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HomeMy WebLinkAbout0174 l.enckr's w~itten agrcrmen~ or applicabie Ivw. Borrowe~ shall pay the amount o[ all mortgage incu~ance ptemiums in the ma~ner pruvided under pa~agraph 2 hercof. A~y amounts di~burxd by I.cnJer pursuanl la this paragnph 7, wrth intercst Iherean, shall become additional indeb~edness .~t l3~rrowcr ~cured by Ihis Mort~age. Unleu Barrowcr and I.en~k~ agrce to other lerms of payment, such amounts shall he payable u~n n~~lice from l.ende~ ta Barrowr~ requesting p~ymenl thereof, and shall Aea~ iMeresl trom the date at disbursement at the ratc payahle fram lime to time on outstanding pri~cipal under Ihe Note unless payment of intercst at such rate would be cantranr ta applicable law, in which event such amounts shall hear interest at the hiahat rate permissible unde~ applicabk law. Nnlhing containal in Ihic paragraph 7 shall rcquire l.ender ta incur any eapense or talca any action hereunder. 8. l~apectioa. I.eock~ may make or rausr to t~e made reasonahk entriec upc?n and inspectiooc ot Ihe Property. provided Ihat l.ender shall Rive Bc~rrawer not~ce prio~ to any such inspectian specifying rcasonabk caust therefar rtlated to I~et~de~'s intercst io the Prapeny. 9. Condemeatbn. The proceedc of any award or elaim for damagrs. direet or consequential, in eonneetio~ rvith any condemnation or other taking of the P~opehy, or part therrnf, cx far c~~nveyance in lieu ot coodemnation, are hereby assia~ed and shall be paid to I_~nder. In the event ot a total taking of the Pmperty. the proce~ds chall be applied to the sums secured by this Mortsage. with the excess, it any, paid ta Borrower. In the event of a partial taking of the Property, unless Bornowe~ and I.enckt o~henvi~- agrce in writing_ therc shall be applied to the ~um~ securcd hy thic Mongage such proportion ot the proeeeds u is equal ta that prapc~Aion w•hich !he amount of ~he sumc cecured hy this Mortgagt immediately priar to Ihe date ot taki~g bears to tlx fair market value of the Property immediately prio~ to the dale of taking, with Ihe balana of the proceeds paid to Botrower. if the Property is abandoned by Bor:ower. or if. after no~ice by I.ender to Borrawer that the condemnor oflers to make an award or xttle a daim for damagrs, Borrower iail~ to res~nd ~o I.ender within 30 days after the date such nolice is mailed. Lender ic authorized to collect and apply ~he procecds, at l.ender's option, either to rcstoation or npair of tlra Property or to the sum~ secured by ~his Morlgage. Unlesc Lender and Borrower olhenvise agree in writ~nF, any such application of proceeds to principal shall rwt extend or postpone Ihe due date of the monthly inslallmcnts rcferred to in paragraphs 1 and 2 hereof or change the amouot of such inslallments. 10. dorrower Not Rekzsed. Extension of thc time for payment or modi6cation of amortiution of the sums xcured by this Mo~tgage granted by l.ender to any cuccecsar in interect of Borrower shal) not ope~ate to release, in any ma~ner. the liability of the original Borrower and Borrower'~ succcssorc in intercst. I_ender shall not be rcquirrd to commence proceedings against such succtssor or refuse to e<lend time for payment or otherwise modify amortizat~on of ~he sums xcured by this Mortgage by rcason of any demand made by the oriqinal Bonower and Borrower s successon in intercct. 11. Forbearance by Lender NM a Waiver. Any forhearance by t.ender in exercising any right or rcmedy heramder, or olhetwise afTorded by apPlicable law. shall not Ae a waivet ot or preclude ~he exercise of any such right or remody. 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 maturiry of the indehtednecs cecured hy this Mortgage. 12. Remedies Cuww~nlaH~e. All rcmedies provided in this Mortgage art distinct and cumulative to any othe~ ~ight or remedy under this Mortgage or aRorded hy law or equity, and may be exercised concurrcntly, indeperxkntly or successivtly. ' 13. Secce~o~s snd Assi~~s Eound: Joiet aad Sereral f.isM'Hfy; Csptbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inur~ to. the respective successors and usigM of Lender apd Borrower. subject to the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and sevenl. The captions and headings of the paragraphc of ihic Mortgage are for convenience only and are not ta be used to interprct or defioe the provisions herrnf. 