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HomeMy WebLinkAbout0923 ~ . j I' i Leode~'s v?ritten asreeme~t or applicabk law. Bor~owet shall pay tAe amOuM ot all moAsase insura~ce premiu~ in tl~e manner provided unde~ pua~raph 2 hueot. • ' Any amounts disM~r~ed by I.ender punwnt to tha pan`~sph 7, with interest therea~, shall becwne sdditiooal indebtedness ot 8or~ower securcd by this Mort~ajc. Unkss Borrowe~ and Lender sarce to othu tern?s of paymeot, sucA ama~ots shall be payabk upon nolice trom l.ender ~0 8o~rowe~ rcq~xstint paymeot the~eof, and shall beu interest tron~ tl?e date ot disbursement at the rate wyable from time to time on a~tstandina principal uoder the Note u~kss payment of intercst at such rate would be comnry to applicable law, in which event such amounts shall bea~ interest at the hi~hest n1e ~ ' permiuibk unde~ applicabk law. Nolhing contained in this pa~atnph 7 shall requirc ~ende~ to incur any ezpetae ot tdte ~ any action herounde~. S. Iwspeetio~, Lender may make or cauu to be made reasonable en~ries upoo and inspections of the Ptopetiy, provickd : tha~ t.e~de~ shall give Bor?ower notire prior to any such inspection specifying rcaso~able cause therefor related to 1_ender's mterest in the Property. 9. Coaden~natbn. The proceedc of any award or claim for damages. direct or consequential, in connection with any condemna~ion or other taking of the Property, o[ pan thercof, o~ for conveyance in lieu o( condemnation, are hercby assigned s and shall be paid to Lendet. s in the event of a total taking of ~the Property. ~hr proceeds chall be applied to the ~ums secared by this MoNgage. ~ with the ~eticecs, if any. paid to Borrower. Tn the even~ of a partial taking of the Properry, unless Borrower and Lender ~ otherwice agree in writing. therc shall be applied to the cums securcd by this Mortgage such propor~ion of the proceeds as is equal to that proportion which ~he amount af the sums ucured by this Mortgage immediately prior ~o the date of ` taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds ~ paid to Borrower. ~ If the Property is abandoned by Borrower, ar if. after ~otice by Lender to Borrower that the condemnor otfers to make an award or set~le a claim for damages. Borrower fails to respond to !_ender within 30 days afte~ the dale such notice is ~ mailed. t.ender is authorized to collect and apply ~he proceeds. at i.ender's option, either to restoration or repair of the ~ Propeny or to the sums cecured by Ihis Mor~gage. ~ Unlesc l.ender and Borrovver othervvice agree in v?•ritine. any such applicati~n of proceeds to principal shall not extend or poslpc~ne the due Jate of the monlhly installmcnls referrcd to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. Borrower Nof Released. Exlension of the time for payment or modification of amortization of the sums xcurcd by this Mort~age granted by I.ender to any cuccessor in interest of Borrower shall not.operate to releau, in any manner, the liabili~y of Ihe orieinal Borrower and Borrower'c succescorc in interest. l.ender shall not be required to commence proceedings against a~ch succecso~ or refuse to eYtend time for payment or otherwise modify amortization of the sums secured by thic Mc~rtgage by reason of any demand made by the orieinal Borrower and Borrowe~ s successors in interat. 11. Forbearance by i.ende~ Not a Waiver. Any f~rhearanre bv l.ender in exe~cising any right or remedy hercunder, or othenvise afiarded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of ~ares or other liens or chargec by I_ender shall not be a waiver of Lender's right to accelerate the maturity of the indeb~edne~s tecured hy tfiic Mortgage. _ 12. Remedies Cumulalive. All remeclies ~rovided in thic Mortgage are distinct and cumulalive to any othe~ right or remedy under this Mortgage or afforded hy law or equiry. and ma~~ he ezercised concurrently, independenNy or saccessively. 13. Successors and Assigns Boand; Joint and Se~eral l.i~bility; Capfions. The covenants and agreements hercin contained shall hind, and ~he riRhts hereunder shall inure to. the re~pective succecsors and assigns of I_ender and Borrower, subject to the provicionc of paragraph 17 hereof. All covenants anJ agreementc of Borrower shall be joint and several. The captions and headingc of the pa~agrapha of this Mortgage are for convenience only and are not to be used to interpret or define the prm~cions hereof. 4 14. Notice. Except for any nolice required under applicable law to be given in another manner, fa) any notice to Borrow•er provided for in this Mortgage shall he given hy mailing ~uch notice by cerlified mail addressed to Borrower at the ProQerty Addrecs or a~ soch other addres~ as Bormwer may designate by notice to 1_ender as provided herein, and Ib) any notice to Lender shall be given hy certified ma~l. return receipt reque~ted. to l ender'c address stated herein or to cuch other address as I_ender may designate by nMice to Borrawer as provideJ herein. Any notice provided for in this Mor~gage shall be deemed to ha.