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HomeMy WebLinkAbout0984 r ; ; 1 ~ ~ ; ' lenUers wnlten agreement or applicat~le law. Borrowor shalfpaY the amount of all mortgage,i~3Ur~lnce Iprem~r~r~l~ the ' ~ manner p?ovided undQr paragraph 2 hereoL ' ; Any amQUnts disbu~seu by lender pursuant to Ihis pa?agraph 7, wilh interest iherQan, shall become addiGonal ~ mdebledness of Borrower secured by Ihis Mortgage. Unless F3errower and Lende? agree lo other lerms cf payment, such amounts shatl be payable upon noiice from Lender to Borrovier requesting paymenl thereol, and shall bear inle!est trom the : date o( disburseme~~t at the rate payab'e Irom time tc time on ou~Gtanding principal under the Note unless paymenl ot interest at such rate would be cantrary to appticable law, in which evenl such amounts shalf bea~ interesl at the highest rat~ permissible under applicabte law. Nothing contained in this paragraph 7 shall req~~ire Lender to mcur any expense or talce ' any aclion he~eunder. ~ ~ ~ ~ 8. ~t Insprctlon. lender may make or cause to be made reasonable entries upon and inspections ol lhe Property, ~ ~ provided that Lender shall give Borrower notice pro~ to any such inspection specitying reasonable cause therefor related to ~ ' Lenders interest in Ihe Property. ~ 9. Condentnatlon. The proceeds ot anya~vard or claim for damages, direct orconsequenl~at, in connect~on w~th any ? condemnation or other taking ot the Proper[y, or part thereo(, or tor conveyance ~n lieu ol condemnation, hereby ass~gned F. and sliall be `paid to Lender. ~ ~ In the event o( a total taking o( the Pruperty, the proceeds shalt be applied to the sums secured by this Mortgage. with the excess, if any paid to E~orrower. In the event ot a p~rtial tak:ng of the Property unfess 6orrower and lender ~ otherw~s~.agree in writing, Ihere shall be appfied to the sums secured by this Mortgage such proportion oi the proceeds ~ as is equal to tt~at proporUon wh:ch the amount o1 the sums secured by this Mortgage immediately prior to the date of . ~ taking bears tq the fair market value ut the Property immediately prior to the date o( taking,.~itit the balance ot the proceeds - ; paid to the Borrower. • ~ ~ 3 If the Property is abandor~ed by Borrower, or if, aiter notice by Lender to @orro~ver ihat ihe condemnor o(iers to make ; an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days alter the date such notice is maiied, Lender is authorized to collect arici apply the precEe~s, at Lender s option, eith~r to restoration or repair ot the Property or to ihe sur*~s secured by this Mortgage. • ~ Unles's lender and Borrower othenvise agree in writ~ng, any such application of proceeds to principal shall not extend or postpone lhe due dale ot the monthly installments referred lo in paragraphs t and 2 hereof or change the amount oi . ~ such installments. - ' ; 10. ~orrower Not Released. Extension ot th~ time (or payment or modi(ication oi amortization ot the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to retease, in any manner, the Iiability:Qf the origina~ .Borrower and Borro~vers successo~s in interest. Lender shall not be required to commence proce~dings against such s~ccessor Qr refuse to extend time~for payment or othenvise modify amortization of the sums secured tiy this Morlgage by reason of any demand made by the original Borrower and Borrowers successors in interest. ~ 11. .Forb~arance by Le~nder Not a Walvar. Anyforbearance by Lender in exercising any rigtit or remedy hereunder, t ~ or otherwise aftorded by applicable law, shall not Ge a waiver oi 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 Lsnder shall not be a waiver of Lende~s ~ ~ right io accelerate the maturity of ihe indebtedness secured by this Mortgage. ~ - 12. Remedles Cumulative. Atl remedies provided in this Morfgage are distinct ano cumulative to any other right or ~ remedy under this Mortgage or afforded by laworequity, and may be exercised concurrently, indepenCentlyor successively. i 13. Successors ~nd Assigns Bound; Joint and &everal Llabilit}; Captlons. The covenants and agreements - ; ; herein contained shall bind, arid lhe rights hereundpr shall inure to, the respeciive successors a~~d assigns oi ~ j~ ~ ! ender and Borrower, subject to the provisions ot paragraph 17 hereof. All covenants and agreements of Borrower shall be ~ ~ joint and several. The captions and headings ot Ihe paragraphs oi ihis Mortgage are fo; covenience only and are nol to be used to interpret or de(ine lhe provisions hereol. _ - . . . 14. Notice. =xcept for any not+ce required under applicable iaw to be given in anoiher manner, (a) any no!ice to Barrowsr provided (or in this Mortgage shall be given by mailing such notice by certitied mail addressed t~ E3orrower ~t lhe Property Address or at such other address as E3orrower may designate hy notice to Lender as provided herein, and ~ (b) any notice to Lender shall be given by certitied mail, retu'rr~ receipt requested, to Lende~s addre;s statrd-l?