HomeMy WebLinkAbout0685 I.ru.tcr'~ w~ilten agrtc~arnt o~ applicable law. li.•rrower sltia{I p1y tiir am.~unt af atl mortLage inwrancc prcmiums in the
m:,nner p~uvidtd under para~raph 2 hereof.
A~~) . muunts d~.hur~rd by l en.lcr pu:cuant t.~ Ihis por:~~r.~ph 7, w~rth intrrrtit therrun, shall t~rcome addit+:~::~1
ind~Mcdnc~~ of Borro~•cr sicure~l by thic I?Ic~rtgagr. U~Ir.s 13orro~~•rr anJ I.e~Jcr agrcc to othcr icrms of payment. such
an~runtc chall t~e payahle u~x~n notice fri~m 1_tnder to f~~r~awcr reques~iny payment Ihercof, and shal) be~r i~terc~t ftom thr
clate ~~f di~bursement at thc rata pa~•ahle fram time to timc on oulstanding pcinc+pal undcr the Wotc unlns ps?yme~t of
interc:t :,t such rate w•ould be cont~ary to applicable la~v. in Khich e~•ent sach amounts shall bea~ i~te~est at the h~ghest rate
permissihle under applicable law. I~'athing contained in this paragraph 7 shall require I_ender to incur any exptnse or take
a~y action hereundsr.
8. lospecfiun. LenJer may makc oc causc to be madc rcasonablc entries apon and in.pectiom af 1he Property. pro~idcd
tha; I.e~Je~ shall giv~ Har~oK~rr notice prio~ to any such insptction specifying r~asonable cause therefor related to Lende~'s
intrrest in thc Pmperty.
9. Condemnation. 'llte procecdc of any award or claim for dama~es, direct or concequential, in connection Kith any
condemnation o~ other taking of the Property, ac part ther~•of, or !or ca~ve~ance in lieu uE candemnation, are hereby assigacd
and shall t,~: paid to Lrndtr.~
in Ihc cvent of a Iotal taking of thc Yr~{+erty, the procreds tihall be applied to the uims secured by this MortgaFe.
w~ith thc e~cecs, if any, paid to Borrowrr. 1n tfie cvcnt oi a parlial t:+king ~f the Properly. untecs Borrow•~r and Lender
atherwi:~ agr~ in wri~ing. there shall be applied to the sums s~:c?~red by this b[ortgage sucfi proportion of the proceeds
as is equ~l to that pmponion u•hich the amaunt of the sums secured by this riortgage immediately p~io~ to the date of
taking bra~s to the fair market value of the Property immediately prior to the date of taki~g, with Ihe balance of the proceeds •
Qaid to Borrower.
It the Property is abandoned b~• Bo~~ower, or if, afler notice by l.ender to Borrower ihat tfie condemnor offea to make
an aw-ard or settle a claim for damases, Borrower tails to rapond to Cender within 30 days attec ihe data such notice is
mailed. Lender is authorized to collect and apply ~he proceeds, at Lende~'s option, either to restoration or repair of the
Propecty or to the sums secured by this Mortease.
L~nless Lendrr and Borrow-e~ otherwi~e ag~ee in writin~. any such application of proceeds to principal shall not extend
or postpone the due datt of the monthly installments referred to in paragraphs 1 and 2 heceof o~ cha~ge the amount of
sucn installments.
10. Borrov.er Not Refeased. Eztension of the time for payment or modiflcation of amortization of the sums secured
by this Mortgage granted by Le~der to any successc~r in interest of Borrower shall not operate to release, in any manner.
the liabil~t} of the original Borrower a~d Bc~rrower
s successon in interat. Lender shall not be tequired to commence
proceedings against such successor or rcfuu to extend time for payment or otherwise modify amortization of the sums
secured bj tfiis Mortgage by reason af any dema~d made by the original Borrower and Borrower's succeuors in intercst.
l l. Forbeara~ce by Lende~ A'ot a Wairrr. Any lorbearance by Lender in exercicing any right or rcmedy hercunder, or
uthenvise afforded by applicable law. shall not be s waiver of c?r precludt the exercise of any such right or remedy.
The procurement of insura~ce or the payment of tazes ~r other liens or charges by Lender shall not !~e a waiver of Lender's
right to accelerate tht maturity of the indebtedness cecured hy this Mortgage.
]2. Remcdies Cumulati~e. Al) amedies pro~ided in this I?fortgage are distinct and cumulative to any othe~ right t+r
rcmed~ iinder ihis Mortgage or afiorded b} law or equit?, and may be exercised coacu~c+ently. indeptndtntly or successivel~.
]3. Successors and Assigns Bonnd; Joint aud Se~-e~l i.iability; Captions. 71~ covenants and agreements herein .
contained sha{I bind, and the rights hereunde~ chall inure to, the respective succcssors and assigns of Lender and Borrower,
suhj~ct to thc provisio~s of paragraph l7 hereof. All covenants and agreements of Borrower shalt be joint and several.
