HomeMy WebLinkAbout0100 I.cnde~'s writtcn agtrcment or applirabic law. Borrowcr ~f?all pay thc anwuat of all mohgage insuranco prcmiums in the
manntr proviJe.l under paragraph 2 heroot.
Any amounts disbursed by 1_c~Jc~ punuant to ~his paragraph 7, wi~h intercst lhereon, shall become additional
indcbtednesc of Born~wer secured by ~his Mortgage. Unle.c Bor~uwer ;~nd I e~Jer agree Io othe~ terms of payment, such
amountc shall he payable uFxm n~~ticc from I.rndcr ta Horrowc~ reyucsling paymcnt the~cof, and chall hcar interest from the
date of dicbu~cemcnt at ~he rate payahlc fn,m timc ta time un outstanding principa) unde~ ihe Note unless payment ot
interest at such ~ate woulJ !+e rnntran to applicable law, in which eveM cuch amounts chall hear interest at the highest nte
permissihle under applicable law. Nnthing conlained in Ihic paragraph 7 shall requirc l.ender to incur any espense or talce
any action hcreunder.
8. laspeetion. I.ender may make or cauce to t+e madr rea~naMr en~riec uExzn and inspe.:tions of the Property, pravided
that l.ender shall give Barrower natice pri~~r to any tiuch ins~x~.:tion specifying n:asonable cause thercfor rclated to I.ender's
intereu in the Property.
9. Condemnalion. The pnxceds of any av?~ard or claim for damaees, direc~ or conuquential, in connection with any
condemnation or ather taking of the Property, or part therc~~f, or f~~r c~~meyanre in lieu of candemnation, arc hereby assigned
and shall t+c paid to I.endcr.
Tn Ihe event of a total taking oF the Property. the prckeeds ehall he applied to the ~umc secured by thic Mortgage,
with the crcess, if any, paid to Borrowcr. 1n the cv~nt ~?f a partial t:~king of the Property, unlesc Borr~wer and I~nder
otherwise agree in writing. therr shall he applieel to thr wmc xrcu~d hy thi~ Mortgage such pmportion of the proceeds
as is equal to that pm~rtion which the amount o/ thc sumc ~ernred hy thic ~longage immediattl~ prior to the date of
taking bears ta thc fair market valuc of thc Propcrtv immcdiatcly priur to 1he dalc of taking, wilh the balance of the proceeds
paid to Bormwer.
if the Propeny is ahandoned by Borrow~cr, or if. aftcr noticc by I.cnJcr to Bormwcr that the condemnor ofters to make
an award o~ se1Ne a claim for damages, Borrower f:?il. t~. res~x,nd to I.ender within ?0 days aRer the date such notice is
mailed, I_ende~ is authorized ta rnllect. and a~~i. thr proceedt, at l.ender'~ option, either to rtctoration or repair of the
Propcrty or to thc sums sccared h~• this Mortgagc. ~
Unless I_ender and Borrower otherwi~ ag~ee in H•ritinc. an~• ~uch application of prcxeeds to principal shall not extend
or poctponc the duc date of thc monthly installmcnts rcferrcd to in paragraphc I•rnd 2 hcreof or change the amount of
such installments.
10. Borrewer Not Released. Extension of the ~ime for payment or modification of amortization of the sumc securcd
by this Mortgage granted by i.ender tc? any cuccecsor in intcre~t of Bc.rcower shall not operate ta rctcase, in any manner,
the liability of the original Borrower and B~rraw•er'~ succes~urc in intertKt. Lender shatl not hC required tci commence
proceedings against such successor or reFu~e !o er~coJ time for payment or otherwise modify amortiiation of the sums
secured by this Mortgage hy reason of am• dcmand madc M• ~hr ~•ricinal Borrowcr and Borrowcr s sucrecu~rs in interest.
11. Forbearancr by I.ender Not a Waiver. Am~ forhearance M• I.ender in erercising am~ right or remedy hereunc~er, or
otherwise afTorded hy applicable law. shall not he a waiver of ~•r preclude the exercise of any such right or remedy_
The procureme~t of insurance or the payment ot tarec ~~r other liens or charges by Lender shal) nat he a waiver of l.ender s
right to accclcratc thc maturity of thc indchtcdnc~s cccurcd hy thic Mortgagc.
12. Remcdies Cumulati~e. All rcmcdics providcd in this Mortgagc arc dis~inct and cumulativc to any other right or
remeJy uncler this Mortgage or afforded hy law or eyuity, and may he esercised rnncurrcndy. +ndependently or succecsively.
13. Successorc and Asei~as Bound; ]oinf and Sereral I.iabiliry; Captions. The covenants and agrcements herein
contained shall hind, and thc ~ights hereunder shall inure to. the respective succetix~rs and accigns of I.ender and Borrower,
subject to the provisions of paragraph 17 herrnf. All covcnants and agreement~ af Borrower shall be joint and several.
The captions and headingc of the paragraph~ of thic Mortgage are for convenience only and arc nM to be used to
interprct or define the provisions herec~f.
