Loading...
HomeMy WebLinkAbout0034 . -t+: ~;l rndrr's ++ritten agreement ar applirahk law. lierruwer ,hall pay the ant.antt of all me+rtgagr insurance premiums in the manner pn+vidr.l under partgraph hereof. :env :unounts disbursed by I en.ler pursuant h+ this paragraph +cuh intrrcst thereon. shall hrccanr additional indrh!rdnrss ++f lierr~+wrr serttred by this ~lortgace l'nlrss Bernn+rr an.l 1 ender agree to other terms +,f pa}•ment. wch ;uneunt. shall hr payable u~>,+n nt+tir~ frc,m I rnarr t++ B.+rre++rr rcyurstinc {+.r)mrnt Ihercrl.:utd ,halt brat intrust from the date of dishnrsrmrnt at t~o ia~e. patrahlr teem time to time en otttstandine principal under the tiote unless payment of interest at such r:de would I+c cantr;tr+• to applicable I:ov. in which event such amonnK sl?all hear interest at the highest talc permissible under :q•plirahle la+~. Nothing r~+nt:tined in thi. paragraph 7 shall require Lender to incur anc expense ar take .ut1• action hereunder. 8. Inspection. I ender may make or cause to F?e made reasonable entries upon and insprcticatc of the Pn,perty, pn,vidcd that 1 cndcr shall civ~ Burrower notice prior to any such impectien specif} ing reasonable c:utsr therefc+r related to I cndcr's intrrest in the Property. 9. Condemnation. The pn•cceds of any award or claim far damages, direct er censcyucntial. in conncclirnt ++•ith am• :ondemnation or other taking of the Property, or part thereof, c,r for cenvrvance in lieu of rnndemnatic+n, art herchy assigned and shall hr paid to Lcndcr. Lt the e+•rnt of total takinc +,f the Troperty. the pn?cerds shall he applied to the sums seriired by this ~lortgacc. +vith the escecs, if any, paid to Born+wrr. In the event of a p:utial takinc of the Pmpert+•. unhss lierru+vrr and l.endcr i otherwise agree in writinL•- there shall t+c applied tr+ the sums sccnrcd by this !ltertgage snrh proportion of the prcxeeds as is equal to that pn•porticat which tha amount of the some secured by this \lortca~e immediateh• pri++r to the date of taking txarc to the fair market valor of the Property immc+liatrls_• prior to the date of takinc. ++ith the hal:uue of the pn>lceds paid to Borrow•cr. ~ If the Property is abandoned M~ &urow•er, c.r if. after netire by I ender to B+,rre++-rr that the condemnor offers to make - an aw•:ud er settle a claim for damages, Borrower fail. to rcst*+nd to 1 ender ++ithin Zfl d;i+s after the date such notice is m;tiled. Lender is authori~cd to collect and apply the proccedc. at l.endrr's option. tither to restoration or repair of the Proprrt) or to the sums srcurcd by this Ittortgagi:. Unless Lcndcr and Borro++ci- otherwise agree in ++ritirr~. any .u:h appli~ati~~n of pn>lcrds to principal shall not c~tcnd or pcxtpone the due .late of the nu,mhh• installments referred to in paragraphs I and hereof or ch:utge the amount of such installments. 10. Borrower !.\bt Released. 1?~tension of the time ter payment or modification of amortisation of the sums cecured by this Mortgage granted M• 1 ender to any successor in intrrest of Borm+ccr shall not operate Io release. in any manner. the liahiliw of the original Rorm+~er and Berrow•er's wrcrss++rs in intrrest. Lender shall not i,e required d+ commence pr.+rrc+iings against such successor or refuse to estend tintr for payment ar otherwise modify amortisation of the stuns secured h+• this Mortgage by reason of am• demand made M the erieinal Barn++ver and Berrowrr'c wccrssers in intrrest. I1. Forbearrnce by Tender \ut a N'ai+er. Any ferF,carutrc by I ender in cscrrisine anv right er remedy hereunder, or ++therwi,r afforded by applicable la+v, shall not Fx a waiver of er preclude the esercisc of am• wch right or remedy. The prorurrntcnt of insurance or the payment of tags er ether liens .,r charges by Lender shall not I,e ++aiver of Lender's - right to acrrlerate the mautrih• of the indehtrdnesc sraircd h+• this ~lortgace. - r 12. Remedies Cumulative. All remedies prodded in this \lortgagc arc distinct and cumulative to anv +,thee right or . remedc audit this Alertcage er afforded by law .+r ryuit~.:end ma+- t?e e+crrised rencurrcntly. indcpcndently ur wcressi~•rh•. - 13. Soccesson and AcSiRnc Bound: Joint and Seteral Liability; ('options. l-he covenants and acrcentenh herein runtainrd shall hind, and the riche hereunder shall inure to. the respertivr wrccssers and ascigrn of Lender and Borrower. subject b+ the previsions of paragraph 17 hereof. All co+-en;ntts and agrcrment. of Barn+wcr shall t,cr joint :end several. The captions and headings of the paracraphs of this ~lertgacr art fc+r rom•cnirnrr cute and arc net to I,r aced to interpret or define the provisions hereof. 