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HomeMy WebLinkAbout0826 ~ . l.e~der's writteo aa~eement or applicable law. Bormwer shap pay the amouM ot all mort~agc insuraaa Premiumi in the manne~ p~ovided unde~ pa~aa~aph 2 hereot. Aoy amounts disbursed by I.endet pursuant to this paraa~aph 7. with inte~est thercon. shal) become additional indebtedncss of Borrowcr secured by this Mortgage. Unless Borrower and LenJer agroe to othe~ terms of paytnent~ such amaunts shap be paysbk upo~ no~ice fram ~ende~ ta Borrowtr rcquestina payment lhereof, aod shall bea~ interdt ft~om the date of disburaement st the nte payabk trom timc to time oe outstandina principal under the Note unless pa~ren~at oi intercst at :uch rate would be contrary to applicabk law, in which event such amouMs shall bear interat at the hiahat ra~e permissibk under applicabk law• Nothing contained in this paragraph 7 shall require Lende~ to incu~ any eacpense or talce any action hereunder. s. /~spectio~. I.e~der may make or cause to be made ressonabk e~tries upon and inspections of the Property. prov~dod that l.ooder shall give BoROwer notice prior ta any such inspection specifying reasonabk cauu~ee therctor rclatcd to I..aider's interest in the Propetty. q, Coadenu~stbu. The prc~ceed~ oj:a~}v~~ or claim for damages, dircct or consequentisl. in connection with any condemnation or dher taking of the Propeny, or paK thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to I.ender. in the event of a tolal taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mo~age. with the excess. if any, paid to Botmwer. ln the event of a partial taking of the Property. unle~s Borrowe~ a~d I~ender otherwise agree in writing. there shall be applied to the sums securcd by this Mongage such proportion of the pt+oceeds as is equal to that proportion v?hich the amoimt of Ihe sumc securcd by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propcrty immediately prior to the date af taking, with the balance of the pmceeds '~aid to Boriower. if the Properry is abando~ud by Bo~rower, or if, after notice by i.ender to BoROwer that the rnndemnor oRers to malte an award or settle a claim for damages. Borrower fails to respond to l_ender within 30 days after the date such notice is mailed. Lender ic authoriud ta collect and apply the procecds, at I.ende~'s option, either to restoration or repair of the Propetty or to the sums sccured by this Martgage. Unlesc lender and Bor~ower othervvice agrce in writing, any such application of proceeds to priocipal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installnxnts. t0. Horrower Not Rek~ed. Extension of the lime for payment or modilication of amortization of the sums secured by thic Mongage grsmted by I_ender to any ~uccessor in interext of Borrower shall not operate to rekase. in any manner. the litbility ot the original Borrower and Bo~rower'c successors in interest. Lender shall not be requircd to commence proceeJings against such successor or refuse to ertend time for payment or otherwise modify amortiiat~on of the ~ums 'Secured by this Mortgage by reason of ~ny dema~d made by the oriR~nal Borrower and Borrower s successors in interect. 11. Forbearance 6y Lender NM a Waiver. Any fortxarance by I.cnder in exercising any right or reR~edy hercunder, or otherwix aRorded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other lieos or charges by Lender shal) not be a waiver of Lender's right to accelerate the maturiry of the indehtedr~ess secured hy thic Mortgage. _ 12. Remedks Cnmulsti~e. All remedia provided in this Mortgagt are distinct and cumulative to any other right or remeciy under this Mongage or afforded hy law or equity. and may be exercised concurrcntly. independently or successively. ' 13, Soccessors and Assi~os Eoand: aoial aad Sererd i.iabiBty; Captbns. '11~e covenants and agreements hercin contained shall bind, and the rights hereuoder shall imire to, the respective successors and assigns of Lender a~d Borrower- subject to the provisioas of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry a~d several. - The captions and headings of the paragraph~ e+f this Mortgage are for convenience only and are ~ot ro be uad to interpret or define the provisions he~eof. 14. Notice. Except for any notice rcquired under applicable law to be given in another manner. (a) any notice to Borrower provided for in ~his Mortga¢e shall be given by mailing soch notice by certified mail addressed to Borrower at the Properiy Address or at such dher address as "Borrower may designate by notice to i.ender as provided herein, and (b) any notice ro Lender shall he givcn by ccrtificd mail, return receipt requested. to l.ender s address stated herein or to such other address as Lender may decignate by notice to Bormwer as provided herein. Any notice provided for in this Nortgage shall be deemed to havc t+een given to Borrower ar t_ender when given in the manner designated herein. 