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HomeMy WebLinkAbout0519 i z ' ~ ~ ~ Lcnder s written agrccm.;nt or applicabb I~w. Bormwe~ shall pay the amoun~ ot ~Il mon~age iosurana poCdwhs in the ! manner provided under pa~ag~aph 2 hereof. Any amounts disbursed by t.e~ck~ pursuant to tha pa~ag~sph 7, wi~h interest thercon, chall become sdd~tional t in~febt~d~ess of Borrowcr secured by this Mongage. Unlecs Bonower and I_ender agree to other temu of payrr~ent. such ; amounts shall be payabk upon nc~tice from l~nder to Bonowe~ rcquesti~g paymeot thereof, and sl~all bear interest from the date of disbursement at the rate payabk from time to time on outstandina priocipal u~der the Note unless payment of interest at such rate would be contnry to applicabk law, in which eveot such amounts shall bear ieterest at the hiahest nte permissibk u~der applicabk law. Nathing ~~a?tained in this paragraph 7 shall rcquire i.ende~ to incur any exper~se oc take any actioo hereuader. S. latipectio~. I.ender may make ar cause ta be made reasonabk eotries upon and inspections of the Property. pm~idod ~ that l.ende~ shal) give ~wtK~e prior ta any such insprction specifying rcasooabk catue thercfor related to Lender's ~ interest in the Property. ' ~ ~ 9. Cosdemsatba. The proceedc of any award or claim fo~ damages, dircct or conuqueotial, in connection with ~ny ~ condemnation or other taking of the Praperty, or part thercof, or for conveyance in litu of condemnation. are he~eby assigned and s:iall be paid to I.ender. in the event of a tatal taking of ifie Propeny. the proceeds chall be applicd to the sums secured by this Mortgaqe,~ ~ with the excess, if any, paid to Bonower. ln Ihe event of a panial tai:ing ot the Property. anlesc RoROwer and i.ender o~herwise agrce in writing. there shall be applied to the sumc secured by this Mortgage such ptuportion of the proceeds as is oqual to that prapoNion w•hich the amount c?f the sumc securcd by this Mortgagt immediately prior to the date of taking bears to the fair market value of the Pmpcrty immediatety p~ior to the date of taking, with the balance of the proceeds paid to Borruwer. . If tl~e Prope?ty is abandoned by Bor:ower. or if. atter notice by i_ender to Bormwer that the condemnor offers to make an award o~ xttk a claim for damages. B~~rrowe~ fail. to res~nd to I.ender within 30 days after the date such notice is mailed. Le~der ic authorized ta collect and apply the procecds. at i.ender s option, either ta ratoration or repair of the ProFerty or t~ the sums secured M~ this Mortgage. ~ Uolesc l.ender and Borrower othen+~ite agree in w•rit~ng. an~~ such application of proceeds to principal shall not extend ; or postpone the due date of the monthlp installmcnts rcferrrd to in paragraphs 1 and 2 hereof or change the amaunt of i such installments. 10. Eormwer Not Rekased. Exten.ian of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I.ender t~ any ~uccecsor in intenKt of Borrower shall not ope?ate ta rekase, in any manner, the liability af the origina) Borrower ~+nd B~~rrovrer's successors in intercst. I.ender shall not be required ta commence = proceedings against such successor or rcfose to ertenJ lime for paymeM or otherv~•ice modify amortizat~on of thr «~ms s secured by this Mortgage by reason of :iny demaod made b~ the orieinal Borrower and Borrower's succescors in interect. 11. Forbesrsnce by I.enderNot a Waiver. Any f~rhearan~-~ hy I cnder in exercising aoy right or remrdy hcrcunder, or otherwise afforded by applicahle law. shall not he a waiver of or preclude the exercise of an~• such right or remedy_ The procurement of insurance or the payment of taxcc or other liens or charges by I.ender shall not he a waiver of l~nder s right to accelerate the maturity of the indehtednecs secared M thic Mortgage_ 12. Remedies Comulsti~e. All remedies provided in this Mortgage arc distinct and cumulative to any olher right or rcmedy under this Mortgage or afTorded hy law or equity, and may be erercised concurrently, independently or suc~.essively. , ' 13. Soccessors and A~es Bound:.Janl aad Several i.wbility; Captbns. The coveoants and agrcemen:s hetein contained shall bind, and the rights hereunder shall inure to. the respective succesu?rs and assigns of Lender ac~d Bortower, subject to the provisions of paragraph 17 hereoL All covenants and agreements of Borrower shall be j~~iry and several. , "Tl~e captions and headings of the paragraphc of this Mongagc are for convenience only and are not to be used to interpret or define the provisionc herrnf. 