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HomeMy WebLinkAbout0941 • . • . ~~•~j ~ . ~ , 7.ry~. ~ Leader~ writtw ssramw~t or applicabie law. Borrowe~ shall pay the amount of all moA~aje iasuranoe pre~aium~ ia the f maaner pmvided unde~ puajnph 2 hereof. Any amounb disbutsed by Lende~ punuant to thi~ pua~aph 7. with iatet~at theoeon~ ~dl become sdditional indebtednas of Borrower'ecurod by this Mongs~es_. Unless BoROwe~ and L.;nder a~roe to othe~ te~ o[ paymeo~ such ' amounts shall be payable upon notia from Lender to Hort~ower roquestieg payment thereof. and shall bear interat feom the date •of disburseme~t at the rate payable from time to time on out:tanding principal undu the Note unless payment ot ioterest at:uch rate would be contnry to applicabk law. in which event such amounb shall bear iaterest at the highest nta permiasibk unde~ spplicabk law. Nothi~g contalned in this pan~nph 7 shall require Lender to incur any expeose or take aey action henunder. • a. I~pectio~. Lender may make or cauu to be made rcasonable entries apon and inspections of the Property. provided that Lender shal! give Borrowe~ notice prior to aay such i~spection specifying rcssonabk cause thercfor related to Lender's interest in the Pmpecty. 9. Coadcmnatbs. The proceeds of any award or claim for damsga, dircet or consequeatial. in oonnection with any condemnation or other taking of the Property. o~ pa~t thercof. or for convey~nce in lieu of condemnation. are henby assigned and shall be paid to I.ender. • ~ ' In Ihe event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the txcess; if any, paid to Borrower. In the event of a partial ts~ ~ ~bperty. unless Borrower and L.ender othen~vise agree in writiog, there shall be applied to the sums secured by tl~li ~gage such propoMion of the procteds as is cqua) to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair marlcN value of the Property immcdiately prior to the date of taking, with the balanct o[ the praceeds paid to Borrower. If the Property is abandoned by Borrower. or if, afte~ notice by i.ende~ to Borrower that the condea~nor otfets to make ao award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authori~ed to collect and apply the proceeds, at Lende~'s option. either to ratoration or repair of the Property or to the sums sceurcd by this MortRage. Unleu Lender and Borrower othenvise agree in writing, any such apptication of proceeds to principal shall not extend ~ . or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eo~ower Not Released. Extension of the time for payment or modilkation of amortization of the sums secured - by this Mortgage granted by Lender to any successor in interest of Borrowe~ shall not operate to nlease. in any manne~; the liability of the original Borrower and Bc+rrower's successors in interat. Lender shall not be required to commence proceedings against such successor or rchue to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Bornower and Borrower's successon in interest. 11. Forbpusoce by Lender Not s R+d~er. Any forbearance by Lender in exercising any right or remcdy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or prcclnde the exercise of any such right or nmedy. The procurement of insura~ce or the payment of taxes or other liens or charges by Lender shal) not be a waiver of LendePs right to accelerate the maturity of the indebtedness secured 6y this Mortgage. - l2. Remedies Comuhti~e. All remedies provided in this Mortgage are distiect and cumulative to any other rigbt or remedy under this Mortgage or afforded by law or equity, and may be exerciud concurrently, independently or successively. 13. Sncces~so~s and A~ns Bound; Join1 aad Severd ~.iaMlity; Captbas. The covenants and agreements hercin contained shall bind, and the rights hereunder shall inure to, the respective successon and assigns of Lender and Bornower. subject to the provisions of. paragraph 17 hereof. All covenants and agroements of Bonower shall be joint and several. 'ihe captions and •headingc_of the paragraphs of lhis Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required urtderapplicable law to be given in another manner. (a) any notice to . Borrower provided for in this Mongage shall be given by mailing such notice by certi8ed mail addressed to Borrower at the Property Addrcss or at such other address as Borrnwer may designate by notice to i_ender-as provided hercin. and (b) any notice to Lender shall be given by certified mail, retum receipt requested, to I_ender's address stated herein or to such other address as Lender may designate by notice to Borrower as _provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ; 15. Unitors~ Mort~e; Governiug Law; Severability. This form of mortgage combines uniform covenants fo~ national 'f use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument rnvering real property. This .Mortgage shafl be governed hy the law of the jurisdiction in which the Property is located. In the . j event that any provision or clause of ihis Mortgage or the Note conflicts with applicabk law, such conflict shall not affect t other provisions of this Mortgage or the Note which can be givcn effect without the conflicting provision, and to this E end the provisions of the Mortgage and the Note are declared to be severable. 16. BorroRer's Copy. Borrower shall be furnished a con[ormed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ~ ~ 17. Transfer of t6e Proparty; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Bonower without L.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the crcation 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 (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender 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. Ixnder and the person to whom the Property is to be sold or transferred reach agreement in writing ihat the credit of such person ~ is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall rcqoest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interest has executed a writter~ assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. [.ender shalf mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within i which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, ~ ; Lender may, without further notice or demand on l3orrower, invoke any remedies permitted by paragraph 18 hereof.' ~ Notv-Ux~Fatut Covetvetv~rs. Borrower and I.ender further covenant and agree u follows: ~ 18. Accderstion; Remedks. Except a6 pmvided io para~rapb 17 bereof, opon Borrowers breac6 of aoy covenant or _ ~ aareement of Borrower in t6ts Mortaa`e, inclndiag the covewiots to pay wben dne siay soms secnred by thk Mortgsse,'Leoder ~ prior to accekrafba sbaU maU notice to Borrower as ProrWcd in ~angnpb 14 6ereot specif~: (1) tbe bresch; (2) t6e scdoo ~ required b cnre soc6 brescb; (3) a date, not ksa than 30 dars frum tbe date tbe notice b maikd to ~orrower, by w6k5 web ~ F bresc6 m~t 6e cored; aod (4) t6st failnre to cure suc6 brrsc6 00 or before t6e date spect6cd ia tbe sotke may radt i. ~ accdentba of tbe soms secnrcd by t6b Mort6a6e. foreclowre hr jodkial proceedl~ aod sak of tbe Propert~. 'ILe aotke ~ ~ sball furt6er inform Eorrowec of tLe ri`W to rsl~state after sccekratioo and t6e rf~6t to a~re~t ia the forcclosore pruceedio= ; t6e oon-exi~teoce d a defwtt or any other detease of sorrower to sccekrstloa aad forecbwre. If t6e bresch is not cored o0 or before the date specified la t6e aoHce, Lender at I.ende~'s optbn may declare s0 0[ tbe wms secnred by thL Mort~e to be ; immediatdy doe aal payabk witbom tort6er demaod sad pay toreclose t4b Mort~aG~ bp ~diCW Proca~a~. Lewder s6aY ~ be eot~ded to colkct b sec6 proceedint aY espe~a of foreclosrre, foclndi~, bat not lidted to, rearooabk attor~e~'s tea, ~ SOa COi~i OF dOCYIOlII~ lr~tOCts ~ SOd f~! RpO~. 19. Sorrower's R~t to Reimiate. Notwithstanding Lender s acceleration of the wms socurcd by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ ~ ` 8~~ a ~ » ~ ~