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HomeMy WebLinkAbout1743l.cnJcr's writtcn agrcemenl or applirable law. Borrowrr shall pay the amount ot al) mottgage insurance premiums in the m:~nner p~avided under patagraph 2 hereof. A~y amounts disbu~sed by I.ender purtiuant ta this paragraph ~, with intercst thercoo, shall become additionsl inJrb~ednesc of Bo~rawer securcd by ~hic Mortgage. Unlecs Bo~~owe~ a~d l.enJer agree to other temts of payment, such amounts sfiall he payable upan nrtice f~om I.ender t~~ Bormwrr rryuecting payment ~hereof, and shall bear interest fwm the datc af dicbursement at !he rate payahlc from timc to lime on oulstanding pri~cipa) under the Nate unleu psyme~t of interest at tuch ~ate would be cont~ary to applicab{e 1aw, in v-hich even- sucfi amounts shafl beu interest at the highest nte permissible under applicable law. Nothing contained in thic paragraph 7 chall requi~e i.ende~ to incut sny expense o~ take any action hereunder. 8. I~spection. l.ender may make or cause to he made reaconahlr en~riec upon and inspections of the Property. provided thal I.ender shall give Eiorrow~er nutice prio~ to any such iotpection cpeci(ying rcasonable cause therefor refated to Lendsr's ~ntcrect in thc Propcrty. 9. Condemnalion. The pr.xecdc of any award or claim for Jama¢es, direc~ or concequential, in connection with any candemnotion or other taking of the Property, or pa~t ~he~cof, or for conveyance in lieu af condemnation. are hercby assigned and chall t+e paid ta I.ender. In ~he e~~ent of a total ~aking a~ the Pmpcr~~•. thc prcxreds ~hall he applied to ~he ~ums secured by this MoMgage. wilh the ercess, ii any, paid to Born.w~cr. In ~he e~~en~ ~~f a parlia) Iaking of Ihe Properly, unless Borrower and I_ender utherwice ~g~ee in wriNng. there shaN he applied to tfic wm~ cecurcd h~ tFfi~ Mar~gage ~uch proportion ot the proceeds as i~ equal to that proportiun which the amounl of the sum+ .ecured by~ thic Nortgage immediatd} prior ta the date of taking hears to Ihe fair market value of the Properly immediately prior to Ihe date of taking. with the balance af the proceeds paid t~ Borrowtr. If the Property is aband~ned h~ Bormwc~. or if. afler nolice fiy I.ender ta ~orrower that tfie condemnor oRers to make an aw•ard ~r setlle a claim for Jamage+. Bormwer fail. to re~~nd !o I.ender within 30 days atter the date such notice is mailed. 1_ender ic authorited to coUecl and apply ~he proceeds. at I.ender c option. either to restoration or rcpair of tht Property or to ~he sum~ secured M• thic Mo~tgage. llnles~ I.enckr and Born~wer c~therw icr ag~ee in ~ ritiue. any such application of psoceedc to principal shalf not extend ~~r Exx~Fx~i~c the due date of the monthl)~ insta4mrnts rcferrcd to in paragraphs 1 and 2 herrof or change the amount of .uch ins~allmentc. 10. Borrovre~ Nol Released. Frtencion of Ihe ~ime for paymen~ or mndification oi amortizatian af Ihe sums securtd by thic Mart~rage g~anted by l.ender to am• successor in intere~t ot Bo~row~e~ chall not o{+erate ~o release. in any manner. the liabilit~ of the original Borrov-er and Bc:rrow•er'c succescor, in interest. LenJer shall not he required to cammenct rr~xeeding~ against cuch cucrecsor or refuce ro erteoJ time for paymenl n~ olherwiSC modify amortization of the soms ~ecu~ed b~• thic M~~rtgage hy reacon of any demand made by the oriei~al Borrower and Borrower s suceeccors in interest. I1. Farbearance bv I.ender Ao1~9 Wai~•er. An~~ f~~rhearance h}• l.rnder in erercicing any right or remedy hereunder, oi ~~therwise atTurded hy applicable law. ~hall not he a wai~er of nr preclude the exercise of any~ tuch right or remedy. Thr procurement of imurance or ~he paymen~ ai ta~r~ or other lien~ or chargcc by 1_ender shal) not he a waiver of Lender s ri~ht ti. accclcratc thc maturity of thc i~dc6tcdnecs keurcd h~ ~hi~ Mongagc. 12. Remedies Cumulatire. All remeciies pro.•ided in thic I-iortgage are J~stinc~ and cumulative to any o~htr right or reme~i~• under thi~ Morlgage or atTorded hy law~ or equi~y. :~nd may txt cxercikJ rnncurrendy, independently or succecsively_ 13. Successors and Assi~ns Bonnd; Joint and Severai i.iability; Captions. Thc covenants and agreements herein ~ontained shall bind, and the riQhtc here~mdcr chall inure t~~. the re~~+ective succe~u~rc and ascigns of i.ender and Borrower. ,ubjl•cl to the pn-vitiionc of paragraph ~7 hereof. All co~~en~nts and agreemenK of Barrower~hall be joint and several. The rapti~~ns ~nd headings of the para¢raphc c-f ~hic Mor~gage are f~r convenienee only and are not to be used to ~nterpret or define the provivaoc hereof. 