Loading...
HomeMy WebLinkAbout0995 -----L---------- - . • . • Leoder's writtoa ap~eemeat or applicable law. Bonower ~hall pay lhe unount ot aU mortsase iawraooe preaaitmas ia tbe manner providod uader parasrapb 2 6ereof. Aay amounts disburted bp L.ander punusat to thit p~~npA 7, with interest thereoe, d?all becoma additioad indebt~ of Borwwer ~ecured by this Mortts~. Unka Botrowar aad I:ender s=e+ee W othe~ tertns of paya~ent. such amounts ahall be payabk upan notice from Lender to Borrowe~ roquestinj payment thereof. aad shail bea~ interest tran the date ot dlsbunea~ent at the nte payabk from time to time on oubtandin= principal under tbe Note ~leas parna~t oi _ interest at tuch nte would be contrar~? to applicsbk law, in which event such art~ouats shali beu iatarest at the bi~l~dt rate • permiuibk ~mder applicable law. Nothiaa co~taiaed in this paraaraph 7 sl~all require irender to iacw aay e~cpenta or take any action hereunder. s. Ia~ectie~. Ltnder may make or cause to be made ~easonabk entries upon and in~pections of tba Propetty. p~'uvided that Lender shall aive BorrowFer notice prior to aay such inspection specityin~ n~oaabb cawe therefor nlated to Leade~'s interest in the Pr~operty. 9. Co~~e~wtb~.~ The proceeds of any award or claim for damsja. diroct or consequential. in caeneMion wid~ aay oondemnation or otber takina of the Property, or put thercof, or foc conveyanoe ia lieu of condemnation. an het+eby? asst~ned and shall be paid to Lender. In the eveat of a total taking of the Property. the proceak shall be applicd to the a~ma secured by this Mortsage. with the excess, if any. paid to Borrower. In the event of a partiat takina of the Pwperty, unless Borrower and I.endar otherwise aarx in ariting. thec+e :hall be applied to the suans secured by this Mortaage wch propwtton of the proceed~ ~ u is equal to that proportion which the amount of the :ums securod by this Mo~age immediately prior to the data of taking bears to the fair marka value of the Froperty immediatety prior to the date of taking, whh the balance of the proceeds _ paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by Lender to Bormwer that the ooadannor ol[e~s to malce an award or settk a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorined to colkct ud apply the pmceeds. at Lenckr's option. either to nstoratio~ or npair of the Propeny or to the sums secured by this Mortgaae. - Unku Lender and Borrower otherwise sgrce in writing, any such application of pmcads to principal shall not exta~d or poatpone the due date of the awnthly instaliments nferrod to in pangnphs 1 and 2 hereof or change the amount of such imtallments. 1~. Earswer 1Vot Relarci. Extension of the time for payment or modiscation of amortirition of the sums secared by this Mortgage granted by Lender to any sucoessor in inte~est of Bomower shail not operate to nkase. in any manner. the liability of the original Borrower and Borrower's suaxsson in intenst. Lender ahall not be rtquired to ooaunenoe proceed'mgs against s~ch suoces.wr or refuse to exteod time for payment or otherwise modity amortization of the sums securod by this Mortgsge by reison of any demand made by the o~ginal Bornower and Bomower's succeasors in interest. il. ForDeara~ce d~ I.eaier Not s Waher. Any forbearance by Lender in esercising any right or remedy hereunder, or otherwise atfordod by applicabk law. shall not be a waiver of or proclode the eacercix of any such risht or nmedy. The procurement of insurance or the payment of taxes or other lieas w charges by Lender shall not be a waiver of Leader's ~ right to acceknte the maturity of the indebtedness secured hy this MoRgage. 12. Rededies ~moLN~a All remedies provided in this Mortgage qre distinct and cumulative to any other rigbt or _ remedy under this Mortgage or aftorded by law or equity, and may be eacercis~d rnncurrently. independently or sucoessively. 