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HomeMy WebLinkAbout0927 . ~ i ~ , Lender': written ~reetneot or applicable law. Borrower ahsll pay the unount of all mort~age i~surance prcmiunu in the 4 manne~ provided tende~ pacag~aph 2 hereof. ~ Any amounb disbursed by l.eode~ punua~t to thi~ para~riph 7, with interest thercon, shali become additional iniiebtedness o( Borrower socurod by Ihis Monga~e. Unless Borrower and I.enckr agrce to othe~ ternu of payment, such ; amounb shall be payabk upon notice from I.ender to Borrower requesting payment thereot. and shall bear interest fmm thc i date of disbunement at the nte payable trom time to time on out:tandin~ principsl unde~ the Note unless payment of ~ interest at such nte would be ca~trary ~o spplicable law. in which event such amounb shall bea~ interest at the hiahat rate ~ permissibk under spplicabk law. Nothins contairted in this patagraph 7 shall require I.ender to incur any eapense o~ take any actan hereuader. a. Ir*ectio~. Lender may make or cause to be made reasonabk entries upon and inspections of the PropcNy. provided that Lender shall give Borrower notice prior to any such inspection specifying reascmabk cause therefor relatod to I.eoder's interest in the Pr+operty. 9. Cosdan~ados. The proceeds of any award or claim for damages, diroct or consequential. in connection with any condemnation or other taking of the Propeny, o~ pa~t ~hereo[, or for conveyance in lieu of condemnation, are hereby assigned ~ and shall be paid to I.ender. . In the evmt of a tota) taking of the Propeny, the proceeda shall be applied to the xums securcd by this Mortgage. with the excess. if any. paid to Horrower. i~ the event of a partial taking of the Property, unless Borrower and I.ender oihenvise agree in writing. there shall be applied to Ihe sums secured by this Mortgage such proportion of the proceeds aa is equsl to that proportion which the amount oE the sums securod by this Mortgage immediately prior to the ~date of taking bears to the fair market value of the Propcny immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. . if the Property is abar~donaJ by Borrower, or if, after notice by Lender to Bomower tfiat the condemr~or offen~ to make ~ an award or settk a claim for damages, Borrower fails to respond to I_ender within 30 days after the date such notice is maikd, L.ender is authoriud to collect and apply the prceeeds, at I.ender's option, either to ratontion or npair of the Prope~ty or to the suma securcd by this Mortgage. Uoless Lender and Borrower otherwise agrce in writiog, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Son~ower Not Rekased. Extension of the time for payment or modiflcation of amortization of the sums securcd by this Mortgage granted by [_ender to any successor in interest of Borrower shall not.opente to rekase, in any manner, the liability of the original Borrower and Borrower's succcssors in interest. Lender shall not be required to commence proceedings against such successor or refuse to eztend time for payment or otherwise modify amortization of !he sums _ secured by this M~Agage by rcason of any demand made hy the originsl Borrower and Borrowers successors in interest. I l. Forbauance by Lender Not a Wdrer. Any forbcarance by Ixnder in exercising any right or remedy hereunder, or othenvise afForded by applicable law; sha11 npt be a waiver of or preclude the exercise of any such right or rcmedy. The procurcmtnt of insurancx or the payment~ ot laxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturiry of the indebtedness secured hy this Mortgage. t2. Rcmedies CumulNbe. All rcmedies provided in tFtis Martgage~are distinct and cumulative to any other right or romedy under this Mottgage or afiorded by law or equity, and may be exercised concurrently, independently or successively. 13. Srcce~on and Aa~~s daand; Joint aad Several I.IabNty: Captions. The covenants and agreement~ herein conlsined shall bind, and the rights herqunder shall inurc to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 he~eof. All covenants and agrcements of Borrower shall be joint and several. The captions and headings of the puagraph~ of this Mortgage are for convenieoce only and ar+e not to be used to interprct or deBne the provisions hereof. l4. NMke. Except for any notioe required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrawer at the property Address or at such other address as Borrower may designate by no~ice to (.ender as provided herein, and - (b) any notice to Lender shall be given by certified mail, retum receipt requested. ~o l.ender s address stated herein or to such other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. ls. UoHora~ MoK~t; Gorernia~ I,arr; Serersbilify. This form of mongage combines uoiform covenants for national , use and non-unifotm covenants with limited variations by jurisciiction to constitute a uniform security instrument covering rcal property. "i?~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the ! _ event Ihat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given eftect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note arc declared to be xverable. ~ 16. oorrower't Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time E of execution or after recordation hereof. ~7. Traasfer of tbe Property: Aasumptioo. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interat for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant ar (d) the grant of any Itaxhold interest of three years or less not containing an option to purchase. [_ender may, at Lender's option, declare all the sums socured by this Mortgage to be immediately due and payablt. Lender shall have waived such option ~o accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Ltnder and that the interest payable.on the sums secured by this Mortgage shall be at such rate as Lender shal) nquest. If I_ender hu waivod the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed. s written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Bo~rower notice of acceleration in accordance with par~graph 14 hercof. Such notice shall provide a period of not less than 30 days from !he date the notice is mailed within which Borrower may pay the sums declared due. If Borroaer fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Horrower, invoke any remedies permitted by paragraph 18 hereof. NoN-UrrtFORw Co~~Nerr'ts. Borrower and Lender further covenant and agree as follows: li. Accekntbs; Remedia. B:cept ae provided in psra~rsph 17 hereof. opoe Borrower's brescb of any corenant or a`ieeateat of Eo~rower is tYY Mort~a`e, fncladi~ tl~t coreo~ts to par whes doe say snms secored by tb4 Mortzqe, Lender Prbr to accekrsUoe s6aU ~ wtke M Dorro~+er as Provided ln para`raph 14 bereot spec~~: (1) t6e M+eacb: (2) t6e sctbs reqoircd to cm wcA Drescbi (3) a dde, aot ks t6an 30 days from tbe date trc aotice is mdkd to Eoerower. b!' wWc6 snc6 breseL mad 6e cona: a~ (4) tb~t ftaore to care wch bresch o0 or be(ore tre date speciied b tbe ootke ~osy resrlt fo secderatb~ d tre ~s secared by tbb Mortsa~e. torccbwre by jedicial ~roceedia~ asd sde ot tbe Properry~. 'iLe aotke ~all t~rtber loform Son~uwer oL the ri~kt to niw~tate dter scceleratioe aad t~e ri~t to arert ie tbe foreclosore proe~ tre ooa-ezf~tence ot a detaolt or any other detea~e ot Borroner to accekrMiow and foreclosare. it tbe breac6 is not crred oo ~ or be[on tre dsh speei8ed ia tre ~otice, Le~der n Lender's o'tbn nu~ declarc a0 d tbe mms ~eerred by t6b Mort=a~e to be : immedistelf dne aod pqa6ie wk6ott fnrtber de~aad aad may foreclose tt6i~ Mo~a~e by j~dkW proe~edia~. Le~der ihaB ~ be a~tkkd to colkct 1~ ~ prueadla~ dl espema ot touclos~re. iacladin~, brt oot tisited to, reMOSSbk attoree~'s tees, _ aed coHs ot doc~~ erideace, ~b~trscb ani Wk rtpo~b. 19. Sorrowet's R1~4t to Rela~tate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower ahall have the right to have any procoedings begun by Lender to enforce this Mortgage discontinued at any time ~ z~ ~ ~ - ~~~~x F L _ ~ ~ _ ~ _ _ _ - ~ . , , .