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HomeMy WebLinkAbout0884 Lende~'s written ~b ~em~~t ar applKabk law. BoROwer shai~ pay ~he an~ount uf :nonbage in•.urance premiums in the manner providcd u::der paraa~aph 2 hereof. - Any amounls disbursed by I.e~ck~ pursuaot ~o Ihis psragraph 7, with inteRSt thereon, shall become addition~l ~ indeb~edness of Borrower securcd by Ihis Mongage. Unlec~ Borrower and I.enJer agree to other terms ut payment, such ~ amounts shall be payabk upon nolice fmm I.ender ta Bc~rrowe~ rcquecting payment thercof, and. chall he:.: +nterest frotn the i date of disbursement at the rate payahk fmm time to lime un outstandi~g principal under the Note unless payment of ~ interest at such rate would be contnry to applicable law, i~ which event such amounts shall bear interest at the highest nte ± permissibk unde~ applicabk Iaw. Nothing contained in this pa~agraph 7 shall require i_ender to incur any eapense or take ; any action hercunder. j 8. Iaspecfio~. 1_ender may make ~r cau~e to !+e made reaco~ahle entriec upon and inspections of the Property, provided ~ that l.ende~-shall give Bc~nower notice pric?r,1o any cuch inspection specifying reasonabk cai~.ce therefor related to Lender'a ! ioterc~t in the Property. • 9. Coodemnstioo. The prc~ceedc of any award ar claim for damages, direct or consequential, in connection with any s condcmnation or other Iaki~g of the Prapeny, or part t?~ercof, o~ for conveyance in lieu of condemnation, arc hereby assigned ~ and s~all be paid to [.ender. In ~he event of a total takine of thc Pmper~y. the pr~ccds chall hc applied to Ihe sums secured by Ihis Mortgage, ~ ~ with tht excess, if any, paid to ~c+~mwer. In ~he event o( a parlial taking of the Property. unlesc Borrower and Lender i olhenvise agrce in writing. there shall be applied to the sums securcci M this Mortgage such propoNic~n of ~he proceeds ~ as is equal ta that p~opc~rlion which the amoun~ af thc wm? cccured by this Mortgage immediately priar to the date of taking bears to the tair market valuc of thc Pmpcrt~• immrdiatcly prior to the date of taking, with the balance of the proceeds t paid to Borrower. ~ if the Property ic ahandoneJ h~• Bcu,uK•cr. :~r ~f: af~rr notice by I_e~der to Bormwer that the conckmnor ofien to make ' an aw~rd or cettle a claim fc?r damaLC~. R~~rr~~wer fa;l. t~ r~-~x~nd to 1_ender within 30 days after the date such notice is ~ mailed, I.enJe~ ic authorized to c~lle:~ ard arpl~• ihr procredc. at l.ender's ~ption, either to restoration ar repair of the ~ ProErrly or t~• the sum~ ~ecured h~ thi. M~rteaL+~. ~ Unlesti I_ender and Borrower othervr~ce acrec in w ritmi. an~• such application of prcxeeds ta priacipal shall not extend or postpc~ne thc due date of the monthl~• in~tallmcntc rcf~rrcd to in paragrapht 1 and 2 hereof or change the amount of ~ such installmentc 10. Bormwer ]\ot Released. E~ten~ion of thc lime fur pa~ment or modification of amortization of the sums secured ~ by this MoNgage granled hy 1 ender s~~ a~~~ aurcecu.r in intcrc~t of Borrower shall not o~+e~ate to release. in any manntr. { the liability of the oriqina) BormNCr :~nd Aorrovrrr'c succec.~r~ in interest. Lender shall not he mqoircd to commence ; p~oceedings against such succecu~r or rcFuce ~c. ectend time tor p~vment or otherv?•ice modif}• amortizahon of ~hr wms ; secured by this Mortgage by reau.n o( :~nr drm;,nd made h~ the ~•rieinal Borrower a~d Born,K•er's succes~ors in iMCrect. s 11. Forbearance by Irnder Not a Wai.~er. An~ f~~rhearanc~ i~~ 1 ~~der in ererciaing any right or rcmedy hereunder, or ~ otherwise afforded hy applicahle law. .hall n~,t he a waiver <d c•r preci?~de the exercise of an}~ such right or remedy. ' The procurement of insurance or the payment of ta~~~ or other liens ur chargex b}~ I.~nder shall not be a w•aiver of 1_ender's ~ right to accelerate the maturity of the indebtednecc ucurcd M• thi~ ;~ionzage. ~ 12. Remedies Cnmulatire. All rcmedies pm~~ided in thi~ !?iortg.+Fe arr distinct and cumtdative to am~ other right or ~ remed} under this Mortgage or afforded h~• law• or eyuity, anJ m~~ he e~erci~ed concurrently, independently or suc .essively. ~ ~ 13. Seccessor:s and AssiqEas Bound: Joint 90f~ SlYtr9l Ll9b1I~n'; Captions. The crnenants and agreemen s herein contained shall hind, and the riRhts hereunder shal! inure t~. the r~~pective succeccor~ and assigns of I_ender aod Bormwer. ; subject to the provisions of paragraph 17 liercof. All cmcnants and agreements of Bormw~er shall be j~inJ and ceveral. ~ The captions and headings of the para¢raphc of ~hic Mongage are for rnnvenience only and are not tc? be used ta ~ interpret or define the pro~•isionc hereof. 14. NMice. Except for any notire rcy~~ired under applkahle law to be given in another manner, fa) an}• notice to ~ Borrower provided for in this Mor~gatic ~hall he ei~'cn h~~ mailing ~uch notice by certified mail addresscd to Borrow•er at the Property Address or at such othrr aJdre~. ac B~~rr.