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HomeMy WebLinkAbout0966 _ _ . _ _ _ _ . . ~ . . . . Lender's writtea ss~eedae~t or applicabk law. Borrower shall psy the amount of all mortgagei insurance premiu~ru in the . manr~er provided u~de~ pa~agnph 2 hercof. Any amounts disbursed by I.ender pursuant to ~thia parog~aph with interest thereon. shall become additional inJebtodness of Bo~rower securod by this Mongage. Unleu Borrowo~ a~xi Lender agree to othe~ temas of paymeM. such amounts shal) be payabk upon notice-fmm Lender to Borrower rcquesti~a payment thercof, and shall b4ar interest from the ~ date of disbursement at the rate payabk ~rom time to timc on outstandi~g principal under the Note unless payment of interest at such nte would be cantrary to applicable law, in which event such amoun~s shall bear interest at the highest nte ~ permissibk under applicabk law. Nothing cantai~ed i~ this pa~ag~aph 7 shall requirc Lende~ to incur any expense. or take any action hereunder. ~ a. Isspecdo~. Lender may make or caiise to be made rcasonable entries upon and iospections of the Property, provided that ~ende~ shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leoder's int4rest in the Propetty. . • 9. Cosdtmuatbn. The proceeds of any award or claim for damaga, dircct or conuquential,~in connection with any condemnation o~ Wher taking of the Property, or pan thereof, or for conveyance in lieu of condemnatior~, are hereby assigncd and shall bc paid to Lende~. - . ~ - in Ihe event of a total taking of the Propeny: the p~oceeds shall be applied to the sums securcd by this Mortgage. ~ with the excess, if any, paid to Borrower. In ~he event of a partial taking af the Propeny, unless Borrower aod I.ende~ atherwise agree i~ writing, there shall be applied to the sums securecl by this Mortgage such pmportion of the proceeds as is, oqual to that proportion which the amount af the sumi s~curcd by this Mortgage jmmediately priar to the date of taking bears to the fair market value of the PropeNy immediately prior to the date of taking, with the balance of the proceeds paid to Bon+ower. ~ - if the Property is abandoned by Borrawe~, or if. after notice by I_ender 1o Borrower that the condemnor offers to make an award o~ settle a claim for damages,-Borrower fails to respond to l.ender within 30 days after. the dale such notice is maikd. Lender is authoriud to callect and apply the proceeds, at ~ender's option, either to restoration or repair of the Property or to the sums securcd by this Mortgage. ~ Unless Lender and Borrowtr otherwise agree in writing, any such application of proceeds tS principal shall not extend or postpone the due date oi the monthly installments referrcd to in paragraphs 1 and 2 hercof or change the amount of : such installmenls. ~ _ . l9. Borrower Not Released. Fxtension of the time for payment or moditication of amo~tization of the sums secured by this Mortgage granted by Lencfer to any successor in interest of Borrower shall not opente to. release, in any manner, the liability of the original Borrower 3nd Bc~nower's successors in intertst. Lender shall not be nquired to commer~ce _ proceedings against such successor or refuse to extend time for payment or othervvise modity amortization of the sums secured by this Mongage by reason ot any demand made by the oriqinal Borrower and Borrower's succeswrs in interest._ 11. Forbearance by i.ender NM a Wairer. Any forhearance by l.ender-io exercising any righC or rcmedy hereunder, or otherwise afforded by applicable law, shall nat he a waiver of or prtclude the exercise of any such right or nmedy. The procurement of insurance or the payment of ta!ces or ather liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness securrd hy this Mortgage. ~ l-2. Remedies Cumulati~e. All remedies provided io this Mortgage ar~e distinct and cumulative to any other right or - rcmeJy.under this Mor~gage or afforded by law or equity, and may be exercised concurrently. independently or successively_ ~ 13. Soccessors and Assi~as Eound; Joinf aod Sereral i.iabiljty; faptio~u. