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HomeMy WebLinkAbout0533 i ~ ! Lendc~'s writtea agcament o~ applicabk law: ~ Hormwer shalf p~y the amount of dl mort~age insurance premiums in the = maane~ provided under parsgnph 2 hereof. Any amounts disburaed by Lender purwant to this paragraph 7. with iuterestd th~~ ~11 bocoma. additional ; inckbtedness of Borrower xcurcd by this Mort~age. Unless Borrower and Lender ag~+eZ td 75t6er terms of paya?ent, such • amounts shall be~ayabk upon notice [mm Lender to Borrower requating payment thereof. and shall bcar intercst frotn the ~ s date of disburaement at the rate p~yabk from time to time on oubtandina pri~cipal under the Note u~less psymant of ~ interast at auch nte would be contnry to applicabk law, in which event such amount: shall bea~ interest at the htahest rate pernniaaibk under applicabk, law. Nothing contained in this paragraph 7 shall require Len~ to jn~y ~+ic~gense or take ~ any action hereunder. ~ : ~ ~1 } a. i~ecMs~. Lender may make or cause to be made rcasonable entries upon and inspections of the Propetty. provided ` that Lende~ shall give Borrowe~ notice prior to any such inspection specifying reasonabk cause tltercfor related to Ltnder's interest in the Property. . ~ . 9. Co~dem~alba. The proceeds of any award or claim for damaga, diroct or conseqt~ential. nr oonnection with any condemnatian or other taking of the Property, or pa~t thereof, or for conveyance in lieu of qq~d~mnatiori, are hereby assigned and shall be paid to Lende~. ~ In the eveat of a total taking of the Propeny, the procxds shall be applied to the sums secured by this Mortgage, with tha excas. if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender } otherwix agree i~ writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceoda as is equa! to that proportion which the amount of the sums securcd by this Mortgage immediately prior to the date of taking bears to the tair markN value of the Pmpeny immediatety prior to the date of taking, with the balance of the proceods ' paid to Borrower. If the Property is abando~ed by Borrower, or if, after notice by Lender to Borrower that the condemnor offen to make an award or settk a claim for damages. Borrower fails to respond to Lender wiihin 30 days after the date such notice is mailod, Lender is authoriud to oolkct and apply Ihe p~ocoeds, at i.ender's option, cither to ratoration or repair of the Property or to the sums secured by this MonRage. ~ Unlas Lender and Borrower otherwise agree in writing, any such application of proceeds to principa! shall not extend or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of t sucfi installments. " lA. Dorrower NM Reka~ed. Extension of the time for payment or modifkation of amortization of the sums securcd . ~ by this MoKgage granted by Lender to any successor in interest of Borrower shall not operate to nkase, in any manner. the liability of the original Borrower and Borrower's successors in interat. Lender shall not be requircd to commenc~e procecdin~s against suCh successor or rcfuse to extend time for payment or otherwise modify amortization of the sums securod by this Mortgage by nason of any demand made by the original Borrower and Borrowe~'s successors in interest. 11. Fa~rbqrnMCe by-I~eader Not a Wd~er. Any forbearance by I.ender in exercising any right or rcmedy hereunder, or _ otherwise aRorded by ~pplicabk law. shall not be a waiver of or proclude the exercise of any such right or nmedy. The procurcment of inaurance or the payme~t of taxes or other liens or charges by Lender shal) not be a waiver of Lendet's right to accektate the maturity of the indebtedness secured hy this Mortgage. _ 12. Reu~edies C~ohtlre. All r+emedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be exercised concureently. independe~tly or successively. . l3. S~ccessors aea Aa~s ~onad: Jo~t asd Se~erd ILbil~; Csptioas. 'It~e cove~ants and agreements herein contairted shall bind. and ihe rights hereunder shall imire to. the respective suecessors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agraments of Borrower ahall be joint and several. The captio~u and headings of the paragraphs of this Mortgage arc for convenienoe only and are not to be used to interpret or define the prqvisions hereof. 