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HomeMy WebLinkAbout1273.. I.er-der's written agreemen~ ar applirable law. Bo~rower shall pay thc amount ot all mortgage insurance prcmiums io the mannrr pruvid~d under paragraph 2 hcreot. Any amaunts di~hu~sed by Len~ler purcuant ~o ~his pa~ag~aph 7, wi~h ~ntercst thereoo, chall become additianal indeb~ednesc uf Borruw~r cecurcd by Ihie Mur~gage. Unkcc Borrow~er anJ I.enJe~ agrce to alher ternns ot payment, such amounts shall hc payablc ~qu.n nuiirr fr~~m I.cnder to Barrawr- rcyue~ting paymeM thercot, a~d shall hea~ inlerest trom thc date of disbursemenl at the ~atc payahic from time to time ~~n outstanding principal ~nde~ the Note unless paymeet ~ intercst at such rate would be co~trarv to applicable law, in which event such amounts chall hea~ interest at the hiahat nte permiuible uoder applicable Isw. Nothing cimtained in thic pa~agraph 7 chal) rcquirc I.ende~ to incur any ezpense or take any action hereunder. S• lespectios. i.enckr may make or cause to 1+e made reau~nable en~ries upon and inspoctions of lhe Property. provided that l.ende~ shall give Borrower n~~tire prii~r ~o any tiuch inspection sptci(ying Rasonabk cause therefor related to La~de~'s interest in Ihe Property. 9. Ca~dem~atbe, 'f1~e P~c~c~t ~f any award or claim for damages, dirocl ot consequential. in conr~ection writh any co~demnation or dhe~ taki~g of ~he Propeny, o~ pa~t thercof, or tor conveyance in lieu of condemnation. are he~r auianed and shall be paid to Lender. ,,: .: ~ T~ the eveol of a tot~l taking of Ihe Propeny, the proceeds thall be applied to ~he sums secured by this Mort~aae. with the ezcess. if any. paid to Bonower. In ~hc event at a partial hkiog ot the Property. unless Bomower and I~eoder otherwise agree in writing, the~e shall t~e applied to ~he sums secuted by this Mongage such proponion ot the pr~ooeeds as is equal to that proportian w•hich the amoum of the sumc secu~ed by this Mortgage immediately priar to the date of taking bean to the fair market value of thc Propcrty imm~diately prior to the dale ot ~aking, with the balance of the proceeds paid to Borrower. 1f the Property is ahan~oncd by Borrowcr. or if. after natice by I_ender ta Bormwer Ihat the condemnor offers to R e an award or xttle a claim for Jam~geti. B~~rrower fail. t~ recpond to I.ender within 30 days at~er the date such t~otic. ~s mailed. Lende~ ic aidhorizcd to collect and apply thc proceeds, at 1_ender's option, either to restontion or repair of the Proper~y or to the sum~ +ccu~ed hy this Mor~galtc_ Unlesc l.ender and Borrow~er othen~vice agree in w-ri1inF. any such application of proceeds to principal shall not extend or pcxtpone the due date of Ihe manthly installmcnts rcferred to in paragraphc 1 a~d 2 hereof or thange Ihe amou~t of such installments. ~ 10. Eorrower Nof Rekascd. Extension of the lime for payment or modification of amortization of the sums sxurcd by this Mongage gnnted by I.ender to any cuccecsor in intercct of Borrower chall not operate to rekase, in any manner, 1he liabifity of the original Borrower and Bc-rrower's soccessorc in interest. I_ender shall not be rcquircd to commence proccedings against such successor or refuse to e~tend time for payment or otherwise modify amortizat~on of the sums ucured by Ihis Mortgage hy rcason of any demand made b}• the oriqinal Borrower and Borrower's u~cetsson in intercst. 11. Forbesrance by I.ender Nof a Wd~er. Any f~rtuaranre by 1_ender in'exercising any right or remedy her~tunder, or otherwise afiorded hy applicable law, shall nc~l tx a waiver of or proclude the ex~rcise of any such right or rear~r. The procurement of insurance nr the payment of tazes or other liens ur charges by Lender shall not be a waive~ of Leoders right to accelerate the matu~ity of the indebtedncss ~crurcd hy thit Mortgage. 12. Re~edks Cnmulafi~e. All rcmedies provided in this Morigage arc distintt and cumulativt to any other risht or rcmedy unde~ this Mortgage or afforded hy law or equity, and may be exercised concurrcntly, independenlly or successlvely. ~ 13• Sdecessors and Assi~ss Bonnd; ,Joiat aad Sere~ t.bMiity; Capdons. The covenants and agreements herein contained shall bind, and the riRhts hercunder shall inorc to. the rcspective successon and assigos of Lender aod Borrower. subjcet to the pravisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be jary and sevenl. The captions and headings of the paragraphc of Ihis Mortgage are for conveoience only and ar~e not to be tned to interprct or defioe the provicions herec-f_ 11. NMiee. Ezcept for any notice reqoired under applicable law to be given in another manner, Qa) any notict to Borrower provided for in this Mortgaee shall be given by mailing such notice by certifled mail addressed to Borrower at Ihe Properly Addrcss or at such othc~ addresc as Borrower mav designate by no~ice to I_ender as provided hercin, and (b) any notice to Lender shall he given by certified mail. re~urn receipt requ~sted. to i ende~ s address suted herein or to such other addrcss as Lender may deciqnate by n~tice t~ Borrower as provided hereio. Any notice provided for in this Mortgage shall be deemed to havc Meen given to &-rrower or Lender when given in Ihe manner designated hercin. 