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HomeMy WebLinkAbout0710 l.enJer's writte~ agroemeot or applicabb law. Borrowe~ shatl pay the unount ot dl mo~~ge insuranca qemium~ in the manner provideci unde~ paragraph 2 heroof. Any Amounts disbur:ed by I,eoJe~ pursuant to tha parag~aph 7. with wterest thereon. shall become additional indebtedness of Borrowcr securcd by this MoNgage. Unlcss Bonrower anJ l.~nJer agroe to othu terms ot paymeM. s~Kh amounts shall be. payabk upon ncuicc fmm [.ender to Borrower roquestiog payment theroo~, and shaN bear inte~eat from the date ot disburstment at the rate payabk from time ta time oR a~htandfng principal undcr the Note unless p~ymeat 4i interat at such rate would be contrary to applicabk law, in which event such amounh shall bear interest st the hi~ ra~e pcrmissibk under applicabk law. Nathing caMained in this pa~agraph 7 shall requitc I.eoder to incut any espctae or ttlte ~ any action hercut~der. a. i~apectio~. 1.ende~ may make o~ cause to be made ?tasonabk en~ries upon and inspections of the Propertp. provided . ; that l.onde~ shall give Borrower notKe prio~ to any s~~ch inspoction specifying reasonabk cause thercfor rclated to I.mde~'s intercst io the Property. i 9. Ca~demaafb~. The pracetds af any awatd or claim for damages, dircet or consequerttial, in rnnnection with sny ! coodemna~ion or other taking of the Property, or part tfiereof, or for conveyance in lieu of caodemnation. are het+eby a.aianed ~ and shall be paid to l.e~der. ~ In the event of a tot~l taking of the Propeny, the proceeds chall be applied to ~he sums securod by this Mortpae. i with the excest, if an , id to Bormwer. ln the cvent at a artia) takin of !he ~ Y Pa P 8 ~nY• unless Bon~owe~ and Irender otherwise agrct in writing. Ihen shall be applied to the sums securcd by this Mortgage such proportion of the Qrooeeds ' as is equal to that proporticu~ vehich ~he amcxm~ of ~he sumc secured by this Mortgage immediately prior to the date o[ ~ tak:ng bears to the fair market value of the Prc~peny immediately prior to the date of taking, with the balanoe of the pr~oca~ds : paid to Borrower. • 3 1f the Property is abandoned by Borrower. or if. after notice by [.ende~ to Bomower that the condemnor oRea to mak~ ~ an aw~rd o~ settk a claim for damages, Bc~rrowe~ fails to respond ta i_ender within 30 days after the date such notice is maikd. I~ender ic authorized to collect aod apply the proceeds, at 1_ender's optior~, either to restoration or n~air of tbe Prapeny or to tht wms secured by ~his Mo?tgage. ~ Unlas Ltnder ar~d $orrower othcrvvisc agree in writing. any such application of procecds to principal shall not extend or postpone the due datc of the monthlv installments referrcd to in paragraphs i and 2 hereof or change the amount of such i~stallments. . l0~. Eorwwer Not Rekased. Extension of the lime for payment or modification of amortization of the sums socured by this Mottgage gra~ted by I.ender ib any ~uccecsor in interect of Borrower shall oot opente to rtlesse, in any ma~ner. the liability of the original Borrower and &xrower'c s~kcessars in interest. Le~der sball not be requirec) to commence proccedings aga~est such succexuor or refuse to extenJ time for payment or otherwise modify amortization of the ~ums secured by this Mortgage by reasor? o( any demand made by the oriR~nal Borrowe~ an~ Borrower's successors in interect. I1. ~ Forbeuanee by Lendtr Nof a N?drer. Any f~rfiearaore by l~nder in exercising any right or remedy hereunder, or othenvise afiorded by applicable law, shall not tx a waiver of or prociude the exercise of aoy such right or remedy. ~ The procurement of insurance or the paymeM oi taxes or other liens or charges by I.ender shaD not be a u~aiver of Lende~'s right to accelerate the maturiry of the indebtedness cecured hy this Mortgage. ~ 12. Remedies CbmnlNi~e. .All remedies pmvided in this Mortgage are distinct and cumulative to any other right ot remedy imder this Moffgage or af~orded hy faw or equity, and may be exercised concurrenUy, independendy or successively. # ~ 13. Saccesaors and Assi~~s Bound: Jant apd Sereral t.iab~fy: Capdoas. The covenants and agrcements herein contained shal) bind, and the rights hereunder shall inurc to. the rapective succecsors and assigns of Lender apd Borrower. subjtct to ihe provisions of paragraph 1~ hereoL All covenants and agreements of Borrower shall be jar~ and several. The captio~s and headings of the paragraphc of this Mortgage arc for convenience only and are not ta be used to interpret or define the provisions hercof. t4. NMke. Except for any notice rcyuired.under applicable law to be givtn in another manner, (a) any notice to Borrawer provided for i~ this Mortga¢e shatl be given hy mailing such notice by certified mai! addressed to Borrawer at the Property Address or at such othcr addresc as Borrower mav designate by notice to i.ender as provided hercin, and (b) any rwtice to Lende~ shall he g~ven by certified mail. return receipt requested. to I.ender s address stat~d herein or to such other addras as Lender may decignate by ~otice to Bormwet as"provided herein. Any notice provided for in this Mortgage shall bc dcemcd t4 havc been given to &?rrower or Lender when given in ihe manner designated hercin. IS. Uniform Mort~a,~e: Go~eraiu~ I.aw: Sc.erabilitv. