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HomeMy WebLinkAbout2629I.end~r's writtcn ag~~•emcnt or applirahle law. Borrower shall pay the amuunt ot all mortgage in~urance prcmium~ io the manncr providcd undc~ parag~aph 2 hercof. Any amounls dichursrd by I.endcr pur~uant t~~ ~his paragraph 7, wqh ui~rred Ihcrcon, chal) becamc additional ind~Medncsc iit H~~rruwcr utiurcd by ~hi~ Murtgakr Unlc.. Ro~~uwcr :~nd I cn~kr agrrc o othc~ tern-c i-f payment, such am~untc ~hall hc payahk u~x~o n~~tirr fr~-m 1~ndrr ta fiorn~w•rr reyucuinR ~rajricM li~~lco~ anJ ~hall hear interest from the date of dicburcemcnt at Ihe ratc p:~yablc frum Iimc tc~ ~ime on o~uslanding p~incipaf under ~hc Nate unlcsc payme~t of interesl at such ratc wauld be coMran~ ~o applirablc law, in which evcnt ~uch amounts shall hra~ interest at thc highest rate permiuible unde~ applicable law. Nalhing ci-n~aine.i in thi~ pa~agraph 7 chall requin I.ender to incur a~y expense o~ take any action hereunde~. ' a. laspection, i.ender may m:,ke or c:-~~.e ~~~ he mack rcaconable entries upon and inspections of the Property, provided that l.ender shal) givr Borrower nohrr pri~~r to any cuch inspectian specifying reasonabk caux thercfor rclatod to I.ende~'s inle~esl in the Property. 9. Co~demaation. The procceds of any award or claim for damages, diroct or consequential, io rnnnection with any condemnation at other taking of the P~openy, or pan thereot, or for conveyance in lieu ot coodemnation, arc he~sby usisned and shall be paid to Lender. in the event of a total taking of the Propeny, the prcueeds chall be applied to the sums securcd by this Mortsage. with the excess, if any, paid to Borrower. ln thc cvent af a pa~tial taking of the PropeMy, unless Bomower and I.ender otherwise agree in writing. therc shall be applied to ~he sums xcurcd by this Mongage such proportion of the proceeds as is equa) ta that propottion which the amounl of ~he sum~ secured by this Mortga~te immediately priar to the date of taking be~irs to the f~ir market value of the Pro~xrty immediately prior to the date ot taking, with the balance of the proceeds paid to Borrow~er. it the Praperty is at+andoncJ M• Borrowrr. ~r iL afler notice by I.ender to Bormwe~ that the ~ondemnor offers to makt an award or seule a claim for d~mage+. Borrowc~ fai1. t~ -ccpond to Lender within i0 days after the date such notice is m3iltd. Lendtr ic authorized ta collec~ and apply ihr prc~ceedc. at I_ender's option, either to restontioo or repair of the Propes~y or to Ihe sum~ .ecurcd hy this Mortgaee. Unlesc I_ender an~ Borrower otherwicc agree in w•ritinc. any such application of procetds to principal shall not extend or pnstpone the due ~ate of thc monthly inct~llmcnts referrcd to in paragraphc 1 and 2 hercof or change the amaunt of such installments. 10. Eorrower Nof Rekised. Extension of the time far payment or modification of amortization of the sums securcd by this Martgage granted by t.ender to any cuccecu~r in interect of Rorrower ahall not operate to rclease. in any manner. ihe Iiabilily of the origina) Borrower and Bc-rrower'c successorc in interrst. 1_ender shall not be requircd ta commence proceedings against such successar o~ refuse to extend time for paymeM or otherwice modi(y amortizaUon of thr sums ucured by thit Mortgage by rcason of any demand made b~• the oriQinal Borrower and Borrower s successors in intercct. ' 11. Forbearance by Lende~ Not a R-aiver. Any forhearance b}~ l.ender in e~ercising aoy right or remedy hercunder, or otherwise affordal hy applicahle law. shall ne~t be a waiver of or preclude the exercise of any such right or romedy. The procurement of insurance Qr tht payment of taxes or other liens or cha~ges by I.ender shall not be a waiver of Lender's right to accelerate the maturily of the indehtedness ceaircd hy thic Mortgage. 12. Rtinedks Cnmulative. All rcmedies provided in thic Mortgage arc distincl and cumulative to any olher right or remedy under this Martgage or aHorded hy law or equi~y, and may be exercised concurre~tly, independenlly or successively. ~ 13. Seccessors and Assi~ns Eound; Joinf and Sereral I.isM'lity; Captbns. The covenants and agreements herein contained shall bind, and the riRhts hereander shal! in~~re to. the recpective succesu~rs and assigns of Lender ac~d Bo~ower. subject to the provisionc of paragraph 1? hereof. All covenants and agreements of Borrower shall be joiry and sevenl. The captions and headings of the paragraphc of thec Mortgage are for conve~ience only and aro not to ,be uced lo interprct or define the pravisions hereof. . 