Loading...
HomeMy WebLinkAbout0074 Lcndcr's written agrr~ment ar appli~able I8K'. BOffON'~f LhaU pay thr amuunt of all mongage incurancc premiums in thc manner providcd undcr paragraph 2 hereof. Any amounts disbursed by l.cnder punuant ~u this pa~ag~aph 7, with interect therean, shall bccomc additional in~lebtedness of 8arrower secured by this Mc~r~gage llnlc~~ Ro~ruw~er and I en.kr ag~ec to olher tcrmc af payment, wch amounts shall he payablc upnn notire from Lcnder tu BorroN•rr rcquecting papmcnl thereof, and shall hca~ interest from the date of disbursement at ~he rate payahle trom time to time on oulstanding principal under the Note unlece payment of interest at such rate would t+e contrary to applicable law, in which event cuch amounts shall hear interest at the highect rate permiuible under applicable law. Nothing containeJ in this pa~agraph 7 shaU require l.ender to incur any expense or take any action hereunder. 8. Iaspeetbn. I.enJe~ may make or cause to t?e made rcaconahle emrier uFx~n and inspections of the Propeny, pmviJed ~ that [.ender shall give Borrower notice prior to any ~uch ins~xction cpecifying rcasonable cause therefor related to I.ender's intcrest in the Property. ' 9. Coademnatbn. The proceedc of any aw~ard or claim for damages, direc~ or consequential, in connection with any condemnation or other taking of the Property, or part thercof, or tor rnnveyance in lieu of condemnation, are hereby assigned _ . ~;o,.. in the event of a total taking of thc Pmpcr~~•, thc prckccds ahall he applied ta the sums sccured by thio Mortgage. with the excess, if any, paid to Borrowe~. ln the evcm of a partial taking of the Praper~}~, unlcss Aorrower and I.ender otherw~ice ag~ee in writing, therc shall be app~ied to ~he tiums securrJ M• thie Mortgage tuch pmportion of the proceeds as is equal t~ that pro~+ortion whieh the amount of the sumc tirruied by thic Mongage immediately prior ta the date af taking hears to the fair market value of the Propert~~ immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. lf the Property is abandoned by Borrower, or if. after notice hy t.ender to Bormwer that the condemnor offers to make ~n award or settle a claim for damages, Bnrmwer faih ti~ r~spond to I ender within 10 days aiter the date such notice is mailed, I_ender is authorized to collect and apply thr proceeds, at l.ender's option, either to restoration or repair of the Property or to the sums secured by~ ~his Mortgage. Unlesc l_ender and Borrower othen+•ise agree in aritinc. an~• such applica~ion ot proceeds to principal shall not extend or postpone the due Ja1e of the monthl~• installmcnts rcfcrrrd to in paragraphti I and 2 hercof or change the amount of cuch instaltments. ~ . 10. Borrower Nol Released. Extension af the timc for pa~•ment ar modifiration of amortization of the sums secured by this Mortgage granted by Lender to am~ ~uccessor in interest of Borrow•er chall not operate to refease. in any manner, the liahility t?f the original Borrower and Bormw•rr'c cucceccnrc in i~terect i ender thall not he required t~ commenee proceedings against such succecsor or refuse to e~ICnJ time for payment or ~therv?•iu modif}• amurti7ation .?f the sums secured b~• thic Mortgage h~• reason of am• demand madc b~ the ~~rieinal Bormw•er and Borrower's saccecsors in interest. 11. Forbearance by i.ender ?~'ot a Waiver. Am~ fnnc~aranre b~• I.cnder in ererci~ing am~ right o~ rrmed~• hereunde~, or otherwise afie~rded by applicable law, shall no? he a wai~•er of or preclude the exercise of am~ such right or remedy. The procurement of. insurance or the payment of ~ase~ or ~~ther liene ~~r rhargrs b~~ I.ender chall not he a Haiver of T.ender's right tc. acrelerate the maturity of the indehtednetis ~crurcd h}• this ~1ongage. i2. Remedies Cumulatire. All remedics pm.~ided in thie ~tort~tage arc Jistinct and rumolative to any other right or remed~• under this Mortgage or afforded b}• laa ur eyuit}•. and ma~ be e~ercitie~l concurrcntly, indepentlently or successively. _ 13. Soccessors and Assigns Bound; Joint and Sever~l Liabilih; ('aplions. The covenants and agrcements herein contained thall bind. and the riRhts hercunder shall inure to, the. n~pe~tive socce~~~~rs and assignc of I.ender and Borrower. cubjeet to the provisians of paragraph. 17 hercof. Afl covenants and agreementc of Borrower shall be joint and several. The captions anJ headings of the paragraphc c.f thic M~r~gage are for c~,m•enienee only and arc not to be used to interpret or define thc pm~•isionc hereof. 14. 