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HomeMy WebLinkAbout3008t cnder's wntten a~rcrmen~ a~ appl~rable low. Korrower shall pay ~he amount at all mo-tgage in~urance prcmium~ in the ma~ncr ptuv~dcd undcr paragraph 2 hercoL • /1ny amounlc di~hiuscd hy 1 cn~kr pur~uanl ~~i Ihis paragraph 7, w~th inirrect IhCtt~ shall hecame additiana) indebiednr« ~~t t~..~ruwcr ~ecund hy Ihic Murtgage. Unk~s gor~oK•e~ anJ I rnder agrct'to otht- te~s of payment, such amounlc chall hc payablc uM.n nulirc fmm 1 rndcr to Borrowcr reyueclinR paymrm Ihcrrnt, and chall hcar inlerest trom the date of dicAunemeat a1 ~he ra~c payablc Ram timc to ~ime on outslanding principal unde~ ~he Note unless psyment ot interut at such rate wcwld he contrarv a, applicable law, in which event a~ch amounts chall t+ear interesl at the hiahest rate penniuibk unde~ applicabk law. Nothing c~~ntaineJ ~n Ihic paragnph 7 shall require I.ender to incu~ any expense o~ take any action hercueder. a. 1~s'ecfioa. I.ender may malc ~.r ra~~cc to he made reacc~~abk enttiet upon and inspections of the Property, pmvided thal t.eoder shall give Barr~wer n~H~ce pri~~r t~~ any such inspeclion specityina rcasonabk came theretor related to I.e~der's interest ie the Property. 9. Co~de~wwsfbw, 'The pic~ceedc ot any award or claim /or damaga. dirocl or consequential, i~ eonneetion with any condemnation ar dher takin6 of ~he PropeNy, or part thercot. or for conveyance io lieu of condemnatan. are heteb~r assitnod aad shall be paid to l.ender. Tn Ihe eveet of a to1a1 talcin6 of 1he Property. Ihe procoeds shall be applied ta the sums securcd by Mis Mort=aae, with the excess, if any, paid to Bon~wer. In the event of a panial taking ot the Property. unlas Bomowe~ and ~ otherw~se agroe in writing, lherc shall be applied to 1he sums secured by this Mangaae such proportion of the procseds as is equal to that proponion w•fiich the amount c-t the sums securcd by Ihis Mortga~tt immediately priar to the date ot taking bears to the fair markel vatue of Ihr Propcr~y immcdiately prior to the date of ~aking, wilh Ihe balance of the pmceeds paid to Borrower_ If the Propeny is ahandoned by Borrower. or if. aftt~ ~otice hy I.endet to Borrower that the condemnor oBea to malte an award o~ ultlc a claim for ~iamaecti, B~•rrower tail. to rec~+c.nd to l.end~~ within 30 days af~er the da~e such notice is mailed. I_ender ic authoritrd to collect and apply thr praceeds. a1 I.ender i option, either to restoration or eepair ot the Propeny or lo Ihe sum..ccured h~• this Mortgattc. Unlesc l.ender and Borrower otherv~ice agree in w~rit~ng. any such application of proceeds to principal shall not exter~d ar pcxtpone the due Ja~e of Ihe manthlv installmems rcferred ta in paragrapht I and 2 hercof or chanae the amount ot such install~nentt. 10. ~rower Not Rekised. Fxtension of Ihe time tor payment or modiflcation of amortization of the sums seeur+ed by this Mortgage gronted by l.ender ta any cuccecsor in interect of Borrower shall not opente to nkax. in any manner. the liability o( the original Borrawer and &-rrower'c si~ccesu~rs in interest. I.ende~ shal) not be rcquired to commenoe proceedings against such successor or rcfuse to ettend time for payment or othenvix modify amortizst~on of the sums secured by thic Mortgage hy rcason of any demand made by the oriqinal Borrower and Bc~rrower s successors in intercsl. 