Loading...
HomeMy WebLinkAbout0608 ~ l.ende~~3 WfIIICU •b ::mcnt o~ applicable law. Borrowe~ shai~ pxy ihe r~muunt ot mortgage in.uranFe ptemiums in the mannor providcd u::der pa~ag~aph 2 hercoL ' Any ama~nts disbursed by I.ende~ purxiiaM to ~his paragnph 7, with interest theceon, shaq brcome additionrl io~{eb~edness of Borrowcr secured by this Mortsage. Unlccss Borrowc~ and I.enJer agrec to othcr lertns payment, such amcwnts shall be payahk upan nc~tice fmm I.ender to Bormwer requecting payment thercof. and ~hall hr..: ~nlerat from the i date of disbursemcnt at the ntc payabk fmm timc to time un outstanding principal under the Note unltss paymeet of } intercst at such rale wauld be conl?ary ta applicable law, in whech event such amounts xhall bear interect at the highest nte ; permiuible u~der applicabk law. Nothin~ amtained in this paragraph 7 shall requi~+e Lender to incu~ any expe~u or taice ~ any action hcrcunder. S. I~sQeclios. 1.enJer may make or cause to F+e made rea~nabk entriec u~n and inspections of the Property, provided ; that I.ender shall give Borrower nc~tK-e ~ior. u? ~y cuch inspectio~ cpecitying reasonabk cause thereFor related to Lender's intercct in the Property. ' ~ 9. Condemnation. The p~occed~ of ~ny award ~~r claim fvr damages, direcl or conuquential, in connectiot~ with any condcmnation ar other taking of the Pmpeny, ~~r pan tAerrnL or for conveyance in lieu of condemnation, are hereby usigned and s~all t+e paid to l.cnder. ? la the event of a total taking of th~: Pmpert~. Ihe pn.rceds chall he applied ta the sums secured by this Morlgage, ; with Ihe excess, if any, paid to Bormwer. lo thc cvent c~f a pa~tial taking of Ihe Property, unless Borrower and Lender i atherwise agree in writinR. there shall t,e applied to the ~um~ secund hy this Mortgage such prapohion of ~he proceeds ~ as is equal to that proporti~n w•hich thc am~~i~ni ~.f thi ~umc .r;~~red hy this Mortgage immediately prior to the date of ~ taking bears to the fair market valuc of thc Pro~xr~y immcdi~tcly prior to tht Jate of ~aking, with the hala~re of the pmceeds paid to Borrower. i If the Property ic ahandoneJ h~~ R~~r,~~wer. nr if aftrr n~ticc hy Lender to Bormwer ~hat the condemnor offers to make : an awa~d or ~et~le a claim for dam;~,r.. R„rr,.wer f.~:h i~, re.pc.nd ~o l.ender within 30 days after the date such notice is r mailed. Lender ic authorizcd to c~llect ard appl~• thr pr~.credc, at I.e~der'c ~ption. either ta rcstotation or repair of the ~ Property o~ t~ the sum. c~~cured h~ thi~ ~1~nea~r • Unlesc t.ender and BorroWer Mhen~ice agrec in urinn;~ any w~h application of prtx~teds to principal shall not exttnd ~ ~ or pos~ponc thc due datc ~f thc manthh• in.tallmcntc rrfctrcd to in paragraphc 1 and 2 hereof or change the amount of ~ such installments ~ 10. Borrovrer Nof Rdessed. F.~tcn~ion of ~hc t~me f.~r pavment o~ modificalion of amortization of the sums ucurcd ~ by ihis M~irtgage CranteJ by I enJer t~~ any cuceeau~r in interr.t of Borrower chall nc?t ope~ate to release, in any maoner. ~ tF?a liabilitv of the original BorroNeF .,nd Re.rrovvcr'c succesu~r~ in interesl. I.enckr shall not he required to rnmme~ce proctedings against such suttccsor ar rcfu,c t~ ertenJ timr for pa~ment c~r othcr.~•i.e mc~diW amortizaba~ ot thr ~ums z ser~~red by Ihic Mortgage by reacon am• dcmand madc h~ thc ~•rie~nal ~iorn~wer and Borrower's siiccecsors in interect. ~ 11. Forbeatance by [.ende~ Not a Wai.er. :1m f~rhrarancr 1:^der in e~erci~ing any right or remedy hereunder, or ; otherwise afiorded by applicahle law•_ sh:ill nat he a waiver ~~f ~~r pr~c~ude the e~ercise of any such right or remedy. ' The procuremcnt of insurance or the p•rymcnt of t:?~cs ~~r othcr licns ur chargcc M• 1 cnder shall not he a waiver of I.ender's right to accelerate the maturity of Ihe indehtednets ~currd h}• thi~ ~1nrteage. ~ _ 12. Remedks Cnmulati~e. All rcmedies pro~•ided.in thic ~1~rtg.igc arc elistinct and cumolative to any other right or ~ remeJy under ihis Mortg~ge or afforded h~~ law or eyuity. and may he e~rrcikd concurrently, independentiy o~ suc .essively_ ~ 13. Successors and Assi~as Bound: .Ioint and Sereral I.iability; Captio~. The covenants and ag~cemen s herein ~ contained shall bind, and the rights hen~under shall m~~re to. the r~~pective succzssors and ascigns of Lender a~d Borrower. subject to the provisionc of paragraph 17 hereof. All cove~~ants and aRrcement~ of Borrow~er shall be joiry and several. . The captions and headings of the paraeraphc of thic Mortgagc are for convenience only and are not to be used to ~ interpret or define thc provisions hereof. _ 14. Notice. Except for a~y notice rcyuired under appiicahle law• to be given in another manner. (a) any notice to . Borrower provided for in thic Mort~;a~e ~hall he ~ei~~rn h~• mailin~ such notice by certified mail addressed to Bormwer at the Property AJdress or a~ such u~hrr :~ddrc.. :,c R~~rn~~er ma~- decignate by notice t~~ I.ender as provided herein, and (b) any notice to ~ender sh•rll he giv~n M• certified mail. return receipt requested. to l.ender s addrets stated herein or to such other address as Lender may dccienate h~ nntire t~~ Borrow•er as pro~~ided herein. Any noti_c provided for in this Mortgage shal) be deemed to ha.