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HomeMy WebLinkAbout0270 . • . ~ . . ~ . . _ . h l.ende~'s written agrcement w appiicabk law. Borrowe~ shall pay the unou~t ot ali mortgage insurance premium~ io the manner p~avided under parag~aph 2 heceot. Aoy amounts disbuned by i.e~de~ pursuanl to tha paraa~aph 7, with interest ihereon, shall become additional indebtedness of Borrowc~ securcd by Ihis Mortgage. U~less Borrowe~ and ~emfe~ agrce to othe~ tertns of paymeM. such amounts shall be payabk upon nc~ice fmm i.ender to Borrowc~ roques~iog payrt?ent thereot, and shall bear intert9t from tha date of disbursement at the nte payabk from time to time oa adslandi~g principa) under tha Note unkss pa~rma+t oi intercst at such rate would be contnry lo applicable law, in wh~ch ovenl such amounts shall lxar interest at the hiahest rata permiuibk u~der applicabk law. Nothing ca•tained in this pangraph 7 shall rcquit+e I.ender to incur any expetae or tai~e any action hereunder. , , S. 1~eclio~. I.ende~ may mak~ oi caiae to be made reaso~abk eotriet upon and inspeclions of the Property. provided that l_eode~ shall give Borrower natice.prior ta any s~~ch inspection speci(ying reasonabk cause th~erefor rclatod to L.a~Be~'s interest in the Property. 9. Cowdew~aifbu. The prceeeds of any award or claim for damagcs, direct or consequential, in connection with aay condemoati~n o~ other taki~s of the Propeny, or pa~t thereof, or for conveyance in lieu of condem~ation, are hettiby aitisned ~ and shall be paid to Lende~. ~ ln the event of a tot~l taking of the Propehy. th~ procecds chall be applied to the sums xcurcd by Ihis Mortaaae. with the excest, if any, paid to Borrowe~. ln tAe event of s panial taking ot 1he Property, unless Bc?rrower and I~ender otherwise sgree io writing. there shall be applied ta the sums securcd by this Mortgage such propation of the prooeodt ' u is equal to that proportioo w~hich the amo;int o( ~he sumt secured bq this Mortga~te immediately prior to the date of taking bean to the [air market value of the Property immediately prior to the date of taking, with the balanoe of the proceeds ~ paid to Bwrower. If the Propeny is aMandoned by Bor:ower. o~ if. after natice by I.ender to Borrower that the condemnor oQera b mate an axard ar settk a claim tor damagcs. Bor~ower t~ils to m~ond to i_ender within 30 days after the due such notioe is maikd. Lend~r is authorizcd to collcct and apply the proceeds, at l.ender's option, either to restoration or ~pair ot the Property or to the sums secured by this Mongajte. Unless Le~der and Borrower othenvice agree in writing, any such application of proceeds to principal shall not exta~d or postpone the due date of the monthly inst~llments rcferred to in paragraphs 1 and 2 hereof or chanae the amount d such installments_ 10. ~rower NM Rekased. Extension of the Iime for payment or moditkation of amortization of the wms aecured by this MoRgage gnnted by Lender to any cucces.sor in inlerest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Bc+rrowcr x sikcesson i~ intercst. Lender shall not be required to commence procoedings against such successor or rcfuxe M extend time for payment or o~herwise modify amortiution of the sums securcd by this Mortgage by rcason of any demand made by the original Borrower and Borrower'i successots in intercst. I1. Forbeara.ce by Lewder Na s wai•er. Any fort+earance by Lender in eaercising any right or remedy he~+eunder, or otherwise afFordod by applicabk law, shall nc~t be a waiver of or preclude the exercise of any such right or remedy. The procurcment of insuranoe or the payment of taxes or other liens or charga by I.ender shall ~wt be a waiver of Leode~"s right to accelerate the maturity of the indeb~edness ucured hy this Mortgage. 12. Rewedks C~~e~hM~?e. All remedies provided in this Mortgage arr distinct and cumulative to any other ri~ht or remedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently, independently or :uccasively ~ 13. S~eeeaa~s awd As~s sousd: ~Joist sad Se~eral i3abidty; Csptio~s. The covenants and a~reements herein contained shall bind, and the rights hercu~der shalt inur~ to. the respective succtssors and assigns of Lender a[~d Boroower. subject to the provisionc of paragraph 17 hereof. All covenants and agrcemeots of Borrower shall bt joinl and several. The captions~and headings of the paragraphc of this Mohgage arc for convenience only and are not to tfe uxd to interprct or define the provisions hereoL 11. Notiee. Except for any ncuice requircd under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Borrower at , the Prope~ty Addrcss