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HomeMy WebLinkAbout0641 ~ ~ Leader's writtea apeement or applicabb law. Borrowcr shall pay the smount ot aU mort~ago inwrance pcemiums in tl~e ~ maaner p~ovidai under pa~raph 2~ereof. ~ Any ~nwunb disbursed by I.ender purswnt to tha pa~faph 7. wiih intorat theroon. shall become additional ~ indebtednas of Borrower sxured by this Mongaae. Unless Borrowe~ aod Lender ajroe to abw cerms ot paymea~, a~h . . amounts ~hall be payabk upon notice from Lender to Bornower rcquesti~g psyment theroat. and shall bear interost from ths data ot dlsbur:eaaept at the nte payabk from time to time o~ ouKtandi~ principal under the Note unkss psyment ot iAterat at wch rate woWd be rnatnry to spplicabb law, in which event such amounb shatl beu iataat at the hi~hest ra~a ' permadbk in~de~ applicabk law. Nothins conta~ed in this para~raph 7 shaU roquire Lende~ to i~uc my =x~x st t~a any sctloa Ae~uader. a. i~erlio~. i.endet rr?ay make or cause to be made roasonabk entries upon and inspoctions ef the Property. provided that Lender shall Sive Sorrowe~ notice prior to any such inspectioa specifyina reasoaaWe cawe tM~efor rtlated to I.atder's interost in the Property. ' 9. CNie~ado~. T1ie proceeds of any sward or claim for damages, dircet or consequential. in oonnectloo with aay condemnation or dher taking of tha Pwperty. or part thereof, or fot ca~veyana in lie~ of coadantu~tioa. ue het+eby aui~ncd and shall be piid to Lende~. . In the eveet of a total taki~g of the Property, the proceeds shaq be applied to the stma ~ecurod by tha Mortsa~c. wlth the exoess, if any, paid to Borrowsr. In the event of a partial taking of the Property. unless Bor: awer atid Lender otherwise sgree in writing, thets shall be applied to the sums xcured by this Mortgage such proportion of the prooee~4 . ai is equal to tbat propoltion wbich the amaunt of the sums secnred by this Mortgage immediately prior to the date ot takiag beaa to the fsir mu1cN value af the Property immediately prior to the date of ~akin~, with the balancs of ths pr~oceedt ~ pa;d to Borr~ower. . ~ ~ ~ 1f the Troperty is abandoned by Borrower. or if. aNer notice by L~ender to Bonowe~ thst the oondam~r oQtrs W nftloe an awa~+d ar settk a claim for damages, Borrower faih to tapond to Lender within 30 days after the date wd~ notioe it - mailed. Lender ~ authoriud to colkct and. aPP1y thc procads. at Lende~'s option. either to ratontion or repait ot die Property or to the sums secured !r~ this Mortsage. Unlas Lender a~d Borrower otlierwise agrce in writing, any such application of proceeds to principal ahall not eactead or pastpone the due date of thc monthly iostallmentt refernea to in parsgraphs 1 and 2 hereof or change th~ amount d such installments. - 10. ~orrower Nat Rekaxd. Extension of the tinK for payment or modification of amoniution of the wms secured by this MoRgage g~nted by Leoder'to aoy successor in intcrcst of Borrower shall not operate to ~+ekase. in any man~et. - the liability of the o~iginal- Borrower and Borrower s succauors in interat. Leeder shall not be teqoircd to comnawa proceedings agai~t such suocessor or refuse to extend time fot payment or othervvise modity amortiution of the suna securcd by /his IYic~rtgage by ~+eason.of any demand made by the original Bomovrer and Horrower's succassors in iMenst. !1, Ror6eanoce ~ Lender Nota Wainr. Any forbearance by Lender in exercising any right or remody hereunder. urt otherwise sfforded by applicabk law. shall not be a waiver of or proclude the exercix of any such tight or temedy. The procurcment of insuranoe or the payment of taxes or other liens or charges by i.endcr shall not be a wairer of I.endec's right to aocekrate the maturity of the iadebtedness securcd fiy this Mortgage. - ~ ~2. Resedies Caw~e, All remedies provided in this Mortgage ar+e distinct and cumulative to any other right or rcmecly under this Mortgage or afforded by law or equity. and may be exercised concurrently, iadependently or suaxssivel~?. 13. S~cee~ors and Assi~s Eouad: 7oiut asd Sereral ILbiNty; Captions. 'il~e covenanb and agree~na~ts l~enin . contained shail bind. and ihe rights hercunder shall ioure to, the rapoctive successors and a~cigns of Lender and Bornaaer, subject to the provisions of paragraph 17 hereof. All covenants and agreemenu of Borrower sha11 be joint and aeveral. '~e captionx and headings of the paragraphs af this Mortgage arc for convenience only and are not to be, u~ed to ' interprei or detine the provisions hercof. 