•c t+ccn c~vcn to B~rrc...•rr ar l.cnder when given in the manner decignated herei~. ~ _ i l5. Uniform MortRs~e: Governin~ Law•; Se~errl~ilit~•. This form of mortgage combines uniform covenants far national use and non-uniform rn~~enant. w-ith limitr:f .~ariationc h~• j~iri~iirtion to rnnstitute a uniform security instrument covering ; 'j real property. This MortQage shall Fx governrd h~ tFx IaW c.f the jurisdiction in which the Property is located. In the . ' ! event that any provision or rlauce of thic M~ngace ~~r the Note co~flicts with ap~licable law, such conflict shal) not affect i other provisions of this I~iortgage or the N~,[~ which can tx: given efiect withrn:t the conflicting provision. and to this i end the provisions ot ~hc Mortgagc and the vrnc arc ~Icrlared to he severable. ~ 16. dorrowe~s Copy. Borrow~er chall h. furni.heJ a conformed cop} of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ 17. Traosfer of the Propert~: Ac~umption. 11 ~li ~~r ~m part of thz Pmpeny or an interest thcrein is sold or transferred ~ by Bonower without I.ender's prior writirn ~un~rnt. ~~cluding ta1 the creation of a lien or encombrance subordinate to : this Mortgage. (hl the creation of a pur~ha.r m~~nr~• .crurit~ mterest for household appliances. (cl a transfer h~~ devise, ~ descent or by operation of law• upon thc dcath i~f i~~~nt tenant or (d? thc grant of am• leasehold interest of thrcc )'cars or less not containing an option te? parchase. I.ender ma~•. a: Lender'~ option, declare all the sums secured by this Mortgage to lie immediately due and payahle. Lender ~hall ha.e ~ai~•rd w~h optic?n to accelerate if, prior ta the ~ale or transfer. [.ender and the person to wham the Propeny i: a. fx .olJ ~•r trancferrcd reach agreement in writing ihat the credit of such persnn is satisfactory to t_ender and that the interr.t payable on the sums seci~red by thic Mortgage shall be at such rate ac Lender - shall request. If 1.ender has waived the op~i~~ to accelerate pmvided in this paragrapk 17, and if Borrower i succecsor in interest has executed a written assumption agreement accepted in writing bp I.encier. Lender shall releaze Borrower from all obligations under this Mortgage and the Note. If t_ender exercises such optian tn accelerate. Lender ~h~ll mail Borrower notice of accekration in accordancr i~h paragraph 14 hercof. Such notice ~hall provide a pericxf of rx~t lesc than 30 days from the date the notice is- mailed withm whech Borrovrer may pay the sums declared due_ If Borrower fails to pay such sums prior to the expiratian of_~uch peri~xl. Lender may. without further n~tice or ckmand on Borrow•er. invoke any remedies permitted hy paragraph 18 hercof. ~ NoH-UntFORnt Cove~~tvTS. Borrower and Lender further covenant and agree as follows: : ~ 18. Acceleration; Remedks. E:cept as pmvided in paraRraph 17 bertof. apoa Domowe~'s brrac6 of swy corcaaat or 1 agreeme.t of Borrower in th~s MortgsRe, includi~ the cosenanls to pay wbee due any snms secured by this MQrt~s~e. I.eoder prior to accekration sball mail notice to eorrower as providcd in para6raph 14 hereot specif~: (t) the brescb; (21 tUe act'an } «quired to cnre snch breach; (3) a date. not kss tban 30 dars from tbe date tbe nMice b a~aikd to Sorrower: br vrhicb such breach mmt be cered; aod (4) that failure !o cure snch breacb oa or bcfore fhe•date specified in the notice msv recult in Y ~ 2 seceleratioe ot tbe snn~s stcnred by thk Morigage. fo?eclowrr by jndicial proteedin~ and sale of ibe Properry. 'Il~e notice . ~ shall turther fnform Eorrower of the riRht to relastate a(ter sccekration and tbe ri~bt to ~ssert ia t6ie foreclosure proceedi~ ; ~ tbe non-e:istence of a defaulf or any othc~ defense of Borrower to accekratba and foreclosure. t[ the breach is aot cnred on ~ or before the date specified ia the notice. [.ender at I.ender's oplion may declare sp of tue sams secwed by this Mort~y,e b be ~ immediattly dut and paysbk wHhont further demand and may forecbst thi~ Morl~a~e by judicial proceedinR. I.en~1:r chall ~ be eadtkd to co0ect in such proceedin~ a8 expenses of foreclosure. inclndio~. bnt eot limited to. reasonabk altnrnc:'s fees. - ~ and costs of .wc~~aeatary evidence. abstrscts snd Iitk rcports. ~ 19. sorruwe~'t R~bt to Reiauate. Notw•i:hs~andin~ l.ender s acceleration of Ihe sums securcd by the h1.,rtgage, ~ Borrower shall have the right to have any procecdmF~ hc~un %~y I.ender to enforce this Mortgage discontinued st any time ~ ~ • ~ ~ U it ~ . ~~7 ~ ~ • z~ Y ~ Y ~ - - _ - - - - ,;s:;~ , Y~~~ . s _ ~ .