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HomeMy WebLinkAbout0984 . s . 't 9 - ~ ~ • , : ~ f ~ e ~ Leader's written a~rament or applicable law. 8orrowe~ =hall pay the unouet o[ all.dnoKsa~a iawrb~ ~remiunu ia tbe manne~ provid~d uode~ patajraph 2 heteot. Any amamts dishuned by Lender punuant to ~hh pua~raph 7. with iaterest theroon. shall become additional indebtedness of Bonowe~ securcd by this Mon~ase. Unku Bonower and Lender asrce to other tanns of pa~nae~t. such amamts shall be payabk upoe notice f~om Lender to Bonowe~ roqueslie= payment thereot. and shall ba~ intete~t troaA the date of disbursement at tht nte payabk irom time to time on a~t:tandin~ principal undet the Note unlas p~ya~ent ot interest at :uch nte would be contrary to applica6le law. in which event wefi amounb shall bear ieterost at the hi=hat ra~e permissibk under applicabk law. Nothins containod in this paragnph 7 ahall require Lende~ to incur any eape~ae oc W~e any actan hereunder. S. t~s'eeMo~. Lender may make or cause to be made ?easonable entries upon and inspections of the Propetty. provided that Lender shall give Borrowe~ notice prior to any such inspection specifyina reasonabk cause theretor relatod to I,e~der's interest in.the Property. 9. Co~de~a~Nb~. The proceeds ot any award or claim for damages, direct or consequential, in connection with any condemnation or other taki~g of the Property. or pah therec+t, o~ for cooveyance in lieu of condemnation. arc hereby ass~ned and shall be paid to I.ende~. In the event of a total taking of the Property. the proceeds shall be applied to Ihe sums securcd by this Mat=ase. with the excess, if any, paid to Borrower. 1n the event af a'panial taking of the Properry, unless Borrower ar~d I.ender otherwise agroe in writing. thero shall be applied to the sums secured by this Mortgaae such proportion of the proeaeds as is equal to that proportion which the amount of the sumc secured by this Mortaage immediatdy prior to the date ot taking beirs to the fair ma~ket value of the PropeNy immediately prior to the date of talcina, with the balanoe o[ the proceeds paid to Bonowcr. Tf the Property is abandoned by Borrower, or if. after notice by Lender to Borrower ihat the oondenarar offen to make an award or settk a clai~n ~for damages, Borrower fails to rcspond to I.ender within 30 days after the date such notioe Is mailod, Lender is authoriud to collect and ~pply the proceeds, at I.endtr's option. either to ratoration or repair ot tbe Propeny or to the sums stcurcd by this MortRage. - . Unkss Lender and Borrowe~ othetwise agrce in writing, any such application of proceeds_to principal shall not extend or postpone the due date of the monthly installmeots rcferrcd to in paragraphs 1 and 2 hereof or change the amount ot such installments. . ]0. lorrower No1 Reka~. Extension of the time for payment or modifkatioo of anwhization of the sums socured by this Mortgage ganted by Lende~ to any ;uoceswr in interost of Borrowe~ shall nd operate~ to nka~e. in any manner. the liability of the original Bomower and Bc?nowtr's successon in interest. Lender shsp not be requircd to cannta~oe- prcueedings agairat such successor or refuse to extend time for paymeet or otherwise modify amortiution of the wms secured by this Morigsge by reason of any demand made by the aiRinal Bomower and Borrowe~s successors in iMerat. 11. Forbeara~ce bp I,eade~ Not s Wsiver. Any fert~earance by I.ender in exercising any right or rcmedy fiereuader. or othe~vvise alforded by applicabk law, shall nat be a waiver of or preclude Ihe exercise of any such right or remedy. ~ The procurcment of insuraooe or the psyment of laxes or other liens or char6es by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness cecurcd hy thii Mortgage. ~ ~ ~2. Raaedks C~amrlati~e, All rcmedies provided in this Mongage a~ distinct and cuniulative" to any othu risht or rcmedy under this Mortgage or afforded by law or equity, and may be exercised concun~ently, independently or :uocessivdy. 13. S~ceaa~ws a~d Asd~~s Joi~t md Sereral ILbl~r: Ca~lioas. 77x covenants and agreeme~ts henan- . contained shall bind, a~d the rights herounder shall inurc to, the rcspective successors and assigns of Lender and Borc~wer. subject to the provisions of paragraph 17 hereof. AU covenants and agreemeots of Borrower shall be joint and sev~eraL , The captions and headings of the paragraphs of this Mortgage arc for coovenie~ce only and an rat to be wed to interprct or define the provisions~hercof. 