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HomeMy WebLinkAbout0287 , ~ . 'E ~ Lender's writte~ a~reement or applicablc law. Borrowcr shall p~y the amount ot all mori~a~e insuranoe prcmiumt in tl~e manner provided unde~ para~raph 2 hereof. . . Any amounb disbursed by i.ende~ punuant ta thle para~raph 7. with iaterest theroon. shail becane additionai indebtedneu of Borrower securcd by thia Mort~a~e. Unless Borrowc~ and I_coJe~ s~rec to othe~ tera~s o[ p~yment. such amou~ts sh~ll be payabk upon nc?tia from l_cnde[ to Bornower requestint payment thercof, and shail bcar iaten~t froa~ the date ot disburocment at the nt~ payabk trom time to time on oubtsndinj principal under the Note uelas pay~nent oi iaterest st such nte would be contnry to ~pplicable Iaw, in which event wch a~nounti shall bear interest at the hishest. rate parmiaibk under applicabk law. Nothln~ contalaed io this parsarsph 7 shail nquioe I.ender to incur any expease or tal~e any action hereunder. a. l~~ec~. Lender may make or cause to be made rcasonabk entries upon and inspections of the Property, pravidod that Lsnder shall give BoRawer notice prio~ to any sueh in~tion specifyi~~ rcasonabk cause iherefor related to La~der's iete~at in the Pr~operty ~ ~ . . 9. CoMlew~ndo~. The roceeds of m~~ wird ~r cia~m for d ~n p Y amages. direct or consequential, in connection with any condemnat~ or ather taking of the Property, or p~rt therco[. or for rnnveyance in lieu of condemnation, arc hereby usjgned and shall be psid to I.ender. ~ In the eveat ot a total takina of the Property. the proceeds sha11 be applied to the sunu secured by this Mort~a~e, with the excas. if any, ps~id to Borrower. in the eveot ot a partial taking of the Property. unleu Borrowe~ and Leeder otherwix agree in writing, thorc shall be applied to the sums ~ecurod by this Mortgage auch pr+oportior~ of the prooeeds as is equal to that proportion which the amount oi the sums secured by this Mortgage immediately prior to the date ot takia~ bears to the fair muket value of the n immediatel paid to 8orrow~r. _ ~O~ Y Y P~~ to the date of taking, with ina or;.r.K a. ...o Y..,~,~s If the Property is abandoned by Borrowe~, or if, after notice by Lender to Borrower that the condemnor oRen to malce an award or setik a claim for damaga, Borrower hils to respond to Lender within 30 days after the date such notia is mailed. Lender is aathorized to collect and apply the proceed:. at Lender's option, either to ~estontion or tepair of the Propeny or to the sums securcd by this Monita~e. Unkss Lender and Borroyver otherwise igroe in writing, any such application of procoeds to principal shall not extend or postpone the due date of the monthly installments roferned to in paragnphs 1 and 2 hereof or chan~e ti~e ~mount of such installments. lA. Eo~rower Not Rekased. Extension of the time for paymcnt or modillcation of amortiution of the sums secured by this Mortgage gr~'ntcd by Lender to arry successor in interest of Borcower shall not operate to rclease. in any manner. the liability of the~ri~inal 8orrower and Borrower's succeuors in interat. I.ender shatl not be requircd to commence proceedings against =uCh successor or reflue to exte~d time for payment or otherwise modify amortization of the sums securod by this Mortgage by rcason of any demand made by the original Borrower and Borrower's successors in i~terest. - 11. Forbearance Af I,e~ Not a N+dver. Any forbearance by Lender in exercising any right or remedy hercunder. or otherwise aBorded by applicabk law, shall not be a waiver oT or preclude the exercise of any such tight or remedy. The procurement of insurance or the payment of taxa or other liens or charges by Lender shal) not be a waiver of Lende~'s right to accelerate the maturity of the indebtedn~ securcd hy this Mortgage. 12. Reo~edies CanuWl~e. All remedia provided in this Mortgage arc distinct and cumulative to any other right or remedy unde~ this Mortgage or afforded by law or equity, z~d may be extrcised concurrently. independently or successively. ~S~s ssd A~n ~ou~d; Joist aaa Sered i~; Cs'doos. The coveoanU and ageements herein contained shall bind, and the rights hereunder shall inure to, the respective successon and auigni of Lender and Borrower. subjoct to the provisions of paragraph 17 hercof. All covenants and agraments of Borrower shalt be joint and stveral. - The csptior?s and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interprct or detine the provisions hercof. l4. Notice. Except for any notice required under applicable law to be given in another naanner. (a) any notice to Borrower