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HomeMy WebLinkAbout0005 Lcade~'s writtea a~reea~ent a applicabie law. Do~rower ~hall pay the amouat ot ap ~nortsaje Iasunncx pnaaiums ia tbe manne~ providcd unck~ pa~as~sph 2 he~+eot. Any amounb disbuned by [.ende~ purswnt to tha panjraph 7. with iaterest therea~. shall becane sdditionsl indeb~ednas of Borrowcr securod by this MoNaaae. Unle.u BoROwer and Leode~ aaree to othe~ terms ot payaneM. wch amounts shall be payabk upon natice trom I.eoder to BoROwcr requestin~ payment theroof. aod shall bear interat from the date of disburseme~t at the ate payabk from time to time o0 outstandin~ principal under the Note unkss paymmt ot i~terat at ~uch rata would be contnry to applicabk law. in which event such amou~b sha11 bea~ interat at the hi~ ra~e permis~'bk w~der applicabk law. Ndhing contained in this paraaraph 7 ahall roquire Lender to incur aey ea~peeae or t~te any action hertunder: S. I~ectio~. I.ende~ may make or cause to be made reasonabk entties upon and inspections ot the Ptope~. providtd that Londe~ shall give Borrowe~ notice p~io~ to any such i~spectio~ specifyin~ ressonabk cause thenfor related to La~ders interost in the Properly. 9. Co~dew~aHo~. The proceed4 of any ~wanl o~ claim for damaga, dir+ect or consequential, in connection with any condcmnation or dher takina of the PropeKy, or part thercof, or tor co~veyance in lieu of condemnation. are hereby assig~ed ~ and shall be paid to Lender. ~ In the event of a total takinE of the Propetiy, the proceed: shall be applied to the suins aecured by this Mort=aae. with the ezcas, if any, paid to Borrower. io the event of a paNial talcina of the Property. unless Borrower and I.eoder otherwise ~tree i~ writin~t, there :hall be applied to the wms sxured by this Mortgage such p~vportion of the procbod: as is oqual to that proportion which the amount af the sumx socurcd by this Mortgage immedistely prior to the dat! bf . taking bears to the fair markd value of the Propeny immediately prior to the date of taking, with the balanoe ot the pr~ooe~~ds paid to Borrower. • if the Property is abandoned by Borrower, or if, aRer notke by Lender to Borrower that the condemnor oRen to mate an award or settk a claim for damages, Borrowe~ fails to respond to l.ender within 30 days after the date sucb notice is maikd. I.ender is authorized to colkct and apply tht ~proceeds, at I.ender's optio~, eithet to testoration or repair of the Property or to the sums secured by this Mortgage. • Unlas Lende~ a~d Borrower othenuise agree in writing, any such application of proceeds to prir~cipsl shall not extend or postpone the due date of the mo~thly ins~allmcnts referred to in paragnphs 1 and 2 hereof or change the amount of such installments. ~ lA. ~orrower Not Reka+ed. Extension of 1he time for payment or modification of amortization of the sums secured by this Mortgage gr~nted by Lender ta any successor in interest•of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower s succzsson in interest. Lender shall not be requircd to commence proceedings agai~st such succestor or refuse ta extend time for payment or otherwix modify amortizat~on of the sums securcd by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in inlerect. 1l. Forbesnwce 6y I.eeder Na a Wai~er. Any forhearance by Lender in exercising any right or nmody heramder, or otherwise afTorded by applicable law. shall not be a waiver of or prcclude the exercise of any such right or remedy. ~ The procurement of iosurance or the payment of taxes or other liens or charges by L.ender shaq not 6e a waiver of Lender's right to accelerate the maturity of the indebtedness secutrd hy tfiis Mortgage. l2. Ree~edies Cuu~ulatire. All remedies providtd in this Mortgage arc distinct and cumulative to any other right or rcmedy under this Mortgage or afforded hy law or equit.y, and may be exercised concurrcntly, independently or s~~ccessively. ' 13. S~cces~o~s sed Assi~~s ~oaad:.idwt asd Se~erd i.isbilil~; Captioas. 