HomeMy WebLinkAbout0105 l.enJcr'~ writtcn agreemcm o~ applirable law. Botrowe~ shall pay the amount of ail mortgage insurancc premiums in Ihe
man~c~ providcJ wxiar paragraph 2 hercof.
Any anKxinls disburscd by l.ende~ puru~ant to Ihis parag~aph 7, with intcrest thereon, shall become additianal
inJcbtedness ot ~orrower securcd hy this Martgage. Unle.c Borrower and LenJr.r agree to ather terms ot payment, such
~in~~untc shall lxs payablc u~xm no~ice f~om I.cndcr tu Hurrowrr rcyue~~ing payment thcrcof. and shall bear interest from the
datc ~f disbursement at thc rate payahlc from timc to time ~~n outstanding p~incipal under thc Note u~less payment of
interest at such rate would be contrary to applicable law, in w~hich event a~ch arnounts chall hear interest at the highest rate
permissible under app'icabie law. Nothing containcd in thiz paragraph 7 shall requirc Lender to incur any exptnse or talce
any action hereunder.
8. Inspecfioa. Lender may make or cause to t+c made na~onahlc eMriec upc~n and inspectionc of the Pmpetty, provided
that I.ender shall give Borrow~er notire pri~~r to any ~uch inspection cpecifying reasonable cause Ihercfor related to Lender's
intcrest in thc Propcrty.
9. Condemnatbn. The prcx:eedc of any aaard or claim far damaerc. direc~ or concequential, in cannectian with any
co~demnatirni or other taking of the Propeny, or part thercof, or f~~r co~vcyance in lieu of condemnation, are hereby assigned
and shall t+c paid to 1.endrr.
Tn Ihe e~~ent of a total taking of the Propc~l}'. Ihr prc•~ccJs tih:~ll he applied to ~he cums secured by Ihic Mortgage.
with the ercea, if any, paid to Borrc~w~rr. In ~he evem ~~f a partial taking ~~f Ihe Pmpertp, unlesc Rorrower and I_ender
atherv?~is~: agree in writing. therc shall he applied tc. Ihe wms u~curc~l hy thi~ Mortgage ~uch pm~rtion of the proceeds
as ic rqual to that pro{x~niao w•hich ~hc amount ai thc cumti ~crurcd h~~ this ~lnrtgage immediately prior lo the date of
taking bear~ to the fair market valuc of thc Pm~xrt~• imrnrdiatcl~• pri~r to the ~latc o! taking. wilh the balancc of the proceeds
paid to Borrower.
IF thc Propcrty ic abandoned M• Borrou~cr, or if. aftcr n~ticc hy Lcndcr to Bormwcr that the condemnor ofiers to make
an award or setNe a claim for damage~, Bormwer f:~il. t~~ rc~pnnd t~~ Lender withi~ ZO days after the date such notice is
mailed. i.ender is authorimd to collect and appl}• the proceeds, at 1_ender's oplian. either to restoration or repair of the
Propcrt}• or to thc sum~ sccurcd b}• this MortgaLC.
Unlcs. I.cndcr and Borrawcr olherwicc agrc~ in ~ ritine. any such applicati~n of procceds to principal shall not extend
or pcxtp.~ne ~he due date af the monthl~~ ins~allmcnt. referrcd to in parag~aphc 1 and 2 hereof or change the amaunt of
such installmcnts_
10. Bonower Not Released. Extcnsion ~f the timc for pa}~mcnt ~~r modiRration of amortization of the sums secured
by this M~~rtgage granted hy I.ender to any tiuceeccor in intcre.t of Borrower ~hall not operate to release. in any manner.
the liability of the original Borrowec_ and Ri~rmw~ r'. sucresu,rc in interest. l.ender chall not he requircd to commence
proceeJings against such succcuor or refu:e t~. e~ten~l time for payment or otherv?•ice mcxlify amortitati~~n of the sums
serured hy thic Mortgage hy rcasc?n of :~m dem:~nd made b}~ the oriQinal Rorrower and Borrower s succescors in interest.
11. Forbearance by I.ender l~of a Waive~. Am~ fi~rtkarancc by I.rnder in e~ercising am~ ~igM .~r remedy hereunder, or
othenaise afT~~rdeel h~~ applicahle law. th:~ll ni,t be a waiver of or preclude the exercise af any such right or remedy.
The procurement of insurance or the payment of tax~~ or other liens or charges hy 1_ender thal) not he a aaiver of I.ender's
right t~. accrlcratc thc maturity of thc indchtcdnc~c cccurcd ht thi~ Mortgaec_
12. Remedies Cumulative. All rcmediec prc..~idrd in thic !1lortgage arc distinct and cumulative to any~ other right or
remeJ~• under this Mortgage or alfordeJ b}~ law~ ~~r eyuit~•. and may he cxercic~:d concurrently. independcntl~~ or succecsively.
li. Successors and Assiqas Bound: ]oint and Se~eral I.iability; Captions. The covenants and agreementc herein
conlaineJ thal) hind, and the riRhts hen:under shal) inure to. the respective succe+cc~rc and accignc of i.ender and Barrower.
s~ibject to the provisions of paragraph 17 hercof. All covenanls and agrecment~ of Bormw~er shall he joint :~nd ceveral.
'The captions and headings of the paragraph~ of ~hi~ Mortgage are for coovenience only and are not to he uced to
interpret or define the pmvi~iont hereof.
