HomeMy WebLinkAbout0028 l.rndrr's Hriuen agrcement appGtaAle law. Borrower shall pay thc amount of all mortguge insuraoce prcmiums in the
man~er prov~deJ under parag~aph 2 hereof.
/1ny amaunts dishurscd by I.r~der purcuanc ta ihis par~graph 7, wiih ~ntercit thereon, shall become additional
in~lehrednesc of Bor~oNe~ ucurcd by this Mortgage. Unle~t Borrow~er and l.ender agrce to other tetms of payment, tuch
am~unts shall be pa)•abk upun notice fmm t-rndcr to Bormwe~ reyutsting payment Ihereo(. and shall t+ear interest from the
daie af disbursement at ~he ratN payable trom time to lime on outstanding principal under the Note unless payment ot
interat at :uch nte wou1J be con~rary ~o applicabl~ law. in which event such amounts shall bear interat at the hi~hest rate
permiuibk under spplicable law. Nothing conlained in th~s pa~ag~aph 7 chall rcquire I.e~der to incur any expense or take
any action hereunder.
8. Inspection. I.ender ma>~ make or rai~se to be made reaconahle entriec u~+c~n and inspectians of the Propeny, provided
that l.e~der shal) give Bo~rower notice prior to any cuch mspect~on spe:.i(y ~ng rcasc~nable cause therefor related ta I_ender's
in~ere~t in the Praperty.
9. Condemnatbn. The pr~xeedc of any award ot claim (o~ damages Jirec~ or rnncequenlial, in connectioo with any
, condemnation ar other taking of the Property, ur part therec~f, or for conveyance in licu of condemnation, are hereby assigned
anJ shal! be paid to Lender.
in ~he event of a total taking of the Properry. the prcx:ecd: shall hc appficJ to ~he sums secured by this Mortgage.
with the etcecs. if any. paid to Bormwer. ln the event of a parlial talin~ ~~f ihc Property, unless Barrower and Lender
otherwiu agree in writing. there shall be applied to the cums cecurcd h~• ~hi. Mortgage such proportion of the proceeds . t
as iz equal to that proportion which the amount ot the sumc tiecured h~ thi~ Mortgage immediately prior to the date of
taking bears ta the fair market valuc of the Praperty immediatel)~ prior to thr Jate of taking, with the balance of the proceeds
paid to Borrower.
if the Propert~• is abandoned b~• Bormwer_ or if. after notice hy l.ender to Borrower that the condtmnor otkrs to make
an aw•ard or settle a daim for damages. R~rmwer faila to re~pond to l ender within z0 days a(1er the date such notice is
mailed. L.ender ic authorized to callec~ and apply ihe proceeds, at i.ender's option, either to rtstoration or npair of the
Prope~ly or to the tumc scrurecl b~• lhis Mortg~ge.
Unlesc I_ender and Borrower otherwicc agree in ~~riting. an~ such appliration of proceeds to principal shall not extrnd
or poct~x~ne the due Jaie of thc monthl}• installmcntt referrcd to in paragraphs 1 and 2 hettof or change the amount of
such inctallments.
10. Borrower Nol Releaced. ~xtension of the time (or payment or modification of amortization of ihe sums secured
by this Mo~tgage granted M~ 1_ender to an~• ~uccesux in interect of Borrower ~hall not operate to release. in any manner.
the liabili~~• o~ the original Borrower and Borrower'a succesc.~rt in interest, l.eoder shall not he required to commence
proceedings against such succecsor or re(uu: tc? ertenJ time for paymrnt or othervvise modify amortization of ihe suna
seeured h~~ thic Mortgage M• reas~m of :,m~ demrnd made by ~he original Borr~~wer and Rorrowers suecescors in intercst.
11. Forbesrance bv I.ender Not a Wair~r. Am• G~rhearanrc by 1-ender in cxercising any right or remedy hercunder, or
othenvise aBordeJ hy applicahle law•. ch:~ll n~,t he a waiver of or preclude the exercise of any such right or remtdy.
