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HomeMy WebLinkAbout0865 l.ender's writteu .b . cmrnt ai applirabk law. Borrowe~ shal~ pay ~he an~uuo~ of mortbage in~•urance prcmiums io the maa~er providcd u::dc~ parag~aph 2 hercoL ~ Any amounts disburxd by t.e~de~ pursuant to this parag~aph 7, wi~h intercsr thercon, shal) become addition.! indebtedness af Borrowcr securcd by ~hic Mongage. Unlecc Borrower anJ LenJer agrce to ather ~ernu or payment. such ; ama~nts shall be payabk upo~ notice from I.eader to Bc~r~ower requesling payment thereof, and ~hall he..~ interest from ihe date of disbursement at the rate payahk from time to lime u~ outsta~ding principal under the Note unless paymatt of < intercst at such rate wauld be co~tranr ta applicable law, in which event such amounts shall bear interest at the highest nte permissible uoder applicaWe law. Nothing cantaioed i~ this paragraph 7 shall require ~.ender to incur any e~pense or take ~ any action hcrcunder. 8. laspectba. Lende~ may make ~•r cauae ta t+e made reaconahk entriec u~+c~n and inspections of the Propetty, pmvidcd ; that l.ender shall give B.~rrowe~ nc~tice pri~r to any such inspection specitying reasonabk cause therefor related to Lender's interctt in ihe Property. i:-. • ; 9. Conde~anstion. The pmceedc of any aw~ard o~ claim for damages. direct or cansequential, in connection with any ; condemnation or other taking of the Property, ar part t4erec~f, or for co~veyanre in lieu of condemnation, are hereby assigned ~ and s~all be paid to l.ender. la the event of a total taking of thc Pmperty. the prckceds ~hall bc applied to the sums securcd by this Mortgage. ~ witF the exc~ss, if any, paid lo Bo~mwcr. In thc cvent of a partial laking ot the Property, u~less Barrower and I.ender otherwise agrce in writing. there shall be applied to ihe ~umc securcd b~~ thic Mongage such proponion of ~he procetds i as is equal to that propc~rtion w•hich the amuun~ ~•f th, ~om~ ~ecured by this Mortgage immediately prior !o the date of ; taking bears to the fair market valiK of the Prupcrt~~ immrdiately prior to the date of taking, with the balance of the proceeds ; paid to Borrower. ' If the Property is aband~neJ hy Bc•r.r..~cr. ~~r ~f. after n~tice by Lender to Bormwer that the condemnor offers to make ! an award or SetNe a claim F~r dama«h_ R~~rr~~v?•rr ta:h ~~-~x~nd tc? I.ender within 30 days after tht date such notice is ~ meiled. Lender ic authorized to c~llec~ ard ~p{~h• ~hc prc•ceeds. at l.e~der's ~ption, either ta restoration or repair of the ProFcrry or t~ the sum..ccured hv ~hi~ M~neacr ' Unles~ (.endcr and Borrower olherw~ce a^_rce in rihne. am• .uch applicatinn of prcx~eeds to principal shall not extend : or pcxtpone .hc duc datc ot thc mon~hl~~ in.t:?Ilmcntc r~ferrcd to in ps~aRraphc I and 2 hereof or change the amount of ; suc;h installmenic. ~ l~. Borrowe~ Not Relessed. F~tencion of the t~me f~.r payment or modification of amortization of the sumc secured s by this Mort~age eranted by T enJer t~~ an~~ cuceecsor in interc~t of Borrow•er shall not ope~ate to release. in any manner. i the liability of the original Borrc~wer :~nd Rc.rrow•cr'~ succesaire in interest. I_enckr shall not be rcqaired to commenre proceedings against such successor or refuce tc. er~enJ time for ra~ment or othen~~i~e modify amortizahon of thr wms secured by this Mortgage by reason of am• dem:u~d made M th~ ~~~ieinal Borrow~e~ and Borrower s succezcors in in~ereat. 11. Forbearaace bY I.ender Not n Waiver. Am f~~nc~ar~n~r t.~ 1~~dcr in c~ercising am right or remedy hereimcler, or otherwise afforded by applicaMe law, shall n~t he a waivcr id ~~r prcc~udc the exercise of any such right or remedY. The procurement of insurance or the payment of tarec or Mher liens .x charges by I.ender shall not be a waiver of Lender s right to accelerate the maturity of the indehtednecs Kcurcd h~• thic ~iort~age. 12. Remedies Comulat~e. All remedies pmvided in thic ~?1c•rtgage arc dictinct and cumulative to any other right or 4 remeJy under this Mortgage or afforded hy law or eyuity, and may t~e e~erci~d concurrenlly, independently ar suc .essively. ~ 13. Successors aod AsseRas Bound: .7oint and Se~eral .l.iability, C9Pf~ORS. The covenants and agrcemen z herein contained shall bind, and the rights hen:under shall in~~re to. ~he retpective succec~rs and assigns of Lender ac~d Borrower, subject to the provisionc of paragraph 17 hereof. All cavenants anJ agreements of Borrower shall be joinJ and several. "il~e captions and headings of the paraeraph~ ~f thia Mortgage are for convenience only and are not to he uced to interpret ar define the pro~~icionc hercof. 