13. Sxeeasas aea~ A~ ~ou~d: Jofut aed Se~erd i.i~; Captio~. The covensnts and agreemeats herein contained shall bind. and the rights hereunder shall inun to, the rapective succeaors and usig~ of Lender and Borrower. subject.to the provisions of paragraph 17 hereof. All oovenants a~d agreements of Borroaer shall be joint and several. The captions and headings of the paragraphs of this Mortgage an for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicabk law to be given in another manntr. (a) any notioe to Borrower provided for in this Mortgage shall be given by mailing such noticx by certi&d mail addressed to Borrower at ' the Property Addras or at such other address as Barmwer may d~signate by notice to Lender as pmvided herein. and (b) any notice to Lender shall be given by artified mail. retum reaipt requested, to Lender's addras stated herein or to such other address as Lenckr may designate by notice to 8orrower st provided herei~. Any notioe provided for in this Mortgage shall be dcemed to have been given to Bornower or Lender when given in the manner designated herein. 1S. UsiEw~a Mort~e; Go~eroin~ I.aw; Se~enb~. This form of mortgage rnmbina uniform oovenants for national ~ use and non-uniform covenants with limited vuiations by jurisdiction to constitute a uniform security instrument oovering ; real property. 'i7~is Mortgage shall be governed by the law of the jurisdiction in which the Property is lceated. tn the ; eve~t that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conRict shall not atfect ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. sad to this eod the provisions of the Mortgage a~d the Note arc declared to be severable. E 16. Horrower'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. Traoder of ttie Property: Aswwptioe. 1f all or any part of the Property or an interest therein is sold or transfened ~ by Bonower without Len~r's prior written consent, excluding (a) the creation of s lien or encumbrance wbordinate to ! this Mortgage. (b) the creation of a purchase money security interat for household applianca, (c) a transfer by devi:e, _ ~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat of three yeus or less not containing an option to purchase. Lender may. at Lender's option, doclare all the swns sxured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to acxelerate if. prior to the sale or transfer. I.ender and the penon to whom the Property is to be sold or transferrcd rcach agreement in writing that the credit of such person k is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at :uch rate as Lender ~ shall roquest. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's succasor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rclease Borrower from all ~ obligations under t6is Mortgage and the Note. ~ if Le~der exercises wch option to accekrate. Lender shall mail Borrower notice of acce{eration in accordancx with ~ paragraph 14 hereof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declarcd due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on~Borrower, invoke any remedia permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borfower and Lendei fuithe~ CovCnant and agree as fOllOw=: is. Aceeleratbr, Reo~edia. 8scept a~ pro~Wcd ~ piuss~ 17 6ereot, .~o. so~o..~s eK~ ot ~r ~o.e...~ or a~reeme~t ot~or~+uwer b tbis Mo~e, i~ciodin~ tie co~eaaMs to Ny wacw ~e ny wo~t sec~ed 6~ tLb Morf~a~e, I.esder prbr to sccderatloa ttiaH ~ notke M Sorrow~r as pro~Wed h puapspb 14 rerrot s~eelt~s (1) ttie breae~i tit aetio~ reqeirei b c~re sscti breaclM (3) a date. ~et las traa 30 dsrs frois t6e date tbe ~otlee r~Bei bo Eorrowu. d!' wWcti a~cY M~e~c6 ~at be c~red: aod (4) t6at tai~re to aw~e asch breach oe or beEore ttie iate spediei ia tie ~ofke ~ay res~it i~ accderNio~ of tre s~ nc~rcd by tbis Mortsa~e, torecbmre bf jodtcial proce~ a~i s~le ot tre !~o*ertf. '11K ~otice ~ s6aY Eorlie~ i~tor~ Eorrower d tre ri~Yt to ~ei~shh dter accekratio~ awd tre rl~t b aNert ir tie foreeionrs ~roeeeai¦~ ~ tYe ~orezWe~ce of a detadt or aiey otrer deteo~e ot Sorrower to accekratio~ awa foreclow~e. K fie breac~ is ~ot c~d a~ ~ or beton tbe dNe ~ i~ tie ~ofice, I.e~der ai Le~ders opNo~ oay decWs ai ot ttie seaa iec~rei y t~ Moe1~e b be ? isatediahty d~e ~ p~~abk wifb~t tatler dew~ a~d a~ torcciose tW~ Mor1[~ ti7' 1~~ M~ I.e~ier rlal be eMWei to eo.eet i~ wcti proeeedie~ a~ es~erea of toreclowre. dcl~+ b~t ~ot i~itei te, rea~o~uiie atl~ iMS. a~sd oods ot aoc~aea~ary erWe~ce, ab~trseb a~d tltle ~epoeb. 19. lorrower'~ Rf~it to Relrtata Notwithstanding Lender's acoeleration of the wms secured by tha Mortia~e. Borro~wer shall have the right to have any proceedings begun by Le~er to enforve thi: Mortpge discontiaued at my time 8~~25 9~ 4 _ t.