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HomeMy WebLinkAbout0622. . : ~ - . ~~-- , :ti ~ . rt ~~ . l.endrr'x writ~cn agrccmen~ or applirable law. Borrower shall pay the amaunt ot all mongagc i~curancc premiums in the mrnnrr pruvidcd unde~ paragraph 2 hercot. Any am~iumc dichursed by Lender purcuaM tu this pa~ag~aph ~, with in~ercct therean, shall l+ernme additional in~IcMcdncc~ u( N~-rrovrcr ucumd by ~h~~ Mungage. Unletiti Borrowc~ anJ I.c~Je~ agrce to 4the~ ler~s uf payment, sucfi amountc chall F~c payable u~xm na~ice from 1 cnder t~ Borrawc~ requecting payment there~{f.'and shall bear interesl from the date of di~bursemc~t at ~he ratc payahlc fmm limc to ~ime on outstandinR principal under the Notc unless payment of interest at such rate would be contrarv ~o applicable law, in which event auch amounts shall bear interest at the highest rate permissible u~der applicable law. No~hing contained in this paragraph 7 shall requirc I_ender to incu~ any expeose or take any action hereunder. a• 1aSpecHon. l.e~der may makc or cause to he made reaconable entries upon and inspections of the Property. provided Ihat l.ender shall give Borrow~er no~~ce priar ~o any such inspection specifyiog reasanabk cause therefor rclated to Lender'a interest in the PropeNy_ 9. Coodemnatba, 'Tl~e proceedc of any award o~ claim tor damaga, direcl ot consequential, in connoction wnth any condemnation or other taking ot the Property, or pa~t tAercof, or for conveyance in lieu of condemnation, are he~eby astiancd and shall be paid to I.ender. in Ihe event of a total taking of the Propeny, the prceeeds chall be applied to ~he sums secarcd by fhis Mort~aae, vuith the eacess. if any, paid to Borr~wer. In the event of a partial tai:ing of the Property, unkss Borrower and t.toder aherwise agroe in writing. therc shall t~e applied to ~he sums secured by this Mongage such proportion of the proaeds as is equal to that propottion w•hich ~he amount of ~he sumc secured by this Martgage immtdiattly priar to the date of taking bean to the fair market value af ~hc Propcrty immediately prior to the date o( takeng, wi~h ~he balance of the proceeds paid to 8orrowe~. 1f the Property is ahandoned b~• Borrow•er. ~r i!. atter notice hy 1_ender to Borrower that the condemnor offers to make an award or uttle a claim (or damaGC~, Borrc.wer fail. ~o retpond to I.ender within 30 days after the date such notice is maikd. Lende~ ic authorized to collec~ arxi apply the proceeds. at I.ender's option, either to restontion or ttpair of the i`roperty or to the sum. ,ccured by thic Mortgagc. Unlesc I_ender and Borrow~er othervvic~ agree in w~ri~mF, any such application of proceeds to principa) shall not exttnd or pr.xtpone the due date of the manthly installmcnts rcferred to in parag~aphc 1 and 2 hercof or change the amount of tuch installmentc. lA. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums securcd by thix Martgage gnntcd by I.ender to any cuccecsor in interect of Borrower chall not opente to rcl;au, in any manner. the liability ot the original Borrower and Borrower'c si~ccessaro in intercst. i.ender shall not be required to commence proceedings against such successor or refuse to ertend ~ime for payment or otherwiu modify amortizat~on of the ~~~ms ucured by thic Martgage hy reason of any demand made by the original Borrower and Borrower s successors in inlerecl_ 11. Forbearance by i.ender Not a W~iver. Any (orhearance by I_ender in erercising any right or remedy hereunder, or otherwise aBordeel hy applicable law. shall not be a waiver of or preclude the exercise of any such right or eemedy. The procoremeat of insurance pr the payrt-ent of taxec or other liens or charges by ~ender shall not be a waiver of Lende~'s right to accelerate the maturity of the indeb~edn~cs secorcd hy this Mortgage. l2. Remedies Cumulati~e. All remedies provided in this Mortgage arc distinct ~nd cumulative to any other right or rcmedy unde~ this Mortgage or affordcd by law or equi~y, and may be exercised concurrcntly. independently or successively. ' 13. Seccessors and AssiRss Bo~ind; .Joinl and Several i.iaM'Ihy; Csptbns. The covenants and agreements hercin contained shall hind. and the riRhts hereunder shall i~ure to. the respective successors and assigns of Lender ac-d Bornower. subjtct to the provisions of paragraph 17 hereof. All covenants and agreements of Borrawer shall be joiry and several. The captions aod headings of the paragraphc of this Mortgage are for convenitnce only and arc not to be uxed to interpret or define the provisions hereof. l4. NMice. Except tor any natice required under applicable law to be given in another manner, (a) any notice to Borrowe~ provided for in this Mortga¢e shall be given hy mailing such notice by certified mail addressed to Borrawer at the Property Address or at such wher addresc as Borrower mav designate by no~ice to i.ender as provided herein. and (b) any notice to Lender shall he givcn by certificJ mail. return receipt rcquested. to I ender s addreu sta~ed herein or to such other addrcss as Lender may de~ienate by nc-tice to Borrower as pro~•ided hercin. Any notice provided for in this Mongage shall be deemed ~a havc tieen g~~•en to Borrower or ~ender when grven in the manner designated herein. 