HomeMy WebLinkAbout0749 . ~
,
l rndrr'z wriucn agrcemeni or applirable law. Borrowe~ shall pay thc amount af all mortgage insurance premiums in the
manncr pr.~vidcd undcr paragraph 2 hercof. ~
Any amc.unts dishursed by I.cnder purcuant to this paragraph 7, wilh interect thercon, chall become additional ;
indrMednrs~ of Borrowcr securcd b~• ~his Mar~gage Unle.~ Bormwer and I rnJ~r agree to other ternts of payment, such ?
am~~untc .hall he pat~ablc u~+c~n n.~~icr from Lrnder tc~ Burn~wcr r~yuc~iing payment thereot. anJ shal) hea~ interest trom the ;
- - ~t~t f ~
~iaic i~i uuuu~xlucul ai tin: ~ai~ ~~.~).~i~i~ i~~~~~~ iuu~, ia. iu~~i~. v:~i5i.u~uh~X j~i~~~~~~.:i~ .:~~."~.Gi 3;I:C ~;i:t:. r:i~
interest at such rate a~ould be conlrary to applirable I:iw, in W hirh ~~•ent such amounts chall hear interest at the highest rate
permissihle under appticable la~. N~~thing «~ntained in lhic paragraph 7 shaU require I.e~der to incur any expense or take
any action hcreunder.
8. Inspection. I.ender may m~{,e ~v cau~c tc. he m:?de rra.onaMe rntriec u~xm and inspectionc of the Property, provided
that LrnJer shall gire Borrower notir~ prii~r to am• such ins~xction specifying rcasonable cause therefor related ta I.ender's
~ntcnct in Ihe Propcrry.
9. Condemnalion. The pr~•ceedc of am• a~~:~rd or claim f~~r ~lamace., eliree~ concequential, in conna:tion wilh any
rondemnatii~n or Mher taking of thc Propcrty. ~~i rart thcrr~~(, ~•r f~~r r~~nvct•anre in lieu of condemnation, are ferehy assigned
an~l ~hall hc paid to Lcndcr.
in thc c~~cnt of a total takine of thc Pm~xr~~•. thr ~nkrcd~ .hall hc applicJ fo the sumc cccurcd by this Mortgago.
with thc r~cc~c, if any, paid to Bormw•rr. In thc cvrnt r.f a~+:~r~i:+l taline of the Properry, unlccs Borrower and Lender
~?therHise agree in writing. therc shall he •rpplicd ~c~ thr ~um~ ,rcurc~l by thi~ Mort~;age such proportion of the procetds
as ic eyual to that pro~rtion which thr amount c~f thr .um. .rcur~d M• thic \lortgage immediately prior to the date of
taking Fw:are to the fair market valuc of the Pro~rt~ imnudi:~tel~• priar to the date of ~aking, w~ith the halance of the proceeds .
paid ta Borrower_
It ti~t Prvperty is abandc.ne~l h~• Borrc~HCr. ~a if. aflrr n~~tice h}• l ender to Horn•wer that the condemnar oPfen to make
_
:l(1 :IN':1fU ~K ~CIIIP :1 l'181/11 fOf U:tI11:11;tti, tS(~~fl~N'Cf 1:111~ It~ rc~~x~nu I~~ 1 l'1tUl'f w~~lil~l~ ii? uaj'~ a~~c~ ~uc aia~a. Si:...
mailed. I_cnJer ic a:ithorized to rnUcct and appl~~ thr prck~Yds. ~t I cndcr'~ option. either to rcctoration or repair of the
YroExn~~ or to the cum. ~ecured hy Ihis ~1ar~caee.
l'nles. Lender and Bormwer alherNi.r a~rcc in ..ri~ii~c. :~m• wch appliratic~n ~f prexeeds to principal shal) not extend
~~r ~~tEx~ne the due ~late of the monthh• inc~altmeM+ rcferred t~ in paraeraphti 1 and 2 hercof or change ihe amount of
~uch mstallmentc.
