HomeMy WebLinkAbout0042 l.rnJer's written agreement or appli~ubie IaW. ~3urruw~r shall pap thr amuunt of all mortgage insurance prcmiums in the
man~er provided under paragraph 2 hereof.
Any amounls disbursed by I-enJer purcuant to this par,~graph 7, with interest thereon, shall become additional
indcbtedncsc of Barrower secured by this Mortgage. Unlecti Borrowe~ and l.enJer agree to'other terms ot payment, such
amou~ts shal) he payablc u{xm noticc from I.cndcr to Born~~~rr reyuc.~ing paymenl Ihcre~~f, and shall hcar interect from the
date of dicbursement at the rate payahle from time in time on outstanding principal under the Note unlesc payment of
interest at such rate would be cantran• lo applicable law. in w~hich event such aq~u(Us• shi?11!l~car interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall reqiiire I.ender to incur any expense or take
:?ny action hereunder.
8. inspecfion. I_ender ma~• make or cause to 1+e made rraconable enlriec u~~n and inspections of the Property, provided
that Lender shall gi~~e Barrower noli~e prior to any such inspection specifying masonablt cause thcrcfor related to I.ender's
interrst in the Propeny.
9. Condemnation. The pr~keedc of an~• award or claim for damages, direct or concequential, in connection with any
rondemnation or other taking of the Pmperty, or part thereof, or for comeyance in lieu of condemnation, are hereby assigned
and shall t+c paid to l.ender.
~n Ihe event of a total taking of the ProEx:rt~~. ~hc prckecJs shall hc applied to the sums secured by this Mortgage.
w•ith thc ercess, if any, paid to Bormwcr. 1n thc evcnt oi a partial taking of thc Property, unlccc Borrowcr and I.ender
otherwice agree in writing. them shall he applied to the .ums cecurcJ hy thic Mortgage such proportion of the proceeds
as is equal to that pro~x~rtion which the amount of the sumc secured by this Mortgage immcdiately prior to the date of
taking hears to the fair marke~ value of the Pm~rry immediately prior to the date of taking, with the balance of the proceeds
pa~d to Bormwer. .
if the Property is ahandaned by BorroM•er, or if. after notice hy l.ende~ to Borrower that the condemnor ofTers to make
sn awr~rd ~~r settle a claim for damage.. Bormwer fails to res{x~nJ t~ l.ender within 30 days a(ter the date such notice is
mailee+, I.ender is authorized to collect and apply the prc~ceeds, at I.ender c option, either to restotation or repair of the
Froperl~~ or to the sums ucured hy this Mortgage.
Unless l ender and Bormwer othen?•ice agree in writing. any such application of proceedc to principal shall not extend
or ~st~ne the due Jate of thc monthl~~ installmcnts referr~d to in paragraphs 1 and 2 hereof or change the amount of
such instalimems. ~
]0. BorroN~er Not Relestsed. Extension of the time for payment or mcdification of amortization of the sums secured
by this Mortgage grantrd hy i.ender t~ any eucceccor in interect of Borrow~er shall not operate to release. in any manner.
the liab~fitp of the orig~nai ~3orrower and Barrow•er`~ succes~ors in interest. T.ender shaii not be required to commence ,
proceedings against such sucressor or refuse to eztend timc for paymem or othervvise modif~~ amartization of the sums
serured M• thic Mortgage b}~ reason of an~• demand made b~• the orieinal Bormw•er and Bormwer s succescors in iMerest.
I1. Forbearance by I.ender Not a Wai~•er. An~• forhearance ht• I.ender in e~ercising an~~ right or remedy hereunder. or
otherwise afforded hy ap~slicable law, shall not be a waiver of or preclude the exercise of an~~ such right or remedy.
The procurement of insurance or the payment of ta~es or other liens or charges by i.ender shall not he a w•~iver of Lender.'s
right to accelerate the maturity of the indehtedne~s cerurcd M• thia Mortgage.
l2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative ta an} other right or
remed~• under this Mortgage or atforded b~• law• or equity. and may be eiercis~:d conrurrcnUy. independently or successively_
13. Successors and Assigns Bound; Joint and Se~eral i.iabiliq•; Captions. The covcnants and agrcements hcrein
containeJ shall hind, and the riRhts hereunder shall inure to. the respective succe~sors and assigns of i.ender and Borrower,
subject to the provisionc of paragraph 17 hereof. All covenants and agreement~ of Bor~ow~er shall be joint and several_
The captions and headings of the paragraphc of this Martgage are for convenience only and are not to be used ro
interpn;t ~r define the provicions hercof.
