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HomeMy WebLinkAbout0938 i l.enclcr's wrilten agrccment or applicable la~?~. l3orr~~wer shall Eay the amount of al{ martgage insurance premjurpz,i~ the ntanner pr~vidc~l tmder paragraph 2 hereo;. , ' ' ; " ~ Any Amounts disbursed by l_en~!e~ pursuant to this paragraph 7, with interest therec~n, stiall hecome additional in~tchtcdncss of Bnrro~~•cr sccured hy this :ltortgagc. Unless Aarro~+~cr an~l Lcn~lcr :~grcc ta othc~ tcrms of paymcnt, such amounts shall t~e payable upan naticc ~rom i.cnder ta Borro~vcr rcquesting paymcnt thercot, anc! shall tx;ar inter~st from the da!e ef disbursement at the rate payahle from time to time on oulstanding principa! ~mder the Note tmless paymant of interest nt such r~te k•ould be cantrarp to ~pplicable I~w, in ~+~hich event such amouats sh~l! hear interest at tl?e highest rate pcrmissiblc unde; applicablc law~. Nnthing containcd in 1I11C ~1f1~f8~1f1 ~ shAll rcquirc I.endc~ to incur any expense or take ~ any action hc~~undcr. 8• inspeclJon. I.ender may ii~:ikc or r,~use ta he made reamnaMe. r..~t; ies upon and inspectinns of the Properly, provided ~ that I.ender shall give Borrower notice prior t~~ any such inspectioi~ spcci[ying reasonable cause therelor related to I_ender's intcrest in ihc Propcrty. _ , 9. Condemnation. The proceeda oF an}~ a~~~ard or claim for damages, dlrect or c~~nsequential, in connection wilh any condemnation o~ other taking of the Property, oc part thercof, or for canvcy~ncc in tieu of condcmnation, are herehy assigned ~ and shall bc paid to i.endcr. ~ In thc cvent ~f a toi~l faking oi thc Propcrtp, thc procecds shall bc appliccl to thc cums sccured by this Mo~tgagc, with thc cxcess, if ~~y, paid to Borro~vcr. In thc cvent uf a partial taking of thc Property, unlcss I3orrowc~ and I_ender . otherwise agree in writing. there shaN he applicci to thc sums secured hy this Mortgage such proportion of the proce~ds _ as is equal to that propartion which thc amount af thc sums securcd hy this Tiortgage immcdiateiy priar to thc date of taking bea~s to the fair market value of the Properl~' immedi:~tely~ prior ta the d~~te of laking, with the ballnce ~~f the proceeds paid to Borrower. ~ ~ - If the Propertp is abandoned bp Borro~vcr, or iF, aftcr notirc by l.endcr to Barrower that the condemnor ofie~s to make an 1R~ard or settle a cl~im for damagcs, t3orrowe~ fails to res~x,nd to t.ender within 30 days afler 1he date such notice is i mailed, I.ender is authorized to collect and ~~rty the proc~ed3, .it I.ender's c~ption, eilher t~ restorat's~n or repair of the } Pmpcrt~~ or to thc sums sccurcd b~• this 1liortg~gc. j Unless I.ender and Barro~~~er othcn~•ise agree in «~rilinc. an)' such application of prc?ceeds to principal shall no: extend ~ or postpone thc duc Jate o[ the monthly installmcnts refermd to in rar~graphs 1 and 2 her~of or change the ameuM uE' such insttllrT~.nt~. 10. Rorrower ~1of Released. Extension of the time for payment or modificatior~ of amortization af the sums secured by this Morigagc. granted hy 1_ender to any successor in intercst af Borrowtr shall not operate to. release, in any manner. the liability ~f the origi~ial Bosro«~cr and I3orrow~~:i s siiccessors in interest. i_ender shall not bc reqi~ircd ta commence proceedings against such successor or re[use to extend time (or payment or otherK~ise modify am~riization af the sums ~ securcd by this Mortgage hy ~eason of anp c3emanc! made b)~ the oriGinal Borrn~~er and Borro~•er's st~ccessors in interest. ~ ll. Forbearance by i.ender Not n Waiver. r~ny f~rtiearance h~~ I.ender in exercising am~ right or remedy hereunder, o: ; otherwise afiorded hy applicable law, shail nc~t Tk a wai~•er of or prerlude the exercise of an~• such right or remedy. ~ The procurement of insurance or the pa~~ment of taxes or other liens or rhargcs by i.ender sh.+ll not be~a ~ti•aivcr of I.ender s • right ta accclcratc thc maturit}• oP Ihc indchtcdne~s secured hy this Alortgagc. ~ l2. Remedies Comulati~•e. All remc:3ics ~rc~~~idcd in this rtortgagc are distinct and cumulative to an}~ ~thcr right or remed}• under this Mortgage or ai~ordcd h~~ law ~~r equit~~. and ma~- hi e~ercised concurrently, independentl}~ or successivelp. ~ l3. Successors and A~igns Bound; Joint an~i Sc~eral f.iabitit}; ('aptions. Thc co~'enants and agrrements herein _ contained shall hind, and the ri~hts hereunder sh:~ll im~re to. the re>pective suceetisors and as~igns of Lender and Borro~ver, subjcct to thc pravisions of paragraph 17 hcrcc~f. All co~•enants an~l agr~cmcnts of liorro~~~cr shall bc jaint and several. ~ The captions an~l hcadings of thc plrae~aphs of thic ~tc,rt~:?~r arc• for com~cnicncc onl}• anJ arc n~t to be usc~ io intcrprct or define thc provisions hercof. ]4. Notice. Fxcept for any notice required iindcr :+~plicah{r ia~~ t~~ be given in anather mar~ner. (a) any notice :o ~ Borrower pn~vided for in .his ;ltortgage shall he eiven b}- ;nc~iline ~«ch notire b~~ c;ertified m:ei! .