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HomeMy WebLinkAbout0849 l.ender's w~itten agreemen~ or applicabk law_ Borrower shall pay the amount ot all mortpge insuranco ptemiuma in the manner providcd unde~ paragraph 2 hereof. Any amounts JisMirsed ~y I.c~Jer pursuant to this paragraph 7, with intercst thercon, shall become additiond inckbtedoess at Barrawc~ se:urcd by this Mongage. Unless Borrower anJ I.eo~kr aaree to other terms of payment, such amcxmts shall be payabk upon ~KC f~om I.ender to Bar~owe~ rcquesting payment ~herec~t, and shall bear intercst from the date af disbursrmen! at Ihe ntc payabk trom time to lime c?n austa~ding p~incipal under the Note unless pa~t oi intercst at such rate would be contrary to applicabk law, in which event xuch amounts shall bea~ interest at the hishest rale permiuibk u~der applirabk law. Nothing cootained in this paragrsph 7 shal! rcquire I_ender ~o incu~ any experae or Uke any action hercundet. S. Iwapectb~, l.ende~ may make or cause to be made reasonabk entries upon and inspoctions of the Property. pmvided that l.ender shall give Borrowe~ nMice p~ior to any such inspection speci(ying ~uonabk cause thercfor rclated to I.e~ders intere:t in the Property. 9. Condea~aatbu. The proceedc of ~ny ~watd Or claim fo~ damages, dircet or consequential, in connectjon, with anr condemnation a~ other taki~g of the Propetty, or paA tliercof, or fo~ ccxrveyance in lieu of condemnation. are hereby a~ned and shall be paid to l.ender. in ~he event of a to~al taki~g ot the Prop~ny, the prceee~ chall he applied to the sums securcd by this Mo~aae, with the excess, it any, paid to Bonowe~. 1n Ihe event of a partial taking of the Property, unkss Borrower and I.ende~ ' othenvix agree in wri~ing, there shall be applicd to the sums secured by this Mortgage such propottioo of the prooeedt rs is equal to that proportion vehich the amount of Ihe sumc secured by this Mongalte immediately prior to the date ot taking bears to the fair market value of Ihe Propeny immediately prior to the date of taking, with the balance of the pmceeds paid to Borrower. if the Propeny is a!?ando~ed by Bor:ower, or if. after notice by I_eoder to Bomower that the condemtwr oRers to nfalte an award or setlle a claim far damages. Borrower f~il~ to res~nd to I.ender within 30 days afte~ ~the date wch notioe is maikd, [.ender ic authorized to colkct and apply the proceeds, at I~nder's option, either to ttistoratioo or ~epsiT a[ t6s Propeny or to the sums secured by this Mortga~te. Unle:s Lender and Borrower otherwise agrce in writin~e. any such applicalion of proceeds to p~ncipal shall not ea~ta~d or postpone the due date of the mo~thly installments rcferred to in psragraphs 1 and 2 hertof or chanae the amount of such installments. ' ' 10. ~rewcr Not Released. Extensioo of the ~ime tor payment o~ modi}kation of amoniution of the wms secured by this Mortgage granted by Lendtr to any cuccccsor in interest of Borrowe~ shall not operate to rckase, in anr manner, the liability of tlie original Borrower and Borrower's successon in interat. Lender shall not be requircd ~to commenoe proceedings against such succ~ssor or refuse t~ extend time for payment or Wherwise modify amortization of thc sums • secured by this Mongage by rcuon of any demand made by the ori~tinal Bormwer and Borrower's successors in imercst. 11. Forbeuawce bp Leeder Nof a Wairer. Any fofiearance by Lender in exercising any right or rcmody heretmder, or otherwix afforded by applicable law. shall not be a waiver of or preclude the exercise of any such risht or remedy. The procuremeot of insurance or the payment of taxes or other liens or charges by L.e~der shall not be a waiver of Ltnders right to accelerate the maturity of the indebtedness secured hy this Morigage. I2. Res~edks C~ia~Wi~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other risht or rcmedy imder this Mortgage or afForded hy law o~ equity. and may be exercised concurnntly. independently or :uccessively. ~ 13. S~cceawrs a~d A~~s doaed: ~t awd Se~eral i.iab8ify; Capdo~s. The covenants and agrcements herein contained shall bind, and the rights hereunder shall inur~ to. the respective successors and usigns of Lender aud Borrower. subjoct to the provisions of paragnph 17 hereof. All covenants and agrcements of Borrow~er shall be jary and sevenl. The captions' and headings of the paragraphc of this Mortgage arc for convcoience only and a~e not to tie wod to interprct or define the provisans hereof. 