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HomeMy WebLinkAbout0829 i t 1 enakr's wnttrn agrrrtrtrnt Or apph:aMr law. 13orruwrr shell pad the am.?unt of all mortga~~ iMtuta?t~ pr~miuml~n llk manner pr.+valeal under paragraph 3 hereof- ; :~m~ anw?unts dishrrrsrd by Lenakr pursuant a+ this paragraph 7. with urtrrect thereon. shall beer+me additi~+nal ~ in.kh!e.ina-s .+f &+rr.+..rr enured t+s' this ~ta~nLJg~ l'nles. &•rn+arr Jn.! 1 ~n.kr :~tin•~ in ~ih~r terms of pa~•mrnt. such anra+unts shJll hr pavahk up.+n nMice from 1 enalrr n• &~rrower reyue.ting payment thersti+f. and shall hear interest from ihr date of di.hursrment at the raft pJVahk from time to time .+n rngstandin¢ principal under the Dote unless pa)'ment of interest at such raft would I+e contrary ta• appliaable law. in which event such amounts shall hear iMered at the highest rate permissihk under apphcabk lag. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take Jny action hrrrunder. s. haspectiow. Lender may make or cause to he made reasotrahlr erotic. upon and inspections of the Property. provided 1 that 1 ruder shall give Borrower n.~licr prior to am itch inspection spy-cifying reasonable cause therefa+r related to Lender's mter~-u in the Propert~_ 9. Cowdewrwatiow. T1re proceeds of zm award or claim for Damages. direct or am.egrn:ntial. in connection with am• condemnztiam .+r other taking of the Property. or part thereof. or for conveyance in lieu of condemnation. arc hereby assigned Jnd ,hill h paid to Lender. In the event of a total'wking .?t the Property. the proceeds shall he applied to the sums a-curcd by this MortgaRc. with the cysts.. if any. paid to Gorr.+wrr_ In the event of a partial taking of the.Propcrty, unlcsa Roriov?•4 and i.ender otherwise agr~ in writing. there shall he applied to the wms secured by thi. Mortgage wch prch+AAion i?(~ihd proceeds as is equal to that pra~+ortia?n which tha: amount of the sums sr.ura~d by this Mortgage immediately prior to the date of taking brats to the fair market value of the Propcm• imrm'diateh prior to the date of taking. with the b:dancc of the proceeds t paid to Borrower. Tf the Property is aharrdorred M- Borrower, or if. aNer notice by 1 enak r to Borrower that the condemnor offers to make in :rw"3rd or settle a claim frr damJges. &+rraw?rr fail. t.. re.p~+nd to 1 ender within 3f1 days after the daft wch notice is mailed. Itrrdrr is authorized to cofkct and apply the proceeds. at Lender's option, either to restoration a.r -repair of the Property or to tltc wms secured by this Mortgage. l'nlrss Lender and Born~wrr Mherwisc agree in writing. ans• such application of proceeds to principal shall not extend or pstporre thF due date of the monthly installtmnts referred to in paragraphs 1 and 3 hereof or change the amount of wch rnSla1la71er1iS. 18. borrower 1iM Reltsscd. Extension of the time for pacment or modification of amortization of the sums secured M this Mortrage 3ranted M Lenakr to grit strccessa?r in interc.t of &~rrower shall not operate to release.- in any manner. the liahitity of the original Barrower and Borrowers ahcrsu.rc in interest. lender shall not he required to rnmmencc ;+ra~ra~alings against. arch successor or rehrse to extend time for payment ur otherwise modih• amortization of the sums secured by this !?tortgagt by reason of Jnc drmznd made by the orieinal Borrower and Bormw•ers successor in interest. ll. Forbearance bs i.esder NM a Kairer. .am~ forlxarance he Lender in esrrcisine am• right or remedy hereunder. or +thrrvrisr afforded M• applicable law. shalt not he a waiver of or preclude the exercise of any atch right or remedy. s The procurement of insurarrec or the payrrtent of tags or other liens or charges by Lender shall not he a waiver of Lenders right to accelerate the maturity of the indrhh-dtrrss se.urcd by this Mortcasc. 12. Remedies Cenrulatise. .411 rerrrcalicc pm.idrd m thi. Mortgage arc distinct and cumulative to any other rich! or rrmrh• under this MortgJge or affordaYt M• law .+r equity. and mJ~ I+r rsrrcisrd a.ncurrrnth•. indepcndenth• or wccessiveh•. 13. Seccessors awd Assigns llouwd: loiwt and Se.eral t-iabilih•: ('aptions. The covenants and agreements herein contained shall hind. Jnd the rights trereunder shall inure to. the rrspcctive success+n and assigns of I.enakr and Borrower. .ubje.-t Io the provi.ion. a•f paragraph 17 hereof. AI. covenants anJ agrremcnts of Borrower shall he joint and seeeral. The captia?ns zn.l headings of the paragraph. of this Mortgage arc for com•rnicnce only anJ arc not to he used to interpret or define the prosisia+tts hereof. IJ. \olice. Except for any notice reyuirrd under applicable IJw to ~ e ,1 in in another manner. /al :u~~ notice to Borrower provided f.