•e been given to Bormwer or I.ender when given in the manner designated herein. 15. Uniform MorlRa~e: Covernin~ i.aw: Se•erability. Thic (orm of mortgage combines uniform covenants for national use and non-uniform co~enants with limi~ed variations h~ juriai~ction to constitute a uniform security instrument covering re:~l pr~~pert.. Tfir xt:~te and Incal la~~•. applicable to this ~iortgage shaU be the !a~+-s of the juri,Jiction in «•hich the Property i. l~~~~ated. The f~~regoin~; sentence .h:~ll nut limit the applicaLilit~• of federal la«• to this ~iortgage. In the eeent that any pr~~~-ision or clause ~~f this Jturtgage or the \ote cunfiicts ~vith applicable la«•, such conflict shal! not affect other procisions ~~f thi: ~iortg:~ge or !he ~ute ~~•hich can be gi~-en effect ~~~ithuut the cunflicting pro~•ision, and to thi, end the pro~isions of the Ji~~rtx:~ge and the \~ete are declared to be se~•erable. 16. Borrower•s Copy. Borrower ~hall be furnitheJ a con(c.rmed copy o( the Note and of this Mortgage at the time II of execution or after recordation hereof. ` 17. Transfer of the Properly: Assumplion. If all c.r any part of ~he Property or an interes~ the~ein is sold or trancferred 4 by Borrowcr wilhout Lender's prior writtcn c~~nsen~, eacluding la) the creation of a lien or encumbrance subordinate to this Mortgage. (b) 1he creation of a purchace mone}• cecurily imerest for household appliaoces. (c) a Iransfer by devise. [ deccent or by uperation of law upon the Jeath of a jo~m tenan~ or (.U the grant of any leasehold interest of three years or less ; not containing an option t~ purchase. Lender may, at l.ender'c ~phon. Jeclare all ~he sumc secured hy this Mortgage to be I ~mmeJiately due and payable. Lender ~hall have w•ai~~ed wrh option to accelerate if, prior to the cale or transfer. I.ender ~ anJ the per~c?n to whom the Praperty i~ to be sol~l or transferred reach agreement in writing that the credit af such person ~ i~ sati~factory to I.ender and lhat Ihe inlercst payable on the sumc secured by Ihic Mor~gage shall be at such ra~e as I_ender ~ shall requcs~. If Lender has waived Ihe option to-accelerate pr~vided in this paragra~~h 17, and if Borrower's successor in ~nterest hac executed a wntten assumption agrcement accepted in writing by LenJer, Lender shall releate Borrower from all ~ obhRations under this Mortgage and the Note. ( If Lender exerci~e< <uch aption t~~ acrelerate. 1 ender .h~ll mail Borrow•er notice of acceleration in accordance wilh 3 paragraph 14 hereof. Such noUCe chall provide a Fa ric.J ~~f nat Iec~ than 30 days tmm ~he date the notice is mailed within ~ which B~~rn~wer may pa~• the sumc declared due 1( Borrowrr tailc to pa}~ such sums prior to the expiration of such period, ~ I.ender may. wi~hout further notice or demand on Fii~rruwer. ~m~c?le any remedies permit~ed by paragraph 1R hereof. NnN-UNIFORM CnVf!VANTS Borrower and 1 ender forther covenant and agree as follows: i t8. Acceleration; Remedies." Except as p~ovided in para~~raph 17 hereof. upon Borrowels bnach of any covenant or a~reement of Borrower in this Mortg~e. includin~ the corenants to pay when dut any sams secured by this Mort~s~e. Lender " prior to ~ccekr~lan shall mail notice to Bonower as prorided in paragraph 14 hereof specifyi~: (1) the bresch; (2) tbe actan ~ required to cure snch breach; (3) a date. not less Ihan 30 days from the date the notice is mailtd to dorro~+er. by which such ~ breach must be cured; aad (4) that failure to cure such breach on or beton the date spccified ia the notke may resdf in ~ acceleralion of tbe sums secured by thic MortRage. forccbsure by judicid proceedi~ a~d .ssle of the Property. The notke ~ shall further inform Eorrower of the riRht to reinstsle affer acceleratan and tht ri~ht to asserf in the toreclosnre pooctedin6 ~ the noa-existence of a defautt or any Mher detense of Bonower to acceltntion and (orecbsure. If f6e breach is not cared on ~ or before the date speci6ed in the notice. Lender at I.ender's option may declue sp of the snms secnred by this MoRaaat b bt ~ immediately due and paYabk without turther demsnd aed may foreclose this MortRa~e by judicial proceedina. Lender shall ~ be entitlcd to colkct in such proceedin~ all e:penses of forecbsure. includin~. but not limited to. reasonabk atlorney's ttes, and costs of dacumentary evidence, sbstracis snd title reports. ~ 19. aorrovrer's Ri~bt lo Rei~lste. Notwithstanding Lender'c accelerat~on of the sums xcured by th~s Mortgage. Borrower shall have ~he right to have an~~ proceedings hegun by 1_e~der to enforce ~his Mortgage discontinued at any time j ~ . ! ~ ~ u+.LK 41O PAGE ~3 ~ . ~ r _ _ _ . . _ _ ~ sY.~ o` ~ -y ~ ~ . . ,:u. - ~si'