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HomeMy WebLinkAbout0919 . - „L _ _ . _ _ Any amounts d~sbursed b1r la+d~~ pursuant to M~is p~ra~~sph 7. with mterfst tMr~on. shsll b~come addit~o~N in- . ddbtecin~ss ot 8a~owK s~cur~d by thi~ Mort~age. U~less 8or~ow~? and lerxNr ag~ee to other terms of p~ym~t, such ~mounts shall be psyabls upa~ notico from l~~r to 8arowe~ ?equest~ psyment thersol, and shal! bsa~ intst~st hom tF» dat~ of disbu~same~t st the ~ate ps~able hom time to time o~ o~tstandmg p~~nc~pal under the Note unless payrtant oi int~rest at wch rate would be contrary to ~ppl+caWe Iaw. in which evem such amounts shali bedr ints~est st the h~ghest at~ psrmissibl~ unda~applicabla law. Nothing conta+~ed in th~s paragraph 7 shall requ,re le~de~ to incur sny expo~se a take any acticn hereund~~. 8. I~sp~ction, lender msy mak~ a csuse to be made ~easonable entries upon and mspect~ons oi the Propsny, provid~d that lende~ shall give Barower not~ce prio~ to any such inspection specifying reasonable cause lhe~eior ?etated to Lende?'s in- terest in the Property. 8. Condamnatio~. The proceeds of sny award or claim lor damages. ciirect a consequential. in connection with any con- demnation or other ~akir~g of the P~operty, or part thereoi, or fw conveysnce ~n Ireu ot cor?demnatio~, are he~eb~r assigned ant! shall be paid to lende?. In the event ot a total taking ot the P~openy, the proceeds st~all be applied to 1he sums secured by this Mortgags, with ths excess, it any. paid to Bo~rdwer. In ihe event ot a partial takiog ot the P~operty, unless Bwrower and Lender otherwise agree in writina, the~e shall be applied to th~ sums secured by this Mortgage such proportion of ihe prceeeds as is equal to that propor- twn which the amount ot the sums secured by this Matgage immed~ately priw to Iha date oi taking bears•to the tair mark~t value o( the .Property immediately prior to the date of teking, with the balance oi the p~oceeds paid to 8orrower. If the P~operty is abandoned by Borrower, or it, aher notice by lender to 8orrower tliat the condemna oifers to make a~ award or settle a claim for damages. 8orrower tails to respond to Lende~ within 30 days a(ter the date such notice is msiled. ' Lender is euthorized to collqct a~d apply ihe proceeds. at lendei s opt~on, either to restoratio~ or repai~ of the Property or to the sums secured by this Mortgage. Unless Lender and Bw~ower otherwise agree in yvriting, any such appl~cation ot proceeds to principal shall rwt sxtend or postpone the due date ot the monthly installments ~eter~ed to in paragraphs 1 and 2 hereo( or change the amount of such in- stallments. 10. Borrower Not Released. Extension ot the time (or payment or modific~tion ot amortization ot the sums secured by this Mortgage granted by lender to any wccessor in interest of Botrower shall not operate to relesse, in any manner, the IiabiG- ty oi the o~iginal Borrower and Borrower's successws in inte?est. Lender shall not be required to comme~ce procesdings against such successor o~ refuse to extend time to? payment a otherwise modity amortuation o! the sums.secured by this Matgage by reason oi any demand made by the original Borrowe~ and Barower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any lorbearance by Lender in exercising any right or temedy hereunder, or otherwise afforded by applicable law, shall not be a waiver ot or preclude the exercise ot any such right or remedy. The procure- ment oi insurance o~ 1he payment of taxes or other Gens or charges by Lender shall not be a waive~ of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. • 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right o~ remedy under this Mortgage or aKorded by law w equity, and may be exercised conturrentfy, independentfy or successively. 13. Successors and Assig~s Bound: Joint and Several Liability; Captio~s. The cdvenants and agreements herein con- tained shall bind. and the rights hereunder shall inure to, the respective successors and ass~gns of Lender and Borrower, wbject to the provisions of paragraph 17 hereot. All c~venants and agreements o( Barower sF~all be joint and several. The captions and headings of the paragraphs of this Mortgage are tor convenience only and are not to be used to interpret or define the provisions he~eof. 74. Notice. Except for any notice requirect under applicable law to be givenin another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing suth notice by certified mail addressed to Borrowe? at the Property Ad- ' dress or at such other address as Borrower may designate by notice to Lender as provided herein, and Ib) any notice to Lender shall be given by ce~tified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Bwrower as provided herein. Any notice prov~ded tor in this Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated he~ein. 15. Unitorm Mortgage: Governing Law; Severability. This torm ot mortgage comb~nes uniform covenants (or nationel ' use and non-uniform covenants witfi limited varistions by jurisdiction fo constitute a uniform security instrument covering real ; p~operty. This Mortgage shall be governed by the law of the junsdiction in wh~ch the Property rs located. In the event that any ~ provision or clause of this Mortgage or the Note wntticts w~th applicable law, such confl~ct shall not af(ect other provisions of ~ this Mortgage or the NoEe which can be given eftect without the conflicting provis~on, and to this end the provisions o( the Mortgage and the Note are declared to be severable. s 16. Borrower's Copy. Borrower shall be tu*~~~sh~ a conformed copy of the Note and of this Mortgage at the time of ex- ecution or after recordation hereof. . 17~ ~ ~ INTENTIONALLY OMITTED " ~ ~ - t € . ~ NON-UNIFORM COVENANTS. 8orrower and Lender turther covenant and agree as (ollows: ' 18. Acceleration; Remedies. Exc~pt as provided in paragraph t 7 hereof, upon Borrawe~'s br~ach of any covenant or ~ agreement of Borrower in this Mo?tgage, induding tl~e covenants to pay when due sny sums secwed by this Mortgsg~, Lende? prior to acceleration shall-mail notic~ to Borrower as provided in paragraph 14 hereof specifying: (1) the bresch; (2) the action required to cure wcb breach; (3) a dsts, ~ot Iess than 30 dars hom ihe date th4 notice is mailed to ; Borrower, by which such lxesch must bs cw~d; snd (4) that tailure to cw~ such breach on w before the dsts sp~cified in a ths ratice may result in acc~t~rafion af th~ wms secureti b~ this Matgage, foreclosur~ b~ judicial proceeding a~ sal~ oi the Propsrty. The notice shall turther in(orm Borrower of tlu right to ?einstat~ aher sceelsntion and the right to ~ assert in ths ioreclosu~e proceeding the non•existenc~ of a default a an~r other d~t~nse of Bonower to s~lerstion a~d ? forsclosurs. If the bresch is not cur~d on or (befor~ th~ dat~ speciti~d in the notic~. lendfr at L~nd~?'s optio~ msy declsre all o/ the sums secu~ed by tfiis Mo?tgsgs to b~ immediately due and payable without further d~mand and may) ` foreclose this Mortgage b~ judicisl procesding. Lender shsll b~ entided to collect in wch proc~eding sll ~xpenses of toreclowre, including, but rat limited to, reasonable attorney's fess, and costs ot documentsry evidencs, abstrscts and - ; title reports. . ` ~'S ~ 919 { ~ornc j~ ~ y; ~ ~ ~ ' _ _ _ _ _ _ .