11. Notke. Except for any naice rcquired under applicable law to be givtn in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail sddrcsxd to Borrower at the Property Address or at such aher address as Borrower mav designate by ootice to T_ender as provided herein, and (b) any notice to Lrnder shall he given by certified mail, retum receipt requested. to L.ender's address ~ated herein or to such other addrcss as Lender may designate by nc~tice to Borrower u providcd hercin. Any notice provided for in this Mortgage shall be deemed to have been given to Horrower or Lender when given in the manr~er desianated herein. 1S. Usifo~n Mort~aRe: Go~ernio~ Law; Sevenbility. This form of mortgage combina uniform covenants for national use and non-uniform covenants with limiteci variations hy jorisdiction to co~titute a uniform sxurity instrument coverin~ real properiy_ This Mortgage shall be governed hy the law of the jurisdictioo in which the Property is' located. In the ~ event that any provision or clause of t~ic Mortgage or the Note conflicts with applicabk law, such conflict shall not aBect f other~ provisions of this Mortgage or the Note which can be given eBect without the conAicting provision, and to thn E end the provisions of the Mortgage and the Nae are Jeclared to be severabk. ; lf. sorrower's Co'y. Borrower shall be furnished a conformed cop~• of tht Note and of this Mortgage at the time of exceution or after recordation hercof. - - ; 17. .Trs~ster of tbe Pro'My: Assomptiow. If all or any part of the Property or an interat thercin is sold or tnnsferred ' by Borrower without I.ender's prior writtcn consent. excluding (al the c~+eation of a lien or encumbrance wbordinate to ~ this Mortgagt. (b) the creatum of a purcha~e money ~ecurity interest for household applianees. (c) a transfer hy devise, ~ d~scent or by operation of law upon the death of a join~ tenant or (d) the grant of any kasehold intercst of three yean or kss - not rnntaining an option to purchsse. Lender may, a~ Lender s option, declarc a0 the swns xcured by this Mortgage to be ~ immediately due and payable. Lender shall have v?••rived such option to aceelerate if, prior to the cak or t~ansfer, Lender ~ and the person to whom the Property ic a~ be «~IJ or transferrcd reach agrcement in writin~ that the crcdit of such perwn ~ is satisfactory to Lender and that the interc~t payable on the sums secured by this Mortgage shall be at sucfi nte ac Lender • ; shall roquest. If Lender hu waived the option to accelerate provided in this poraaraph 17, and if Borrowers succasor in ~ interat hu exocuted s written assumption agreement accepted in writing by i.ender, Lender shsll releax Borrower from all ~ obliy~tions under this Mortgage and the Nae. ~ if Lender eaercises such option to acceterate. Lender shall mail Borrower ~atice of accekration in accordanc-~ w•ith ~ puajraph 14 hercof. Such notice shall provide a period of not las thart 30 days from the date the notice is mailed within ~ which Borrowcr may pay the sums doclared due. If Borrower fails to pay such u~ms prior to the expiration of such pericid, ~ i.ender may, without further notice or demand on Borrower. invoke any remedia permitted by paragnph 18 hercof. ~ Not~t-Ut+tFae~t CovEt+~tv'rs. BorroN?er and Lender further covenant aed apee as follo~rs: ~ li. Accder~do~: Rewedia. Esce*t a~ prnvWed ~ p~ra~M 17 bereot. ~o~ 1o~swe~~ Me~e~ of ay eo~e~t or ~ a~r~t ot ~rower. i~ tris Mo~a~e. i~elndi~ tie corewMts to py wl~e~ ~e shr wws ~ee~r~i iy tY~ MotiR~e. I.e~ier prbr b steNeralio~ sYa/ ~aN ~otke to don~ower as'rorWe~ tw pua~rapr 14 ~ereot ~peclt~: (1) tYe irae~: (21 tLe setbw ot - rqrirei b eae s~ Meacri (3) a~e. ~ot le~ tUa~ 3A days [roiw tUe date tre ~otice b waYei M Mrrewer. rp whkY s~i ~ i~+ae~ ~at iro cw~e~ a¦i (n trat tai~re b c~rs we~ Meack o~ or ~eto~e tbe ~ate yeeYei 1~ tl~e wotke war nsall iw sccekatio~ o[ IYe ~ ac~re~ by tr4 Morfsa~e, faeciosYre b j~icW lroees~ ri de ot ibc h~o~erry. 71~e ~otiee sMll tnrfrer hdorw Sorrswer ot tl~e riRY to relMste aflcr ~ceelerMio~ awd tl~e ~IN b arerf i~ tMe toreelowre ~oceei~ . 1ie ~-e:We~ee d s ~etuk or a~y otber aeteu~e o/ eorrower b accderatiow sai forrclow~re. N tre 6rcac~ i~ ~ot esr~ei e~ or betore the dsle qeeiiei i~ tMe wotice. l.eadcr s1 i.ewaer's opiow ~ry deelare a~ of N~e arr sa~r~ iy fW MortpRe ~o ~e . is~ledhhly dre a~ MyaYe wkb~l fa7her dem~nd awd nuy fortclwe tUit Moe~a~e Y~ j~ikW /lreeed(¦R. [.tndtr shaN be ~ to to~tet i~ wei p+ocet~~ ar t=peases of /o?eclosrtc. hcbdi~. b~t ~ef ~i M. rswwvlt sttnrwer's fees. a¦a e~s4 ot doc~.`~nMary eriae~ce. ab~sets ~d li~k rcpds. ~ 1!. Mrrowa's R~t te Rei~ata NMwithstanding Lender s accekntion ot the sums socuted by thi~ M~naaie. -s Borrower shall havt the risht to have any proceedinp,s he~un hy Lender to eniorce this Mortaa~e discontinucd at any dme ~ ~ ~ R " 5 - BvCKt~1 PAGf 8~ ~ ~ ~ ~ ~ ~ - - - ~w ; _ ~ ~ - ~ ~..,x - ~k u~ r~ °E°' s _ ' ' : . . ~ _ ~ . $ _ . . .