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HomeMy WebLinkAbout03241 cndrr'c wnttcn agrw:mcnt ar a}~plicable law. Rorrowcr shall'pay thc amount ot all moNgage insurance prcmiums in the manner prav~dr~l undrr ~ra~agraph 2 herco(. Any amuunt~ ditihurcrJ hy I cn~ler pu~~uant ~u ~his paragraph 7, wi~h intcrest thereon, shall 6ccame additiona) indrh~cdnr,ti ut R~xruwcr a~urcd by ~h~c Mungagc Unlecs Borrow•cr anJ I.rnJer agrec to othc~ tcrtns o( payment. such amounh ~hall tx payablc upon n~-licc fmm I.rnder lo Bc~rrowrr requc~ling paymcnt 1hc~cof. and chpll beat ioterest irom the date of di~bu~ument at ~hc ratc payahlc fmm lime to lime cm outstanding principal under the Note unless payment of inte~est at such ~ate would t+e contran ~o applicable law, in which eve~t such amounts shall bear intercst at the highest nte permissible under.applicable law. Nolhing containtd in ~hic paragraph 7 xhall ~equirc l.ende~ to ineur a~y eapense or take any action hereunder. S• Inspecfion. I.ender may make or rause to he made rcacanable entries upon aod inspections of the Property, ptovided that I.ender shall give Bor~ower noticr prior t~~ any cuch inspection specifying trasonabk cause thetefor rclated to Leeder's interest in the Propeny. 9. Condemnatioo. The pn,ccedc of any award or claim for damaga, dirocl or consoque~tial, in connxtion writh any condemnation or other taking of the Propetiy, o~ patt thercof, or for conveyance in lieu of condemnatioo, are hereby auianed and shall be paid to Lende~. in ~he event of a tota) taking of the Propeny. the proceeds shall be applied to the sums securcd by this Mwt6ase. with the excess, if any, paid to Bonower. In the cvent af a partial taking of the Property, unkss Borrower and Lende~ oihervvise agree i~ w~iting. therc shall be applied to the cums secured by this Mohgage such proportion of the preoeeds as is equal to that propohion which thc amount of ~hc sumc secured by this Mortgage immediately prior to the date of taking bean to the fair market value of thc Propcrty immediately prior to the date at taki~g, with 1he balance of the pcna~eds p~id to Borrower. • If the Properly ic ahandoneJ hy Borrav-er. or if. after notice hy I.ender to Bormwer Ihft the condemnor offers to maite an award c-r ~etNe a claim for dam~ge~. Borr~wer fail~ to respond to I_ender within 30 days after lhe date such notice is mailed. i_enJer i~ authorized to collcct and apply ~he proceeds. at Lender's option, either to ratoration or repair of the Proper~y or to the cum~ ~ccured hy this Mortga~te. Unlesc 1_ender and Borrawer otherwicc agree in v-•ritmg. any such-application of proceeds to principa~ shall not exttnd or Ex,ctpone the due date of thc monthly installmcnts referred to i~ paragraphs 1 and 2 hercof or thange the amount of tuch installments. 10. Borrower Not Released. Fxtension of the time for payment or modification of amortit.ation of the sums socured by this Mortgage granted by I_ender ta any cuccecso~ in interect of Borrower ~hall na opente to rclease, in any manner. the liability of ~he original Borrower and Borrower i successorc in intercst. Lender shall not be rcquircd to rommence proceedings against such successor or rcfuse to extend Iime for payment or otherwise modify amortizat~on of the sums ce.ured hy thic M~rtgage hy reason of any demand made by the original Borrower and Borrowers successors in inlercct. 11. Rorbeannce by I.ender Not s Wdver. Any fort+earance by l.ender in exercising any right or rcmedy hertunde~, or othervvist afforded by applicable law, shall not be a waiver of or preclode the exerciu of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens or charges by I_ender shall not be a waiver. of Ltndet's right t~~ accelerate the maturity of the indehtedness c~curcd hy this Mortgag~. 12. Rcmcdies Cumufatire. All rcmedies pravided in this Mortgage arc distinct and cumulative to any other right or remedy under thic Mor~gage or aHorded hy law or equity, and may be exerciud concu~rcntly, independently or successively. ' 13. Saccessors and A~ns Bound: a~a~ ~a s~~~~ r.~.esr~; Captbns. The covenants and ag~eements herrin contained shall bind, and ~he riRhts hercunder shall inure to. the rcspective successors and assigns of Lender at~d Bomower. subject to the pravisionc af paragraph 17 hereof. /-11 covenartts and agreements of Borrower shall be joiry and sevenl. The captions and headings of the paraRraphc of this Mortgage are for convenience only and arc not tc- be used to interpret or define the provisionc hercc+f. _ 14. NMice. Except for any notice rcquircd under applicable law to be given in another manner, (a) any notice to Borrower pr~ovided for in this Mortgaee shall be given by mailing such notice by certifted mail addressed to Borrawer at the Property Addrcss or at such wher address as Borrower mav designate by notice to T_ender as provided herein, and (h) any notice to Lender shall he given hy certified mail. rett~m receipt requested. to t.enders address stated hercin or to cuch other addrcss as Lender may deci¢nate b}• ne~tice to Bormwer as provided hercin. Any notice provided for in this Nortga~e shall be deemed to havc t+een g~ven ~o Bc-rrowe~ or I_ender when given in Ihe manner designated hercio. 