~r in this Mortgage shall be given by mailing such notice M certified mail addressed to Borrower at i the Property Aaiatres or at arch aNhrr address as Borrower mav- deign:uc by rn+tice to 1 ender as provided herein. and thl am notice to Lender ;hall tx given M• ccrtific~t mail return receirt reyrw.trd. to 1 ender s adalress stated herein or to ~ such .+ther address zs Lrrxkr may designate by notice to &+rr~+wer as pre+. ideal herein. Any notice pr..videJ for in this Mortgaer shall l+r akrrrrrd to have kern given b Borrower or I ender when g~s~en in the manner designated herein. I5. l"niform ~lortaage: Goyerwia~ Law: Se,erabfW' Thi. f~+rm of mortgage combines uniform rnvcnants for national use and rrorr-unif.+rm covrrrants with limitr.l variatiaxrs by jurivtiai.+n t.+ constitute a uniform sv-~urit~• inslrumrnt emering real proprm. This Mortgage shall In goverrrrtl hs' the law a+f the jurisdiction in which the Property is la+cated. In the !vent that Jnv provision .,r cta?rsc of thi: Mortgaie ar the ~.+tr a+nflict..aith applicable law. wch conflict shall not affect .+ther pr.+~i.:.+n. of this \tortgagc ur the \..tr which can I+e gi<<n etTect without the conflicting provision. and to this I end tha: prosr.ia+m of the ~ia•rtYage and the \..te are .kclared to F+e scyerahle. f 16. ¦orroriers Cop~_ Borrower .hall F+e furni.hrJ a ..+nf.+rmed copy of the dote and of this Mortgage at the time .+i e~ecuticxr or after r~~ordatiorr hereof- ' 17. Traaasfer of the Propeds::fcwmptiow. If all rr any pJrt of the Property or an interest therein is sold or transferred by Borrower with.~ut 1_endrr's prior written consent. escluding ~:rt the creation of a lien or rncumhrancc subordinate tom thi. Mortgage. IM the creation of a purchase monrv securits interest for household appliances, /ct a tramfer M• devise. alc~xent .•r M a.peration of law upon tFte aleath .+f J j•+,nt tenant or tat. the grant of :ms' leasehold interest of three years or less nut containing an option to panfiasc. t ender mJV_ Jt Lender's opti.+n. declare all that wms secured M• this Mortgage to hC ~mmediatelc due and payzhle_ Lender shJll have waived such option to accelerate if. prior to the sale or transfer. !.ender and the peru~rr to whom•the Property i. ta+ he sol.1 or transferred reach Jgreement in wrnrng that the credit of wch person j s:aisfacton to Lrn.kr and that the intrrr.t pa}af+lr an the sums Kcurrd by thi. Mortgage shall he at such rate as i.ender i :hall reyrrest. If 1 ender has waited the option to zccrleratr provided in this paragraph 17. and if Borrowers successor in interest has executed a written assumpuorr agreement acc,ptrd in writing by Lender. Lender shall release Borrower from all E l .+bligations under this ~tortgJge and the ticHe_ If Lender rvercisrs arch a+ption to accelerate. 1 en.kr .hall mail Borrower notice of acceleration in accordance with paragraph l~i herv~of. Such nauicc .hall provide J periaxl .+f n.+t Tess than ~0 days from the date the notice is mailed within which &~rruwrr may pas the sums declJred due. If &•rrower fail. u, pas inch sums prior to the expiration of such period. i j Lrnakr mav. without further notice or demand on Korrower. invoke am remedies permitted by paragraph 18 hereof. ~ \o~-[:~rroRSt Covr'"~-rs_ Borrower and 1-ender further covenant and agree as follows: let. AccekratiotK Reeier~ies. Except as provided is paragraph 17 hereof. upon Borrower's breach of any covenant or s aigreetweeR d Eorro+rer o this Mortgage. iecledeg the to.ewaMs to pay when due an?• sums secured by this Mortgage, Leader prior a aeceieratioe shaft earl eotiee to Sorrpwer as provided in paragraph 14 hereof specifying: (1) the breach: (T) the action ; reared to ctee sirii ireach; s date. not less tbae 3t1 da~3 from the date the notice k malted to Borrower. by which sash bread wttrsl f1e cared: sti 14) that fadere to cure arch breach oe or before the date specified is the notice may restrh in accekratio~ d the stray secured bs this Mortgage. foreclosure by judicial proceeding gad sale d the Property. The notice sin8 further irifortw ierrower d tee right to reiastite titer accekratiou and the right to assert is the foreclosure proceeding # tie mow-tiisie~ce d a Jefatrlt or am other ddea4e d lorrower to accelerstioa and foreclosure. if the bresch is nM cured on or before the date s~eciieds tie notice. Lentkr at I.eeder's optiow racy dechre aB d the sums secured by this MotRgsge to be s~ediately due aed pyable .ritborrt further defined gad may foreclose this Mortgage by judicial proceeding. Leader shad be eetitled to caffcct L secs preceeditrg aft a:peases d forecfbsore. including. bet rat United to, reasoeabk attorney's- fees. aoi costs d dacweatary erideece, a6siracts aed title reports. - ` lf. lorro~ier's Right to Reastate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 80~~ PaSE ~ .