'it~e rnvenants and agreements herein contained shall bind. and the rights hereunder shall im~rc to. the respective successon and ascigns of Lender at~d Bornower. subject to the provisions of paragraph 1? hereof. All covenants and agrcements of Borrower shall be jary and seva'al_ 77u captions and headings of the paragraphs c?f this Morigage arc for convenience only and are not ta be used to interprot or define the provisions herec?f. ' - 14. Piotke. Except for any notice required under applicable Iaw to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such ~rotice by ce~titied mail addressed to Barrower at the Property Addrcss or at such whcr address as Borrower may. designate by notice to T.ender as provided herein, and (b) any reotice to Lender shall he given by certifieci mail. retum reoeipt rcquested. to I_ender's address stated herein or to such other addrGU as Lender may decignate by nc~tice to Borcower u provided herein. Any notice provided for in this Mongage shall be deemed to have becn given to Borrower or Le~er when given in the manner daignatod herein. _ IS. Uaiform Mo~t~aRe: Governin~ Law; Severability. This form of mortgage combina uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument covering ~ rcal property. This Morlgage shall be gaverned hy the law of'the jurisdiction in which the Property is locatcd. in the ~ event that any provision o? elause of thic MoAgage or the Note rnnflicts with applicabk law, such conflict shall not aBeet ~ ! other provisions of this Mortgage or Ihe~ Note which can be given eBect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Nate are "Jeclared to be severabk. f 16, dorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of eaecution or after recordation hereof. 17. Tra~sfe~ of tbe Property: Assumption. If all or any part of ~he Property or an interest therein is sold or transkrrcd by Borrower without Lender's prior writtcn ronsent. excluding ta) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creat~on of a purchace money security interat -for household appliances. (e) a transfer hy devise. descent or by operation of law upon the cka~h of a joint tenant or (d) the grant of any leasehold intercst of threc years or less ~ not containing an option to purchas~ Lender may. at [_ender's option, declarc all the sums secured by this Mortgage io be immediately due and payable. Lender shatl have w~aived such option to acceierate if, prior to the cale or transfer. Lender and the person to whom the Property ic to be sc~IJ or transferrcd reufi agrcement in writing that the credit oi ~uch pcrcon ~ is satisfactory to Lender and that the intcrcst payable on the sums secured by lhis Mortgage shall be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borcower s successor in interest has executed a written assumption agreement accepted in writing by i.ender. L.ender shall release Bonower from all obligations under this Mortgage and the Note. ~ ~ If Lende~ exercises such option to accelerata Lenckr shall mail Borrower notice of accderation in accordanc~ H•~th paragraph 14 hereof. Such notice shall provide a period of nw less than 30 days from the date the notice is mailed within which Borrower.may pay the sums dcelared due: If Borrower fails to pay such sums prior to the expiration of ~uch period, Lender may, without further notice or demand on Borrower, invoke any rernedies permitted by paragraph 1R herec~f. ~ NoN-UHtFORM CovErr~rtTS. Bonower and Lender further covenant and agrce as follows: r ls. Actekratio~; Reoedia. E:ccpt as provided io par~rspk 17 bereot. ap~ Eosrower's b~esc~ of a~y co~e~ant or ~ a`reaoe~t of Borrower i~ f6h Morfasse, i~cln~n~ the cm~esauts to p~ wbe~ dne sy soa~s secrrea by tbk Morq~a`e. I,eader ~ Prior fo acttltratlon s6a1! oufl1WfkY f0 sOrroMet at prO~ided iO para~is~A 14 reito/ sptcifyi~: (1) t11e b~+escb: (2/ fbt scfba ~ re9nired to crre wc~ ~eacr: (31 a ds1e, wol les~ Wan 3A dan truw tbe ~te tbe ~otice i~ w~e~ to eorrower. b!' whk6 secr ~ brsscb n~rt be e~red: ~(4) tbat h~re to crre s~ bresc6 0~ or before tie date speclRed ~ the ¦otke suy result io ~ sccekrstbe ot t\e soms sect~ed by t~Is Mort~e, Mrec~osurr b!' jrdicW lroeeedi~ aua sak of tbe Prope~. '~e notke ~ % sha~ furtber iafone Eorrower ot tl~e ri`IN to reiastste atter sccelerstlo~ swd tbe ri~t to ~sse~t i~ tbe foreclosrre proc~edi~ ' ~ tbe oon-existenee d s aefa~lt or any otAer iefe~se of sorrower to ~ecekrstiow asd tor+eelowre. if tbe breacw is sot crrtd o~ ~ ~ or before the daEe specf6ed i~ tLe ootice. I.ende~ at [.eader's optiow ~ay decl~e d of We s~ias secarea by t6k Mott~aRe fo be • Imo~edfatdy d~e snd prabk r?itboW further demand and may forecbte t~b Maisa~e br jsdkial'soceedio~. i.ender ~hall ~ 6e totided to coYett iw suc~ pr+oceedia~ d espet~ses of toreclosrre. i~c1Y~~, br! ~of IlsNed !0. rtafonsbk stt~~rner's fees. asd co~ts ot doc~reshry erfde~ce. sbdracts and titk rsporti. ~ 19. Sorru~+er's Ri~it to Rei~state. Natwithstanding Lender s accekration of the sums secured by ~h~s Mohgage, Borrower shall have the right to have any proccedings be~un hy l.ender to enforce this Mongage discontinued at any time ~ 800~ 299 ~ ` 'S ~`i~-" . ~:a?