Loading...
HomeMy WebLinkAbout0684 . • Leader's written agroement or applicabk Iaw. Borrower ahall pay the amouM ot all mo~taage in.wnnoe p~emiwat in tbe ; manner providcd under pangnph 2 hereof. Any amounts disburscd by l.e~der pursuaM to thit pang~aph 7. with iaterest ther~o~. shall become additiooal . indeb~ed~as af Borrower securcd by this Mongage.. Unless Borrower and Lender agrce to othe~ tem~s of paymeM. such amaunts shall be payabk upon notice f~~xn t.ende~ to Borrower rcquesting payment the~eof. snd shail bear interc~t froat the ~ date of disbursement at the ntc payabk from time to time on out:tandin~ principal under the NMe unkss pa~t~nent ot ~ interest at such rate would be contnry to applicabk law, in which evenl such amounts shall bear inte~+est at the hi=t~at rate ~ pe~nisaibk under applicabk law. Nothi~g cantained in this paraaraph 7 shall roquiro Lender to incur any aspea~e tx tate ~ any action hereunder. ~ S. la4ectio~. I_enckr may make o~ cause to be mack reasonabk enlries upo~ and inspoctions of the Prope~. provided ~ that i_ende~ shall give Horrower natice prior ta any such inspection spocifying reasonabk cause therefor relatod to [.d~der's t intercst in the Pmperty. j 9. Co~dewtbw. The prc~ceeds af any award or claim for damages, dircct or co~sequential. in connection with any ~ co~demnation o~ dher taking of the Prope~ty, or pan t~ercof, or for conveyance in lieu of condemnation. ue hereby assi~oed and shall be paid to Lende~. ' ln the event of a total taking of the PropeNy, the pra.~eeds Shall be applied to the sums secured by this Mort~aae. with the cxcesa, if any, paid to BoROwer. In thc evcnt ot a partial tai:ing of the Property. unless Borrowe~ and Lender otherwise agree in writing, thene shall be applied to the sums securcd by this Mongage such propo~tion of the pnooeee4 as is equal to that propoNion vehich Ihr amount ot tfie sumc sccured by this Mongage immediately prior to the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the prooeeds paid to Borrower. lf the Property is abandoned by Barrower, or if. after noticc by I.ender to Borrower th~t the oondemnor ofFers to make an award or settk a claim for damages, Bormwer failc to respond ta Lender within 30 days aher the date such notice ia maikd, i.ende~ ic authorized to collect and apply the proceeds. at I~~de~'s option, eithet to restontion or repsir of ti~e Propony or to the sums securcd by this Mohgatte. ~ Unle;ss [.ender and Borrower otherwise agree in writing, any such application of procee~ to principal shall not extend cr postpone the due date of th~ monthly installments refened to in paragraphs 1 and 2 hercof or change the amount of soch installme~ts. ~ 19. ~rower Nof Rekascd. Eutension of the time for p~yment or modifkatioo of.amortization of the sums ~pecurcd by this Mongage ~rdnted by i.ende~ to any cuccecsor in interest of Borrower shall not operate to rekase, in any manner. the liability of the original Borrower and Bnrrower's soccessorc in interest. Lender shall not be requircd to commence proceedingt against such successor or refux to extend time. for payment or othenvise modify amortization af thc ~ums saured by this Motigage by rcason of ~ny demand made by the original Borrower and Borrower s successors in interccl. ll. Forbearance by Lender Not a N?aiver. Any forhearanre by Lender in exercising any right or remedy hereunder, or otherwise aftorded by applicable law, shall not he a waiver of or prcclude the exercise of any such right or rert~edy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of i.ender's- right to accelerate the maturity of the indehtedness secured hy this Mortgage_ 12. Rea~edies C~mnlsli~e. All remedies pmvided in this Mortgage are distinct aod cumulative to any other right or rcmedy under this Mongage or afforded hy law or equity, and may be exercised concurrcntty, independently or successively. ' l3. Socce~ors aad Ass~es doand: Joint and Sereal i.fab~ty; Captbws. 'It~e co~enants and agreements herein contained sfial) bind, and the riRhts hereunder shall im~rc to, the respoctive successors and assig~ of Lender ac~d Borrowtr. subjoct to the provisions af pa~agraph 17 hereof. All covcnants and agreements of Borrower shall be jar~ and sevenl. 