HomeMy WebLinkAbout0401 l_enJe~'s wrilten agreemen~ or apPlirable law. 13orrowe~ shall pay the amount of al) morigage insurance premiums in the
manner providcd under pa~ag~aph 2 hereof.
Any amounts disburscd by I_~nJer pur~uant to Ihis paragraph 7, with inte~s! thercon, shall become additional
, indebtedness of Bormvrer secured by this M~ttgagc. Unlecs Bo~rower and I.enJcr agrre to othc~ lertns of payment~ such
amaunts shall be payahk upon ootice ftom l.ender to &~rruw~r rcyuc.ti~g payment thereof, and shall bear interest fmm the
date of disbursemeot at the ratc payahlc trom timc ta time on outatanding principal unde~ the T~Iote unless payma~t of
intercst at such rate would be contrary t~~ applicable law, in which event such amaunts s.hall besr interest at the highest nte
permissible u~der appliCable law. Nothing cantained in this paragraph 7 shall require I.ender to incur any expense or take
a~y action hereunder.
8. taspecfion. Lender ma make or cau~c lo be made reasonablc edtnes u d and i~ ~ons of the Pro
Y ~ ~ ~ ~ f~ P~~Y• Provided
that I_ender shall give Borrower nc~tice pri~r ta any such ins~x-ction specifying rcasonable cause therefor relatod to I.ende~'s
interest in thc Property.
9. Condemaatba. "il~e prcxeedc of ;~ny award ar claim for clamages, direel or consequential, in connectan with any
condemnation or Mher taking of the Property. ~~r part therrof, or for ronveyar~ce in lieu of ~ondemnation, are hereby assigned
and shall be paid to i.ender.
1n the evcnt of a twMl taking of thc Pmpcrl~~. ~hc pr.kccJs ~hall hc applied to Ihc tums secured by this Mortgage,
with the excess, if any, paid to Bo~rowcr. In thc cvent c~f a partial taking of the Property, unlest Bonower and Lende~
otherwise agree in writing, there shall be applied tc? t~e ~ums cecund hy thic Mortgage such proponion of the procxtds
as is equal to that proportion whirh the amo.mt of the sumc a:cured hy this Mortgage immediately prior to the date of
taking bears to the fair market value of thc Propcrty immrdiatcly pri~~r to the date af Iaking, with the balance of the prnc.~eeds
paid ta Borrower.
If the Property is abandoneci by Borrawer, or if. a~ter notice by I.cnder to Borrower that the condemnoc otfiers to malte
an awa~d or settle a claim for dama~, Borrower fails Ic. res~~nd to I.ender within l0 days after the date such notice is
mailed, I.ender i~ authorized to collect and apph~ the prcxeeds. at T_ender's option, either ta restoration or repair of the
Property or to the~ums secured by this Tiortgage. ~
Unkss Lender and Borrower oth~rwice ag~re in writing, any such application of prcueeds to principal chall not extend
or postpone the due date of the manthly inslallmcnts referrcd to in paragraphs 1 and •2 hereof or change the amount of
such installments.
10. Borrower Not Rekased. Extension of the time for payment or mcxiification of amortiT.ation of the sums secured
by this Mortgage granted by I.ender to am~ ~uccecu~r in intr~ect of Borrower shall no! operate to release, in any manner,
the liabiliry of the ariginal Borr~wer and B~.rmwer ~ successorc in interest. Lender shall not he required to commence
proceedings against such successc~r or refuse to ertcnJ timc for payment or otherwise modify amortization of the sums
secured hy this Motlgage by reason of am demand madr b~~ the original Bormwer and Borrowers succesuir~ in interest.
11. Forbearance by [.ender Not a Wairer. Any fi~rtx;arance b}~ i.cnder in exercising any rigM or remedy hereunder, or
otherwise afiorded by applicable law, shall not be a waiver of ~r preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by i.ender shall not he a waiver of Lender's
right ta accclerate the maturity of the indehtedn~ct c~:a~rcd hy thi~ I?tortgage. -
12. Remedies Cnmulatire. All remeclies prc~vided in this Mortgage are distinct and cumulative to any other right or
remeJy under this Martgage or affordrd hp la~~• or eyuity, and map he exercited concurrenUy, independenUy or successively.
13. Successors and Assigas Boond; Joint and Se~•eral l.i~bility; Captio~. The covenants and agreements herein
contained ~hall bind, ~nd the riRhts hercunder shall inure ta. the~{espective succecsors and assigns af Lender and Borrower,
subject to thc provisions of paTagraph 17 hcreof. All covenants and agreementc of Borrower shall be joint and ceveral_
"i?ie captions and headings of the paragr~phe of this I?~or~gage are far convenience only and are not to be used to "
interpret or define the provisions hereof.