14. Notice. Except for any nolice rcyuired unckr applicable law t~ be given in another manner. (a) any notice to ~ Borrower provided for in this Martgaee chal) he given by mailing such notice by certified mail addresced to Borrower at the Property Address or at such ~Nher addre~. as BorroK•er may decignate by notice to I.ender as provided herein, and E (b) any notice to Lender shall he given by certificd mail. retum receipt requested. to I.enders address stated herein or to ~uch other addreu as I.ender may decignate by nc?tire to Bormwer as provided herein. Any no~ice pmvided for in this Mortgage shall be deemed to havc heen gi~•cn to &?rmw•er c~r Lcnder when given in ihe manner designated herein. IS. UniEorm Mort~sq~e: Governin~ Iaw: Se~~erability. Thic form of mortgage combines imiform covenants for national use and non-uniform covenan~s with limited variations hy juriKiiction to constitute a unif~rm securiry instroment covering ~ ; real property. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. in the ; ; event that any provision or clause of thic Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ : other provisions of this Mortgage or the N~~te Nhich can be given eBect without the conflicling provicion, and to this ~ ` end the provisions of ~hc Mortgage and the !~ote arc dcclared to he severable. ~ 16. dorrower's Copy. Borrower shall bc forni~hcJ a rnnformed cop~~ of the Note and of this Mortgage at the time r i of execution or afler recordation hereof. ~ 17. Traasfer of tbe Propevty; Assumplion. If all or any part of the Pmperty or an int~rest therein is sold or transferred ~ by Borrower without Lender's prior wrincn consent_ e~cluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creat~on of a~urrhace m~mrc ~ecurit~• interest for household appliances, (cl a trancfer h~• deviu. ~ descent or by operation of law upon the death of a j~~~nt tenant or (d? the grant of any leasehald interest of three years or lec.c ~ not containing an option to purchase, Lender may. at I.ender's option, declare aU the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have ~•;u~~ed such option to accelerate if, prior to the ~ale or ~ransfer. l.enckr ~ ~ and the person to whom the Properly i; a~ tk cnlJ c.r Iransferrcd rcach agreement in writing that the credit of ~uch per~on ~ is satisfactory to Lencler and that the interr.t payable on the sums secured by thic Mortgage shall be at such rate aa i_ender ~ shall rcqaest. ff Lender has aaived the option to acceler:~te pmvided in this paragraph 17, and if Borrower's successor in interat has executed a written assump~ion aFreement accepted in writing by i_ender. Lender shall releau Borrower from all obligations under this Mortgage and the Note. if I_ender exercises such option t~ acceterate. I_ender shall mail Borrower notice of acceleration in accordancr ith paragraph 14 hereof. Such notice shall provide a pericxl of not lesc than 30 days from the date the notice is mailed within which Borrower may par the sums declared due. I( Bonower fails to pay such sums prior to the expiration of c~ch periexi, ~ Lender may, without further notice or demand on Bo~rowcr, invoke any remedies permitted by paragraph IR hereoE. ~ NoN-UNiFOR[N CoveN~NTS. Borrowe~ and Lender further covenaM and agrce as follows: ~ 18. Acceleratioo; Rcmedies. Excep as provided io psrs~nph 17 hcrtof. npoo dorrowe~'s brescM of sny co•easst or ~ a~reemeat of Eorrower ia this Mortaa~e, iacludi~ tbe co~enants to psy wben dne asy soms secu~ed by thk MortRaRe. I.eader ~ prior !o accekratioe shaH mail eoHce to Borrovrer as prorWed in psr~raph 14 henof specif~: (1) tbe breacb: (21 the action ~ ~ required to cnre secb breaeb; (3) s date, aot kss ~ban 30 days from t6e date tbe notke is onikd to eorro~+er. by whkh sucb ~ ~ 6~eac~ mwt be cored; ~d (4) that failere to cnre such breach on or before the date specified in the notke may resdt in ~ ~ scceiersKon oE tbe s~ secnred by tbis MortLage. ro.~~n ~ jna~w ~««a~a aed sde of tbe Pmperty. The notice sl~all fnrlher iaforn Eorra~er ot tbe ri~M to reinslste st1e~ scceleration and t6e right to ~sert iw t6e forecbsure proceediuL s ~ ~ tbe aon-e:istence d a defaott or mr Mher dete~e of Borrovrer to sccekratioa and lorecbsure. If tbe brex6 is not cored on ~ ' or before the date speeiGed in ~be aMice. l.ender at [.ender's option msy declue sU of tl~e sua~s secared by this MortRa~,e to be ; ~ un~ediately due a~d paYabk wiflwut turtber demand ~nd may foreclose this Mort~a~e bY jndicW proceediu~• I.endtr chall ; be enBtkd to colktt ~a soc6 proccedin~ al! espenses ~~f foreclosurc. iacludiu~. bot ~ot limitd to. reasonsbk att~,rnr:'s fees. asd cosfs of iwc~~oeatary e•ideoce. a6stracts snd ~itk reports. ~ 9. Eorrowa's `t to Re~tate. Nc?tw•ith~tanding Lender s acceleration of the sums secured by th~~ M.xtgage, 1 R~ ~ Borrower shall have the right to have any procecdings be~un ~y t_ender to enforce this Mortgage discontinued .~t any time ~ ~ ~ ~ BooK ~U7 Pac~ 519 ~ ~ ~ ~ ~ ~ _ . . ~ ~ _ . . . . _ .