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HomeMy WebLinkAbout0590 i ! . ~ Lende~i writtcn agreemen~ or applicabk law. Bonowe~ shall pay the amounl ot all mortgage insurarice~p~emiu~ in the ~ • ma~ner provided uode~ paragraph 2 heroof. Any amounts disburxd by l.ende~ punua~t to this pata6rsph 7; with interest thereon, shall become additia~al indeb~edness af Barrowcr securcd by Ihis Mongage. Unlcss Borrowcr and I.ender agroe to other tertns of paymeM. such amounts shall !x payal?le upon nc~~icc f~am I.ender 1o Borrowc~ rcquesting payment thercot, and shall bcar intercst from the date of disbursement at 1he nte payabk fran time to time o0 outstaoding principal under the Note urdess ps~t ot interest at such ~ate would be contrary to applicabk law, in which eveot such amounls shall bear interest at the hi~ nte petmiuibk under applicabk law. Nothing cantained in Ihis parag~aph 7 shal) rcquirc l~nde~ to i~cur any espaae or tdce any action hercunder. ~ S. I~qcctio~. i.e~der may make a~ cause to be made rcasooabk enlriex upon and inspections of the Propertp. q~?ided that i.ende~ shall give Barrower nc~tice pcior lo a~y s~~ch inspection specityina rcasonabk cause therefor rclatod to i.eede~'s interest in the Prope~ty. . ° 9. Co~de~w~stioa The p~oceeds of any award or claim for damages, dircet or co~sequential, in connectioa with any condemnation or dher takina of the Property, or pan thercof, o~ for conveyaare in lieu of condemnation. arc he~+eby assianed and shall be paid to Lender. . le Ihe event of a tot~l takinE of the Propeny, the proceeds chall be applied to the sums xcured by this Mottaa~e, with the excess, if any, paid to Borrowe~. In the event of a partial taking of the Property. unlcss Borrower ~nd La~der othenvix agree io writing. there shall be applied to the sums secured by this Mongage such proportion of the prooeed: u is equal to that proportion w•hich the amounl of the sumc secured by this Mortgage immcdiately prior to the date ot taking bears to the fair market value of the Property immediately prior to the date oY laking, with the balanoe of Me proceeds paid to Borrower. . if the Property is ahandoned by Bor:ower, or if. after oolice by t_ender to Borrower that the condemnor oRe~s to nfaite ~ an award oc xttle a claim for damages, Bc.rrower tail~ la res~ond to. l.eoder within 30 days afte~ the date such notioe is maikd. Lende~ ic authorized to collect and apply ~he proceeds, at I.ender's option, either to restontioo or npair ot tbe Ptopeny o~ to the sums securcd by this Mortgage_ Unless Lender and Borrower dhenerice agrce in writing, any such application of proceeds to principal shall not exta~d or postpone the due date of the monthly inst~llmeots referred to in paragraphs 1 and 2 hercof or change the amount of such i~tal~ments. 18. Sorr~ower Na Relea~ed. Extcnsion of the time for payment or moditication of amonization of the sums secured by this Mortgage gnnted by Lender to any cuccecsor in interest of Borrowe~ shall not oper~te to rekase, in any ma~ntr. tht liability of the original Borrower and Bc?rrower'c successors in interat. ~ender shall not be requircd to commenoe proceedings against such successor or rcfu~e to extend time for payment or othenvise modify amonizstioR of the sums securcd by this Mortgage by rcason of ~ny demand made by the oriRinal Borrowe~ and Borrower's wccesson in intercst. 11. Rorbearaace by Leader Na a waivcr. Any f~tfiearance by ~ender in exercising any right or remedy her+etmder, or othervvise afforded by applicabk law, shalt not be a waiver of or preclude the exercise of any such right or rert~edy. The procurcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness securcd hy this Mortgage. I2. Rewedies C~w~rhtl~e: All nemedies provided in this Mortgage ar~e distinct and cumulative to any othe~ risht or remedy under this Morigage w aftorded by law or equity, and may be eserciscd concuroently, independently or successively. ' 13. S~ccea~as s~d AsiR~s eoned: Joiat aad Sereral i.iab~7ity; Caplio~s. The covenants and a~eemenu herein contained shall bind, and the rights hereunder shall inur~ ta the respoctive s~ccessors and assigns of Lender a[~d Bomow~er. subject to the provj$ionc of paragraph 17 hereo(. All cuvenants and agreements of Borrower shall be jary and sevenl. 