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HomeMy WebLinkAbout1056 I cndrr'. s+ntlrn .tgrcrnum ur appb:ahle I:cw. liunu++rr ,hall pay the amount of all ttlotiY~:e imui.~RC! jlpemiums in the manner nr+•v,dr,l under paragraph .hereof. Any an+~+unts disbursed M• I ender pursuant to this paragraph 7. +cuh interest thereon. shall hecc+nte :+dditiunal imkhte.inr....f Iturr.+++rr secured M' this J1++rtgage t nless Burr.•+.rr :u+.l I cndrr :+grre to ++thrr terms .+f payment. such amut:nK shall I>< payable up++n nc+ticr from 1 cndrr to &+rr.+++rr reaue.ting payment jhr«++f. and shall hear interest frc+m the ;late of dishursrmrt:t at the rate payable fn+m time to time un outstanding principal under the Note unless payment of interest at such rate NoitlJ he contran• to applicahlc la++•. in which event such amounts chat) tx:ar interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take .+ny action hereunder. 8. Inspection. Lender may make or cause to he made reaconahle entries upon and impactions of the Property. pmvided = that Lender shall give Burmwer ooticc priorto am• such. inspection specifying reasonable sauce therefor related to Lender's interest in the Property. 33 ~ t 9. Condemnation. The pnxeeds of arw award or claim for damages, direct or cun.c~+rehttal. rn~+f~nection with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to t_cndcr. In the event of a tc+tal taking of the Property. the proceeds shall he applied to the come secured by this IVfortgage. s+ith the excess. if any. p.,rd to Born+wcr. In the event of a partial taking .+f the Propern•. unless Borrower and Lender ++therwice agree in writing. there shat! he applied to the sums xtiu«d by this Mortgage such proportion of the proceeds ac is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking liars to the fair market value of the Property immediately prior to the date of taking. Hith the balance of the proceeds , paid to Borrower. If the Property is abandoned by Brn-tawcr.-or if. after ooticc by Lender to Borrower that the condemnor offer to make an award or settle a claim for damages. Borrower fails tc. respond to ].ender within i0 day's after the date such notice is mailed. lender is authorized to rnllect and apply the proceeds. at 1 ender'c option. either to restoration -or repair of the Property or to the sums cccun~l by this Mortgage. r Unless Lender and Borrower otherwise agree in writin,_. any such applicatic+n of proceeds to principal .hall not extend ++r postpone the due date of the munthh• imlallmrnts referred to in paragraphs l and hereof ar change the amount of such installmcntc. ` 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured h~• this 4lurteage granted by Lender to am• c+tcceswr is interest of Borro+s•cr ,hall not operate to release. in any manner. the liability t~f the orieinal Borro+er and Borrower's sucrrssc+rs in interest- Lender shall not he rcyuircd to commence rnkeedings against such successor or reface to estend time for payment or otherwise modih• amortization of the sums .ecurcd M• This Mortgage by reason ++f any demand made by the orieinal Borrower sold Burrowers successors in interest. I1. Forbearance by Lender \ot a H'ai.•er. :~m• forhearancr by Lender in c~crcising any right or remedy hereunder. or ~+thrnvise alForded by applicahlc lass. shall not hr, a.waiver c.f ar preclude the exercise of any such right .or remedy. The procurcmcnt of insuiancc or tFic payment of lases ur other liens ur charges by Lcndcr .hall nM Ix: a waiver ++f I.cndcr's right a+ accelerate the maturity' of the indebtedness se~_urcd h} this ~1ortLage_ _ 12. Remedies Cumulative. All remedies provided in this \tortg;+gc arc distinct and cumulative to anc .aher right or rcmecly under this ;ltortgagr ++r afforded by law°Or l'yUlt)'. :Ind ma\' i1~ ICCfCIK11 COOCIIrrtntl+•. IndCpCndCntl~' Or SUiC~~Stvch'. 13. Successors and Assigns Bound; Joint and Se.eral Liabilih•; Captions. The co+•enants and agreements herein contained shall hind, and the riehts hereunder shall inure t++. the « six:clive successors and assigns of 1_ender and Borrower. ~nhject to the provision. of paragraph i ; hereof. All co+•rnants :u+.l agreemenh of Borrower shall he joint :+nd se+•cral. The captions an.l headines of the paragrtphc of this Mortgage arc for convenience only and arc not to he used to intrrprrt or define the pro+•ici•+m hereof. 