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HomeMy WebLinkAbout0322 . r ~ Lender~s writtea aaroement or appticable kw. Borrovrw shaU pay the anwunt ot aq mortsaje iasutanoa pn;miuaa ia tbe maane~ ptovidod unde~ para~aph 2 I~eceof. . . Any amounh disburs~d by I:eode~ pursuant to thit p~ninph 7. witli inta~at thereon. shap beconme sdditionai indebtodnas ot Borrowcr sxurod by this Mwtsaae. Unless Borrower and Lenckr aaree W Mher tenas ot paymet+t, wch ~ amounb ahall be psYabk upoo natice from I.ender to Bomower roquestina paYment theroof. and sl~ll bear interat troa~ the ~ date of disbureeme~t st the ratc payaMe hom time to time on a~Utandins pri~cipal under the Ndc unless pRymeot ot ; interat at :uch rate would be contrary to spplicabk law, in which event such. amounts ahall beu intenxt at the hisbat rata permiss~'bk unde~ applicabk law. Nothing contained in this paragraph 7 shall roquire Lender to incut ~ny expeo~s o~r ttte ~ a~y actiw~ hereuader. s s. 1~pectis~. I.ender rasy make or cause to be made rcasonabk entries upon and inspections of the Ptoperty. pwvided ; that l.ender shall aive Borrower notice pricK to any such inspection specifyina ~ruoeabb cause tMxefor relatod to La~der's ~ interest in the Pmpe~ty. Caw~ew~a ;The proceeds ot any award or claim for damages, direct or rnrtsequential. in connectbn ~vith any ~ s condemnation or dher taking of tlk Properryr. or part thereof. or for conveyanoe in lieu of condemaation, ue he~r a~aed and shall be paid to Lender. ; In the event of a total taking of the Property. the proceeds shall be applied to the sums xcured by this Mataaae. ; with the exce~, if any, paid to BoROwer. in thc eveM of a partial taking of the Pr+operty. unlas Borrnw~er and I.eoder s aherwise sgree in writin~t, there shall be applied M ~he sums socured by this Mortsaae such Pmpo~lion of the pcooeeds } as is eqwl to that propo~tion which the ama~nt of ~he sumc secured by this Mortaage immediately prior to the date of takir~ bears to the fair market value of the Propcny immediately prior to the date of taking, with the balanoe of the ptoceeds ~ paid to Bormw~er. ~ If the Property is abandoned by Borrower, or if, after notice by Lender to Bornower that the condemuor oRers to malro , an award ar xttk a claim for damages. Bomawe~ faih to rcspond to Lender within 30_days aRet the date such notice es ; maikd. Lende~ is authorized to coUect and apply the procceds. at I.ender's option, either to restotation or ~epair of tbe ~ Property or to the sums securcd by this Mongage. . i UAlas Lenckr and Borrower Mherwise agree in writing, any such application of proceeds to principal shsll rat extend ~ ar pcxtpone the due date of the monthlv inst~llments ~eferred to in paragraphs 1 a~d 2 hereof or chartge the amount of f suCh installments. ' 10. ~wwer Not Reka'ed. Eatension of ~he time for payment or modifkation of amortization of the sums secured ! by this Mortgage granted by Le~der to aoy cuccecsor in interest of Bortower shall not operate to rekase, in any manner. ~ the liability of the original Bortower and Bc~rrower s successon in interest. Lender shall not be .requircd to commence ~ proceedings agai~t such suocessor or rcfuse to eztend time for ~payment or otherwise modify amortization of the sums secured by_ this Mortgage by reacon of any demand made by the oriRinal_ Borrowe~ and Borrower's successors in intercst. ll. Ro~bearawce dy I.ewder Not a Wdver. Any forhearance by l.ende~ in exercising aoy right or remedy hertunde~, or otherwix affordod by applicabk law. shall nc+t bc a waiver of or proclude the exercise of any such right or remedy. The procurement of inaurance or the payment of taxa or other liens or charges by Lender shall not be a waiver of i.ender's right to accekrate the maturity of the indebtcdness cecured hy this Mortgage. = I2. Ren~ CmnuWhe. All remedies pmvided io this Mortgage are distinct and cumulative to any other right or ~ rcmedy under this M'ortgage or aRordcd by law or equity, a~d may be eaercised concurr+ently. independently or successivdy_ ~ ' 13. Sreeessors and A~~s dound: Join1 aed Severd i.jabi~, Captioas. 71~e covenants and agreemenb hercin co~tained shall bind, and the rights hereunder shafl inurc to, the respective successors and assigns of Lender and Bor~+ower. ~ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiM and severai. The captions and headings of the paragraphs of this Mortgage are for convenience only a~d sro not ta be used to interprct or define the provisions hereof. - ~ 14. Natice. Except for any notice requircd under applicable law to be given in another manner. (a) any notice to 3 Borrower provided for in this Mortgaee shall be given by mailing such notice by c4rtifled mail addrGaed to Borrower at ` the Property Address or at such other address as Bormwer may designate by notice to i.ender as provided hercin, and ` (ba any notice to Lender shall he given by certif~eci mail. retum rc~ceipt requested, to I.ender's address stated hercin or to such othe~ addrcss as Lender may desienate by ne?tice to Borrower as provided herein. Any notice provided for in this Mongage shall be deemed to have been given to Bo~rawer or Lender when given in ihe manner designated hercin. 