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HomeMy WebLinkAbout0483. . , ~: ~ ~ ~, Lrndrr's wnucn agre~men~ or appl~cable lew. Ro~rower shall pay ihe amount of ail matigage inwrance prcmiums in the mannrr p~~~wdr~l undc~ p•r~agraph 2 hereot. Any amuunt~ ~h~hnr~cd bp Lcn~lcr puriuant tu ~his paragraph 7, with ~ntcicct thereon, chal) became addiliona) in.l~Mrdnr~~ uf R~-rmwrr ucurcd hy thi~ Mi-ngage. Unle~~ Burniwc~ and 1 cnJer agree,tq~ Qthe~, lertpc of payment, such amuum~ ~hall Fx •pa~•aMr u~~n n~~tirr fmm 1 rndc~ 1~~ E3~rruw•rr rcyue~~ing p~ymcnt thcrcoL and sh~ll htar ioterest from the date ~t dicbu~crmcnl at Ihe ratr payahlc fr~-m timc to timc on a~ustanding principal under thc Nate unlesc payment ot inlerest at such rate would he contrarv 1~~ applicable law, in which event ~uch amounts shall bear interest at the hi6hest nte permissibfc under applicable law. N~~think cumained m thic paragraph 7 chall rcquire I.cnder to incur any eapense or takt any action hereunder. S• laspection. I.ender may ma{,c ~•r ca~nr t~. F+c made rca~onable entries upon and inspections of the Property. provided that l.ender shall give Borrovrer ~ahcr pri~~~ ~a any .uch• inspec~i~n speci(ying rcaso~abk cause therofor related to I.ender's ~nleresl in Ihe Property. 9. Coademnstion. The (~rcxeedc of any award or claim for damages, direcl or consequential, in connectioe with any condemnation ar other taking ot Ihe P~opert~l, or part thercot, or for conveyance in lieu of condemoation, are hereby assigned aod shall be paid to [.ender. ln Ihe event of a to1a1 taking of the Proper~y. the proceeds chall be applieJ to the sums securcd by this Mo~aae, with the ezcess, if any, paid to Borrower. Tn the event of a partial taking o( the Property, onless Borrower and Lender o~herwise ag~ce in writinR. therc shall he appli~d to ~he sums securcd by this Mongage such proporlion ot the pr~occeds as is equal to that prapohion w•hich ~hc amount o( the sumc sec~~red by this Mortgage immediately prior to tht date of taking hearo to the fair market value of the Pn.perty immediately prior to the date of taking, with the balance of the proceeds paid t~ Borrower. If the Properly ic abandoneJ bv Borravver. or it. after notice hv i.ender to Borrc-wer that the tondemnor olfeR to make an award or StUle a claim for J~mage~. B~~rrc.wer faih to rcc~-c-nd to I.ender within 30 days after the datt such notice is mailed. I_ender i~ authorized to collec~ and apply the proceedc. at I.ender i oplion, either to restoration or repair o[ the Froperly or fo the ~um. ~ccured by ~his M~r~gaec Unlesc l.ender and Borrawer othenvi~c agree in wriline, any such applicalion of proceeds to principal shall not extend or pcKt~ne thc due date af Ihe monthl~• inctallmcnts referrcd to i~ paragraphc 1 and 2 hercof or change the amount of ~uch inclallmentc 10. Borrower Not Released. Eztcnsion of the time for paymenl or madi6cation of amortization of the sums socured by Ihis Mort~tage granteJ by 1 ender ta any ~uccecsor in intereu of Bc-rrower chall not opente to rcleast. in any manne~. the liability of the original Borrower and Bc-rrower'c succesuxc in intercst. t.ender shall not be rcquircd to eommence proceedings againct a:ch successor or retuse to ertenJ time for payment or olherwia modify amortizatioo of thr sums cec~,red hy ~hi~ Mortgage by rcau-n of any demand made b~• the ariqinal Borrower and Borrower s successon in interect. 11. Forbearance ~y I.ender NM a N-dver. Any forF+earance by I.ender in exercising any right or remedy hercunder, or otherwix affordeci by applicable law. shall ne~t tx a waiver of nr prtclude the exercise of any such right or remedy. The proeurement of incurance or the payment of taxec or other liens or chargei by l.ender chall not•be a waiver of Lender's right to accelerate ~he maturity of the indebtednecs ~ecured hy thic Mortgage. 12. Remedies Cumulati~e. All rcmedi~s provided in this Mongage arc distinct and cumulative to any other riEht o~ remedy under ~hic Mortgage or afforded hy law or equity. :ind may be exerciud concurrently. independently or sucees3ively. ' 13. Snccessors and AssiRas Bound; .Ioint aad Sererd i.iability; CapHo~u. . The covenants and agreements hercin contained shall bind, and the riRhtc hercunder shall inure to. the respective succau~rs and assigns of Lender ae~d Borrower. subject to the provision~ ot paragraph 17 hereof. l~ll covenants and agreements of Borrower shall be_ joiry and sevenl. The captions and headings of the paraqraph~ of this Mortgage are (or convenience only and arc not to be u~ed to interpret or define the provicionc hereol. 