HomeMy WebLinkAbout0772 I.cmicr's writtcn agrsement or applicabk low. Borrower shall pay the smuunt of al) mortgage ~nsurancx prcmiums in the
manncr pravidcJ under paragraph 2 herco[.
Any amounts dishursed by LenJrr pursuant t~i this p~ragraph 7, wi~h intetest thereoa, shal) becomc additiona)
inJrAtedness uf Hurrower secured by Ihis Mortga~e. llnleas &~rruwrr anJ I enJer agree to athe~ tenns of paymtot, such
amounts shall be payable upo~ ~uticc fmm t.cnder tu &~rmwrr rcyucsting p~ymcnt thcrco(, gnd shall hcar interest from the
date of disbursemenl at the nte payahle fmm timc to time on outstanding principal under the Note unless paymerU of
interest at such rate would be contrary to applicable law, in which evenl cuch amounts ~hall bea~ interest at the hiahest rate
pe~missibk under applicabk law. NMhing conlaineel in thic paragraph 7 shal) require l.ender to incur any espense or take
any action hereunder.
S. Iaspectiw. I.enckr may make or rau~ to be maJc reaa~nable cnlriec u{xm and inspections of the Property, provided
that l.ernler shall give Borrower notic~e pri~~r to a~y such inspeclioo ~pecifying rcasanable cause therctor related ta I_ender's
interesl in the Property. •
9. Coademeatba. 'il~e pnxeedc iif any award or claim for damages, direcl or rnnsequential, in con~ection with any
condcmnation or dhcr taking af thc Property, or part thcrcof. ~x for a~nvcyancc in lieu of condcmnalian, arc hereby assigned
and shall bc paid to l.ender: '
In ~he event of a total laking af the Pmpc~ty, thc pr~kceds shall hc applicd to the sums acurcd hy this Mortgage.
with the excess, if any, paid to Borrowcr. In thc cvc~t ~~f a pa~ti:~l ~aking of the Praperty, unless Bomower and I.ender
athervvise agrce in writinR. lherr shall be applieJ to the ~ums secun~d by thi~ Mortgage such proportion of the procoods
as is equal to that propprtion which the amount o( Ihe sumc ~ecured hy thic Mortgage immediately prior to the date of
taking bears to the fair market valuc of Ihe Pmpcrty immcdiatcly prior to the Jate ot taking, with the balance of the proceeds
paid to Borrowcr. ,
if the Praperty is abandoned by Borrower. ~,r it. aftcr noticc hy i.cnder tn Bormwer that the condemnor ofters to make
an award or setNe a claim for damages, &~rri,wer faila t~. rc+~x.nd to 1 ender within 30 days after the date such notice is
mailed. I.ender is authorized to collect and apply the procecds, at I.ender i option. either ta rGCtoration or repair of the
Propeny or to thc sums secured by Ihis Mon~age.
Unless I_enJer and Borrower othervvise agrce in writing, any cuch application of prcx-~.~eds ta princepal shal) not extend
or postpone the due dale of the monthly inslallmcnts refcrrcd to in paragraphe 1 and 2 hereof or change ihe amount of
such installments_
10. Bormwer Not Rekzsed. Extcnsion o( thc timc for paymcnt or modification af _amortiTalion of the sums sxured
by this Morigaae granled by T.ender to any aucceccor in interest of Rorrower ~hall not operate to release, in any manner,
the liability of Ihe original Borrower and Borrower c SItCCCSGIrS in intercst. 1_ender shal) not he rcyuired to commence
proceedings against xuch successor or refuse lo extenJ time tor payment ar alherwice mc~dify amortizaticu~ of the sums
secured by thic Mortgage by reason of any demand made by the orieinal Borrower and Borrawers succe~rc in interest.
I1. Forbearance by l.ender Not s Waiver. Any f~nc~arancc by I.cnder in cxercising any right or remedy hereunder, or
othenvise afforded hy applicahle law. shall not be a waiver of i,r preclude the exercise of any such right or remedy.
The procurement of insuranoe or the paymeM o( taics ur other liens or chargec hy I.ender shall not he a waiver of I~nder's
tight to accelcratc thc maturity of thc indcbtcdrxcc ~rurccl hy thic Morlgagc.
12. Rt~es Cnmulati~e. All rcmedies provided in thic Morlgage ~rc Jistinct and cum~dative to any olher right or
remedy under this Morigage or afTarded hy law c?r equity, anJ may be exerciccJ concurrcntly, independently or successively. ~
13. Sacce~ors sad As~os Eound: Joint and Sereral (.iability; fsptions. Tl?c covenants and agreements herein
contained shall hind, and the rights hercunder shall inure to. the respective succecsc~rs and ascigns of l.ender and Borrower,
subject to ~he provisions of paragraph 17 hcrrnf_ All covcnants and aRrcemcnts of Borrower shall t~c joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be osed to
interpret or de6ne the provisions hereof.
