HomeMy WebLinkAbout0406 l.rnJcr'.s written agrccm~nt or applirablc law. liurrowrr shali pay thc amuunt u( all mongasc in~ursnrc pr~miums in thc
mannrr pmvidcJ undet paragraph ? hereofi i,
Any amounts dictxuscd by I.cryclCf~ (ly~~t •!o thil~~~aph 7, wi~h intercct thercu~. shall t+ccame additianal
inJcM~Jn~se af E3ormwer secu~-d by ~h3t Mrnrt~ gc. l:nlra ~rru~r~ :.~d 1 cn.kr agrcc ql6ef .~S(~p~ f paymcnt, such
amountc shall Ix payahl~ upc~n nai~e from Lender t~~ &~~r.~Nrr ~~~y~kctingpa~•m~nt thcrcofr and~k~hailbc~intc~ect from the
Jatc of dicburscmcnt at thc ratc pa}'ahle from timc to timc on autstanding principal undrr the Note unless payment of
interest at such rale woulJ be contrary to applicable law. in which evenl a~ch amounts shalt hear interest at the highest rate
permissibic unde~ applicabk law. Nothing con~ained in ~his para&raph 7 shall requirc I_ender to incu~ any expense or take
any action hcrcunder. .
8. laspectba. I.ender may make or cauu to be made rcau?nahle entr'~es upon and inspectionc of tbe Pc4pe y. pravid~d
that l.ender ~hall gile Borrower nMice prior to any s~~ch inspectian speci(ying rcasonabk ea~se theMe~r reMt~tf~ i.ender's
interes~ in the Propeny. o_ . ~
9. Cop~emaaNoa. The prc~cecdc nf ~ny award o~ claim for damaga: direct or coosequential, in connection with any ~
coodemna~ion or wfier taking of ~he Propeny. or part therec~f, ar for conveyance in lieu of condemn~tion.'Fe hercby ascigned
and shall be paid to Lendc~. - ~ ~ • ~
ln thc eveot ot a total .laking of thc Propeny, thc proceeds chall he appl6ed to ~hc~iutns secursd by 'thic Mortgage.
with thc excess; if any, paid ta Borrow~r. in the event of a partial taking of Ihe Property, uolcc~ Aorrov?•er and i.endcr
othervvise agrce in writing. there shall be applied to the sums secured by thi~ Mortgage such propoNion oF the proceeds
as is equal to that praportio~ which .the amount of the sums secured by this Mortgage imnxdiatel~ prior ~o the date of ~
taking bears to the fair market valuc of the Prnpeny immediately priar to the Jate of ttiking, wiih the balancc of thc proceeds
paid to 8orrower.
if the Propeny is abandoned by Bc~rrower, or if. after natice by Lender to Bomnwer that tlu condemnor ofien to make
an award or ultle a claim for damages. Borrowe~ tails ta res~nd to 1_ender within 30 day~s after tlie date such ~otice is
mailed. I.ender is authorized _to colkct and apply the procecds, ai T.ender'c option. either to rectoratioo ar npair of the
Pro~ny ~ to the sums secured by this Mortgagc.
Unhesx I.eqder and Borrower othervvise agree in w-ritine, any ~uch application of proceedc to principal shall not extend
or postpone tlie due date ot the munthly irtstallments referrcd to in paragraphc 1 and 2 hereof or change the amount of
such~ installrtf~tnts: -
1A. Bs~ruaer Not Reles~ed. Fxtensio~ of the time for pa~~ment or mc+diflcation of amonization of the sumc secured
by this Mortgage g~anted by l.ender to any sucoessor in interest of Borrower shall not operate to release. in any manner. ~
the tiabilitv :bf the original Borrower and Bc+rrower
s successorc in interest. Lender ~hall not be required to commence
proreedin~i again~t •such successor or refuu ta extenJ time for payment or olherwi~e modify amortization of the sums
securcd ti~? thix Mortgsge b~ r~eawn of any dem~nd made by the origina) Burmwer and Borrower's succescaR in intercst.
~~1. Forbearance ~y Leader Not a Wairer. Any forhearance by I.cnde~ in crcrcising any right or remcdy hereundcr, or
o~hervvise aBorded by applicaMe law, shall ~t be a wai~e~ of or precfude the exercise of any such right or remedy. i
The procurement of insurance or ihe payment of taxe~or oiher liens or charges by I.eoder shall not be a w•aiver of I_ender's ~
right to accelerate the maturity of ihe indeb~edness secured hy thic Mortgage.
l2. Remedies Cwaulati~e. All remedies pro~~ided in this l~tortgage are distinct arid cumulative ta any ~ther right or
rcmedy under this Mortgage or aB~xded hy law or equity. and ma~• be exercised concurrently. independendy or s~~cceuively.
~3. Successors aad AssiRes Eoand; Joiat aod Seversl i.iab~ty: Captiona. The rnvenants and agrcements hcrein
contained shall bind, and the ri~ehtc hereunder shall iniire tu, the rcspective successora and a~signs of Lender and Borrc~wYr,
subject to the provisions of paragraph 17 hereof. All covenants and agreementx of Borrower shall be joint and several.
