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HomeMy WebLinkAbout0801 ; ' Lender's written agrecmc~t or applicabk I~w. Borrower shall pay the amount ot all mort~age insurance premiums in the ~ ma~~e~ provideJ un~ier pa~ag~aph 2 hereof. /1ny amounts disburxd by i.cncier pursuant to thia pa~agnph 7, with interest thcreon, shall become sdditior~al ~ indebtednesc of Borrowcr securcd Ay this Mortgage. Unless Borrower and I.enJer agroe to othu temu of payment~ such ama~nts shall be payabk upon nc~ice f~~xn I.ender to Borrowcr rcques~ing payment thercot, and shall bea~ intercst from the date of disbursemeot at the rate•payahk f~om time to time on w~tataoding principal under the Note unkss psynknt oi intercst at such rate wauld be contrary to applicable law, in which event such amooots shall bear interest at the hi~ rate permissibk unde~ applicabk law. Nothing cantained in this pa~ag~aph 7 shall rcquit~e I_ende~ to incur any expease or Ute ~ any action hereurider. S. lwqeeliow. [.eoder may make or cau;e to be made rcasonable enlries upon and inspections of the Property. provided ? that l_ender shall give Borrawe~ naice priek tp aqy such; i~spection specifyin6 rrasonabk caux therefor rclated to La~der's ~ interesl io the Propeny_ ~ i 9. Cosdea~~afba. The prc~ceeds of any award or claim fo~ damaga. dirccl or consequential. in~ connectioe ~?ith any ~ condemnatioo or other taking of the Propehy, or pa~t thercof, or for conveyance in lieu of condemnation. arc herebp assiaeed ? a~d shall be paid to t.e~der. In the event of a total taking.of the Propehy, the proce~ds ~hall be appiied to the sums securcd by this Morttage. ; with the ezcess, if any, paid to Borrower_ In Ihe cvent of a partial taking of the Property; uoless Borrower and La~der ; o~henvix agrce in writing. therc shall be applied to the sumc securcd by this Mortgsge such proportion ot. the proceeds ~ as is oqual to that proportion w•hich the amounl of the sumc securcd by this Mortgage immediately prior to ihe da4e o[ takin6 bears to the fai~ market value of thc Property immediately prior~to the date of taking, wilh the balar~oe of the pra.~eeds ~ paid to Borrower. . } if the Property is abandoncd by Bor:ower, or if. after notice by i.ender to Borrower that the condemnor olftrs to ma~e ~ an award or setNe a claim for damages, Bc?rrower failc to rcs~ond to Lender within 30 days after'the date such notiex is ~ i maikd, Lender is authorized to collect and apply the procceds, at l.ender's option, either to restoration or repair d tbe J PropeNy or ta the sums secured hy ~his Mortga~[e. ~ t UnleSS Lender and Borrowe~ otherwice agree in writing, any such application of proceeds to priocipal shall not actend x ar postpone Ihe due da~e of the monthly installments referred to in paragraphs 1 and 2 hereof or chae~e the amount ot ~ , ~ such et~tallments. 10. eorrower Nof Reka~ed. Extension of the time for payment or modification of amortization of the sums secured by this l~ortgage gnnted by Lender to any cuccessor in inte~est of 8orrower shall not operate to rekase, in any manner. the lia~ility of thc original Borrowe~ aod Borrowcr s successors in intercst. Lender shall not be requircd to commence Fvoceedings agai~st such successor or refuse to extend time for payment or otherwise modify amortintion of the sums securcd by this MoRgage by rrason of any •demand made by the original Bomower and Borrowe~'s succeswrs in intercst. 11. For6ear~ce 6p I.ender Not a Wsi•er. Any forbearance by l.ender in exercising any right or remody he~mder, or - othervvix afforded by applicabk law, shall nc~t be a waiver of or preclude the exercise of a~y sueh riaht or rert~edy_ - The procurcment of insuranoe or the payment of taxes or other liens or charges by Lender shall not be a waiver of I,ender's right to accelerate the maturity of the indebtedness ceciirrd hy this Mortgage. 12. Rew~edks Cemo4tl~e. All remedies pmvided in this Mortgage are distinct and cumulative to any other ri6ht or r rcmedy ander this_ Mortgage or atforded hy law or equity, and may be exercised concurrtntly, independently or sucoessively. ' 13. Sreeesso~s aua Assi~~s Doand:.ioiat ad Se~eral t.iab~7ify; Csptloss. The covenants and aarceaxnts herein contained shall bind, and.the riRhts hereunder shall inur~ to. the.rcspective successors and assigns of Lender a~d Bortower, subjcct to the provisiooc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and headings of the paragraphc of this Morlgage arc for convenience only and are not to lie uxd to interprct or de6ne the provisions hera+f. . 