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HomeMy WebLinkAbout0168 l.enckr i writtcn agrcement or applicat?k law. Borrowe~ shall pay the amc~unl o[ ali moKgagt insurance p~aaiums in the ma~ner providrd under paragraph 2 heroof. /~1ny amaunls disburud ~y I.cnJer pur~uant ta this paragraph 7, with ~ntetest theroon, shall become additional indebtedness ot Bortow~r secured by Ihis Mortgagt. Unlecc Bnrrow•cr aoJ I.r~Je~ agrce to othe~ tem?s ot payment, suc~ amcxmts shall tx payahle u~n n~~icr fn~m I.ende~ to Borrawe~ rcquesting payment thercc~f, and shall l~ea~ i~tercst from the date of disbursement at the ~ale payahle trom time to time cx~ outstanding principal under the Nate unlGSS pa~nnent ot interc3t at such rate would be contrary ~o applicable law, in which event such amounts shall hea~ intercst at the hishest rate permissiblc under applicabk law. NotAing contained in this pa~agraph 7 shall rcQuire 1_ender to incur a~y expe~.te or take any action hercunder. a. Isspectioa. l.ender may make or c~uae Io 1+e made reasonable emriec u~~ and inspections of the P~opeRy, provided that l.ender shall give Bonower not~ce p~icx to any s?~ch inspcction cpecifying rrasonabk cause therefor related to Ltoder's inlerest in the Property. 9. Coademsafba. The pracecdc of any award or claim for damages. dirccl or concequential, in connection writh any condemnation or other taking of the P~aperty, or part thereof, or for ccxweyance in lieu ot condemn~tio~, arc herebp mianed and shall be paid to I.ende~. In Ihe event of a total taking of the Proper~y, the prcxecds chall be applieJ to the sums secured by this Mortaage, with the excess, if any, paid to Bo~rower. 1~ the evcnt of a pa~tial taking of the Property, unlect Bomower and I.eoder o~herwise agrce in writing. therc shall be applied to the cums securrd hy thic Mongage such proportion of tAe proceedt as is eqwl to that proportion w•hich Ihe amount o( ~he sumc ucured by this Mortgage immediately prior to the daEe ot taking bears to the fair market value of the Prapeny immediately prio~ to the. Jate af taking, with the balance of the pca.~ds paid to Borrower. If the Property ic abandoned by Bar:ower, or if. after notice by I.ender ta Bo~mwer ihat the condem~or offets to make an award or setlle a c13im for d~mages. B~rrower tail+ to re~~xnd to l.ender within 10 days after the date such notice is mailed, Lender ic autharized to collect and apply ~he proceeds, a1 I.e~der's option, either to restoration or tepair o[ tbe Properiy or to the sums ~ccured hy ~his Mort~tage. Unkss Lender and Borrower othenvite agree in wrihng, any such applicalion of p~oceeds to principal shall not extend or postpone the due date of the monthly installmen~s referred to in paragraphs 1 and 2 hereof or change the amount ot such installments. 10. Earrower Not Rekased. Extension of Ihe time for payment or modiBcation of amortiution of the sums secured by this Mortgage granted by [.ender to any cuccecsor in interest of Borrower chall not ope~ate to rckase, in any manner, the liability of the original Borrower and Bc.rrower i succ~ssors in interest. l.ender shall not be rcquircd to commence proceedings againu such successor or refuce to e+ctenJ time for payment o~ otherwise modify amortiut~on of the sums secured by this Mortgage by reason of ~ay demand made by the oriqinal Bor~owt~ a~d Bo~rawer's wccessors in interctt. ll. Rorbe~raece by Leader NM a Wsiver. Any f~fiearance by I_ender in exercising any right or rcmcdy hercunder, or otherwise atforded by applicabk law, shall n~t tx a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxa or other liens or charges by 1_ender shall not be a waiver of Lender's right to accele~ate the maturity of the indebtedness cecurcd hy this Mortgage. ]2. Rea~edies Caa~nlst~e. All rcmedies provided in this Mortgage are distinct and cumulative to any other riaht or rcmedy under this Mortg~ge or aBorded by law or equity, and may be eaercised concurrcntly, independeMly or succtssively. ' 13. Seecesors snd A~~s Souwd: Joint aad Sered i.iabAiry; C~ptbas. The covenants and agreemrnts hercin contained shall bind, and the rights hereunder shall inur~ to. the rcspective successors and assigns of Lender aud Borrower. subject to the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions~and headings of Ihe paragraphc of this Mortgage arc for convenience only and are not to be uxd to interpret or define the provisions hercof. . 14. Notke. