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HomeMy WebLinkAbout0360 •l, . l.euder'a w~tten agreemeht or 'lppdcable bw: Do~r sF?aU psy tl~e arnouM ot all mortg~ge insunuca premiwint in tha maane~ providai under psra~aph 2 hereof, Any amounts disbutsed by [.e~der pursua~t to thit paragraph 7, with iate[~est thereon, shall become additiooal indebtednas of Borrowcr secucod by lhis Mong~ge. Unless Borrower and [_ender aaooe to othe~ ternu of paycaeM. such ama~~ts shaq be payabk upon nc~ticc t~~xn i.ende~ to Bo~rower rcquesiina payment thereof. snd shall bear intercst fran the date of disbu~nt a1 the ntc payabk fran timc to time on. outst~nding p~incipal under ihe Note unless payenent ot interat at such nte would be controry to applicabk law. i~ which event such amounts shsll bear interest at the hishest rate permipibk under applicabk law. NMhi~g cootained in this paragraph 7 shali roquir~e Lende~ to incur aay exptnse or tske any artion hereuudet. S. lapectio~. I.ende~ may make or cause to be made rcasonabk entries upon and inspoctions of the Property. provided that Londer sha0 give Borrower ndK-e prior to any si~ch inspectio~ specifyi~g rcasonabk cause th~rcfor rclated to I.mder's interrst io the Propeny. 9, Coedea~satbs. The praceeds of any award or claim ~or damaga, dircct or conseqnential~ in rnnnection with any condemnation ar other taking of Ihe Property, or part tfierec~f, c?r for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the eveM of a tatal taking ot the Propeny, the proceeds chall be applied ta the sums sect~red by this Mortgage. with the excess, if any, paid to Borrower. In ~hc cvent of a partial taking of 1he Propetty, unksi Bort~ower and Lendet ' otherwise agree in writing, ther+e shall be applied to the sums secured by this Mortgage such proportion of the proceeds s aa is equal to that proportio~ which the amount af Ihe sumc secured by lhis Mortgalte immediately prior to tht date of taking btars to the fai~ market value of the Propeny immediately priar to the date af taking, with the balanoe of the proceeds paid to Borrowe?. . , , lt the Propeny is al~andooed by Borrower, or if, after notice by i_ender to Bomuwer that the condemtwr offea to make an award or settle a claim for damages. Bormwer failc to rcspond to I.ender within 30 days after tht date such notice is maited. txnder ic authorized ro cotlect and apply t?~e proceeds. at lxnder's aption, either to ratontion or repair of the Propcrly or to the sums securcd by this Mortgatee. Unless I_ende~ and Bo~rower othervvise agrce in v?•ritine. any such application of procecds to principal.shaQ not extend or postpoee the dne date of thc monthly installments rcferred ta in pa~ag~aphs 1 anii 2 hereof or change the smount of such installments. ~ 1~. Boircowe~ Not Rekiscd. Extension of the time for payment or modification of ~amortization of the sums securcd by this Martgage grt~nted by I.ender to any ~uccecsnr in interest of Bormwe~ shaq not operate ta release, in any manne~, the liability of the original Borrower and Borrower'c successars in interest_ [_ender shall not bt rcquired to commence proceedi~gs against such successor or refi~ce to ex~end time for payment or otherwise madify amortization af thr ~ums setured by Ihis Morigage by reau~n uf an~ dcmand made by the ori¢inal Borrower and Borrower's successors in interect. ll. For6ear~nce 6y Leoder Not a Waiver. Any fort+earancc by [.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable taw, shall not he a waiver of or proclude ihe exercise of any such right or remedy. The proce~rement of insurance or the payment of tates or other liens or charges by Leoder shall not be a waiver of Lender's right to accelerate the maturity of the indehtedness ~ecured hy this Mortgage. l2. Remedks Ca~ulath~e. All remedies p~ovided in this Mortgage are distinct and cumutative to any other right or ~ . remedy under this Martgage or affo~ded hy law or equity, and may be exercised concurnently, independently or successively. 13. Soccessors asd Assi~as Bound: .Janf pnd Sererd i.isM'~ty; Captions. 'il~e covenants and agreements hercin contained shall bind, and the riRhts hereunder shall inure to, the respective successors aod assigns of Lender at~d Borrower. subjeci to the provisionc ot paragraph 17 hereof. All covenants and agreements of 8orrower shatl be joir~ and sevtral. The captions and headings. of the paragraphc of this Mortgage arc for convenience anly and are not to be used to interpret or define the provisions hercc?f. 14. NMiee. Except for any notice rcyuired unckr applicable law to be given in anothet manner, (a) any notice to Borrower provided fo~ in this Mortga¢e shatl be given by mailing such notice hy certifled mai) addressed to Bormwer at the Property Address or at such ~~hcr addresc as Sormwer mav designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given bvi certified mail. rcturn receipt rcquested, to I.ender s address stated herein or to such other address as Lender may desigoate by rx~~ice to Bormwer as provided herein. Any notice provided for in this Mongage shall be deemtd to havc t+een givcn to Borrawer or I_ender whcn given in the manner designated hercin. 