Loading...
HomeMy WebLinkAbout0425 • l.eader's written agroeaneot or applicabb law. Horrow~e~ shail pay the anwunt of all mortgage insutaaoe p~+emiums in ihe maaner provided unde? paragnph 2 hereot. Any amounls disbutsed by I.eock~ purswnt to this paraa~aph 7. with interest thcreon, shall become addit+ooal indcMedncss of Bor~owcr securcd by ~his Mongaae. Unkss Borrowe~ and l.ender aaree to other temu' of paymeM. such ~ amounts shall be payabk upon nc~tice f~am [.ender to Bortowe~ roquestin8 paYmcnt thercat, and shal) bcar i~te~est from the date ot disburxment at the ratc payabk f~om time to tima on outstanding principsl under the Note unkss payntent of inte~est at auch rate would be contrary to applicabk law, io which event such amounts shaq bear int~rest at the hiEhest rate permisa~'bk under applicabk law. Nothjng c~tained in this pa~agraph 7 shall requi~e t.ender to incur any eapense ot take any action hereunder. s. I~eeHow. i.ender may make o~ cause to be made rcasonabk entries upon and iospections of the P~roperty. pt~ovided that l.ender shall give Borrower na1i~.-e prior to any sikh inspection specifying reasot~abk cause ihercfor rclatod ta l.t~der's interest io the Property. - 9• Cademnatbs. The prc~cecdc ~f any awatd or claim fo~ damages, dircct or conseqnential. i~ eonnxtbn with any. condemnation or other taking of the Property, or part tf~ereof, ar for conveyance in lieu of condemnation. are he~by assigned and shall be paid to [.ende~. in the event of a total taking of Ihe Propehy, ~he procceds ~hall be applicd to Ihe sums securcd by this Monaage, with the excess, if any, paid to Borrowc~. ln the evcnt of a partial taking of the Property. unkss Borrnwer and Lender otberwise agroe in wriling. therc shall be applied to the sums secured by this Mortgage suck proponion of the prooeeds as is equal to that proporiion v?~hich the amount ~f ~he sums secared by this Mortgage immediately prior to the date of taking bears to the fair markct value of the Property immediately p~•ior to the Jate of fakiog, with the balance of the proceeds paid to Borrower. ' If the Property is at~andonal by Borrower. or if, after notice by I_ender ta Bortower that the condemnor offers to mate an award or settle a claim (ar damages, Borrower fail. to respond to I_ender within 30 days after the date such natice is maikd, i.endtr is authorized to collect and apply the proceeds, at I,ender's option, eithe~ to.r+estoration or rcpair of ihe Property ar to the sums securcd h}~ this Mortgage. Unless Lender and Borrower athervvi~e agree io v?•riting, any ~uch application of p~oceeds to pri~cipal shall ~ot extend or postpone the due date af the monthly installmcnts.rcferred to in paragraphs 1 and 2 hereof or change the amount of such installmcnts. 10. e:nrower Not Rekased. Extension of the time f~r payment or'modification of amortization of the sums xcured by this Mortgagr granted by i_ender to any auccecsor in interest of Borrowe~ shall not aperate to release, in any manner. the liability af the original Borrawer and Bc~rrower'~ successors in interest. I_ender shall not be required to commence procee~Gngs agai~st sucfi successor or refuse to ertend time for payment or otherwise modify amortizat~on of ~hr ~ums ~ secured by this' Mortgage by reas~c~n of any demand made by the oriRina) Borrowe~ and Bor~ower s successon in interect. ll. Forbearance by I.ender Not a Wairer. An} forbearance by I_ender in exereising any right or remedy hereunder, or otherwise afforded by applicable law, shall not l~e a waiver of or preclude the eaercise of any such right or remedy. The procurement of insurance or the paymenCof t~xes or ather liens or charges by I_ender shall not be a waiver of Lender's right to accelerate the maturiry of the indehtednecs secured hy this Mongage. ~ ~ ~2. Remedies C~nulati~e. All remedies pmvided in this Mortgage are distinct and ~cumulative to any other right or - rcmedy under this Mortgage or afforded hy law or equity, and ma~ be eaercised concurnently, independently or s~icces.civety. ' 13. Saccessors aad AssiAas Bound: Joint ~nd Sereral i.iaM'li~; Capflons. 'ilx covenants and agreements hercin contained shall bind, and the rights hereunder shall inurc to. Ihe respeetive successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereo(. All covenants and agrcements of Borrower shall be jcury and several. 