HomeMy WebLinkAbout0706 I.cnder's written agreement or applicable law. Horrowcr ahall pay the amount of all mongage insurance premiums in the
manner provided under parag~aph 2 hereof.
Any amounts disbursed by I.enJe~ punuant to this paragraph 7, wi~h interat ihercon, shall becomc additional
inJeb~edness of Bo~row•er securcd by this Mortgagc. ll~Iccc Borrovrer and l.ender agrce to othe~ ~erms of payment, such
amou~ts shall be payable upon natice (rom I.ender to Borr~N•rr rcquestin= paymcnt thercot. and shall hear interest irom the ~
data of disbursement at the rate payable trom time ro time an outstanding principal under the Note unless payment ot ;
intercst at such nte would be cont~ary to applicable law, in w~hich event cuch amounts shall bea~ interest at the highest rate ~
permiuible under applicable law. Nothing contained in this pa~agraph 7 shall require l.ender to iocur any expe~se ar talce ~
any action herounder.
8. Ia~eetioa, l.ender may make or cauu to be made reasonable entries upon and inspectionc of Ihe Property, provided ~
that Lende~ shal) give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to I.ender'a ~
interest in the Propeny. ~
9. Coodemnafbn. The proceedc of any aw~ard or claim for damages, direct or conuquential, in connection with any :
condemnation or other taking of the Propeny, or part the~eof, or for au?veyance in lieu of condemnation, are hercby assigoed ~
and shall be paid to i~nder. i
In the event of a total taking of the Pmper~y. the proceeds shall be applied to Ihe si~ms securcd by thic Mortgage.
with Ihe excess, if any, paid to Borrowe~. in the eveot of a partial taking of the Property, unless Borrower and [.ender
otherwise agoee in wri~ing. therc shall be applied to the sums secured by this Mortgage such propc~rtion of the proceeds • ;
as is equal to that proportion which the amount of the sums ucured by this Mortgage immediately prior to the date of ;
taking bears to the fair market value of the Propeny immediately priar to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by I.ender to Borrowe~ that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to rapond to Lender within 30 days a(ter the date such notice is
mailed, Lender is authoriud to collect and apply the proceeds, at [_ender s oplion, either to restontion or repair of the
Propcny or to the sums secured• by this Mortgage.
Unless Lender and Borrower otherwise agree in ariting, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of
such installments.
10. Eorrowe~ Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower s successors in interat. Lender shall not be required to commence
proceedi~gs against such successor or refuse to extend time for paymtnt or otherwise modify amortization of the sums
secured by this Mortgage by rrason of any demand made by the original Borrower and Borrower s successors in interest.
il. Forbesraact by I.eoder Nat s Wdver. Any forbearance by Lender in eaercising any right or remedy hereunder, or
othenvise afforded by applicable law, shall not br a waiver ot or prcclude the exercise of any such right or nmedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lende~ shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured hy thic Mortgage.
12. Ranedks Cmanlathe. All remedies pravided in this Martgage are distinct and cumulative to any other right or
remeJy under this Mongage or afforded by law or equity, and may be exercised concurrcntly, independtntly or successively.
13. Sueceasors and Assi~as Bouad; Joint aad Several I.iability; Capdons. The covenants and agreements henin
contained shall bind, and the rights hercunder shall inure to, ihe respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
'Ilu captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hercof.
14. NMice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower pr~ovided for in this Mongage shall be given by mailing such notice by cenified mail addressed to Borrower at
the Property Address or at such o~her address as Bormwer may designate by notice to I.ender as provided herein, and
(b) any notice to [.ender shall be given by certified mail, retum receipt request~d, to i.ender
s address stated hercin or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
~i Mortgage shall be deemed to have been given to Borrower or t.ender when given in the manner designated herein.
' 1S. Uaiform Mort~s=e: Gorerniu~ Lsw; Sevenbil~ty. This form of morlgage combines uniform covenants for national
~ use and non-uniform covenants with limited variations ~by jurisdiction to constitute a uniform security instrument rnvering
I rcal property. This Mongage shall be governed hy the law of the jurisdiction in which the Properiy is located. Tn the
event that any provision or clause of this Morigage or~the Note conflicts with applicabk law, such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given efTect without the conflicting provision, and to this
end the provisions of the Mortgage and th~ Note are declared to be severable.
16. dorrowe~s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after rccordation hereof. .
17. Trmsfer of tbe Property; Assumption. If all or an}• part of the Propeny or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, eYCluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money securit~• interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender'c option, declare all the sums secured by this Mortgagt to be
immediately due and payable. Lender shall have waived soch option t~ accelerate if, prior to the sale or transfer. Lender
and the person to whom ihe Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at soch rate as Lender
shall request. If Lender has waivod the op~ion to accelerate provided in this paragraph 17, and if Borrower`s succeswr in
interest has executed a written auumption agreement accepted in writing by Lencier, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate. I_ender chall mail Borrow•er notice of acceleration in accordance with _
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed withi~
which Borrower may pay the sums declared due. li Borrower fails to pay such sums prior to the eapiration of such period.
Lender may, without further notice or ciemand on Eiorrower, invoke anp remedies permitted by paragraph 18 hereof.
~ NoN-UrtFORt?t CovENerrrs. Borrower and l.ender furthe~ covenant and agree as follows:
18. Acceler~bn; Remedks. Escept as pwvided io paraRrapb 17 hereof. upoo Borrower's breac6 of a~y co~eaaet or
asreemeot of Borrower fo t6b Mortaa6e, fecludin~ t6e covenaats to pay wbea dne any snms secured by thk Mortsa`e, Leoder
prior to accekntbn sball mail notke to Eorrower is pmvWed in pua`raph 14 hereof spccifyius: p) the breacb; (2) tbe sctba
reqoired to cnre sncb breac6; (3) a date, aot less t6sa 30 days trom tbe date the aotke b maikd to Eorrower, by wblch snc6
breach must be cured; aad (4) that faflnre to cure wch brcsch on or betore the dste speci6ed ia tbe notke ma~ resak is
sccderstba of t6e snms secnred by tbis Mortga=e. toreclosun by jndkid proceedlaa ~md sde ot the Pruperty. 'lbe aotke
s6a11 fnrther inionx Eorrower of the ri~M to reinstate afler sccekratioo aad tbe ri6ht to a~cert in tbe foreclasnre p~oceedi~
the noe-e:istence of a defsnk or soy other defense of Eorrower to sccekratioa and foreclosare. If tbe bresc6 k not cored oa f
or before tbe date speci6ed in t6e eotice. I.ender at Leoder's option may declare aN of the sna~s secared by t6k Mortas6e to be
immediatdy dae aad payable witboat furtber demand and may foreclose this Mortga`e by jndkial proceedio`. Lender s~aU
be eotitkd to collect te snch proceedjo6 ap expenses of foreclosure, includin~. but oot Umited to, reasonable attorser's fees.
snd costs ot documentary evideoce. abstrscts aad titk reports. '
19. sorrower's Ri~bt to Rei~stste. Notwithstanding Lender s acceleration ot the sums securcd by this Mortgage. _
Borrower shall have the right to have any~ proceedings Ix~tun hy I.ender to enforce this Mortgage discontinued at any time -
~
~i'V PAGE ~ ~