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HomeMy WebLinkAbout0490 . ~ ~ t „ . : ag~eeme~t or applicable law. Borrower st?aq pay the amou~t o( all mongage inwrance premiums in tht oqan~er pro~•ided under paragraph 2 hereoL ~ ; Any amou~ts disbursed by Lender pursuant to this pangraph 7. with interest ttiereon, shall become additio~al in• ; debteciness o[ Barrowcr securc~i by this \tortg-age. Unleu $orrowrr and l.endt~ agree to other terms ot pa~•ment, such ; amounts shaq be papble upon m,tice trom Leudcr to Aanower reyuestiug payment therco(, and sl~all bear interest trom ~ iGe datc of disburxment at the rate payable irom time [o time o~~ outstanding principal uuder the rote unlcss paymcnt j of interest at such rate would be contrary to applicable law, in which evcnt such amounts sl~all bear interest at the highat F ra[c permissiblt under applicable faw. l~othing containcct in this paragraph 7 shall require Lcnder to incur any expense ot ~ take any action hereunder. ~ 8. Inq~cttion. Lender may make or cause to be made reasonable entria upon and inspections o( thc Property. pro- vided that Lender shaU give Borrower noticc prior to any such inspection specityinR reaso~iabk cause therctor related to Lender's interest in the Pro~serty. 9. Condemaation. The praeeds oi any award or daun tor damages. direct or consequential, in connation with any } condemnatio~ or other taking o[ the ProPerty. o~ part thereof, or tor conveyance in lieu of condemnation, are hereby as- ~ signed and shaU be paid to Lender. In the event of a total taking oi the Propertp, the proceeds shall be applied to the sums secured by this ~tortgaqe, ~ with the excess, i[ any, paid to Borrower. In the erent ot a partial taking of the Property, unless Borrower and I.ender ~ otl~erwise agree in writing. thcre shall be applied to the sums secured by this \tortgage such proportion of the proceeda ac is cqual to that proportion whith the amount ot the sums securcd by this r[ortqage immediately prior to the date ot taking bean to the [air market value o[ the Property immediately prior to the date of taking, with [he bala~~ce o[ che pro- ceecls paid to Borrower. ~ 1[ the Property is aba~doned by Borrower. or if, a[ter notice by I.ender to Borrower thac che mndemnor o[[ers to make an award or xctle a claim tor damages. Borrower fails to respond to Lender M ithin 30 days a[ter ihc date such nocice ~ is mailed. Lender is authorized to mllect and apply the procecds, at Lendcr's option, eichet to restoration or repair of the Propertr or to the sums secured by this ~iortgagc. ' Unltss Lender and Borrower other~+ise agrce i~ writing, any such application oE proceecis to principal shall not extend or postpone the due date of the monthly installments re[etred to in paraRraphs 1 and 2 hereo( or chanRe the amount of such installments. . 10. Borrowec Not Released. Extension ot the time for pannent or modi[ication ot amortiration ot the sums secured by this ~(ortgage granted by Lender to any successor in interest o( Borrower shall not operate to release, in any manner. tl~e liability of the original Bonower and Borrower s successorc in interest. I.ender shall not I,e required to commence ~ proceeclinRs aqainst such successor or re[use to extend time for payment or otherwise moelify amortization of the sums se- i curect by this \iortgap,e by reawn of any demand made by the otiqinal Borrower ancl BorroNers successon in interest. ? 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising_ any right or mmeciy hereunder. ~ or otherwix attorded by appficable lah, shaU not be a wai~~er ~~t or preclude the exercise of any such riRht or remed~. The } procurcment of insurance or the pa~~ment o( taxes or other liens or charRes by I.ender shall not be a wai~~er of l.ender's . ~ riRht to accelerate the maturity of the inctehtedness srcured b~ this \lortgage. lY. Remedies Gtimulative. All remeclies pm~•ided in this JiortRaqe are distinct and cumulati~e to an~• other riRht or } _ remed~• under this MortqaRe or a[fordeel b~ law or eyuitv, and ma}' be exercised concurrentl~•. indepenetently ~r successively. ~ 13. Succetsors and Assigns Bound; Joint and Serenl Liability; Captions '1't~e co~~enantc and aRreements hertin ~ contained shall bind.-and the riRhts hereunder shall inure to, the respectiee succes~?rs and assigns o( Lender and •Borrower. ~ subject to the provisions ot paraRraph 17 hereof. All co~•enants aud aRreemenu of Borrower shall be joint aud seceral. The + captions and headinqs o[ tht parap,raphs oE this ~(ortgage am for com•enience onl~• anct are not to be usect to interpret or dctine the provisions hereoE. j t 14. Notice. Except for any ootice required under applicable law to be Ricen in another manner, (a) am~ notice to ~ BorroMer pro~•ided for in this ~(ortgage shall be qicen by mailing such uotice by certified mail addressed to BorroNer at t the Propert}• Address or at such otha addrrss as Borrorrer mar deciRnate by notice to Lender as pru~•ideci herein, and (b) ~ any notice to Lender shall be gi~•en b~ certified mail, return receipt requestecl. to Lender's address stated herein or to such ~ other address as Lender may desiqnate by notice to Borrower a~ pro~ided herein. An}• notice pro~~ided (or in this \tortgage ~ shall be deemeci to ha~•e been qi~•en to BorroMer or Lender Nhen gi~en in ehe manner desiqna[ed herein. 