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HomeMy WebLinkAbout1322i - . f . •; -l.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcmiums in the manncr pruvided under paragroph 2 hercot. Any amoun~s di~hursed !iy 1_cnJer pursuant to this parag~aph 7, wi~h u~~erest thereao, sha0 become additiona) inJcbtedncss ~~f N~~r~awrr secured by ~hic Mangagc. Unlecs Borrower anJ I_enJer agrcc to Mhcr terms ot paymcnt, such amcWmtc shall F~c payahk u{x~o nulicc fmm I.rnder to Bo~row~r rcq~~ting payment thcrcot, and shall hear iMerest fmm the date of dicburscme~t at thc ratc payahlc fmm timc to time on o~rtstanding principal under ~he Note unlesc payment of intercst at such rate wauld t+e contrarv to applicable law, in which event such amounts thall hear interest at the highest rate permissibk under applicablc law. N~~thing a~n~ained in ~his paragnph 7 shall require l.cnder to incur any expense or take any actio~ hereur~der. S. laspectioa, l.ender may make ~~r rause to he made reaconabk entriec upon and inspections of the PropeRy. provickd that l.ender shall give Bo~rawer no~ice p~ior to any coch inspection specifying rcasonabk cause thtrefor rclated to Lender's in~erest in ~he Propeny. 9. Coeden~astioa. The proceedc of any award or claim for damages, dirccl or consoqueotial, ie conneetion with any condemnation or other taking of the Prupeny, or pa~t thercof, or for conveyance in lieu of condemnatio~. are he~r a:sigeod and shall be paid to I.er~der. io the event of a total taking of the Propeny, the procecds shall be applied to ~he simur securod by this Mortaaae. with the excess, if any, paid to Bonower. ln the event af a partial taking of the Property. unless Borrower and I.ender otherwise agroe in writing, there shall be applied to the sums socured by this Mortgage such proportion of the prooeeds as is equa) to that propottian w•hich the amaunt of the sumc secu~ed by this Mortgagt immediately priar !o the date of taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of tht proceeds paid to Borrower. ~ If the Property is abandoned by Borrow•er. or if. after natice by I.endc~ to Bormwer that the condemnor olren to malce an award or utlle a claim for damages, Bc.~rower fail~ to respc~nd to Lender within 30 days after the date such notic~e is mailed. i.ender is autharized ta collect and apply ihe proceeds, at i_ender's oplion, either to ratontion or repair of the Propeny or to tht sum~ cecured h~• this Mon~eatee. Unlesc l.ender and Borrow•er othetwiu agree in v-•ritm~e, any such application of proceeds to printipa) shall not exteod or postpone the due date of the monthly installments rcferred to io paragraphc 1 and 2 hereof o~ cha~ge the amount o[ such installments. ~ 10. Eorrower Nof Rekased. Extension of ~he ~ime for paymeot or modiflcation of amoniution of the sums xcured by this Mortgage granted by [_ender to any cuccestor in interect of Bc-rrower shall not operate to rekax, in any maoner. the liability of the original Borrower and Borrower e successon in interest. Lender shall not be requircd to commence proceedings against such successor or rcfuse te- extend ~ime for payment or otherwise modify amortization oE the sums xcured by this MoAgage by rcason ot aryr demand made by the oriqinal Bortower and Borrower's sucCessors in interect. 11. Forbeannce by i.ender Not a Wai~er. Aoy forhearance by I.ender in etercising any right ot rcmedy hercunder, or o~herwise aBorded by applicabk law, shall nM be a waiver of or preclude the exercise of any such right or remedy. The procorement of insuraoce pr the payment of taxes or other liens or charges by [_ender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness cecurcd hy thic Mortgage. 12. Remedies Cnmulatire. All rcmedies provided in this Mortgage arc distinct and cumulativ~ to any other right or rcmedy unde~ this Mor~gage or afforded hy law or eqoity. and may be eaercised concurrcntly, independently or succestively_ ' 13. Srccesso~s aed Assi~as Sound: Joht aad Severd iLb~fy: Csptioes. The covenants and agreements heroin conuined shall bind, and the ri~hts hercunder shall inure to. ihe rcspective successon and assigns of Lender at~d Bortovrer. subject to Ihe provisionc of paragraph 17 hereof. All covenants aod agreements of Borrower shall be joiry and sevenl. The captions and headings of the paragraphc of this Mortgage arc for convenience only and arc not ta be used to interprct or define the provisions herec~f. 14. NMiee. Except for any nolice required under applicablc law to be given in another manner, (a) any notice to Bonower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addreued to Bonower at the Property Address or at such wher addresc as Borrower mav designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given by cenified mail. retum receipt rcquested. to l.ender's address stated hercin or to such other addrcss as Lender may decienate by nc~tice to Borrower as provided herein. Any notice provided for in this Mongage shall be deemed to havc l~een given to Borrower or l.ender when given in the manner designated herein. 