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HomeMy WebLinkAbout0949 , _.a-- - ~1_-_ . ~i.._,___~..._._-_-------^_ ` V ~ Leader's written ag~+oeaaent or applicabk law. Borrowcr ahaU pay the amount of aU mortgage iasuraaoc p~+emiu~ in th~ marmer provided under paragraph 2 hereof. , i~ •`~~r Any amounis disbuned by Le~dc~ pursuant b thit paragraph 7, with iaterat thereon. shi~l~~ add~tidl~R ~ indebtalness of Bomower sxured by this Mortgage. Unkss Borrower and Lender agree to othe~ terms of paymeat. such amounts shall be payabk upon notice from Lende~ to Borrower requesting payment thereof, a~td shall bear iote~est fmm the date of d'ubursemeot at the rate payabk from time to time on outsta~ding principal unde~ the Note unless psyment of interest at such nte would be contrary to applicable law, in which event such amouots shall bear interat at the highest rate permiasible under applicabk law. Nothing contained i~ this paragraph 7 shall require Lender to incur any eacpen~se or tak~ any action henunder. . 8. Inspectioe. Lender may make or cause to be made reasonable eotries upon and inspections of the Property. provided that I.e~der shall give Borrower ~wiice prior to any such inspection specifying reasonabk cause therefor related to Lender's interest in the Property. . 9. Condemnstbn. The proceeds of any award or claim for ~amaga, diroct or consequential, in connection with any condemnation or dher taking of the Pr.operty. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. ~ • . In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid to Bonower. Io the event of a panial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pmceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propeny immediately priar to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrowar that the condemnor offers to make an award or settle a claim for damages, Borrower faifs to respond to Lender within 30 days after the date such notice is mailed, Lender is authoriud to rnllect and apply the proceeds, at Lender's option, either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing.-any such application of proceeds to principal shall not extend or postpone the due date of the monthly i~stallments referred to in paragraphs 1 and 2 hereof or ~hange the amount of such installments. 10. Uorrower Not Rekrnd. Eztension of• the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower s successors in interest. I.ender shall not be required to commence proceedings against such suoce.ssor or refuse to extend time for payment or otherwise modify amortization of the sums secure~ by this Morigage by reason of any demand made by the original Borrow~r and Barrower's successors in interest. l l. Forbearance 6y I,eader Nat A Waiver. Any fofiearaoce by I.ender in etercising any righC or remedy hereunder, o: otherwise afforded by applicable law, shall not be a waiver af or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's ~ right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Cmm~lati~e. All r+emedies pmvided in this Mortgage are "distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Snccessors and Assigos Bound; Joiat and Se~•aral T.iab~7ity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder sliall inure to, the respective 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 several. The captions and headings of the paragraphs of this Mongage are for convenience only and are not to be used to interpret or define the provisions hereof. l4. Notice. Except for 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 b}• mailing such notice by certified mail addressed to Borrower at the Property 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 be given by certified mail, return 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 pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governin~ I.aw: Sererability. This form of mortgage combines uniform covenants for national use and non-uniform covenams with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Nete conflicts with applicable law, such conflict shal) not affect other provisions of this Mortgage or the Note which can be given effect without.the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. ' 16. Borrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trarafer of Nx Praperty; Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without I.ender's prior written consent, excluding (al the creation 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 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 Iess ~ 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 aocelerate if, prior to the sale or transfer, I.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 satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender € shall request. if Lender has waived the option to accelerate provided in this paragraph 17, an~ if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. q If Lender exercises such option to accelerate, Lender shall 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 € which Borrawer may pay the sums declared due. If Borrower fails to pay such sums prior to the expiratiort of such period, ~ Lender may, without further notice or demand on-Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Nox-UxtFOxM Covexerrrs. Borrower and Lender further covenant and agree as follows: ~ - 18. Accekratlon; Remedies. Ezcept as provided ia parasrapb 17 6ereof, npoa Eosrower's bresch of any rn~enaut or aareement of Borruwer !n this Mortsa6e, ieclndin6 t6e covcnants to pay whea dne aey soms secnred by t6is Mort=age, Lender - prbr to accekration sbaII ma9 notice to Borrower as pmvWed in puagrap6 l4 bereof specifyins: (1) the breacb; (2) tbe adion - reqolnd to care soc6 bres~c6; (3) a d~e, eot lesa tl~sa 30 days froin tbe date We eotke b mailed to Borrower, 6y w6k6 soc6 € breach mo~t be cared; and (4) t6at hiluts to cme soch breach o0 or before tbe date speci6ed io t6e ootke ma~ resdt b sccdentjoo ot t6e samt secored by this Mortgage. foreclosurr by jodkial proceedin` aod s~e of tbe Property. 'l~e notke - sha~ fnrther iafotfu Borrowe= ot the ri66t to rsir~te afta sccekradoa and t~e ris6t b a~ert ia t6e forsclosare prnce~ ~ tbe eon-ezistence aE a defaak or aay otber defea~e of Borrower to accelenBoo and foreclowce. if t6e brescM b not earcd oe or befon t6e dste sped6ed ~ tbe sotlce, Leader M Leader's option nwy decisre a9 of tbe soms secared by this Matsa`e !n be ~ immedfatdy d~e and pa~aWe witlwat fnrther denuad aad may forcclose t6~s Mortta6e by jodkial proceedi~. Leader sbaq ~ be estitkd to collect lo soch M+uceedin6 aH e~cosa ot foreclosare, iaclu~ns, 6ot nM ~mited to, rearooable attoree~'s tea, ; aad cods af doctimeshr~ e~ldeece, abstracts and title reports. ~ 19. dorrower's Rtj6t to R~tate. Notwithstanding Lender's acceleration of the sums secuc+ed by this Mortgage, ' Borrower shal] have the right to have any procoedings begun by Lender to enfonce this Mortgage discontinued at any time ~ ~ - B~K~t~v~? PaGE ~9 ~ A ~ . - j~~~~~~~~~.~~..~~: -