HomeMy WebLinkAbout0701 Lende~'s written agrcemenl or applicabla law. Borrower shall pay !hc am~~unt of ali martgagc insurance prcmiums in the
man~e~ providcd undcr paragraph 2 hercof.
Any amounts disbursed by 1_ender pur.uant to ~his parag~aph 7, with interest ihere~n, shall becomc additional
inJ~btedncss of Borrower secureci by this Mongagc. Unlr.s Horrowcr and t.enJer agrcc to other teRns of paymrnt, sueh
amou~sts shsll be payabk upa~ n~itire from Lender to &~rr~~wrr reyues~ing paymcM thcrec,~, and shall hcar interest from the
date of disbursement at the rate payahle from timc to time outatanding principal undcr the Notc unlcss payment of
interest at such rate would be c~~trary to applicabte law, in which event such amounts ahall bear interost at the highest rate
pernnissible undc~ applicable law. Nathing a~~tained in this paragraph 7 shalt requir~e l.endcr to incur any eapcnse or tajce
any action hercunder. ~
8. laspection, Lcnder may makc or cause: to t~c made ~ca~onahlc cntrit~ u~n and inspcctians of the Property, pmvided
that I.ender ~hall give Barrower notice prior to any ~uch ins~xcti~~n speci(ying rcasonable cause therefar related to i.ender's
intercu in the Property.
- 9. Cooderunation. The prexeeds of any aW~ard or rlaim tor damag~~s. direct or consequential, in connection with any
cundemnation or othcr taking of the Propchy, or part thcreo~, or for a~mry~ancc in licu of condemnation, arc hereby assigntd
and shall be paid to I.ender. ~
In Ihe event of a t~al taking of the Pmpcrty, the prck~tids 1haN he applicd to the s~ims secured by this Mortgage. ~
with the excess, if any, paid to Borrowcr. ln ~hc cvcm ~?f a partial takinR ~?f the Property, unlets ~rmwer and I.ende~ s_
athenvise agroc in writing, there shall be applied t~~ the ~ums xecure~! by thic Mortgage such proportian of the procesds `
as is equal te that proportion which the amount ot ~he sum. ~ecured hy this Mortgage immediately p~ior to the date of ~
taking t~ears to the tair markel vaiw: of thc P~o~x:~ty immc<fi:~tcly prior to thc Jatc at taking, with thc balance of thc proceeds ;
paid to Borrowcr. 5
if the Property is abandoned by BorroWcr. or if, aftcr nolicc hv I.cndcr to Ro~mwcr that the condemnor offers to make
an award or settle a claim for damages, Borrower faik tu r~y~x~nd t~ I.ender within i0 days after the date such notice is
mailed, I.ender is authAtiaed to coflect and appl} ~he pre~ceeds, at l.ender'c option, either to restoration or repair ~f the
Propcny or to the sums sccured by,this T~1ortRaec.
Unless I_ender and Borroxer otherwi~! agree in w ritin~. any surh application of proceeds to princip~l shall not extend
or pcxtpone the due date of the monthly inslallmcnts rcfc~red to in pa~agraphs 1 a~d 2 hcr+eof ar change the amount of ;
wch installments.
10. Borrower Not Rekzsed. F.xtension of ~he ~imc for paymcnt or mcxiification of amartization of the sum~ secured
by this Martgage granted by I.ender to any ~ucce«?r in imcrest of Rorrower .hall not operate to release, in any manner.
the liability of the original Borrower and Borrowcr'. succcs~ors in intcrest. l.ende~ shall not he rcqeived to cammence
proceeJings against s?~ch successar or ref~~ce t~ ex~en~! time for payment or otherwise modify amortization af the sums
se~:ured by this Mortgage hy trasnn of any dcmand madc by thc ~~rieinal Borrowcr and Borrowcr s succec~rs in interest.
11. Forbqraace by I.ende~ Not a Wai~•er. Any fe~rFx:arancr M• l.rnder in erercising any right or remedy hereunder, or ;
otherwise aliorded by applicable law, sha(t not he a waiver of ~~r preclude the exercise of any such right or remedy. ~
The proeuremtat of ituuranee or ~he payment of tax~-c nr t?lher liens <~r chargec by I.rnder shall not be a waiver of Lencler's
right to acccleratc thc maturity of thc indchtcdnccs ~ccurcd hy thi~ Mortgagc.
12. Remedies Cumulatite. All rcmcdics provided in thi~ Mortgage are distinct and cumulative to any other right or
remc~iy under this Mongagc or atfordcd hy law ~lf CI~Wt}. :ltl(I 018)' f7C l'XC~CtSCIi CARCUfrcllUy, 11f(~CpCI1l~Cn1ly Of SIICCI.'LSIVCIy.
13• Snccessors and Asai~ns Bound: Joint and Sereral i.iability; Captions. Thc cmcnants and agrccments hcrein
contained shall bind, and Ihe rights hercunder shall inure to. the respective succe~u~rs and ascigns of i.ender and Borrower,
subject to the provisions of paragraph 17 hercof. All covcnants and agreementc of Borrower.shall he j~int and ~everal.
"il~e captions and headings of the paragr.~ph~ of this Mortgage are for convcneence only anJ a~+e not ta be used to
interpret or define the provisions hcreof.
