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HomeMy WebLinkAbout2488 j~ i i ,1 LenJrr's ++nlten agreement or applir:lhle law. H.aruwer shall 1?a)' the ant+antt of all mortg,lgr in,ur.ut:. premiums in the } manner pn+sule.l und,•r paragraph ? hereof. ~ :ins :unouut<: Ji.hurceJ M• Lcnller pursuant to thi: 1?:~r.r:!raph :+irh utrerrst thereon. .hall heconu aJJitional indeh!ednrss l+f Rurro++er seruuJ M this Ml?rtt,lge t'nless B,+rn~++rl ,utJ I rn,lrr a>•ue t.? athr term. 1+1 payment. wch am++unts shall he payable up,+n nlaire (r++m 1 enJrr a+ B.+rr,n+rr reyue•~in~, pasntent theul+l.:uxl sh:ell Fear intrrcct from the Jatc of dishursemcnt at the rate pa}ahlc from time to time ++n outstandine principal under the \ote unless payment of intcrect at such r,Uc would I+c c,tntrars• to applicable Lru. in ++hirh cvcm such amounts shall hear inMrest at the highest rate permissible under applicable lass. Nothing contained in this paragraph 7 shall require l.endcr to incur am• cspcnse or take any action hercundcr. 8. inspection. I.cnJcr may m;rke lsr souse to 1?e made rcaconahle entries upon anJ iny?ectilms l?f the Properi)•. pms•ided that 1-ender shall give Borro•.rer m.lice prior to an)• such inspection spccif}•ing reau+nahle e:ulsc theufc+r ulatcJ to Lender's intrust in the Propert}•. 9, Condemnation. The proceeds of :uts• award c?r claim for damages, direct or cl?nsequrnti:J. in connection with am• condemnation or other taking of the Property. or part thereof, or for comeyan~r in lira of conJemn:rtion. arc hereby assigned and shall he paid to I.cnder. in the went of a total taking of the Pmperty. the prl~eedsr hall he applied to the wmc sccnred M• Ihic Mortgage. with the esccss. if anv. paid tl. Born?wer. in the cs•cnl of a'p~rt~l~~aling of the Pmperty. unlea Barn+w•cr and i.cndcr .?therw•ice agree in ss•ritine. Ihere shall txr applied to the sums securcJ he this Mortgage such proportion of the prc?ceeds as is equal to that prop++rtion which the amount of the toms soured M' this MortgaLC immrJiatelc prie?r to the date of taking heart to the lair market value of the Property immediatel}' prior to the Date of taking. with the balance of the proceeds pail to Borrower. if the Propert~• is abandoned by Borrower. or if. after notice by Lender to Borr++w•er that the rnndemnor offers to make an award or settle a claim fr+r Damages. Borrower fail. to reslx?nJ to 1 ender within 1f1 Jas's after the date such notice is mailed. lender is authoriicd to collect and apply the procredc. at i.ender'c option. Tither to restoration or repair of the Property or tc• the sums serurcJ h~• this Mortgage. Unless Lender and Borrower othenyise agree in ++ritin~•- an+ slrch applicati,+r. of pn.cccdc t+? principal sh::il n;+t cstend ,+r pl+stponc the due Jatc of the monthly installments re(erreJ to in t?aragrlphs I and 2 hereof or chance the amours: of wch installments. 10. Borrower 11ot Released. Extension of the time frr payment or modificatirn of amorti~atiorr of the ~.rms secured h~• this Mortgage granteJ hp I ender to am• successor in interest of Borrower shall not orlratc to relcasc. in any manner. the liahilin of the origin.) Borrower and Burn+wer'c successors in interest. i.endcr shall not he reyniuJ to coromcnre proceedings acainst such successor ur refuse to extenli time for pagment or Mhenyise mlxlih• amori7ati.+n r~( the sums .Bears) h~• thi. '\~Sl?rtgage by reason of am• demand roaJe M the oricinal Bormsver and Borrower c succes,ors in interest. 11. Forbearance by i.ender ~M a R'aiver. Any f+~rhearntce M 1 ender in cxercisirtL am~ right or remedy hrreur.~ler. or 1+ther+s•ice affordeJ M• applirahlr law. chat! not he a w-aiyer I~f .+r preclude the exercise of ans• such right or rcmeds•. The procurement of insurance or the pa}'menrof fasts or other liens or charges M• Lender .hall not 1?e a waiver of 1 enJer's right to arrekratc rtes maturity of the inJehtednesc sr_urcd M this \lortcaec. 12. Remedies ('umulativc. All remedies pmvided in this ~lortgagc arc .iistinct an.l rumulativc to ,.m• 1+ther right l~r remed~• under this !4(ortLage or aff,aded hs• law or equity. anJ may 1?e escrciseJ coneurrenth•. independentl. cu succescicels•. 13. Successors and :assigns Bonnd: Joint and 1e?rral Li:chilih: Captions. The ec?venants and agreentrnts hrrcin cuntaineJ shall hint. ahd the ri¢hts hereunder shall inure t,+. the rcsl?ectiye wcressors and assigns of I.cnJer anti Bormw•cr. whject to the pro\i,ion..