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HomeMy WebLinkAbout0922 ' Lendei s written agreement or applicable law•. Borrower shall pay tFye ~mou4t of all ~~t~;e insurance premiums in tht manntr provided under paragraph 2 hereol. Any amot~nts disbursed by Lender pursuant to ~his parrgraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unles~ Borrow~er aad Lender agree to othe~ tetms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interat from the date of disbursement at the rate payahie from time to time on outstanding principat u~der ~ttye l+~at~ unless psyment of interest at such rat~ would be contrary to app)icable law, ;n which event such amount~ shatl ~ear interest at the highest rate ~ermissible undor applicable law. Nothing contained in this paragraph 7 shall rcquire Lender to incur any exptnu or take any action hereunder. 8• tospection. Le~der may make or cause to be made reasonable entries uFon and inspections of the Properly, pr~vided that Lendet shall. give Borrower notice prior to any such inspec~ion specifying reasonablC cause therefor related to Lender's interest in the Property. 9. Condemnatbn. The proceeda of any aw•ard or claim fpr damages, direct or consequentiat, in connectiun with any condemnation or other taking of the Property, or part thereof, or for ronveyance in lieu of condemnation, are hereby assigned and shall be paid to I.ender. In the event of a rotat taking af the Praper~y. the proceeds ~hall be applied to the sums securcd by this Mortgage. with the ercess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Bo~mwer and Ltnder otherwise agree in writin~. there shall be applied to the sams secured by this Martgage such proportion of the proceeds as is equal to that proponion 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 Property immediately priar to the date of taking. with the balance of the proceeds paid to Borrower. ~ If the Propert}~ is abandoned E~~ S~rrower, or if. after notice by I.cnde~ to Bormwer that the condemnor offers to makt an award or setNe a claim for damages. Borrower fails to respond to l.tnder w~ithin 30 days after the da~e such notice is mailed. Lender is authorized to collect and apply the proceeds. at [_ender's option. either to restoration or repair of the Property or to the sums secured b}~ this Mortgage. Unless I_ender and Borrou•er ntherwise agree in uritfne. am~ such application of proceeds to principal shall not exsend or postpon~ the due da~e of the monthl} installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments ' 10. Borrower Not Released. Extension of the time for payment or modiScation of amortizateon of the sums secured by this Mortgage granted by I.ender to any ~uccessor in intere~t of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Bi~rrower'~ succes~nrc in interest. I.ender shall not be required to commence proceedings against such successor or refu~e to extend time for payment or otherv?ise modify amortization of the sums secured by this Mortgage by teason of any- demand made b}• the vri¢inal 8orrower and Borrower's successors in interest. ll. Forbeamnce by Lender Not a Wai~~er. Am• f~.~hearance h}• l.ender in erercising any right or remedy hereunder, or ' otherwise af~orded by appiicable law, shall not he ~ waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of ta~e~ or other liens or charges by t_ender shall not t+e a H•aiver of I.ender's right to acceierate the maturity of the indehtedness ~erured hy thic Mongage. l2. Remedies Cumulati~e. All remedies pm.~ided in this Mortgage are distinct and cumulative to any other right or remedy sinder this Mortgage or affordcd hy law- or equity. and ma}• be exercised concurrenNy. independently or soccessively. 13. Succcxsors and AssiRns Bound; Joint and Se~eral I.iabiiity; Capfions. The covenants and agreements hertin contained shall bind, and the riQhts hereunder shall in~+re to. the respective succetson 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 paragraphc of this htortgage are for convenience only and are not ta be used to interpret or define the provisions hereof. ~ ld. Notice. Except for any notece required under ~pplicable law to be given in another manner, (a) any notice to ~ Borrower provided for in this Mortgage shall be given b}• mailing ~uch notice by certified mail addressed to Borrower at ~ the Property Address or at such other addrecs as Borr~~w•er ma~• designate by notice to Lender as provided herein, and (b) any notice to Len~er shall be given by certified maii. return receipt requested. to I ender's address stated herein ar to such other address as Lender may desi¢nate by nMice t~~ Borrower as pro~•ided herein. Any notice provided for in this ; Mortgage shall be deemed ro ha~e been g~ven to Borrower or I_ender ~•hen given in thc manner designated herein. 