14. Notice. Except fur am• notice reyuircd under applicable law to be given in another manner, /al am• notice to Borrower pmvided fur in this Mort:age shall he given by mai~in~ such ooticc h+' certified mail addressed to Borrower at the Property Address ur at ,uch other address as Burrr+ver ma+ clesienatr by n.+tice to I ender as provided herein. and . thi am' ooticc to Lenckr .hail ix: riven he certified mail return receipt reuuestrd. to I ender'. ad.lresc stated herein or to .uch other address ;a T.endrr may designate by notice to Borru+rrr as pmvided hcrcin. Am• notice provided for in this ~lortgaec shall Fx deemed to have been Liven to Borrower ur 1 cndrr when riven in the manner designated herein. 15. 1.'niform ~tortKat;c: Goyernine Law: Secerabilih•: "this !arm of mortgaLC combines uniform rnvcnants for national ,se and nun-unif~+rm c++venaats with limite.l yariatiuns by juri.dicti~+n t.+ cunstintte a uniform security instrument covering real property. phis 'Mortgage shall tx: gm•erned by the law of the jurisdiction m which the Properly is boated. In the event that any provision ur clause of this MortgaLe ur the \ate conflicts with applicahlc law'. s+tch conflict shall not affect 'i +~thcr pruvisiuns of this ~lortga!,e ur the \ote which can hr ~~i+en etTect +cithuut the cantlicting prm•ision.-and to this cnd.the pru+isions ut the ~turtt:at,•e and the \utr arc declared t.+ he secerahlr. ' j 16. Borrowers Cope. Born+++er shall I+r furnishe,l a c.a+furmed copy of the Vote and of this ;~1urteage at the time ~I of cxccution ur after recordation hereof. i 17. Transfer of the Proper)}::f,+sumption. If ~alf ur am part of the Property or an interest therein is sold or transferred h}' Borrower without I.rnder's prior written cununt. encluding tat the creation of lien or encumbrance subordinate to this Mortgage. Ihl the creation of a purchase mc~nrv .ecurin interest for ho;ssehold appliancec• (cl transfer M• devise. descent ur by operation of la++ upon the death of i++,nt tenant or fdt the grant of any leasehold interest of three years or less nut containing an option to purchase. Lender ma+•.:rt Lrndrr'. option. declare all the suns secured by this Mortgage to be immediately due and pacahle. I-cndrr shall ha+e ++ai+'rd ~t,:h option to accrler.+tc if. prior to the sale or transfer. Lender .rod the person to whom the Pr+~prrty is t.• he .rIJ ur tr:?m(errcd reach agreement in writing that the cre.tit of such person is satisfactun to Lender and that the interest pad:+hle on the sums secured h.• this Mortgage shall he at such rate as i_ender shall rcyurst. If I ender has waived the option t.+ accelerate pnn•ided in this paragraph 17. and if Burmwer'. successor in interest hoc executed a ++ritten assumption agreement accepted in writing M• Lender. Lcndcr shall release Borrower from all - uhligations under this Aiortgage and the Note. if Lender exercises such option m accelerate. Lender shall mail Burmwer notice of acceleration in accordance with paragraph 1a hereof. Sock notice shall provide a period of nut less than 30 dove from the date the notice is mailed within which Bormw'er may pas the sums declared due. If &~rn+++rr fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Korr+.wer. involve am remedies permitter! by paragraph 1R hereof. Note-U~troRt+r Covt=xA~•rs. Borrower and Linder further covenant and agree as follows: , IS. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or • agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: h) the breach; (2) the aMion required to cure such breach; (3) a date, not less than 30 day's from the date the notice is mailed to Borrower; by which such • breach must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the .urns secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. 'Ilse notice shall further inform Borrower of the right to reinstate after acceleration 'and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to 6e immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall _ be entitled to colkM in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees, and costs of documentary evidence. abstracts and title reports. 4 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings bacon by Lender to enforce this Mortgage discontinued at any time i 1 9UOK ~UZ i~CE~O~' - F.