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HomeMy WebLinkAbout0772 ~ i ~ L.ender's w~tt~ aaroanent or applicabb I~vr. eoR~ .t~.u wy u~ ~~t ot ~n ~orta~ L~suranca premiums i~ the ~ maaner providod ueder puaaraph 2 hereof. ~ A~y amouMs disbursed by i.eode~ pursuant to this paraaraph 7. with iaterat thereon. shall become additia+al ~ ~ndebtod~ss of gormw~c~ socured by this Mo~tgage. Unless Bortower and Le~ckr aaroe to othe~ tetms of payment. such amouots sha11 be payabk upon ndice fran I.ende~ to Boroower requesting payment thercof, and shall bear interest fran the date of disbursemeot d the rate payabk from time to time on out:ta~s princ~W1 under the Note unless psyment ot interest at such rate vrould be contnry to applicabk law. in which event such amounts shall besr interest at the hi~st rate permiss~'bk under applicabk law. Nathing cantair~ed in this paragnph 7 shall require Lender to incu~ any expeias ot tate any action hereunder• I~ectlM. [.tnder may make ar cause to be madt rcasonabk entriec upon and inspections of the Property. pr'ovided that I.eoder shall 6ive BoROwer notice pricx to any u~ch inspection spocifyina reasonabk cause therefor related to La~der's iotcr~al in the P~+operty. 9. Co~ie~slioi. The praceeds of any award,or claim for damaga, dircct or consequeotial, in co~nection with anY ; coodemnafion or dhe~ taking of the Property. or put thereof, or for co~veyance in lieu of condemnatio~, are hereby sssianed ; a and shall be paid to Lender. in the event of a to1i1 taking of the Propeny. the proceed: chall be applied to the sums sccurcd by this Mortaage. with the eare~, if any, pa~d to Borrawer. In the eveot of a partial taking of the Property. unless Borr~ower a~d I~ender otherwise agroe in writin~t, iherc shall be applied ta the sums ses~~red by this Mongage such proportion of the prooeeds ~ as is eqwl to that proponion vehich the ama~nt af the sumc securcd by this Mortgage immediately prior to the date of , takit~ bears to the fair marlcet value of the Propeny imm~diately prior to the datt of taking, with the balar~oe of the procoeds _ ~ i paid to Bormwer. - if tht Pmperty is abandoned by Borrower, or if. after notice by I.ender to Borrower that the condemnor offers to make ~ an award or seqk a claim For damages. Borrower fails to respond to Lender within 30 days after the date such notice is maikd. Lender is authorixed to collect and apply the proceeds. at I.ender s option, either to ratontion or repair of tbe i Propeny or to the sums secured by this Mortgage. ' Unkss Lender and Borrower othenuise agree in writing, any such application of p~oceeds to principal shall not extend i or postpont the due date of tho monthly installments referred to io pacagraphs 1 and 2 hereof or change the amount of 8 such iastallments. ~ 1!. Sorrowct Not Relesse~. Exte~sion of the~ time far payment or moditication of amonization of the sums secured ~ by thi: Mortgage gtanted by Lender to any cuccessor in interest of Borrower shall nbt operate to release. in any manner. ~ the liab~liry of the original Borrowe~ and Borrower ~ succesx?rc in interat. Lender shall not be requircd to commence ~ ~ proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of thr sums , secured by this Mortgage by reason ot any demand made by the oriRinal Borrower and Borrower s successors in interect. 11. Fo~earawce y~ I.esder Na a w~ver. Any fort~eararece by Lender in exercising any right or nmedy hereunder, or otherwise affordod by appl'ecabk iaw. shall r?M be a waiver of or preclude the exercise of any such right or rcmedy. The procurement of insurance or the paymeot of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accekrate the matunty of ihe indehtedness secured hy this Mortgage. • 12, Re~eiks (.1~~hli~a All remedies pmvided in this Mortgage are distinct and cumulative to any other right or rcmedy uoder this Mortgage or aff~rded by law or equity, and may be exercised concurrently, independently or succes.sively. ~3, S~cae~o~s awd A~s doxod; Joud aad Sevcral i.iaM`Hty; Cspflons. 'Il~e covenants and agree[nents heroin contained shall bind, and the rights hereunder shall inure ta the respective successors and assig~u of Lender and Borrower_ subject to the prrovisio~s of paragr.