15. Uaitorm Mort~a~e; Gorerain~ Iaw; Severabllity. This form of mortgage combina uniform covenants for nationa{ use and non-uniform covenantc with limited variations hy jurisdictan to constitute a uniform socurity instrument rnvering real •property. This Mortgage shall be gaverned hy the law of the jurisdiction in which the Property is located. in the event that any provision or ctauce of thic Mnrtgage ar the Note conflicts with applicabk law, such conflict shall not aBect other provisions of this Mortgage or Ihe N~~te which can be given etTect withaut the conflicting pmvision, and to this end tht provisions of the Martgage and the ~tMC arc Jeclared to 6e severable. 16. Borro~ve~s CopY. Borrower shall be furniched a confonned copy of the Noie and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of t~e PropeMy; Assumption. (f all or aoy part of the Propeny or an interest therein is sold or transferred by Borrower without Lende~'s priar writtcn consent, excluding (al the creation of ~a lien or encumbrance subordinate to - this Mongage, (b) the creation of a purchace mo~ev ~ecurity interest for household appliances, (c) a transfer by devise, descent or by operation of iaw upon the ckath af a je»nt tenant or (d) tht grant of any Itasehold interat of ihrec years or less noc containing an option to purchase, I_ender may, at [.ender'c option, declare all the sums secured by this Mongage to be immediately due and payable_ Lender shall have waived such option to accelerate if, prior to the cale or transfer. Lender and the person to whom the Property ic to be cotJ or transferred reach agreemtnt in writing that the eredit of such per~on is satisfactory to I.encier and that the inter~-~t pa~•able on 1he sums secured by this Mortgage shall be at soch rate ac I_ender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has exacuted a written assumption agreement accepted in writing by I.ender.~Lender shall release Borrower from aQ obligations under t6is Mortgage and the Note. )f Lender eaercises such option to accelerate. Lenekr chall mail Borrower notice of acceleration in accordanc< <.;ih paragraph 14 hercof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the expiration of cuch pericxl. Lender may, without further notice or demand an lic~rrower, invoke any remedies ~ermitteci by paragraph 1 R herrnf. NoN-Urr~Faetw CoveN~H'rs_ Borrower and Lender further covenant and agrce u fol(ows: 18. Acceicratiar, Rea~edia. E:cept as prorWed ia psra~npb 17 he~eof. ~pon aorror?er's breac6 of uy covcaaet u~ a~recmeat of Eorrower in t6is Mort~age. includl~ tbe co~eauqs to pay wbew dre asy ~ms secursa by this Morq~s`e. i.eader prbr to secdentbe shdl maN notke to Eorrower as prorided iw psra~raph 14 Uereot specif~: ll) tbe brrsch: (21 tAe aetion - reqaired to cere sec6 brescb; (3) a dah, not kss t6aa 30 days from the dste tLe aotice b ~aikd to Eorrower. by whk6 wcA breacb a~~t be c~red; aod (4) tbat faildre lo core ssch bresch os or be~we tl~e date spect6e~ ~ the notiee a~ay raalt ia accdcrattow ~ 1ie sra~s secarcd br thb Mort;a*e. fo~eclowrr by ju~cial prnceedia~ and sale of tbe Propertp. 71~e notice shall furtber ieforu~ Dorrower oi tbe ri6bt to rdastate atter sccekrstjon snd t6e rit6t b a~ert ia tbe toreclos»re procced~ ~ t6e noo-e:istence of a dehYlt or aay Mber detease of Borro~.er to sccekrstbn sad foreclosore. if the breacM is aot c~ oa ~ ' or before the date ~eci6ed iA the ootke. Leeder a/ t.ender's optiaa inay decl~e all of tbe san~s secued hr tbb Mort~a~e to be imwcdiately due ssd ptyabie witlwM farther dem~nd ~nd msy foreclose tbis Mortta~e by jodicW proceed~. Lender chail _ be eatided to coUect in sacU proceedie~ ap expeases of foreclosnre, iacludia~, brt ~of iGsit~i to. rtasoasble att~xneY's fees. aad eosfs of docosewtary e~idence, abstrscts ssd ~Nk nporb. 19. eon~ower's Ri~Ut fo Rei~tate. Notwichstanding l.ender s acceleration of the sums securcd by th~s M~rtgage, ~ Borrower shall have the right to have any proceedings hegun hy Lender to enforce this Mortgage discontinued at any time B11111(1l.~e,~ ~Gf ~ _ -,4.~-'~ ----.....w,.~~--- N"~"~~~u~;r~: ~ ~ i~ ~ 'Ev' ~~.~3~ ~ ' ~'~h""'d"~.~r.•.. ~-..e~`~" _ ~ 4 ' . ,aiT;~: