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HomeMy WebLinkAbout0956 ~ r St~ ~ . ~ ii: l.ender's written agrcement or appli~able faw. Borrower shall pay the amount of all mortgage insurance prcmiums in the manner providcd under paragraph 2 herto[. Any amounts dichurscd by Lcn~cr pursuant tu this paragraph 7, with interest ~hereon, shal) become additiona) indebtedness of Horruwer ucurcd by thic Mortgage. Unless Borrower anJ I.enJer agree ta other tertns af payment, such amounts shall he payable u~n noticc trom Lcnder to Borrowcr requesling payment thereo~ ~n~~s~Y ~e~r interest from the datt o~ disbursement at the rate payahle from time to time on aiitstanding principal unAer the Note unless psyment of interest at such rate would be contrary ~o applicable law, in which event such amounts shall hear intetest at the highest nte permiuible under applicable law. Nothing contained in this paragraph 7 shall requirc l.ender to incur any expense or take any action hereunder. S. Iaspectbn. I.ender may make or cai~se to be made reaconable en~ries upon and inspections of the Properiy. provided that I_ender shall give Borrawer notice prinr ~o any such inspection specifying rcawnabk cause therefor related to Lender s interest in the Propeny. 9. Coodemeatbn. The proc~edt of any award or cleim for damages, diroct or consequential, in connection ~vith any condemoation or dher taking of the Property, or paR thercot, or for conveyance in lieu of condemoatioe, arc fiereby assianed and shall be paid ta i,ender. In the event of a tot~l taking of the Propeny, the proceeds shall be appli~d to the sums securcd by H~is Mortsaae, with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrovrtr and Leoder othenvise agret in writing, therc shall be applied to the sums secorcd by this Mortgage such proportion of tht procads as is equal to that proportion w•hich the amount of the sumt secured by this MortgaRe immediately prior to the date of taking bean to the fair market value of the Proper~y immcdiately prior to the date of taking, with the balance of the ptnceeds paid to Borrower. If the PropeNy is abandoned by Borrower. or if. after no~ice by I.ender to Borrower that the condemnor olfers to mate an award or uttlt a claim for d~mages. Borrower failc ~o respond to i_ender within 30 days after the date such notice is mailed. Lender i~ authorized to collect and apply the procecds. at I_ender's option, either to restontion or nepair of the Properry or to the sums sccured hy this Mortgalte. Unless ~ender and Borrow~r otherwisc agree in w•ritinF. any such applicatian of procteds to principa) shall not extend or postpone !he due date of the mon~hly installmcnts referred to in paragraphs 1 and 2 hercof or change the amount of suc~ installments~ lorra~er rtot Rek~ed. Extension of the ~ime for payment or modification of amortizatior. of the sums secuted by this Mortgage gnnted by l.ender to any ~uccnsor in intercst of Borrower chall not operate to rclease, in any manner. the liabili~y of the original Borrower and Bc?rrower'c successors in interest. i_ender shill not be requircd to commence proceedings against such succestor or refuse to ertend time for payment or otherwise modify amortizat~on of the s~~ms secured by this Morigage by rcason of any demand made by the ori.¢inal Borrower and Borrower s successors in imerext. 11. Forbeannce by Lender NM s Waive~. Any i~rbearonce by Lender in exercising any right or remedy hereunder, or otherwise afiorded by applicable law, shall nc~t be a waiver of or preclude the exercise of any such right or rcmedy. The procurement of insurance Qr the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedness ucurcd hy this Mortgage. 12. Remedks Comulati~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortg~ge or affordcd hy law or equity. and may be exercised concurrcntly, indep~ndently or successively. ' 13. Soccesson and AssiRas Bonnd; ,ldnt aad Seversl iLMNty; Cspdons. The covenants and agreements herein contained shall bind, and the riRhts hereunder shall inure to. the rcspective successors and assigns of Lender a~d Borrower. subj~ct to the provisionc of paragraph 17 hereof. All covenants and agrcements of BoROwer shall be joir~ and sevenl. The captions and headings of the paragraphs of this Mortgage arc for convenienct only and are not to be u~td to interprct or defino the provisions herec~f. Id. Notice. Eaccept for any notice required under applicable law to be given in another manner, (a) any notice to. Borrower pPOVided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at the