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HomeMy WebLinkAbout2698 ~ ~ . , • . . l.endu's written agreement or appli~:able law. Borrowe~ ahall pay the amount ot all mortgage insurancx premiumi ia tha manne~ provided under paragaph 2 ha+eot. Any amounta disbursed by i.ende~ purswnt to tha parasnph, 7, with. intetest therooo, shall become additionsl indeb~ednas ot Borrower secured by Ihis Mort~age. Unless Bortowet~ and Lender a~roe to othe~ terms of paymeM. wch ' amounts shall be payabk upon notice ircxn I.ender to Borrower roques~in~ payment thercot, and shall bea~ intercst twm the ; date ot disbursemeot at the nte payabk f~am titne to time on aititandin~ principal unde~ the Note uekss pa}?ma~t oi . ~ interest at such rate would be contnry to applicabk law, in which event sucfi amounts shall bear interest at the hi~lwat rate ~ permissibk under applicabk law. Nothing coMained in this paraanph ~ shall require I.ender to ineur any expe~~se or t~ke , ~ any utio~ heteuader. - S. I~qeetiM. ~e~de~ may make or caux to be made rosso~abk enlries upon and inspections of the Propertp. pwvided that Lende~ shall Rive Borrower edice prio~ to any such inspection speci(yina rcasonabk cause thercfo~ related to I~nder's , interest in the Propetty. 9. Co~dew~stiow. The procecds of ~ny award or claim for damages, dirtet o~ consequential, in connection ~rith anr condemnation or other takina ot the Property, or pa~t thercof, or fo~ conveyance in lieu of condemnation. are hereb~? suij~ed and shall be paid to Lende~. In ~he event of a tdal takina ot the Property, the proceeds chall be applied to ~he sums xcurcd by this Mortsa~e, with the excess, if any, paid to Bonc~wer. lo the event of a partial taking of the Property. unls~s Bornower and i~ender otherwise agree in writing. there shall be applied to the sums securrd by this Matgage such proportion of the proe~ed: as is aqual to that propoMion v?hich the amamt of ~he sumt securcd by this Morgage immcdiately prior to the date of taking bears to the fair market value of the Propeny immediatety priar to the date of taking, with the balance ot the prooeeds paid to Borrower. if the Property is abandoned by Bor:ower, or if. after notice by Lender to Borrower that the condemnor oRen to malce an award or settk a claim for damages, Borrower fails to respond to i.ender withio 30 days after ~the date wch ootiae b maikd. Lende~ ic atnhorized to colkct and apply the proceeds, al l.ender's option, either to restoration or repsir d tba Propeny or to the sums securcd by this Monga~ee. Uniess Lender and Borrower dhervvice agrce in writing, any cuch application of procoeds to principal shall not exta~d or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chanae the amount o[ such installments. lA. ~orr+uwer Nof Rtka~e~. Extension of the lime fo~ payment or moditication of amortiution of the sums aecured by this Mortgaae gnnted by Lender to any cuccecsor in intercst of Borrower chall not ope~ate to rckase, io any manner. the liability of the oriainal Borrovrer and Bc~rrowe~ c successors in interest. Lender shall not be requited to commenoe p~oceedin~s against such successor or refuse t~ extend time for payment or othervrise modify amortization of Ihe sums - securcd by this Mortgage by rcason of any demand made by the oriRinal Borrower and Borrower's successors in intercct. 11. Forbearawce bq I.esier Nd s Watver. Any fofiearance by Lender in exercising any right or rcmedy he~mder, or othenvise afforded by applicabk Iaw, shall not be a waiver of or preclude the excrcise of any such right or remedy. The pmcur~ement of inaura~ce or the payment of taxes or other liens or charges by Lender shall nd be a waiver of I.e~der: right to acceknte the maturity of the indebtedneSS ucurcd hy this Mortgage. 12. ReMedies Ciaw~latl~e. All remedies provided in this Mortgage arc distinct and cumulative to any other riaM or remedy under this Mortgage or afforded hy law or equity, and may be exercised concurrcntty, independenily or successively. 13. S~ceesors swd Asl~s eound; .ioh~t a~d Se~ed ILbi~; Cspdo~s. The oovenants aod aareemrnts l~erein contained shall bind, and the rights hercunder shall inur~ to. the respoctive successors and assigns of Lender ae~d Borrower. subject to the provisions of paragnph 17 hereof. All covenants and aareements of Borrower shall be jary and sev+eral. 71~e captions' and headings of the paragrrphc of this Mohgage arc for convenience only and are not to 13e uxd to interpret or deRne the provisions hercc?f. 11. Natice. Excepi for any notice rcquired under applicable law to be give~ in another manner, (a) any notice to Borrower p~ovided for in this Mortgaee shall be given by mailiog such rwtice by ceniflod mail addressed to Borrower at the Property Addrcss or at such wher address as Borcower may designate by notice to T.ender as provided hercin, and (b) any ratice to Lender shall he given hy ceniBed mail. return ra:eipt requested. to t_ender's addras :tated herein or to such other address as i.ender may designate by notice to Bormwer as provided het~ein. 