14. Notiee. Except for any notice rcyuired under applicable law~ to be given in anMher manner. fa) any notice to
Borrower provided for in this Mortgage shall he given h~~ mailing such notice by certified mail addresced to Borrower at
the Pmperty AddrecS or at such other address as Bi~rrow•er ma}• designate by notice to i_ender as provided hercin, and
(h) any notice to Lender shall .he given b~• certified m~il, rctum receipt requested. to l.ender s address stated herein or to
such other addresc as I.ender ma~~ designate by notice ti~ B~rmw•er as provided herein. Any notice providr-1 for in this
Mortgage shall he deemed to havc bcen given to Borrow~cr or I.ender K~hen given in the manner designatcd herein.
15. Uaiform Mort~a~e; Governin~ I.aw; SeveraM'lit~•. This form of mortgage combines uniform cove~ants fot national
use and non-uniform covenants with IimiteJ ~~ariations h~• jurisdictian to rnnstitute a uniform secarity instrument covering
real property. This Mortgage shall be go~•erned hy the law of the juricdiction in which the Property is located_ In the
~ e~ent that any provision or clause of this 111ortgage or the Note conflicts H•ith applicable law. such conflict shall not a$ect
other pruvisions of this Morigage or the Note which can be gn~en efTect without the conflieting provision, and to this
end thc provisians of the Mortgage and the :`otc arc .icciarcd to hc sevcrable.
' 16: Borrower's Copy. Borrow~c~ shall tx: furnicheJ a conformcd copy oF thc Note and of this Mortgage at ihe time
of execirtio~ o~ after recordation hereof. •
17. Transfer of the Property: Assumption. If all or an}~ part of the Pmperty or an interest lhcrein is sold or transferred
by Borrower without Lender's prior written consent. e~rluding (al the crcation of a lien or encumbrance suborJinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
desccnt or by operation of law upon the dcath of a joint tenan~ or (d? the grant of any Icasehold interest of three years or less
nut tiontaining an option ta purchace. Lender may, at Lender's option. declare all the sums secured by this Mortgage to be
immedi:,tely duc and payahle. Lender shall ha~•e waived such option to accelerate if. prior to the sale or transfer. Lender
and the person to wham the Property is to be soW or transferred reach agreement in writing that the credit of such person
satisfactory t~ ixnder and that the interest payable i~n the s«ms secured by this Mortgage shall be at si~ch rate as Lender
~h.~l! request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
crest ha~ executed a written assumption agreement accepted in writing hy Leneier. Lender shal) celease Borrower from all
+~~~tions under this Mortg~ge and the Note_
lf Lender exercises such option m accelerate, 1_ender shall mail Borrower notice of acceleration in accordance with
~raeraph 14 hereof- Soch notice shall provide a period of not less than 30 days from the date the notice is mailed within
` Bormwer may pay the s~ms declared due. If Borroaer fails to pay such soms prior to the expiration of such period, .
;_r may, without further notice or dcmand on.Borrov?~er. invoke any remedies permitted by paragraph 18 hereof. ~
Nov-U*riFOart CovErr~nrrs. Borrower and I_ender further covenant and agree as follows:
IS. Acceleratioa; Remedies. Except a6 provided io paragraph 17 hereof. upoo Borrower's bresc6 of any co~eoael or
:.Rreement of Borrower fa this Mortg~e, inclodinR the covenants to pay when dne any soms securcd by this Mort~a~e, I.eader
prior to accekrrtioo sbaU mail notke to Borrower as provided in paragraph 14 bereof specifyi~: (1) tbe bresc6; (2) tbe attioa ~
required to care soch breach; (3) a date, not le~ than 30 days from the date the notice is ma~ed to Borrower, by wl~lc6 socb ~
breach mnst be cared; and (4) t6at failure to curc snch breach on or before !be d~e spac~ed ia the notice ma~ resdt is ~
acceleration of t6e sn~ secured by t6is Mortgage, forcciosun by judicial proceedint aad sale of t6e Property. 1Le notke
shall fu~ther inform Borrower of the right to reinstate afler scceleration And the ~ht to msert ie t6e foreciosnre pi+ueeed~ ~
t6e noo-ezisteoce of a defanlt or any other defense of Borrower to acceleration and forecbwre. if tbe brescb is oot csrea oe ~
or beforc the date specified in t6e aotice, Lender at I.eade~s optioo may declare ap of the snms ~cc~tred by t~b Mortta`e to be t
immediately due sad payabie ~rit6out furl6er demand pnd may forecbse this Mortga~e by jndkW prucsedio~. Lewder sball
be entitled to co11M io soc6 Qroceediu~ al! e:penses of foreclosurr, includio=, lwt not iimited to, rearooaWe attone~'s fea,
and costs of docnmeoUry evidence, abstrscts and titk reporfs. .
l9. Bormwer'a Ri~6t to Remstue. Notwithstanding LenJer s acceleration of the sums securcd by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage dis¢ontinued at any time
~ t~ ~
PACF ~ ~ ~
_
; ~
. _E. _ - v.. - ~ ~