14. Notice. Except for any notice reyuircd under applicahle law to be given in another manner. (a) any notice M Borrower provided for in this Mortgaee ~hall he Rivrn h~• mailing zuch notice by cer~ified mail addresscd to B~rrower at the Property Address or at zuch uthcr addrc., ac B~~rr~~K•er ma~• decignate b}• no~ice to (.ender as provided herein, and ~ (h) any notice ro Lender shall he gi~~rn h~• cenified mail. return receipt requested. to Lender s addrea stated herein or to ; such other address as L_ender may decienate hy n~tire t~. Borrower as pro~~ided herein. Any noticc pmvided for in this # i Morigage shall be deemed to ha~•c t~een g~vcn to Fiorn,w~cr ur t_ender when given in the manner designated herein. i ~ 15. Uaiform Mort~a~r. Governin~ Iaw: Se~erability. Thi~ form of mortgage rnmbines uniform covenants for national ` ; use and non-uniform co~•enamc W ith limited ~•ariationc h~~ juriuliction to rnnstitute a uniform security instrument covering a j real property. This Mortgage shall be govrrned M~ tFx laN• ~f the jurisdiction in which the Property is located. In the ; event that any provision or clau~e of thi. Mortg~cr .~r the ?~ute rnnflicts with applicable law. such conftict shall not a(fect j o~her provisions of this Mortgage i~r the N~~tr Nh~rh ran F~e given efTect withoat the conflirting pmvision, and to this ~ end the provisions of thc Mortgagc and thc ~~~tr ~rc .krlarcd to he severable. ~ ~ 16. Borrowe~s Copy. Borro~~er shall tx furn~.heJ a conformed cop} of the Note and of thic Mortgage at the time { E of execution or atter recordation hereof_ ~ ~ 17. Transfer of-the Propert~~: Accumptiun. If ~C ~~r an~~ part of the Property or an interest therein is sold or trancferred ; ~ by Borrower without I_ender's prior w~rit~cn con.ent. e~cluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a pur.ha.r mrn~~• kcuritc interest for household ap~+liances, fc) a trander hv devise. ~ descent or by operation of law• upon the dcath af i~~~nt tenant ~~r fd? the grant of any leasehold interest of thrce ycars or less - ~ not containing an option to purchase. I_enJer ma~~. :~t I.ender'~ option, declare all the sums secured hy. Ihis Mortgage to be _ immediatel} due and payable. Lender chall h~.e wa~~•ed cuch opt~on ~o aecelerate if. prior to the cale or ~ransfer. 1_ender and the person to whom the Pmperty i~ t~~ !n :ol.l ~.r tran~ferred reach agreement in wnting that the credi~ of wrh per~on is satisfactory to I_ender and that thc interr.t pa~~able on the sums ucured by this Mortgage shall be at such rale ac l.ender : shall request. If I.ender has waived the option to acceler~te pro~~ided in this paragraph 17, and if Borrower's succecsor in ' interest has executed a written assumption agreemen~ accepted in w•riting by l.ender, Lender shall releau Borrower frcim aU x obligations under this Mortgage and thc Note. ` ~ If Lender exercises such option tn aecelerate. 1_enJer chall mail Borrower notiee of acceleration in accordancr hh paragraph 14 hereof. Such notice shall provide a period of not lesc than 30 days from the date the notice is mailed w•ithin • ~ which Borrower may pay the sumcdeclared due. If Borrower fails to pay such sums prior to the expiration of cuch peri~xl, s ~ i ~ Lender may, without further notice c~r demand on Hormwer. invoke any remedies permitted hy paragraph 1R hercof. ~ ~ ~ NoN-UNiFOR~?t CovEVervTS. Borrower and Lender further covenant and agree as follows: ` + ~ 18. Acceleratioo; Remedia. E:ceq as prnvided in para~raph 1~ hercof~ opoo dorrower's breach of aey covenant or ~ ~ ~ a~rcemeat of Eorrower in this Mortga~e. includin~ the covenants to pay whes dne aay snms secored by this Mo~t~a~e. I.ender ~ prior to acceleration sball mail aotice to Borrower as providcd in para~raph 14 bereof specii~: (1) tAe bre~ch; 12) tbe action requjred to cure sncb bresch; (3) a date. not less ~han 30 days from tbe date tl~e notice b mdkd to Borrower. by which sucb breach mnst be cered; and that faiture to cure such brcach on or 6efore the date specilied ia the notice may recult in ~ accelentioo of t6e sems secured by this Mortga~e. fonclowre by jndicial pmcetdi~ sad sak of tbe Property. 7be notict ; I ~ shall fu~tber inform Borrower of tbe ri~ht to reinstate after sccekration and tbe right to assert in the forecbsure p~+oceediu~ ~?1 tiie nont:isience of a default or any dher defence of Borrovrer to accekntioa and forecbsure. If the bre~c6 is oot cnred o~ or before the d~te speci6ed io the notice, Lender at i.rnder's option may declare aq of tbe snms secand by this MortRa~,e to be b, ~ immediately due snd Payabie withont further demand and may forecbse th$ Mort~a6e by judicial proceedin~. I.endrr chRll - ~ be eatided to coUect in sucb proceedin~ a0 expenses of forec{osure, includi~. bnt aot limited to. reasonabk a~tnrnr.'s fees. ~ aod cosfs of .wcr~atntary evidence. abstracts and litk reporis. j ~ 19. Dorrowe~'s Ri6ht to Reiostste. No~v?•ithstanding I_ender's acceleration of the sums securcd by the Mortgage. * Borrower shall have the right to have any proceedmF. t?c~un ~y l.ender to enforct chis Mortgaqe discontinued ~t an}~ time ; ~ 2 ~ ~ UP _ 8~~~ ~U6 r~~E 864 ~ . ~ ~y ~ ~ . _ . . . . .