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~to~w Mo~t~e; Go~erwia~ I.aw: SerenbNity. This form of mortgage combina uniform covenants for national ' use and ~an-unifortn covenants with limited variations by jurisdiction to constitute a unifomn ~ecurity instrument ooverina ~ real property. This Mongaae shall be governed hy the law of the jurisdiction in which the Property i~ located. In the ! eveot that any provision or clause of thic Mortgage or the Note rnnflicts with spplicabk law, such conflict sha11 ~not aftest ~ other provisans of this Mortgage or the Note which can be given eQect without the conAicting pmvican, and to this end the provisions of ~he Mongage and the Note arc Jeclared to be severabk. lf. 1on~ower's Co~y. Horrower shall bc furnished a conformed copy of the Note and of this Mortgage at the time i of exceution or after recordation hereof. ~ ' ~ 17. .'I~wter of tre !ro'eety: Asss~np~ios. lf all ~r any part of the Property or an intercst thercin is sold or tnnsferrcd ; ~ by Horrower without Lender's prior w~ittcn consent, excluding (al the creation of a lien or encumbnnce wbordinate to T this Mortgage. (b) the creation of a purcha~e money security interest for household applianas, (c) a tnnsfer hy devae, dessomt or by opention of law upon the death of a joint tenant or (d) the grant of any kasehold iMerat of three years or less not ca~taining an option to purchase. Lender may, at Lender s option, doclare all the sums xcurcd by this Mort6age to be immediately due and payabk. Lender shall have w•aived such option to acceterate if, prior to the sak or transfer. Lender and the persa~ to whom the Property ic ta be co1J or transterrcd rcsch agrcement in writin~ that the crcdit of cuch person is satisfactory to Lender and that the interr~~ Payable on the sums secured by this Mortgaje shall be at such rate ac Lender ~ shall r~qnat. Tf Ltnder has waivod the option to accelerate provided in this pangraph 17, and if Borrower's successor in interat hu executed a written assumption agreement accepted in writing bj? i.ender. Lender shall rckase Borrawer frcxn all oblj~ations under this Mortgase and the Nae. If Lende~ exercises such option to accekrate. Lender shall mail Borrower notice of accekration in xcordancr v?•~ih pansraph 14 hereof. Such notice shall provide a period of not las than 30 days from the date the notice is maikd within which Borrower may pay the sums declared due. if Borrower fails to Pay such sums prior to the expintion of cuch peric~d, Lender may. without further notice or demand on Borrower, invoke any remodia perm~tted by para`raph 1R hercc+f. ~ ' Norr-Uxt~aeut CoveHetrrs. Horrower and Lender further covenant and sp~ee as follo~rs: ~ li. Acede~atio~ Re~dies. Eue/t r*rovWed i~'snKrs~1~ 17 rerea/. ~~orn~er~ MeacM o~ awf ce~eart K ~ aReeaeat d i~nrwer i~ t~Y Moe~a~e, lwel~~ tre eoreas~ts b p~f whe~ ~e s~r s~s tY~ Moei~e. Lesier ` ~ ~rior N iceekr~ ~ all ~otke to ~on~ower as'rovWed M para~n~ 1~ rereo[ ~eclf~t~ tll tre weacr: (Zl tUc aefio~ ~ ~e~ie~ /o asre wc~ ke~e~ I31 ~wt las Nw 30 asrs te~u~ tUe iate fre ~etiee i~ ~Wei N~ewer. r!' w~ki s~i ~s e ~ ~re~eM ~t k erre$ a~i tl~at taibre lo aw~e wcb MeaeM o~ or reEoee t4e ~ate s'ul~i Iw tl~e ~otice rs~ res~lt i~ , ~ sa~leratlM et Irt s~r iee~ br IUis MorfsaRe. M.ee~oa~re h j~dieW Noe~ a~i de et tre h+o~erry. 7Le Mtke ~ sri /wbe~ Yt~ loaewer ot drc riRIN fo rel~iste a~fter accekntlo~ a~i tre ri~IN b areA i~ f~e forecleane Noeee~ ~ se .u.tsMe.ee ot .~er.~lr or .wy a6er iere~e or su..o..er to .eeekrdlo. a~i ro~eelo«te. ~ n~e weacU r.et a~srei or rdore tre Lle a~ecYe~ i~ tie wotke. I.ewaer at I.ewaer's opbw ~~eehre a~ ot trt w~s ste~e~! ti tY~ Meel~e f~ ~e I ~ iwrc~hlely i~e a~i MyaYe wMwod frttber demand and ~ foretlo~c tYt Me~a~e rp }ikW ~ecse~R. Lender ~AaY • ~ rt e~fWe~ N toreet i~ s~ci N+setedi~ a~ tspe~ses r?t foreclosrre. i~tlrii~. wf ~M W~ilei M. rea~e~fYe sttweeYs fea. ~ a~i aN~ d i~e~c~eMar7 e~l/aee. abdrscb ~i titk reprb. ' 1!. Mnrwa's RkM b Rd¦Mate. Nc~twithsundinE ~ender's ~coekrstion of the sums secuied by th~• Momsa~e. { 8orrawer shall have the risht to have any prcetedings he~un hy Lender to entora this Mortpae discontinucd ai any time ~ ~ ~ f ~ t ~ 312 P~~E 2694 .