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HomeMy WebLinkAbout2214; :3.~.~ ~ . ~~~ tenders wrdten agreemenl or appi~caD~e iaw Bo-rower sha~t pay Ihe amount ot all mortgage ~n5urance p~emwms ~n Ihe manner prov~ded under paragraph 2 hereof Any amounts disbursed by Lender pursuanl to Ih~s pa~ag-aph 7, w~th ~nte-est thereon. shall become add~l~onal ~ndebtedness nl Borrower secured by ~h~s Mortgage. Unless Borrower a~d lender agree lo other terms o1 payment, such amounls shall be payable upon not~ce irom ~ender ~o Bo~rower requesl~ng payment thereot. and shati bear ~nteresl trom tha date ol d~sbur~ement at Ihe rate payable irom t~me to Ume on outsland~ng prmc~pal uniier the Note uniess payn-en1 oi ~nlerest at SuCh rate would be contrary to appl~cabte law, m wh~ch evenl suCh amounls shall bear ~nlereSl at the h~ghesl rale perm~ss~ble under appi~cable Iaw. Noth~ng conta~ned in this paragraph 7 shatl requ~re Lender to ~ncur any expense or ~ake any act~on hereunder. .8. Inap~etion. Lencfer may make or cause lo be made reasonabie emnes upon and ~nspechons ol me Property, prrnnded that Lender shall g~ve Borrowe~ not~ce pr~or to any such ~nspecUOn spec~ty~ng reasonable cause the-etor reia~ed ~o Lenders interesl m ihe Propeity ~. Cond~mnatlon. The proceeds o'. any award or c~a~m for damages. d~recl or consequent~al. ~n connect~on w~th any condemnation or olher lak~ng ot the Properly, or part Ihereo!. o- tor cunveyance ~n I~eu ol condemnat~on. hereby ass~gned and shall be paid to lender 1n the event ot a total tak~ng ot the Prope-ty. the proceeds shali be appi~ed to the sums secured by th~s Mo~tgage. w~th the exce5s, it any pa~d to Borrowe~. in the event ot a partial taking oi the Propehy unless Borrower and LendPr othe-w~se agree in wnt~ng, there sha11 be appt~ed to the sums secured by th~s Mortgage such proport~on ot the proceeds as ~s equal lo that propo-t~on wh~ch the amount ot the sums secured by th~s Morigage ~mmed~ately pr~or to Ihe date of tak~ng bea-s to the ta~r markel value ol the Prope-ty ~mmed~ately p!ior to the dare ot 1aK~ng, w~th the balance ot the proceeds pa~d to Ihe Borrower II the Property ~s abandoneci by Bo~rowe-. or ~f. alter nat~ce f~y Lender to Borrower lhat ihe condemnor oflers to make an award or settle a cla~m for damages Borrower fa~is to respond to Lender ~v~th~n 30 days aiter the date such not~ce +s maited. Lender ~s au~ho-~zed ro coilect and app~y the proceeds. at Lendei s opUon, e~ther to res~oraUon o- repa~r ot the Prope-ty or to tha sums secured by th~s Mortgage. Unless Lender and Borrowe~ otherw~se agree ~n wr.tmg. any such appl~caUon ot proceeds ro pnncipal sha11 not extgn~i or postpone the due date ~I the monthly mstallments reter-ed to in pa-agraphs 1 and 2 hereot or change the amount ot such instaliments. 1 O. Bonower Not Released. Extension of the time tor payment or rnoditicalion of amortization ot the sums secured by th~s Morlgage granted by Lender to any successor in interest ot Borrower shalt not operate to release. in any manner, tne liabil~ty ot the or~g~na1 Borrowe~ and Borrowers successors ~n ~nterest. Lender shal! nol be reqwred to commence proceed~ngs aga~nst such successor or retuse to extend t~me for payment or otherw~se mod~ty amort~zat~on of the sums secured by Ih~s Mortgage by reason ot any demand made by the or~g~na1 Borrower and Borrowe~s successors ~n ~nterest. 