'i1~e captions and headingc of the paragraphc of thic Mortgagc are for ¢cxrvenience on{y and are not to be used to
interpret or define 1he.pro~~isions hereof.
l4. NMice. Ezcept for any notice required under applicahle law to be giveo in anoiher manner. (a) any notice to
Borrower provided far in this Mortgage shal) be given by mailing wch ~o~ice bp renified mail addrescecf to Borrow~er at
the Property Acldress or at c?kh othcr addrcss as Bormwcr ma~• designatc by notice to i_endcr as provided herein, and
(b) any notice to Lender shall he givea by certifi~~ci mail, return reccip~ rcquc~ted. ~o I cnek~ s addresc stated herein or to
such other address as Lender ma~~ desigoate by notice to Rormwer as ~vided herein. Any nolice prcivided for in thn
Nartgage shall hc deemed t~ have been ~tiven to Bormwer or l.rnder ~when givro in thc manner decignated herein.
lS. Uaiforw~ Mori~a~e: Governiu~ Law; Se~erabtlity. Thic form ~f mc?rtgage combines uniform cavenantc for national
ux and non-uniform covenants with limited variations hy j~~risJiction to rnnstitute a uniform security instrument covering
rcal property. This Martgage sha~ be governed hy the law of ~he jurisdiction in which the Property ic located_ In the
event that an} provision or elai~se af thic Mortga¢e or the Note rnnflicts v?•ith applwabk law, such conflict chall not atfect
I; other pr~visicu~s of thic Mortgage or the Note which can be given eRect without the conflic~ing provixion, and to this
~ end the provisions of the Mortgage and the '~ote arc dcclared to he s,everable.
l6. dorrower's Copy. Bormw~er chalf be furnished a conformed copy of the Note and of this Mortgage at the time
~ of execution or after oocordation hereof.
! 1~. Transfer of the Propertv: Assnmption. If all or am• part of the Pmperty or an interest thercin is s~~id or transferred
by Borrower without I.e~der's prior w•ritten ronsent. rxcluding taf the crcation of a lien or encumhrance subordinate to
thic Mortgage. (b) the creation of a purchace money security interest for household appliancec. (c) a transfer by devise, f
descent or by operation of law• upon the Jealh ef a joint tenan~ or (d? the grant of any Icasehold interest of three years or Iess t
not co~taining an option to purchase. l.ender may, at 1_cnder'c option. declare all ~he sums secured by this Mortgage to be i
immediatcly due and payable. Lender shall have waived such option to acccler~ete if, pric~r to ihe sale or transfer. I.ender
anJ the person to whom the Properry is ~o be so1J or transferred n;ach agreement in writing that the credit of such person ;
is satisfactory to Lender and that ihe interrct payable on the sums secured by this Morigage shall be at such rate ac Lender
shall rcquest. If Lenckr has waived ihe option to accelerate pmvided in this Paragraph 17, and if Boirower
s successor in ~
interest has executed a written assumption agrcemcnt acceptcd in writing by i_cnJer, 1_ender shall rclease Borrower from all
obligations under this Mongage and ihe Note. •
If Lender exercises sUch option to accelerate. Lender ~hall mail Bo~rower notice of acceleratioo in accordance with .
paragraph 14 fiereof. Such notice shall provide a periocl of not Iess than 30 dayc from thc date the notice is mailed within f
which Borm~ver may pay the sums declared due. If Bc~rrawer fails ro pay such wms prior to ihe expiratioo of such period. '
[.ender may, without [urther notice or dcmand on t3arrow•er, imoke any rcmedies permitted by paragraph 1R hereof. ~
Norr•Ur~Fatut CovFxerrrs. Borrrnver and l_e~der furtber covenant ~nd agrte as follows: ~
S 18. Acceleratjoa Remedia. Except as prorided ~ pan~rspA 17 `enot. u~ Bon+owers bnacL of asy co~na~t or
a~nement ot Borrower ia tbis Mo~ge,lncl~n~ tie eoreasMs to pay wl~ dae sq mms secered Ay tMis Mortsafe, I.eader
pdor lo aecdentioa s6aN sail sotke to aon~ower as provWed M parsErapl~ 14 benot speciR~: (1) t6e breach; (2) tbe aetbn
rsqolr+ed to cue set~ bresch'. a date. aot ks t6an 3A days feom tke dste t6e ~otke 4 naNed to Eorrowel. by which socY
bresc6 s~wt 6e carei; asd (4) Nat ia8un to cure sec6 breacb on or 6etor+e ibe date specl8ed ~ tMe ~otke may ramt ia
seceknNo~ ot ~e soo~ secored by tb[s Morfssge. tmecbsarc by jndicial pwceedix~ aaa sale of t6e lr~operty. 'Il~e ootice
shdl torther iaforw torrower of tMe riR6t to reisstate after eecekratio~ aad t6e eisbt M as~ert ~ tre to~~alowre proetedhL
tre sore~ta~ce of a de~aeit or aq otUer defense ot Borro..er to sccekratio~ sui toreebwre. K f6e 6~+esc6 b,ot a~ered a~
or betore tre dsle specf~d is tMe ~otke. Leader M I.e~der"s o~op maY ~eclsre sq ot t~e w~s secarcd by t6is Mortsa~e !u be
~we~tdy aoe a~d psyable w~oot im~Iber dea~d snd ~esy forecbse tii~ Mort~age bp jaaicW Proeee~. Lesder s6aM
be ea~tled to eellect h~ecb proectdin~ a! acpeosa ot foreclosure. iuciod~. brt sot Woited to, rea~owsMe attor~e~'a fees.
a~i ca~b ot doc~c~ erideace, sbstrscts a~d titk repo~b.
19. ~attowe~'s Rlti~t to Re6Wate. Notwithstanding Lender s acceleration of the sums secur+ed by this MoRgage.
Bort~oaer shall have the riaht to have any prooeedings begun by Lender to enforce this Mortgage discontinuod at any titne
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