71ie captions' and headings of th~ paragraphc of this Mortgage arc for convenience only and u+e not to 13e wed to interpret or define the provisions hercc+f. ~ 14. Notke. Except for any notice rcquired under applicabk law to be given in another manner, (a) any notice to Borrower pSovided for in this MortRaae shall be given by mailing such notice by cenifled maii addrcsted to Borrower at the Property Addras or at such dher address as Bormwer may designate by notice to i.ender as provida! hercin, and (b) any notice to Lender shall he given by certified mail, retum receipt requested, to Lender's address stated hercin or to such other addrcss u Lender may designate by notice to Borrower as pmvided hercin. Any notice provided for in this Mortgage shall be detmed to have been given to Borrower or Lender when given in the manner dasianated herein. IS. Uwitors Mort~aRe; Go~er~tu~ La.r. Severab~ty. This form of mo~tgage combina ue~form covenants for national use and non-uniform covenants with limited variations h.y jurisdiction to conttitute a uniform security instrument ooverina ; rieat property. This Mongage shall be governed hy the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clu~se of thic Mortgage or the Note rnnflicts with applicabk law. such con8ict shall not atfoct ; other provisions of this Mortgage or the. Note which can be given eQect without the oonflicting provision, and to this j end the provisioru of ~he Mortgage and the Note arc Jeclared to be severabk. ~ !f. eorrowe~'s Ca~y. Borrowe~ shall be furnished a conformed copy~ of the Note and of this Mortgage at the time of exocution or after rocordation hereof. ~ I7. .Tra~fer ot tbe lro~erty: Assa~np~iow. if all or any part of the Property or an interat thercin is sold or transterred by Borrower without I.ender's prior written consent. excluding (al the creatan of a lien or encumbnoce wbotdinate to ~ this MoRgage, (b) the creatux~ of a purchace money xcurity intercst for household appliar~ces, (c) a transfer hy devise. dacent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehold intcrat of Ihrce years or less not contsining an option to purchase, Lender may, at Lender c option. declue all the sums xcurcd by this Mortgage to be immediately due and qyabk. Lender shall have vraived such option to accelerate if, prior to the sak or transfer. Lender and the person to whom the Property ic ta be colJ or transferrcd reach agrcement in writing that the crcdi~ of cuch perwn is satisfactory to L.ender and that the inten~t payable on the sums secured by this Mortgage shsll be at s~kh rate as Lender ahall rcquest. if Lender has waived the option to accelerate provided in this pvragnph 17, and if Borrower's successor in interat hu exceuted a written usumption agreement acceptcd in writing by Lende~. Lender shall rekase Borrower frc+m all obl~ations under this Mortgage and the Note. ~ If Lende~ exercises such option to ucekrate. Lender chall mail Borrower notice of accekration in accordancti a•~th pan~raph 14 hereof.. Such notice shall provide a period_of not las than 30 days from the date the notice is maikd within which Bormwer may pay the wms dxlared due. If Borrower lails to pay such sums prior to the expintion af cuch pericd. [.ender may, without furthu notice or demand on Borrower, invoke any remedia perm~tted by pan~raph 1 R_ herec~f. ~ Nav-UxtFORM CovFN~rns. Borrower and Lender fuNher oovenant and a6ree u follo~vs: ~ 1!. Aeedentio~ Rewedks. Escept a~ rroviied i~ pua~ra/A 17 ber~ot. Ro~ ~ruwe~~ breae~ ot aq co~erN sr ; apeewe~t of sen~ower h tris Mor1~e. ~¦s ak ~o.~ ro*.r a.e ..r s~ws see~rd by tYr Mo~e. I.e~er ~ pior !s ~ecderMio~ sfi ~N ~otke to Dorrower as rro•Nea i~ pa~a~rapb 14 rereof qeelt~: tl) I~e Meae~: (2/ tMe setiow ~ r~i /s ewe s~ci lnsck (3) a i1e. wot las tvn 3~ da~s fraw the iste die wotice r~Ilci N~e~eower. h' wMki srci ; rreael~ ~~t be e~e~ a~i t4) Nat faibrc b cwe arch MwcM o~ or retore tre date ot t~e h~erry. wotke ~ seeelentie~ ot Ire ss~ uc~re~ by trk Mo~aRe. to.eetonre b~Cw N'~~"~ ~ dar tu~er wtorw ~orrswer ot tMe riRIM to reb~tate after aceele~a~tb~ awa tbe ~Mt b areel h tl~e toreelos~e ~eoeeei~ ~ tre ~Mewee of a ~etatlt or a~r etUer aefewsc ot >orrower a sceek~atbw ana torecbwre. N!we 6eeac~ i~ ~ot ~c~i o~ ~ or 6elore t~e ~Me s}eelie~ i~ tMe ~ofic~.l.e~Aer a1 l.ewaer's opio~ ~ry iecire sr o~ tre sr~s ~ecwsa ~p tiib Mo~f~a~e b tie ~ i..eiVeely are ..i py.ek ..iM~o~l t~e+be. aen~ana aua .ar toredo.e lld. Mo~fs~ ~r N++cW r~«sedf~R. r.enacr ~ ~ ~f fonclosrre. M~ti~is~. 6~N Mt rwNei 1~. rearorabie stt.,reer's fees. ~ be atlde> a co~ect i~ s~i p««di~t r~pe.s~s a¦~ asb at iae~.'~e~tar7 ri~~+ ni titk eeprl~. 1!. ~o~owa's R~t to Rd¦Nate• NotN'~~hsundinE Lender s sccekratioo of the sums securcd by th~s Mortaa~e. ~ Borrowu shall have the ri~ht to have any proceedings hegun hy Lender to enforce this Mort~a~e disca~tinued at .~ny time ~ M _ ~ gooK3U3 ~A~ 589 ~ _ _ _ _ _ . ~ >,,~"s ,~Y~ _ _ . . . .