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of I.ender and Borrower. - subject to the provisions of parag~aph 17 hereof. All 'covenants and agreertientc of Borrower shall be joint and several. The captions and headings of the paragraph~ of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. - • ~ ~ 14. NMke. Except (or any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by cenified mail addressed to Borrower at . the Propeny Address or at such other address as Borrower may designate by notice to i.ender as provided herein. and - (b) any notice to Lender shall he given by certified mail. retum receipt requested. to !_ender s address stated herein or to , such other addrcss as Lender may designate by notice-tci Borrower as pr~vided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I_ender when given in the manner designated herein. ' 1S. UnUona MortRa~r. Governjn~ Iaw; Se~era60Ny. This form of mortgage combines uniform oovenaat~ for national use ~ aud aoa-unifo~m ooveaants with limited variatioos by jurisdiction w ooostitute a uniform sec~rity instrumeot oaveriag real pr~operty. T6e state and local laws appticabk to thia Mortg,sge sha11 be the laws of tbe jurisdidion in w6ich t6e Property is located. T6e for+egoing sentaxx s6all oot limit the appGcability of federal law to this mortg,sge. In the eveat that any provision or clause of this Mortgage or the ~ ` Not~e oontlicts wiW applicabk law, such contlict shall not affect other provisiooa of this Mortg,age or the Note which can be given etfect _ without the oo~flicting provision, and w thia end t6e ptovisions d tLe Murtgage and.the Note are declare~ w be severable. 16. Somnwe~s Copy. Borrower shall be furnished a conformed copy of the Note -and of this Mortgage at the time of execution or aRer recordation hereof. 17. Transfer of tbe Property; Assumplion. If a!I or any part of the Property or an interest therein is sold or transferred by Borrower without Lender s prior written consent. excluding la) the creation of a lien or ~ncumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, - ~ descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold inierest of three years or less not containing an option to purchase, I_ender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. T_ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person - is satis(actory to Lender and that the interest payable on the sums secured by Ihis Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in Ihis paragraph.l7, and if Borrower s successor in interest has extcuted a written assumption agrcement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. , if Cender exercises such option to accelerate. [_ender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hercof. Such notice shall provide a period of not less than i0 days from the date.the notice is mailed within which Borrower may pay the sums declared d~e. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies perinitted by paragraph 1R hereof. ~ NoH-Utv~FORtat CovENewTS. Borrower and Lender turther covenant and agree as follows: • ls. Accekntioo; Remedia. E:cept as provided in ps~npb 17 6ereot, opoa Eormwet's breach of aoy coveeant or ~ agreement of Eorrower In tlib Mortaa6e, ioclndi~ the.covenants to psy ahen dee wy soms secnred by thb Mort=a`e, Leader- prior lo accekntioa s6aD ma0 notice to dorrower zs prorided in para~rap~ 14 hereof specff~: (1) tbe b~eseb: (2) t6e actbn ~ reqnired to core sncb brescb; (3) s dsh~ not le~ t6an 30 days from tbe dde the aMke is maikd to domower~ by wLk1i such ~ . brescb mmt be cared; aod (4) tlwt failure to cnn snch brescb on or before ibe date speci6ed ie tbe ootiee msy rsssN ia ~ accekntion of tbe soms secared by this Mortgs~e. fonclosurc by judicial proeeedia~ and ssk of tbe Prope~. 71~e notke shall furtber fuform ~omower of the ~ig61 to reiastate dter sccekrstion and tbe ri~bt to ~e~t is the forecloson ~oceedie~ . the aon-existenee of s defauk or any other defense of Borrower to accekntbn and foreclosure. If tbe breach Ls not cared on or before the date speci&d io tbe notice, Lender at Lender's optjon msy declue ap of the snrns secnred by this Mortsa~e to be immedi~tely due and payabk r.itboot furtber demsad and may forccbse tbis NortRs6e by judkisl procee~dia~. Lender sbap be eotitkd to colkct ia sach proceediuR aU e:penses of toreclosure. includin~, bnt not limited to, reasonabk sttorney's fees~ and costs of docemeatary evideace, abstracts snd ~itk repoNs. - - 19. dorrower's Ri`ht to Rei~fate. Nptwithstanding Lencler's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings hegun by 1_cnder to enforce this Mortgage discontinued at any time " so'~355 ~~~f 959 _ `,F " . `',Sf~ . "