The prcxurement of insurance or the payment of t.+~e~ ~~r uther liens or chargec b}• I.ender chall not be a v?~aiver of Lender's
right to accelerate the maturery of the indeMrdnr.c .ecured hy thi~ I~1ort~a¢e.
12. Remedies Cumulative. All remediec pr~~~ ided in thic Mortgage are dis~in~t and cumulative to any other right or
remcd}• under this Morlgagr or afforded M• la«~ nr eyuit~•. ~nd ma~~ be ctierci.ed concurrently. independen~ly or successively.
13. Successors and AstiRas Bound: Joinl and Several I.iabiifty: Captions. The co~•enants and agreements hercin
contained chall hind, and thc riRhts hereunder ~haH inure to. the respec~i.•e su:ce~u~rt and assigns of l.ender and Borrower,
subject to the provicionc of paragraph 17 hereof. All coven~nts and egreements of Borroa•er shall be joint and several.
The captions and heaJing~ of the paracraph~ c~f this ?~lortgage are irr c~~m•enicnce ~nl~• and are not to be used to
interprrt ar definc the pr~v~cionti hercof.
ld. Votice. Excep~ for any nouce reyuired under applicahle law• t~~ br given in another manner. (a) any notice to
Barrow~er pro~~ided for ~n thic Mortgage tihall F+e given h~~ mailinK tiuch notice by certified mail addressed to Borrower at
the Property Addreti~ or at such o~he~ addre.s ~s B~~rr~~v?•er n:a~~ designa~r M• nolice to I.ender as provided herein, and
Ib1 an~ notice to I.ender sh~ll Fx given b~• crrdfied mad, return rrce~pt rryuetted. ~0 1 ender'c address stated herein or to
cuch uther addrest az Lender mac decignate h~~ notice t~ BormNer as pro~ided herein. Any notice provided fo~ in this
!Nortgagc shal! he deemed to ha~~e been gi~•cn to Borrower or I.ender whcn gi:~en in the manner designated herein.
l5. Uaiform MoA~aRe; Governin~ I.aw: Se~•er~bilif}~. Thiti iorm o( mortgage comhines uniform cavenants for national
j ucc. and non-unif~~rm co~enantc with limite~f .•ariatiun~ hc jurisdiction tn c~~nstitute a uniform security instrument covering
~ real propert}-. Thic btortgage shall be gcn'erned h~ th~ law c?f the juri~dich~m in which the Property ic ]~kated. In the
` event th:~t an~ provis~un or clau~ of thi, !1lorlgagr r•r the '~rte amflict~ ith applicaMe law~, sunc ~onflict shall not atftct
~ ~~thcr pnni.ion~ of thic Mortgage ur thc h~.tc ~h«h ~an t+c gi~rn rtFrct uithOUt the rnnflicting pro~•isian, and to this
, end the provi~iuna the Mortgage and Ihc \~,te :~rc .ferlared to he +e~'erah!r.
` 16. BorrowePs Cop}. Bormwcr ,h:Jl t+r fi~rni~ficd a cunformed c~~~~ ~~i ~hc Notr and of thic Mortgage at the time
j ~~f e~ecution or :,ftrr record•rtion hereaf. -
~ 1'7. T~ansfer of the Propert}; Acsumption. if all ~•r an~ p:~ri ~~f thc Pr.~~xrtc or an interest therein is sold or transferred
~ b} Borrovrer without Lender's pn~r writirn ~uncent, e~~luding 1a? th~ cr~:,ti~.n of a lien or encumbrance subordinate to
thiti Mnrtgage. Ih) the creation ~f a purrhatie m~ne~ cecunt~ interest f~~r h~~u~eholJ apptianc~,. Ic) a transfer hy devise.