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to Borrower p~ovided for in this Mortgaee shall be given by mailing such notice by cettifled mail addresxd to Borrowe~ at the Property Address or at such other address as Borrower mav designate by notice to T.ender u provided herein, and (b) any notice to Lender shall he givcn by certi6ed mail. retum rcceipt requestcd, to [.ender's addrcu stated herein or to such other addrcss u Lender may decignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shatl be deemed to have been given to Bc+rrower or Lender when given in the manner desi~ated hercin. 1S. Usitora Mort~aRe; Co~cn~ia~ I.aw: Se~erability. This form of mortgage combina uniform covenants for n.ational use and non-uniform covenants with limited variations hy jorisdiction to constitute a uniform security instrument covering rea! property. This Mongage shall be govern~d hy ~he law of the jurisdiction in which the Property is Iocated. in the ' event that any provision or claux of thic Mortgage or the Note conflic~s with applicabk law, such conflict shall not aftect ~ other provisions of this Mortgage or the Nnte which can be given eBect without the eonflicting provicion, and to this ~ end the provisions of the Mortgage and the Note are Jeclarcd to be secerable. lf. ~on+uwe~s Copy. Borrower shall be furnished a conformed cop~• of the NWe and of this Mortgage at the timt of execution or atter rccordation hereof. r 17. .Traede~ of the hopMy; Assumptioe. if all or any part of the Property or an intercst thercin is sold or tnnsferred ~ by Bortower without L.ender's prior wrinrn consent. excluding (al the crcation of a lien or rncumbnnce subordinate to ~ this Mortgage. (b) the creation of a purchace mnnev tecurity intercst for household appliances, (c) a ~ranster hy devise. 3 dacent or by opention of law upon the ckath ot a jo~nt tenant or (d? the grant of any leasehold interat of thrcc ycars or kss not containing an option to purchase. Lender may. a~ Lender's optio~, declarc all the sums secured by this Mortgage to be E immediately due and payable. I.ender shall h~ve w•a~ved such option to accelente if, prior to the cale or transfer. Lender a and the person to whom the Properry ic ta be coW ar transferrcd reach agreement in writing that the crcdit ot such perwn ~ is satisfactory to I.ender and that the ioterc~t payable on the sums securtd by this Mortgage shall be at such rate ac Lender shall requat. If Lender hu waived the option to accderat~ provided in this poragnph 17, and if Borrower's succasor in ~ interest hu executed a written assumption agreement accepted in writing by Lender. Lender shall rekase Borrower frc+m all ~ obli~ations under this Mortgage and the Note. • ~ if Lender exercises such option to accderate, Lenekr chall mail Borrower notice of accdentior~ in aceordanc~ with ~ parajnph 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 doclared due. If Borrower fails to pay such soms prior to the eapintion of such peric~d, ? Lender may, without futther notice or demand on Borrower. invoke any remedia permitted by pangraph 18 hereof. ~ • - Nor~-Ur+~FORtrt CoveNeN'rs. Borrower and Lender fuNher covenant aod asree u tollows: la. Accde~atb~: Rea~edks. B:cept a~ prnvided iw pan~npM 1~ bereot. rpo~ forrowa's 6~eaeM ot a~y co~e~aN or a~reeee~t ot Sorrewer h t6fs Mo~a~c. ~.ci~~ nK ~o.~.~ ~o rar a.e ..y .o~..c~~ y ew. Htorq~~e. I.e~der prior M aceelerstlo~ s1~aN wiail eotke to eorrowcr as'rovtdcd le psra~~ 14 Uereo~ s~ecK~: (1) tMe 6eescM: (21 tbe sctiow I reqs~e~ !u c~a+c wc~ ~escM: (3) ~ 8~e. ~ot las tMaw 3A days tro~ tre date tLe ~otke M~aHea to ~on~owsr. !7' wAkl~ srtr b~+esei~ ..rt 6e c.e~ a.i (4) ihat hN¦ro a eure arc~ Meac~ ow or rctore ~re da~e s'eetAed h ere wo~ice ~eay resrlt h t accekratlo~ ol Ire s~r ne~ed br tMk Mo~aRe. /o~ee~os~re b 1~W !~i awi wk ot t~e h+operry. 71~e wotke .e.r trrtl~er htor. sor.oaer or el~e riRa-to rela~ate .r~er .eeekr.tb. saa tl~e risl~~ !o .i.eA h the roreclos.re ~.octe~ tre ~ore=Wewce a/ ~ aet~lt or aq otl~ aefeese ot Dorrower to sccekrat{o~ snd toreclwrrc. IL tbe brexM is ~of e~ os or befae tbe d~te s~eciRe~ h tf~e wotke..Lendc~ st 1.ender's o'1bw a~sy decWe d ot tbe wu~s secsred by t~ir Mort~aRe !o be : i~~ediately dre a~ pysblt w'it~od t~utl~er dem~nd and mar /oreelost th4 Mo~a~e by jodkW pvesedtiR. T.ender ~ap b! ~ fQ !00!!f ~ M`'f~0!!l~IK v!=PlBSlS A~ ~Oflt~OStiR• ~tl~. btf ~~1l+ 10. rt~~t ~fl~~flltY'i Ettf. - atl ea~ ot doc~~e~tary eHde~ce. sbstr~cb awd litk rcprls. 1!. ~o~rowa's R~ft to Rei~late. Ncuwiths~anding Lender s acctlention of the sums secured by th~~ Mort6aje, Borrower shall have the riaht to have any procecdings txgun hy Lender to enforce this Mongage dixontinued at any time .3 l gOCr 3U4 ~'.Sf,~ 168 ~ ~ ~ - - - - _ - ~ - x~ ~ > ~ ~ ~ ~ ~ . . . .