15. Uai(orm 11ioNRa~e; Governin~t Iaw; Se•erability. This (orm of mongage combines uniform covenants for national uu and non-uniform covenants with limited vanationc hy juri~dic~ion to constitut~ a uniform security instrument coverinE rcal property. This Mortgage shall be ~tovcrned hy the !aw of the jurisdiction in which the Property is located. In the event that any provision or clauce of thi~ Mortgage or ~he hote canflic~s with applicable law, such conflict shall not aftect other provisions of this Mortgage or ~he Note which can be given eHect wi~hout Ihe conflicting provicion, and to this end the provisions of the MortRagc and the No~e are declared to be sev~rable. 16. dorro++er's Copy. Borrower shall t-e furniehed a conformed copy of the Nott and_of ~his Mortgage at the time of execution or after rccordation hercof. 17. Traaster ot tbe Properfy; Assump~ion. lf all or any part of the Property or an intercst thercin ic sold or tnnsfetred by Borrower without Lender's prior wr~~i.n «~n~ent. excluding (al the crtation of a lien or encumbnnce subordinate to th~s Mongage. (bl the creal~on of a pur~-h~cc m~•nc~~ cecurity ~nterest for household applianca. (c) a ~rancfer hy devix. descent or by operation of law upon the dcath of a~o~nt tenant or (d1 the gram of any leasehold intercst of ~hrcc ycars ar kss not containing an option to purchax. Lender may. a~ l.ender'c opaon, declare all ~he sums secured by this Mortgage to be immediately due and payable. Lender chall h~ve w,uved such oplion to accclerate if, prior to the calt or transter. Cender and the person to whom the Property i. ~a tx .oW or transferred reach agrecment in writing that the crcdit of curh person is satisfactory to I_enJer and ~hat the intcrr.t pa~able on the sums secured by this Mortgage shall be at such rate ac Lender shall nques~. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'~ suceessor in interest has executed a written assumption agreement accepted in writ~ng by Lender, Lendtr shall release Borrower from all obtigations under this Mor~gage ~nd the Note. ~ If Lender ezercises such option ~~ accelerate. I_enJer chall mail Borrower notice ot acceleration in accardancc Mi~h paragraph 14 hereof. Such notice shall prov~de a pe~iod of no~ Itss than 30 days from the date the notice is mailed within which Borrower may pay tbe sums declared due. I! Borrower fails to pay such sums prior to the expintion of ~uch pericd, Lender may, without further notice o~ dcmand on Horrower. ~nvoke any remediu permitted by paragraph 18 here~f. NON-UNIFORM COVENANTS Borrower and Lender further covenaot and aarce u follows: ls. Acceleratbn: Remedia. Excep as providcd io pa~raph 1~ 6ereot~ YPOO sORONtf f~'tKll O~ a11y t0~'t11s111 O~ a~reemeat of Borrorrer in tbis Mort~a~e. includin~ tbe corenanfs to pay when due say sums secured by thk Mort~~e. Lender prbr to sccekntbn shdl mail notice to Eorrower as provided in psrs~raph 10 Atreot specHyin~: (1) the bresch; 1211he aetbw requlred to cnre soch bresch;l3) a date. not less Ihsn 30 dsys twm the date Ihe notke b maqed to do~no~+er. by •-hich sucl~ b~esch mwt be cored: aad (1- Ihat failerr to cnre srcb bresch ow or retorc 1he dsle speei6ed in Ihe notke msy result h xcekration ot 16e sams securcd by this Mort~aRe. Io~eclosurr by j~dkial proeeedi~ a~d sak ot tbe Properry. The notkt shall tuHher inform Eorro~.er of the riRht to ninstsfe dter accekrNbn and tAe ~At fo as~eA is tl~e toreclosrre ~roceedM~ t6e non-existence of a detauN or any Mher detense of dorro~+er to ~cetkrstion awd tortclosree. It the bre~cl~ is not cmca o~ or 6efon the date speciBed ia tht notice. l.ender at I.ender's optiow ~ay declare dl d tbe srs~ iecsred by this Mort~aRe to be in~mediately due snd paysble without turther demand and msy lorrclose tbb Mott~~e bp jodicW proceedin~. I.~nJer shaN bt eofiNed to collett in wch proceedi~ sR e:penses nf toreclosnre. laclodin~. brt wof Umiled to. rtawesele att.,rnrv's fees. and cosis of doc~~sept~ry evidence. abstrscts and lilk nports. 19. dorro~+ers Ri~bl to Reinstate. Notwith~trnding I ender s accelerat~on of ~he sums secured by ~h~c Mongage. Borrowet shall have the t~ght lo have am prorc~dinec br~,un b~ Lcndtr Io en(orce' Ihn Mongage dnco~tmutd a~ any hme E ~ ~'~ `~'e,...~ ~.~~ v ~, ~ ~ ~ _ ~' ~ - - -~€r.,s: ~ ... ~ ~ 3 ~345 P~~E f~0 ' ~ " - . ~.- .,. f j'. . z~i~s'-:~£~ .