7l~e aaptions and headings of the paragraphc of ~his Mortgage sro for convenience only and are not to be used to interprct or define the provisions hereoL • 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Martga¢e shall tx given by mailing such notice by ce~tified mail addressed to Bcxrower at the Propeny Address or at such dher addresc as Bormwer may designate by no~ice to i_ender as prmided herein, and (b) any notice to Lcnder shall he given by cenified mail, retum rcceipt rcquested. to t.enders address stated hercin or to such other address as Lender may desiqnate by notice to Borrower as provided herein. Any notice provided for in. this ~ Mortgage shatl be deemed to have been given to Hc?rrower or Lender when given in ihe man~r designated herein. , 15. Unitorai Mort~s~e; Governin~ i.aw: Seversbilitv. This form of mortgage combina imiform covenants for national ~ use and non-uniform covenantc with IimiteJ variations by jurisdiction to constitute a uniform sxurity instrument oovering ! rca) propeny. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the i event tha~ any provision ar clause of thic Mortgage or the Note conflicts with applicabk law, such conflict sha11 not affect E other provisions of this Mortgage or the Nnte which can be given effect without the conflicting provision, and to tha end the provisions of the Mortgage and the Note are Jeclared to be severable. ~ ~ 16. eorrowe~s Copy. Borrower shall bc furni~hed a conformed copy of the Note and of this Mortgage at the time _ ~ of execation or a(ter recordation hereof. $ 17. Transfer of tbe Property: Ass~mption. 1f all or any part of the Property oT an interest thercin is sold or tnnsferrcd { by Borrower without L.ender's prior writtrn consent. excluding (al the cr~eation of a lien or encumbrancc wbordinate to ~ this ~Mortgage. (b) the creaticx~ of a purchace mc?ney security interest for household appliances, (c) a transter hy devise. descent or by operation of law upon the cieath of a joint tenant or (d? the grant of any leasehold interat of three years or kss not containing an option to Purchase, Lender may. at ~ender c option, declare all the sums secured by this Mortgage to be ~ immediatety due and payable. Lender shall have v?•aived such option to accelerate if, prior to the ~ak or transfer. Lender and the person to whom the Property ic ta be so1J or transferred rcach agrePment in_ writing that the crcdit ~f cuch person ~ is satisfactory to Lender and that the interr~t payable on the sums secured by this Mortgage shall be at such rate ac I_ender shall rcquat. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ • interest hu exceuted a written assumption agreement accepted in writing by l~nder. Lender shall release Borrower from all ; obligations under this Mortgage and the Note. ~ . If Lender exercises such option to acce{erate, Lender shall mael Borrower notice of acceleration in accordanc~ N•i~h ~ paragraph 14 heroof. Sucfi notive shail provide a period of not las than 30 days from the date the notice is mailed within ~ which Borrow~r may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of wch period, Lender may, without further notice or demand on f3o~rower, invoke ,ny remedia permitteei by paragraph IR herec~f. ~ Norr-UNtFO~~t Coverr~rrrs. Borrower and Lender funher covenant and agroe u follovvs: . ~ IS. Acederatio~: Re~edia. Faccep a~ proridcd ia p~n~rspb 1Z bereof. up~.dorrower's breact of a~ co~ea~t or ~ ~ aRreemeat of Eorrower i~ trk Mo~a6e. ~~a~~ ~a~ ro.~..an ~o a.~ ~.r s.~s sec~red 6~ t~ Mo~a~e. I.a~der F pripr to aecderstlo~ sMia~ ~ail ~otke to sorrower as provided iw psrapapb 14 rereot (1) t~e breacl~: (2) the setiow - ra~ b c~e+e wc~ bnsrr: (3) a d~e. aot ksc tl~sw 36 days tro~ tbe d~te t~e wtice ts ~aYed b Eo~ruwer. b'7' wAki sreU ' breae~ awt be c~ a~d that ta~re to em~e sseh brescl~ o~ or refore tre aate qeeiiei is tl~e ~otke sar resrlt is } aecderatioa ot be w~as seeered by tb4 Morq~a~e. fo~eclosnrc Y~' jadicial Proee~L a~ s~le ot tre ho~ertr. '11ie eotiee ~ ~ stiaY furtrer a~forn Dorrowtr ot tbe ri661 to ref~atate aftcr sccele~iow ss~ t6e ri~l~t b a~ed h tMe foreclosrre ~cecdiK . ~ ~Ye naFe:is~e.ce at s dcfs.k or a.y aber defeose of Eorrower to sccekrado. s.d foreelos.re. ff tre bresc~ is ~ot awei o~ ~ or betere fbe ~a/e qeeiici ~ ti~e ~otiee. I.e~der at i.ender's optiow wry dech~s all d tMe sow~t scnu~ei ~r t~b MortsaRe lo re • ; iorediately dne a~i prsbk witAorl fwther demand and n~ay toreclose tNs Mo~e y j~ikW MoceedieR• i-ender daB ~ be eNitled to cdkd i~ srci ~roceedi~R aM ezpenses of forecbs~re, belydi~. brt ¦N if~ker !0. K~~~ att~xnty's fea. a~i casfs ot doc~~ewtar~ e~idence. ~rscts aad titk rcp~is. $ t 1!. son~owa's Ri~t to ReiaWate. Notwithstandin~t Lender s accekration of the sums securcd by 1h~s Mott6aae, ~ Borrower shall have the right to have any proceedinp,s hegun hy Lender to enfora this Mongage discontinued at any time ~ ~ F ? ~~oK299 PACf 684 ~ ~ ` _ - - - _ - ~ N' e T~` s-"~.