1S. Unitorm MortRa~e; Governin~ taw; Severability. This torm ot mortgage combina oniform covenants for national uu and non-uniform covenantc with limited va~iations h}• juriuiiction to constitute a uniform security instrument oovering rral property. This Mortgage shall be governed hy the law of Ihe jurisdiction in which the Property is located. In the event that any provision ar claute of thic Martgage or ~he Na~e conflicts with applicabk law, such conflict shall not affoet other provisions of this Mortgage or ~he Note which can be given efitct without tha conflic~ing provicion, and to this end the provisions of the Mortgage and the Ncue arc Jcclared to be uverabte. 16. aorrowe~'s Copy. Borrowe~ shall be furniched a cantormed copy of the Note and of this Mortgage at the time of execu~ion or after recorda~ion hereof. ~ 17. Tnnsfer of the Propertv: Assumption. If all or any pan of the Property or an interest thercin is sold or tronsferred by Borrower without I_ender's prior writi~n ~onsem. excluding la) the creation of a lien or encumbnnce subordinate to this Mongage. (bl the crtation of a purchace monevi cecuri~y m~erest for household appliances. (c) a transfer hy devise. descent or by operation of law upon ~he Jcath of a j~.~nt tenam or (dl the grant of any leasehald intercst of thrcc years or kss not containing an option to purchaae, Lender may. at l.ender i option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender chall have Narved such option to accrlerate if, prior to Ihe cale or Iransfer. Lendet and ~he person to K•hom the Property ic iu be :oW or transterred rcach agrecment in writing that the credit of cuch percon is satisfactor~~ to [_enJer and ~ha[ the intcr~.~ pa~•able on the sums secured by this Mortgage shall be at such ra~e ac Lender shall request. If Isender has waived the oRtion ~o accelerate provided in this paragraph 17, and if Borrower ~ suceessor in interest has executed a written assumption agreement accepted in writing by Lender, I_ender shall release Borrower (rom all obligat~ons under this Mortgage and the Note. . If I.ender exercius such option ~~ acceterate. l_enJer ~hall mail Borrower notice of accelention i~ accordanca w•i~h 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 declareJ due. I( Borrower fails to pay such sums prior to the expiration of cuch pericd, Lender may, wi~hout turther no~ice ~r dcmand on 13orrower, invoke any remtdies permitled by paragraph 1R hereof. NOH-UNIFORM COVENANTS Borrower and Lender tunher covenant and a6rce u follows: ~ 18. Acceleration: Remcdks. Ezcept as prorided ia Pata~nph 17 hereot. opo~ Sorrowtrs brratA ot s~y co~e~t or asreemeat of Borrower in Ihis Mort~age. includin~ 1be corea~nls to psy when dne aay sa~ns secured A~ Ikis Mwt~aRe. I.ender prior lo ~ccektstbn shdl n1ai1 notice to norrowtr as provided In para~raph 14 hereot spttNyie~: (1) Ibe breaeA:/2/ tht ~etioe requind to cure such bnach;l3) a date. not less than 30 days irom tUe date the notke b a~sikd fo dorrorrer. by whkh srcU brcach must be cnred: and (1) ~hat fail~er to cete sreh bre~ch ow or setore the dite speciGed i~ tAe wotke msr resdf h accckration of t6e sums secnnd by this Mort~a~e. torecbsare ~ j~dkitl proeeedln~ aaa sale ot tAc ProOc~. 77~e wofiee shall turlher inform Eorro.rer of the ri~ht Io reiASfate atter accekrstbs swd ti~e ri~h1 to as~ert iw ti~e tortclosre~e /~oeeedl~ tbe uon-existencc ot a defauN or any other detense ot eonoacr to sccelcration swd foreclosrre. It tUe breac~ is not c~ aw or betore the dste specified ia the notice. Lender ~t t.end«'s aplio~ msy dsclare s~ ot the srias ste~red bp tAb Mort~aRe to be immediately due snd payable wifhout (urther dem~nd ~nd nuy totrclose MI~ Malsa~e ~ j~kW poEtediuR• i.eedtr shall be totitled to collett in such procetdin~ sll t=pensts ot toreciosure, Includiu=. b~t ~ot Ya~ittd to. -tasonabk stl~irneY's fees. and eosis of documentary evidence. sbstrscts snd Ii1k reports. 19. dorror.er's Ri~h1 to Reinstste. Nolwilh+t~nding 1 ender's accelerat~on of ~hc sums xcurcd by th~s Mortgage. Borrower shall havt 1he nght to havt an~ procecdmcc hrf~in by Ltnder ta cnforce Ihn MortRage d~scontinueJ at any lime ~ ~,:.v.`w~.2.~~.~{ aa. l _...:i ~-.. . ~ BO{11KC -~4~ PAGE t,24 ~ ~ ~ _. _~. r_~J'_'S. ~-'S S?