HomeMy WebLinkAbout0793 I.ende~'s writte~ agreeme~t or applKabk I~w. Borrawe~ shtU pay thc amount of all mc?ngage insurar~ce prcmiunu in the
manner pn~vided under paragraph 2 heroof.
Any amaunts dishurxd by I.e~Jer purcuant tu this paragrrph 7, with u~tercsl thcreon, shall become additiona)
inJeb~edness of li~rrowe~ secured hy Ihis MOfI(~~~C. UOIC~ti Burrow•cr anJ I enJer •rgrec ta othe~ tetms of payme~l, such
amcKinls shall he payahk u{x~n no~ice irom Lender w&~rn~wrr rry~x;~~ing paymem Ihercx~f, and shall t~ear interest from the
datc of disbursement at the rate ~+ayahle from ~imc to time on autstanding principa) under thc Note unles.s psyment of
interest at such rate would be contrary to applicable 1•rw, in which event ~uch am~~unts chall hcar interest at the highest rate
permissibk ut~der appficable law. Nothing contained in this parag~aph 7 chall require I.ender to incur sny eapense or talce
any action hereunder.
8• laspeetioa. t.ender may make or cauu ~o be made rea~naMe cmriec u~?n and inspections af tho Property, provided
that I.ender shall give Borrawer nMice prior ta any ~uch ins~;ti~~n specitying rcasonable cause theretor related to I.ender's
inte~est in the Propehy.
9. Coademaatbo. '17~e pr~xeedc of an~• award or claim for damac«. direct or concequential, in connection with any
condemnation or Mher taking of the Property, or part therc~~f, ~.r for cc~nvcyance in iieu of condemnation, are hereby astigned
and shall be paid to I.ender.
Tn Ihe event af a total taking of the ProFxriy, thc pnk~Yda tihall be applied t~ ~he sums cecured by this Martgage,
with the eccess, if any, paid to Borrower. In Ihe eveM ~?f a par~ial t:~kin~ c~f thc Property, unleca Bormwer and I.ender
otherwise agree in writing. Iherc shall be applicd t~~ thc .ums urcuRd by thi~ M~rtRage siech proportion of the proceeds
as ix equal to that praportion which thc amount ot ~hc sum~ .cc~~rcd by thic Mortgagc immediately prior to the date of
taking bears to the fair market vah~e of Ihe Pro~xr~~• immediatcly pric~r to the date of taking, with the balance of the proceeds
paid to Borrower.
lf the Propeny ic ahandoned by Bc,rrower. or if. after ni~tice bv I ender to Borr~wer that the condemnor offers to make
an award or cettk a claim for Jamageti. Bi~rmwer fail. a? r~~~x~nd ti~ I ender wi~hin 30 days after the date such notice is
mailed, lxnder is autfiorized to collect and apply thc proceedc, at I.ender't ~,ption, either to rcstoration or repair of the
Property or b the sum~ secureJ hy this Morlgage.
Unlesc Leockr and Earrower otherwicc ag~ee in ~ritin~, am• ~urh application of pr~xeedc to principal shall not extend
ar pcxtpone the due da~e of the monthly installmcros rcfcrrcd to in paraFraph~ 1 and 2 hereo( or change the amount af
cuch installments.
10. Bonowrr Nof Rekased. F.xlension of ~he timc for payment or modific:+tion of amortization of the sumc securcd
by this Mortgage granted by I.ender to any e~ccc~u~r in intcrc.t of R~~rrow•cr zhall no1 opcrate to release, in any manner,
ihe liab+liry of the original Borcower and Re.rrowcr'c succes«r~ i~ interect. I.ender shall not he rcquired to cammence
proceedings against such sua:euor or refusc to cxtcnJ timr for p•r}~mcnt cx otherwicc me~dify amortization of tne sums
serured hy thi~ Morigage by reason of :,ny demand r~ade M• thc ori~inal &~rrower and Borrower s succes~rs in intrrest.
11• Forbesnnce 6y I.ender Not a Wai~•er. Any f~.nc~ar~ncc by Lcnder in rrerci~ing am right or rcmedy hereunder, or
othervvise afiarded hy applicahle law, sh~ll nc.t be a waiver ~f or preclude the exercite of any such right or remedy.
The procurement of insurance or the payment of tare~ ~,r other liens or charge~ hy Lender shall not he a w•aiver of i.ender s
right to accrlerate the maturity of thc indehtednecs Krured h~• thic MortgaQc.
12. Remedies Comulatire. All remediec prm•idcd in thi~ Mortgage an: dictinct and cumulative to •rn}• other right or
remedy under this Mortgage or afforded by law i.r eyuity. and ma~~ he c~erriud c~ncurrcntly. independently or succetcively.
13. Secc4ssors and Assi~as Bound; Joint and Severa! I.iabillty; Captio~. The cavenaMs and agreementc herein
. contained shall bind, and the rights hereunder shall inure to_ the retpective tucce~s~~rc and acsignc af i_ender and Borrower,
subject to the provisions of paragraph 17 hcreof. All covcnants anJ agrecment~ of Borrow•cr shall hc j~int and ceve~al.