~ddress~d to Barraw•ec at ~ - the Property Address or at such othe; address as [3urr~~~~~cr ma}• designatc b~~ notirc ro I.rnder -as providcd hcrcin, ared } given h~~ certifed mail. return rece~pt r~yuested. !o l.ender ~ ad~lress stated herein or to ~ (h) an ~ noticc to. I.~..:1er shall he " such other address as i.ender ma~~ designate by ~sotice t~ Iiorrower as providecl herein. !1n}~ no~ice provided for in this Mor~gagc shall bc decmcd to ha~~c bcen givcn to Borrc~«•cr or l.cndcr ~~~hen givcn in thc manncc Jesignated herein. l5. Uniform 111ortgage; G~?~•ernin~ Lan•; Se~•erabilih~. Thic forr„ o( mortgage comhines aniform covenants for nationsl use anci non-uniform covenams ~~~ith limite~! ~•ariafions h}• jurisdicti:~n to constitute a unifo.rm securit}• instrurttent covering 3 rea) propert}~. Tt?is Mortgage shall E~e govcrned h}• thc laH• of ihe. jurisdiction in «~hich the Property is located. In the { event that any provision or clause of this 1~4ortgace or the ~ate contlicts ~sith appficahle laW, such conflict shall not afiect ~ nther provisions oC this Mortgage or the Note «•hich r.~n be given ef~ect ~ti~ithout the ~on8icting provision and to this ~ end the provisions of the M~rtgage and the Notc are dccl.?red to he severable_ 16. Borrow~er's Cop}•. Borro~?•er shalf be furni~hed a cc~nformed copy of thc ~'~'ote and of thic Mortgage at ihe time ~ of cxecution or after recordateon hereof. . ~ ~17. Transfer of the Property; Assumption. If all ur am• part of the Pr:~perty or an intcrest therein is sold ~r transferred ~ by Borrow•cr withoi~t Lender's prior ~~•ritlrn consent, excluding fa) the~ cre~+tion of a lien or encumbrance subordinate to s this Mottgage, (b) the creation of a purchase m~ney security interest for houschold applianres, (c) a transfer by devise, ~ descent or by o~:ration of !a<<: ~~pon the dea~h of a jc~im tenant or [d) the grant o( any Ieaseh~ld interest of three }•eass ~r less t nnt containi~g 3n option to purchas~, Lender ma}~, at I.endcr'~ option.- declare alt the sums sect~red by this T.iortgage to be immediatcly due and payable. Lender shali have wai~~ed such option to accelerate if. prior to the sale or transfer, i.ender i~ and the person tn whom the Fropcrty is to be sol~l or transferred reach agreement in ~+~ri~ing that the credit of such person i; sai+sfactory to Lender and that ihc interest payabic on the sums secured by this Alortgage shal! be at such rate as Lender shall reyuest. Tf I_ender has waived the option ta accrlerate pro~ided in this paragraph 17, an3 `f Borrower's successor in ~ interest has exeGUted a written assumption agreement accepted in writing by I.ender, ~_ender shall release Borrow~er from all obligations under this biortgage and thc NotG. . ~ . * ~ If I_ender exercises such option to accele:atc, l.ender shaP mail Borrou~er notice of acceleration in accordance with • ~ paragraph 14 hereof. Such notice shal! provide a period of not less than 30 ~1a}•s irom the date the notice is mailed withi~ ; u~hich Borrower may pav the sums declcired due. If I3orro~cer lails ta ~~ay such st+ms prios to the expiration of sucfi period, ~ ~ Lender may, without further notice or dcmand on }3orroH•er, im~oke an~~ remedies permitted h}• paragraph 1R hereof. - ~ _ ~ Nox-U.r~FOFt~t Cove:v~NTS. 3arrower and l.ender ~urther covenant and agrce as follows: ~ ' 18. Acceleratlon; Remedies. Except a~ provided in p~ara~raph 1'f hereof, npon borrowe~s i_~r_ach cF «ny covenant or ~ agreement of Borrower in th~s Marfgage, including the co~•enanfs to pay when ~ue an}• sums secured by thts Mortg~ge, i.eader ~ prior to acceleratfon shall mali notice to Borrow~er as pro~•ided in paragraph 14 hereof specifyfng: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whkh such ' - breach must be cured; and (4) that failure.to cure such b~earh on ar before the date specifitd jq the notfce may res~lt in ~ s~cceleration.of !he sunu secured by tnis Morfgage, farec[osur~, ;y judicial proceeding and sAle of the Properfy. 'ilu notice - ~ shall further inform Borrowec of the right to rein,tafe after acceleration and the right to s~sstrt in the forcciasure prnceed~eg ; the non-existehce of A default or any Wher drfense ot Borrower to ~cceieration snd foreclosure. If the brench is Qot cared on : or before the dat= speci~ed in the »otice, Lendtr af Lender's option may declare all of the sams secured by this Mocfgage to be : immediately due and payAbie wlthout further demand and may forec{ose this Mortgage by judiciai pror_eeding. Lerader shall ~ be entiHed to collect in such proceed~ng all expenses of forec{osure, including, but nat IiR~ilyd to, rexsonsblt sttorney's fees, - . and costs of documentsuy ev3dence, abstracts and :itle reporfs. - 19. Borrower's Ri~ht to Reinstate. NotwithstandinF lcnder's acceleration of the sums secured by this Mortgage, _ Borrower shaU have the right to have any proceedings t7egim h,r• I.ender t~ enforce this Martgage dis:ontinued at any time E ! ~ aooK 377 p~cE _ i ~ . - _ .