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HomeMy WebLinkAbout0929 ~ ~ ~ Leader's writtea streemeat or applicabb law. Borrowe~ shall pay tho arnount of all aaortsaje iawrauoe p~a~niums ia We maaner provided under pu~raph 2 hereof. Any amount: disbuned by Lenckr pursuant to th& parag~aph 7, with iaterat tt~reon. shall bocome additional indebtedness of Borrower sxuced by this Mortgage. Unless Borrowe~ and Lender aaeee to othe~ ter~as of .paya~ea~ wch amounts shdl be payabk upon notice from Le~der to Bomower roquasting payment thercof. and shall bear inte~est froa~ the date of dhbursetnent at the rate payabk fmm time to time on out~tanding principal under the Note unkss paymeat of interest at auch rate would be contrary to applicable taw. in which event such amounb ahall bear interest at the hiahat ratie permiuibk under applicabk law. Nothing contained in this paragnph 7 shall requiro Lender to iacur any expen~e or take any actioa hereunder. S. i~spectio~. Lender may make or cause to be made rcasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection spocifying reasonabk caux therefor related to I.ende~'s intercst in the Property. 9. Cosds~tba The proceeds of any award or claim for dsmaga. diroct or consequential. in oo~nection with any condemnation or other taking of the Property. or part thercof, or for conveyance in lieu of condemnation, are heoeby assianed and shall be paid to I.ender. in the event of a total taking of the Praperty. the proceeds shall be applied to tfie sums secured by this Mo~age. with the exceu, if any, paid to Borrower. in the event of a partial taking of the Property. unless Bomowe~ and Lender otherwise agrce in writing,_ there shall be applied to the sums sxuned 6y this Mortgage such proportion of the pc~oceeda as is equal to that proportion which the amount of the sums secured by this Mortgage immediateTy prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the procada paid to Borrower. ~ . If the Property is abandoned by Borrower, or if, after notice by Lender to Bomower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to re.spond to Lender within 30 days after the date such notice is mailed, Lender is suthoriud to collect and apply the proceeds, at i.ender's option, either to ratoratioo or npair of the Property or to the sums secured by this MortEtaag~e. , Unless Lender and Borrower otherwise agrae in writing. any such application'of proce~ds to principal shall not eatend or postpone the due date of the monthly installments rcferred to in paragraphs 1, and 2 hei+eof or change the amount of such installments. 10. ~orrower Not Rekased. Extension of the time for payment or modilication of amortintior~ of the sums sxured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rekase, in any manner. the liability of the original Borrower and Borrower s successors in intamt. Leoder sh:ll not be required to commence proccedings against such succasor or refuse to extend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ll. Forbearaoce by Lender Not a Waiver. Any fortxarance by Lender in eacerrising any right or rcmedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the eaercise of any such right or remedy. The procurement of insunoce or the payme~t of taxes or other liens or charges by Lende~ shall not be a waiver of I.ender's right to accelerate the maturity of the indebtedoe~.c secured hy this Mortgage. l2. Reiaedies Cwaal~f~e. All nmcdies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded by law or equity, and may be exercised cancurrently, independently or suocessively. 13. Secces~ors aad Assi~es Bouad: 7oiat aad Several i.iabilitr; Csptlo~s. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to, the respecfive successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and severai. The captions and headings of the paragraphs of this Mortgage are for convenience only and ar~e not to be u~ed to interpret or define the provisans hereof. 