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HomeMy WebLinkAbout0265 • } l.cnder's written a~r+ocment or applicabb law. Borrower sha11 psy the amount ot all mortg~ge insurance pt~emiums in the maaner providcd unde~ paragraph 2 ~ Any amounta disbut~, by' i.en~?~suant to thq parag~aph 7. with interest therooo. shall become additional indcbtedness ot Borrovrar ~eivrtd by tfin Mortgage. Untess BoROwet and Lender aac+ee to other ternn of paymeat, sueh amounts shal! be payabk upoo ncKicc from [.ender to 8orrawcr roquesting payment thercaf. and shall bear interest fraa the date of disburscmcnt at the nto payabk from timc to time on outsta~ding pri~cipat under the Note unlcss payma~t of intercst at such rate would be conlrary to appli~abk law, in which event such amounts shall bear interest at the hia~est nte 4 penniss~'bk unde~ applicabk law. Nothi~g rnntained in this paragr~ph 7 shafl r+equine i.ender to incur aay cxpente or talce any action hereunder. ~ s. 1w~ecflo~. i.ender may make a~ cause to be made rcasonabk entries upon and inspections of the Propetty. provided .that I_ender shall give Borrawer notice prior to any such inspoctian specifyin6 reasonabk cause therefo~ rctated to Lender's inter~st in the Prope~ty. • 9 Cade~nsatbw. 'Ihe procreds of any award or claim tor damages, direcl or rnnsequential, in connection with any condemnation or othe~ taking of the Proporty, or part thereof. cx tor conveyance in lieu of coodemnatioo, are hereby assigned and shall be paid to I.ender. in the event of q total taking of the Property, the p~oceeds sha11 be applicd to the surns securcd by ihis .Mortgage. ' with the excess, if any, paid !o Borrower, In tl~c event of a partial taking of the Property, ~nkss 8omower and I.ender ! atherwise agrce in wtiting, therc shall bc applied to the sums secured by this Mongage such proponion of the proceeds ' as is aqual to that propohic~n which the amount of the sumc secured by this Mortgage immediately prior to the date of ~ taking bwrs to fhe tair market value of the Property immediatety prior to the date of taking, with the balance of the proceeds s paid to Bonower. ~ , If the Praperty is abandonecl by Borrower, or if. after notice by l.ender ta Borrower that the condemnor olieca to make an award or settle a claim for damages, Borrower fails to rcspond to I.ender within 30 days after the date such notice is mailed. Lender is authorized to rnikct and apply the proceeds. at l~r~der's option, either to ratoration or repair of the ~ Property ot to the sums securcd by this MoFtgage. . _ - Unkss 1_endtr and Bortower otherwice agree in writing, any such applicatian of prnceeds to principai shall not extend = or postpone the due date of the monthlv inslallments rcferred ta in paragraphs i and 2 hereof or change the amount of s . such installments. • ~ j 10. lbrrpwer Not Released. Extension of ~he time for payment or modification of amonization of the sums securcd . by this Mongage granted by I.ender to any cuccecsor in interect af Borrower ~hall not operate ta relea:e, i~ any manner. ~ ihe liability of the original Borro~•er and Be~rrower's successors in interest. Lende~ shal! not bo requircd to commence procetdings against such successor or refuse to extend time for payment or.otherwise modify amortization of thc sums secured by this Mortgagt by reason of an}• demand made .by the oriqinal Borrower and Borrower s successors in imerect. ll: Forbearasce by I,euder Not s Wdrer. Any forbearance by l.enckr i~ exercising any right or remedy hereunder, or otherwise afforded by appticabk iaw. shafl not he a waiver of or preclude the exercise of any such right or remedy. The proci~tement of insurance or the payment of taxes or other liens or charges by Lender shall not bt a waiver of I.ender's right ta accelerate the maturity of the indehtedness secured hy this Mortgage. l2. Remedies Comulsti~e. All remedies pmvided in this Mortgage are distinct and cumutative to any other right or i rcmedy under this Mortgage or a(forded hy law or equity, and may be exercised concurr~ndy, independenHy or successively. ; ' I3. Srecessors snd As~~s Bound:.loinl And Sereral i.iaM'liry; Captbas. The covenants and agreements herein = contained shall bind, and the ri~hts hereunder shall inure to. the respective successors and assigns of Lender ac~d Borrower. ~ subject to the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shail be joiry and several. ~ 71te captions a~d headings of the parsgraphc oF this Mortgage are for convenience vnly and are not to be used to ~ interpret or. define the provisions hereoi. ~ 14. Notiea Except for any notice mquired under applicable law to be give~ in another manner. (a) any notice to ; Borrower provided for in this Mortgaee