1S. Uaitorn~ lrv-ort~a~e; Go~erninR I.aw; Sevcrabilily. This form of mortgage combines uniform covenanls for natioeal use and non-uniform covenantc with IimiteJ variations by juriuiiction to constitute a uniform security instrumenl ooveri~ rcal propeny. This Morlgage shall be governed hv the law of the, jurisdiction in which the Properiy is located. In the event that any provision or claux of thi~ Mortgage c-r ~he Note conflicts wi~h app:icable law, such conflict shall not atfect other provisions of this Mortgage or the Note which can be given eB~ct without the cooflicting provicion, and to this end the provisions of the Mortgage and the NcHe are ~kclared to be severable. 16. dorrower's Copy. Borrower chall be furniched a conformed copy o( ~he Note and of this Mortgage at the time of execution or after recordation he~eof_ 17. Trsnster of tbe Property: Assumplion. if all ~r anp pari of the Property or an interest thtrcin ic sold or tnnsferrtd by Borrower without Lender's pric-r wntirn cunsen~. excluding lal the crcation of a lien or encumbnnce subordinate to this Mortgage. (b) ~he creation of a purchacc m~nevi cecurity imerest fo~ household appliances. (e) a ~ransfer hy devise, descent or by aperation of law upon the Jca~h o( a j~+~n~ tenant or (dl the grant of any leasehold intercst of thrcc ycats or kss not containing an option to purchase. [.ender may. at l.ender'c opuon. declare all the sums secured by this Mortaage to be immediately due and payable. Lender thall h~YC Na~ved such option ~o arcclerate it, prior to the cale or transfer. Cender and the person to whum the Proper~y iti t~- t-c ~o1J or trans(erred reach agrerment in writing that the credit of cuch penon is satisfactory to I.ender and ~hat the interr.t pa~•able on ~he sums secured by this Mortgage shall be at such rate ac Lender shall request. If I.ender has waived the option to accelera~e provided in this paragraph 17, and if Borrower i successor in interest has eaecuted a wntten assumpnon agreement accepted in writing by I~nder. Lender shall release Borrower from all obligat~ons under ~his Mortgage and the No~e. If Lender eaercius such option to accelerate. I.ender ~hall mail Borrower notice of acctleration in accordancc w•i~h paragnph 14 hereof. Such no~~ce shall prov~de a period of not fess than 30 days from the date the noiice is mailed wi~hin which Borrower may pay the sums declareJ do~. If Bor-ower fails to pay such sums prior to the expintion ot cuch period, Lender may, without further nolict or dcmand on liorrower, invoke ~ny remedies permitted by parograph IR hereot. NON-UNIFORM COVENANTS Borrower and Lender funher covenan~ and a~ree u tollows: 18. Aceekntbu; Rcmcdks. E:cept as ProvWcd io psraRrsPM 1'f btnot. opw~ iorrower's b+cscM ot s~r co~e~t or a~retme~t ot eorrower In Ihls Mortgs~c. includl~ Ihe corenants to p~y ~+he~ dne a~y sums secnred br tbk MortRa~e. La~der prbr /o accekratbo shall mdl notice to QoRO~-er as p~o~idcd Ia psn~nph 1~ hereot specifyia=: (1) tAe bre~cA:/211Ae actiow rrqulrcd to con socb Mrscb;l3) ~ date, aot kss ~hsn 30 dsys trnni the date the notice b aaika lo Eorrower. by wAkA srcr bescb most be c~red: sod (1) Ihat tailure to core srcM breacl~ on or retore the date speci8ed i~ tbc notke u~sr resrlt i~ •ccekraKoA ot tbe snms secund by IAis Mo~sRe. taeclowrr by judkltl Nneeedint s~d sde o~ tAe rro~e~• 7be ~olice shall turther infono dorrower ot tAe ri~At to rei~tNe d/cr accekrNb~ sud tbe ~Mt b asrtA i~ tht tofeclo~a ~roete~ t6e oon-e~isleece o~ s defauN or snr Mher defense of donoae- lo ~ccelerstio~ sad forecios~re. If tbe 6reac~ B wot cw~N o~ or before the date sPecificd iw the notke. Lender at t.ender's aptio~ ~sy Acclae s~ o~ N~e ssw~ ~ene~d by tUls MoA~~e to be ima~edLtely due snd p~ysbk without turther demand ~nd msy forecbse Mls Mo~~t 6y jrdkW'rottedi~. f.ender shap be entitkd to colket M srch proceedi~ sll e:penscs of tor~closerr. luclodin~. brt ~ot Ymited to. rrasosasle sta,rner's fces. aad costs ot doc~~westary e~nce. sbstracts and Iitk rrports. , - l9. Sorrower's Ri6bt to Reinstate. No~with~~anding 1 ender's accelerot~an o( the sums xcured by th~s Monsaae. Borrower shall have ~he righ~ ~a have an~• prcxecdmec brNin by L~nder ~o en(orce Ihu Mor~gage dnconhnueJ at any time B~"K•.~~o PacE12~., r_ ~:.~~~<,~ ~. }.~ ~ ` _.