HomeMy WebLinkAbout0659 l_cndcr's written agreement or applirable law•. Borrow~er shall pay thc amount of al) mortgage insurance premiums in the
manncr provided under paragraph 2 hereoi.
Any amoun~s disbursed by LenJer purcuaot ta this paragraph 7, wi~h intercst thercon, shall become additional
inJeb~ednrsc af Borsowe~ srcured by this Mortgage. Unlesx BorroNer and !_ender agrce ~o other terms of payment, such
amounts shall be papahle u~n nrnirc from I.ender ~o Borrow~cr requecting paymen! thereof, and shall bea~ intercst from the
date of Jisbursement at thc rate payahle fn,m time to lime on outstanding principal uoder the No1e nnless payment of
interest at such rate w~ou1J be contrary to applicable law, in w•hich event such amounts shall bea~ interest at the highest nte
permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take
any action hereunder.
8. lnspecNoe. I.ender may make ar cause to !+e made rea~nable ent~iec upon and inspections of the Property. provided
that I.ender shall give Borrawer notice prior to any xuch inspection cpecifying rcasonabk cause therefor related to Lmder's
interect in Ihe Propert~. ~
9. Co~demnation. The pr~~ceed~ of any av?ard or claim for damages, dircct or cuncequential, in connectan with any
rondem~ation or other taking of the Property, or part thereot, o~ for ccu~veyance in lieu of cc?odemnation, arc hercby assigoed
anJ ~hall t+e paid to I.ender.
In Ihe event of a total taking of the Property. the proceeds shall be applied to ~he cums stcurcd by this Mortgage. r
with the ercecs. if any, paid to 8orrower. ln the event of a partial taking of the Prc?peny, unless Bomov?Yr and L.ender
o~herwicr agree in wri~i~g. there shall be applied !o ~he ~ums secund by this Mortgage such p:a~portion of the proceeds
as ic equal to that pro~rtion which the am~~unt of the sum~ ucu~ed hy this Mortgage immediatd}• priar to the date of
taking bearc t~ the tair market value of thc Propcrt~~ immcdiately p~io~ to the date of taking. v~rith the balanc~ of ihe proceecis
paid t~ Borrower.
if the Properry is abandoned b~• Borrower, or if. afte~ n~~ice by Lender to Borrower that 1he condemnor o(fen to make
an aaard or cetlle a claim for damages. Bc~rmwer [ails to res~nd to l_ende~ within 30 da~s after the date such notice is
mailed, i_ender ic autharized to callect and apply the proceeds. at [.ender s option. either to resiontion or repair of ihe
Propen~• or to the sums secured hy this Mortgage.
Unlesc l.ender and Borrower otherwise agree in ~ritinc. am• ,och applicatian of proceeds to principal shall not extend
or ~c~p~~ne the due date of the momhl~• installments referrcd ta in {+~ragraphc 1 and 2 hereof o~ change the amount of
such inctallments.
10. Borrower Not Released. F.xtension of the time for payment or modification of amortization of the sums securrd
by thic M~~Ngage granted by 1_ender to an~• ~uccessor in interect of Borrov?•cr shall na opente to rekase, in any manner. :
~he liability uf Ihe original Borrower and Borrowcr'c successorc in intercst_ Lender shaq not he rcquired to commtnce
pn.ceedings against st~ch successor or refuse to extenJ time for payment or ottvtrv?•ice modify amortization of the sums
secured hy thic Mortgage by reason of any~ demand made b~• the orieinal Borrower and Borrowers succescors in interest.
11. Forbearance by Ixnder ?~M a Waiver. Any forhearance bt~ I_ender in e~ercising am right or remedy hercunder, or
~~therwise afTorded by applicahle law, shall not he a waiver of or preclude the exercise of any such right or remedy_
The procurement of insurance or the payment of tarec or other liens o~ charges by 1_ender shall nut be a vraiver of Lender's
right t~• accelerate ~he maturity of the indebtednecc cecured h~~ thi~ Mortgage.
12. Remedies Cnmulative. All remeJies pi~vided in this Mortgage arc distinct and cumulative to any other right or
reme~l~• under this Mortgage or afforded h~ law or equit}~. and ma~• he exercised concurrrnth. independendy or successively.
13. Successors and Assigns Bound: ]oint and Sere~al i.iaM'lity; CaptioRS. The ca.~enants and agreements herein
rontaineJ shall bind, and the rights hercunder shall inure to. the rrspective succecsors and usigns of I_ender and Borrower,
subject to the provisian~ of paragraph 17 hereof. All covenants and agreementc of Borrowersfiall be joint and several.
The raptions and headingc of the paragraphc of this vtortgage are for convenience only a~d att not to be used to
imerprct or define the pro~~isions hereof.
