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HomeMy WebLinkAbout1191 ~3 ~ , ; ~ - Lender's written agrcement or applicabb law. Horrower al~all pay•the amount of all mortga~e uuurar~a ptemiums in the maarar provided unde~ paragraph 2 heroof. ' Any amouots disbursed by Lender pursua~t to Ihis parag~aph 7, with iuterest thcrca~. shall become additional iodebied~eas of Sorrowc~ securcd by this Mongage. Unkss Borrower a~d ~enJe~ aaroc to Wher ternu ot paymeo~ wch amounts shal) be payabk upa~ n~tice ftc~m .I~nt~er to Bornower roquesting payment theroaf. and shall bea~ interat from the + dale of d'ubursement at ihe ratc payabk from time to time an outstanding principal u~der the Note u~less payrnet~t of , i~tecest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hiahest nte i permisa~'bk under applicabk law. NMhing contained in this paragraph 7 shall requine Lender to incur any expense or tate ~ any aMion hereunder. S. I~specfio~. Lender may makc or causc to be madc rcasonabk entries upon and inspections of the Property. provided that l_ender shall give Bonawer ootice prior to any st~ch inspoction specifying reasonabk cause iherefor rclatod to Lender's ~ interest in the Property. : 9. Coide~ssstbn. The proceedc oi any award or claim for damages. direct or consequential, in connection with any ~ condemnation or dher taking of the Property, or part tAercaf, or for ccinveyance in lieu of condemnation, aro hereby assigned and shall be paid to Lender. • 1~ ~he event of a tcital taking of the Propeny, the proceeds ~hall be applied to the sums secured by this Mo~igage. with the excess, if any, paid to Borrawer. ln the cveot of a paNial taking of the Property. unless Bom~wer and Lende~ € ahenvise agroe in writing, there shall be applicd to the sums secured b} this Mongage such proportion of the proceeds . as is equal to that proporlion v?hich the amount~ ot ~hc sums secured by this Mortgage immediately prior to the date of ~ taking bears to the fair market value of the Propeny immediately prior to ihe date of taking, with the balance of th~ proceeds ~ paid to Borrower. ~ if the Property is ahandoned by Bor;ower, or if. after ncxice by I_ender to Bormwer thit the condetnnor offers to make ' an award or settk a claim for damages. Borrower failc to respond to l.ender within 30 days after the date such notice is ~ ma:l~. ~nder ic authoriud to rnlkct ared apply the proceeds, at i_ender's option, either to restontion or repair of the Propeny or to the sums sccured hy this Mor~gajee. - ~ . Unless I_ender and Bonower otherwice agree in N•ritin~e. any such application of prcx~eeds to principal shal) not extend = or pos!pone the due date of the monthly installmcnts rcferrcd ~a in paragraphs 1 and 2 hereof or change the amount of ' such installments. . ~ 10. ~o~rowe~ Not Rekased. Extension of the time for payment or modification of amortization of the sums securcd by this Mongage granted by i.e~xler to any succecu~r in interect of Borrower chall nat ape~ate to releax, in any manner. - the liability of the origina) Borrower and &•rrower s succesu~rz in intercst. i_ender shall not be required to commence : proceedings agaiost such successor or refuce to er~enJ time for paymeot ar otherwise modify amortization of thr cums secured by this Mortgage by reason of ang demand made by the oricinal Borrower and Borrower s succescors in intere~t. ll. Forbearaace by Leader NM a Waiver. Any forhearancc b~~ I.cnder in cxercising aoy right or rcmedy hereunder, or othenvise afforded by applicable law, shall nc~t he a waiver of or preclude the exerciu of any such right ar rcmedy. 'il~e procurement of insurance or the payment of tares or other liens or charges by [_ender shall not be a vvaiver of Lender's right to accelerate the maturiry of the indehtednecs cecured hy thic Mortgage. 12. Remedies Comul~t. All rcmedies provided in thic Mortgage are dislinct and cumulative to any other right or remedy under this Mongage or afforded by law or equity. and may he exercised concurrenUy, independtntly or succescively. ~ 13. Soceeswrs snd A~ss donml: Jant aad Sere?sl i.iab~'INy; Captbns. The covenants and agrcements herein contained shall bind, and the rights hereunder shall inure to. the recpective successors and assigns of Lender a~?d Borrower. subject to the provisionc af paragraph 17 hercoL Alt covcnants and agreements of Borrower shall be joiry and se~e~al. The captions and headings of the parag~aphc of thic Mortgage are for convenience only and ar+e not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuircd unJer applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaee shal) be given by mailing such notice by certified mail addreued to Borrower at the Property Address or at such rother address as B~~rrower mav designate b~ notice to i.ender as provided herein, and (b) any notice ro Lender shall he given hy cenified mail. retum receipt requesied. to t.ender s address stated herein or to such other address as Lender may deci¢nate by natire tc. Bormwer as provided herein. Any notice pmvided for in this . Mortgage shall be deemed to havc t~een given to Borrower ~,r Lender when given in the manner designated herein. lS. Uniform MorlR~e; Governin~ LaN; StYlI.7DIII~Y. Thic form of mortgage combines uniform covenants far national use and non-uniform coveoants with limited variationx hy~ jurisdiction to constihite a uniform security instrument coyering F rcal properry. