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HomeMy WebLinkAbout0253 . ' t Lsnder's written ssccemcnt or applicabb low. Borrowu sha11 pay the urwuot ot all mortsa~t insuru~. p~piwns in tba manner provided under parag~aph 2 heroof. Any amounta disbur:ed by t.ende~ pursuant to thq parag~aph 7, with iuterest thcreon. shail becoma additional indebtedr~eu ot 8orrowrr securod by Ihis Mo~igage. Unless Borrower and ~[.en~kr agroe to other terms of paymeM, such amounts shall be payabk upon natticc f~om I.cnder to Borrowcr rcquesting payment thereof, and shall bea~ ieterest ft~om the date of d~sburmeemeat at the ate payabk from time to time on ait:tanding principal unde~ the Note unless psyment ot inter~est at:uch rate would be contrary to applicabk law, in whicb event such amounts shafi bear inter~est at the hi~M~t rtte ~ permiss~'bk under applicabk law. Noihing coniained in this parag~aph 7 shall require I.ender to incur a~y expease or tdce any action hercuackr. s. i~ectio~, i.eoder may make or cause to be made rcaso~abk entries upon and inspections of the Property. pm~vided ~ that [.e~de~ shall give Borrower notice pric~r to any such inspoctio~ specifyina reasonabk cause thercfor rclated to Ld~der's 's interest in the Property. 9. Co~de~aaatbw. The p~oceedx of any award ar claim fo~ damages, diroc! ot co~seque~tial, in rnnnection with any condem~ation or other taking of the Propeny, o~ part tACnof, ~ for conveya~ce in lieu of candemnation. are her~eby assigned aod shall be paid to Lende~. ~ In the event ot a total taking of the Pooperty, .1he proceeds chall be applied to the sums secured by this Mortsage, with the excess, if any, paid to Borrower. 'lo Ihe event of a partia) taking of the Property, unless Bornower and I.ender otherwise agrce in writing, therc shall be applied to the sums secured by this Mongage such propoirtion of the procxeds u is equal to that p~oportion which the amounl of ~hc sumc secured by this Mongagc immediately prior to the date of taking bears to the fair market value of the Propehy immediately prior to the date of taking, with the 6alance of the pmceeds paid to Bornower. If the Property is abandoned by Borrower. or if. after nolice by i.ender to Bomawer that fhe eondemnor of~tra to maice a~ award ar settk a claim for damag~es, Borrower fails ta res~nd to i_ender wi~hin 30 days aftet ihe date such notice is m~ikd. Leoder is authorized to collect and apply ~he proceeds. at I.ender's option, either to restoration or ~+epair of the ' Propeny or to the sums securcd hy this Mortgage. Unless Lende~ and Borrower otherwise agree in writing. any cuch application of proceeds to principa) shall ~ot extend or po~tpone thc due date of the monthly installments rcferred ta io paragraphs 1 and 2 hereof or change the amouot of such installments. I0. lbrrower Nof Released. Extensian of the ~ime for payment or modification of amortizatio~ of ihe sums secured by this Mortgage granted by I.ender to any.cuccec_u~r in interest of Borrower shatl ~ot operate to release, in any manner. the Tiabiliry af the original Borrower and 8e~rrower s suecessorc in interest. Lender shall• not be required to commence proceedings against such successor or . refuse to ertend time for payment or otherwise mcxiify amortizaUon ~ of thr wms - secured by this Mortgage by reasc~n of an}• demand made by the original Borrower and Borrower's wecescors in in~ercct. 11. Forbesrance 6y Lender Not a Waiver. Any f~rt+earan~-e by I_ender in exercising any right or rcmedy heretmder, or otherwise aBorded by applicablr law. shall rtot be a waiver of or precl~de the exercise of any such right or rcmedy. The procurement of insurance or the payment of ta~ec or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness seci~red hy this Mortgage. l2. Remedies Comnlatire. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or rrmedy i~nder this Mortgage or aff~rded by law ~r equity. and may lx exercised concurrently, independently or successively. ' 13. S~ceessors 'nd Assi~ns Bound; .1ant aod Seversl i.iabitify; CapBons. 'll~e covenants and agreements herein contained shal) bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender a~d Borrower. subject to the provisions of paragraph 17 hereoL A11 covenants and agreements of Borrower shall be joi~y and several_ 'I~e captions and headings of the par~graphc of this Mongage are for convenience anly and are not to be uud !o interprct or define the provisions hereof. li. Notiee. Except for any notice rcquired under applicable taw to be given in anothtr manner, (a) any notice to 6orrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such othcr address as Bormwer mav designate by notice to i.ender as provided he~ein, and (b) any notice to Lender shall be given by certificd mail. return receipt requested. to i.enders address stated herein or to such other address as Lender may decignate by ~~tice to Bormwer as provided herein. Any notice providtd for in this Mortgage shall be deemed to havc t?een Riven ro Borrower or Lender when given in the manner designated herein. 