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering rcal propeny. This Mortgage shall be governed hy ~he lavr of the jurisdiction in which the Property is located. In the event ~hat a~y provision or clause of thit Mongage or ~he Note conflicts with applicahk law, such conflict shall not affect j o~her provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this tnd the provisions of thc Mortgage and the Note are declared to bt severable. - 16. Borrowt~s Copy. Borrower shall be turniched a conformed copy of ihe Note and of this Mortgage at the time } of execution or- after rccordatior~ hereof. • 17. Trsnder of t6e Properfy: Auumptior. 1f all o~ any pan of ihe Property or an intercst therein is sold or tnnsferred by Borrower wethout Ltnder's prior wriltcn consent. excluding (al tlx creation o[ a lien or encumbrance subord;nate to this Mortgage, (b) the~ crcation of a purchace money security intrrest for household appliances, (c) a transfer hy devise. dacent or by operation of law upon the ckath-of a joint tenant or (d1 the grant of any leasehold intercst of threc years or less not containing an option to purchase, Lender may, at I.ender's option, declare all the sums secured by this Mortgage to be immed'eately due and payable.. Lende~ shall have waived sach option to accelerate if, prior to the cale or transfer. Lender and the person to whom tt~e Property ic to be cc~IJ or transferred reach agrcement in writing that the credit of such person is satisfactory to Lender and that the interc~t payable on the sums secured by this Mortgage shall be at si~ch rate ac Lender shal) reque.st. if Lender has waivod the option to accelerate provided in this paragraph 17, and if Borrower's succasor in interut hu exocuted a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and the Nae. . If Lender exercises such option to accelerate. Lender shall mail Borrovver notice of accekration in accordanc~ u•ith ' paragraph 14 FKroof. Such notice shall provide a period of not less than 30 days from the date the notice is maikd within which $orrower may pay the sums daclared due. If Bvrrower fails to pay u~ch sums prior to the expiration of such peric~d. [.ender may, without further notice or domand on liorrower, invoke any remedia permitted by paragraph 18 herrnf. Not~t-UtvtFatt?t CovEH~trrs. Borrower and ~eoder furthet covenant and agne u follows: ti. Aceekr~dlor Reoedia. Escept as prorided is para6rspb 17 bereof. qor forrowe~'s breac~ of ~y co~e*awt or a~maest ot Eon~ower i~ tl~ Morl;aae. hcludia~ tbe coreaasts to py whe~ dne say wms xcored by t6fs Morq~a`e. I.eader prior to setekratlo~ sba~ iaail soNce to Qorrower as pro~Wed ie pirasrapl~ 116ertof speeK~: (1) tl~e brtach:/21 t6e sctioR reqdre~i to c~re s~ bracly (3) s date, ~ot tas tiu~ 39 dars frna~ tbe date tie ~otke ts etWed !o /orrower. by whicM sn~i br~eac~ ~~t be csre~ aod (4) tbst fa~rs to cvre srch eracM ow or before t1~e aate speei6e~ i~ tbe ~otke inay ~It i~ ~ secdcrs~io~ d tre w~s secuee~ by trk Mwtp~e. toncclosure i~ judicid proeeedio= a~d sale of tbe T~operty. 7be aotice ; :ha4 hirther inEorm ~orrower oi tbe ri~M to reiatate dter sccekrNioe awd tbe ri~t to a~ert h t6e toreclo~re proeee~ : t~e ~oa-esisteaee a[ a defaok or wy otber defease of ~orro~ver Io accekrMioa sad toreclowre. if tbe 6rescM is aot cwed o~ • ' or befoee tbe da~e ~d b tbe notke. Leader at t.ende~'s optbn may declare v et the s~ss see~red tir H6 Mort~a~e to 6e • ime~edi~tefir dne aad pysbie withoot foMher dem~nd and may toreclo~e tbis Mo~a~e by jodieist prottedi~. Lrnder d~ ; be ~ to collect ia src~ prncttdio~ sR expe~es of torectosnre, iaci~die~, bvt ~ot ~afhh~ to, reatossble atl~srney's fees. 3 a~d eosts at doe~~eNary e~ide~cc, abstrscls ssd 1~!!e nporis. i 19. lorrower's R~Yt to Rei~state. Notwithstanding ~ender s accekration of the sums secured by this Mongage, Borrower shall hstve the right to have any p~cecedings t~cgun hy Lender to enfora this Mortgage discontinue~ at any time } . ~ go~x299 Pa~E .7i0 ~ ~ ~ j ~°i.~ . . - - _ _ _ - : - _ . ~ ~ - ~-~z..-~~.