14. Notice. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shal) he givcn" by mai(ing such notice by ccrlified mail addressed to Borrower at
the Property Address or at such other addrezs as Borraw-er may de~ignatc by notice t~ i.ender as provided herein, and
(b) any notice to Lender shall he given hy cer~ifi~~J mail. return rcccipt requested. to l.ender s addre~ stated hercin ar to
such other address as Lender may designate by notice t~. Borrower as provided hen;in. Any notice provided for in this
Mortgage shal) be dcemed to have becn given to Borrowcr or I_cnder when givcn in thc manner designated hcrein.
I5. Udiform Mort~a~e; Gorernin~ iaw; Severabelet~•. This form of mortgage combines uniform covenants for national
use and ncx3-uniform covenantx with limited variations bv }urisdiction ta conctihite a uniform security instn~ment covering "
real property. 'lliis Mortgage shall be governed hv the law• ~f the jurisdiction in which the Property is located, io the
event that any provision or clause of this Mortgage i~r the Ne~te conflicts H~ith applirable ~aw, such con0ict shall not affect
o~her provisions of ihis Mortgage or the Note which can be given eliect without the conflicting provicio~, and to this
end the provisions of the Mortgage and the NMe are dcclared tn be ~everaMe.
16. Eorrower's CoPy. Borrower shall be furnished a conforrned copy of the Note and of this Mortgase at the time
of execution or after recordation hereof.
17. Tnasfer of t6e Property; Assumption. If all or an~• part of thc Pmpehy or an interest thcrein is sold or transferred
by Borrower without I.ender's prior wriuen consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) ihe creation of a purcha~c money ~ecurity interest for househotd appliances, (c) a transfer by devise,
deccent or by operation of iaw upon the cteath of a joint tcnant or !d? Ihe grant of any leaschold interest of threc years or less
no1 containing an option lo purchase. 1_ender may, at l.cnder'~ option, declare all the sums secured by this Mortgage to be
immediately due aod payable. Lender shall have waived such option to accelerate if. prior to the sale or t~ansfer. Lender
and the person to whom the Property is to be so1J ar transferred reach •rgreement in writing that the creclit of such petson
ie satisfactory to Lender and that the interest payable on the sumx serured by lhis Mortgage shall be at such rate as Ixnder
shall request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in
interest has executed a written assumption agrcement accepted in writing by I.ender, Lender shall release Borrower from alt
ubligations under this Mortgage and the Note.
If Lender exercises such option ta accelerate, I.ender shall mai! Borrower notice of acceleration in accordance with
:~aragraph 14 hereof. Such notice shall provide a period of not Iess than 30 days from the date the notice is mailed within
hich Borrower may pay the sums declared due. If Borrower fails ~o pay such sums prior to the expiration of such peric~d.
i cndcr may, without furlher notice or demand on Borrewer, invoke any remedies permittecl by paragraph 13 hereof.
Notv-Urr~FOAM Cov~tv~tvTS. Borrower and l.ender further covenant and agrce as follows: ;
18. AccderaRioe; Remedies. EzceQt as provided in psragnph 1T hereof, upon BorrowePs 6reac6 of any coreaaat or ~
sgreeme~t of Borrower io tiis Mortgage, inctadin~ tbe covenants ta pay whea due aay soms secared by thk Mort~~e, I.ender
prior to sccNeratba ~ mail notice to Eorrower as prorided In puagrapb i4 hereot specifyin~: (1) t6e breacb; (2) ttie sclioe ~
rcynired to c~re sec~ bresc~; (3) : date, not less Uwn 30 days from the date the notice is mailed to Borrower, by whic6 soch
breach mud be corc~ a¦d (4) t~ hilur+e to cure snch breach oa or befarc tbe date_spec~ed ia tie ootke may resWt ie '
secelcratbe of tre s~~s secemed by t6is Mort~age, for~ecbsurr br judicia! ~mceedfag ~d sale of tbe Prnperty. 7~e sdice
shall fQrt~rr iafona Borruwer of tbe rigbt to rei~fe'fter sccekration and t6e ri~61 to asaert is t6e foreciosnre pe~oceedb~ '
t6e ao¦-e:i~tenee of s debnlt or aoy ot6er defense oE Borrower to aceekration aad foreclosure. If t6e brsac6 is not cYr~d o~
or beiore tde.d~e ~eci~ed io t6e ootict. Lender at Leode~s oplion may declare ~0 of t6e san~s sec~red by t~is Mort~e to be
immediatdy doe aod payabk wltioot further demand ~nd re~ay torrcloae t6is Morf;a6e br f pdk~ proe~. I.e~der sraq '
be eatHkd to co~eet i~ sw~i pr~uceedja~ a~ espcdsea of torecbsurc. includiug, bat eot Waited to, reasoaabie attorae~'s fas, . ;
aod costs of doc~sedary e~Weace, abstracts aad titk repor~s.
19. Eore+uwer's Ri~Yt to Rei~stde. Notwithstanding Lender's acceleration of the sums secutod by thia Mortgage. F
Borrower shalt 6ave the rig6t to have any proceedings begun by Lender to enforce this Mortgage discontinued at aay time
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