Properiy Addrcss or at such o~hcr address as Bormwer may aesignate by notice to T_endtr as providcd herein, and (b) any notict to Lender shall he given by certiRed mail, return rectipt rcquesttd. to [.ender's addrtss stated herein or to such olher addrcss as Lender may decignate by notict to Borrower as provided herein. Any notice provided for in this Mortgage shal) be deem~d to have been given to Borrower or Lender when given in th~ manner dtsignated herein. i iS. Uniforn~ Morf~aRe; Governin~ I.aw; Seversbility. This form of mortgage combines uniform covsnants for national ~ uu and non-uniform covenants with limiteJ variations hy juriseiiction to constitiite a uniform security instrument coverina ! rcal property_ This Mortgage shall be governed hy the lavv of the jurisdiction in which the Property is located. In the ,f event that any provision or clause ot thic Mortgage c?r the Note conflic~s with applicable law, such conflict shall not affoct ~ other pro~isions of ~his Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. ~ 16. sorrowc~'s Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation he~eof. 11. Tnnsfer of tbe Propertv; Assumption. If all or any part of the Property or an interest therein is sold or tnnsferrcd by Borrower without Lender's prior wri~i~n ~onsen~. excluding (al the crcation of a lien or encumbnnce subordinate to this Mortgage. (b) the creation of a purch:,ce m~nev ~ecurity interest f~r household applianees. (e) a ~ransfer hy devise. descent or by operation of law upon the dca~h of a jo~nt tenant or (dl the grant of any leasehold intercst of thrcc ycars or kss not containing an option to purchase, Lender may, at Lender'c opuon, declare all the sums secured by this Mortgage to be immediately due and payable. Lender Shall h~ve w:~~ved such option to accclerate i(, prior to the sale or transfer. Lender and the person to whom the Proper~y ic t~? bc colJ or transferred reach agreement in writing that the credit ~f cuch person is satisfactory to l.ender and that ~he interc.~ pa~•able on the sums secured by this Mortgage shall be at such rate ac Lender shall rtquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's ~uccessor in interest has executed a written assumption agreemen~ accepted in writing by Lender, Lender shal) release Borrower from al) obligations under this Mortgage and the Note. tf Lender ezercises such option ~o accelerate. Lender shall mail Borrower notice of acceleration in accardanc~ W i~h paragnph 14 hereof. Such notice shall provide a period of not less than 30 days (rom the date the notice is mailtd within which Borrower may pay the sums declared due. If Borrower faits to pay such sums prior to the expiration of tuch period. ~ L.ender may, without further notice or demand on fiorrower. ~nvoke any remedia permit~ed by paragraph 18 hercof. ~ NoN-UH~FORrti CoveN~rvTS. Borrower and lender turther covenant and a~ree ss follows: = ls. Acceleratbn; Remcdies. Excsp a: provlded io Pan~rapl~ 17 rereat. ope forrowe~s MeacM ot ~Ay co~en~l or ~ ~reeeneat ot dorrower in th~s MortRqe. includi~ the coven~Ms !o pay r?hew due say :uens secured by thfs MortR~e. Lender ~ ptior to accekrsNoa shall mail notice to Eorro.?er as provi~ed la para~rsph 11 Aercot specKyia=: (1) tl~e brracN:1211he sctb~ rcqulred to care sacb brcach; (3) s date. not ksa tlun 30 dsys fron~ tbe dale tAe notke b maikd to aorror.er. by ~+hkh sucU f b~each mwi bc cared: and (4) Ihat failuro lo core srch bre~cA ow or Setore ~be dsle specNied i~ tAe notke ~wsy resolt i~ ~ xcekntion ot tbe sems secu~ed by thls Mo~aRt. tor~scbsorr by jndkisl procceedie~ ~d sa{e o1 tAc Pmperry. The nolke ~ shatl furtAer inform dormwer ot ~be riRht to rci~tste dter accekntbn a~ tbe ~ht lo asseef i~ tbe toreelostire ~ ~ t6e aon-existence ot a defauk or sny other defenst o/ dorroaer to sctekrsfio~ awd ~oreclosate. It tbe brescA is not cseed o* or before tNe dste specified ia the notfce, Lender at t.ende?'s o*tbw way dec{are NI ot twe wu~ secr~'ed by thb MortRa~e to be ~ immediatcty due and psyabk without teNher demand ~nd may toretlwe tA1t Mott=a~t br jodicial proettdiuR. I.ender sbafl be eotitkd to cotleet in web proceedir~ a0 e:penses of /oreclosnrr. i~cladfrq. ~1 wot I~mited to. renoaiWe sn~,rncv's fees, and costs af doc~~seuhry evidence. sbstrscls and ~itk nports. 19, dorrower's Rl~ht to Reiastste. No~wi~h~~anding I ender's accelerat~on of ~he sums secured by th~s Mortgage. Borrower shall have the right to have am ~rcxecdme~ tx~;~m by Lender to entorce this Mor~gage d~sconhnued at any umt ~ 8001 ~~1 P6GE ~ . _ - ._v.~~.