1S. Uaitona Mort~a~e: Go~ernin~ Lsv.; Sevcrability. This form of mortgage combines uniform covenants for national use and non-uniform covenan~c with limited variations by jurisdiction to constitute a uniform securiry instrument covering ~ real propeny. This Mortgage shatl be governed hy the law of the jurisdiction in which the Property is located. In the ~ event ~hat any provision or clause of thi~ Mortgage or the Note conflicts with applicabk law, such conflict shall not affect i i other provisions of this Mortgage or the Note which can be given eBect without the conflicting provicion, and to this = j end the provisions of the Mortgage and the Note are iieclared to be severable. l6. domower's Copy. Borrower shall be furniched ~ conformed copy of the Note and of this Mortgage at the time i of ex~cution or after recordation hereof. - " I l7. Tra~sfer of t6e Pro~erty: Assumplion. 1f all ar any part of the Propeny or an intercst ihercin is sold or transferrcd ~ ~ by Borrower without Lender's prior writicn consent. excluding (al the creation of a lien or encumbrance subordinate to - this Mortgage. (b) the creat~c?n of a purchace monea security interest for household spplianc~s. (c) a transfer hy devae. j descent or by operation of law upon the cica~h of a joint tenan~ ot (d) the grant of any leasehold intercst_ of thrcc years or less ( not containing an option to purchase, Lender may, at Lender'c option, declare aq the sums securcd by this Mortgage to be f immediately due and payable. Lender shall h~ve v?•aived si~ch option to accekrate if, prior to the sale or transfer. I_ender ~ ~ ~ and the person to whom the Property ic to be coW or transferred reach agreement in writing that the credit of wch person T ~ is satisfactory to I.ender and that the intercst payable on the sums secured by this Mortgage shall be at such rate ac Lender _ s shall roquat. If Lender hu waivod the option to accele~ate provided in this paragraph 17, and if Botrower's successor in ~ interest hu executed a written auumptian agreement accepted in writing bX Lender. Lender sfiall rclease Borrower from all ~ obligations under this Mongage and the Nae. = If Lender exercises such option to accelerate. !_encier shall mail Borrower notice of acceleration in aceordanc~ u~i~h ~ paragraph 14 hercof. 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. If Borrower (ails to pay such sums prior to the eapintion af tuch peric~d. ~ Lender may, without further notice or demand on Horrower, invoke any remedies permitted by paragrapfi 1R hereof. ~ Non-Utv~FOatit CoveNeN'rs. Borrower and Lender further covenant aod agne u follows: ~ ~ ls. Accekratb~ Rea~edks. B:cept as prorided ia pars~rspb 17 Aercof. ~ Eorrower's brrscr ot a~y co~c~awt or ; a~ree~t of Eorrower h tlr~s Mo~e. iwcludi~ tbe coresants to psr w~ea d~e aay so~as secnred by tWs Mort~e. Leoder > t ~ prior lo setekAtb~ s6afl a~ail ~otke to Sorrawer ac pm~Wed in parattspb 14 bereot specK7bKs (1) the brtacb: (21 tbt scliow i r'e9drsd b eue s~t~ brac~: (3) a date. not Ie: twan 30 days fros tbe ddt tre aotice k maRei M~rower. bi'i~l~ic6 srcl~ ! brescl~ ~wwt be cued: a~d (n Wat fa~re to cure srcM breacM os or befa+e tbe dafe qeclied iw tl~e aotke may resalt ir ` sccderatfo~ ot tre s~ms iec~u~ed by t~k Mo~t6a~e. to~eclosare by judicial proeeediu~ aai sale of the Propcrry. 71~e ~otiee : ' shaq fn~rier tefono Borrvwer uf tbe ~M to reiustate dter sceeler~ion and N~e ritbt to ~ert h He faeclosrre ~noe~e~i ! s tre oow.e~iste~ee d a deEsWf or sar other defease of Eorrower to sccekrstiou and fortcloa~re. lt d~e brscb k oot cn~ei ow or before tbe da~e speciitd 6~ the sotke. Lender at I.ender's optjoa may dtclut ar d' t6e soas sterrt~ by tlds Mo~aRe to 6e ~ imisediately dne awi pyabk witiwot t~Aher demand ~nd msy foacbse t6b Mo~e 61 j~dkW ~rotKdi~. i.ender ~hall be eatitltd to co9ecf is srtr proc~edin~ sr expeoses af toreclosure. fact~din~, bat ~Ot Iisitta fo. rta~o~lt att.~rnry's fets. ~ aaa costs ot doe~seNar7 ~.idesee+ a~'aMs snd litk reporls. ~ 19. Don+u~+er's Ri~Ut fo Re~statt. Nc~twilhs~anding I.ender s accekration ot the sums secuoed by th~s Mort6age, ~ Borrower shall have the right to have any proccedings he~un hy l.ender to enforce this Mongage discontinued at any time ~ g~o~3U2 PACE 322 g~RK30~. PA;~ 80l 1 s - ~ ~ • ~;ec0(d ~~~}^3 3 - . ~ s°' ' "'a~' f~~, ~ u c:r-,~,-.~, a ; : -o...y,~ . . . . _ _ ~^k'~?'°_ , ~ . ~ _ .