11. Notice. Eacept tor any notice- rcquired under applicable law to be given in another ntanner. (a) any nWice to Borrower provided for in this Mortgage shall be given by mailing ~such notice by certilied mail addreued to Borrower at . the Property Addras or at such dher address as Borrower may desigoate by notice to Lender as provided hercin. and (b) any notice to Lender shall be given by cenified mail, return rcceipt requated. to l.ender's addrcu stated hercin or to ; wch other addreu as Lender may designate by notice to Borrower u provided herein. Any notioe provided for in thts Mortgage shall be deemed to have betn given to Borrower or Lender when given in the manner designated herein. 1S. U~ifora~ Mort~a~c; Go~eruinR I.av?; Scven6ilify. ~ This form of mortgage combin~s uniform covenants for national use and non-uniform covenants with limited variations by jorisdiction to constitute a uniform .security instrument oovering rcal property. This Mortgage. shall be governed hp !he law of the jurisdiction in which the Property is located. In tbe event that any proviaion or clause of this MoKgage or the Note conflicts with applicabk law. such conflict shatl not aRect ; other provisions of this Mortgage or the Note which can be given effect wi~hout the conflicting provision, and to this end the provisions of the Mortgage and the Note ~rc .declared to be sevenble. 16• ion~ower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ ot exceution or after recordation hereof. j 19. T~fe~ of tbe Properfy; Aswmption. If all or any part of the Propeny or an intercst therein is sold or transferrcd ~ by Borrower without L.ender'a prior written consent, excluding (al the crcation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devite. ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat of thrce ywrs or kss ~ not containing an option to purchase. Lender may, at Lender'c 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 sak or transfer, L.ender ~ and the person to whom the Property is to be sold or transferred reach agrcement in writing that the credit of such ptrsa~ is satisfactory to Lender and that the interest payable on the sums securcd by this Mongage shall be at such rate u Lender shall requat. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succeasor in ~ interat has executed a yvritten assumption agreement accepted in writing by Lender. Lender shall rekase Borrower from all ~ obligations under this Mortgage and the Note. ~ if I.ender exercises such option to accelerate. t_ender shall mail Borrower notice of accekration in accordanoe with paragraph 14 hercof. S~kh notice shall provide a period of not less than 30 days from the date ihe notice is maikd within ~ which Borrower may pay the sums dalared due. Tf Borrower (ails to pay such sams prior to the expiration of such period. ~ Lender may, without further notice or demand on Borrower, in0oke any remedies permitted by paragraph 18 hercof. 'F Nox-UH~FORM Coverv~rrrs. Borrower and Lender funher covenant and agree u follows: ~ 1 a. Aceekratioa; Remedies. Excep as provWcd in pan6npr 17 hereof, ~pos. Sorrower's breach ot a~y co~eoast or ; a`reeaent of Eorrower ie tbis Mortga~e. inclndin6 tbe covea~nts to pay v?6ea due any stw~s secYrei by tl~k Mort~e, I.e~ier ~ Prbr to sccNentioo shaN mail eotke to Borrower as provWed ln ~ara`raph 14 bereof specif~q: (1) the breacM: (2) tbe sctiow reqolred to c~re suc~ breaeh; (3) a d~e, aot less thaa 30 dsys froa~ the date tbe notke is ~ailed to sorrower, by wMk6 wcti breach mmt be nred; ~d (4) that failare to eere socb breacl~ o~ or 6eiore t6e date ~peeiRed iw tbe ~otiee ~ryr rarlt i~ sccekratlo~ of Ibt se~as secrred by thLs Mort~e. foreclos~re 6y jndkW'roceedi~ a~d sale of ttie ~o~Mf. 'Itie ~otke ~ shall f~rt~ inton. Eorrower of tbe rt~bt to refastate after sccekratioa sad t6e ri~t b a~sert i~ tie foreelasrre poc~eii~ ` tbe non-e:Mence ot a detauk or say Wher defense of Qorrower to aecekratios snd toreelo~re. if tl~e brescM M~ot ew+ta o~ ~ or 6efore the date speciRed fa the notice, i.eader at Leader's option may declare sR d H~e s~ms sccrred by tWs Mort~a~e b ~e ~ ima~ediatdy dne asd paysbk withont f~Mber demsnd aad may forecbse tbk Mo~a~e ~~dkial ~di~. I,e~der dap be eotiNed to colkct fa sncb Proceedin` sll e:peasa of foreclos~n. fncl~, but eot Yw~itd t~ reaw~sbk attone~'s tea. aad cosb of docrmenhry e~idenee, a6stncts snd tide reporb. 19. eorrower's RI`6t to ReinstMe. Notwithstanding Lenckr'~ acceleration of the sums secured by this Mortpge, Borrower shall have the right to have any proceedings hegun by t_ender to enforce this Mortgage discontinued at any time 8~1(eh~5 PA6E e~70J ~ . ~ ~ _ ------L_ .