HomeMy WebLinkAbout0766 l.emler's writlen agrcement or applicabb I~w. Botmwe~ thaU pay the sm~~unt of all morigage insurance prcmiurtu io the
manncr p~ovidcd undc~ parag~aph 2 hereof.
Any amounts disbursed by I.e~Jer pur~uant tu this pa~agraph 7, with intercst thcrcon, shal) bcc:ome additional .
inJeA~edness of &xrower secured by Ihis Morlgage. •Unlc~~ BOffOwer anJ I.enJer agroe ta othe~ terms af payment. such
amcx~nts shall bc payabk u{x~n notK-c fmm I.cndcr ~c~ &~rraw~r ~ey~~ting paymeM thercof, and chall hea~ intcrcst from the
date of disbursement at Ihc ratc payahk imm timc to timc on outslanding principal undcr thc Note unless payment ot
interest at such ratc would bc conlrary to applirablc law, in which cvent cuch amounts shall hear interest at the highest rate
permiuibk under applicabk law. Nathing con~aincd in this parag~aph 7 shall require T.cnder to incur any expense or take
any action hercunder.
8. lespec~ioa. l.ender may make ~~r rause to he made reaco~able entriec u~+c~n and inspections of the Property, provided
that l.ende~ shall give Borrowe~ nalice pri~~r to any such inspectiim cpecifying rcasonable cause thercfor retated to I.enders
interesl in thc PropcNy. '
9. Coademaatbn. The prc~ceedc of any aw•ard or claim for clamages, direcl or consequential, in connoctwn with any
condemnalion ar other taking of the Pmperty, or pah thereof, ar tur a~nveyance in lieu of rcx~demoation, are heroby assigned
anJ shall be paid to l.ender.
In the event of a total taking of the Pro~xrty. thc pnkrcds ~hall bc :,~rr~~i ~o the sums xecurcd by Ihis Ma~igage.
with the ercess, it any, paid to Borrower. In Ihc cvcnt ~~f a partial ~aking ot Ihe Property, unlecc Bormwer and Lender
otherwi~e agree in writing. therr shall t+e applied ~o the cum~ xcured h~~ thiti Mortgage such propohion of the proce~ds
as is equal to that proportion which the amount of ~he cum~ ~ecured by thi~ Mortgage immediately prior to the date of
taking bears to the fair market value of Ihe Pmpcrly immedi•rtcly prior to thc date o( taking, with the balance af the procetds
paid to Borrower. •
if the Property is abandoned by Bor:,nwcr, or if, aftcr noticc hy I cnder to &urower Ihat the condemnor otFen to make
an award or settk a claim for dam•rgec, Bormwer f:~ih t~~ r~~~nd t~ I ender within 30 days after the date such notice is
mailed. I_enJer is authori7~d ta coflec~ and apply the prcuecdc, at I.ender'~ op~ion, either to restoration or repair of the
Propcrry or ta the sums securcd hy Ihis Mor~gagc.
Untess I_enckr and Borrawer olherwice agree in writing. an~• such application c?f pre~ceeds to principal shall not extend
or p~xtpone ihe due date of the monthly installmcnts rcfcrnd to in para~raphs 1 and 2 hereof or change ihe amount of
such inslallments. -
10. Bomuwer Nof Released. Extencion c?f 1he time f~x payment or modification of amortization of the sums cecured
by ihis MortRage granted by l.ender to any cuceecx~r in interect of Borrowe~ shall not operate to release. in any manner,
the liability of the original Borrower and &•rmwer'c soccrscon in interett. I.e~der shall not be rcq~iired to commenee
proccedings against xuch sucressor or re(uce to e~Iend time fo~ payment or otherwi~c mndify amortizalion of the sums
securecl h}• this Mortgage by reason of any demand made b~~ thc arieinal Borrower and Borrower s succescors in interest.
Il. Forbearance 6y I.ender Not a Wairer. Am• f~rt+carance b~~ 1-cnder in erercisinR any right or rcmedy herennder, or
otherwise afforded bp applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy.
71~c prceurement of insurance or the payment of t~rc~ ar other licns ar rhargcs by l.ender shall not he a w~aiver of [~nder
s
right to acccleratc the maturity of thc +ndcbtcdne~s kcured hy thi~ Martgagc.
12. Remedies Cumubtire. Ali remedics p~o~•idcd in this Mortgagc arc distinct and cumulativc to any other rigM or
remeJy under this Mortgage or affarded hy law or equity. and may he ererciu:d rnncurrcntly. independentl}~ or successively.
13. Succeswrs at~ Assi~as Bound; Joint aod Se~~eral i.iabilify; Captioac. The covenants and agreements herein
conlained shall bind, •rnd the rights,hereunder shall inure to. the rcspective suceeticc~rs and accigns of I.ender and Borrowe~.
s~~bject to the provisions of paragraph 17 hercoL All covenants and agrecmcnts of Bc~rrower shall be joint and ceveral.
The captions anJ headings of the paragraph~ of thic Mortgage are for convenience only and are not to he used to
interprct or define the provisions herrnf.