14. ~lotice. E!ccept for any notice required unJer ~pplicable lav?~ to be given in another manner. (al any notice to
Born?wer provided (or in thic Mortga¢e shall be given b}~ mailing cuch notice b~~ cenified mail addressed t~ Borrower at
thc Pmperty Addrecs or at such other addrecs as Borr~~w•er mar designate b~ notice to Lender as provided h~rein, and
!h1 am~ notire-to Lendcrshall he gi~•en h~~ certificd mail. retum receipt requested. ta I.enders address stated hercin or to
such i.ther addres~ as l.ender ma}~ designate b~• notice tc? Borrovrer as provided herein. Any notice provided fcx in this
M~~rtgagc shall he deemcd to ha~~c been given to Borrow•er or I.ender w~hen given in the manner designated herein.
, 1S. Uniform MortR~r. Governin~; iaw: Se~•er~b~'lih•. This fo~m of mortgage rnmbines uniform covemnts for national
use and non-~niform rovenan~c with limitcel variations h~• jurisdiction to constitute a uniform secority instrument covering
~ real propert~•. Thic tlior~gage ~hall be g~~verned M~ the law~ of the juricdiction in which the Property ic located. In the
~ event that any provision or cla~~se of this Mortga¢e or the I~ote rnnflictc Kith applicabk lav?•, such conflict sFiall not affect
~ othe~ pre~visionc of thic Morigage or the Note which can t~e gi~en effect withcxrt the conflicting provition, and to this .
, end the provisions of the Mor~gage and the '~ote are Jcclared tc be severable~
' 16. dorrowe~s Copy. Borrower shall be furniched a conformed copy of the 1~ote and of this Mortgage at the time
ut execution or after recordation hereof_
17• Transfer of the Propetiv: Acsumplion. If all or am• part ot thc Pmperty ~r an intercst thercin is sold or transferred
by Borrowcr without Lender's prior wriuen consent. excluding lal the crcation of a lien or encumbronce wbordinate to
this Mortgage. Ibl the creation of a purchase money ~ecurit~• interest for household appliances. (cl a transfer by devise.
deuent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interesi of thrce years or less
not containing an option to purchase. Lender ma~~. at Lendert i,ption. declare all the sums secured by this Mortgage to be
immediately due and payable. I.ender shall ha~•e w~ai~•ed ~uch option tc accelerate if, prior to the cale or traresfer. Lender
and the peruin to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person •
is satisfacton• to I.ender and that the interest payable on the sumc secured by this Mortgage shall be at sach ratt as [.ender
shall request. lf l.ender has waived the option to accelerate provided in this prragraph 17. and if Borrower
s saccessor in
interest hac executed a written assumption agreement accepted in w•riting by Lender. Lender shall rekase Borrower from all
obligations under this Mortgage and the Note.
Jf I_ender exercisec such option to acce~erate. I.ender chall maif Borrov?•er notire of accekration in accordance with
paragraph 14 hereof. Such notice shall provide a perioci of not less than 30 days from the date the notice is mailed within
w•hich Borrower may pay the sums declared due_ If Borrower fails to pay u~ch sums prior to the expiration of such period,
I.ender may. without further notice or dcmand on 13ormwer, invoke any remedia permitted by pangraph 18 hercof.
~ Nox-UNiFORt~t CoveruvTS. Borrower and Lender further covenant and agrce u follovrs:
~ 18. Acceleration; Remedies. Except as pro.ided ia para~rapA 17 bereoE. ~po~ Sorrowe~s beaci of a~y co~e~t or .
~ agreement of Borrower in tbis Morlgsqe. includi~ the co~•ewnts to pay w6eo dre aoy sovs sec~red by t6is Mortaa~e, Leider
prior to acceleratioa s6a11 mail notice to Borrower as ~rovided ia paragrap6 14 bereof specif~: (1) tre brsacr: (2) tbe actioa
required to care suc6 breach; (3) a dste. not less ihan 30 days froin tLe date tbe notke is oaiei fo Eorrowu, by vricA snc~
breach mwt be cored; aad (4) that failnre to cure snch bresch oa or before tre date s~ee~ i~ tre ~otice ~ay ns~lt ia
accekration of the snms secured by this Mort~a~e, forecbwn by jadicisl proceedin~ a~i sak ot He le~o~ertp- 'itie aotice
sball further inform Borrower of the riqht to reinstate after sccele~stiow asd tbe ri;bt to a~ert ~ tre forselowre p~oces~
the aon-existence of a defanM or any other defense of Borro~+er to sceeleratiow ana foreelos~e. If tre bresc~ is ~ot c~+ed o0
~ or betore the date apecified in the notice. Leader at Lender's optioa a~ay dcclart a0 of th s~~at senrei b!~ t6~s Mo~t~a~e b be
immediately due and payabk withoot furti~er demand and may foreclose t6is Mo~a~e ir j~icial Moc~eedi~• I.e~der sba~
~ be entitfed to collcct in suc6 proceedl~ aN e:peosa of foreclowre, iaclndia~. brt ~ot ~ t0. reaso~a6ie attone~'s fea,
aad cosfs of documentary evidence. sbstracls snd titk reporh.
19. Borrowe~'s RiR6t to Reinq~e. Notwithstanding Lencier s acceleration ot the swns socur~ed by this Mortgage,
Borrower shall have the right to have any ptoceedings hegun hy Lender to enforce this Mottga6e discontinued at aay time
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