14. Notice. Except for any notice reyuired ~mder applicable (aw to be given in another manner. (a) any notice to
&~rrowcr pmvided for in this Mortgage shall hc givcn hy mailing such noticc by ccrtificd maif addrecscd to Borrowcr at
the Pmpcny Address or at such other addrcss as Borr~wcr may de~ignatc b}• notice to l.endcr as pmvidcd herein, and
(b) any notice ta [.ender shall be given hp certifa-,d mait, return receipt requested. to I ender s addrest stated herein or to
such other addresc as Lender may designate b~• notice to Borrower as provided hercin. Any notice provided for in this
Mortgagc shall be detmed to havc been given to Bc~rmwer or I.cnder when given in thc manner designated herein.
15. Uniform MortR~e: Gaverni~ iaw; SeveraM'lity. Thia form of mortgage combines imiform covenants for national •
use and non-uniform covenan~s with Iimilcd variationc hy jurisdirtion to constitule a uniform sccurity instniment rnvering
~ rcal propeny. 'R~is Mortgage shall he governed hy the law of the juricJiction in whieh ihe Property is located. in the
~ event that any provision or clause of thic Mortgage or the Note rnnflictc with applicable law. such conflicl shall nM afiect
o~her provision~ of this Mortgage or the Note which can be given eBecl without the conflicting pmvisian, and to this
~ end the provisions of the Mortgage and thc ~lotc arc declarcd to be ~everablc.
16. Borrov?er's Copy. Borrower shall bc furni~hcd a rnnformed copy af thc Notc and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Pmperty; Assumption. If all or any part of thc Praperty or an intercst thcrein is sold or transferred
by Borrower witho~t Lender s prior writ~en consent, ezcluding !al the creation of a lien or encumbrance suhordinate to
~ thi~ Mortgage. (b) the creation of a purchase money securi~y interest for household appliances, (c) a traosfer b} devise,
descent or by opcration of law upon the Jeath of a joint tenant or (d1 the grant of any Icasehold interest of threc ycars or less
~ nut rantaining an option to purchase, i.ender may, at I_ender's opuon, declare all ~he sums secured hy ihis Mortgage to be
~mmeJiately due and payable. Lender shall have waived such opticx~ to accelerate if, prior to the cale or transfer. I.ender
and the person ro whom the Pmperty ic to be so1J or transferrcd reach agrec;ment in wrning that the crcdit of such person
satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at s~~ch rate as I.ender
ch:~ll request. If I_ender has waivecl the option to accelerate provided in this paragraph 17, and if Bortower's successor in
:nterest has executed a written azSUmption agrcement accepted in writing by I.ender. I.ender shall release Borrower from all
. ti!igations under this Mortgage and the Note.
If I_ender exercises soch option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordance with
~ragraph 14 hereof. Such notice chall provide a period of not less than 30 days from the date the notice is mailed within
?i •h Borrower may pay the sums declared due. tt Borrower fails to pay such sums prior to the expiration of such period,
~~•icr may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
~ NoN-UtviFORM CovErv~~rrs. Borrower and I.ender funher covenant and agree as follows:
~ 18. Acce{eration; Remedies. Excep as provided ia para~rapb 17 kereot, upon Borrowa's breach of aay corenad or
~ agreemeet of Borrower in th[s Mo~a~e, iaclodin~ t6e covenants to pay whew dee any sna~ xc~red by this Mo~a~q I.ender
~ prior to acceleratba sbaU mail ootjce to dorrower ac provided in para~rsp~ 14 bueof specity~: (1) tbe breac6; (2) tbe sctba
~ required fo core soc` MencL; (3) a dste. aot less than 30 dsys from tlu date tbe nMice is ma~ed to Eorrower, by wbich sacb
~ breach mmt be cored; aod (4) t6st failure to cnre sech bresch on or before tbe date speci~ed io tbe eotke ias~ resolt in
~ acceknNioo of t6e sams secs~ed by tbis Mort~s~e, fo~eclosure by jndkial procecdia~ and sak of tre Property. 'Itie ootice
sh~p furtber Inform Borrower of the riR6t to reiRState ~ter sccekration aad !be ri~Yt fo assert i. tbe foreclosore ~oe~
~ t6e noo-e:i6teoce d a defauk or aey dher defe~e of Eorrower to accelendion aad forecloaare. If t6e 6rescb is sot cored oa
or before tbe dste specified in tbe ootice, Lesder at Lender's option a~ay declare ao of tbe saos'ec~rcd Iry tWs MoK~e to be
immediatdy doe aod paya6k witbont further demaod aad may toreclase tbk Mortaa6e ~y jedicW'roeeedin~. Lender sha0
be eatitled to colleet i~ s~ci pruceedia~ aN e:pe~es of forecbsnre, inclndin~, bat ~ot Woited to, reaioaable attone~'s fas,
aud co~b of docasestar~ e~Weoce, s6st*acts aod title reports.
19. Eorrower's Ri~t to Rei~stata Notwiths~anding Lender s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any procecdings hegun hy Lender to enforce this Mortgage discontinued at any time
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