'Tl~e captions and headings of the paragraph~ of this Mortgage arc for convenience only a~d are not to be used to - inttrpret or deSne the provisions herrni. , 14. NMice. Except for any notire rcyuired onder applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mort~ea¢e shall be given by mailing such notice by certified mail addressed to Bormwer at the Property Address ar at such other address as Borr~wer map designate by notice to T.tnde~ as provided herein. and (b) any notice to Lender shal! he given by certificJ mail: retum receipt rcquested, to l.ender s address stated herein or to such other addrcss as I_ender may designate by notice to Bo~mwer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to &?rrower or Lender when given in the manner designated herein. 15. Unifarm Mort~a~e; Govemin~ I.a.s; Sever~bitit}•. This form of martgagt combir~es uniform cov.enants for national use and oo~-uniform covenants with limited variations hy jurisciiction to constitute a uniform security instrument cavering - rea) properry. This Mortgage shall be governed hy the laN of the jurisdiction in which the Property is located. in the event that any provision or clauce of thic Morigage or ~he Note conflicts with appticabk iaw, such conflict sball not aff~ct oth~r provisions of this Mortgage or the N~~te which can be given etfect without the conflicting pmvicion, and to this end the provisions of thc Mortgage and the Note are declared tb be severable. 16. Borrovre~'s Copy. Borrower shall bc furni~hed a contormed copy of the Note and of this Mortgage at the time of execution or atter recordation hereof. ~ 17. Trsnsfer of the Property; Acsnmption. it all ~~r any part of the Propcrty or an interest therein is s~ld or transferred by Borrower without I.ender's prior w~in.n cunsem_ e~cluding (al the creatipn of a lien or encumbrance subordinate to this Mortgage. (b) the creat~on of a purcha~e m~~ne.}~ ~ecuritp interest for household appliances, (c) a transfer hy devise. descent or by operation of law upon the Jeath of a jo~nt tenant or (d) ~the grant of any kasehold interest of thrce ycars or less not containirtg an option to purchase. Lender may, at Lender s option. declarc all the sums s~cured by this Mortgage to be immediately due and payable_ Lender shall have w~aived such option to accelerate if, prior to the sale or transfer, i.enckr and the person to whom the Property i~ t~. be :otJ ~r transftrred reach agrcemeet in writing that the credit of coch person is satisfactory to Lender and that the intcrr.~ pa}'able on the sums secured by this Mortgage shall be at s~rch rate aa I.ender shall reqaest. If l.ender has waivtd the aption to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by I_ender, Le~der shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. !_ender sha!! mail Borrower notice nf acceleration in accordanc~ u~~h paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. 1( Sorrower fails to pay such sums prior to the expiration of cuch pencd. Lende~ may, without further notice or demand on &irrower, invoke any remedia permitted hy paragraph 1R htrenf. NoN-UtvtFOaHt CoveN~xTS. Borrower and Lender further covenant and agrce u follows: 18. Acederation; Rea~edks. Eacep as prorided ia ps~raph 17 6ereal, npou ~orrowee's btac6 of aay cortaaet or a6ree~eot of Eorrower i~ tbis Mort~a~e, includin~ the co~eoants to pay when dne say samc secared A~ this Mort~sRe. I.ender prio~ lo accekration sbaU n~l oatice to dorrower as prorided le WnRrsPb 14 bereof speeH~: (1) tbt bescb:12/ the action req~Lrd b cor~e soc6 bersc~; (3) a date, aot kss thsn 30 dars from tbe date tbe nMice is ~ed to Dormwer. by ..hk6 srcM bnsch mmR be cared: aod (4) ihat failarr to can sticb brcacb on or before tbe datc speciSed ie tbe ~wtice may result ie accderatiow ot tbe soms secued by this Mortaa~e. tonc{osun by jodkial procetdjna ~ sak of tbe Propertr. The notke sbaU fariMer inforn~ IIorr~wer of tbe ri~b1 to ?eiastsfe sfler accektition and tbe ri6ht to a~sert iw the foreclosare pruceedi~ tbe nop~esidience of s defauk or aay otber defense of Eorrower to accekration and foreclosure. It tbe breac~ Ls sof curid w - or befort the date speci&ed ia t6e wotke. Lender at I.ender's option may dechre W of tbe ~~s scc~red by tbb Mo~sRe tu be im~ued6itely due aad Paysbie witlauf further demand and may torccbse t6b Morf~a~e ~r jedklsl proecedis~. [.ender chap be e~tkd to eoUect ~t s~c\ proccedfu6 sN espeases of forecbsnre, inciudio;, bat wM ~mitea to, reaweabk att•,rnev's fees. a~d eost~ of doc~wcatary evideoce, sbstrscts snd litk reprts. 19. Oorrorre~s Ri~bf to Reiqate. Notwithctanding [_ender's accekration of the sums secured by th~s M~rtgagt. Botrower shall have the right to have any proceedings begun hy l.ende~ to enforce this Mortgage discontinued at any time ~00~295 ~cE'424 ~ _ . _ ~ - - ~ - - _ ~ ~ _ n _ _ . _ . ~ ~~=~:~s