14. _ Natke. Except for any notice required under applicable law to be given in another manner, (a) any notioe to ~ Borrower provided for in this Mortgage shall be given•by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by nolice to ~.ender as provided herein. and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to t.ender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice providod for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designatod herein. lS. Uniform Mort~age; Cererning i.aw: Sererab0ity. This form of mortgage combines uniform covenants for national use and non•uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering I~ real property. This Mortgage shall be governed hy the law of the jurisdiction in which ihe Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not atfect i other provisions of this Mortgage or the Note which can be given eflect without the conflicting provision, and to this i f end the provisions of the Mortgage and the Note are declared to be severable. ~ ~ 16. Borrowe~s Copy. Borrower shail be furnished a conformed copy of the Note and of ihis Mortgage at the time ~ of execution or after recordation hereof. ' 17. Transfer of t6e Prope~ty; Assumptioa. if all or any part of ihe Property or an interest thercin is sold or transferred by Borrower without Lende~'s prior written consent, excluding (a) the cr~eation of a lien or encumbrance subordinate to this Mortgage. (b) the crcation of a purchase money security interat for household applianoa, (c) a transfer by devise. dacent or by operation of law upon the death of a joint tenant or (d) thc grant of any leasehold interat of three years or le.ss not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be immediatety due and payable. Lender shall have waived such option to aocelerate if, prior to the sale or transfer. i.ender and the person to whom the Property is to be sold or transferred resch agrcement in writing that the credit of such petson is satisfactory to I~nder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall requat. if I.ender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has exocuted a written assumption agreement accepted in writing by L.ender. i.ender shall release Borrower from all obligations under this Mortgage and the Note. If i.ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleratian in accordance with paragraph 14 hereof. Such notice shall provide a period of not las than 3d days from the date the notice is mailed within which Borrower may pay the sums declared due: If Borrower fails to pay such sums prior to the expiration of such period. L.ender may, without further notice or demand on-Borrower, invoke any remedia permitted by paragraph 18 hereof. ~ Norr-UrnFOxM Covex~rtTS. Borrower and Lender further covenant and agrce as1follows: > 18. Accelerafioe; Rea~edia. Escept as provided ia pars~rsp6 l9 hereot, opos Eon+owet's brescti oE a~y core~t or ~ sjrcemest ot Dorrowa L Wis Mori~a~e, ~tnat~ nK ro.~~ ~o Psy ..u~o aoe ..y s.ss sec~red b~ ttib Mo~a~e, Leader 6 prbr to aceekratb~ sLa1 ma~ noHce b~orruaer as provided in para~np6 l4 hereoE ~6~: (l) tre breacr; (2) t~e actio~ ~ reqoire~ b care s~cY ~erac~; (3) a d~e, nM las t6an 39 da~s frow tbe date tLe aotke is ~aikd to Dorrower. b~' w~kti wcr ~ breac6, mrt be cered: aad (4) t6st tailere to enre we6 bresc6 00 or betore tbe date ~ L t6e ~otke ~ry rewlt io ~ scceieistlo~ ot tre wos iee~red by t~M Mort~e, foreclosnre by jndicW pwcadlos aed s~le ot tbe lrope~. 'Itie ~o8ce s6aB forttier iafone aore~ower ot tbe ri~1N to reiastate after aecekra8on and tl~e ri~t to are~t h tbe fo~eciowr+e ~eoeeeai~ t6e non~ezi~teACe at s detark or any other defeo~e of Borrower to ~ccekMioa sad toredowre. It ttie 6resc~ is oot e~rei o~ or betore t6e da~e s~ci&d in t6e notke, Le~ at I.e~er's optbs may deeiare aH of tk w~ see~ei by t6ts Mo~e b be ~td~ d~e sad pqs6k witlwot tortber demaad and may forecbse t64 Morl~e 67 lodlcW ~roc~ed~. I.eaier iii be eatitkd to cotleet b w~i preceedio~ a8 e:peo~a of Eoreclosrre, inclodio=, bot ~ot li~itd to, rea~o~ble attor~ay's tea, ~ aod costs d docsmeetaq erWesce. abstracts asd Wk reporls. 19. Eorruwer'a Ri~t to Re~tate. Notwithstanding Lender s accekration of the sums xcured by this Mortsage. ~ Borrower shall have the tight to have any proceedings begun by Lender to enforce this Mortgage discontinuod at aay time ! BOOK PAGE ~S ~ ~ - - - . - -