11. Forbearanes by Lender Not a Waive~. Ai~y forbearance by Lender ~~ exerc~s~ng any r~ght or remedy hereunder. or othervvise alforded by app~icable ~aw. shati not be a wa~ver oi ur prec~ude the exerc~se ol any such r~ght or remedy The procurement of ~nsurance or the payment ot taxes or othe- I~ens or charges by Lender shall not be a wa~ver of lendets r~ght to accelecate the matur~ty of the mdebtedness secured by th~s Mortgage 12. Aemedl~s Cumulative. Ali remedies prowded m th-s Mo-tgage are d~sl~nct and cumutative to any other right or remedy under this Mortgage or alforded by iaw or equ~ty. and may be exerc~sed concu-rently. ~ndependently or success~vety. 13. Succ~sson and Assigns Bound; Jofnt and Several Liabfllty; Csptlons. The covenanls and agreements herem conta~ned shall t~~nd. and lhe ~~ghts hereunder shalt ~nure to. the respect~ve successors and ass~gns ot Lender and Borrowe-, 5ub~eci to the prov~;~ons ot paragraph 17 he~eof. Aii covenants and ayreements of Borrower shal~ be ~o~nt and sev~rai. The capt~ons and head~ngs ot the ~aragraptis of th~s Mortgage are tor covenience orny and are not to be used to interpret or det~ne the provis~ons hereot 14. Notice. Except tor any notice reqwred under appl~cabie law lo be g~ven ~n anothe~ manner, tal any not~ce to Borrower prov~ded tor ~n th~s Mortgage shall be g~ven by ma~t~ng such noUce by certil~ed ma~l addressed to Borrower at the Property Address or at such olher address as Borrower may designate by not~ce to Lender as prov~ded here~n, a~d 1b- any not~ce to Lender shall be g~ven Gy cert~t~ed ~na~~, return rece~pt requested, to Lender s address stated here~n or to such other address as lender may des~gnate by nodce to Borrower as prov~ded herem. Any not~ce prov~ded 1or ~n th~s Mortgage si~al! be deemed to have been g~ven to Borrower or Lender when g~ven ~n !he manner ~+es~gnated here~n. 15. Unitorm Mortga~e; Goveming Law; Sevsrability. th+s torm of mo~tgage comb:nes un~lorm covenants t4r nahon~I use and ron-umform Covenants w~lh Iim~teti varrit~Ons Gy ~uri~ci~chon to const~tute a umform sec~3nty mstrument covermq reat ~~roUerty The siate and ioca! ~ar~s a~~j,~~cat,!e !o In~s Mortyage shall be ihe iaws ot the ~unsd~ct~on ~n which the Property ~s -ocated The forego~ng st~n~ence snalt nc~t i~~1+t the app~icab~l~ty of federat iaw to!n~s mortyage In tne event that any prov~s~on or clause ot th~s Mortuage ~r tne ~lute cont~~cts w~th applu.at~~e ~aw suCh ConluCf Shall nol atfect other proviSiUns O~ Ih~S M~~rtgage o- the ~Jute wh~ch : tin tac.• c~tJf'fl f?~fCf:S tiro~thUU! Tht rpn;!~rt~n~~ pruv~5:•m and to th~s end ihe provis~ons of Ihe Mortyaye d'td tt~c Ntiite ~rf~ c7cr~ 'nr~,-;! tn t,E~ StrvF•rat;let 16. Bortow~ra Copy. Borrowe- shall ba furn~shed a conformed copy of the N~te ar~d ot th~s Mortyaye a: the s~me ot execut~on or atter recordaUOn hereot 17. Transier of the Propsrty; Assumptlon. If a~l or any pan of the Property or an mterest there~n ~s soid or transferred by 8orrower w~thout Lende~s pr~or wr~tten consent. exciud~ng Ia- the creat~on ot a t~en o- encumbrance suboid~nate to th~s Mo~tgage. (b) the