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HomeMy WebLinkAbout0435s a , ~ ~ . at1~!~i~~ ~ 4i .ll~ ;~ ~ ~~ ~ Lenders wntten agreement or appi~cable law. Borrower shall pay the amount of all morlgage msurance p~em~ums ~n the manner provided unde~ pa-agraph 2 hereot. Any amounts disbursed by lende- pursuant to thls paragraph 7, w~th ~nle~est Ihereon, shall become add~t~onal mdebtedness ot Borrower secured by th~s Mortgage. Unless Bor~owe~ and lender agree to other terms ot payment, such amounts shell be payable upon notice from Lender to Borrower ~equesl~ng payment thereot, and shall bear ~nterest from ~he date ol d~sbursement at the rate payable Irom time to time on outslanding principal under the Note unless payment ot ~nterest at such rate would be contrary to applicable law, in which event such amounts shall bear ~nterest at the h~ghesl rate pe-miss~ble under applicable law. Nolh~ng conla~ned in this paragraph 7 sha~l -eqwre Lender to incur any expense or take any action hereunder. 8. Insp~etlon. Lender may make or cause to be made reasonable entnes upon and ~nspechons ot the Property. provided lhat Lender shall give 8orrower notice pnor to any such inspection spec~fying reasonable cause theretor reiated to Lenders interest ~n the Property. , 9. Condsmnatlon. The proceeds ol anyaward or claim for damages, d~rect o-consequent~ai. ~n connect~on w~th any condemnation or other tak~ng ol the Property. or part thereot, or for conveyance ~n I~eu of condemnalion. hereby ass~gned and shall be paid to Lender. In the event of a totat taking of the Property, the proceeds shall be appl~ed to the sums secured by this Mortgage. w~th the excess, it any paid to Borrower. In the event ol a pa~t~al taking oi 1he Property uniess Borrower and Lender otherw~se ag~ee in writing, there shall be appiied to the sums secured by th~s Mortgage such proportion ot the proceeds as is equal to that proportion which the amount of ~he sums secured by this Mortgage ~mmed~ately prior to Ihe date ot tak~ng bears to Ihe tair market value ot the Property ~mmediately pr~o~ to the date of takmg, w~th the balance ot the proceeds paid to the Borrower. ll th~'Property is abandoned by Borrower, or If, after notice by Lender to Borrower that the condemno~ otfers to make an award or settle a claim for damages. Borrower ta~ls to respond to Lende- w~tnm 30 days after the date such notice ~s ma~led, Lender is authorized !o collect and apply Ihe proceeds, at Lender s oplion, e~ther to restoration or repair ot the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othervv~se agree ~n writ~ng, any such appl~cat~on of p~oceeds to pnnapal shall not extend or postpone the due dale ol the monthly mstallmenis referred to ~n parag-aphs 1 and 2 hereof or change the amount of such installments. 1 O. Borrower Not Rslsassd. Extens~on ot the time for payment or mod~f~cat~on of amortizat~on of the sums secured by th~s Mortgage granted by Lender to any successor m ~nterest ot Borrower sha11 not operate to release. ~n any manner. the ~~ab~li;y of the onginal Borrower and Bo~rowers successors ~n ~nterest. Lender shait not be requ~red to commence proceed~ngs aga~nst such successor or refuse to extend i~me tor payment or otherw~se mod~fy amort~zat~on of ihe sums secured by this Mortgage by ~eason'of any demand made by the aiginal Borrower and Borrowers successors ~n ~nterest. 11. Forbsarance by Lsnder Not s Waiver. Any torbearance by Lender,n exerc~s~ng any r~ght or remedy he~eunder. or otherw~se alforded by applicable taw, shali not be a wa~ver of or preclude the exerc~se of any such r~ght or remedy. The procurement ot insurance or the payment ot taxes or other I~ens or charges by Lender shall not be a wa~ver oi L~nder s r~ght to accelerate the matunty of the ~ndebtedness secured by this Mongage. 12. Remedies Cumulatfvs. A1~ remed~es prov~ded m th~s Mortgage are distinct and Ci/mulative to any other r~ght or remedy under th~s Morigage or afforded by law or equ~ty, and may be exerc~sed concurrentiy. mdependently or success~vely 13. Successors and Assfgns Bound; Joint and Ssveral Liabllity; Captfons. The covenants and agreements herem contained shall bind. and the rights hereunder shau fnure to. the respect~ve successors and ass~gns of Lender and Borrower, sub~ect to the prov~s~ons of paragraph 17 hereof. All covenants and agreements of Borrower shall be ~o~nt and several. The capt~ons and head~ngs ot the paragraphs ol th~s Mortgage are for covernence only and are not to be used to mterpret or define the provis~ons hereot. 