ' ~ , , _ x : i z- ' ~ - ~ ~ ~~~~;^~~.~=AM,~~s~:~..