1S. C?nifona MortRa~e; Governi~ I.aw; Severob~lity. This form of mortgage combines imiform covenants for national use and non-uniform covenants with IimiteJ variations hy jurisdiction to constitute a uniform security instrument covering real prope'rty. This Mortgage shall be governed hy the law of the jurisdiction_ in wbich the Property is located. In the i event that any provision or clause of thic Martgage or the Note conflicts with applicable law, such conflict shall not affect i other provisions of this Mortgage or the Ni~te v?hich can be given effect wilhout the conflicting pro~ision, and to this ; eod the provisions of ~he Mortgagc and the Note are declared to be severable. ` 16. Eorrowe~s Copy. Borrower shall !?c furnished a conformed copy of the Note and of this Mortgage at the time ' of execution or after recordation hercof. ' 17. Tnosfer of tl~e Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred € by Borrower without I.ender's prior writtrn cunsent. excluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (bl the creat~on of a purchace mone~• cecurity interest for household appliances. (c) a transfer h~ devix. ; descent or by operation of law upon Ihe death oi a jomt tenant or (d) the grant of any leasehold interest of thrcc ycars or less # not containing an option to purchase. Cender may. at !_ender'c option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender thall have waived such option to accelerate if, prior to the cale or transfer. I.ender ~ and the person to whom the Property ic.to be coW or transferred rcach agrcement in writing that the credit of wch person ~ is sstisfactory to L.ender and that the inter~.~ payable on the sums secured by this Mortgage shall be at such rate ac l.ender ~ sha!! request_ If 1_e~der has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in ~ interest has exauted a written assump~ion agreement accepted in writing by Lender, Lender shail releau Borrower from a11 ~ obligations ~nder this Mortgage and the Note. If Lender exercises such option to acceierate, l_enJer chall mail Borrower notice of acceleration in accordanc~ ~~h ~ paragraph 14 hereof. 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 declared due. 1t Borrower fails to pay such siims prior to the expiration of auch pericxi. ~ Lender may, without further notice or demand on l~rrower. invoke any remedies permitted by paragraph IR hereof. r Norr-UN~FORM CovEN~tvTS. Borrower and Lender further covenant and agree as follows: ~ eorrower's breacr of aay co~eaant or ~ 18. Accelen?tba; Remcdies. E:cept as provided in Para6rapb 17 bereof, apon y agreemeat of Borrower iu t6is Mortga~e, iacludi~ tbe coreeants to pay whea doe wy wms xcored M' this Mort~a~e. I.ende~ - prior to sccekratbo sball mail aotice to Eorrorrer as provided ia pan~rapA 14 bereof spccH~: (1) tbe bresch:121 the action :z required to co~e sech ~rescb: l3) a dNe, not ks t6an 30 days from the dMe t6e eotice b°~~ ip t~he~aotkebinay ire~sWt in ; b~eKa mmt be csred; sod (4) tbat hil~re to curc srcb brescb on or betore tbe date specKiM scceieratioa of tre saa~s secured by thb Mo~a~e. forecbsure by judicid proceedia= aad stle of tbe Pmperty. 7Ue notice s6a11 fuciber iatorm Eorruwer of the risbt to reinstate atter accekratbn aod 1he ~ht to ~ert ie tbe foreciosnre proceedia6 . ~ tbe oon-e:istcnce of a default or any dher dete~e of Borrower to sccckration and foreclosure• If the bnacb ts oof cnred oe = or before the date specified in tbe nntice. Lender at [.ender's option may declare afl of H~e stims s~~ MO~nder chall immediatdy due and payable wifhoat fuAher demand and may foreclose thk A'lorttK~ b7 jadkial P~~• ~ be eoatted ~o coUect h~ socl~ proceedjBL aN e:peases nf forcclosure. iacludiaa, brt oot ~u~ited to, rcasoas6le m„rney's fees. = aed costs of documeMary evideoce, abstracts and Iitk reports. ~ •1q, Borrower's Ri6bt to Re~nstsle• Notw~thctanding l.enders accekration of ihe sums securcd by this ortgage, , Borrower shall have the right to have any prcecedings hegun by I.e~der to enforce this Mor!gage discontinued at any time ~ ' BOOK JV1 PACE 8~ R a ~ ~4 - '~a~,-;~. ; ~ ~ ~'3~~, .r~ .zsa.s~'' - 2' ' • r-h"'^ ~ ,,,yc'~, ~~y~~.~,~ - , ~a+F " ~ ~ ~ . . ~..ti.r . ..v.. ~t"~.._..,: . ~ -«rz.,.