14. Notice. Except for any notia rcquired under applicable law to be given in another manner. (a) any notice to Borrower provided for in thu Mortgage shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Addrcss or at such other address as Bomnwer may designate by notice to i~nder as provided herein. and (b) any notice to Lender shall be given by artified mail, rctum reoeipt rcquestod, to_t.ender's addras atatod herein or to s~h other addrtss as I.ender may designate by notice to Borrower as pmvided hercin. Any notice provided for in thls ~i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner daignated herein. , IS. Uaifora~ Mort~ge; Gonrai~ La~+; Se~era6~ity. This form of mortgage combines uniform covenants for national use a~d non-uniform covenants with limited variations by jurisdiction to conatitute a uniform security instrument covering resl property. 71~is Mortgage shall be governod by the law of the jurisdiction in wfiich the Property is located. In the ~ event that any provision or clause d this Mortgage or the Note rnnflicis with applicabk law. such conflict shall not alfoct other provisions of this Mortgage or the Note which can be given efFect without the conflicting provision. and to this eod the provisions of the Mortgage and the Note are declared to be severable. 16. aorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hercof. 17. 'l~a~sfer of ttie Property; Aswwptioe. If all or any part of the Property or an iaterest therein is sold or transferred by Borrower without Lender's prior wtitten co~uent, excluding (a) the creation of a litn or encumbtance subordinate to this Mortgage, (b) tlx creation of a purchase money security intercst for houxhold appliances. (c) a transfer by devise. descxnt or by operation of law upon the death of a joint tenant or (d! the grant of any leasehold interest of three yean or kss not rnntaining an option to purchase. Lender may. at Lender s option, declan all the sums secured by thia Mortgage to be immediately d4e and payable. i.ender shall have waived such option to accelerate if. prior to ihe sak or tranafer. L.ender ~ and the peraon to whan the Property is to be sold or transferred reach agreement in writing t6at the credit of such person ~ is satisfactory to I.ender and that the interat payabk on the sums securod by this Mortgage shall be at auch rate u Lender + shall requat, if Lender has waived the option to acxelerate provide~ in this paragraph 1~. and if Borrower's suocasor in ` interat has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all ` obligations under this Mortgage snd the Note. If Lender exercisea such option to accekrate. Lender shall mail Borrower notice of accekration in accordance with paragraph 14 hercof. Such notice shall provide a period of not less 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 wms prior to the expiration of such period. Lender may. wit6ont further natice or danand on-Borrower. invoke any rcmedies permitted by paragraph 18 hereof. ~ Notv-UxtFae~?[ CovExer~rs. Borrower and Lender furthtr covenant and agree as follows: ~ ls. Accden~o~ Reeedia. Bscept as provided i~ para~Y 17 bersd. Ru~ ~wers brsacti ot gy co~eaa~t or ; a~roe~eat of Dorrower i~ tiY Morlsa~e, ~ tl~e covaa~ts to pf wMe~ d~e a~y s~s say~ br t6is Mort~a~e, Lea~er ~ prior lo secekeNioa ~ sa~ eotlee ~o don~wer at pro~Wed ia para~b 14 rereot spedf~t (1) t~e bneae~ ttie acHo~ ~ rq~hei tu em wc~ tirae~f s d~h, ~ot las t~ 3~ d~rs fro~ tre d~te tre ~otke L~aYei to ~arrower, b~' wLicti we~ brese~ ~wt 6e csrei; a¦i (4) tl~at h0ure fo eue mc6 brrach on or betae tLe date spadBed ~ tl~e ~otke sq rewlt i~ acakntla~ ot tre wr ~ee~+ed b~ t6i~ Mott=a~e, t~redoeere b~ N'~L a~i sak ot t6e Tnoteet~. '!tie ootke ~ . siaY tortaer ~to~s eonvwer d tre ri~t to re~e atter aecde~at~ a~d tie ei~t b aaert i~ ttie to~a~lowre ~nceeii¦~ , tie ao~tesce of a~a~t or aq otMa aefeure d lorrower to acYde~a~fb~ s~ foredowre. if ttie basc~ is ~ot eaei a~ ' or betore ti~ dde ~teiiei i~ tre oofiee, Le~der at I.e~der'a opHo~ mq dechre a~ ot ttie wos stcaei by t~Y Morl~,a~ to be ~edi~tdy ~e a~i Nrabie wltl~o~t trrtYe~ d~ aoi wsy fo~eclo~e t~ Morl~e bY ~Li ~roaed~. I.eaier ~ ~ be e~tWe~ b eollect b we~ p+ooeedie~ a~ a~~e~es ot forecloare, i~cl~diot+ ~t oot Writei ta, reaws~bie atter~e~'s tea. awd eosb ot docra~r~ erWeace, a6rRrscb a~ tlRle ~ep~b. 19. >orwwer's Btµt to Rd~tata Notwithstanding Lender's acoekration of the sums securod by this Mortgage. . Borrower shall have the rig6t to have any proceedings begun by Lender to enforoe this Mortgage discontinuod at aay time ~ gooK zZ2 ~acE 5~ ~ ~ . _ . - . ' .