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HomeMy WebLinkAbout0581 1 tinder's wnttrn agreement ur apphcahk law. Rorn?wrr shall pay the amount of all mortgatr imurutce premiums in the manner provided under paragraph 2 hcrcot. :any ;unounts dishursed by Lender pursuant to this par.graph 7. +s nh rutercst thereon. shall hrcuntc additional indrhredness ++f Born+++er secured hs• this Munt.~ge. 1'nlcss Burr.+wrr ;ut.l I ender scree to other terms of payment. such :unounts shall he pacahk ulx+n nt+tice fn+m 1 ender to Br+rrower uyuesting paymem thereof. and shalt 1?rar intend from the Date of dish„r.rmrnt a1 the rat. p:?s•ahh from time to time an uutd:mding principal under the Note unless payment of interest at wrh rate +coul+l I+c contrary a.:?pphrahle Ia+v, in which went such amounts shall hear igter~`cl at the ~ighest rate pcrmissihk under applicahlc laa. Nothing contained in this paragraph 7 shall rcyuirc lender to incur any erpcnce ur take an}• action hereunder. R. Inspection. 1 ender mar make or car,sc to I+c made rcacunahlr entries ulx?n and impcctionc of the Property. pmyidcd that 1 rndcr shall give Borrower notice prior to any such inspection specifying rrasunable rurcc therefor rclat~~+l to 1 tinder's rntrrest m the Property. 9. Condemnation. The pn?ceeds of any award or claim for damatec. direct or consequential. in cunnectiun with any condemnation or other [:,king of the Property. ur pan thereof, or fur ronvcyanrc in lieu of condemnation. are hrrchy assigned and shall hr paid a? I.cndrr. In the c+em of a total [sling of the Pmperq•, the pn?rceds shall t?c applied to the sums secured by this Mortgage. with the csrres. if an}•, paid to Burn+wer. In the escnt of a partial [sling of the Property. unless BoTn?wrr and i.ender otherwise agree in +yriting_ there shall t?r applied to the sums secured M this Mortgage such pmpeatian of the proceeds as is equal to that pmp+?rtiun which the. amount of the sums se,uud h}' this Mortgage immediateh• prior to the date of taking tzars to the fair market valor of the Property immediately prior to the date of taking. with the halancc of the pnxccds paid to Burrower. if the Property is ahandoncd by Bormwcr. or if, after nutire h+• Lender to Borrower that the condemnor offers to make ;m award or settle a claim fur don?age.. Borrower fails to resp++nd b+ I ender within l(t days after the d:+ic such nutter is mailed. Lender is authorind to collect and appl}• the proceeds, at lender's option. tither to reduration or repair of the Prolerty or to the sums crcurcct M• This Mortgage. Uotres Lcndcr and Borrower Mhcrw•iir agrry: in writing. any such applicatir+n of pn?cccdc to principal shall not extend ur podpune the due date of the monthly installtnrnts referred to in paragraphs 1 and 2 hcrcuf ar change the amount of such installments. 10. Borrower 1Vot Released. I?xtcnsiun of the time for payment or mudifirttion of amorti7atiun of the wine secured by t?,is Mortt~;ne granted M• l.rndcr to any successor in intrust of Burrower shall not operate ro rclcacc. in any manner. - thc liahility +if the original Burrower and Borrower's successors in interest. Lcndcr shall not t?c required to rnmmenrc pn+ceedings against such successor or refuse (o cstcnd tinx for payment ur otherwise mudif}• amortisation of the sums secured by this !lortgage by reason of any demand madr by the oricinal Borrower and Born?++•er'c successors in intered. 1 L Forbearance by Lender 1M a Wainer. Any forlxaranre hs 1 rndcr in rxercisint any right ur remrd+• hereunder. ur otherwise alfordcd by applicahlr law, shall nut h< a waiver of or preclude the rxcrcix of any such right or remedy. Thr procurement of incurancc or the payment of taws ur other liens .+r charges M• Lcndcr shall nut he a waiver of Lcndcr s right to accrlrr:,te the maturity cif the indrhtednrss se~:ured h+' this \lortgage. 12. Remedies Cumulative. 411 remedies provided in this Mortgage :+rr distinct and cumolati+•e tci arse other right or remedy under this M~?ngage ur afforded h}• law or equity. and may t?r esercised conarrrently. indepcndemly or successively. 13. Successors and Assigns Sound: Joint and Se+eral l.iahilih•; ('options. 