14. Notica Faccept for any twtice requircd under applicable law to be given in another manner. (a) any notioe to Borrowtr pmvided for in this Mortgage shall be given by msiling such notioe by certifled ma~'1 addressed to Borrower at ~ the Property Address or at such other address as Borrower may designate by notioe to i.e,mder as proveded hereip~ aad (b) any notice to Lendor shari be given by certi6ed mail. retum cooeipt requestod, to Lender's address stated herein or to such other addras as Lender may decignate by notice to Bo~rower as provided herein. Any notice provided for in this Mortgage shatl be deemed to have been given to Borrower or Leoder when given in the tnanaer designated fiereia. 1S. Uafforo Mo~e; Go~ernia~ Law; 3erersb~ity. This form of mortgage combina uniform covenants for natiooa) use sad non-uniform covenants with limited variations by jurisdiction to constitute a uniform aocurity inatrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in whish the Property is locatod. In the ' evcot tliat any provision or clause ef this Mortgage or the Note conflicts with applicabte law, such conAict shall not aRec! i other provisions of this Mortgage or the Note which can be given effect without the_ conflicting provision. snd to this ~ end the provisara of the Mortgage and the Note arc declared to be severable. I 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of exxution or after rocordation hereof. ~ ~ 19• 'Tra~sfer uf tbe rropehy: AssampNos. If alf or any pan of the Property or an interat thercin is sold or transferred - by Borrower without Lender's prior written consent. excluding (a) the• creation of a lien or encumbrance sobordinate to this Mortgage, (b) the creation of a purchase money security intercst for household appliances. (c) a tnrafer by devise. desant or by operation of law upon the death of a joint tenant or (d) the grant of any leaxhold intec~est of thrce yean or less not containing an option to purchaae, Lender may. at Lender's option, dxlare all the sums securcd by this Mortgage to be immediately due and payable. Lender shall have waivod such option to socekrate if, prior to the sak or transfer, Le~ ~ and the peraon !o whom the Properry is to be sold or transferred reach agroement in writing that the credit of such persa~ is satisfactory to Ir_nder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf Lender has waived the o~uion to accelerate provided in this paragraph 17, and if Bomower's succxssor in interat has executed a written assumpti~ agrcement acxepted i~ writing by Lender, Lender shail rekase Borrower from all obligations under this Mortgage and the Note. ~ If Lender exercises such option to accekrate. Lender shall mail Borrower notice oE accekration in accordance with paragraph 14 hereof. Suc6 notice shall provide a period of not leu than 30 days from the date the notice is mat~ed within which Borrower may pay the sums deciared due. If Borrower fails tn pay such sums prior to the expiration of such period, L.end~r may. without further notice or demand on ~Borrower, invoke any remedits permitted by paragaph l8 hereof. ' Nox•U~tFOR~t Covexerrts. Borrower and Lender fuRher covenant and agsee as follows: ~ 18. Accderatio~; Rea~c~es. Bzcept ~s ~ro~faed b p~easr~pr 17 Mereof~ ~os Eorrows~s b~eaeL of sy co~e~t ~ a`reaoeat ot Eomower L tNs Morl~a~e, ~~~o.~ eo py a~ ~r soms sa~cd Iry tris Mort~a~e, T.e~~ ~ Prbr to scedera~ow s6aH ~aY ~ottce to torrower as pr+n~Ne~ h~ 14 ~ qiec~io~: (1y ttie bnacb; t~ t~e setio~ ~ ~ ~eqaired to em s~ ~acti; (3) ~ d~e, aot lw tia~ 36 da~s trae tl~e aate tLe soHce i~ ~ed to aorrowu, b~? wWci ssci ' ° 6Rac6 so~t be e~e+t~ a~i (4) t~at ts8~r+c to a~e wcti DracM oe or betae tlie iate apedB~+i ~ t~ ~Mke ~ ris~lt i~ ~ ~ ~ seeder~ioa eE t~e was sec~ by tW Mort~a~e, ioredoe~ue b~' ~icdt lroeee~t ~~ak ot ttis ?~erty. 'itie ~otia ! sba~ (w~ber ~tor~ Eorrswer ot tiie ri~t to rd~ate aNer aeeekMioo a~i tbe ri~ !o ared b We toreclowre ~eeeii¦~ ' tMe ~o~.e~a~ d a ~etadt or ~y otlKr deteiue ot Dorwwer ta acceknfbw a~d toreclowre. B tbe bre~c~ is oot c~tsd a~ ! or before ftis dale Reclied b t6e sotke, Lesaes at Lesie~'s o~fJo. aa~ declm a~ ot tf~e wa~s secwei bf tl~ Mo~s b tie - ~~edls~dy ~e atl pqat~ie wittio~t E~f~er de~a¦d a~d ~ry torrdoa tW~ Meet~7~e b~kW lroca~. i.e~er ~ ~ be e¦tlQ~d to eoBtet i~ ~~roceeaia~ ar e~ of tondossre, iec1~, 6rt ~ot Wdtei Es, rearo~a6ie attarss~'~ tea, a~ oo~b of aocu~tar7 e~Wracs, a6strscb a¦~ tltl~ repsl~. ~ 1!. sore+awers Rlsbt to Reirhta Notwithstandina Lender's ac.oekration of the suau seoural by thia Mortga~e. . Bormwer shall have the right to have aay procadings begun by Ler.der to enfaroe this Mortgage d'ncontia~ed at my time . 2 [+~i{ sI~ ~ _ ~~„J ~ . ~ _ .