~reii~ or to such uther address as Lender may designate by notice to Borrower as provided herein. Ar:y notice povided fQr in this f . Mortgage sha11 be cJeemed to have been given to Borrower or Lender when given in the manner designated herein. _ 15. Untform Mo~tgage; Governing Law; Severabillty. This ~orm of mortgage camb~nes ~~niform cove~ants tor i na(ional ~se and non-uniform c~ve:~ants with I~m~ted var~ations by ~uri§dic~ion to constitute a unifc:m security instrument ~ cover~ng real proper!y. The state and ~ocal laws appl~cabte lo this Mortgage shalf be ~he la~vs of the jur~sdiction in which _ ~ - the Properry is located. The fo~egoing senterce shall not I~mi! the apphcabilityo( federal law to this mortgage. ln the event ' that any prov,sion or clause ot th~s Mortnage or the Note coniliets with applicable lav+. such conflict siialf not atfect otrar ~ provis~ons ot th~s Mertgage or the Note ~vh~ch can be gwen elfect without the conl::ci+;~y proti~ision. ~nd lc th~s end tne ~ provisions o( the Mortgage and the Note are declared ?o b~'severable. ~ ~ ~ 16. - BorrowePs Copy. Qorrower sha11 be fumished a con(ormed copy o( the Note and of this Mortgage 4t the time ot ex~cution or after recordation herecf. 17. Transfer of the Property; Assumptlon. If alt ~rany part of the ProGzrtyoran interesl therein is sold ~r trans(erred _ ~ by Borrower withoul Lenders prior written ~onsent, excluciing (a) the creatio,i ot a lien or encumbrance subordinat~ to ih;s tvlortgage, (b) the creation of a purchase money security interest tor household appliances. (c) a transter by devise. _ descent or by operation o( law upon the death ot a joint tenant_or (d) the grant o( any leasehotd interest oi ihree years or less ~ ° . not containing an option to purchase. Lender may, at Lende~s option, daclare ali the sums se~urad by this Mortgage ro be ~ ; ~rr~mediatety due and payabie. Lender shall have waived such uption t~ accelerate ii priol to the sale or lransfer. Lender g and tne person to whom the Property is to be sold or transterred reach agreement irz writing that the credil oi such person 3 s - is satis(acto?y to Lender and that the inierest payable on ihe sums secured by this Mortgage shail be at such rate as Lencier ; shall req~est. If lender has waiv~d the option to accelerate provided in lhis paragraph 17, and it 8orrower s successor in ; ; interest has executed a written assumpt~an agreement accepted in writing by Lender, ~ender shall release Borrower irom all ~ obfigations under this Morlgage and the Note. ~ ' ; ~ If Lender exercises such option to accelerate, lend2r shall mail Borrower nolice ot acceleration in~accordance ~vifh - parag~a f.h 14 hereoi. Such notice shall provide a period o( not less that 30 days irom the date the nalice is maited ~4ithin ~ which Borrower may pay the sums declar~d due. If Borrower tails to pay such sums ~rior to the expiratior; of such period. ~ { Lender may, without furlher notice or demand on Sorro~ver, invoke any remedies permitted by paragraRh 18 heseoi. ~ - NnN-UNIFO :M C~VENANTS. Berrower and Lender f~rther covenant and agree as tollows: . 18. Acceleration; Remedies. Except as provlded In paragraFh 17 horeof, upon Bor~ower's br8ach of any { covenant or agreement of Borrower in this Mortgage, includtn~ the covenants to paywhen due any sums secured ~ by thls Mortgago, ~ ender prior tu acceleratlon shall mail notice to @orrower as provided in para~rsph,l4 hersof ~ ~ specitying: (t) the bresch; (2) the action rsqutrsd to cure such brsach; (3) e date, not lass than 30 days irom the i dat~ the notiee is msll~d to Borrowar, by whlch such breach must be eurrcl; and (4) that fatl urs to cure such bfaach ; on or before the date speclfied in the notlce msy rasult tn acaeleration of the sums sacured by this Mor:y~ge~ ~ toreclos~r~ by judiclsl proceeding and sale of the Property. '1'he notice shal l further inform ~orrower of the right to reinstate after acceleration and the right io as~ert In ths toreclosurs proc~edln~ the non-Qxistence of s default er any other defense oi Borrower to acceleration and toreclosure. Ii the brsach Is ~ot curad on o~ bsfors th~ date~ . speclfled in the notice, Lender at Lender's optton may declare all ai the sums secured by this Mortgag~ to be immediately due and payable without further c~emand End may foreclose thls Mortgage by judicial proc~ediny. Lendsr shall be entltled to collect in such proceedi~g all expenses of forsclosure, M~ludin~, but not Umit~d to, reasonabls attorne~s fees, and costa of documenta.ry evld~n~e, abstracts and title roports. ; 18. Bor~ower'a Right to Reinstate. Notwithstanding Lender s acceleration ofi the sums secured by this Mortgage. - Borrower shall have the right to have any proceed~ngs begun by Lender to eniorce this Mortgage discontinued at anytime . " ` - aoo~ ~8~ ~Pa~F ~ . . . ~ ; _ .