1S. Uniform MoriRa~e; Governin~ I.aw; Severab~lity. This form of mortgage combines «niform covenants for nationat ' use and non-uniform covenants with IimiteJ variatians h~• jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed hr the law~ of the ;urisdiction in whieh the Property is located. In the event that any provision or clause of this Mortga¢c ~.r the Note conflicts w ith applicable law, such conflict shall not af[ect other provisions of this Mortgage or the Note ~hich can be given efi'ect without the conftic~ing provision, and to this end the provisions of the Martgage and the 'Vote are decl:~red tc. he ceverable. ~ l6. Borrower's Copy. Borrower shall b~ furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumplion. If all or an~ part of the Property or an interest therein is sofd or transferred by Borrower without Lender's prior µritten consent. excluding (a) the creati.~n 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 ~ieath ~f a joint tenant or (d? the grant of any leasehold interest af three years c~r less not containing an option to purchase. Lender ma}~, at Lender's option. deciare ati the sums secured by this Mortgage to be immediately due and payahle. Lender shall ha~e ~+~aivrd ~i~ch optio» to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is to be sol~i or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intere;t pa}~able on the sums secured by ihis Mortgage shall be at such rate as Lender shall reqyest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement acceptrd in writing by Lender. Lender shall release Borrower from all obligations under this Mongage and the Note. If Lender exercises such option tu accelerate. LenJer shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a pericxl of not less tt~+n ?0 days from ~he date the notice is mailed within which Borrower may pay the sums declared due. If Borro~er fails to pa~• such tums priiir to the expiration of such period, Lender may, without further notice or demand on Borrower, im~oke am~ remedies perroitted b~• paragrap~ 1 R hereof. NoN-Ux~FORt~r CovEnr~tvrs. Borrower and [.ender further covenant and agree as follows: 18. Acceleration;.Remedies. Except as provided in par~raph 17 hereof, upon Borrower's breach oE stny coveasnt or agrcement of Borrower in this Mortgagt. including the coveaants to pay when due aay sums secured by this Mortgage, i.ender prior to accekration shall mail notice to Borrower as provided in part~raph 14 hereof specifying: (1) ibt brcach; (2) t6e srtion req~red to can socb breach; (3) a date~ not less thao 30 days from the date the aotice is ~reailed to Borrower, by wblcb snch breach ma~t be curcd; an8 (S) that failure to cure such breach on or before the date specified ia the aotice msy radt ir. aceekrstloa of t6e snms secured by this Mortgage, forcclosure by judicial proeeedin~ and sak of the Prope~ty. The potice shall further inform Borrower ot the right to reinstste after acccktation and tt~e right to assert ia ti~e fortrbsun ps+nceed~ the noa-existeace of a defauk ar aay other defense of Borrower to acceleration ar~d fonriosure.. If tbe bresch is oot cnred oa or befon the dafe specified jn tbe notice, Lender at Lender's optioa may declare all of the snms secered by this Mort;a~e to be immediatcly due and payabk w~ithout furthsr demand and mry forerbsc tfii~ Mortgs~e by judicisl procsediu=. Leoder shaU be entitlsd io coliect in suc6 Praceedieg all expeases of foreclosure. iaciudia=, bnt not lirajted to, reawoabk attorney's fees~ aod costs of docoraentary evideoce, abstracts and title trpar-b. 19. Ddrrower's R~ht to Reinstate. Notwithstanding Lender's acceleration of the sur.?s securcd by this Viortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diuontinucd at any time ~0~( P~6~ ~ - _ ;