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. in the ; ~ event that any provision or clause of thic Mortgage ~r the Note conflicts w•ith applicable law, such conflict shall not affect E other provisions of this Mortgage or the Ni~tc which can be given efTect without the conflicting provi~ion, and to this ~ end the provisions of the Mortgage and the '~Jote arc derlared to he severable. ~ 16. dorrower's Copy. Borrov?•er shaU t+e furni~hed a canformed cop}~ of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Transfer of t6e Propertv: Assumplion. If all ~r anp pan of the Property or an interest therein is sold or transferred ~ by Borrower without I.ender's prior wrinrn amsent. ercluding (al the creation of a lien or encumbrance suhordinate to ~ this Mortgage. (b) the creat~on of a purcha~c mone~~ ~ecuri~~• interest for household appliances. (c) a transfer h~• devise. descent or by operation of 1aw upon the death o( a jo~nt tenant or (dl the grant of any leasehold interest of thrcc ~•cars or lecs not containing an option to purchase. Cender may. at l.ender'c option, declare alI ~he sums secured hy this Mortgage to be _ ~ immediately due and payable. Lender chall ha~•e w:~ived such option to accelerate i(, prior to the sale or transfer. (.enekr and the person to wham the Proper~y ic be :oIJ or transferred reach agreement in writing that the credit ~f such person is satisfactory to l.ender and that the interr.t pa~•able on the sums secured by this Mortgage shall be at such ra~e a~ l.ender shall rcquest. If I:ender has waived the option to acceterate provided in this paragraph 17, and if Borrower'~ successor in interest has executed a written auumption agreeme~t accepted in writing by I.enekr, Lender shall relea~e Borrower from all obligations under this Mortgage and the Note. If I_ender exercises such option tn accelerate. LenJer ~hall mail Borrower notice of acceleration in accordancr i~h paragraph 14 hercof. Sueh notice ~hall provide a perioci ~f not lesc than 30 days from Ihe date the notice is mailed v?•ithin which Borrawer may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration ~f wch periud. ~ Lender may, without further notice or demand on Borrrnver. invoke any remedia permitted hy paragraph IR hercof. ~ No[v-UtvtFOR~t CovEtv~NTS. Borrower and Lender furthcr covenant and agree u foNows: . 18. Accekration; Remedks. E:ccpt 9s provided io pa~raph 1'f hereof. npon dorrower's breach of asy co~enanl or ? aareeme~t of Eorro~+er io tbts Mortgs~e~ includi~ Ibe coreaants to pay whew d~e say soms secured bp !hk Mort~a~e. Lender ~ prbr to accekratios sbail mail notice to Eorrower as provided ia para~raph 14 hereof specifyiaa: (1) the breach; (21 the acfion ~ required to core sncb breac6; (3) a date. not kss t6an 30 days from the date the notice it ms8ed fo Eorrower. bY which such I bresc6 mmt be crred; asd (4) 11~ fajl~re to cun such breach on or betore tbe date speci6ed In the aotke may recult in ~ accderation oE tbe mms secored by th~s MortgaRe. torccbwrc by judicial proceedfe~ and sale of tbe Pwpee~ry. 71~e notice ~ shall furtber inforw~ Dorrower of the riRbl to reiastafe after accekration and tbe ri~bt to a~ert in the forscbsure proeeedia~ , ~ t6e non-e:kteece d a defanlt or any Mher detense of Borrower to accekratbn snd forecbwre. if the breach is not cnred on _ ~ or betore the date specilied ia the notice. Lender at I.ende~'s optan may declare sN of tbe wa~s secored by thk Mortga f;e to be : ~ immedLtely due and paysble wiflant further demand and may forccbse t6k Morl~e by judkial proceediu~. i.ender chall be eatitkd to colket in sncb proeeedi~ all e:penses nf foreclosurc. includiu~. bot ~ot limited to. rea~oaabk +ttnrnrr's fees. asd cosfs ot oucr!atofary eHdeoee. a6strscts and titk repo~s. ~ 19. Bonowei's R1~6t to Reinetate. Notw•i~h~tanding l.ender s accderation of the sums securcd by this M.~rtgage. ~ Borrower shall have the right to have any proce~:dings hegun by i.ender to enforce this Mortgage discontinued at any time ~ ~ ~ ~ ~q 312 ea~~E 11~ B~l • : a..~.. _ . , .