HomeMy WebLinkAbout0231 l.ender's written agrcement or applic~bk law. Borrower shall pay the a~t~oiint, ot all morlga~e i~urance prcmiums io the
inanner provided undcr parag~aph 2 herwf. L~
Any amaunls dicbirrsccl by l.cnJer pun~eant ta lhis paragraph 7, with intet+cst thereon, shall became additional
inJch~edness ~~f Borrower securcd by this Mur~gage. Unlecc Barrower anJ I.enJer agrce to ather tertns at payment, such
amounts shal) be payahk upan n~~tire from I.endcr 1o f3orrowrr reyuesling paymcnt thercof, and shall lxar interest from the
datc of disbursement at Ihc ratc Ewyahlc from timc to fime ~.n outstand~ng principal under thc Note unlccs pay~ment of !
interest at such rate would be contrary to applicable law, in which event such amaunts shall hear interesf at the highest rate ~
permissible under applicable law. N~~~hinR cootained in this paragraph ~ shall ~equire l.ender to incur any expense or take ~
any action hereunder.
8. taspecfioa. t.ender may m;~ke or cau~e lo Me madc reasonable entrie~ upan and inspectians of the Property, provided
that Lenckr shal! give Borrower notice priur to any wrh inspec~ion specifying rcasonable cause thercfor related to I_ender's
inlerrct in the Property.
9. Conclemnation. The pmceedc of anp aw~ard or claim for damages, direct ~r concequential, in connection with any i
condemnatioo or other taking of thc Pr~,perty, ar part IhCreaf, ~r for cc~nveyance in lieu oi condemnation, are herehy assigned
and shall I~c paid to I.endcr. ~
ln the cvent of a tota) taking of t}x: Propcrty. thc prcxccJs ~hall hc applied to ~he sums secured by Ihis Mottgage.
with the eticess, if any, paid lo Bo~mw~cr, ln ~Fx: cvcnt of a partial taking ~,f the PropertV, unless Borrower and I.ender
otherwice agrec in writing, there shall he applird tci the a~mt securc~! h~• thic Mortgage such proportian of the proeeeds
~s is equ•rl to that proportion W~hich the amount of the cum~ ucured by thie ;ltortgage immediately prior to the date of
taking bears to thc fai~ market valuc of thc Pm~x;rtr immcdiatcly prior lo the date of taking, with the balance of the proccedx
paid t~ $ormwer.
lf the Property ic abandaned by Borrower, or if. :~iter notect bv I.ender ta Bormwer that the condemnor offers to make
an award or settk a claim for damagcti. Bormwer fail. ti, rc~~nd t~ Lender w~ithin ?0 days after ihe date such notice is
mailed. Lender is autharized to rnUcct and apply ihc procecds. at I.ender's aption, cither to ~toration or repair of the
Prnpcny or tc? thc sums sccured h~• this Mor~gaec.
Unles~ 1_eneler and Borrowrr otheru~i~r agnti in writini~. an}• surh applicati~n of proceeds to principal shall not extend
or Ex,e~~ne the due date of the monthly installmcnts rcfe~rcd ~o in paragraphc 1 and 2 hercof or change the amount of
such installments.
10. Borrower lYot Releaced. Extenaion of the time far payment or modificati<~n <~f amortiza~ion of the sumc secured
by this Mortgage granted by I.ender te~ an~• cucrecu,r in imcre~t of Bonower shall no~ oJx:rate to retcase, in any manner,
the liahilet} ~~f the original Borrower and Rormwera surces~„rc in interest. 1_ender ~hall nM he myoired to commenre
pmceedings against such succecsor or refuse t~ c~tend time for payment or othenvise modif}~ amortizat~on of thc tums
serured M• thic Mortgage hy rcau~n of am• demand made by~ the orieinal Borrower and A~rrower s soccessors in intereu.
11. Forbearance by I.tnder Not a Waive~. :~n~ fi,nc~aranrc by Lcnde~ in erercising any right or rcmedy hereundcr. or
othetwise afTorded by applicahle law, shall not he a waiver of c?r preclude the exercise of any ,uch right or remedy.
The procurement of insurance or the payment of taxes c.r ~~ther liens or charges by t.ender shall not he a w-aiver af (.ender
s
right to accelerate the maturity of the indehtednecs cece~rcd hy thic Mortgage.
12. Remedies Cumulatire. All remedie~ pm~~ided in this Mortgage arc distinct and cumulative to any other right or
remed~~ under this Mortgage or a(fordeJ hy law or eyui~~-. :~nJ m•r~~ be exerciscJ concurre~tl}~. independentl~• or successively.
13. Successors and Assi~ns $ound: Joint and Se~~eral (.is?bility; Captions. The covenants and agrcementc herein
containeJ shall bind, and the riRhts hercander shaU inure tn. the n~s~ecti~e s~~cce+x~rc and atsigns of [.ender and Borrower.
subject to the provisions of paragraph 17 hercof. All cove~~ants and agreements of Borrow-er shall be joint and ~everal.
The captions and headings of the paracraphc ~.f ~hic Mor~gage are for convenience only and arc nrn !o he used to
intcrprct or define the provisions hereof.