11. Rorbearance by [.~nde~ Not a Wairer. Any f~rhear~nce by t.e~der in etercising any right or remedy hercunder, or athenw-ix atiorded by applicahk law. shall ne~t be a waiver ot ar prcclude ~he exercise of_ any such right or rert~edy. The procoremeot of insurance nr the payment af taxes o~ other liens or chargec by I.ender shall not be a waiver of Lafde~'s right to accelerate the maturity of the indehtednecs cecurcd hy lhic MoAgage. 12. Remtdks Coa~ulstire. All rcmedies pravided in ~his Mongage arc dis~inct and cumulative to any olher riaht or rcmedy under Ihis Mortgage or aflorded hy law or equity, and may be e~e~cised concurrently. independeotly o~ soccessiveiy. ~ 13. S~ecesso~s sAd Assi~~s 'oued; Jo~l asd Sercral I.iabiHtr: Captions. The covenants and agreements hercin conuined shall bind, and tht riRhts hereunde~ shall inurc to. the respective successon and assigns of Lender a~d Bomower. sub~ect to the provisionc ot paraEraph 17 hereof. All covcnants and a6reements of Borrower shall be jary .and several. The captions and headings of ~he paragr~phs of this Mongaat are for convenitnce only and ar+e not to be ined to interprct or define the provicions herrn(. 11. NWke. Except for any ~tice required under applicable law to be givtn in anosher manner, (a) any notite to Borrower pr+ovided tor i~ this Mortga¢e shall be given by mailing such notice by cerliBed mail addressed to Borrower at the Propeny Address or at such aher addresc as Borrowe~ may designate by no~ice to I.ender as provided herein, and fbl any notice to Lender shall ht given by certified mail. retum receipt requested. ~o I ender s address s~ated hercin or to s~ch other addrcss as Lender may de~ienatt by nr-tire to Bormwer as pro. ided hercin. Any notice pmvided for in this Mortgage shall be deemed to havc been given to Borrow~r or l.cnder when g~ven in the manner desigoated hercin. 1S. U~No~ MortRaRe: Go~ernin~ I.aw; Serenbility. This torm ot mortgage combines uniform covenants for national use and non-uniform covenamc with limited variations by juncdiclion to constit~rte a uniform security instrument covering rcal proper~y. This Mortgage shall be govc~ned hv the law of ~he jurisdiction in which the Property is located. In tht event that any prov~sion or clause ot ~hic Mottgage c+r ~he Note conflicts wi~h applicabk law, such conflict shall not alfeet other provisions of this Mortgage or ~he N~.te wh~ch can be g~ven eBect wiihout the conflicting Qrovi~ion, and to thit end the provisions ot thc Mortgage and ~hc Nc,te arc Jerlared to be severable. If. Eomower's Copy. Borrow~r chall be di~rm~hed a conformed copy ot ~he Note and of Ihis Morlga6t at the time of eaecution or afte~ recordation herco(. ~ 17. Traatter of tbe PropMv: Assumpliow. 