HomeMy WebLinkAbout0110 l.en~kr i written agrcement or appli~able law. Borrowe~ shali pay the amount of all mortgage insurance prcmiums in the
m~nnrr pmvided under pa~agraph 2 hereof.
Any amounts dishursed by I_ender pur.uaal tc~ thi= par•rgraph 7, wi~h interest lhereon, thal) become additianal
inilehtedncs~ of &irraw~r secured by thix Mu~tgage. l)nle~c Horr.~v?•er and I.rnJrr agn.-c to Mher tcrn?s of payment, such
amountc shall be payablc u{x~n no~icc from l.cndcr to Bor~uwrr rcyucc~ing paymcnt thcreof, and shall txar interest from the
datc of di~burxmenl at the ratc payahlc fmm time to time ~~n outstanding principal u~der !he Note unlcss psyment of
interest at such rate woulu be contrary ~o appGcable 1•rw, in which event tuch amounts chall bear interest at the highest rate
permissihle under applicable law. Nothing c~~mained in ~his paraRraph 7 shall ~equire l.ender to incur any expense or take
any action hercunder.
8. Inspectiou, T.ender may make or rausc lo be made rcasc?nahle cntriec iq+on and inspecteans af the Aroperty, provided
th~t l.rnder shap give Botrower notice pri~~r lo any such inspectic~n c}x~i(ying masonable cause therefor related to I.ender's
intcrest in thc Propcrty.
, 9. Condemnation. The prcxeedc of any aN•ard or claim (~~r damages, direcl or con~equentiai, in connection with any
condemnation or other laking of the Property, c+r part there~~f, or for carweyance in lieu of condemnation, are hereby astigned
an~f shal! t~c paid ta l.ender. ~
in Ihe cvent of a total taking of thc ProExr~y. the pnxccdc ~hall hc applicd ~o ~he sums securcd by Ihic Mortgagt.
with thc rrcca, if any, paid to Borrowrr. In ~hc ~vcM ~~f a partial laking uf the Property, unlesc Bor~owcr and I.ender
otherwik agrce in writing, there shall hc applicd to the ~ums ~ccurcd by lhis Morlgage ~uch proportio~ of the proceeds
as ic equal to that proportion which thc amounl ~f the sumt .crurcd hy thi~ Mortgage immediately prior to thc date of
taking bcars ta the fair market val~ic of thc ProExr~~• immrdiatcl~• pric~r to thc date of taking, wilh the halance of the proceeds
paid to $ar~ower.
if the kmpcrty is abandoned by Borroa•cr, <~r if. ahcr noticc hy I cndcr t~ Rormwcr that thc condemnar offers ta make
~n award o~ xeltle a rlaim for dam:~gc,, Rc.rrowcr fail. t~~ rc~pond to I ende~ within ?0 days after the date such notice is
mailed, i.ender i~ authorized to collect and apply the proceedc. at I.ender'a option, either to restoration or repair of the
Property or to the sums secureci h~• this MortFaee.
Unlesc l.cncler and Sorrawer othena~icc agrcc in writing. an~• surh application of prckeedc to principal shall not extend
or pc~stpone thc due date of thc monthlp installmcnts rctcrrcd to in paragraphs 1 and 2 hercof or change the amount af
s~~;,h installmcnts.
10. Borrower Nof Reteaad. Fxtcnsion ~f thr timc fur paymcnt or modification of amortization ~f the sums secured
~ by this Morlgage granted by I.enJer t~• am• tiuccess~~r in intrrc~t nf Rorrawer ~hall not operate M rclease, in any manner,
the liability of the original Borrower and &•rrower'~ succes~or~ in interect. l.ender shall not be rcq~iired to commence
proceeJings against such socce~sor or retuce t~~ er~enJ time for payment or othervrice modify ame?rtization ~f the si?ms
cecured by thi~ Mongage by reasc~n of am• demand made b~• the orieinal Bormwer and Borrower s succec~rc in interest.
11. Forbearance by I.ender Not a Wai~~er. :1m• f~nc~arance M~ l.cndcr in crcrcising any right or remcdy hcreunder. or
othen~rise afT~~rdeJ hy applicablc law. ~hall n~t he a waiver of or preclude the exerciu of any such right or remedy.
The procurement of insurance or the payment of ta~c~ or other leens or chargec hy l.ender shall nat he a w~aiver of I.ender
s
right 1~? accclcratc thc maturity of thc indebtcdrn:cs ~erurcd hy thi~ MortgaRc.
12. Remedies Cumulati~e, All rcmedies providcd in this 111angage arr Jistinct and cumulative to any other right or
remedy under this Mortgage or afiarded hy law c~r eyuity, anJ may F+e rxerciud concurrcntly, independently or succe~.sively.
13. Snccessors and As~as Bonnd; Join1 and Sererat I.wM'Ufy; C9ptio~. "Il~e covenants aed aRreements herein
conlaineJ shall bind, and thc riRhts hereundcr chall inorc to. the respectivc succe~aors and aeaigns of I.cndcr and Borrow~er.
subject to the provisions af paragraph 17 herec~f. All rnvenants and agrcements of Borrower shall he j~int and several.
"ihe captions and headings ot the paragraphs of thi~ Mortgage a~e for convenience only anJ are ni~t to he used ro
intcrprct or define the provisionc hereof.