10. Borrower Nof Reteased. 1=.~tcnei~~n c•f the time for pa~~ment or mi~difiration nf ~morti~atii~n of the sur.is securcd
hy thi. ~1.•rt~~age eranted by Len~tcr tc~ ane ,uccr~~~~r in interc.t of Rormw•er ch~ll not operate to rclease, in any manner. -
thc liahili~~~ c~t the oriein:+l Borrowcr and Brrm~~rr'c curces~ur~ in intere~t. l.ender chall not be rcquired to eommence
pr..rccJings against such suc~cscc?r or refu,c tc~ crtcn~l timc for paymcnt ~,r othcru~iu: mcxlify~ amortizati~n of thc sums
se~urcd by thi~ Mortgage hy reasc~n of :~m• Jema~id madr h~ ~he ~•rieinal Borrower and Borrowers succec~ors in interest.
U. Forbearance by i.ender'~ol a K'•ri~er. ~1nc f~utxararicc h~ 1 rnder in eterciting any rigM or rem~dy hereunder, or
~ahervvise afTarded h~ applicafile law~. .h:ill n~•t tx a w~aiver of c.r preclude the erercise of am• such right or remedy_
Thr procurement of insuraner ar the payment ~~f ta~r. e•r ~,ther licns or chargcs by l.ender thall not he a waiver of I_enders
right t~~ ac~rlerate the maturity of thr indehtcdnr~. .rcurrd h~• thic !~1~rtgage.
12. Remedies Cumulative. All rcmcdice pm. ideJ in thit '~ic?rtgagc are ~listinct ~nd ~um~dativc to an}' other right or
reme~h• under this M~~rtgage c~r ath~rdcd h~• law ~~r eyuit~•. and m:~~ hc ~~erci~rd concurrenth~. independenth~ or successively.
13. Succetwrs nnd Assi~ac Bound; Joinl and Se~eral I.iabilih: Captions. The covrnants and agreementc herein
c~~ntained ~hall hind, and th~ ri¢hts hercunder ,hall inure to. the ~~spective succe~~t~rs and aceignc of t.ender and Borrower.
~ubject to thc pr~•vi~ions of paragraph 17 hcrcof. All ro~•cnants and agrccmcntc of Borrow•cs shall be j~int and several.
The captions an~f heading~ of the paragraph~ c•f thic hlc~rtcage are for convenience only and arc not lo he used to
i:~~erprct or dcfine the pmvisiona hereof.
14. 1olict. Except for any notice reyuir~d un.kr applicable law to be given in another manner. fal any notice to
Borrin~~er pm~•ided for in this ~lortgaee tihall he Kiven M• mailin~ ~uch notice h} certified mail addresc~:d to Borrovrer at
~ the Pro~xrt~~ Addrec~ ar at such other addrc~. as Bc.rmwcr ma~• detieoatc h}~ ne~tice to 1_ender as provided hercin, and
` Ih) an~ n~~tice ro Lender shall he gi~~en hy certified m:~il. retum reccipt reque~ted. to Lender'~ address stated herein or to
~ tuch ather address as [.ender may designate M• n~tice t~~ B~rre~w•er as pro~~ided herein. Any notice pmvided for in this
~1~~rtgagc shall be deemed to havc been gi~~cn to Rormwcr or Lcnder ~hen g~vcn in thc manner designated herein.
IS. i'niform Mort~agr. Gorernin~ I.aN; Severabilih. Thi. form of mortgage combines uniform crnenantc for national
uve anJ ni.n-uniform covenants with limitrd ~~ariati~.nc h~ juri~dirti~n to rnnstitute a uniform security instrument rnvering
rca) propeny. Thiti Mortgage shall be governed h~• thr I:iw~ ~~f the jurisdiction in w~hich the Propert} is located_ in the
evcnt ~hat an} provisii~n or clause af ihic Mortg~ee ~~r the '~.~te conflictc aith applicahle law, such conflict shal) not affeet
~~ther pnrvi~ium of thi~ Mortgage ~~r the Note ~~hinc ~an Fx gi~•en etTect without the canflicting pmvicion, and to this
end thc provisiun~ of the tiortgagc and thc ti~,tc arc Jrrlared t~~ be severablc.
16. Borrower's Copy. Borrower ~hall he furnichecl a cc~nfe~rmed copy~ of the Note and ~f this Mortgage at the time
~~f c~ccution or after rccordation hereof.