The captions and headings of ihe pa~agraphs of this Mortgage are for conveniencc. only and are not to be used to
interpret o~ define the provisions hereof. " •
~4. l~otire. Except for any notice required unJer applicabte laK to be given in anc~ther manner, (a) any notice to
Borrower Qrovided for i~ this 1~tortgage shall be given by mailing such notice by certified mail addressed to BorroNer at
the Prope~ty Address or at cuch othe~ address as Borrowe~ may designate by notice to I.ender as provided herein. and
(b) any notice te Leoder shall t~e given by certified mail. r~turn receipt request~d. ~o Lender's addreu stated herein or to
' such other addreu as Lender may designate by notice to Borrower as provided herein. Any notice provided tor ~n this
Mongage shal! be deemed to havc been given to Borro~ter or I_rnder ~vhen given in thc manner designated hctein.
15. i,1niform 11torlgage; Go~•ernin~ La~+; Severability. 'Ili~s f~rm of mortgage combines uniform covenanls for nation~l
use and non-uniform cu~enants veith limited variations hy jurisdiction to constitute a uniform secority instroment covering
rcal property. This Mottgage shall be governed by the law of the jurisdiction in whech the Property is located_ In the
event that any provision or cla~sse of lfiis ATortgage or the I~ote conflicts with applicable law. such cc?nltict shall not affttt
other ~:ovisions of this Mortgage or the T•'c+te M~hich can be given efiect with~ut tfie conAicting provicion, and to this
end the pro~isions of the Mortgage and the Not~ are declared to be severablc.
l6. Borrowe~s Copy. Borrower shall be furnished a conformed copy of ihc Nore and of ihic Iviortgaee at the time
of execution or a~ter recordation hereof.
l7. Transfer of fhe Pmpcrfy; Assumption. If all or any part of the Property or an interest therein is sold or transferred
~y Borrov?er without Lenders prior Nritten consent, excluding (a) the creation of a lien or encumbrance suhordinate to
this Mortsage. (b) the creation of a• purchase money security interest for household applia~ces. (c) a transfer by devise.
descent or by operation of la~r upon ifie death of a joint tenant or (d) the grant af any leaxehold interest of three ;+ears or less
not containing an option to purchase, Lende~ may. at Lender's option, declare a{I the sums secured by tfiis Mortgage to be
immediately due and payable. Lender shall have wai~•ed soch option to accelerate if, prior to the cale or transfer. Lendec
and the ptrson to whom the Property is to be so1J or transferred reach agreement in writing that the credit of sach persen
is satisfactory to Lender and that the interest pa}•abte ~n the sums cecured by this Alortgage shall be at such rate as I
ender
shall requcst. lf Cender has wai~zd thc opt+on to accelerate provided in tfiis paragraph 17, and if Borrov?er
s successor in
interest has executed a veritten assumption aereement accepted in writing by Lender, Le~der shatl rr~~a~e Borrov?er from all
obiigations unJer this Mottaage and the Note. _
if i_ender exercices sucfi option to acceler~te. 1.enJer shall mail Borrower notice of acceleration in accordance a~ith
paragraph 14 hereof. Such natice shall prov+de a perictii of not Iess than 30 days from the date ihe notice is mailed ~rithin
k•hich Borrow•er may pap the sums declared due. If Borrower fails to pay such sums prior to the expiratioa of sucfi period.
Lender may. without further notite or d~mand on Borrowcr. in.•oke any rcmedies permitteci by paragraph 13 hercof.
I~~OV.j;n~FOR~i COVE`A'VTS. BOffOwer and [_ender further co~enant and agrec as fo{lows:
lS. Acceier~tion; Re~nedies. Fxcept as provided in Qara~raph 17 hereof~ upon Borrovrtr's breach of am co~tnant or
agreement of Borrow'tr in this ~iort~age. including Ihe co~enants fo pay when due an~• sums cecured by this N:ortKage, i.ender
prior to acceleration sh~lt mail nolire to BormK~er as pro~~ided in paragrapli 14 her.of s~?ecif~•ing: (1) the 6reach; (2) the actian
required to cure such hreac6; (3) a date. not less than 30 da~s from tfie date Ihe notice is ~nailed to ForroKer. by which suct~
bre~th must be n~red; and (4) that iailure to cure soch 6reach un or before the date speci6ed in tl~e notice may mult in
acccleratiun of the sumc secured by this h'(ortgage. foreclucure by judicial proceedin~ and sale of Ihe ~ropert~. The notice
shalf furtl~e~ iniorm BorroMer uf the ri~ld to rtin.late ~ffer s~ccelrralion and lhr ri~ht fo ~ssert in the foreclosnre proceedin~
the non-exi~tence of a default ~r any other defrnse of Hn~row•er to accelrration ~nd Ioreclosure. If tlie breach is not cured on
r,r before li?e date speci6ed in the notice, Lender at [.ender
s oplion may declare s~ll of tfir ~ums secured by tfiis ~iort~a~e to be
immedialely due send pa}able .+ithout turiher dem~nd and may forrcloce this !~tortga~e hy judicial proceedia~. i.endet sh:+ll
be entiflyd tu collect in such pruceeding all eapenses of foreclusure. including. but nut limiled to, reasonable attorne~'s tees.
and costs oE ducumenlary e~idence. aMtracls and litlr reports. .
I9, Iforro~+er's RiRhl to :ieinslaM. NotN•ithstanding [_enJcr s actcleration o[ the sums secured hy this :lfortbagc.
Borrower shall have the right lo have an~~ proceedines hecun by I.ender to enforce this I~tortgagt discontinued at any tim~
t~~x263 ~~E 671
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