14. \otice. Except for am• notice rcyuircd unckr applicahlc L•o+ to he riven in another manner. (at :ut+• notice to &,rrrw-er pr.,vided for in this 'VMrtgagc shat) t,e given h+• mailinc wch nc+tice by certified mail addresud to Borrower at the Prepem• Address er at such other address as Borrower ma+ drsicnatr h+ n.,tier t.+ 1 ender as pnn•idrd herein, and Ih? am' notice to I ender shall tx given by rertifird mail. rctum receipt rcyurstrd. t.+ 1 endrr's address stated herein or to such .ether address a. Lcndcr may designate he netire t++ Rerr,nver as pm+idrd herein. An+• nutlet pre+•ided for in this i Mortgage shat! F,r deemed to ha+e been given to Borr++wrr er 1 ender whin gi+rn in the manner designated herein. ~ I5. i'niform ~1ortRa>;e; Gut.-crninl: Law: Sererabilitc. -this seem ++f mortgage combines uniform revenants for national use and nc,n-uniform revenants with limited variations h+- jnrisdirti,,n A+ renstinrte a uniform ceruritc instrtimcnt rnecring real property. This \turt,+agr shall F,r cavorted by the law the iurisdirtn+n in which the Pmpcrty is lecat~d. in the event that am• pre+•ision r~r rlausc of this !11ortg;r_e ++r the \etr centlirts with appiiachle law- wch conflict shall not affect other pn,vision. of this '.11++rtLagr ++r the \etr ,,bleb ran hr gi+rn rtTert +si!heut the umtliaing pm+•icion. and to this end the previsium of the \tertgagc and the \~ae arc drrl:~rrd to F,e srver,thle. 16. Borrower s Cope. Borro++cr :hall hr furmshrd rent++rmrd cope of the \etr and of this ~lortcage at the time of execution ar after recordation hcnof. - 17. Transfer of the Properly: Assumption. if all ~+r :ut+ p,ert of the Property er an interest therein is sold or transferred - hv Born+wer ++itheut Lender's prior ++rittrn rensrra. rsrluding ra? the crcati++n of a lien er cncumhrancr suhor.linatc to this Mortgage. Ihl the creation of a purchase mcax+ .truest, intrrest ter household appliance.. (ct a transfer M• devise. decent er by operation of law upon the death ++f a j++int tenant ~+r td+ the grant of anv leasehold interest of three years or Icss eat rantaining an option tc, purchase. 1 ender may, at I ender'. ++pti++n. declare all the cams secured by this ~tortgagc to be immrcliately due and payable. 1 cndcr shall have was+ed w;h option a+ acceler:?te if. prior ro the sale or transfer. Lender and the person to tPhom the Property is to hr solJ er transferred rc:ich agreement in +,riling that the credit of such person is satisfarton to Lender and that the intrrcst pacahle on the sums secured by this ~lertcage shall he at such rate as 1_ender shall request. If Lender has waived the option to acrrlrratr provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption acreenunt accepted in writing M- lender. Lender shall releasC Borrower from all ++blieations under this MaTtk:IL•e and the \otc. If 1 cndcr exercises wch option to arcekratr. 1 ender shall mail Rerro~+er n},lice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a peeled ++1 not less than iO days from the date the notice is mailed within which Borrower ma+• pay the sums declared due. If Born,wrr faits a, pa}- such sums prior to the expiration of such period. Lcndcr may. without further notice er demand c,n lierrowrr. mveke am~ remedies pcrmrttea by paragraph jR hereof. Nom-UxtFOrt~t Covt=_~.xtiTS. Borrower and Linder further covenant and agree as follows: 18. Acceleration; Remedies. Except aS pros•ided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this'lfortgage, including the cocenanls to pay- when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) 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 breach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. 17te notice s shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding 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 Lender's option may- declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and title reports. I9. Borrower's Right to Reinstate. Notwithstanding 1-ender'. acceleration of the sums secured by this Mortgage. ` Borrower shall have the right to have am prcx:eedings begun by Lender to enforce this Mortgage discontinued at any time i BnnK~~ PAGE 34 '