17. Transfer of the Properl~~; Acsumption. lf all ~~r am part of the Pmperty or an interest therein is sold or transferred
h~• BorruH~er Hithout l~nder's prior written ~ontent. e~cluding lal the crcation of a lien or encumhrance subordinate to
th~. Mortg~ge. Ihj the creation of a purchace mone)~ cecurit~• interest fnr houxhold appliances, (c) a transfer hy devise,
dc.cent ~+r hy o{xration of law upon thc death of ~ j~~int tenam ~r (d? the grant of an}• leasehold interest of threc years or less
m~e ~~ntaining an option to purchase. I.ender may. :~t I.rnder'c ;.ptic.n, declare all the sums secured by this Mortgage to be
~mmed~ateh• duc and payable. Lender shall ha~•e ~ai.~ed curh option to accelerate if. prior to the cale or transfer. I.ender
,,n~l the ~xrson tc. wht~m the Property i~ to be sol + or transferrcd reach agreement in writing that the credit of such person
r~ cati~farton• to Lender and that the interest payable on the sum~ secured by this Mortgage shall be at such rate as Lender
-:h.~11 reyuest. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in
nrrrest h.~. executed a w•rittcn assumption agrccment acccpted in w•riting by l.endcr. Lender shall releace Borrower from all
ti'i~c~t~~~ns unJer ihis Mortgage and the Note.
3 If l.ender exercises such option to accelerate. Lender ~hall mail Borrower noUce of acceteratian in acrnrdance with
= .,r.i;raph 14 hereof. Such notice shall provide a perioci ~~f nrn less than 30 dags from the date the notice is mailed within
K n~ F. R~~rn~wer may pay the sums declared due. If R~rrower failc to pay such cums prior to the expiration ~,f such period,
~ :~r mar. without further natice or demand un B~~rrow•cr, mvoke am~ remedies permittcd by paragraph 18 hereof.
~ 'v~x-U!v~FOR+t Cove!~~!v-rs. Borrower and Lender further rnvenant and agree as follows:
I8. Acccleration; Remcdies. E:cept as pro~•ided i~ paragraph 17 hereof, upoa Borrower's bresch of smy coveoaot or
~
~ :~reemeot of Borrower io t6is Mortgsq~e. includinR tbe co~•enants to pay when dne any sums secured by thLS Mortgs6e, I.eoder
prior to acccleration s6a11 mail notke to Borrower as provided In part+~raph 14 hereof specifyio~: (1) tbe breacb; (2) tbe acdon
~ requircd to curc sncb breacb; (3) s date, oot less tban 30 day~s from the date the notice ~s maAed to Eorrower, by w6k~ socb
~ breach must be cured; aad (4) that fa~lure to cure such breach on or before the d~e apeci6ed ie t6e aoHce may raak ie
acceleration of t6t snms aecured by this Mortgage. forecbwre by judkial proceediua and sale of t6e Property. 'l~e notice
~ shall further inform Borrower of the right to ninstste affer accekration aad t6e righl to aaert ie ibe foreclowre proteedi~
~he oon-existence of a defauk or aay other defense of Sorrov?er to acceleratba and foreclo~tre. tt the Ixesc6 k aot cored o~
~ or beforc the date specN'ied ia t6e aotke. Lender at Lender's option may dcclare a~ ot tbe son~s secorcd b7~ t6~ Moirt~ai~ tu be
imm~~IMt~lv ~iur'nd ~v~ble wit6out further demand and mav foreclose t6i~ Morf~e by jodicW proe~• I.e~der s6aq
~ be eotitkd to collect ia soc6 proceedfa~ aU expeoses of foreclowre. iaclndiu=, but ~ot ilmited to, «asoe~bk attoney's tea,
~ aad costs of docu~enhry e~idences abst~cta and titk reporis.
~ 19. Borrower's RJ6bt to Reinstate. Notwiths~anding Lender s acceleration of the sums secured by this Mottgage.
~ Borrower shall havr. the right to have any procecdings l~egun by Lender to enfora this Mortgage discontinuod at any time
~
r~ • ` I ~
- , r, ,j,,~] PAGE
r~