HomeMy WebLinkAbout0151 l.ender's written agrctiment or applicable law. l3~rniwer shall pay the amuun~ of all martgage insurance prcmiums in the
msnner providrd under paragraph 2 hcreof.
Any amounls di+hurscd by 1_cnJer purtiuant tu this parag~aph 7, with iaterest thcrec~n, shal) becomc additiona)
iml~hteJncs~ i~f &xroN•cr secured by Ihis Morlg~ge. Unlct~ Borrow~er an~l I cn.ler agrcc to Mhc~ terms af payment, such
amouMs shall he payahle u(xm nu~ice from I.rnder tu Burrowrr rey~re~ting payment thercof, and shall hear interest from tho
da~e of disbursement at the rate p:ryahle from time to time on outstandin~ principal unde~ the Nate unlesc payment of
interest at such rate would be cantrary lo applicable law, in whi~h event such nmou~ts shall hear interest at the highest rate
~;rmissihle unde~ applicable law. Nothing r~~ntained in this paragraph 7 shall require Lender la incur any expense or take
any action hereunder.
8. laspectiou. [.ender may make or cause to he made ~ea<onahle rntrie. u~n and in~pections of the Pmperty, pmvickd
that Lender ~hall gir•e Borrowe~ nMice priur to any ~uch insExr~ion x~:cifying reasonable cause therefor related ta l.ender's
intcrcct in thc Propcrty.
9. Condemnatinn. The prexeedc of :iny award or claim for damagrs, direct o~ concequential, in connection with any
condemna~ion or Mher taking of ~he ProEx:rty, or part there~.i, or G•r conveyance in lieu of condemnation, are herehy acsigned
and shall hc paid to I.endcr.
In tt~ cvent of a total takin¢ of thc Pro~xrly. thc pr~kcc.ls .hall txx applicd to thc cums sccurcd by this Mortgagc.
with the ercecc, if any, paid to Rcrrowcr. In the event nf p;uti:d ~aking c~f the Property, unlec~ Bexrower and I_ender
otherHiW: agree in writing. there shall be applied t~~ Ihe ~ums ucurc~l hy thiti Mortgage ~uch pro~+ortion of the nroceeds
as is equ•rl to that pro~rtion whirh the amount the cumc ~er?irecf h~• thiti Mortgage immediately prior to the date of
taking bearc to thc fair market valiK of Ihc Pm~x rtv immc~lialcly pri~x to thc d.~tc of taking, with the balancc af the proceeds
paid to Bo~mw~er.
if the Property is abandoned hy Borrower. ~~r if. after n~~tice hy I.ender to Bormw•er thal the condemnor ofiers to make
a~ award or tiettle a claim for damage~, Bi~rmwer fail. ti~ rrc~x.nd t~ I ender within 30 days aher the date si~ch not'sce is
mailed, l.ender is authorited to coUect and ap~+iy the pnxred~, at l.ender'~ option, either to rettoration or repair of the
Pro~n~• or tc~ thc sum~ ticcurcd by this Mortgagc.
tlnles. Lender and Borrow~er othen+~•i~ agr~e in u ritinR. am• surh appiicati~n. ~f prcxceds to principal chall not extend
or p.~t~ne the due date of thc monthly installmrnt~ refcrred to in ~aragraphe 1 and 2 hercof or change the amount of
~ iuch installments.
10. Borrower Not Releaced. F.ttension of thr timr f~x p~~•ment or modification of amc~rlization of the sumc securcd
by this Mortgagc granted by 1_cndcr t~~ aii~• wccet~~~r in in~cre~t ~~f Rorrow•cr tihall nM ci~x:ratc to rcl~ase, in any manner,
!he liability o( the original~Ba[rower and BorroK~rr'c succes~~~rn in interetl. I.ender shall not he rcyuircd to commence
proccedings against cuch succccsor or rcfu~r ti~ c~tc~~t timc f~r p:tymcnt ar othctWi~c modify~ amortization of thc sums
sccurcd h}• thic Mortgagc by reas~n of an~• dcmand mad~ b~~ thr cvieinal Bou~~wcr and Borrowcrs sncccte~irs in intcreat.
11. Forbearance by l.ender Niot a Wai~~er. Am f~~rtx~aranrc M• I.cndcr in c~crcising any right or rcmcdy hcrcundcr, or
othenvise afiorJed by applicahle law, sh:?11 n~~t he a wai~~er ~~f or preclude the cxercise of any such right or remedy.
Thc procurement of insurancc or the paymrm of ta~cs ~x ~~thcr licns or rharg~~ by Lcnder tihall not hc a w:~ivcr of I.cnder s
right t~~ accclerate the maturity of the indebtedne~~ k~urrd hy thi~ Morlga~e_
j 12. Rtmedies Cumulative. All rcmcdicc pre.~•idcd in this Mortgagc arc distinct and cumulativc to anp othcr right or
remrJy under this Mortg3ge or afiorded M• law or equity, and may be ererciscrd concurn:ntl}•. indepcndently or sncceccivelV.
13. Successors and As~ns Bound: Joint and Se~eral i.iabilify: faptions. Thc covcnants and agrccmcnts herein
containcd shall hind, and thc riRhts hcrcur.dcr shall inurc to. the n~pcctivc succcticorc and asaign~ of Lcndcr and Bormwcr.
subject to the pruvisions of paragraph 17 hereof. All covenants and agreements of Borro~•er shall be j~~int and ce~eral.
~ "ilie captions and headings of tfie paragraphti ~f thic Mortgagc arc for rnnvcnicnce only and arc not to t?c uced to
interprct or define the provisions hereaf.