11. Notice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to Borrower p~ovided tor in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrawer at the Property Address or at such o~her addresc as Borrower may designale by no~ice to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. retum receipt rcquested. to I.ender's addrtst stated hercin or to such other addrcss as Lender may deciqnate by notice to Bormwer u provided hercin. Any notice provided tor in this ; Mortgage shall be deemed to have been given to Bormwer or Lender when given in the manner desisnatod hercin. 1S. Unitorw~ Mod~aRe; Gorernin~ i.aw; Seversbilily. This torm of mortgage combina uniform covenants for national ~ use and non-uniform covenams with limited variations My jurisdiction to constitute a uniform stcurity instrument rnverins ( rcal propeny. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is tocated. In the i event that any provision or clause of thic Mortgage or the No1e conflicts with applicabk law, such conflict shall not aHect ~ other Provisions of this Mortgage or the Note which can be given eQect wi~hout the conflicting provision, and to tha € end the provisions of the Mortgage and the Note are Jeclared to be severablt. ~ 16. Eonower's CoPy. Borrower shall be forniched a conformed cop~- of the Note and of this Mortgage at the time of execution or after recordalion hereof. ~ 17. .Tra.der of ~~e Pro~e~ty: Assamplion. If all or any pan of the Property or an interat thercin is sold or tnnsferred ~ by Borrow~r without Lender's prior wrincn consen~. excluding (a) the crcation of a lien or encumbnnce subordinate to ~ this Mortgagt. (b1 the creat~on of a purchace money cecurity interest for household appliances, (e) a transfer hy deviie. descent or by operation of law upon the ckath of a joint tenant or (d) the grant of any Itasehold intercst of threc ycars or lesx ~ not containing an option to purchase. Lender may, at Lender'~ option, declare all the sums xcured by this Mortgagt to be ~ ~ immediately due and payable. Lender shall have wa~ved such option to accelerate if, prior to the sale or transfer. Lender ~ and the person to whom the Property ic t~~ be colJ or transferrcd rcach agreement in writina that the credit of such person ' is satisfactory to L.ender and that the interr.t payable on the sums securcd by this Mortgage shall be at.such .rate ac Lendtr shall rcquat. Tf Lender has waived the option to acceleratc provided in this paragraph 17, and if Borrower's successor in r interat has exceuted a written usump~ion agreement accepted in writing by Lender, [.ender shall release Borrower frc+m all p obli~ations under this Mortgage and the Note. ~ If I.ender exercises such optior. to accderote. Leocier shall mail Borrower notice of acceleration in aceordanc~ N~i~h F: pua~nph 14 heroof. 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 fails to pay such sums Prior to the expiration of cuch period, ~ L.ender may, without further nwice or demand on Borrower, invoke any remedia permitted by pansnph 18 hercot. ~ . g: Notu-Ut+tFORtw CoveN~tvTS. Borrower and Lender turther covensnt and a~ree u follows: ~ 1a. Accekratb~; Rewcdia. E:cept as provfded i~ pa~~aph 17 benof, ~o~ fon~owe~'s 6~eacr of a~y co~e~t or ~re~~t ot dorrowa i~ ttiis Mort=a6e. <k ~o.ep.~ ~o p.y ..ac. a.e a.y,.~ws sccyei ry tM4 Mo~a~e. I.e~er : prbr to ~ccekrstlo~ srall wil aotlce to dorrower as'rorided Iw para~rsph 14 6ereot s'tclf~: (1) tlie 6~eacM: (Zl tUe sctbw reqdrea to eue soc~ M~sacr: (3) wot {as tbw 30 days iw~w tbe date tbe ~otice r oaikd b iorrower. b7' wbkh s~cY ; Dreacb ~qt be emd: a~ (4) tMat ta~re Io er?e srcl~ brescM ow or ~etw~e tbe date yeeMea b tbe wotice wsy resalt i~ ~ ~ecekrM{o~ ot Ire s~ ucured by tbis MortaaRe. foreclo~re b~ M'~~[ awi ~ale ot t4c Pruperry. 'il~c wotiee ' ~l~ap t~~er hfon~ Earrower o[ tre ri~M to rei~state after sccelerstbw s~d tlie ~Mt b areA b N~e torecloarre ~aeeedi~ - tie ~ow~e:We~ce ot a ietaolt or a~y Mber detcme of Eorrower to sccelerNbw sua toreclolrre. H the 6rracM b eot e~i o~ or 6efore tbe aste s'etiid i~ tMe notke. Ltnder af I.ender's opbw ~ dcchre a/ oE tMt w~ xc~red by tMM Mort~aRe to be ~ i~~e~tely dne ~i pyabk wNiorl tarther dcmand and a~ay to~rciose Heit Matsa~e Y~ jrdkW ~oetedi~. i_ender shall be eNidea Io colleet d wcr ~roceedlaL aM e=peoses ot (oreclosrre. i~clydi~. brt ~ot Wdted to. reaw~aele attnrner's fea. < a~ eash a[ ioc..~e~tary edie~ce. ~b~trsds a~ Iiik re~orls. ~ 19, Donowa's Rl~it to Rei~tatt. Nc~twi~hcunding Lender s sccekratio~ ot the sums secured by ~h~~ Mortaaje. Borrower shall have the righl to have any proceedmgs fx~un hv Lender to enforce thu Mongage discont~~ued at any time ~ ~ r ` ~U i74 ` gGCr. 4 ~A~~ ~ ~ ~ . _ _ _ . _ - - - - - _ ~ ~ . ~ ~ ~ _ ~ - . _ ~ .