15. Uaiform Mo~tR~e; GoverninR Law; Sererability. This torm of mortgage combines imiform covenants for national use and non-unifarm covenant~ with limited variations hy jurisdiction to constitute a uniform security instrument covering real property_ This Mortgage shalf be governed hv the law of the jurisdictiort in which the Property is located. In tbe event that any provision or clause of thic Mortgage nr the Note conflicts with applicable law, such conflict shal) not affect other provisions of this Mortgage ar the Ne,te which can be given eflect without ihe conflic~ing provision, and to this end the provisions of the Mortgage and the Note arc declared to be severabie: 16. sorrower's Copy. Borrower shail t?e furni~hed a conformed copy of the Note a~d of this Mortgage at the time of execation or after recordation herec~f. 17. Transfer of t6e Propertv; Aswmption. If ali or any part of the Pmperty or an interest therein is sold or transferrcd by Borrower without Lender s prior writtrn consent. excluding (al t(x creation of a lien or encumbrance subordinate to this Mortgage. (b) the c~eation of a purchace mc•ne~• cecuriiy interest for household appliances. (c) a transfer hy devise, dcscent or by operafion of law upon the dcath of a joint tenant or (d1 the grant of any Itasehold interest of threc ycars or leu ' not containing an option to purchase, Lender may, at I.ender's option, declare alt the sums secured by this Mortgage to be immediately due and payable_ Cender shall have uaived such option ~c? accelerate if, prior to the sale or transfer, I_ender and the person to whom the Properry ic to bc coW or transfe~red reach agmment in writing that the credit of such percon is satisfactory to Lender and that the interc.t payable on the sums secured by this Mortgage shall be at such rate ac I_ender shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement acceoted in writing by I.ender. Lender shall release Borrower fre~m all obligations under this Mortgage aad the Note. If Lender exercises sueh option to accelerate. Lender shall mail Borrower notice of acceleration in accordancc u 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 ihe sums dectared due. If Borrower fails to pay si~ch sums prior to the expiration of such period, Lender may, wittaut further notice or demand on f3arrowee. invoke any remedies permit~ed by paragraph 1 R herrnf. Nox-UHtFORM CoveN~NTS. Borrower and Lender turther covenant and agr~ee u follows: 18. AecekrMfos; Re~oedies. E:ce~pt as provided ia psn~raplr 1~ 6ereof. apos Eoirower's breacL of asy co~ewsnt or a~reea~ewt oi Don+ower ~ tits Mortssge, iwcludiaA tbe coreasnts to pay wbew dae aar wms xcered bp t6is Mort~a~e. Leedcr prior to scctleratba shaD iaail notke fo eorrower as pro~ided ia parajraph 14 6ereo[ specit~: (1) fMe b+esch:121 the sctiow reqoired to nre srcb breac6; ~3) s dah, not less t6aa 30 dsys frora fUe date tbe notice ts maHe~l to SorroMer. br whicA srcl~ 6rssc~ ed be esrtd: aod (4) that hNe~r to care sacM 6resch o~ or before tbe dstc ~eti8c~ f~ tbe aotice rnsy resdt in ~ sccdaatlo~ ot tie ssas sccered b~ this Mo~a~e. to.rclowre by judkW rroeeedia` asd sale ~ tbc Pmperty. 71~e notice sha~ fnrtber iefone aorrnwa of t6e ri~M to rsf~tate afte~ sccekratba and tbe rri~t to a~ert iw tl~e toreclosnre ~ceedi~ d~e soa-e:isteace ot a defask or ~r otbe~ deten~e of. Borrower to sccek~ and forecbs~re. K the bnsch is oot cwed ow ~ or 6etore tAe dste spetif~d ~ tbe aotics. Lender at I.endet's oplion ~ay declsre sM ot tbt ~a~as setYred by ttiis Morq~a~e b be . Imiaedbtely dre ssd pysbk w~itbont fwther demand and may toreclost thb Mort=a~e 6r jodicW procee~a~. i.endtr shaq be eatided to eo~M in s~ch pr~oceedin~ aM espeoses af foreclosnre. incladia~. brf ~ot lisitea b, teaiowable stt.,rnev's fees. asd oosts ot doc~ e~ide0ee. abstraces sad fitle nports. 19. Dorwwer's Ri~h! to Rei~state. Notw;~hstandir?Ir 1_ender s acceleration of the sums secured by th~s Mongage. Borrower shall have the right to have any proceedings 1~egun hy l.eoder to enforce this Mongage diuontinued at any time rFnpK 295 P;fE~ 25~ T~~ A ; : - t' i:t`;.:: ~ - . ' i~ I ~ {fi~~,,r-. ~ _ ~ ~"-t'- ~y} • : ~ -s~.• `s '