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HomeMy WebLinkAbout0114 . Y w~ ' ; r ` ~ Lender's writte~ agrcement o~ applicable taw. Borrower shall pay the amount ot all mert~a~ insurance premiums i~ the mmner provided unde~ paragraph 2 hereof. A~y amounts disbursed by Cender pursuant to this paragraph 7. with interest thereon, shall become additional indcbtedness of Borrower securcd by this Mortgage. U~less Borrower and Lencler agree to othcr tcrms of payment, such amounts shall be payabk upon notice from Lender to Borrower requcsti~g payment thereof, and shall bear interest from the date of disbursement at the rate payable from timc'to time on outstanding principal u~der the Note unless payment of interat at auch rate would be cont~ary to applicable law, in which eve~t s?~ch amouota shall bear interest at the highest rate permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any ezpense or talce any action hereunder. ' S. Iaspectba. Lender may make or cauu to be made rcasonable er?tries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonabk cause thtrefor related to Lender's interest in the Property. . 9. Coadema~tba. The prceeeds of any award or claim for damages, direct or conseque~tial, in connection with any condemnation o~ other taking of the Property. or part thereof, or foP conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the s~ims secured by this Mo~tgage. with the excess, if any, paid to Borrower. In the event af a partia) taking of ~he Property, tmless Borrower and Lender otherwise agoee in writing, there shall be applied to ~he sums secured by this Mortgage such proponion of the proceeds ~ as is equal to that proportion which the amount of ~he sums secured by_ this Mortgage immediately prior to the date of taking bears to tht fair market value of the Property immediately prior to the date of taking, with the bala~ce of the proceeds paid to.Borrower. 1f the Property is abandoned by Borrower. or if. after notice by I.ender to Borrower that the condemnar offers to make an award or settle-a claim for damages. Borrrnver fails to respond to 1_ender within 30 days after ihe date such notice is mailed, L.ender is authorized to collect and apply the proceeds, at I_ender's option. either to restoration or repair of the Propeny or to the sums secured by this Mort~tage. U~kss Cender and Borrower otherwese agree in w•riting, any such application of proceeds to principal shall not extend or postpone the due dale of the mo~thly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of such inslallments. ' !9: Borrower Not Rekased. Extension of the time for payment or modiflcation of amortization of the sums secured by thic Mortgage gre~ted bv Lender to a~y successor in interest nf Borrower shall not operate to release, in any maoner, the Iiabilily of the c~ i¢inal ~Borrower and Borrower s successors in interest. Lender shall not be required to commence proceadings against such successar or refuse to extend time for payment or pthervvise modify amortization of the sums secured by this Mortgage by reason of any demand made by the oriR~nal Borrower and Borrower s successors in interest. . 11. Forbearaoce by Lender Not a Wai~•er. Any~ forhearance by_ i_ender in exercising any right or remedy hereunder, or otherwise af~orde.i by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.. The procurement of insurance or the payment of taxcs or other liens or charges by i_ender shal) not be a waiver of Lender s - right to accelerate the maturety of the indehtedness cecured hy this Mortgage. ~ l2. Remedies Camulatire. All remedies provided in this Mortgage are distinct and cumulative to any ather right or remedy under this Mortgage or atforded by law or equity, and ma~• be exercised concurrently, independently or successively. 