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HomeMy WebLinkAbout0872 Lencie~'s writte~ agroemcnt o~ npplicabk law. Borrower shall pay the amounl ot all mortgage insurance prcmiurt?s in the manner p~avidcd un~fer paragraph 2 heroof. Any amounts disbursed by I.ende[ pursuant lo thu rag~aph 7, with interat the~eo~, shall become additional inciebtedness of Borrower securrd by thjs Md1?gage. Uplec~~o~rower and t_ender agroe to othtr tertns of payment. such amounts shatl be payabk upon ncstice From~i.endcr to Borrowcr rcques~ing payment thcreof. and shall bear intercst fmm the date of disbursemeat at the rate payahk from time to lime c~n outstanding principal under the Note unkss payment ot interest at such tate would be contrary to applicable law, in which event such amcwnts shal) bear interest at the highest nte permissible under applicabk law. Nolhing contained in ~his paragraph 7 shall roquire t.ende~ to ineur any expense or lak~ any action hereu~der. S. laspectbn. I.ender may make o~ caux: to he made rcasonable entriec upon aod inspections of the Property. provided that t.ender shall give Borrovirer nc~tice prie~~ ta any such inspection specifying rcasanabk cause therefor ~elated to Lender's interest in thc Propctty. 9. Condemnatbn. The proceedc of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking of the Praperty, or pan therrnf, cu for conveyance. in lieu of condemnation, an heteby assigned and shall bc paid to i.ender. in the event ot a total taking of the Pmper~y. thc procceds ~hall he applied to the sums secured by this Mortgage. with the excect, if any, paid to Bormwer. In the cvcnt of a partial taking af the. Property, unless Bomower and i.ender otherwise agree in writing. there shall be applied to the ~ums securcci b}~ thic Mortgage such proportion of tht proceeds as is equal to that proportion v?hich the amoun~ u( the sumc ~ecured by this Mangage immediatety prior ro the date of taking bears to the fai~ market valuc of the Pmpcrty immediatety prior ta the date ot taking, with the balance of the proceeds paid to 8orrower. " if thc P~operty is abandoned by Bnrrowcr, or it. aftcr noticc hy l.cnder to Bormwer that the condemnor oifers to make an award or cetUe a claim for damagca. Bormwer fail. to res{x.nd to Lender within 30 days after the date such natice is mailed. LenJer ia authorized to collect and appty ~he procecds, at l.ender c optian, either to restoration or repair of tht Properry or to t~t sums secured by this ~Inrt¢age. Un1eS~ Lender and Borrowe~ oihcn+vise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly ins~allmcnts rcferrcd to i~ paragraphc t and 2 hereoF or change the amount of sucti instal,~ments. " 10. ~orrower Not Reles~ed. Extension of the time for payment or modification of amortization of the sumc secured ' by thys Mortgage granted by i_ender to any cuccecsor in intere~t of Bormwer shal) not operate to release, in any manner, the liabilily nf the original Borrower and Bormwcr i succesu~rs in interest. Lender shall not be requircd to commence procetdings against such sttccecsor or refuce to ectend time for payment or otherwise mcxlify amortizaUon of thr wms secured by Ihis Mortgage by mason o( an~ demand made b~• the oriGinal Iiorrower and Borrower s successors in iMerect. 11. Forbearance 6y i.ender ]\ot a Waiver. An~• fc.rhearance by l_ender in eretcising any right or remedy t~ereunder, or otherwise afforded by applicahle law. shall not Me a waiver of or prectude the exercise of any such right or remedy. The procurement of insurance or the payment ot tarec or other liens or charges by I_ender shall not t+e a waiver of I.ender's right to acceletate the maturity of the indehtedness tecured hy thic Mortgage. 12. Remedks Cumulati~e. All remedies provided in this Mortgage are distinct and cum?dative to any other right or rcmedy under this Mortgage or afforded by law ~r equity. and may be exercised concurrently, independently or successively. ~ 13. Ssrece.ssors and Assq;as Bonnd: ,Joint and Sereral i.iab~ity; Captioes. 'It~e covenants and agreements herein contained shall bind, and the riRhts her~eunder shall inurc ta. the respeclive sucre~cors and assigns of t_ender ~d Borrower, subject to the provisions o( paragraph 17 hereof. All covenants and agreements of 8orrower shall be joi~{ and several. 'ilie captions and heading~ of the paraer~phc of thic Mongage are for comenience nnly and are not to be used to interpret or define the provisi~ns hereof. 14: Notice. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgaee chall he given hy mailing such notice by certified mail addressed to Borrower at the Property Address or at such uther addrecc as B~rmwer mav designate by notice t~ i.ender as provided herein. and any notice to Lender shall he givrn by cenifird mail. return receipt requested. to t.ender s address stated herein or to sueh other address as Lender may deciqnate b}~ nrnice to Bormwer as provided herein. Any notice pmvided for in this Mortgage shall hc deemed to havc lx.~cn givc~ to &?rrower or Lender w•hen given in the manner designated herein. 15. Uniform Mot~tRa~e; Governin~ iaw; Severabilit~~. This form of mortgage combines uniform cavenants for national use and non-uniform covenantc with IimiteJ variations h~~ jurisdiction to constitute a uniform security instrument covering real property_ This Mortgage shall be governcd h~~ the law of the jurisdiction in which the Property is locatcd. In the event that a~y provision or clau~e of ~hic M~hgaec ~.r•the Note conflictc with applicable faw, such conflict shall not afiect other pmvisions of this Mortgage or !he Nntr Khich can he given efTect without the conflicling prmicion, and to this end the provisi~ns of Ihe Mortgagc and the 'VaCe are Jerlared t~ he severable_ 16. Bomowe~'s Copy. Borrower .hall ~x: furnieheJ a conformed copy of the Note and of this MortRage at the time of execution or after recordation hereof. 17. Transfer of the Proptrty: Assumplion. If all or an~• part of the Pmperty or an interest therein is sold or transferred by Borrower without I~nder's prior wrincn ~..nsem. excluding la? the creation of a lien or encumbrance suhordinate to this Mortgage. (b) the creation of a purchace m~~ne~~ ~ecurity interest for househotd appliances, fc)-a transfer hn devise. descent or by operation of law• upon thr Jeath of j~~+m tenant or (dl the grant of any leasehold interest of threc ~~cars or lets not containing an option to purchase. ~ender may, at I_ender's optian, declare all the sums secured by this Mortgage to t+e immediately due aod payable. I.ender shall h~.•e u;nved wch option to accelerate if, prior to the sale or transfer. l.ender and the person to whom the Property ic to be :~Id ~~r tr•rnsferred reach agreement in writing that ihe credil ~f wch person is satisfactory to Lender and that the interr.t payable on the sums secored by this Mortgage shall be at such rate ac I_ender shall request. If I_ender has waived the option to accelerate provide~ in Ihis paragraph 17. and if Borrower ~ successor in interest has executed a written assumption agreement accepted in a~riting by 1_ender, I.ender shali releace 8o~~ow•er from all obligations under this Mortgage and the Note. (f Lender exercises such optiort to accelerate. Lender shall mail Borrower notice of acceleration in accordanc~ i~h paragraph 14 hereof. Such notice ~hall provide a periocl of not Iess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch peri<x1. Lender may, without further notice or dcmand on Borrower, invoke any remedies permitted by paragraph 1R hereof. NoH-UNiFORt~t Coverr~Nrs. Borrower and t_ender further covenant and agree as follows: 18. Accekr~ion; Remedies. E:cept a6 provided ia psra~raph 17 bereof. upon Eorrower's breac6 of aay coveaant or s~reemtat of Borrower in tbis Mortgage. inctudin~ the cavensnts to pay ~?htn dae say sums secured by t6is MortRage. I.ender prior to accNeratbn sh~l maA notice lo Borrower zs prorMed in pars~raph 14 6enot specifyioa: (1) the breach; (2) the sction required to care soch brcach;l3) a date. not less tban 30 days trom tbe date the notke is msiled to Eorror?cr. by vrhich sucb breach mu~t be cared; aod (4) lhat failure to cure snch breach oa or 6efore the date specified jn the notke may mult in secekratfoa of tbe sams aecnred by this Mort~~e. lorccbwn by. judlcial proceedius aad sde of tbs Property. The notice shall furtber iafono Borrower of tbe ri~ht to reinstate after sccekatbn and tbe rigbt to asseirt ie the forecbsure proceedint t6e noa-e:a~teace of s defauk or any olher defense of Borrowcr to arcelention and foreclosure. If the 6reach is not cand oa or beiore the date specified ia the notice. [.ender at I.rnder's option may declur s~ of the snws stc~ered by tbis Mort~a~t to be immediatety due and payabk w~ithoof fuAher demand aod may fonclost this Mortga6e by judicW proceedin~. [.ender cball be tetitled to coUect in sncb proceedi~ afl e:penses of foreclosurr. includia`. b~t nM limiled to. rtasonsbk attnrnrY's fets. aod costs of docnmeatary evidence, abshacts and ~itk reports. 19. dorro~+er's Ri6ht to Reinstate. Notv?~ithctand~n~ I.enders acceleration of the sums securcd by th~s Mortgage. Borrower shatl have the right to have any proceedings hegun hv I.ender to enforce this Mortgage discontinued at any time EoR~ 292 8?0 ~ - - - . _ ` - ~ : s . t.- ~ ~ ~ ~ , ,~-kp . ~ J ~ ~ - ~.s. F : ~~~~>-~~~'~~~~"~'x .r ~ _ .