1S. UaNorn~ Mo~t~a~e; Corernin~ I.awc Serenbilify. This (orm of mortgage combina uniform covenants for national use and non-uniform covenantc v-vith limited variations b}~ jurisdiction to constitute a uniform security instrument coverin` rcal property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the event ~hat any provision or clau~e of thic Mortgage ~r the Note conflicts with applicable law, such conflict shall not affett other provisions of this Mortgage or the N~te which can be given effect without the conflicting provicion, and to this end the provisions of the Mortgage and the Notc are Jeclared to tx severable. 16. dorrower's Copy. Borrower shall be furniched a contormed copy of the Note and of this Mortgage at the time ot execution or aher recorda~ion hercof. 17. Transfcr ot t6e Propertv: Assump~iow. If all or any part of the Propeny or an intercst therein is sold or t~ansferred by Borrower without Lender's prior wriu. n consen~. excluding (al the crcatiop ot a lien or encumbnnce subordinate to this Mongage. (b) the creation of a purchace monevi cecuri~y mterest for household applianca, (e) a trancter hy devise. dtscent or by operation of law upon the Jcath of •r joint tenant or (dl the gtant of any Itasehold intercst of thrcc ycars or kss not containing an option to purchase, Cender may, a~ l.ender i opt~on, declare all the sums secured by ~his Mongage to be immediately due and payable. Lender chall have w~a~ved soch option to arcclerate if, prior to the cale or transfe~. Lender and the person ~o whom the Properly ic ia bc colJ or transterred rcach agrecment in writing that the credit of cuch penon is satisfactory to LenJer and that ~he interr•~ payable on the sums xcured by this Mortgage shall be al such rale ac Lender shall rcquest. If Lender has waived the aption to accelerate provided in ~his paragraph i7, and if Borrower i successor in interut has executed a writ~en assumption agreement accepttd in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Nott. lf Lender exercises such opt~on to accelerate. 1_enJer chall mail Borrower notice of acceleration in accordanc. w~iih paragraph 14 hereof. Such notice shall provide a period of aot less than 30 days from ~ht date the notice is mailed within which Borrower may pay the sums declared due_ It Borrower fails to pay such sums prior to the eaPintion of cuch peric~d. Lender may, without further notice or dcmand on 13orrower. ~nvoke any remedia permitled by paragraph 1 R hercof. Norv-UNiFOaM CoveN~rvTS. Borrower and Lender turther covenant and a~ee u follows: ls. Aceckrstion: Remcdks. Except as prorided ia pa~rspM 17 hcreof. epo~ Sorrowee's brcacM of ~wy co~e~t or a~rcemeat of Eorrower in this MatRaRe. iacludinR Ibe coren~Ms lo pay ~+hes due awy sums secnnd by tl~is MortR~e. I.eader priw lo sccekrstbn shall mail notkt to dorrower as prorided In pua~np~ 1/ hcreai specKyiu=: (1) tbe brc~cA; (21 the setio~ required to cnre socb bre~ch;13) a dNe. not less IAsn 30 dars trom tl~e date the nMke b maikd to eorror-er. br ..hkh srcU beach mwi be cend; aad (1) Ihat fail~re to eon srch bnsch ow or refore Ihe date speciGcd iw Ihe nWke may resrlt h accekration ot thc mms secnred by IAis Mo~a~e. toaclosurr h~dkW proceedb~ a~d sak ot tAe Prope~. '11~e aotkt shall furtber intorm dorroner ot the riRht to reiastste Nler accekrNioA ~ad tbe ri`ht to ~»ert iw tUe toreclosrre /roeeedi~ tbe eon-esistence of s defauk or any Mher dctense ot donowe~ to sceekratioA awa tortciosrre. If the br~cM k ~of emed ow or before the date specified in the notke. Lender at I.ender's aplo~ aay declare dl o/ the w~ see~rcd br tAis Mo~tRaRe to be ime~ediattly due ~nd payablc without turther demand ~nd n~ar foreclost tbb Mort=a~e br jrdicial ~octedinR. /.ender skap bt tatided lo colleet iw wcl~ Proccedi~ sll espenses nf foreclosYrr. laclddin~. bnt wot limild to. rr~soe~bk att~,rner's fees. and costs ot doe~ieeatary eNdence. abstrscts and ~i~k reports. 19. Sorro~+er's Rf~ht to Reiastate. No~withctandmg 1 ender's accelent~on o~ the sums xcured by ~h~s Moh~age. 8orrower shall have the right to have an~ prextrdmcc tx~m by Lender ~o entorce ~hi~ Mor~gage d~sconUnued at any ume i :~~ ~~-4~,~. ~-~~.~ , .. -~ ~x345 P~Ei32o - ~:: ~ ~~~ .