14. Notice. Except for any notirc rcyuired unJer applicahle law~ to be given in another manner. (a) an~• notice to
Biirrower provided for in this Mortcage ~hal) be Riven h~• mailing ~uch notice b~~ crrtified mail addresced to Borrow•er at
the Property Address or at such other addrec. as B~.rr~~u~er ma~~ detignate b~• ~otice to I.ender as provided hercin. and
(b1 any notice to Lender shall he gi~•en hy rertifi~d mail. retum receipt requected. to I.ender s adJresc ~tated hercin or to
ci~ch olhe~ address as I.ender may dcsi¢nate by n~tirc t., Borrow~cr as prrn~ided hercin. Any nMice pmvided for in this
Mortgage shall be deemcd to havc becn gnrcn to B~rn.w~cr or Lcnder when gi~en in thc manner designated herein.
15. Uniform MortRa~e; Governin~ I,aw; Se.erabilit}•. Thi. form of mortgage combines ~miform covenantc for national
use and non-uniform rnv~nants with IimiteJ variations h~• jurisdection to rnnstitute a uniform security instrument covering
real property. This Mortgage shal) bc euverned hv the Irw• of the jurisdictian in which the Property is located. In the
event that any prmision or clause of thi. 1?lortcage ~.r thr N~~te rnnflictc aith applicable laa~_ such conflict shall n~t affect
other provisiona of this Mortg~ge or thr hi~tr which r.~n tx; given efTect withoat the conflicting ~rovision, and to lhis
end the provisions ot the Mortgage and the tiote are Jeclarcd to be severable.
16. Bormwe~'s Copy. Borrower chall tx furni.hed a conf~~rmed cop}• of the Note and of thic Mortgage at the time
of execution or atter recordation hereof_
IT. Transfer of the Properly; Assumption. if ali ~~r an~~ part of the PmpertV or an interest thcrein is sold or transferred
by Borrower w•ithout Lender's pri~~r writrrn ct~nunt. c~cluding lal the crration of a licn or encumhranre ~utx~rdinate t~.
this Mortgage. Ib1 the creaUon of a purchaW: m~me~• krt~rit~• interest for household appliancec, (c? a transfer h}• devise.
descent or by opc:ration af law• upoo the death c~f jo,nt trnant or (di the grant of any Ieasehotd interest of Ihree ~•cars or iess
not containing an option to purchase. i ender ma~~, at t.rnder'ti option. declare a!I the sums secured M• this Mortgage to be
immediately due and payable. t_cnder ~hall have ~aivrd such option to accelerate if, prior to the tiale or transfer. LenJer
and the person to whom the Property i~ t~? be co1J or transferred reach agreement in writing that the credit c.f cuch person
is satisfactory to I.ender and that the intere.t payable on the sums secured by thic viortgage shall he at such ~ate at Lrnder
shaH request. if l.ender has waived the option to accelerste provided in this paragraph 1~, and if Borrower's ~uccessor in
interest ha~ executed a written assumption agreement accepted in writing by i.ender, i_ender shall releace Borrower from all
obligations under this Mortgage and the Nrne.
If I.ender exercises soch option to acce(erate. Lender shaii mail Borrow~er notice af acceleratiort in aceordancc u eth
paragraph 14 hereof. Such notice shall provide a periocl e~f not less ihan 30 days from the date the notice ic mailed within
which Borrowtr may pay the sums declareJ due. If Borroaer fails ~o pav such sums prior to the expiration of tuch period.
Lender may, without further notice or Jcmand on Borrowcr. in~•oke any rcmedies permitted by paragraph T4 hercof.
Notv-UN~FORM CovEtv~NTS. Borrower and I.ender funher covenant and agree as follows:
18. Acceleration; Remedia. E:cep as provided in psr~raph 17 bereof. upoo Borrowe~'s M~each of any coveoaat w
agreemeet of Eorrower in th~ Mortga~e, iadudi~ the covenants to pay wheu doe any sa~ secured by t6is Moet~sge. Leader
prior 1o acce{ention sl~a8 maii ooNce to Borro..er as provided ia pua~raph l4 hertof specifrin~: (1) tbe brescb; (2) tbe action
requind to core s0c~ bnscb; (3) a date. not lesa Ihan 30 days from the d~e t6e ootice Ls ma8ed to Eormwsr. by which sncb
breac6 mml be cared; aod (4) tbat f~lure to cure such brcsch o0 or before tbe date specN'ied io tbe notke may ~+esult ia
sccderatioa of t~e soms secnred by t6ls Mort~e. forecbsurr by jndic~at proceedio~ aod sak of tbe Property. 'ILe aotice
sha9 furtber i'tor~ Eoaower of tbe ri6ht to rcirestate atter xcclrrition sad tbe rigbt to asseri ie tre foreclowr+e proeeedb~
tbe no'-esisteaee of s detank or any Mber defease of Borrower to accekntfoa aad foreclosane. If t6e breac~ is not csred oe
or before the date speciSed in tbe notk~. Lender at i.ender's option msy declare sfl of the snms secared 6y thb Mory~a~e fo be
immcdiately due snd payable witlwot forther demand and may foreclose t6i~ Mort~e by ~dicW proceedioR. Lender sl~all
be eotitkd to ea~ect in sac6 proceediua aR s:peases of foreclowrc, iocledin~, but sot lia~ited to, rtawaable moraey's fea.
aod costs of docomeatary evideoce. abstrscts snd titk reports. ~
19. Dorrower's Ri~bt fo Reiastate. Notwithstaoding Lender s accel~ration~ of the sums securcd by this Mortgage,
Borrower shall 6ave the right to have any proceedings hegun by I.ender to enforce this Mortgage disconlinued at any time
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