~wer mav de~ignate by notice to Lenckr as provided herein. and (b) any notice to Lender shall tie gi~•rn h~~ certificd mail. return receipt requested. to [.ender s address stated herein or to xuch other address as I.ender ma~~ dc~ienate hy n~tice t~~ Barrow~er as provided herein. Any noti=c pmvided for in this Mortgage shall be deemed to havc bccn Fivcn to Bc~rm~•cr or Lcnder when given in the manner designated herein. 15. Uniform Mori~a~e; Governin~ Iaw; Se~erability. Thic form of mortgage combines anif~rm covenants for national ' use and non-uniform rn~•enant~ w•ith limite~l variationc h~ juri~dirtion to constitute a uniform security instrument covering ~ ~ real properly. This Mortgage shall br eoverned M tlx law~ of the juricdiction in which the Properiy is located. In the ~ ~ event that any pmvision or clauce of thi. !~t.~rt~;sec ~~r the Nute rnnflictc w-ith applicable law, wch conflict shall nM affect ; ~ Mher provisions of this Mortgage or the \at~ Nhich can t+e given efiect withoat the conflecting pmvision, and to this E end the provisions of thc Alortgagc and the \otr arc .Icclarcd to he severable_ ~ l6. Borrower's Copy. Borroaer shall Ix furni.heJ c~nf.~rmed rop} of the Note and of thi~ Mortgage at the time r i of execution or af~er recordation hereof. - 17. Traacfer of the Propertv; Atcumption. If aL' ~.r an~ part of the Propeny or an interest therein is sold or transferred ~ by Borrower K~ithout Lender's prior K~riurn ~un~rnt. r~cluding (a? the creation of a lien or encumbrance subordinate to ; this 1liortgage. Ib) the creation of J~U1if1J~l` m~~nr~• .rcurit~ interest f~r househ~ld appliances, (c) a trancfer hy devise. ; descent or by operation of law• upon the Jca~h a( a i~+~nt tenant or (d? the granl of am~ leasehold interest of threc }•ears or less not containing an option to purchase. Lender ma~~. at I cnder'c option, declare all the sums secured hy this Mortgage to t~e = immediately due and payahle. Lender shall h~~e w;uvrd such option to accelerate if. prior to the .ale or transfer. I.ender } and the person to whom the Pmper~~• i. ~o Fx .~~Id ~~r ~rancferred reach agreement in writ+ng that thc credit of such person . ~ is satisfactory to I_enJer and that the interc.t pa~able c•n the sum~ secured by thic Mortgage shall be at such rare ac Lender ~ shall request. lf I.ender has waived the option to accelerate pro~~ided in this paragraph 17, and if Borrower's successor in ` interest has executed a written sssumption aFreement accep~rd in writing by l.ender, Lender shall reiease Borrower from all obligations under this Mortgage and the Note. If I_ender ezercises such option t~ accelerate, l.ender ~hall mail Borrower notice of acceleration in accordanc~ ~~h • paragraph 14 hereof. Such notice shall provide a pericxl of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of wch pen~.ci. ~ L.ender may, without further notice or dcmand on Korrower. invokc any remedies permitted hy paragraph 1 R hereof. Norr-UNiFORrN Covev~ntTS. Borrower and l.ender further covenant and agree as follows: ~ 18. Acceleratae; Remedks. E:cep a6 pmvidcd in para~nph 17 hercof, upos nomowrer's brtacl~ of aey covenaat or ~ s~reem~et oE Borrower in this Mortg~~. iacludin~ tbe corensats to pay when dat any sams se~wrcd by this MorlRa~e, i.ender ~ l ~ prior to sccekratioa sball mail notlce to norrower as provided in ~n~raph 141~ereot specflyio~: (1) tbe breach: (21 ~he action ~ required to cnre soch breacb; (3) s date. not kss t6sn 30 days from the date the eotice is maikd to eorrower, by whic6 sucM , ~ bresch must be cored; aod (4) Ihat failure fo curc such breach oa or 6efore tbe dde speci6ed ie the notice may result in ~ sccelerstion of tbe snms securcd by this Mort~s~e. forecbsure by judicial procetdi~ aad sak of the Property. 'Il~t notice ~ shall further inform Borrower of t~e riRht to rcinstate after sccekration and t6e ri~bt to ~se~t in the foreclosurr proceedie~ ~ ~ t6e non-e:istence of a default or any otber defence of Borrawer b acceleration and foreclosurc. If the breach is oot cnrcd oa ~ or beforc the date spccified in the notice. Lender a1 I.rnder's option msy decl~e a9 of the sums secured by this Mort~a~,e to be immediately dne snd psyable without further demand and msv forecbse thLs Mo~a~e by judicial proeetdinR. I.en~lrr chdl ~ be eodNed to collect in such proceedin~ a0 expenses oi foreciosure. includin`. M~t not limited to. reasonabk au•,rn~•:'s fees. ~ ~ aod costc of wrco~oeatary evidence. abstractc and ~itk reporls. ? 19. Sorrowe~'s R~bt to Reinstate. Notw•iths~andin~t l.ender s accelerabon of the sums securcd by th~~ M.~rtgage. ; ~ Borrower shal) have the right to have any procecdmg. hcgun %~y I.ender to enforce this Mortgaqe diuontinued ~t am time : ~ . , ~ ~A~E ~ ~ k 3d6 883 : - . ~.r.~. _ . _ ~ . .