creation of a purchase money secur~ty ~nterest lor household appl~ances ~c- a transler by dev~se. descent or by operat~on of law upon the death of a ~o~nl tenant or~d) the grant of any teasehold mterest ot three years or less not conta~rnng an opt~on to purchase. Lender may. at Lender's opt~on, declare aiI the sums secured by Ih~s Mortgage to be ~mmediately due and payable. Lender shall ha~e waived such option to accelerate ~t pribr to the sale or transfer. Lender and the person to whom the Property ~s to be sold a transterred !each agreement m wnt~ng that the cred~t ot such person ,s sat~stactory to Lender and that ihe ~nteresl payab~e 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 acce~erate prov~ded m th~s paragcaph 17, and il6orrowers successor ~n mterest has executed a wntten assumpt~on agreement accepted in w~~t~ng by Lender, Lender shall release Borrower Irom all obl~gat~ons under th~s Mortgage and the Note. 11 Lender exercises such opt~on to accelerate. Lender shall ma~~ Borrowe~ not~ce ot accelerat~on ~n accordance w~th ~,aragraph 14 he-eof. Such not~ce shall prov~de a per~od of no1 less that 30 days Irom the date the not~ce ~s ma~led w~lh~n wh~ch Borrawer may pay the sums declared due. II Borrower fa~ts to pay such sums pr~or to the exp~rat~on of such penod, Lender may. w~thout lurther nut~ce or demand on Borrower. ~nvoke any remed~es perm~tted by paragraph 18 hereot. NON-UNIFORM COVENANTS. Borrowe- and ~ender further covenanf and agree as foilows: 18. Acc~lsretlon; R~medles. Except as provided In para~rsph 17 her~of~ upon 8onow~rs br~ach of sny covensnt ora~n~m~nt of Borrowsr in this Mo~t~a~~~ Including th~ cov~nants to pay when du~s any sums sacu~sd by thls Mort~ag~. L.~nd~r prtor to acc~l~ration shsll mall notlc~ to Borrorwr as provfd~d In psrs~nph 14 henof specifyin~: (1 ~ th~ brNCh; (2) th~ actlon nqulr~d to curo such bresch; (3) a dat~. not I~ss than 30 deys from the dat~ th~ notic~ Is Riail~d to Borrow~r~ bywhtch such breach must b~ cured; snd (4) that faflurs to curs such brsach on or b~for~ th~ dat~ sp~clH~d In th~ notlc~ may r~sult In acc~l~ratlon of th~ sums s~curod by thls Mort9a~~. fonclosun b~r judlclal procNdln~ snd sal~ of the Prop~rty. Ths notlc~ shall tueth~r Inform 9orrow~rof th~ rl~htto nlnstat~ sft~r acc~l~ntlon and th~ M~ht to aas~rt in tl~ fonclosun proc~dlnp th~ non-sxtstenc~ of a d~fault or sny othK d~f~ns~ of 8orrowrr to sccN~ntion and for~closure. H th~ bnsch Is not cund on or bsfon th~ dat~ specifl~d in th~ notlc~, L.~nd~r at Lsnd~rs option m~y d~clar~ all of th~ sums s~cund by thls MoKg~~ to b~ imm~dlat~ly du~ snd payabls without furthtr d~mand and may for~cbs~ this Mo~t~s~~ b~r judlctal pr~oc~~dln~. L,~nd~r shsll b~ ~Mftl~d to coll~ct In such procNdln~ all ~xp~ns~s of tonclosur~, Includln~, but not Ilmitsd to, roasonabl~ attomeYs iNS, snd cosb of docum~nhry ~vld~nc~, abstncts ~nd titl~ r~port~. 19. Borrow~rs Rt~htto R~instat~. Nofw~lhstand~ng Lenders accelerat~on of Ihe sums secured by th~s Mortgage. Borrower shail have'he r~gh! to t~ave any proceedmgs begun by Lender to entorce th~s Mortgage d~scont:nued at any t~me I ~ s -- ~ r - ,: +s~~~~cf :'_^'-~~"' .:rd< . ~.= ..~ ~ ~ `'R 347 PAGE ~208 BOOK - - ~..~ ~~~ ~ ~~ ~ ~~~.n. _ ..