14. 1Votiee. Eacept for any notice rcyuired under applicable law• to be given in another manner. (al any natice to
Borrower provided for in this Mongage chall he given by mailing ~uch nMice by cerlified mail addrecced to Barmwer at
tFx: Pmperty Address or at such other addrecc as Borrovecr may detignale by notice to t.encler as provided herein. and
(bl any notice to I.ender shall he given by certificJ mail, retum receipt requested. to l.e~der s adJress s~a~ed herein or to
cteeh other address as Lender may designate by notice tc~ Borrow~er as provided hercin. Any notice provideJ for in this
Mortgagc shall be deemed to havc becn givcn 1o Rorrowcr or Lcnder whcn given in thc manner designatcd hcrcin.
15. Uniform Mort~s~e; Govemiu~ Iaw; Severability. 'iliic form of mortgage c~mbines uniform cavenants for natiortal
use and non-uniform rnvenants with limited variati~mc hy juriulicticxi to constitute a uniform security instrument rnvering
ma! property. This Mongage shal! be gove~ned hv Ih~: law of the juricJiction in which the Psc~perty i4 located, In the
event ~hat any provision or clause of thic Mortgage or Ihe Ni~le conflicts wi~h applicable taw, such conflict shap not affect
~the~ provitions of this Mortgage or the Note which can ??e given elfect wi~hout the conllicting pmviceon, and to this
end the provisions of the Mortgage and ihc Note arc declared to be severable.
16: Borrower's Copy. Borrowcr ~hall bc furni~heJ a conformed copy of thc Notc and of thi~ Mortgagc at the time
<~f c!ccrution or aflcr recordation hercof.
17. Transfer of t6e Property; Assumplion. If atl ~r ao~• part of ~hc Propeny or an interest thcrcin es s~~ld or transferrcd
by 8orrower without i,ender's preor wretten consent, excludiog the crcation of a lien nr encumbrance si~bordinate to
thic Mortgage. Ib) the creation of a purchase money securit~• interes~ for household appliances, (c) a t~an~fer by devise.
dcscent ~ir by operation af law upon the Jcath of a joint tcnant or (dl the grant of any leasehnld intcrest of ~hrec years or f~s
n~~s containing an option to purchase. [.ender may, at I.cnder ~ uption. declare al1 thc sumc secured by this Mortgage to be
+mrt~ed+atcly due and payable. i.ender shal! bave w~aived a~ch option to accelerate if, prior to the sale or transfer, l.ender
:~nd the person to whom the Property ic to be sold or transferrcd reach agreement in writing that the credit of such person
~e sati~factory• ta I.emier and that the interest payable on ~he sums sec-ured by thia Mortgage shall be at such rate as i.ender
~hall request. If Lender has waivec! the oEstion to accelerate provideef in this paragrap}? 17, and if Bortower's successor in
r,~rrect has executed a written assumption agreement accepted in wri~ing by Ixnder. I.ender shal) releace Borrower from all
~'.~~ations under this Mortgage and thc Note.
If l.ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleratian in accordance with
.~ragraph t4 herrnf. Soch notice shaU provide a~ricxl of not less than 3b days from tht date the notice ic mailed within
hi h Borrower may pay the sums declared due. If Borror?er fails to pay soch sums prior to the expiratian c~f such period,
~ i~r may, with~ut further notice or dcmand on &~rrower, invokc any ~cmedies permitted by paragraph 1R hercof.
NoN-U!v~FOR~?t CovErr~rrrs. Borrower and I.ender funher covenant and agree as foflows:
18. Accekration; Remedks. E:cept as prorided in para~rsph 17 hereof. upoo Borrowe~s brcach of aoy covenant or
agreemcnt of Somower in t6is Mort~a~e. includin~ thc corenaafs to pay when doe aay sams secored 6y this Mort~a~e, Lender
prior to sccekration s6a8 mail ooNce to Borrower as provided in para~rapb i4 hereot spec!lyiug: (1) tbe bresch; (2) tbe actbn
required to corr socl~ breac~; (3) a date. aot le$ than 30 days from tbe date tbe notke is ma8ed to Borrower. by whk6 sucb
brcach mmt be cared; asd (4) tbat fallnre Io curc wch breac6 oa or before the date speci6ed ia the aotke may resdt in
acceleration of tbe sems sec~rrd by t~ MortRaRe, forecbsure by jodicial proceedio~ and saie of the Property. 1be uotiee
shall furH~er infonu Borruwer of tbe riR6t to reiashte after acceleratiow and the ri~6t to a~ert is tbe fortcbwre procec~~
t6e oorre:isteaee d a defaak or any alher defease of Borra.?er to acceleration ~?nd foreclo`are. If t6e breac6 ~S nM corM o0
or before tbe dste speai6ed in t6e aotice, Lender st Leoder'a option may declarc aB of tbe sums secered 6y tbts Mottaa~e to 6e
immediatdy dne a,d pay:ble wttbo~t furtber demand and may foreclose this Mort~a~s by jadicid pnoceedia~. Leuder sl~all
be eatitled to coDect i~ wci proeetdia~ sB e:penses of forecbwrc, i~cludiaa, bot not lia~ited to, reaso~able attoree~'s fees,
and cosb of docna~e~tary erid~eoce. sbstracts ~ad titk reports.
19. Bon+ower's Ri66t to Reiouate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgagc,
Borrower shall have the right to have any proccedingt hegun by Lender to enforce this Mortgage discontinued ai any time
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