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HomeMy WebLinkAbout0495 t I.eade~'s writtea agrcement or applicable law. Borrowe~ shali pay the amount ot all moru~ insurancx Poaaiu~s ia the maane~ p~ov'~ded under pa~agraph 2 hereof. Any amounb disbu~secl by l.ender pursuant to thit pan`raph 7. with iaterat thereoe, sha~~ become add~b°^~~ ~ indebtodrKSS of Borrowe~ aecuood by ~his Mongage. Unless Borrowe~ and Len~ier aara to other tern~s of paYmeM. such amounts shall be payabk upon natice From i.ender to Borrowe~ roquatint paYmeM the~eof. a~d shal) bear interat ft+om the ; date of disbursement st the nte payabk from time to time on outstanding principal under the Note unkss payma~t of , interest at such nte would be contnry to applicabk law, io which event such amounts afiall bear interest at the hi~ rate permiaibk under applicabk law. Nothing contained in this paraaraph 7 shdl require i.ender to incur any eapense or tal~e any actian hereunde[. S. iapeclie~. I.ende~ may make or caus~ ta be made reasonabk entries upon and inspoctions of the Prope~tY. p~ that Lenck~ shall 6ive Borrower ndice priM ta any such inspection specityina rcasonabk cause therefor related to I~ende~'s intercst in the Property. x~` • t 9. Co~deauatiow. 'I'he proceedt o~ any award or claim tor damages. direct or consequentisl. in rnnnection with any condemnation or other taking of the Property. a' Pa~t thercof, a for conveyance in lieu of condemnation. are he~eby sssi~ned • and s:iall be paid to i.ender. in the event of a total taking of the Properly. ~he proceeds shall be applied to the sums secured bY thn Mcxt~ag~. with the exce~, if any. paid to Bom?wer. io the event of a partial taking of the PropectY. u~less Borro"'~r and Lender , othenvise asree in writing. there shall be applied to the sums secured by this Mortgage such pmpo~tion of the prooads ~ as is equal to that proportion which the amount ot the sumc secured by this Mortgage immodiately priar to the date o[ taki~g bears to the fair market value of the Property immediat¢ly prior to the date of taking, with the balance o[ d~e proceeds paid to Borrower. If the Pcoperty is abandoned by Bc~r:ower, or if. after notice by Lender to Borrower that the condemnor oRers to malce a~ award or settk a claim for dam~ges. Borrower fails ta res~ond to Lender within 30 daya after th~ date such notice is mailed. Lender is authorize~ to collect artd apply the proceeds. at i.ender's option. either to restontion or rep~ir uf the Property or to the sums securcd by this MortRage. ` Unless l.ender and Borrowe~ otherwise agree in N~riting. aoy such application of procceds to principal shall not eatend i or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of ! such inatallments. ~ lp. Eorrowet Not Rekased. Extension of the Iime for payment or modi8cation of amortization of the sums sxoted by this Mortgage granted by Lender to any cuccetsor in interest af Borrower shall not ope~ate to rekase. in any manner. 3 the liability of the original Borrower and Borrower's successors in interat. Leoder shall not be rcquircd to commence ; proceedings against sucfi successor or rcfuce ta ertend time for payment or otherw~sc modifY amonization of thr ~~~ms ; secured by this Mo~t~tige by reason of any demand made b} the original Borrower and Borrower's successon ~n iMercct. 11. Farbear~nce 6y Leader Not a Wsi~er. Any fofiearance by Lender in exercising any right or rcmedy hereunder, or otherwix atforded by applicable law. shall not he a waiver of or preclude the eaercise of any such right or nmedy- The procurement of insurance or the payment of taxes or other liens or charges by i.ender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedneu securcd hy this Mortgage. 12. Remedks ~oWf~e. All remedies providrd in this Mortgage arc distinct and cumulative to any other riaht or ~ rcmedy under this Mortgage or aftorded hy law or equity. and may be exercised concurrcntly, independently or success~vely. ' 13. Stiecaion a~d Assi~~s Dound: Joial aad Sevenl i.iabNry; Capfjous. The rnvenants and agreements hercin z contained shal) bind. and the rights hereunder shall iniire to. the respective successors and assigns of Lender at~d Borrower• ~ subject to the provisia~s of paragraph 17 hereof. All covenants and agreements of Borrower shall be ioin~ and several. The captions and headings of the paragraphc of thic Mortgage an for convenience only and are not to be u+ed to interprct or define the provisions hereoi. 