1! all or any pan of ~he Propeny or an intercst thercin ic sold or tnnsferred by Borrower without I.eoderi prior wn~r.n ~unum. ercluding lal the crcation of a litn or encumbrance subordinate !o this Mortgsge. (b- the crealu-n of a pur.h.,~e m~•ne~• ~ecurity mteres~ for houxhold appliances. (c) a transfer hy devise. descent or by.opera~ion of lav- upon ~hc Jca~h of ~ j~um tenam or (d~ ~he grant of any leasehold imerest of ihree ycus or kss not containing an option to purchase, l.endtr ma}~. a~ I.ender'c option, declare all tht sums secured by this Mortgage to be ~mmediately due and payahle. Lender shall ha~e Mr~ved such option to acccleratt i(, prior to ~he cale.or Iransfer. Lendet and the person to whom the Proper~y i. t~~ tx ,ofJ or trans(erad reach agrerment in wri~ing that the credi~ of cuch person is satistactory to LenJer and ~hat the imrrc.t payable on ~he sums secured by this Mortgage shall be at such rale a~ Lender shall rcquest. If t_ender has waived the op~~on to accelerate provided in this paragnph 17, and if Borrower i~uccesxor in interest has taecuted a wntten assumpi~on agreement accep~ed in writing by l.ender. Lender shall release Borrower from all obligat~ons unde~ this Mortgage and the No~r. It Lender eae~cises such op~~on tn ac:elerate. 1_enJer ehatl mail Borrovver notice ot acceleralion in accordanc~ with paragraph 14 hereof. Such notice chall prov~de a pe~icxl of no~ las than 30 days from the date 1he naice is mailed wi~hin which Borrower may pay ~he sums declared due. I( Borrower lails ~o pay such u~ms prior to ~he expiration of cuch perie~d. Lendtr may, without further nw~ce ~r ckmand on Horrower, invoke any remedia pumit~ed by parag~aph IR hereof. NON-UNIFORM COVENANTS Borrower and I_endet further covenant and a`rce u follows: la. Aceelenlio~: Ren~edks. E:cept as provWed i~ p~r~raph 1~ bereot. ~~rnwer's ~eacl~ ot ~~r co•e~awi K a~reemcwt o/6orrower iw t4is MafRaRe. iwcludin~ tbe co~ewawls to p~y w~ew dre ~y soiws secana ~ tMis MwtRa~t. I.ewAer pr'io~ fo scteknfio~ sbail mafl notke to dorror-tr as p-oridta 1~ para~rsph 11 herco~ spec{fyin~: (1) IAe Me~cA: (21 the setiow rsq~ired to crre srch bresch:l3) a date. wot le~s Maa 30 days fro~ tl~c dMe tbe ~olke M auiled to dorrower. ~ wbkh sreU b~eacb wwt be .~red: ~ad t~) Ihat tailure lo c~re srcA breacl~ ow or ~efore ~be dMe srecMiea i~ 14e wollc~ nuy resdf i~ secekntbn ot t~e s~ms ~ccorcd sy tMb MortsaRe. fo~eclosYre by jndkial ~wccedi~ sad We ot tUc trooeet~. 71~e walice shaq fn~ther iatorrn Eorrower ot tbe riRM to rel~tste dter iccckntioa awa tAe ~ht b areA h tIK foreclosree rocee~ t5t ~on-etistence o( ~ def~uN or aay MIKr defew~e ot eorrower to ~ecekestfow aad fortclosr~e. 1/ tlK ~eac~ is ~ot csre~ o~ or before the dsle s'ecifica iw Ihe aotkt. Lender at I.eader's oplbw ~ atclar~ a/ o~ M~e sr~ setsre~ ~ t1~4 MortRaRe M be ima~tdiately dne s~d ~sysbk withoul turther demand and n~sy /onc{ostthk Mo~a~e y j~dicW ~reeeediwR. I.~nde- ~AaN be eatitkd to cdket fs src~ ~roceedinR dl e:pcnses nf foreclosrrc. iwchdiu~. brl ~01 Iiwiled to. n~wwsbk stt~~rneti's fees. awd costs d aoc~sewtary e~ideace. abstncts ~nd ~i~k rsport~. 19. sonower's R~Mf to Reientate. Notw~~h~lrnd~ng 1 t~ders sccelerat~on ot ~he sums xcured by ih~t Mon6a`e. Botrower shall have tAe :~ght to hav~ am prcxerdmc~ hr~;tm b) Lcnder ~o enforcc ~h~~ Mnrtgage dncont~nucJ a~ any nme ~ ~ 0. ~~~N ~ : ~:y: _ .~ x~~ . u - '~~,.~.~~~s~.,.x,_~' `~ ~.~'~347 P~GE3001 _ _ ~~ ~ y~a~ ~-~_ ~~~~ ..