14. Nafice. Except for any notice rcyuired under applicablc la~• to be given in an~ther manner. (a) any notice to
Borrawer pmvided for in this Mortgage shall be given bl mailinR such nMice by certified mail addresced to Borrower at
the PropeAy AddrGSS or at such other addrecc as BormW~er may designate by no~ice to I.enckr as prmided herein. and
(1~) any notice to Lende~ shall 1ie given by certifieJ mail. retum receipt requested. ~o l.ender s address stated herein or to
such other address as I_ender may designate by noticr to BorMx•~r as provided hercin. Any notice provideJ far in this
Mortgage shall bc deemcd to havc been given to Bc?rrc~w•cr or Lcndcr ~~hcn given in the manner designated herein.
15. Unifone Mori~aRe: Coverni~ Iaw; SeveraM'litv. Thi~ form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variationc hy juriculirtion to constitute a uniform seci~rity instrument covering
real property. "1?~is Morigage shall he governed by thc law of the jurisdiction in which the Properly is located. In the
i event that any provision or clause of this Mortgage ar the Nc~te conflict~ wi~h applicable law, such rnnflict shall not affect
~ other provicions of this Mortgage or the Note which can t,e given eliect wi~hout the conflicting prmi~ion, and to this
i end the provisions of Ihe Mortgage and the Nc~te :+rc Jeclared to be ~everable.
16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time
j of execution or after recordation hereof.
~ 19. Tnnster of tbe Properiy; Assumptwn. If all ~r any part of the Property or an interest thcrein is sold or transferred
hy Borrower without Ixnder s prior written concent. excluding lal the creation of a lien or encombrance suhordinate to
~ this Mortgage, (bl the creation of a purchase money securi~~- interest for hoosehold appliances, (c) a trans(er by devise.
descent or by operation of law upon the death of a joint tenant or (d~ tfie grant ~~f am• Icaxhold interest of thrcc years or less
not containing an option to purchase. Lender ma~, at l.cnder'~ option, declare all ~he sums secured hy this Mortgage to be
immediately due and payahle. I.ender shall have waived cuch option to accelerate if, prior to the ~ale or transfer, l.ender
~ and ihe peru?n to whom the Property is to t?e sold or trans(errcd reach agreement in writing that the crcdit of such person
~ ic satisfactory to I.ender and that the interest pa}able on ~he sums secured by ~his Mortgage ~hall be at surh rate as Lender
shall req~est. If 1_ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in
interest has executed a written assump~ion agreement accepted in writing hy I.enJer. I.ender chall release Borrower from all
.~bligations under this Mortgage and the Note_
If i_ender exercises soch option to accelerate. I.ender tih:+ll mail Borrow~er notice of arceleration in accordance with
•.aragraph 14 hereof. Such notice shall provide a peri~xl ~~f not Iess than 30 days from the date the natice is mailed within
~ hich Borrower may pay the sums declared due. If Borrower frilc to pay'such sums prior to the expiration of such period,
1.cnder may, without further ~t~tice or ekmand on 13orrc~wer. imoke any remedies permitted by paragraph 18 hereof.
Nort-Utv~FORt~t Covetv~rrrs. Borrower and l.ender further covenant and agree as follows:
~ l8. Acceleratioa; Remedia. E:cept a6 prorided ia paraRraph 17 hereof. upae Eorrower's breacb of ay coveoaet or
= agreement of Borrower i~ t6is Mort~a~e, iocludi~ t6e covenants to pay whrn due any soms secnred by this Mort~a~e, I.toder
prior to accekrstba srall mail notke to Borrower ~s provided ia par~raph 14 bereof specifyiu~: (1) tbe bresc6; (2) l6e action
> reqoired to care sac~ brescb; (3) a dde, oot less than 30 days from tbe date t6e ootice b maikd to Eorrower, by w6k6 sacb
~ breac6 .ust be cved; aed (4) tbat faiinrc to cure soch breac6 on or before the date spec~'ied ie t6e eotice may resdt ia
; accdc~os of t~e soats secared by this Mort~a~e, torecbsure by judicial proceedin6 aod sale of t6e Prnperty. 7Le notke
' slwp fortl~ iaform Eorrower of tbe ri~bt to reinstate after accekratioa smd t6e ri~bt to aseert is the foreclowre proc~
~ We ooo-esistsoce d a debak or ~y otber detease of Borrorrer to accekration snd forecbwri. if tGe breach is aot c~red os
~
or bdore t6e date speci6ed ie tbe ootice. Le~der at Leader's optbn may declare a~ of tbe sams secued b~ ttiis Mort~a6e to be
immcdiatdp doe ui p~ysbie witboot f~utber demand aad may foreclose t6is Mortsa~e by ledkid Proeeedi~. I.e~der s6aY
be eot~led to co~eet b wcr proccedie~ a~ e:peases of tonclowre, includio~, bat wt limited to, rea~o~a61e atto~e7's fees,
a~d co~b oE doe~seahry e~ide~ce, abshacls aui tkle reports.
19. Borrower's Ri~~t to Reie~tate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
Bonower shall 6ave the rig6t to have any proccedings hegun by I.ender to enforce this Mortgage discontinuod at any time
sooK 271 PaGE 7~
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