14. Notice. Except for any ho~ice reyuired unJer applicablc law• t<? be given in another manner. (a) an~• notice to
Burmwer provided for in this Mortgaee shall he givrn h~~ mailing tiuch notice b~• cer~ified mail addrested to Bormw•er at
the Properiy Addresc or at such other addrec. as B~rrow•er ma~~ de~ignate b~~ nc.tice to l.ender as provided herein, and
Ib) an}• notice to Lender shall he givcn hp cerlificd mail. retum receipt requested_ to l ender ~ address stated herein or to
such other address as l.ender may designa[e b)' n~tice t~• Borrow•er as provided herein. Any notice prrnideJ for in this
ltortgagc sh:~ll be deemed to havc bcen givcn to B~rr.,HCr or 1_cnder N~hen givcn in thc manner designated herein.
l5. Uniform Mort~a~t; Gorernin~ Taw: Severrbilit~•. Thi~ form of mortgage comhines uniform covenantc for national
~'k uce and n~~n-uniform cm~enants w•ith limited ~•ariations h~~ juri~dicti~~n to constittrte a uniform security instrument covering
rcal property. This Mortgage shall lte governed h~• th~ law• of rhe juricJicti~~n in which !he Property is located. in the
E event that any provision or clause of thi~ Morlgage ~~r the Note conflictc Hith applicable law. such conflict shall not affert
f other provisions of thic Mortgage or the Note which can br givcn efTect without the conflicting pmvision. and .o this
~ cnd thc pruvisions of the Mortgage and thc \otc arc declared hc ~evcrahlc.
16. Borrowe~s Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the time
of e~ecution or after recordation here~f.
~ 17. Transfer of the Pmperf~; Assumptiun. If all or am part of thc Pmperty or an intcrest thcrcin is s~~ld or iransferred
~ b} Borrower witho~t [.ender's prior wriuen con~nl, e~cluding (al the creation of a lien or encumbrance suhordinate to
th~. Mortgage. (bl the creation of a purchau: money securi~~~ mterest for household appliances. Icl a transfer h~ devise,
deucnt ~~r by operation of law upon Ihe Jcath af a j~?~nt tenant or ldt the g~ant of am~ Icaschold interest ~~f thrce years or lecs
n~~t containing an aption to purchase, l.ender may, at 1_ender'. opti~~n. declare all the sums secured by ihis Mortgage to be
~ ~mmc~fiately due and payahle. I.ender shall have waived such option to accelerate iL prior to the ~ale or transfer. Lender
;md the persnn tc? whom the Property i~ to be solJ or transferred rcach agret:ment in writing that the credit of such peru~n
satisfactory to Lender and that the interest payable on the sumc secured hy this Mortgage shall be at sucfi rate as I.ender
~h.~ll requesl. If 1_ender has waived the option to accelerate pmvided in this paragraph 17. and if Borrower's successor in
nterest hnti executed a written assumption agrcement accepted in wri~ing by I.ender, Lende~ shall releace Borrower from all
'~!igations under this ~iortgage and the Note.
If Lender exercises such option to accelerate. Lendrr .hall mail Borrow~er notice ~f arceleration in accordance with
~ .,ragraph 14 hercof. Such notice shall provide a peri~~J af not Iesc than 30 dayc from the date the notice is mailed within
~i h Borrower may pay the sums declared due. If Borrowcr (ails to pa~~ such sums prior to the expiration ~~f such period.
~ ~.:r may, withi~ut further no~ice or ~kmand i~n Rorrowcr, i~voke any remedies pcrmitted by parag~aph 18 hcrcof.
- N~N-U!viFOR!H Covex~rrTS. Borrower and I.ender (urthcr rnvenant and agree as follows:
18. Acceleratbn; Remedies. F.xcept as pmvided in paraRraph 17 hereof. upoa Bbrrower's breach ot any coreoant or
~ agreement of Bormwe~ ia t6is Mortgagt, includin~ the covenants b pay when due any soinc secnred by thts Mortsa~e. Leader
~ prior to accekration sbaU mail notice to Borrower as providcd in pars~raph 14 hereof specifyin~: (1) tbe bresc6; (2) tbe actbn
v required to cnrc soc6 breacb; (3) a date, not IesS Ihan 30 days from fhe date t6e notice Ls malkd to Borrower, by wbjcb wch
~ breach must be enred; aad (4) that failure to curc such breach o0 or before the date specified fa t6e ootice may resdt in
~ accekntion of t6e snn~ aecnred by th~s Mo~age. foreclosurc by judicial proceedina and sak of tbe Property. 'ILe notice
~ sh~ll furt4er inform Borrower oE the rigbt to rcinstate dter sccekratan and tl~e ri~ht to assert io t6e foreclowre proctedio~
- the aon-existcace uf a defaulf or any other detense of Borrower lo sccekrstion snd foreclo~ure. If tbe bresc6 is oot coeed o0
~ o~ before the dsie speci6ed in tl~e notice, i.ender at Lender's option may declare aq of the soms secured by t6is Mort~aRt to 6e
~ immediately due ud paysbk witboot turtber demand and may foreclose this Mo~a`e by judicW Procetd~. Le~der sbaU
be entitled to collect in sne6 proceediag aU e:peoses of foreclosurr. includiaa, bet ~ot limited to, reasoosble attorne~'s Eees,
and costs of docntnentary evidence, abetn~cts aod titk reports.
~ 19. dorrower's R16bt to Reiostata Notwithstanding Lencier's acceleration of the sums securcd by this Mortgage,
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
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