11. Notiee. Except for any nolice rcquired unde~ applicable lav-• to be given in another manner, (a) any notice to Borrower provided for in thic Mortga¢e ~hall be given by mailing such notict by certified mail addressed to Be~rrower at the Property Address or at such cNhcr addresc as Borrower mav designate by no~ice to T.ender as provided herein, and (bl any notice to Lender shall he given hy certifieJ mail. return receip~ reyuected. to 1 ender s address suted herein or to cuch other address as I.ender may deci¢nate by n~~ice to Borrc-wer as pro~•ided hercin. Any no~ice provided tor in this Mongage shal! lx deemed to havc been g~ven to Borrov-er or I_ender w~hen g~ven in the manne~ desigmted hercin. 1S. Unifortn MortRa~e: Governin~ I.a..: Se.erobilily. This (orm of mortgage combines uniform covenants for national use and no~-uniform cm•enant~ with IimiteJ_vanations h} ~uncd~ction to rnnstitute a unitorm socurity instrumeol rnvering rcal property. Thic Mor~gage shal! be governed hv ~he law• of the jurisdiction in which the Property is located. In the event tbat any provision or clauu of Ihic Mortga¢e ~~r ~he Note conflicts with applicabk law, such conflict shall not aBoct other provisions of thic Mortgage or Ihe NMe which can be g~ven eBect wilhout Ihe conflicting provicion, and to this end the provisions of ~hc Mortgage and the 'dote are declared to Fx uverable. 16. somowe~'s Copy. Borrowe~ shall t+e furniehed a confarmed copy of the Nole and ot ~his Mortgage at the time of execution or after recordation hereof. 17. Trarafer ot the Properlv: Acsumption. If all or any part of ~he Property or an interest therein ic sold or tnnsferred by Borrower without Lender's pnor wrn~cn .ununt. etcluding (al tht creation of a lien or encumbrance subordinate to this Mortgage, (bl the crea~inn of a purcha~e mc~nc~~ ~ecurity mterest tor household appliances, (c) a ~rancter hy devist, descen~ or by operation of law upon the Jcath of a j~.~nt tenant or (d~ the gram of any leasehold intercst o( threc.ycars or kss not containing an option to purchase. 1_tnder may, at I.rnder'~ opt~on, declare all the sums stcured by ~his Mortgage to bt immediatel}• due and payaMe l.ender ~hall have w,~~ved such option to accrlerale if, prior to Ihe cale or Iransfer. Lendet and the person ~a whom Ihe Proper~y i. t~~ 1x :~IJ i~r trans(erred reach agrr~mtnl in writing that the creJil of ~uch person is satisfactory• to LenJcr and that ~he imcrr.t pa~~able on the sums secured by Ihis Mor~gage shall be at such ra~e ac 1_ender shall request. If 1_ender has waived the opt~on to ~ccelerate provided in ~his pa~agraph 17, and if Bo~rower i~uceessor in interest hac executed a wn~ten assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligat~ons unJer Ihis Martgage and the Note If Lender exercises such opt~on t~ ac~elerate. I.enJer chall mail Borrower notice of acceleration in accordancc a~i~h paragraph 14 hereof. Such not~ce ~hall prov,de a period o( not less than 30 days from ~he date the notice is mailed within which 3orrow~er may pay the sumc declared due. If Borrower fails to pay such sums prior to the expin~ion of cuch period. Lender may, wrthout further nolice ~r ekmand c-n Borrower. mvoke any remedia permitled by paragraph 1R hercof. NON-UNIFORM COVENANTS Borrower and ~ender funher covenant and asree u tollows: 18. Acceleration; Remcdiis. Excep as provided ia para~rapb 17 bereof, ~~ s~.~~~r: ~,~~ or ..y ~o.~w~ or a~reemeat of eorrower in this Mort~a~c. includleq~ Ihe cottnsnts to p~y when dne aay snms setured by tbk MortRa~e. I.eader prbr to accekratbn shdl m~il ootke to dorror.er as provided In para~nph 14 hereo/ specityiu6: (/) the bresch: 121 the se1b~ r+equircd to core such brcach; (3- a date. aM less thin 30 dsys trom Ibe dale the notice b aafkd to dorrower. by wAich wcU b~each mwt be cored; and (~) Ihst tailure lo can snch breacb on ot bcfore Ihe dMe speeiGed ie IAe nolke ~n~y nsWt h accckration ot Ibe sun~s secured by this MortRa~e. /oreclosun by judkial proceedi~ and sale of tAe Pmperry. 7Le uollee shaU tuNhcr inform aorrower ot the ri~M to rcinstate dlcr sccekMbn and the ri~At fo ~eN in the to~ecloseee poceedi~ tbe non-e:istence'of a defsuh or any olher defense of dorrower to ~ccekrstion sed toree{osore. !t Ihe breacM k~ot awr+e~ o~ or beiore Ihe dite sperified ia the notice. l.ender a~ I.cnder's arlios ius~ declare s~ o/ tht sr~ws sscrnd by Mk MoAR~e to be immedistely due snd p~rable witlu~ul fuMhcr dem~nd ~nd msy toreclose thk Mo~a~e by judkW ~roteedfnR. I.ender sAap be eotiNed to colleet in such procecdi~ sll e:penses ot (oreclocore. includin~. bYt wot Ilmitd to. reaw~sble sn•-rncv's fees. and costs ot documenf~ry eridence. sbstrscts snd lille reports. 19. dorroaer's Rl~ht to Rtinstslt. Nolwqh~trnding I ender's acctlent~on of the sums secured by th~s Mongage. Borrower shall have ~he nght to have am prexerd~nec hrFiin b~ Lendtr Io en(~rct Ihi~ M~ngage dncoMinued at any Umt s~ax 346 ~~a~E 481 ~ _ .~~ ~ r~. _ r~~~ ~ ~ ~ ~~~_-:.