HomeMy WebLinkAbout0625 I.ehder's writ~en agreement or applicablo lew. Borrower shall pay the amount ot all mortgage insuraoce prcmiums in the
manner pravided under paragraph 2 he~eof.
Any amounts disbu~sed by I.cnJer punuant ta this paragraph 7, with intercst thereon, shall become additional
inJeMetlnesc of Borrowe~ secured by Ihis Mot~gage. Unlc~c Barrower and LenJe~ agrce to ather torms of payment. such
amcx~nts shall be payablc u{k?n nc.~irc from Lcndei &~rrowc~ reyues~ing paymcnt thcreot, and shall bea~ interest from the
dalo of disbursement at Ihe ratc payahlc fmm time to time ~~n outslanding principal under the Note unless psyment of
interest at such rate.woulJ be cantrarv to applicable I:~w, in which eve~t such amounts shal! heu imerest at the highest rate
permissible under applicable law. Nothing cont~ined in thic paragraph 7 shall require i.ender to incur any expe~ue or take
any aclion hereunder.
8• laspertioe. l.enckr may makc or rau.r to he made rcasanabfc cntrics u~n and inspectians af the Property, provided
that I.ender shaN give &?rrc?wer ncHicr prinr to any such inspect;on speeifying nasonable caux thercfor related to I.ender's
imcrcct in the Property.
9. Condemnstbn. The pr~Kredc ~.f am~ ;~w~ard or rlaim for damages, direcl or concequential, io conntetion with any
condemnation or other taking of the Property. ~r pa~t IherrnL or for conv~y~nce in lieu of condemnatio~, art hereby assigned
and shall t+e paid to l.ender.
in the event of a totrl taking of tlx; Propcrly. thc pnxccJs ~hall t~c applied to the cums sccured by this Mortgage.
with the e+ccess, if any, paid to Borrowe~. In the event of a partial taking ~.f the Property, unlest Born~wer and Lender
otherwice agree in writing. there shali he applied to the ~umc securcd by thia Mortgage su.h proportion of the proceeds
as is equal to that pro~rtinn u•hieh ~he am~~unt ~.f ~he s~imc ~ecured hy thic Mortgage immediately prior to the date of
taking be~rs to the fai~ market valiM of the Pro~x;m• immediately prior to the da~e of taking, with the balancc of the proceeds
paid to Bormwer.
if the Property is ahandoncd by Borrow~cr. or if. aftcr noticc hv I.ende~ to 8orr~~w•er that the condtmnor offers to makt
an award or settle a claim f~r JamaYr+. R~~rn•wer fail. to r~~~+c~nd to Lender within 3n days after the date such notice is
mailed. Lender ic authorized to collert anJ apph• ~he procecds, at l.ender ~ option, eilhet to restoration or repair of the
Propcny or to the sum~ ~urcd hy thi~ ~1lortgagc.
tinieas 1_cnder and Barrowcr othen?•i.r agrec in N•rnine. anr sierh applicati~n of prnreeds to principal shall not extend
nr pc~stponc the due date of the monthl~• in~t:illmcnts rcfcrrrd to in paragraphc 1 and 2 hereof ar change the amoi~nt of
such installments. ~
10. Borrower Not Released. F.xten~ion of the time for payment or mcxlification of amortization of the sumc securcd
hy this Mortga~e granted by LenJer t~ am• .uccecx,r in interect of Barrou•er thall not operate to rclease, in any manner.
the liabilily of ihe original Borrower and &•rmwer'. succes~~~r~ in interest. l.ender shal) not he rcyuircd to rnmmenre
pmceedings against cuch sucrecsor or rcfu~ to crtenJ timc for paymcnt or othervvice modify amortizat~on ot thr .~:ms
secured hy ~his Mortgage by reau?n of am• demand made by the orieinal Borrower and Bormwer s succet~ors in imrrect.
!1. F'orbeantncr by I.eoder Not a Wai~~er. Am fnrhearanre hy 1_rnder in exercising any right ar remedy hereunder. or
otherwise afiorded hy applicahle law. chall not he a waiver of or preclude the exercise of an~ such right or remedy.
The pcocurcm~~t of insuranct or the payment ~f ta~es or other liens or charges b~• I.ender ~hall not he a w•aiver of Lender
s
rig6t t~ accekrate the maturity of the indehtednecs .rcurcd h~• thic Mortgage.
12. Remedies Cumubitre. All rcmcdies pr~~~•ided in this biortgage arr distinct and cumulative to any o~her right ~or
remedy under this Mor~gage or afTordrd h~~ law or ~yuity. :md ma~• he exercised concurrcntly. independentl~• or succecsively.
13. Successors and Assi~as Boand; ]oint and Se~~eral I.iabiiity; Captions. The covenants and agrcements herein
contained shall bind, and the riRhts hereunder sh~ll inure- to_ the respective succe~u~rc and ascigns of LenJer and Borrower.
subject to lbe pmvision~ ~f paragraph 17 hercof. All covenan~s anJ agreement~ of Borraw•er shall be joint and ceveral.
