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HomeMy WebLinkAbout0336l.endera written agreemcnt o~ appli~ablc law. Borrower shall pay the amaunt ot all moNgage incurance prcmiums in the manoc~ pruvidrd unde~ parag~aph 2 hereof. ~ Any amounts di~hursed by I.enJer purcuant ~o this pa~ag~aph 7, with interest thereon, shal) become additional indebtednesc uf Bo~~owrr securcd by ~hic Mor~~aga Unlecs Bo~rower and I.enJer agrce to other tertr~s of payment, such amountc shall tx p•ryahlc u~n n~~~icc fmm I.endcr to Bo~rawrr rcquecling paym~nt Ihrreot, and shal) l+tar inlercst t~+om the date ot di~burscmeM at the ratc ~yahk fro~ timc ta ~ime on ou~standing principal under the Note unless payme~t of i~tercst at such ~ate would be cant~anr to applicable law, in which event ~uch amounts shall t+ear interest at the highest rate permitsibk u~de~ applicable law. Ni~thinR conlainal in this panRraph ~ chal! rcquire l.ender to incur any expense or take aoy action hercunder. S. lsspectiou, t_ender may make or cai~.e ta he made rcascx~abk emries upon and inspections of the Property. pmvided that I.ender shall give BoRawer ncHice p~i~~~ to any s~Kh inspeclioo specifying rcuonabk eause therefor related to Leode~'s interest in the Property. 9: Cawdemaatioe. The praceedt af any award or claim tor damages, direct or rnnsoquential. in oonnection with any condemnation or othe~ taking of the Property, or part thercof, or for conveyance in li~u of coodemoation. are hereby assianed and shall be paid to Lender. Tn the eve~t of a totil taking of the Propeny. the proceeds shall be applied to the sums securcd by this Mortsaae. with the excess, if a~y, paid to Bonower. ln the event af a palrtial taking of the Property, unless Borrower and i.et~der othenvise agree in writing. therc shall be applied to the sums securcd by this Mortgage such propoKion of the pmooeds as is equal to that proportion v-•hich ~hc amoont of ~hc sumc securcd by this Mortgage immediately prior to the date of takiag bears to the fair market value of thc Prapcr~y immediately prior to the date of taking, with the balance of the pmceeds paid to Bo~rower. If the Property is abandoned by Borrower, or if. atter notice hy I_ender to Borrawer that the condemnor. oRers to make an award or ut11e a claim for damagc+, B~~rrc.wer failc to respond to I_ender within 30 days after tht dale such notice is mailed. Lender ic authorized Io collect ~~d apply the proceeds. at l.~nder's optioo, either to restoration or repair of the Propcny or to the sumt cccured h~~ this M~rt~tage. ~ Unlesc I_ender and Borrower otherwice agree in writing. any such application of proceeds to principai shall not extend or pactpone Ihe due date of the monthly ins~allments referred ta in paragraphc 1 and 2 heteof or ehange the amount of such installments. - 10. Eorrowe~ Nof Released. ~xtension of the ~ime for payment or modification of amortization of the sums secured by ihis Mortgagt gra~ted by ~ender to any cuccecsor in interect of Borrower chall not opente to rekase, in any manner, the liability of the origina) Borrower and Bc+rrower'~ successc~rc in interest. i_ender shall not be requircd to commence proccedings aqainst such successor or rcfux to ectend time for payment or othenvise modify amottiut~on of tht sums secured by this Mortgage by rcason of any demand made by the oriqi~al Borrower and Borrower s uiccessors in intercc~. l1. Forbesnece by Lender Not s R-dver. Any fart+earance by I_ender in eRercising any right or romedy hercunder, or otherwix afforded by applicable law, shall nc~t be a waiver of or prcclude the exercise of any such right or nmedy. The procurement of insura~ce pr the payment of taxa or other liens or charges by Lender shall not be a waiver of Lender's right ta accelerate the maturity of the indtbtedness cecured hy thic Morigage. 12. Remedies Cnmulati~e. All rcmedies pravided in this Mortgage arc distinct and cumulative to any other right or rcmedy under this Mortgage or atfo~ded hy law or equity, and may be exercised ccx~currcntly, independently or suceessively_ ' 13. Soceessors snd A~es Sound; Joiat and Serersl i.iab~ity: Capttons. Tfie covenants and agreements herein contained shall bind, and the riRhts hercunder shall inure to. the respective successors and assigns of Lender at~d Borrower. subject to the provisions af paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and sevenl. The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be uad to interprct or define the provisions hereof. 