descent ~~r b}• operation uf L~~ upon the dcath ~~f a iuint tenam rr I~li thc gram ~.f am~ I~~uhoid intcrest of threc ycars or less
not contair~ing an option t~• purchace. I ender mar. at Lender'. r~Ii~~n. derlarr ell the tumc secured by this 111ortgage to be
~mmed~atcl~• dur and pa~•ahlr. I ender shall ha~c N~~~~cd ~u.h ~~pu~~n t~~ accclerate if. prior to the ~ale or transfe~. I_ender
~nd the per~cin M whi~m thc Pr~.F+crs} ic tr F?e ,ol.l or tr:,nsferred reach agrecment in writing that the credit of such penon
sati~fact~~n tr l.e~i.Err ,end th:~t thr in~err.t pa~ahle c~n thr 4umti srcured hy thic 4lortgage shall be at such rate ac I.ender
~h:,l! reyuett lf Lender hati waiveJ the ~~ptu~r. t~~ c~ccelrra~e prrn•ided in this paracraph 17. and if Borrower's successor in •
interest ha~ executed a~•ritten assumption agreement aceepled in w•rihng b}' l.enJer. l.ender ~hall releace Borrower from atl
~ ~ihligat~~.ns under thi~ Mortqage and the Nc,te.
If Lender exe~:i~r. ,uch o~ti~n tc~ a:rcleratr I ender ~h:~ll mail B~~rruwcr n.~tice i,f acceleration in accordance with
paragraph I~ hercrf. Snch nonce ~h~ll pruvide a penud ..f m•t Ie~ti than da~~c Ir~m the date the notice is mailed within
uh,ch Borr~~wer ma) pa~ Ihr wmti dertared di~e I( R~rrower fa~ls rc, pa~• tu,h ti~t:n~ prior tc• the expirati<~r. ~f cuch period.
1 en.irr ma~. ~~th~~u: (urther nnnrr ~~r.irmand ~~n Fic~rr~~~cr. imnAe am rrmedie< <+ermitteci hc paragraph 1R hereof.
~ '.`~~-[;r~itoR~t ('o~•Eti~+~7s Bormwer and I.ender further covenant and agree as foU~~ws:
~ 18. Accderalion: Remedies. Except as providcd in paraRmph 17 hereof. upon Borrowe~'s breach of ~ny~ corenant or •
a~recment of Borrorrer in this 11ortRr~e. includi~ tbt corenants to pay when dne roy sums secured by this Mortga~t, Lendet
~
~ prior to accekntion sball mail noticc to Borrower zs provided in paro~raph 14 hereof specifying: (I) the brcach; (2) tbe actan
~ required to curt such breach; (3) a date. not less than 30 days from the dale the notice is mafled to Bonower, by which sueh
~ breach mtW be cnred: and (4) tbat failurc to cure wch breach on or before the date specified in the notice may radt ia
~ accekntion of the sums secured by this MortRage. forcclosure by judicial proceeding and sak of the Property. The nake
shall furtber inform Borrower of the righl to reinstate after acceleration and the ritht to assert in the foreclosnre p~oceedie`
~ the noo-existence of a default or any other defe~se of Borrower to scceknNon and foreclosure. tf the breach is oot enred on
~ or before the d9te specifiec~ in the noNct. Lender at I.eoder's option may dcclare aq of the snms securcd by this Mort~a~e to ~t
~ immediatdy due and pavsble v`ithout furihe~ demand a~ may foreclose thts Mort~age by judicial proceediag. Lendtr shdl
~ bc eotitled to collect in such procecdlnR 911 expenses of foreclosure. includin~. but not iimited to, reasonabk ~tloroey's fees.
and coris of documenluy e~-idence. abst:acts snd title reporfs.
19. Borrower's Riqhl to Reinstate. N~tw•ithctanding Lender'~ acceleration of the sums secured by th~s Mortgage.
Borrowe~ shall have the righ? to ha~e .?m prc.ceedm~ heXun by 1_ender ~o enfe~rce this ~lortgage disconbnued at any time
. - ea~r267 ~ io~c~ v,~c~ 28
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