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HomeMy WebLinkAbout1512 ..z E ~ ~ . , t , Leader's written agroetacnt or applicabk law. Borrower shall pay the amount of all mortgage insurance prcmiurra is the manner provided under paragraph 2 hereof. ~ t Any amarnts disbursed 'by Lender pursuant to tha paragraph 7, with interest thereon, shall become additional 1 indebtedness of Borrower secured by this Mortgage. Uakss borrower and Lender ~0 atbar Ierms of payttnttt. strclr ' amounts shall be payable upon notice from Lender to Borrower requesting payment t~ f, and`shall bear interest tr~om the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paynsewt of ~ interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rata j permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur say expeme or fate any aMiOn hereunder. Itrpecfiew. !_ender may make or cause to be made reasonable entries upon and inspections of the Property. That Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. 9. Cowietwwatbw. The proceeds of any award or claim for damages. direct or consequential, in eonrreetion with any cardemnation or other taking of the Property, or part therm(, or for conveyance in lieu of condemnation. are hereby ssslgtred and shall be paid to Lender. in the even) of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proprxtan of the pr~ooeeds ; • as is equal to that proportion which the amarnt of the sums cectrred by this Mortgage immediately prior to the dale of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. i If the Property is ahanduned by Borrower, or if. after notice by Lender to Borrower that the condannor otters io rostra an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the Property or to the sums secured by this MortRalte. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall trot exttxrd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount e[ ~ such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower Shan not operate to release, in any manner. ~ the liability of the original Borrower and Borrower i successors in interest. LendeY shall not be required to commence proceedings against such successor or refuse to e~ctend time !or payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Rorbarawce by Lewder Not a Waiver. Any farhearance by I~nder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or ranedy_ i The procurement of insurance or the payment of taxes or other lieru or charges by Lender shall not be a waiver of bender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewsedies CMwdhM?e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or strceessively. 13. 3wccessors swi AsdRws Bowwd:.Joiwt awd Sereral I.isbiliry: CapMoas. The oovenaats and agreements herdn contained shall bind, and the rights hereunder. shall inure to. the respective strccesson and assigns of Lender' stsd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and ate riot to Ik used to interpret or define the provisions hereof. 1~. Notice. Except for any notice required 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender a: provided herein, and (b) any notice to Lender Shan he given by certified mail. return receipt requested. to Lender's sddress stated herein or to such other address as Lender may designate by nc?tice to Borrower as provided herein. Any notitx provided for in this E Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated Irereirr. t IS. Uwilorre Mortgage; Goverwiwg Lary: Sererat>ility. This form of mortgage combines uniform covenants for national j tree and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering { real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ar the Note conflicts with applicabk law. such conflict span not alket other provisions of this Mortgage or the Nc.te which can be given effect without the conflicting provision. and to this and the provisions of the Mortgage and the Note an declared to bt severable. ~ If. Itorr+ower's Copy. Borrower shall be furnished a conformed cop)- of tht Note and of this Mortgage at the time of execution or after recordation hereof. ! 17..Traaster of tee Property: Aswwrptiow. If all or any part of the Property or an interest therein is sold or mnstared by Borrower without Lender's prior wrin~n consent. excluding (a) the creation of a lien or encumbrance subordinate to { this Mortgage, (b) the creation of a purchase money security interest for household appliarras, (e) a transfer I+y devise._ descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less } not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be f immediately due and payable. Lender shall have v?•aived such option to accelerate if, prior to the sale a transfer. Leader and the person to whom the Property is a~ be cold or transferred reach agreernrnt in writing that the credit of such person is satisfactory to Lender and that the inten~ct payable on the surm secured by this Mortgage shall lx at such rate as Lender .shall request. It Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written aaumption agreement accepted in writing by Lender, Lender shah release Borrower from all ~ - obljgations under this Mortgage and the Note. i If Lender exercises such option to accelerate, Lender shall mail Borrower ratite of acceleration in accordancti with ~ paragraph 14 hereof. 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 stems prior to the expiration of such period. Lrnder may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. _ S ' Note-UNttrortns trovt=_xstvrs. Borrower and Lender further covenant and agree si follows: 1iR Acederatk~ Rerweiks. Except w provNed h pangra*r 17 hereof!. rrNw Ilterrrawas+s rtrawer afI f+w7 aweMrrt ar agreeaseat of Ilonrswer r dds Mortgage, Iwclwihrg ere covewawls to pay whew iwe awy stray retwretl fly this llflar~age. Carley piety N seederalfow drai wail wotlce to >forrrwer w ProvNea M paragrapr 11 rerreot geeltfiwgs (1) Hre irsaers ttse axfMw rpwirsl M ea+e truer flamer; (3) • elate, wet less traw 3f1 isys trowr the date t11e stafirce Y ~ssisl M >tarrawer. r!' wrier teeter 5 breach w~ rs ttt~ tows (4) drat taibre fo erne welt rreaA ow ox ttelate ere iala speeMd V trs wMiet trray lststlM V ttreeeieatlarr at !ie nrntr see~rei b Mir Morl;agc. forcelowre b 1~~ N~fT tuwi ale at ere Properly. 71re wetics slnM tstrlrer Iwtorw 1orrower o[ ere right a rriwsfMt after aecekrMkw awl Ire right fo awed f• Ire tarstleswte lrocaei~ Ire wow•e:lrle~ee of s de[astlf or awy otter iefewse od Ibn~mrer N rsccekratlow awl tareelwsrs. g Ire rrra<r tr toet ewrrei q ar relate rise iatle specified V ere taotice. Levier st t.ewier's opliow Tway declare r of fee tttturts ssetrrai b Ibis llfiartggpe fs k iNeirlelr iwe a¦i'ayaflie witrowt twrtre? iewrand awd wry tareelae dtis Mar~rtga y jwikW prrtcssi>aR. Lewder day re a~tlllal a aaiset V ewer prwcteiiag aft e:pcanes at lorccloswre, Iwclwiiwg. Iwf taN IWtai le. reawrrle sriurrretrs fees. trwi owls of iecttt.e¦hry e+iiewee, aratracfs awl Iitk repwrfs. lf. •arrewa's Rlgrt f• Rdrate• NotwithstandinE Lenders scakrstion of th! sums secured by thn Mortgage. j Borrower shall have the right to have any proceedings treEun by Lender to enforce this Mortgage discontinued at say time ~ 5 f • ~3~~ p~~5ii _ _ - _