15. Uni[orm Nortgage; Go~erning I.aw; Se~erability. This [orm of mortRaqe combine~ unitorm co~~enants [or na- ~ tional use and non-uniform co~•enants w•ith limited ~•ariations by juti~diction tn constiti~te a uni[orm ~ecuri~~- ins~rument - E co~~eriuR real propert~. This ~iortgaqe shall be y,c»•erned by tl~r laM• o( the juriulicti~n in vchich the I'ropern~ is located. _ In the e~~ent that any. pro~•ision or clause of this \tort~aRe or the lote conflictc ~.•ith applicable la~c, such con(lict shall not affect other provisions oE this ~(ort~{aRe or the \ote which can l,e gi~•en e(fect M•ithout the conflictin~ pro~~ision, and to ~ this end the pro~•isions o( ehe \IortRaRe and the tiote are declarcd to Ue se~~erable. r 16. Borrower's Copy. Borrower shall be (urnished a c~?ntormed copy of the lote and of this \IortRaRe at the time o( execution or after recordation hereof. ~ 17. Trans[er o[ the Property; Assumption. ~I( all ot anv part of the Propert~~-or an intcrest thcrcin is sold or trans- ~ teneci by BotroNer h•ithout Lender's prior Nritten consent, excludinR (a) the creation ot a lien or encumbrance subotdinate P to this ~(ortgaRe, (b) the cteatioi~ of a purchase money securit~ intereu for househnld appliances. Ic} transier b~• eleci~c. • - ~ descent or b}' operation of law upon the dcath o[ a joint tenant or (d) thc Rrant of am• lcatichold interest o( three ?ean or ; less not containin~ an option to purchase. l.ender may, at L.ender's option, declare all the sums sea~reci by thi~ \tortqaRe to ` i be immediately due and payable. L.ender shall ha~•e waived such option to acceleraCe i[, prior to the sale or trans[er. Lender and the person to Mhom the Property is to be sold or trans[ecred reach aRreement in writing that the credit o( such person is satisfactory'to I.ender and that the interest pa~~able on the sums secured by this ~tort~age shall be at such rate as L.ender ; shall request. If Lender has wai~•ed the option to accelerate pmvided in this paraRraph 17. and if Borrower's successor in ? interest has executed a written assumption aqreement accepted in writing by Lender. Lender shal) releax Borrower from ~ all obligations under this ~torcgaRe and the Note. If L.ender exercises such option to attelerate, L.ender shall mail Borrower noiice of acceleration in accordance h•ith paraqraph 14 hereoL Such notice shall pro~•ide a period ot not less than 30 dayc from the date the notice is maileel within ~ ~ which Borrower may pay the sums declared due. If Borrower fails-to pay such sums prior to the e!cpiration of such period. ~ Lender may, Nithout turther notice or demand on Borrower, in~~oke any remedies permitted by parap,raph 18 hereof. ` ' NON-UNIFORN CovFavwr-rs. Borrower and Lender further covenant and agree as tollows: . F ` 18. Accelmtion; Remedies. Ezcept as provided in paragnph 17 hereof, upon Borrower'a brcach of any coveaant or ~ agreement ot Bornower in this Morcgage. induding the covenana to pay w6rn due any sums securcei by this ~fortgay,e, ~ Lender prior to acceletation ahall mail notice to BorroMret as pm.ided in par~graph 14 herto[ specifving: (1) the breac6; , ~ (2) the action rrquired to cure such breach; (3) a date, not kss than 30 dars from t6e datt the notice is mailed to Borrower. ~ by which such breach must be cvred; and (4) t6at failure to cure such breach on or be(ore the date a~xci[ied in the notice may ~ result in ~cceleration of the sums secu~ed by this Atongage, [oreclosure by judicial proceeding and s~le o[ the Property. 'rhe " ~ notice ~haU further inform BorroMer of the right to reinstate atter accekntion and the right to assert in the [oreclown - ~ procetding the non-eaistrnce o[ a default or anr other de[en~e of Botrower to acoelrntion and toreclo~wra I( the brtach is ~ ~ not carcd on or be[ore the date specified in the notice, Lender at Lender's option may declare all o( the wms secured by this , i ~ Mortgage to br immediatdy due and payable wit6out iwther demand and mar toreclose this Mortgage b~ judicial proceed- ~ ing. Ledder shall be entitled to collect in wch procetding all expensa oi toreclosure, induding, but not limited to, rps~n- abk attorney's [ees, and cow o( documentary evidrnce, ab~tracts and titk roports. p BooK 3~ ~ac~ 4~ ~ ~ ~ ~ ~ ~ : _ . : „ w... a= ~~y5 ~ ~.ta 4 ,.p. ~ _ ~ .