14. Notiee. Except for any notice requ~red under appl~cable law to be g~ven ~n another manner. (a- any not~ce to Borrower prov~ded for m this Mortgage shatl be g~ven by tna~hng such nc,t~ce by cert+t~ed ma~~ addressed to Bo~rowe~ at the Property Address or at such other address as Borrower may des~gnate by nouce to Lender as prowded here~n, and ~b- a~y not~ce to Lender shall be g~ven by cert~f~ed ma~t, return receipt requested. to Lender s address stated here~n or to such other address as lender may designate by not~ce to Borrower as prowded herein. Any notice prov~ded for ~n th~s Mortgage shall be deemed to have been g~ven to Borrower or Lender when g~ven ~n the manner des~gr~ated here~n 15. Uniform Mo~tyag~; Governing l.aw; Ssverability. This torm ot mortgage comb~nes uniform covenants for nahona~ use and non-umform covenants w~th I~m,ted var~at~ons by ;unsd~chan to const~tute a un~form secunty ~nstrument co~enng real property The state and iocal ~aws appt~cab!e to th~s Mor,qage sha1~ he th~ iaws of the ~unsd~ch~n ~n wn~~n the Property ~s located. The forego~ng sentc~nce shat! not I~m,t the apptrcab~~~ty of f~nerai !aw to th~s moriqaqe In Ihe event that any provision or c~ause at th~s Mortgage o~ The Note cont!~cis :ti~~tr~ ann~~~ar,~f• ~av~ SuCh ContliC! Sh~~!! ~~t ~f1e~t ~,thf-r prov~s~ons ot th~s Mortgage or the Note ~vhiCh can be given crtt~Ct w~fh~u! !h~• r,in? ~rt,nq ~rovis~nn ~in:f'~~ !t~~s en~! thF• pr~v~s~~ns ot the Mortgage and the Note are [1E?(;t~rf?d iC hE' SPverah~e 16. Borrow~r's Copy. Borrower shall be fu~n~shed a conformed copy ot the Note and of th~s Mortgage at the t~me of execution or after recordation hereot 17. Trsnsferof ths Property; Assumption. If all or any part ol the Property or an ~nterest there~n ~s sold or tran;ferred by Borrowe~ without Lenders prior written consent. exclud~ng ~a) Ihe creat~on of a I~sn o- encumbrance subord~nate to th~s Mortgage. (b) the creat~on of a purchase money secur~ty interest (or household ap~~~ances. Ic) a transfer by dev~se. descent or by operation of law upon the death of a ~omt tenant or (d- the grant of any leaseho!d ~nterest ot three years or tess not containing an option to purchase. Lender~may. at Lender s option, declare all the sums secured b~ th~s Mortgage to be ~mmed~ately due and payabte. Lender shall have wa~ved such opt~on to accelerate ~f pr~or tG the Sale or transfer. Lender and ihe person to whom the P-operty fs to be sotd or transferred reach agreement ~n wr~t~ng that the cred~t of such person ~s sabstactory to Lender and that the interest payable on the sums secured by th~s Mortgage shall be at such rate as lender shall request. It Lender has wa~ved the opt~on to accelerate prov~ded ~n th~s paragraph 17. and ~f Borrowers successor in ~nterest has executed a wntten assumpt~on agreement accepted ~n wr~tmg by Lender. Lender shall refease Borrower from atI obf~gat~ons under th~s Mortgage and the Note. If Lender exerc~ses such opt~or. to acceferate. Lender shait ma~1 Borrower not~ce of accelerat~on ~n accordance w~th paragraph 14 hereot. Such not~ce shall prov~de a penod of not less that 30 days trom the date the not~ce ~s ma~led w~th~n wh~ch Borrower may pay the sums declared due. If Borrowe~ la~ls to pay such sums pr~or to the exp~rat~on of such per~od. Lende~ may. w~thout further not~ce or demand on Borrowe-. ~nvoke any remed~es perm~tted by paragraph 18 hereot. NON-UNIFORM COVENANTS. Borrower and Lender (urther covenant and agree as totlows: 18. Acceleratton; Remedlss. Excspt as provlded In psra~raph 17 hsr~of~ upon Bonower's bresch of any covenant or agresment oi Borrowsr In this Mort~ays, lncludin~ the covenants to psy when du~ any sums sscured by thls Mortgsge, L~ndsr p~lor to accelsratlon shall mall nottce to Borrower as p~ovided In psra~raph 14 hereof spectfy(ng: (1) the bresch; (2j the action required to curs such breach; (3) a dste, not less than 30 days trom the datethe noNce Is malledto 8orrowsr, bywhlch such br~ach must b~ cured; and(4) thstfsllureto cure such brsach on or betore the date sp~clftsd fn the notlcs msy result in accslerstion oi ths sums sscursd by thls Mortgage. forsclosure by judlcfal procseding and sals of the Prop~rty. Th~ notlce shall further inform 8orrows~of the rtyht to rsinstate atter acceleratlon snd ths Nyht to ssssrt In the for~closure proceeding the non-sxtstence oi a default or any other dsfens~ of Bonower to sccelerstlon and for~closure. If the broach is not cured on or b~fore the date speciited tn the notfcs, Lender at Lendsrs optlon may dsclare all oi th~ sums secured by thls IYlortgage to be immediately due and psyabts wtthout further demsnd and may foreclos~ this Mort~sge by judlclsl proceeding. Lender shall be entitlsd to collsct In such procesdln~ all sxpsnses ot forsclosure. Including, but not Ilmited to. reasonable attorneys fses, and costs of documentary svidsnce. abstracts and ti~le repo~ts. 19. Borrowst's Right to Rsinstate. Notw~thstand~ng Lender's acceterat~on of the sums secure~ Dy this Mo-tgage Borrower sh,all have the right to have any proceed~ngs begun by Lender to enfo-ce th~s Mortgage d~scont~nued at any t~me ~~ 3~5 P~E 434 ~~ ~i. -`: . ~;'.-- - .: - .,.3 - ~ ~ ... ~~`ii~~f~~`a~»~~v,j? a.,..._.. ~~i ,a~~..~~.