provided for in this Mongage shall be given by mailing such notice by certified mail addssssed to Bc~rro~ver at the Property Address or at such other address as Borrower may designate by notice to Lender u provided herein, and (b) any notice to Lender shall be given by certified mail, retum roceipt rcquested, to Lender's address stated herein or to such other addreu as L.ender may designate by notice to Borrower u provided herein. Any notice provided tor in this Mortgage :hal1 be deemed to have been given to Borrower or I,ender when given in the manner designatod he~ein. 1S. Uaifort~ Mort~a~e; Go~ernia~ i.aw; Se~erabitity. This form of mortgage combina uniform covenants for rutional use and non-uniform covenanls with limited variations by jurisdiction to constitute a uniform socurity instrument covering rcal property. This Mortgage shall be governed by the la~tv of the jurisdiction in which the Property is {ocated. tn the ; ~vent that any pravi:ion or clause of this Mortgage or the Note conflicts with applicabk Iaw, :uch ca~flict shail not affect ; other provisions of this Mortgage or the Note which can be given ef~ect without the conflicting provision, and to this - ~ end the provisions of the Mortgage and the Note are declared to be severable. , lf. eon+uwer's Copy. Borrower shall be turnished a~ conformed copy of the Note and of this Mortgage at the time ; of eaocution or after recordacion heroof. ~ 17. Traader of tbe Prope~ty; Assumptioe. If all or any part of the Propeny or an interest thercin is sold or transfernd by Borrower without L.ender's prior written consent, excludin~ (a) the cteation of a lien or encumbnnce subordinate to I this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a tnrufer by devi:e. d~.scent or by operation of law upon the death of a joint tenant or (d) the gr~nt of any leas~hold interest of three years or ksa not containing an option to pur+cfis~. Lender may, at Lender s option, doclare all the sums socured by this Mortgage to be immediateiy due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the peraon to whom the Property is to be sold or transte~rcd reach agreement in writing that the credit of such person is satisfutory to Lender and that the intercst payable on the sums securcd by this Mortgage shall be at auch nte as Lender shall rcquest. if Lender has waived the oqion to acctlerate provided in this paragraph 17, and if Borrower's suceessor in - interat hu executed a wrinen auumption agreement acceptod in writing by Lender. Lender shall rckase Borrower from ail i obligations under this Mortgage and the Nota f If Lender exercisea such option to accekrate. [.ender xhall mail Borrower notice of accekration in accoMance with ~ paragraph 14 hereof. Such notice shall provide a period of not less ihan 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expiration of such period, ~ i.ender may, without further notice or demand on Borrower, invoke any remedia permitted by paragnph 18 hercof. i Norr•UNIFORM COVBNAN7S. Bornower and [.ender furtber covenant and agra ~ fopows: ; la. AccderaRlos; Rtanedks. Except a~ pro~lded ~~arspapr 17 Ae~of, sp~ lorruwa's bresei ot a~y eo~sa~t or ~ ~ of Hotrower ~ thls Mo~a~e. bd~ tre co•eaa~Ms to pr whe~ doe sy sass ~ecsni by tLi~ Moe~a~e, Lq~de: ; prior to ~eederaNo~ s~ mail sotke to Eorrower as prm~ided i~ p4ra~ap6 t4 bereo# spec~ (1) ttie 6r+e~crt (2) t~e ~cNo~ ~ re,de~ed to ctr~e wc! 6nselq a.date, not las d~ 3A dsys froa~ tMe date. tre ~etice b araMea to >orrow~, by wMki wd~ brescti iert tie nn~ a~d tl~at ts~re b a~e sreb bre~eh os or bdw~e tbe date a~eelftd b ttie ~olke eeaait i~ secde~atio~ ot Ife w¦is iec~red by thi~ Mort~e, foreclo~are by j~cial'roceedi~ a~i ssle d tMe h~o*ery. 'iUe aotic~ sht~ [trtrer Wo~m Eorr~ower ot tl~e ti~6t b~e afler sccektMlo~ sM t~e ri~bt b areA ~ rie toe~etiont~e ~1~seeerl¦~ ; Ire ~ore:irte~ce d a detadt or aq otrer defe~ue ot Soeroaer b aceekntio~ wl torecloa~rc. N~e M~ae~ is Nt ewei o~ or betore a~e ~e ~pecisea te tlie notlce, t,e.aer a Le~'s opios w~ deel~e a. ot a~e n.s ~ h Hr Moe1~e a se dre s~d pqabk witiwrt frrt6er deowd a~ aay toreefae tYY Mort~a[e bp j~kW ~OOeeai~• i,e~ie~ ~ ? be eatltle~ to eoiket b wdi pt~ocecdie~ d apemes ot loncfos~re, i~cbdlo~. b~t sot Wdtei fe, reaw¦~bi~ ~tt~~ tea. a~d ead~ a/ doc~hr~ e~lae~ee, s~trseb a~d NNe reporr. - _ . 1!. >onower'i 1tt~i~ to Ref~date. Notwithstanding Lenders accekration of the :w~n secured by this MoRpse. F Borrawet shall have the rigbt to have any proceedings begun by Lender to enforcx this Mortpse discontinued at aoy tia~e - g i; ~1~ ~~7 FAt~ 2~ ~ u_ _ ~ _ - - - - . ..n .