'tl?e captions and headings of the paragrapha of thic MortQage are f~r convenience only anJ are not to be used to
interprct or define the provisions hereof.
la. Notice. Except for any notice required under applic;~blr law to be given in an~ther manner. (a) any natice to
Borrower pmvided for in this Mortga¢e shall be given M~ m~iling wch notice by certified mail addresced ro Bormwer at
the Pmperty Addrecc or at such other addrecc ac B~rr~~acr ma~• designate b~~ notice t~ Lenekr as provided herein, and
(b) any notice ro I_enekr shall he given by certifird mail, return receipt reyue~ted. t~ I.ender s addrec~ s~ated herein or to
such other addresc as Lender may designate b}~ notice t~~ Bormw•cr as pmvided hrrein. Any notice pmvideJ for in ihis
Mongage shall be deemed lo have been given to E3ormw~cr or Lcnder w•hen given in thc manner designated herein.
15. Unitorm MortRa~e; Co~erniu~ [aw: Severability. This G~rm of mortgage comhines aniform covenantc for national
use and non-uniform covenants with limited variations hy jurisdirti~n tc. constitute a ~niform security instrument rnvering
I real property. "Il~is Mortgage shall be governed h~~ the law• of Ihe juricdicti~~n in which the Pmperty i~ located. In the
; event that any provision or clause of thic Mortgage ~~r ~he T~'ote con0ich ~i~h applicahte laK•, such conflicl shall not af[ect
i Mher provisionc of this Mortgage or the Not~ w•hich can Ix: givcn e(Tect without the conflic~ing pmvision, and to this
i . end the provisicins of ~he Martgage and the ?`i~tc arc ~kclared a~ he ~everaMe.
16. eorrower's Copy. Borrower shall he furni~hrJ a ccmf~rmed ro~y of the Note and of thic Mortgage at the time
; of execution or after recordation !?ereof_
~ 17. Trsntfer of tbe Property: Assumption. If all or am• part of thc Propcrt}~ or an interezt thcrein is sold or transferred
by Barrower without I.ender's prior written consent, ercluding lal the crcation of lien or encumbrance suborJinate to
~ thic Martgage. Ib1 the creation of a purcha~c monev ,ecurilp interest f~r household appliances, (c? a transfer by devise,
~ descent or by operation of law upon thc dcath of a joint tcnant or (di thc grant of any Icasehold interest of threc years or less
no~ containing an option to purchase, Lender may, •rt I.ender'1 opticm, declare a11 the sumt secured hy this Mortgage to be
~mmediately due and payable_ I_ender shall have waived tuch ~~ptiun to accelerate if, priar to the tale or transfer. [_enJer
:~nd the person to whom the Property is to be sold or transferred reach agreement in writing that the cre~iit of such person
i~ satisfactory to IxnJer and that the interest payable on the sums secured by ~hic Mortgage shall be at such rate as Lender
chall request. If I.ender has waived the option to accelerate provided in this p:iragraph 17, and if Borrower's successor in
~ interest hac executed a written assumplion agreement accepted in wri~ing by (.ender, I.ender shall release Borrower from all
.~bligations under this Mortgage and the Note.
IF Lender exercises such option to accelerate, I.ender ~ball mail Borrower notice of acceleration in accordance with
aragraph 14 hereof. Soch notice shall provide a periixl ~~f not Iess than i0 da}•s fmm the date the notice is mailed within
hich Borrower may pay the sums declared due. If Borrower fail~ to pay such sums prior to the expiration of soch period,
I cnJer may,. without further notice or ciemand on ~rrower; ~moke_ anp remedies permitted by paragraph 18 hereof.
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Notv-UN~FORM CovEtveiwrs. Bortower and Lender further cavenant and agrce as follows:
18. ACCtIlt~lpO~ Remedks. Facep as provided in paragrsph 17 hcreof, upoa Borrower's brcach of any covesant or
aRreement of Borrower io tbk Morf~a~e, jncludi~ Ihe covenants to pay when due aay snms secured by ti~ Mortaa~e, Leoder
' prior to accekr'iba sbaH m~ ootlce to aorrower as pmvided in paragnpl~ 14 hereof speclfy~: (1) t6e bresc6; (2) the actioe
~ reqojrcd fo carr src~ brescb; (3) a date, oot k~ t6an 30 days from tbe date tbe oMiee is maikd to Borrower, by whk6 aoc~
; bnsch mast 6e csred; aed (4) tLat fsilure to cure snch breacb on or before tbc date speciGed is tbe notiee mar resatt in
~ accderWoo of t~e s~as secved by tbis Mort~aae, forecbsure by judicial proceedia~ aad sale of tbe Troperty. 'Itie ndlce
g shall furt~er inform Eomower ot tbe ria6t to reinstste after accekration and t6e ria6t to as~erl ia tbe forectosurs proc~
the noo-e:iste~ce of a defaolt or aoy other defcme of Borrower to sccekntion aad foreclosure. If t6e breacb is eot c~ed on
~ or before t6e date speci6ed i~ tie notke, Lender at Lender's oplion may deciare a8 ot tbe sams secared br t6k Mort~a~e fo be
~ immediatdy dee aui pyabk w~itboM fart6er demand and may foreclo6e tl~s Mort~e by jodkW proceedi~. Leoder sball
be eatitled to coLect i~ sx~ pnoceedin6 sp e:pensa of forcclosurr. incledin~, b~t oot dmitea to, raio~ble attoneys iees,
a~d oosls of doc~y erWe~ee, a~scts aod tNle rep~rts.
14. dotmwer's lt~~t to Reirtate. Notwithstanding i_ender s acceleration of the sums socured by this Mortgage.
Borrower shall have the rig6t to have any procoedings begun by Lender to enforce this Mortgage disconGnued at any time
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