I4. Notice. Except for any notice rcyuired undcr applicablc lau ta be given in •another manner. fal any notice to
I BurroWer provided for in this Mortgaee ~hall he givrn h~- mailink tiuch noticc by ccr{ificd mail addresscd to Borrow~cr at
thc Prnpcrty AJdre~.~ or at such olhcr address as Bittn?w~cr mav dcsiFnatc b~~ noticc ro Lcndcr as pnrvidcd hcrein, and
; (h1 am• notice to Lender shall be given hy certified mail. relurn receipt requested. t~ I ender'c addresc stated herein or to
~ ~uch other address as I.ender may desig~ate b~• notice t~• Bormw•er as provided hcrein. Any notice provided for in this
~ Mortgagc shall he deemed to havc bccn given to l3~rrawrr or Lrnder w•hen grven in the manner decignatcd herein.
~ 15. Uniform MoriR~e; Covernin~ Iaw; Se~•erabilit}•. Thic fc•rrre of mortgage combines imiform covenants for nalional
~ use and nun-uniform covenanls with limited variationc h}• jurisdictic.n to rnnstitute a uniform security instrument covering
~ real property. This Mortgage shall he gmerned h}• the law c•f 1he jurisJictic~n in which the Praperty is located. In the
2 e~•ent th~t any provision or clauce of this Mortgage ~~r ihe Nate conflicts with applicable law. such conflict shall not afiect
rnhcr prin•isions of this Mortgage ~~r thc N~tc which can M; givcn cffcct without thc con0icting pmvicion, and to this
end the provisions of thc Mortgage and the Note are declarcd to hc ccveraMe.
- 16. Borrower's Copy. Borrow•cr shall bc furnitihcd a rnnformcd copy of thc Notc and of this Mortgage at the time
~ ot' exrcution or after recordation hereof.
~ 17. Tra~fer of the Property; Accumption. if all or any p:~rt of thc Pr~~pcrty or an interest therein is sold or tran~ferrcd
~ b~ Bormwer without I~nder's prior written concent. ercluding (al the crealion of a lien or encumbrance sutwrdinate ta
thi~ Mortgage. (b) tfie creation of a purcha~e money securi~y +nterest for household applianc~~, (c) a transfer by devise.
~ deuent or by operation of law upon the death of a j~?int tcnant or (d1 the grant of any leasehold interest c~f three years or lecs
~ n~~: :ontaining an option to purchase, I.ender may. at Lender'1 c~ption, declare all the sums secured by this Mortgage ta bc
~mmeciiately due and payaMe. l.ender shall have waived wch option Io accelerate iL prior to the sale or transfer. I.ender
~ and the person to whom the Property ie to be sold or trans(errcd reach agreement in writing that the credit of such person
~ ~ti satisfacrory to l.ender and that ~he intercst payable on the sums secured by this Morteage shall be at such rate as i.ender
" ~h:sll request. If 1_ender has waivecl the option to accelerate provided in this paragraph 17, and if Borrower's successor in
_ :nicrest hac executed a written assumption agreement accepted in wri~ing by Lender. Lender shall relea~e Borrower from all
~'~~at~ons under this Mortgage and the Note.
~ !f Lender exercises such aption to accelerale, Lender th~ll mail Borrower notice of acceleration in accordance wilh
.~ragraph 14 hereof_ Such notice shall provide a pericxl of not less than 30 days fr~m the date the natice is mailed within
ni ~h Bo:rower may pay the sums declarcd due_ If Rorrower (ailc to pay such sums prior ta ihe expiration of such period.
- •i~r may, without further notice or dcmand on Borrower, imoke any remedies permitted by paragraph IR hercof.
= Norv-UrnFORM CoverteN7's. Borrower and l.ender further covenant and agrce as follows:
_ 18. Accekrat'an; Remedies. Except a6 pro~idcd in par~raph 17 hereof. upoa Borrower's bresch of any coveaaot or
' a~rcement of Borrower io t6is Mortgs~e, includi~ the coverwnfs to pay when due any sarw secored by this Mortgage. Leoder
" prior to accekration s6aU mail notice to Borrower as provided in par~raph 14 hereof specifyi~: (1) t6e breacb; (2) tbe actioa
rcquired to curc s~c6 breach; (3) a datq aof less than 30 days from the date the notice is mailed to Borrower, by whic6 snc6
' breach must be cnred; aod (4) that failure to cnrc wch bresch on or before tbe da~e speci~ied io t6e aotice may resdt in
-4 accekration of t6e snms secured by this Mortgnge. forecbsure by judicia{ procesding and sak of 16e Property 'Ibe notice
:i sh~lt furt6er iaform Borrower of t6e right to rciastate after acceleration and t6e right fo a~sert in t6e foreclosure proc~
= t6e non-exi~teoce ot a defank or aoy other defense of Borrower to acceleration and forcclowrc. /f tbe brrach is not cured oe
or before the date speci6ed in the ootice. Lender at Lender's option may declue a0 of the sums secared by this Mortgs~e to be
immediatdy due aod payable witlwot furt6er demand and may forcclose th~s Mortg~e by jadicial proceedin~• Lender shall
be eutitled to co~ect in soc6 proceediag aB e:peases of foreclosurc. iaclndiog, but oot timited to, nawnabk attorne~'s fees,
" aod costs of docameatary evideoce, abstracts and title reporfs.
l9. Borrower's Ri66t to Reinstate. Notwilhstanding Lencier s acceleration of the sums secured by this Mortgage,
Borrower shal) have the right to have any proceedings begun by I_ender to enforce this Mortgage discontinued at any 6me
s
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= ~ K 28U ~,,~F 151
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