11. Notke. Except for any notice rcquircd under applecable law to be given in another manner, (a) any notice to Borrower p~ovided for in this Mortga¢e shall be given by mailing such notia by certifled mail addressed to Borrow~er at the PropeAy Address or at such aher address as Borrower may designate by notice to T.ender u provided hercin, and (b) any notitt to Lender shall he given hy cerlified mail. rctum aceipt rcquestod. to t.ender's addras stated herein or to . such other address as Lender may designate by notice ta Borrower as provided herein. Any notice prov'~ded for in this Mortgage shall be damed to have bten given to Bo~rower or Lender when given iri the manner desi~nated heroin. 1S. Ueifone Mort~aRe; Co~erniu~ Lavr. Severability. This form of mortgage combina uniform rnvenants for national > use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instniment ooverina ' real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Propetty is located. in the i event that any provision or claux of thic Mortgage ~r the Note conflicts with applicabk law, such conflict shall not alfect i other provisions of this Mortgage or the Note which can be given eQect without the oonflicting provision. aad to this end the provisions of the Mortgage and thc Note arc Jeclared to be severabk. ~ lf. son+uwer's Copy. Borrower shali be furnixhed a conformed cop~• of the Note and of this Mortgage at the time - of execution or after recordation hereof. ~ 17. .Trarfer of ttie h~o~erty: Ass~mptiou: If all or a~y part of the Property or an interat thercin is soid or tnnsferred ~ by Borrower without I.ender's prior writ~rn consent. excluding (al the crr.~tion of a lien or encumbraoce subordinate to ~ this Mortgage, (b) the cnation of a purchace money-securi~y interest for household appliances, (c) a tnnsfer hy devise. ~ descent or by operation of law upon the death of a joint tenant or (d) tht grant of any kasehold interat of thrcc years or kss ~ not containing an option to purchase. Lende~ may, at Lender s option. declare alf the sums xcurod by this Mortgage to be immediatdy due and payable. Lender shall have w~aivcd such option 1o accelerate if, prior to the sak or transfer. Lender and the penon to whom the Property ic ta be cc~IJ or transferrcd rcach agreement in writina that the credit of cuch person is satafactory to Lender and that the inten~ct payabk on the sums securcd by this Mortgage shall be at s~kh rate ac Lender shall request. If Lender has waivod the option to accelerate provided ~n this paragraph 17, and if Borrower's successor in interat hss executed a written auump~ion agreement ucepted in writing by Lender, Lender shall nkase Borrower fr~+m all obljsations under this-Mortgage and the Note. if i.ender exercises such option to accelerate, Lender shall m~il Bonower notiee of accekntion in acrnrdanc~; w•~~h ~ psrajraph 14 hercof. Such notice shall provide a period of not las than 30 days from the date the notice is maikd within ; whieh Borrower may pay the sums declared due. if Borrower lails to pay such sums prior to the expintion of cuch period. ~ Lender may, without further notice or demand on Borrower, invoke any remedia permit~ed by paraaraph 18 hercaf. NON-UNIFORM COVENAHTS- BORO'WEf 2Bd L.~i1~tf fUTiFltf COVtBatlt atld isfCC s3 fOIIOwf: ~ ia. Aeederatb~; Re~edies. Euep as provided ~ ps~a~a'li 17 6ereot. .~o! sot.~o..ar. ~ ot ..r ~o.n..e .r y a~ra~t ot ~orrower 6~ tris Mort~a6e. ~ tie eo.ewsNs to psr wbe~ a~e s~y s~~s seewd dy dd~ M~a~e. t.e~ier prbr b~ccderstlo~ ~hr wail wotke to sonower r pro~iaed b pn~n~ 141ieieo~ ~ecY~: p) t~e M~eseb: (2) tUe setiow ~ei b em s~ ~eacM: t3) a d~1e. wot fas dw 39 days trowi tbe iatt tl~e ~otke b w~e~ /e l~nrwer. r!' wbicr s~ ~ lnsc~ ~rt be a~ea: a~i (4) tbat hWre to crre s~cU bre~c~ o~ or ~ore tl~e date ~eci~ b tre ~otiee wsy res~lt i~ . ~ aeeekrafiow ot Oe w~s ucrrcd br d~k Mo~aRe. Io~e~ios~re b~~ !~i awi s~le ot ttie h~ertr. 7be wotke ~ aitY t~er idon~ Sorrswer ot tMe ~M to ~t atter setelcrafbw swa tMe ~t b areA h tMe (ortelos~e ~teei~ ~ * de ~o~esite~ee d a icts~lt or asr dber ~efewse of ~o~rOwer to seeelerMiow awa torcclowire. N He Me~e~ M sot a~re~ o~ ~ or before tl~e ~a1e qeciie~ i~ tre ~olke. Leeder at I.e~der's opiow ~ acrlane ~ d tMe wr sta~~ y tY~ MortsaRe ts rt i~tet~r a~e a~i pysNe wiNwrl tiuti~er demand and w~ tottclo~e tdts Mo~a~t ~ jrikW ~oeeed~, Ltodsr ~aY ~ be e~ddt~ to c'o0ett i~ s~t~ Nocsc~~ ar esptwses af foretlosrrt. i~cl~. 6~t ~ot ~wNt~ M. rea~aile stl~xweYt fees. ~ a¦i eoN~ ot ioer.-~seNary eriae~ee. abqraels aw~ titk re~orb. ~ If. >oe*owa's R~t t~ Rei~tata Nc~twithstanding ~ender s acceleration of the sums secured by th~~ M~haaae. Borrower shall have the risht to hare any proceedinRs lxgun by Lender to entorce this Mongase discontinued at any time ~ . ~ ~ R£~ ~~2 t-,,~ 80 ~ 1 ti _ . _ ~ _ _ _ r - ~ 4 ~ ~ = N ~ n ~ _ 4 .