14. \otice. Excepl for any notice reyuired unJer applicable law to be give~ in another manner. (a) any notice ta B~~rn~wer pmvided (or in ~hic Mortgage shall tx gi~•rn b~~ mailing cuch notice by certified mail addresced to Bormwer at the Property Addre« or a1 ~ucfi other addrec. as Bormw•er ma~• designate by no~ice to I.ender as provided herein, and Ihl an}• notire to [_enJer shall be giv~a h}~ certified mail, r~turn receipt requected. t~ [~enders adJress staled herein or to ~uch u~her addresc ac Lender map drsi¢nate b~ n~tire t~ Bormwer as prrn•ideJ hcrein. Any notice p~ovided tar in this \turtgag~ shall ik deemed to h~~•e been gi.~rn to Borr~~wer c~r I.ender whcn givcn in the manner Jesignated herein. 15. Unifarm Mort~aRr. Covernin~ Law: Se~erabiiih•. Thi. f~~rm of mnr~gage rnmhines uniform rnvenan~s for national i~sc and ni~n-unifurm c~~~•cnanl~ ~vi1h limitc~i ~~ariationc h~ juri~~li~tian t~• constitutc a uniform sccnrity in~trumem covtring real properly. Thi~ Mortgage shal) be g~~verned M• the law of the juri~dicU:-n in w•hich the Propert~' ic Iocated. Io the e~•ent that an~ provision or clau~e of thic Mortgagr i-r thr I~~~te rnnf3ictc uith applicable law. such conflict shall not afft~t ~~ther prov~~ionc of thit Mang•rge .~r fhe Notr ~:hicfi can be givrn ei~ect K•ithout the conflicting pmvicion, and to this cnd the provitii~mti of the Mortgage and the \otr :,re J~clared ~i• he uverable. 16. BoROwer's Copy. BorroN•er ~hall be furni~hed a c~nt~xmed rnp~~ of thr Note and of thic Mortgage at the time ~~f etiecution or after rccordation hereof. 17. Transfer of the Property; Assumption. If-al{ ~~r am~ part of thc Prnpert} or an intere~~ thcrein ic sold or transferred hq Borrow~~r without l.ender's prior wrinrn runun~, r~~luding Ia1 the creati~n of a lien or e~cumbraace subordinate ta this Mortgage. Ibl the creation of a purrhau nione}' ~ecuritc ~nterest for household appliances, (e) a Irancfer by devise. deticent or hy operation of law upon the dcath ~•f a j~~~nt tcnant <.r (~U ~hc grant of any leasehotd interest of three years or less not containing an option to purchase. Lender ma~. at !_ender'. ~.ption. de,lare all ~he sums secured by this MoRgage to be ~mmeJiately due and payable. l.endeJ thall ha~'e waieed +uch option tc accelerate iL prior ta the ~ale or transfe~. I_ender ,,nd the percon to whom the Property i. to be soW ~~r Irant(errrd rcach agreement in wri~ing that the credit o( such person ~t satitfactor}~ If 1 ender ha~~e~he~~~f ~~~~/~~~ded ~~~~y~p~~ a~" iF 8or o~~~f /~f a~so~~in ~i~J~9~i'~I P P Pa R enterest hac executeJ a written ascumption aRreement accepled in writing by LenJer, 1_ender shall release Berrower (rom all ~~bligations under this Mortgage and the Note. If I.ender exercitec ~uch ~~ption to accelerate. Lende~ +hall mail Borrowe~ notice oi acceleration. in acrnrdance with paragraph f4 hereof. Such notice ~hall provide a Fxri~~J e~f not les~ than i0 days from the date the notice is mailed within which Borrow~er may pay the wm~ declrred due. If Borrov-er failc to pay such a~ms prior to the expiration uf cuch period. Lender may. without further notice or demand on Hnrrov-~er. ~nvoke' an~• remedies permittecl by paragraph 18 hereof. Norv-UHtFORH CovF~~:v-rs. Bo~rower and I.ender turther covenant and agree as follows: 18. Accelerotion; Remcdies. Except as provided in paragrsiph 17 hereof. upon Borrower's brcscb of anp corenant or agreemcnt of Borrower in 16is 4iortg~e. indudin~ the co.•enanfs fo pay wh~n due any sums secund by thB Mort=a~e. Leader prior to accelerotion s6a11 mail aotice to Borrow~er as pro~~ided in psrs~raph 14 fiereof specifyio~: (i) fhe breach; (21 t6e sction required fo cure such bnach; (3) a date. not less Ihan 30 days trom the date the notice is msikd to Eomo~+er. bp whic6 wck - Dreach must be cured; snd (4) that failure to cure such breach on or before Ihe date specified ia the aotke nuy raWt ie s~ccekr~tio~ of ebe sams securcd by this lfortg~qe. foreclowre by judicial proceedlna and sak of the Property. 71~e notke shall further inform Borrower of the right to reinstate after acceleration snd the ri~ht to assert in tbe foreclosure procetdit~ the non-existence of a default or any olher defense of Borrower ta accelention and foncbwrr. if t6e bnach is rat cnred oa or betore the date specified in the notice. i.ender at Leader's option may declue all of the soms secured by this Mor!=a~e to 6e immediatety due u~d psysbk without furlher demand and may fonclose th~s Mortga6e by judicial proceedtn~. l.ender sball be entiHed to collect In such proceedinq all expeoses of toreclosu~r. inctudin6. but twt Bmited to, re~onsbk sttorney's tees, ~nd costs of documentary e~ider+ce, ~bstracts and litk rcports. 19. Borrower's RiRht to Reinstste. Notwithuanding I_ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right lo have any psocecdings heguo by I.ender ta enforre tfiis Mortgagt discontinued at any time B~1f1K347 Pa~E~.~37 . ..: > . ,. - _ {~... ~~ - ,~ ~- ~ r~,;,,,~.•`~~s~.~ -~. ' .: _ -..