14. NMice. Except for any notire required under applicable' law to be given in another manner. (a) any notice to Borrower pPOVided for in this Mortga¢r shall be given by mailing such notice by cerlified mail addressed to Barrower at the Property Address or at such other addresc as Borrower mav designate lsy notice to I.endtr as provided hercin, and (h) any notice to Lender shall he given hy cenificd meil. return receipt requested. to~[.enders address stated hercin or to such other addrcu as Lender may decignate by n~tice to Borrower as provided hercin. Any notice provided for in this Mortgage shall be deemed to havc t+een given to Borr~w~er or I_ender when given in the manner designated herein. 15. Uaiform MortRaRe: Governin~ Caw: Severobilit~. This form of mortgage combines uniform covenants for national use and non-uniform covenantc with limited variationc hy jurisd~ction to constitute a uniform security instrument coverin~ rcal property. This Mortgage shall be govc~neJ hv the law of the jurisdiction in which the Property, is located. In tiK event ~hat any provision or clause of thic Mortgage ~~r ihe Note conflicts wi~h applicable law, such confliet shall not afteet other provisions of this Mortgage or the ?Vi~tr vvhich c~n t+e given efTect witho~it th~ conflicting provicion, and to this end the provisions of ~he Morlgagc and the '~Iote are Jcclared to he xverable. 16. norrower's Copy. Borrower shall t-c furn~~hed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof_ 17. Trancfer of tbe Propertv: Assump~ion. lf all or any part of the Property or an intercst thercin. is sold or tnnsferred by Borrowe~ without Lender's prior wn~-~ n consent. ercluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation ot a ~urch~ce m~~nev ~ecurity mterest for household appliances. (c) a trancter hp devise, descent or by operation of law• upon the Jca~h .~t a i~im tenant or (d1 tht granl of any leasehald intercst of Ihrcc ycars or kss not containing an option to purchase. [.ender may-. a~ I.rnder'e op~~on, declare all the sums stcured by this TNortgagt to be immediately due and payable. i_ender chall h~.~e w;uved such option to acc~lerate if, prior to the sak or transfe~. Lender and the pe~son tb whom the Property ic a+ Ae .~I.I or transterred rcach agrecment in wnting thal the credit ~f cuch petson is satishctory Io l.ender and tha~ ~he intcrr.t payable on the sums secured by this Mortgage shall be at such rale ac Lender shall rcquest. If I_ender has waived the op~ion to accelerate provided in Ihis paragraph 17, and if Borrower i~uceessor in interest has executed a written' assumption agreement accepted in wri~ing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such oplion 1~ ac~ekrate. Lender ~hall mail Borrower notice of acceteration in accordancr wiih paragraph 14 hercof. Such notice chall prnvide a period of not less than 30 days from the date the notice is mailed wi~hin which Borrower may pay the sums dcclareJ due. I( Bonower (ails to pay such sums prior to the expintion of cuch pcriod, Lender may, without further no~ice or dcmand on Horrower. invoke any remedia permit~ed by pangraph IR hercof. NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as follows: ls. Accekntion; Remedks. Excep as prorided iw pa~raph 1'f IKreof. epos sonowe~s beach of say co~enawt or a~reemest of Eorro~+er in this Mort~s~e. inctudir~ Ihe corea~els to pay wAes dut ~ny wms setured by tbk MorlRa~e, i.ender prior Io ~ccekrstba shdl ~nail notice to doRO~.er as provided la para`rapA 14 hereot specNyia=: (t) tAe M~t~cA:/2/ the scifos requfred to cure soch breach; (3) a date. aot kss than 30 dars trom the dale the notke b mailed to dorro~.er. Ay wAkh wc~ b~each wmt be c~nd: ~Od (I~ IIIH ~LIYR 10 fYft AICI1 bflK~ OA Ot bllOrt lIl! dM! fpttlbtd IA the uotke may resdt h accekratioa ot t6e s~ms secured by this MortRsRe. forecbsure ~ jndkial proceedin~ snd sale ot tbe Propertr. 7be nalke shall furtber inform eorro..er of IAe ri~M to rciastste af~e~ ~ccckntiow aad Ihe riRht Io assert in tl~e toreelosnre'roceedM~ tbe aoe-existence ot a deta~k or soy Mher def~~e of soROwer to ~cceleralion.~wd tore~los~re. It tbe bn~c6 b nof curtA o~ or betorc the dale specified in the notice. l.ender at [.ender's optfo~ ~aay deelaee sq ot tAe sru~s see~red by this MatRaRe to be imaudiately d~e and payabk withoul turther demand and msy torccbse Mis Mo~a~e Sr jndkW pr~oceediu~. I.enAer chap be totitled lo cdlttt in sYCM ProctediuR all t:penses of (oreclosure, le~cludint. but wof dmited to. reasonsbk ata,rner's fees. and tosis at doc~mewiary eridence. sbstrsctt and lille reporis. 19. donower's Ri`ht to Reinst~e. Notwrth~tand~ng I emlei s acceluat~on o~ the sumc ucured by ~h~s Mongage. Borrower shall have Ihe nght ~o havt am prexe~dinC• ~fl~n b~ Lender to enforce thn M~ngaqt dnconhnued a~ an} hmt ~ ~. "~ "roF ~ '~'~::~ ~.' ' , 5~`~~..~3"~Wrt~x .'Y: H' k.. ~_ i4~ ~ _ . .: ~: ~,~;'~348 FN~E2fi2? - - F~ . s...~Ti.a`7»""~_. ..