or at such dhcr addrcss as Bormwer may designate by notice to T.ender a: provided hercin, and (b) any notice to Lender sha0 he given hy ttrtified maiL ~eturn receipt rcquested. to i.ender's addras statod herein or to such other addrcu u Lender may designate by ne~tice to Borrower u provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desianatod herein. • 1S. U~i[on~ Mort~e: Go~crniuR I.aw: Sevcrab~itr. This form of mortgage combina uniform covenants for national - use and noo-uniform covenants with limited variations by jurisdiction to co~titute a uniform security instrument rnverir?S i real property. This Mortgage shall be governed hy ~he law of the jurisdiction in which the Property is located. In the ' event that any provision or clause of thic Mortgage or the Note confliets with applicabk law, such confliet shall not atfcet ; other provisions of this Mortgage or the Note which can be given eBect without the rnnAic~in~ provision, and to this , ! md the provisions of the Mortgage and the Nae ~rc Jeclared to be xverabk. j lf. ~on~ower's Co~y. Borrower shall be furnished a conformed copy ot the Note and of this Mortgage at the time , of exceution or after recordation hereof. ~ 17. ,7'ra~fe~ ot tre rropertr; Aswa~ptioa. If all or any part of the Property or an interest therein is sold or tnnsferred : by Borrower without Lender's prior writtcn consent. excluding (al the creation of a lien or encumbrance wbordinate to _ ~ this Mongage, (b) the crcat~cm of a purchace money security interat for household apptiances, (c) a tnnsfer hy devise. ~ desoent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehold interest of threc ycars or kss ~ not containing aa option to purchsse. Lender may, at Lender s option, declare all the sums xcurcd by this MortgaEe to be ~ immediately due and payable. Lender shali h~ve w•aived such option to aocelerate if, prior to the sak or transfer, l.ender ~ and the person to whom the Property ic to be sotJ or transferrcd rcach agreement in writin` that the crcdit of such person ~ is satisfactory to Lender and that the inten~.t payable on the sums securcd by this Morigage shall be at such rate ac Lender ~ shall reqnat. if Lender has waived the option to accelerate provided in this p~ngnph 17, and if Borrower's successor in ; interat hu exocuted a written auump~ion agreement accepted in writing by i.ender, Lender shall rckase Borrower frcxn all ~ oblijations under this Mortgage and the Nae. if Lender exercises such option to accekrata Lender shall mail Borrower notice of accekntion in accordar?c~ M•i~h ~ puainph 14 hertoL Such notice shall provide a period c?f not las than 30 days from the date the notice is mailed within which Borrower may pay the sums dulared due. If Borrower fails to pay such sums prior to the expintion ot cuch period. ~ i.ender may, without further notice or demand on Borrowe~, invoke any remedia permitted by psragnph 1R hereof. ~ . . ~ ~ Now•UH~Fatn~ CovEH~t~s. Borrawer and Lender further covenant and aRee u foliaMS: li. AccYkrstio~ Reaedks. P~eep as *ro~Wed i~ ~rs~A 17 rereot. Ro~ ion~s"ers breae~ ot ~y co~e~t or , a~ree~e~t of lorrowe* i~ tN~ Mort~e. tl~e core~swts to Mr wbe~ /re sy s~~s see~ ti tld~ MaiRa~e. I.e~~er ~ ~eior lo aceekratlo~ d~ar ~N woNcr to donrwer as ~o~lAei b~ pra~rspr 1~ liereot ~eclt~: (1) fMt MeaeM: (2) t6e sctioe ~qie~ ~s e~re wer Mrack (3) a i~+e. ~wt les tvw 3. dars traw tl~e ~ate tre ~etice Y ~u~Ci te 1onower. h~ wMkM s~c~Y - ~eac~ ~rt ie ew~ a~i (1) trat hWre b cwe weA brescA o~ or refoee tre aafe qeeYki i~ tUe ~ofiec ~ar e~arlf iw aee~elerdie~ d Me ~t rec~ b~' tl~is MorlSaRe. taeclowre r7' ~kW N'«K~[ a~i de ot tre Pw'e~. 7Ue wetle~ s1~M fr~irer i~fas ~orrewer d tYe riRM b ni~state aHer sccekrsHow awd ttie rf~t b areet ia tUe toreeioaire /~ee~ei~ -2 Ife w~-e:ite~ee d s~efwk or aq dber iete~e o1 io~ower to aecelerNio~ awa fonciowre. N tl~e brex~ r~ot es~s~ ow i or be/oee tMe ~ale qeeiie~ i~ t~e ~oUte. l.e~dtr a1 I.ender's opbw ~ detire r uf tre arws setati ~ fY~ Mo~tpAe lo be , iAweiWel7 dre a~i pyaMe witbd Ga1Aer dcm~nd a~d war forse{ost tf~ Mo~lia~e h' j~dkW /~esedi~R. Lendtr thall Me e~Wle~ te co~eet 1~ wt~ ~oeedi~ a~ espeoses of toreclosrre, I~cirdi~, b~t ~ot ~wfte~ M. rea~s~aMe stt~,rser's fees. ~ a~l cw4 oL irt~..''~e~Maq r'Wesee+ a~i titk repris. ~ 1~, ]«hwp~s 1t~t f~ Rei~Mate. NMwi~hstandin~t Lender s accelention of the sums setured by thi~ Mort~a~e. ~ 8orrorver shall have the risht to have any proceedings hegun hy Lender to entorce this Mortaase discontinued at any pme ~ ~ ~ooK 3U4 ~aGE 2?0 S ~ _ _ _ . ~ ~ ~ . ~ . _ _ _ in~ 1 ~~~t-e . ~ y~ « _ ~ . : _ - " ~ r_.