'lltr covenants and atrcenunts herein contained shall hind. and the riches hereunder shall imrre to. the rrspcctive wrcessors and assigns of Lcndcr :utJ Borrower. urhject to the pn?visions of paragr-.,ph I? hcrcuf. All revenants and acreententc of Burrower shall t?c joint and several. The captions :end headings of the paragraphs of this Mortgage arc fr+r ronycniencc onl}• and arc not to t?r used to interpret or define the pms•icians hereof. 14. \olice. Except for any notice required under applic:+hle huv t.? he Liven in another manner. L-tl :etc notice to Born+wcr pn?vided for in Ihic Mortgage shall 1?e gi+•en by mailing such notice h} renified mail addressed to Burrower at the Property Address.or at Stich other address ac Bormwcr may desitnate by noti.•e a? Lcndcr ac pn?vided hcrcin, and Ihl am• notice to Lcndcr sh.,ll t?e given by crrtifirJ mail. rrnmt receipt uyuested. to I ender'. adders. stated hcrcin ur to such other address as Lcndcr may designate by nrtirc to Borne+rr as provided herein. :any nutic~ provided for in this Mortgage shall t?r deemed to have born gives to Burrower ~?r Lender v~hen Liven in the manner designated hcrcin. I5. Uniform 31nrt~al;e; Gnvernintr Law; Severahilit}. "this form of morttatr a+mhines uniform covenant. for national use and nun-uniform crnrnants with limited variations he jr,risd,:tirn to c.+nst,tntr a uniform securih• instrument aivering V real proper[}.. This Morttagr shall 1?e governed he the law of the iuris.lichon in which the Pmpert}• is lo.:ated. In the ryent that any pmvicron or clause of this ~lurttae ~+r the \ote conflicts v+ith applicahlr I~w• such amtiict shall nut affect other pn++i,ions of this Atortgagr ur the emote v+hwh can t?e Liven retest .cithont the conflictinc pmvicion, and to this ! end the pr7?visions of the Merttagr and the \uh are declared to I+e sreerahle. 16. Borm+.~er's (bp}. Born»+er shall F+e fnrnishrd a conformed cr+pv of the Nute and of this ~lurttage at the time ~ of cxrcution ar after recordation hereof. 17. Transfer of the Property: assumption. If all or :utv part of the Property or an intrrrd therein is cold or transferred by Burn+wrr ++ithout Lender's prior written consent. escludint i.tt the creation of a lien or cncumhrancr suhordinatc to this Mortgage. Ihl the creation of a purchase money securih• intend for household appliances. (cl a transfer M• devise. descent ar M• oper.,tion of law uM?n Ihr death of a i•+int tenant or Idr the tram of any leasehold interest of thug years or less nut rnntaining an option to purchase. I ender may. at Lender's option. declare all the sums secured h}• this Mortgage to be immediately due and pa}•ahk. Lcndcr shall have waved such option to arrelcratc if. prior to the sale or transfer. 1_cnder and Ihr pcra+n to whom the Property is tc+ fx sold or transferred reach agreement in writing that the credit of st,rh pcrsen rs satisfara.n tr. lender and that the interest pay:rhk on the wins secured M• this Mortgage shall he at such rate as Lender shall request. If 1 ender has waived the option u? accrler.,tr provided in this paragraph 17, and if Bormwcr ~ successor in intrust has executed a written assumption aLurment accepted in writing by 1 ender. Lender shall rclcacc Burrower from all obligations under this Merttate and the Notc. If Lcndcr e~errisrs such aptiun to accelerate. Lcndcr shall mail Bormwcr notice of acceleration in arrnrdance with paragraph ld hereof. Such notice sh;tll provide a peri~x) .+f not less than 30 days from the date the notice is mailed within which Borrower may p:i}• the sums declared due. If Brrn?v+cr fails to pay such sums prior to the expiration of such period. Lcndcr may. w•ithuttt further nutire or demand on Borrower. ,m~ulr am~ remedies pcrnuttcd M• paragraph IR hcrcuf. Nox-UKIFORM Cove~.+vTS. Bormwcr and Lender further covenant and agree as follows: 18. Acceleration: Remedies. Except as provPded in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shah 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 resWt in acceleration of the stints secured by this Mortgage. foreclosure by judicial proceeditg and sale of the Property. The notice 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 defauM or any other defense of Borrower to acceleration and foreclosure: if the breach is not cared 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 eatitkd to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees, and costs of docomentary 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 an}• pro+:cedings hegon by [.ender to enforce this Mortgage discontinued at any [terse 9 ~ 80~K ~ PdGE i _ .