+f paragraph 1 i hereof. All cu\en:rots :utJ agreements of Borrower shall hr i,+im ,lnd several. The captions and hr:uiings of the paragraphs of this \turtcage arc for cc+nvenicnce onh• and arc not to t+e used to interpret or Define the pro\isions hcrcc•f. ~ - 14. \otice. Except fi+r am• notirr rcyuired un.ler applirlhk law to hr gis~en in an++ther manner. fat any notice to Born+wer pioyidcd for in this Mortgage shall he gieen h~ mailine such notice by certified mail addressed to Borrower at the Pn+pertc :!;Idress ++r at such other :ulduss a. B,+rrower mas Jesienate he rnaice to i ender as proyidrJ herein. and rht ans notice to I rndcr ,hall F?e ~iyen M• certified mail. return receipt reulrtsteJ. to I ender'. adJrecc stated heuin or to arch .ghcr addres .rs Lender mad desicn:rtc hs notice s++ B,+rrrwer as prl\\ iJcJ hrrcin. :~ns• notice pr,+\•ideJ for in this fit,+rtgage shall he Jecmed h+ ha+e hl•en eiccn to florrl+wcr 1+r 1 rndcr s+hen gi+en in the manner designate) herein. 1S. [~niform ~lortQa>;c: GoverninP law: Severabilih. -this 1.+rm of mort>;a~~e \omhines uniform cc?vcnants for national ;ISI' and Il,+n-ilnlf.?rllt a++e(Iatll~ wrth IlmltrJ Variation. F?c jurisdicti,+n t,+ r(?n~ttllllr :1 11111fOCm Cerllrlly Irrsirllnlellt iM'Cring real prupert~. -this Eton, age shall. he ~'lnenteJ I+s' the I:n+ 1+f the jurisdiction in which the Property i. 1lKatrd. In the f event that any r?r.wisi,+n 1+r clause of thi. ~tortLace ,~r the \„te :ontlirt. with applicable L•rw- .nth rnnflict sh:?II not affect ~llher pr+nl.il+ns of this ~lorteaee or the Notl• \+hich ran hr ei+en elfect .+i!hout the antflictin~~ pmyision. and to this Lod the t+r.++ISions ++1 ttu fit,+rteaer :uxi the \~qe .err d~clarelr h+ hr sererahlL. I 16. Borrower's Cupp. Born?+ser .hail hr furlushr,i coot,+rr-red c,+p\ !Ele \c+tr m1 ,+f this ~torteaee at the time ,~t execution or otter recordation hereof. k 17. Transfer of the Rmperty:.~csumplion. if :111 ,•r :ur+ r,,lrt of the Property or an interest therein is .1?ld or transferred I by Born+wrr \+ith,+111 I.rnder'~ prior written consent. escluJinc tar the c_rcation of a lien or encumbrance whorJinate to this \lortgaee. (hl the creation .+f a purchase mone\ .r_urih' intrust f,+r hlalsehoW applianrec. (c1 a tramfrr hs• devise. ~ Descent or by operation of law upon the death of i.+~rlt tenant rr (lit rhr Brant rf am' leasehold interest l+f thug scan or Tess not containing an option to purcha<e. 1 ender m;r+.:n 1 rnaer'~ ,q?n,~n. declare all the wm. secured hs• this Mortgage to he unnteJi:dely due and p:,yahle. I rndcr shall h;lse w:u.eJ such opu\+n accelerate if. pril.r to the sale or transfer. Lender ;,nd the person h+ why?m the Pn+pert~• is to he .ol;l rr trms(errcJ each agreement in writrr.g that the credit of such person is catisfactun- to 1.enJer and that the in'rrr.t pas.rhle ++r. the s•Ims srcureJ M• this Mortgage shalt he at such rate as Lender sh:+Il request. If I ender has waiscJ the option to acceler.rte proviJeJ in this paragraph 17. and if Borrower's successor in ~ interest has executed a +vrittcn assumption agreement accepted in writing by Lender. Lender shall relcasc Borrower from all rbligationc under this ~lortgagc and the ~otc. if Lender exercises wch .+ption to accelerate. 1 ruler .h.rll mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice .hall provide a peri,al ,+f •not less than 3(1 nays from the date the notice is mailed within which Borrower may pay the wms decLlrcll due. It B,~r.owrr tails to pay slreh sums prior to the expiration of such period. Lender may. without further notice or demand .+n Itorrl+wer. inc.?{.e am remedies permitted he paragraph 1R hereof. 3 1\`o~:-U!vltore!?t ('os•FV,?~•rs. Borrower anJ I ender further covenant and agree as follows- 18. Acceleration: Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or y agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, i.ender prior to acceleration shall mail notice.to Borrower as provided in paragraph 14 hereof specifying: (1) the breach: (21 the action ~ required to cure such breach: (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such 1 breach must be cured: and (4) that failure to care such breach c?n or before the dale specified in the notice. may result in ! acceleration of the sums secured b~ this 3lorigaRe. foreclosure by judicial proceeding and sale of the Property. 77ie notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding 6 r the non-existence of a default or anv other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at fender's option mad declare all of the sums secured by this tiiortgage to be immediately due and payable without further demand and ma} foreclose this Mortgage by judicial proceeding. Lende? shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attornc~'s fees. and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am proceedings begun M 1-ender tl? enforce this Mortgage discontinued at any time t coax 329 P~cE 2486 !