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HomeMy WebLinkAbout0019 l.eoder's written aarcement o~ applicabb law. Bormwer shali Qay the amouM o[ all mortaa~e iasurauoa praniuau ia tbe maaner provided undcr paragnph 2 heroot. Any amouots disbuaed by l.ende~ purauant to thi~ para`~aph 7. with interest thc~. ahall become sdditional indeblodnas ot Borrower secwed by this Mongaae. Unless BoROwe~ and l.ender att+ee to other tenm of pa~naet~t. wch amuuots ahall be paysbk upon natice from i~nder to Bonower roquestin= paymeot thercot, and shall bea~ interest from the date of disburaanent at the rate payabk from time to time on ounta~ principal under tl~e Note unras payma~t oi interest at such nte would be contrary to applicabk law, in which event such amount~ shall bar inter+est at the hi~ rats permissibk unde~ appiicabk law. Nothing contained in this paragraph 7 sha11 requit+e i.ende~ to incur aay ea~pe~ae ot take any actlos~ !~s+e~! ~ S. I~qectio~. i.ender may make or cauu to be made rc~sonabk eotries upon aod inspections of the Preperty. pcovided that Le~der shall give Borrower ndice prior to any such inspoction specifyina reasonabk csuse therefor relstod to I.ender's interest in the Propeny. - 9. Co~eawstb~. The procecds of ~~~ed~br~claim for damaga. dircct or oo~seqoential. in connection with any • condemoation or dher taking of the Property, pirt ti~ercof, o~ for conveya~ce in lieu of condemnation. ue henby sssianed aod s:~all be paid to Lende~. ~ in the event of a total taking of the Propeny, the proceeda chall be applied to the sums xcured by this Mort6age. ~ with the excess, if any, paid to Borrawer. in the event af a partial taking of the Pr~operty. unkss Bomower and La~der otherwix sgree in writing, therc shall be applied to the sums socured by this Mortgage such pr~o~wrtion ot the proceod: as is equal to that proportion which the amount of the sumc secured by this Mort~age immediatdy prior to the date ot s~l.:.^.b 1,~~"S s~ f82F i^5:~:: `+'3~::~ ^f pfL}~`::i j IfS2f: r";:»:~~'~ Y::'~T :C !~:C ~~lg ~F e~4~rtb arer~ tl~ 4zel~eu~ t~ t}~e ~tn[f~tedt pild t0 BOlDOWCf. If the Property is abandoned by Bo~:ower. or if. after notice by Lender to Borrowu that the oondemnor ot[en to ~nalce an award or settk a claim for damages. Bormwer failc to respond to Lender within 30 days aher the date such notioe is maikd. Lcnder ic authoriud to collect artd apply ~he proceeds. at l.ender's c+ption, either to restontion or repair of tbe Propeny ~r to the sums securcd by this Mongage. iJnkss l.ender and Borcower oihen~rise agree in w~riting, any such application of proceeds to principal shalt not extend or pc~tpone the due date of the monthly inst~llments rcferrcd to in paragraphs 1 and 2 hereof or change the amount of such installments' lA. Somower Nof Rekssed. Extension of the time fo~ payment or modilication of amortization of the sums secured by this Mortgaae granted by Lender to any ci~ccecsor in interext of Borrower chall not ope~ate to rckase. in any manner. ~ the leability of the origioal Borrawer and Bc?rrower x successors io interat. Lender shall not be requircd to_ commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of thr sums secured by this Mortgage by rcason of any demand made b~ the oriRinal Borrower and Borrower's successors in intercct. I1. Forbarsace by Leader NM a Wdver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law, shall not be a waiver of or proclude ihe exercise of any soch right or remedy. The procurement of insunnce or the payment of ta~es or other liens or charges by Lender shall not be a waiver of Lender's • right to accelerate the maturity of the indebtednecs sec~~red hy this Mortgage. 12. Reakdks ComolNine. All rcmedies pmvided in this Mortgage ar+e distinct and cumulative to any other right or rcmedy under this Mortgage or aftorded hy law or equity, and may be exercised concurr+ently, independently or successively. • ' 13. Sreceston awd As~ss Eound; Jdat aad Sereral 1.iab~ity; Csptbns. The covenaats and agreements hercin contained shall bind, and the rights hereunder shall idiire to, the respective successors and assigns of Lender at~d Borrower. subject to the provisions of paragraph 17 hereof_ All covenants and agrcements of Borrower shall be joiry and several. '[7~e captions and hesd:ngs af't!er paragraphc of ihis Mongagt ar= [or convenience on1Y and are not to be ~ned to interprot or define the provisans hereof. - - . 