1Votice. E~cept for any notice reyuired under :~pplicahlr la~~ t~~ be given in anMher manner, (a) any notice to Borrower prrnided for in thiti Mortgage shall tx givcn h~ mailin~ wch notice by certified mail addressed to Bormw•er at the Property Addresc ar at such uther addresc as B~~rri~wer m.i~~ desien~te ht• n~~tice t~ i.ender as provided herein, and (bl an~• notice to t.ender shall be given hy certificJ mail. retum receipl reyuested. to Lender'c address stated herein or to siich other addres~ as I.ender ma}~ de~ignate b~ notirr t~~ B~rruwer as pro~~ide~l herein. Any notice provided for in this Mcrtgage shall be deemed to have been given to Rc?rruwcr or l.rnder Nhen givcn in thc manner designated herein_ 15. Uniform Nort~a~e; Governin~ I.aw; Se~erabilih~. Thiti feum of mortgage combines uniform rnvenants for national use and non-uniform co~•enantt w~ith limited ~~ariation~ h~ juri~diction to rnnstitute a uniform securit~• instrument covering ! real propert}•. This Mortgage shall be governed h~• the law ~,f the iuricdiction in w~hich the Propert~~ is located. In the j event that any provision or clause of thi~ Mortgaee ~~r the ':~ute ronflict~ Hilh applicahle law•, soch conflict shall not'affect ~ othcr provisionc of this Mortgagc or thc Notc w•hich c:in tx~ givcn cffcct wi~hout the conflicting pmvicion, and to this ~ end the provisions of the Mortgage and the 1c,te are ~eclared to be ceverable. ` 16. Bomower's Copy. Borruw•er shall Fx: furniched a conformed cop}• of the NMe and ~f this rlortgage at the time ~ of exec~tion or after recordation hereof. ; 17. Transfer of the Propert}•; Acsumption. if ali c~r am part of the Pmperty or an interest therein is sold or trancferred € by Borrower without Lender's prior written content. excluding la? thr crcation of a lien or encumbrance suborJinate to thit Mortgage, (bl the creation of a purchase mone~~ tecurit~ mterest for househoW appliances. (c) a transfer by devise. ~ de~cent or by operation of law upon the dcath of a j~~int tenant or fe11 the grant of an~• Ic~sehold interest of three year.s or less ~ not containing an option to purchase. I.ender ma~•. at Lcnder'< <~pti~~n. declare all the sums secured hy this l~iortgage to be ~ immediately due and payaMe. Lcnder shall ha~~e wai~~ed cuch aption t~• accelerate if. prior to the sale or transfer. I.enJer and the person to whom the ProExrty is to be sol.l ur transferrrd reach agreement in writing that the credit of such person ~ is satisfacton~ ta I.ender and that the interetit pa}•able on the sums secured by thi~ Mortgage shall be at such rate as Lender shall request. If Lender has waived the option tc. accelerate prorided in this paragraph 17. and if Borrower's successor in ~ interest has executed a w•ritten aswmption agreement accepted in wriung by l.enJer. I_ender shall release Borrower from all ~ obligations undcr this Mortgage and the Note. ~ If [.ender exereisec such aption to ac~elerate. Lender ,hall mail Borrower notire of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a periad ~,f not Iess than 30 days from the date the notice ia mailed within : which Borrower may pay the sums declared due. If Bormwrr fail~ to ps)~ tiurh ~ums prinr to the expirati~n of tuch period. ~ 1_enJcr ma}'. without further notice ~•r ~emand on t3orrower, im•ol~c am remedies ~rmrtted b}~ paragraph 1R hereof_ ~ Notv-U:viFORtit Cove~v,?N7s. Borrower and [.ender further covenant and agree as follows: ~ ~ IS. Acceleratioo; Remedies. Except as provided in pa~raph 17 hereof. upon Bormwe~'s breach of any covenant or agreement of Borrower in t6i~ Mortgs~e, including Ihe covenants fo pay ~hen due any sums secured by th~s Mortgage, Lender z prior to accderation shai! mail notice to Borrower as provided in paragraph 14 fiereof specHyipg: (1) the breach; (2) tbe action ~ requind to cure such brcach; (3) a date. not less t6an 30 days from the date the notice Ls mailyd to Borrower, by whicb such a breach must be cured: and (4) that failure to cure such breach on or before the date specif'icd ia t6e aotice msy resWt ia ~ accekration of the sum4 securcd by this Mortgage, foreclosun by judicial procceding and sWe of the Property. 'ILe notice shpll further inform Borrower of the right to rei~ctate afler accelerstion and the right to assert in the foreclosure proccediag ~ the non-e:istence of a default or any other defense of Borrowe~ to acceleration and foreclosurc. tf the breach is not cnred on or before the date specified in the eotice. I.ender at Leoder's option may declare ati of the sum~ secured by thk Mortga6e to be ~ immediately due s~nd payxMe withodt further demaad and may forcclose this Mortgage by judlcial proceedie~g. Ltader shall be entitled to coUect in such proceeding aq expeoses of foreclosure. including, but not Gmited to, reasonable attorney's fees. ~ and costs of documentary evidence, abstracts and title reporls. y 19. Borrower's Right to Refnstate. Notwithstanding Lender's acceleration of the sums secured by Ihis Mortgage. ~ Borrower shall have the right to have any proceedings begun by I.ender to eoforce this Mortgage discontinued at any time ~ .I ~ Q ~ ~ BOG~. ~i7~ P ~GE , j ~ ~ > - _ _ - - ~ ~ ~ . : - ~r ss.~ dy r.~,~n'~ _ - N . - ~ x ~ y z'~ ~`a. -.uc.~=s . ~ ' ~ . .~a... as ~ . $ '1 ' ~ 4 . . . . . _ - . _ _ .