14. Notice. Except for any notice rcquired under applicable law to be given in another manner. (al any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certi8ed mail addressed to Borrower at the Propeny Addrcss or at such other address as Borrower ma~• designate by notice to i_ender as provided herein, and i (b) any notice to Lender shall 1~e given hy cer~ificd mail. retum receipt rcquested. to i.ender s address stated herein or to ~ such other addrcu as Lender may designate by notice to Bormwer as provided herein. Any noiice provided for in this ~tortgage shall be deemed to have been gi~•en to Borrower or Lender when given in the manner designated hercin. 1S. Uaiform Mort~~e: Governin~ Law: Severabi~ity. This form of mortgage combina uniform covenants for national j use and non-uniform co~enants with IimiteJ variations b~ jurisdiction to constitute a uniform security instrument covering j real property. This Mortgage shall be governed h}• the law• of the jurisdiction in which the Property is located. in the ~ event that any provision or claose of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Nate ~~hich can be given efiect without the conflicting prov~sion, and to this ~ end the provisions of the Mortgage and the Note are Jrclared to tx severable. ~ 16. dorrowe~s Copy. Borrow~er shall be furni~hed a conformed cop~ of the Note and of this Mortgage at the time ~ ' of execution or after recordation hereof. ' ~ ~ 17. Trassier of the Propertv: AssnmP~~on. If ~ll or an~~ part of the Property or an intercst therein is sald or transferred ~ ~ by Borcower without Lender s prior wrin~n ronsent. excluding (a) the crcatan of a lien or encumbrance subordinate to ~ = this Mortgage. (b) the creatu?n of a purchace mn~e~• cecurity interest for househ~ld applianca. (c) a transfer hy devise. ~ descent or by operation of law upon the cieath of a j~~im tenant or (dl the grant of any leasehold interest of threc years or less Y not containing an option to purchase. Lender may. at Lender'c option, declare all the sums secured by this Mortgage to be Y immediately due and payable. Lender shall havc waived sach option to accelerate if. prior to Ihe cale or transfer. [.ender ~ and the person to whom the Property i~ t~~ be cold or transferred reach agreement in writing that the credit of such pe~ is satisfactory to Lender and that the interr.t pa}•able on the sums secured by this Mortgage shatl be at such rate ac Lender shall rcquest. [f Lender has waived the option to acceler•rte provided in this paragraph 17, aod if Borrovrer s successor in interat has executed a written assump~ion aFreement accepted in writing by Ixnder, Lender shall release Borrower from all obligations under this Mongage and the Note. ~ If Lender exercises such option tc? accelera~e. LenJer shall mail Borrower notiee of acceleration in accordanc~ wi~h ~ paragraph 14 hercof. 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 sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch period. Lender• may, without further no(ice or demand on l3orrower. invoke aoy remedies perm~t~ed bY Paragraph 18 hereof. ~ - N~FORM CovEN~Nrs. Sorrower and Lender further covenant and agrce u follows: No?~r U ~ 18. Acede~tios: Rasedks. E:cep as provWed io paa1G~P~ 19 bereof. ~~~'Owe~: bresc~ of s~y co~esawt or ~ aareea~est of Eorrowe~ in tl~is Mort6a~e. iacludi~ tLe co~ensMs to pay w6ew d~e asy s~aa sec~red bp t6k Mat~aRe. Lender ~ prior to accek~atio~ sbaU w~sN noticd to Eorrower as provided ia pan6rapM 14 bereot specif7isi: (1) the brticb: (2) the sction ~ reqnired to c~re s~c6 breacb;l3) a date. not ksa than 30 days irom tbe aate tYe not~ce b wa~ed to Dorror?er. bp .~hkh s~cb breach mast be csred; sod N) tAat faiiere to cure sach breach os or betors tre date speciied 'u tGe aotice msy resnlt ia ` ~ scetleratioa ot t6e s~aas secared bp this Mort`a~e. foreclowre by jodkial ~°a a~d sale of t6e Properry'. The notiee ~ ~ ~~y~~ i~{~m ~orrOwer of tre ri~bt to reinsbtc ~ter sccekration aad ttie ri~ht W a~se~1 iw tbe foreclosare pro~Kdi~R ~ ~ ~ ~ tbe aoe-existence oE a dcfsnlt or aay otber defense of Borrower to sccelentioa and foreclosore. if tre bteack is not cered oa Mis Mo~1 e b be or before the dste spec~ed ~ tbe noti~e. Lende~ at [.ender's uption mar declare ap oE tl~e s°~s ~ I.endrr chall ~ immediatdy due snd paysble ~'itbout further demand and may foreelose tMis Mo~a~e by ~dk~ PrO~°R' ~ be eatiUtd to colltct in soch proceediu~ sN expenses oi foreclosure. iecludiu~, bnt wot limited t0. n~~~ 'tt~~rnei's fea. ~ aod totts oE ~wc~~ue~tary erideact. abstrscls and titk reports. 19. dorroae~'s Rl`bt to Rei~tste. Notwiths~andinR l.ender s acceleration of the sums securcd by th~~ Mortgage. Sorrower shall have the right to have any proce~:dmg~ hc~~~n ~y 1_ender to enforce this Mortgage discontinued at ans• time ~ ~ ~ $oox 3U7 PA~E 495 - - ~ ~ _ ~ . . .