14. Notke. Except for any no~ice rcyuired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortga¢e shall be given hy mailing such notice by certifled mail addrcssed to Borrower at the Property Addrcss or at sach other address as Bormwer may designate by notice to i_ender as providecf herein, and (b1 any notice to Lender shall he given hy certified mail. retom receipt requested. to I.ender s address stated hercin or to , such other address as Lender may desiqnate by nntice to Bormwer as 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 designated hercin. 1S. UaHorm Mort~a~e: GoveroiaR i.a.r: SeversMlity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h~ jurisdiction to constitute a uniform security instrument rnvering ~ real property. This Mongage shall be governed hy the law of the jurisdiction in which the Property is located. tn the ~ event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect ; other provisions of this Mortgage or Ihe Note which can be given etfect wi~hout the conflicting provision, and to this ~ end the provisions of the Mortgage and the '.Vote arc declared to be severable. 16. Eorrower'a Copy. Borrower shall be furnisheJ a conformed cop~• of the Note and of this Mortgage at the time ~ of execution or after recordation hereaf. 17. Tn~er of tbe Property; Assumption. if all or any part of the Property or an intercst therein is sold or transferred ~ by~ Bonower without Lender's pri~r writ~cn consent. excluding fal the cceation of a lien or encumbrance subordinate to this Mortgage. (b) the creat~on of a purchace mone~• ~ecurity intercst far houxhold appliances, (c) a transfer by devise. descent or by operatiori of law upon the cieath of a joint tenant or (d? the grant of any leasehold interest of threc years or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mongage to be immediately due and payable. Lender shall have w~aived soch option to accelerate if, prior to the cale or transfer. Lender and the person to whom the Property ic ai bc :oIJ or transferrcd rcach agrcement in writing that the crcdit i?f cuch person is satisfactory to Lender and that the iate?rst pa~•able on the sums securcd by this Mortgage shall be at such rate ac Lender ~ shall rcqaest. If Lender has vraived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interat has executed a written assumption agreement accepted in writing by I_ender, Lender shall release Borrower from all obligations under this Mortgage and the Nae. ~ If Lender exercises such option to acce{erate. Lender shall mail Borrower notice of acceleration in accordanc~ H i~h paragraph I4 hercof. Such notice shall provide a period oi 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 u~ms prior to the expiration of cuch Qeric~d. I.ender may, without further notice or demand on l3orrower, invoke any remedies permi;ted by paragraph IA hereof. ~ NoH•UrttFORM CoveN~tv'rs. Borrower and Lender further covenant and agrce u follows: ~ 18. Accelc~atio.; Remedia. E:cept as pro~ided io ps~raph 17 bereof. opos ~omoner's bresc~ of awy co•csaat or ~ s~reeae~t of Horrower iw this MortEa6e. hcludiuR sbe corepaots to psy w6e~ doe ~y srms secsred by H~k Mort~aRe. Leadcr ~ prior to aeceleraNoe sball e~aN aotice to dorrower as provWed i~ p~n`raph 14 bereot spetif~: (1) tMe breacb:/21 tbe scfion ~ re4dred to ceoe sec~ breac6; (31 ~ dsh, not kss t6an 30 days iras tbe date tbe eotiee is wailed to ~o~nrower. by whk6 soci ~ 6reac~ swt be etred: sod (4) that faibre to cnre soch bresch ow or before t6e date s~eciRed b the notice msy raWt iu ~ ~4io~ ot tre soa~s secrred by this Mo~tg~e. toreclosnre br judicial proceedla` aei sak of tbe Property. 77~e notke ~ s6aU f~rtrer iafors Eorrowa of tbe riRM to reiastate atter secekrstba aad tre ri~ht b a~se~t i~ tbe foreclowre proceedi~ ~ tbe soo-esetence ot s defanlt or my otbcr defense of Borrower to ~ccekrNiow sad toreclosure. U the 6rex1~ b sot co~ ow or betore tbe date ~pecf6icd in tbe aMice. I.e~der at I.ender's option aay declare all ot the s~ws seatired ~ tWs Mort~t to be i iu~wedjately due snd paysbie witboot trrther demand ~nd msy forecbst thk Morl~e ~ jrdicW Kocte~. I.ender shall i be eafided to colleet in soc~ proceediu~ aN e:pe~es of foreclosare. iaclndio~, bd ~ot lie~itd to, rea~oesble att~xnev's ftes. ; aoi oosfs ot wrc~~eshry evideace, abstrscts and ~itk reporls. . I 19. Eonowa's Ri~t to Reiostate. Ncxwithuanding Lenders acceleration of the sums secured by th~~ Mortgage. Borrower shall have the right to have any proceedings hegun ~y I_endet to enforce this Mortgage discontinued at any time ~ ~ g ~US r ~LF o19 ~ ~~c~ ~ , _ ~..~~.w. _ =n.~.