~ph 17 hereof. All covenants and agrcements of Borrower shall be joi~ and several. The captioos and headings of the paragraphc of Ihis Mortgage are for convenience only and are not to be uad to intErprct or defino the provisiom hereof. ' 14. Notice. Except tor any notice rcyuired under applicable law to be given in another manne~. (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certitied mail addressed to Borrower at the Propetiy Addrcss or at wch othcr addrecc as Borrower may designate by no~ice to T.ender as provided htrein, and (b) any notice to Lender shall he given by certified mait, rctum reeeipt requested. to I.ender s address stated herein or to ; such aher addras as [-ender may designate by notice to Borrower as provided herein. Any notice provided for in this 4 Mortgage shall be deemed to have bee~ given to Bormwer or Lender when given in the manner designatsd hercin. : , lS. U~o~ MoA~e: Gore~iu~ i.a.r: s~Y~~~rty. This form of mortgage combines uniform covenants for national F ~ use and na~-uniform covenants with limited variations hy jurisdiction to constitote a uniform security instrument covering ~ i real property- This Mortgage shall be governed by the law of the jurisdiction in which the Property is Iocated. In the ~ event that any provision or cla~~se of thic 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 effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the NMe arc Jeclared to be severable. ~ 16. somower's Co'y. Borrow•er shall be furnished a conformed copy of ihe Note and of this Mortgage at the time ' of execution or afte~ recordation hereof. ~7, Traasfer ~uf tie propMv; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without I.ender's prior wriarn consent. excluding (al the creation of a lien or encumbrance subordinate to ihis Mortgage. (b) the creation of a purcha~ money cecurity interest for household appliances. (c) a Iransfer hy devise, descent or by operation of law upo~ the cleath of a j~~int tenant or (d) the grant of any leasehold interest of threc ycars or less - not rnntaining an option to purchase. Lender may, at Lender'~ option, declare all the sums secured by this Mortgage to be immediately due and payahle. Lender shall have w~aived s?ich option to accelerate if, prior to the cale or transfer: I_ender and tfie person to whom the Prope~ty is te~ be u~l.! or transferrcd reach agrcement in writing that the credit o! such perxon is satisfactory to I.ender and that the intere~t payable on the sums securtd by this Mortgage shalf be at such rate ac I.ender shall requat. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower s successor in interest hu executed a written assumption agreement accepted in writing by Ixnder, Le~der shall relea~e Borrower from all obligations under this Mortgage snd the Note. - ~ If Lender txe~cises such option to acceterate. Lenckr shall mail Borrower notice of acceleration in accordanc~ whh ` paragraph 14 heroof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within : which Borrower may p~y the sums declared due. If Borrower (ails to pay such sums prior to the expiration of cuch period. _ I.ender may, without further notice or demand on l3orrower. invoke any remedia permitted by paragraph 1R hereof. ~ NoH-UrnFORM CovEN~t'~TS. Borrower and Lender further covenant and agree as follows: _ rWed ia rs 17 I~ereof, apon Sorrower's breach of aay co~eeant or 1R Aeederatio~ Resedies. Escept as pro P=*aL Pb ~ a~reea~R of ~rr+ower i~ t~ Mort~a6e, iacludia~ tbe rn~euaets to pay w6ea due any soms secured by this Mort~aRe. I.eadcr ~ p~ior M scedeaalio~ srap ~ail ~Mke to Qorrower ss provided ia paraSrapA 14 bereoE specify~: (1) tLe beaca:/2) the aciioa ~ re~ b cwe sscY Mescr: (3) a date, aot kss than 30 dsys from tl~e date tbe notice [s ma~~d to Dorr~ower. b~' whkh s~cie ~ 6~+esA r~t ~e c~ a~d H) trat fa~nre to core sach breac6 on or before tbe dste spec~'ied io ~he aotice mar resnlt ia sceekratio~ et qie sx~s sec~red 67' tris Mort~e. toreclosure by judicid proceedin6 and ssle of t6e Prope~. 71~e notice ~ ~~er i~qrw don,uwet of t6e ~M to reiastate ~ter sccekration aed tLe riBht to ~ssert ia the foreclosnre proceed~ ~~„~~p~e ~f = 3efa~lt or aq uther dcfense of Borrowe~ to accekration and foreclosure. it the brescl~ is aot cared ou ~ or before t~e ide s~eciiei i We ~otice. Lender at i.ender•s optbn msy declare sN of the sums secrred by t6h MortRaRe b be ~e a~i pyable wit6oot f~rther demand ~nd may fotecbse tbts Mottaa~e 6y judicW proceedia~. Lender chall be eaWled to coYeet i~ sreM ~roceedio~ a0 e:penses of foreclosure, inclndies, 6et ~ot Wnitd t0. rcasossbk att•~rnrv's fea. . a~.eosts d doc~ae~hr7 e~iie~ce, ~ls snd titk ceporls. ~ 19. ~on~o~we~s Rt~t to Rei~state. Notwithstanding Lender's acceleration of the sums secuced by ih~s Mortgage, gorrpwer sha11 have the right to have any proceedinp.s t~e~un hy I.endtr to enforce this Mortgage discontinued at any time a~~K~U2 ~-A~E 772 ~ ~ , ~ - - _ - - - - ~ - ` -1 ~ ,._.._~._.z ~ ~ . ~ .