14. Notice. Eacept for a~y notice required unekr applicable law to t+e given in another manncr, (a) any notice to
Borrower pmvided for in this Martgage shall he given by mailinR ~urh notice by certified mail addrecsed to Borrower at
the Property Address or at such other addrccs as &~rrowcr may designate by notice to Lender as pmvidcd herein, and
(b) any notice to Lender shal) he given by certifK,-J mai~, retum receipt requested. to I enders addren staled herein or to
such other addr+es~ as Lender mav designate by notice to Bormwer as pro~•ided hercin. Any notice provided for in this
Mortgage shall be deemed to havc been given to Borrawcr or I.cnder when givcn in ihe manner designated herein.
iS. Unifono Mort~e; Gorerniu~ I.aw; Severobility. Thic (orm of martgage combines.uniform covenants for national
use and non-uniform covenants with limited variations hy joriuliction to constitute a uniform security instrument covering
real property. "il~is Mortgage shall be governed by Ihe law of the jurisdiction in which the Property is lacated. In the
event that any provision or clause of this Mortgage ix the Note canflicts with applicable law. such conflict shall not affect
I Mher provisions of Ihis Mortgage or the Note which can he given efTect without the conflicting pmvision, and to this
i end the provisions of the Mortgage and the Nc~te are ~k-clared to he ~everable.
16. eormwsr's Copy. Borrower shall be furnished a con(ormcd ropy o( Ihe Note and of this Mortgage at the tittx
of execution or after rccordation hereof.
~ 1~. Tnaste~ of the Property: Assumption. If all or any part ot the Pmperty or an interest therein is sold or transferred
by Borrower without Ixnder's prior wriUen rnnsent, exduding (a1 the creation of a lien or encumbrance subordinate to
~ this Mortgage. (b) the creation of a purchase money ~ecurity interes~ for househald appliances. (c) a transfer by devise,
descent or by operation of law upon the Jeath af a joint tenanl or (d? the granl af any Icaschold interest of thrcc years or less
~ nut containing an option to purchase, I_ender may, at l.ender's option, declare all the sums secured hy this Mortgage to be
immediately due and payable. I_ender shall have waived cuch oplion to acceierate if, prior to the cale or transfer. Ixnder
~ and the person ro whom the Pmperty is to be solJ or transferrcd rcach agreement in writing that the credit of such person
is satisfactory to I.enckr and that the interest payable on the sums secured by this Morigage shall be at such rate as Lender
shall request. If i.ender has waived the option to accelerate provideJ in this paragraph 17, and if Borrowers successor in
~ mterest has executed a written assumption agreement accepted in wriling by [xncler, Lender shall release Borrower from all
.;bligations under this Mortgage and the Note.
~ If Ixnder exercises s~ch option to accelerate. I_ender shall mail Borrower notice of accele:ation in accordance wilh
~:aragraph 14 hereof. Such notice shall provide a peric~d of not less than 30 days from the date the notice is mailed within
~ .hich Borrower may pay the sums declareJ due. If Borrower fails to pay such sums prior to the expiration of such period.
( cnder may, without further notice or ciemand on {iorrower, invoke any remedies permitted by paragraph 18 hereof.
~ Nort-UH~FORtat CovEtveH'rs. Borrower and lxnder further covenant and agree as follows:
~ 18. Atcekratioe; Remedks. Escept as provWed io para~nph 17 hereof. npw Eorrowels bresc6 of a~y co~e~t or
~ a~rcemeat of Borrower u l~ Morq~aRe, ieclodin~ ~be covenax~s ~o ~y when dne a.y soms secored by ~h~s Mortsa~e, Leader
~ prior to scceleMlo~ sbaR ma~ sotice to Bormwer ~ pwvided in para~rspb 14 6ereof specK~: (1) ~6e 6reacM: t2) t~e sctioa
~ reqaired b c~re soch breacr; (3) a daRe, nM lesa t6an 30 days fro~o t6e date tbe ootice is a~ailed to Eorrower, 6y wric6 s~cY
: breac6 vest be c~rcd; aod (4) t6at failnre !o cnre socb Mrach on or before tbe date speci6ed i~ t6e ~otke say rwit i~
~ accderatfo~ d tie s~as secrred by tWs Mortga~e, foreclosure by jndicial proceedln~ a~d aak of tre Pr~upert~. 'IUe ootke
Y sbap fnrtier iafors aorruwa of tl~e riaM to reiastate ~ler sccekratioo aad tbe ri~t to as~eri ia ttie for~clowre ~roceedi~
u tbe no~iete~ce of a de[adt or a~y ot6er defease of eorrower to accekraKoo aod forccbwre. N ttie brescb is ~ot e~td w
~ or before We da~e s'eei~'ied i~ t6e ootice, Lewder at Lesde~'s option may deelare aB of tl~e ~~s sea~nd by tLis Mortaa~e ~0 6e
immediatdy dne asd Myabk w~it6oat fnrther denw~d aud may foreclose t6is Mo~a6e b~' j~dicW Proee~. Le~der sraN
^ be e~tjflea to co~ed i~ wcr procecdi~ sll e:peasts of toreciosare. incl~din~, bM ~ot li~iled t0. rea~o~bie attor~eys Eea,
a~d casb of doc~oe~ary e~ideace, abdtscla a~d title rcporls.
1!, iorrower'i Ri~t to Rd~tate. Notwithstanding Lender s acceleration of the surtu socuraf by this Mortgage.
Borrower shall 6ave the rig6t to have any proceedings begun by Lender to enforce this Mortgage discontinuod at any time
eo~271 ~E ?72
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