13. Successors and A~gas Bound; Joint and Several I.iability; Captlons. The coveoants and ag~eements herein contained shall bind, and the rights hereunder shall inure to. the respective succecsors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. - The captions and headings of the paragraphc of this Mongage are for convenie~ce only and are not to be used to interpret or define the provisions hereof. ~ - 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 Mortgage shall be given by- mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma~• designate by natice to T:ender as provided herein, and (b) aoy notice to Lender shall he given by certified mail, retum receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Bormwer as pro~ided herein. Any notice provided for in this Morigage shalt be deemed to have been given to Borrow~er or I_ender when given in the manner designated herein. IS. Unifora~ Mo~tga~e; GoverninR Iaw: Serer~bility. This form of mortgage c~mbines uniform covenants for national ~ise and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering '4 real property. This Mortgage shall be governed b~ the law of the jurisdiction in which the Property is located. 1n the event that any provision or clause of this Mortgage or the Note conflicts W~ith applicable law, such conflict shal) not affect I other prc~visions of this Mortgage or the Note which can be given effect without the conflirting pmvision, and to this ` end the provisions of the Mortgage and the Note are declared to he severable. ~ 16. Bornowe~s Copy. Borrower shall be furnished a rnnformed copy of thc Note and of this Mortgage at the time ; of execution or after recordation hereof. E 17. Trantfer of the Property; Assumption. If all or an~• part. of the Property or an interest therein is sold or transferred = by Borrower without Lender s prior written consent, excluding fal the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase mone~~ security interest for household appliances. (c) a transfer by devise. descent or by operation of iaw upon the death of a joint tenant or (d) the grant of anv leasehold interest of three years or less E .not containing an option to porchase, I_ender may, at Lender'c option. declare all the sums secured by this Mortgage to be ~ immediately due and payable_ Lender shall have waived such option to accelerate if. prior to the sale or~ transfer, I.ender 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 I_ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender t shall request. If Lender has waived the opti~n t~ accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by I_ender, Lender shall release Borrower from all obligations under ihis Mortgage and the Note. ~ If Lender exercises such option to accelerate, l.ender shall mail Borrow•er notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not lcss than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. It Borrower fails to pay si~ch sums prior to the expiration of such period. ~ Lender may, without further notice or demand on Borrow•er, invoke any remedies permitted by paragraph 18 hereof. ; ~ Norv-Utv~FqRM CovExerrrs. Borrower and Lender further covenant and agree as follows: ~ ~ 18. Accder~ion; Remedies. Except a6 provided in paragraph 17 hereof. upoa Borrower's breach of any coveaaaf w - agreemcat of Borrower in t6ts Matgage. includi~ tbe covenants to pay when due aoy snms secured by thk Mortg~t, Lender prior to accderation shaII mail ~totke to Borrower as provided ia paragrapd 14 bereof specifyiag: (l) t6e breach; (2) tbe action ~ reqnired to cnre soc6 breac6; (3) a date, not kss t6an 30 days from the d~e the ootice b maikd to Borrower, by whk6 snc6 ~ bresch mnst be cnred; aad (4) that faUure to cure soch breach on or before t6e date specified in tde notice may resntt ia nccderation of t6e sums secored by this Mortgage, for+eclowre by judicid proceediu~ aad sak of t6e Property. 1be notice shall fnrther inform Borrower of t6e rigbt to rei~tate after accekration aad the right to assert ia tbe foreclosure proceediat the noa-extstence of a defan~ or any other defe~e of Borrower to accekration and forccbsure. If the bresc6 is not cared on ~ or before tbe date speci6ed ia tbe aotice, Lender at Leoder's optfon msy declarc all of t6e snms secared by t6is Mortaa~e to 6e ~ im~aedlately due aad psyabk Mthoot furiher.demand and ~rwy forecbse t6ts Mortgage by judirial proceediut. Leader shall ~ be entitkd to copert ln sacb proceediu6 aU espenses of forecbsnre, includiag, but aot lim[ted to, reawaa6le s~toraey's fees, ~ and cosfs of docnmentary evldeoce, abstracb sod title reporls. ~ 19. Borrower's Rig6t to Reinstste. Notwithstanding lenders acceleration of the sums secured by ~this Mortgage. ~ Borrower shall have the right to have any proceedings fiegun by Lender to enforce this Mortgage discontinued at any time ' Bvw~3t~2 ~ 114 ~ ¢ ~ ~ ~ ~ ~ v ~ : ~ ~ ~ i s ~ ~~:4.. ~ - ~ - - . _ . ~ $