14. Notke. Except for any nolice requircd under applicable la~v to be given in another manner. (a) any notict to Borrower provided for in this Martgaee shall be given by mailing such ootice by certified mail addresxd to Bc~rrower at Ihe Property Addrcss or at such other addres~ as Borrower may designate by notice to I.ender as provided herein, and (b) any notic~ to Lender shall he given by certi6ed mail. return rcceipt rcquested. to l.ender s address stated hercin or to such other addrcss as Lende~ may de~ignate by nc~tice to Borrower as provided hercin. Any notice provided for in ihis Martgage shall be deemed to have bcen given to Bi-rrower or l.ender when given in Ihe manner desigoattd htrtin. 15. Uniform MoM~a~e; Governin~ i.aw; Sere~bilily. Thic form of mortgage combina uniform covenants for nationa) use and non-uniform covenantc with IimiteJ variations by jurisdiction to constitute a uniform secdrity instrument rnvering rcal property_ This Mortgage shall be governed by the law of th~ jurisdiction in which the Property is located. In the event ~hat any provision or clause of thic Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given efTect wi~hout the conflicting provicion, and to this end the provisions of the Mortgage and the NMe are declared to be severable. l6. Sorrowe~'s Copy. Borrower shajl be furnicbed a conformed copy of the Note and of this Mortgage st the time of execution or after rccordation hereof. 1'f. Traosfer of tbe Propertr: Assumption. if all or any part of ~he Property or an interest thercin is sold or tnnsferred by Borrower without Lender's prior writ~~n .onsent_ excluding lal the crcation of a lien or encumbnnce subordinate to this Mortgage. (b) the creation of a purchace money cecurity ~nterest for household appliances. (c) a transfer hy devise. descent or by operation of law upon the Jeath of •r jo~m tenant or (d- the grant of any leasehold intercst of thrcc ycan or kss not containing an option ta purchax. Lcndt~ may. at I_ender'~ opt~on. declare all the sums secured by this Mortgage to be immediately due and payahle. I.ender chall h~ve wa~ved such option to accclerate if, prior to the cak or Iransfer. Lender and the person to whom the Proper~y ic tn t-e :oIJ or transferred reach agrrrment in writing that the credit of such percon is s~tisfactory to Lemier and tha~ the interr.~ pa}•able on ~he sums secured by this Mortgage shall be at such rale ac Lender shall request. If l_ender has waived the aption to accelerate provided in this paragraph 17, and if Borrower i successor in interat has executed a written assump~ion agreement accepted in writing by Lender, I_ender sfiali release Borrower from all obligations under this Mortgage and the Natt. If Lender exercises such option to accclerate. l_enJer chall mail Borrower notice~of acceleration in accordance w~iih paragnph 14 hereof. Such notice ~hall prov~de a period of not less than 30 days from the date tht notice is maited wi~hin which Borrower may pay the sums derlared due. If Borrower fails to pay soch sums prior to the ezpirat~on of tuch pericxf. Lender may, without (uriher not~ce or dcmand on Horrower. invoke any remedia permitted by parograph 1R hercot. NoN-Ut+~FO~M Covetv~NTS. Borrowe~ and Lender further covenaat and agree u follows: 18. Acceleratioa; Remedies. Excep as providcd i~ pars~rapb 1~ Mereof. upo~ eorro~+c~s bsscM ot aay co~enset or a~reemeet of Eorro~+er is th~s Mort~a~e. includin~ tbe corcn~als to psy when dne say soras secnred br tbis MortRs~e. I.ender prbr 1o accekntbo shdl mdl notice lo Sorrower as provfded Is pa~s~nph 14 hereot specNyiu~: (1) tbe Me~ch;1211he aetbw requlrcd to core sucb bresch;l3) a datc. not less than 30 dsys twm t6e date tbe notice b e~aNed to Eonorrer. br r•hkh wcU be~cb must bc c~red: and (~) IAst failrro to crre srcA brescA o~ or refore Ibe dMe specWed In the notke msy nsWt iu sccekrstion ot tbc snn~s secured by this Mort~aRe. to~eclos~re Y~ judkial proceedi~ md stle ot Ibc Propcrtr. 7bc uutke shap further inform Eorro~+er ot the riRM to reiestNe stlet sceekrstbs snd !be ri~ht lo atse~t ia the toret{osnrt ~octe~ tbe non-existeoce of a defsuN or aay olhe~ detense ot eorro.-er to accekratbA a~d fonclasrre. It fbe ereicM is aof crte~ o~ or before the date specified ~n the notice. Lender at l.end~r's oplbw w~ deelm aM ot the ~a~s tec~nd bp this M°rt~a~e b be itnmediately due snd paysWe ~•'~thoul fnrtl~e~ dem~nd and msy toretlose thls 1-Qort[a~e bp jadkW ~roeeedi~. i.en'e• cAap be eatitkd to collett in snch proceedinR aq e:penses o( toreclosore. includin~. bnt ~ot dmile~ to. nasonabk at~.,rnev's fees. aad cosis u/ doc~ieeMary e•idence. abstrscts and ~iile nports. 19, dornor-er's Ri~ht to Reiastste. tiotwi~h~tand~ng 1 ender s accelerat~on of the sums secured by ~h~s Mortgage. Borrower shall havt the right to have an~ prcxe~d~nc~ tx-;~~n b~ Lender lo enforct th~s Mor~gagc d~sconl~nued a~ an~ ~imt BOnK •,4~ PaGE ,,,,6 ! S ~ x`<~-"~ .....a.'=.,..~+. ~-~"'y. .Ft+.-.-r+ . . _ - ~ ... £ -'~ T+..+.. ~ a4.'~ ~....E ..