shalt be given hy mailing such notiee by certi}iod mai! addressed to $orrower at the Property Address or at such othcr address as Bnrrower may designate by notice to I_ender as provided herein, and ~ (b) any notice to Lender shall he given by cenified mail. retum receipt requested. to I.ender's address stated herein or to such other address as Lender may designate by notice to Bormwer u provided hercin. Any notice provided for i~ this ' Mortgage shatl be deemed to havc t+een given to Bc?rmwer or Le~de~ when given ie the rr~anner designated herein. j. 15. Uniform Mortp~r. Gorernin~ Iaw: Sererability. This form of mortgage combines imiform covenants for national i use and non-uniform covenams with limited variations by jurisdiction to constitute a uniform security instrument rnvering real property. This Mongage shal) be governed hy the law of. the jurisdiction in which the Property is located. Tn the event that any provision or clause of thic Morigage ~r the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or ~he Nc~te which can be given effect without the conflicting provision, and to this ; end the provisionz of the Martgage and the Note are declared to be severable. - 16. dorrowe~'s Copy. Borrow~er shall bc furniched a conformed copy of the Note and of this Mortgage at the time of eaecution or after recordation herec?f. 17. Tnasfer.of t6e Property: A~umption. Tf ali or any part of the Pmperty or an interest therein is sold ot transferred by Borrower without Lender s prior wrincn consem. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creahon of a purchace m~•ney cecurity interest for househotd applianees, (e) a iransfer h~ deviSe. descent or by operation of law upon ihe Jeath of a joint tenant or (d) the grant of any leasehold interest of threc ycars or less r not containing an option to pur~chase. ~ender may, at Lender s option, declare all the sums secured by this Mortgage to be ' immediately due and payable. Lender shatl have v?•ai~~ed such option to accelerate if, prior to the cale or transfer, t_enckr and the person to w6om the Pmperty ic to bc .oIJ or transferred reach agreement eo wreting that ihe credit ot wch person - is satisfactory to L.ender and that the inler~~.i pa~~able on the sums secured by this Mortgage shall be at such rate ac I.ender shall request_ if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interost has executed a written assumption agreement accepted in writing by Lender. Lender sha11 rclease Borcower from all obligations under this Mortgage and the Note. If Ltnder exercises such option to accelerate, l_ender shall mail Borrower notice of acceleration in accordancr H~~h paragraph 14 hereof. Such notice shali provide_a period of not less than 30 days from the date the notica is mailed within which Borrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expiratiort of ~uch pericxi. Lender may, without further aotice or demand on Hc~rrower, invoke any remedies permitted by paragraph 18 herrnf. Norr-UH~FORM CovEN~HTS. Borrower and Lender further covenant and agrce as foliows: ls. Accekratior; Ren4edks. Excep as pmvided ia pan~rapb 17 hereof, upoo Eornowe~'~ brsaci of a~y rn~enast or ~reemc~t ot Bon+ower in t6k Matsase, iscl~diua tbe co~cusats to psr w!~ doe sw~ sra~s sccered br tbis Mo~a~e. Leeder s pdor ro aeceieratfoa sl~ mW ootice to Eorrower as provided iw para~rsph 14 liercot specN~: (1) tbe brtacA: (2) tbe actiow required N c~e sacr brescb; (3) a date, aot las tbsa 30 dsys troiw tl~e date tbe notiee it e~iied to Eorrower. Ay .?hich wcr ~ b~tsch n~ut be rartd; md (4) t6at fsilare fo cnre sach br~eac6 oa or betor+e tbe date qetiRed !e tLe aotice a~sy radt in secderatio~ of ~e su~s secere~ ~y tbb Morl~aRe. tortclosnre by jsdkW rroeeeaiss a~ sde oE tMe Property. The notice s~all fortre~ inform Sorrowa oE tbe risht to reiastMe dter sccelc~atioe awd tMe ri6ht b a~ert i~ tl~e foreclosnre ~rocesdi~ tbe nos-e:isteace d a defaok or any atber defense of Borrower to sccekration aad foreciosr~e. it tie bresci is oot crned oo - or betore the ds~e s~eci6ed ~ tLe sotice. l.cndrr at i.ende~•s optba may decbre a~ ot the w~s secsred by tWs Moet~a~e b be ~ i~sioedi~tdy ane awd pyable wfN~t tnrtber demand and may torecbsc th4 Mort~ale by judicW ~oceediy~. I.ender ~haq `J be a~titled to eolleet bi s~ ~roceedia~ aM expenses of foreclosrre. iwcl~e~, brt ~ot W~itd ta, reaross6le an.arney's fea. 5 aad tosb of doc~~e~ar~ e~idence, sb~tracls snd titk reports. € 19. ~rover's Ki~it lo Reirtate. Notwiths~anding l.ender s acceloration of the sums secured by ~h~s Mortgage, ~ 8orrowet shal! havs the right to have any proce~dings t~egun hy l.ender to enforce this Mortgage discontinued at any time ~~G~ 295 P~~E " 264 : _ _ - ~ ~ . ~ ~ -z ~.~s~~~~..