'Il~e captions and headings of the paragrapha ~.f thic Mortgage are for canvenience only and are not to be uced to
interpret or define the provisionc hereof. _
14. Notke. Except for any notice reyuired under Jpplicable !aw• t~~ be given in another manner. (al any notice to
Bonower pmvided for in this Mortgaee ~hall be given hy mailing soch notice by certified mail addressed to Borr~w~er at
the Pmperty Address or at such other addrec. as Bc.rmw•er ma~• designate b~ nrnice to i_enckr as pmvided herein. and
(h) any notice to Lender shall he giv~n by cerlificJ mail. rctum receip~ reyuested. M I.ender s address slated herein or to
such other address as I.ender ma~• dreienate by nMire tn Bormu~er as nrovided herein. Any notice provideJ for in this
Mortgage shall be deemed to havc t+ecn g~~~en to Bc?rmwc~ or Lrnder ~~hen given in the manner designated herein.
15. Uniform MortR~;e: Go~•ernin~ Iaw; Se.erability. Thic f~rm of mortgage combines uniform covenants for nationai
use and non-imiform co~enams with IimiteJ rariationt ht• juricJirtion to constitute a uteiform security insUument covering
r~eal property. This Mortgage shall hc gnverned M• the law of the jurisdiction in which the Property is located. In the
event that any provision or clauce cif thi. Mortg•rge .•r the i~iote conflicts with applicable law. si~ch conflict shall not affect
ather provisions of this Mongage or thr N~~t. ~hich can be given eifect w~ithaut the conflicting pmvision, and to this
end the provisions of the Mortgagc and thc `ote rrc ~kclarcd to he severable.
16, Borrower's Copy. Bormw~er shall M furni.heJ a confrrmed copy of the Note and of this Mortgage at the time
of eaecution or afler recordation hereof.
17. Transfer of the Proptrt~; Ascumplion. (f ~li ~?r am part of the Pr~~pert~ or an interest therein ic sold or transferred
by 8orrower without I.ender's prior writtrn ~~~n.rnt. e~cluding lal the creation of ~ lien or encumbran~e suborJinate to
this Mortgage. (h) the creat~on of a pu::haK: mnn~c .ecurity interest f~r household appliances. (cl a transier h~• de~•ise.
descent or by operation of law• upon thc dcath af a j~~mt tenant or (d~ the g~ant of any Icaschold interest of thrrc ~•cars or ies~
not containing an option to purcbase. [.ender ma}•. at I.ender c option. declare all the sums secured by this Mortgage to be
immediately due and payab]e. [.ender shall ha~•e ti+a;.•rd ~urh option to accelerate if. prior to the ~ale or transfer. i_enJer
and the person to whom the Pmperrv i. t~, Ix ;~,IJ or transferred reach agreement in writing that the credi~ rf wrh person
is satisfactor~ to I.ender and that ~he interc.t pa~~able ~~n the sum~ secured by thi~ Mortgage shall be at s~ich rate a~ l.ender
s6att request_ if t_ender has waived the option to :~ccelerate provided in this paragraph 17, anJ if 8orrower'~ successor in
enterest ha~ executed a written assump~ion agreement accepted in writing by I.ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
Tf Lender exercises such option to accelerate, Lender chall mail Borrower notice of acceleration in accordancr ~ih
paragraph 14 hereof. Such notice shall provide a pericx! of not less than 30 da)•s from the date the notice is mailed uithin
which Borrower may pay the sums declared dae. If Borrower fails to pay such sums prior M the expiration of cuch peri~xi.
Lender may, without further notice or demand on Rorrawer. invoke an}• remedies permitted by paragraph 18 hercof.
NoH-Utv~FOAi?t CovEV~Nrs. Borrower and Lender further covenant and agtee as follows:
l8. Accekrstioa; Remedies. E:cept as provided in paragrapb 17 hereof, upoa Eorrower's breach of aay co~enant or
agreemeet of Borrower in th~ Mort~age, inclnding 16e cov~nants to pay wfieo due aay sun~s secorcd by t6is Mort~~e. I.ender
prior to acceleratbo shall mail aotice to Bomower as provided ia para6raph 14 t~enot specif~: (1) the breseh; (2) the action
~+equjred to cnr~e snc6 brrsch; (3) a date, aot kss than 30 d9Ys from tbe dste the notice b a~ailed to Borrower. by whk6 suc6
breach ma~t be c~red; and (4) tl~ failnre to cure socb brescb o0 or before the date spec~'ied ia t6e aotice inay resdt ia
seccekratioo ot We sums secared by this Mortgsige. foreclosure by judicial proceedinR and sale of the Propcrty. The notiee
shsll farther infota Eorrower of We ri~6t to niastate dter accekration and tbe right to aseeri ia tbe foreclosore proceedis~
the oon-e:+kiedcs of a defaalt or any other defense of Borrower to accekntiou and foreclosare. If the breach b sot cand oe
or befure the date speci6ed in the notice. Lender at [.ende~•s optlon may declare a~ of the san~s aecured by th~s Mort~s~e to be
immedbtdy due aad psyabk w~ithout fnriher dem•rnd a~d may toreclose t~is Mort~e by jud~cial proceedta~. i.ender sha11
be catitled to cotlect m srcii preceedinqq s~N e:penses of forecbsurr, fnclsdiot, bnt aot limited ta, nasonabk ~tturney's fees,
aod costs ot docnaxatary e~deace, abstrscts and titk reporis.
19. Dorrower's W6bt to Reis~tate. Notw•ithstanding I.ender s accelerat~on of the sums xcured by ~his M~rtgage,
Borrower shall have the right to have any proccedings begun i,y I_ender to enforce this Mortgage discontinuod at any time
°~R~ 2$z Ya~: 617