1~. Notice. Except for any notice required under applicable la~+~ to be given in another manner. fa) any notice to
Bc~rrower provided for in this Mortga¢e shail hc given b}• mailing such notice by cer~ified mai! addressed to Bormw•er at
the Property Address or at cuch othe~ addrecti as Borr~~w•er ma}~ designate by notice ta I.ender as provide8 herein. and
(h) any notice to Lender shall he given by certifieJ mail, return receipt requested. to Lender s adJress stated herein ar to
such other address as I.ender ma~• designate b}• notice t~~ Borrower as pro~•ided herein. Any notice provided for in this
Mortgage sh~ll be deemed to ha~•c been given to Borrowcr or l.cnder when given in the manner designated herein.
15. ilniform Mori~aRr. Go~~erninR iaN; Se~~erabilih•. This form of mortgage combines uniform covenantc far national
~i use and non-.unif~~rm co~~enant~ w•ith IimiteJ variations h}• jurisdiction to constitute a uniform security instrument covering
~ real property_ This Mortgage shall he governed by the law• nf the juricdiction in which the Property i~ located. In the
I event that any provision or cla~ise of thic ':4lorigage or the N~,te conflicts aith applicable law-, such conflict ahall not affect
i other provision~:of this Mortgage or the Note w~hich can be given e(Tect withoirt the conflirting provision, and to this
end the provisions of the Mortgage and the Notc are ~leclared to he severaMc.
` 16. Borrower's Copy. Borro~~~er chall tk furnished a copformed cop~• of the. Note and of thi~ Mortgage at the time
~ of c~ecution or after recordation hereof.
~ 17. T~nsfer of the Propert~~; Assumption. 1f all or am ~art of thc Pmperl~• ar an interest thcrein is sold or trancferred
by Bormwer without I.ender's prior written rnnsent. excluding (al the creation of a lien or encumbranee sutx~rdinate M
this Mortgage. Ib) the creation of a purchace money securit~• intercst for hnusehold appliances, fc) a tran~fer b~• devise.
descent or by operation of lavr iipon the death of a jaint tcnaN <~r (dl thc grant of am• Ieasehoid interest of threc years or less
not containing an option te? purchase. I.ender may. at Lender'~ option, declare all the sums secured by this Mortgage to be
immediately due and payable. I.ender shall have waived such option to accelerate if, prior to the ~ale or transfer. I_ender
and the person to whom the Property is to be sold or transferred reach agreement in K~riting that the credit of such person
is satisfactory to l.end~r and that the interest pa}•able on the sums secured b)• thic Mortgage shall be at such rate as Lender
shall request. If I_ender has waived the option t~ accelerate provided in this paragraph 17, and if Borrower's successor in
interest hac executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from al!
obligations under this Mortgage and the Note.
If l.ender exercises such optio~ to accelerate. I.ender thall mail Borrow•er notice, of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not lesti than z0 da~•c fmm the date the notice is mailed within
which Borrower ma}• pa}• the soms declareJ due. If Borrower fails to pa}~ such sums prior ta the expiration ~f such period.
~ I_cnder may. without further noticc or demand on 13orrower. im~oke an} remedies permitted by paragraph i 8 nereof.
Notv-Utv~FOewt Covex~rrTS. Borrower and [.ender further covenant and agree as follows:
~ 18. Accelerstao; Remedies. Escept a6 prorided in paragraph 17 hereof, upon Borrower's breach of any core~ant or
~agreement of Borrower la tdis Mortgat;e, lncludirq~.t6e co~•ensnis to pay when due any sums secured by this Mortgage, I.eader
prior fo accekratioa shap maU aotice to Borrower as provided in paragraph 14 hereof specifying: (1) the brwcb; (2) tbe action
required to cnre snc6 breac6; (3) a dste. not less than 30 days from the d~e tbe notice Ls mailtd to Borrower~ by whkh suc6
~ breach must be cnred; and (4) that failure to cure such breach on or before Ihe date specified io the notke msy resWt in
accekratioo of tbe snms secnred by this Mortgage. foreclosure by judicial proceedina and sak of t6e Property. '[be notice
~ shaU fuNher inforn~ Borrower of t6e rig6t to rei~tate afler acceleration and the right to assert in the foreclosure proceeding
the non-existence of a defaok or any other defense of Borro.rer to acceleration and forecbsurc. if tbe breach is oot cnred oa
or before Ihe dste cpecified in the aotice. Lender at Leoder's option may dcclare all of the snms secured by thtc Moirtga~e to be
immrd~tely dne and paya6k witlwot furlher demsnd and may foreclose th~s Morq~age by judicisl proceedin6. Lender shati
be entitled to colkct ta sucb proceeding a~ e:penca of foreclosurc. including, but not limited to, nasonabk adorney's fees,
~ and costs of documentary evidence, abstrACts and titk reporls.
19. Borrowec'a Right to Reioslate. Notwithstanding 1_ender'~ acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proceedings hegun b~~ 1_ender to enforce this Mortgage discontinued at any time
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