HomeMy WebLinkAbout0811 l.enckr's writtcn agc~emer?t or applicabk Iaw. Borrowe~ shall pay the amount of alf mortgage insurar~ce premiurru in the
manne~ provided undc~ puagraph 2 heroof.
Any amounls distx~ned by I.cnJer pursuant to thia parag~aph 7, with interest thcrcon, shall become additional
indeb~edness of Borrowcr securcd hy Ihic Mortg•rge. Unieu Borrower anJ I.rnJer agree to other ternu of payment, such
amounts shall be payable upc~n nc~lirc from I.ender to Borrowcr requcsting paymeot thcreof. and shall hear interest from the
date of disbursement at Ihc ratc payabk irom time to time cxi outstanding principal under the Note unlcss payment of
interest at such rate woulJ be contrary to applicable law, in which event such amounts shall txar interest at the highest rate
permissibk under applicabk law_ N~~thing contained in thic paragraph 7 shall require i.ender to incur any expense or take
any action hereunder.
- 8. lospeetioa. I.enJer may makc ar rau,e to t~e made reasonable entriec u~+c~n and inspections of the Praperty, provided
that 1_ender shall give Borrower ~oticc pri~~r to any such inspection specifying reaso~abk caeise therefor related ta I_ender's
inten.~ct in the Propcrty.
9. Coademaatbn. The prixeed~ of any award or claim for Jamages, direct or concequential, in connection with any
condemnatian ar dher taking af the Propehy, or part ther~~f, or for a~nveyance in lieu of condemnation, are hereby assigned •
and shall bc paid t~ I.ender.
In ihe event of a te~trl taking of ~M: Pmperty. the procc.:ds ahall he applied to ~he cums securcd by thic Mongage.
with the excesc, if any, paid ta Borrawe~. ln the event of a partial laking of the Property, onlesc Bormwer and I_ender
oiherwise agrce in writing. Ihere shall be applied 1~ thc sumx secu~l b~~ thic Mo~tgage such proportion of the proceeds
as is equal ta that pmportion which ~he am~~un~ of the sum~ u:cured hy this Mortgage immediately prior to the date of
taking bears lo the fair market value of the Pn~~xrty immediately prior to the date of taking, wilh ~ht balaoce of the proceeds
paid to Borrouer. -
If the Property ix abandoncd by Borrowcr. ~r if. aftcr noticc hy 1_cndcr to Borrowcr that the condemnor offcrs ta make
an aw~rd or cettle a claim for dama~:e.. B~~rrowe~ fail. ~o r~~~x~nd to l.ender within 30 da~^s after the date such notice is
mailed, LenJer ic authorized to collect and apply ~he proceeds, at l.ender c option, either to rectoration or repair of the
Propcrty or tc? the surrit sccarcd M• this ~1~r~gagc.
Unlesc l.ender anc~ Borrow•er otherwise agree in Hritine, an~~ ~uch applicatic?n of prcx-eeds to principal shall not extend
nr pcxtpane the due Jate of lhc mon~hh~ imtallmcnts refcrrcd to in parag~aphs 1 and 2 hercof ar change the amount of -
such installment~.
10. Benowt~ Not Released. F~tencion of the ~ime for payment or modification of amortization of the sums securcd
by this.INc?rtgage granted by I ender to am• cucceck?r in imrr~-~t of Rorrower shall not ~~~:rate to rcleace, in any manner.
the liahility of the original Borrovver and &~rrow•rr'c succes~ur. in inle~est. l.ender shall not he required tc. commenee
pn•ceedings against cuch suttessor or refuse to ertenJ time for ~+ayment or otherW~ice modify amortizat~on c.f ~h~• ~~~ms
securcd b~• thi~ Mortgage by reauin of am• demand made b~• the oriRinal Borrower •rnd Borrower s succes~ors in imerect. .
11: Forbearance by Lender Not a Waiver. Am• G•nc~aranre h~~ l.cnder in erercising am• right or remedy hcreunder. or
atherwise affordeci by applicahle law. shall n~~t he a waiver ot or precludc the exercise of an~• such right or remedy.
The proceirement of inw~ance or the payment of ta~et or other liens or charges by i_ender thall not he a waiver of l.e~ders
right to aeeelerate the maturity of the indehtednecs +erured hy thic 1Nortgage.
12. Remedies Cumulati~e. All rcmediet prrn•ided in thi~ Mortgage are distinct and cumulative to am• other right or
remedy under this Mortgagc or affordcd hy la~~• or cquil}•. anJ ma~• he cxerci~d concurrcntly. independentl~• or s~icrccsiveT~•.
13. Snccessors and Assi~ns Bound: ]oint and Se~eral i.iability; Captions. The covenants and agr~~cments hcrcin
contained shall bind, and the riRh~s hereunder shall inure to. the n~pective succeeu~rc and actigns of t.ender and Borrow•er.
subject to the provisions of parag~aph 17 hcrcof. All rn~~enants and agreements of BorroWer shall be joint and aeveral.
"Il~e captions and headingx of thc paraeraph~ ~,f thi~ ;1lortgagc are for rnmcnicncc only and are not to hc uacd to
interpret or define the provisions hereof. -
14. 1Votice. Except for any noti.•e rcyuirrd under applicable law~ t~i be given in another manner. (al any notice to
Borrower provided for in this Mortga¢e chall be givcn hy mailinR such notice b}• certified mail addresced to Bormwer at
the Property Addrecc or at stich other addree. as Bi~rr~w~er ma~~ decignate b)• ootice M I.entkr as pmvided herrin, and
(b) any notice to Lender shall be gi~~~n b}• certified mail. return receipt rcquested_ to l ender s addresc stated herein or to
such other address as Lender may de~ienate b~• n~tice t~• Borrower as pmvided berein_ Any notice provideci for in this
Mortgage shall be deemed to have bccn gn~ea to Rormwcr or 1_rnder when given in the manner designated herein.
15. Uniform MorlRa~r. Go~ernin~: Law; Se.errbilit~•. This form of mortgage combines uniform covenants for national
' use and non-unitorm covenant~ uith limited vari•rtion~ h~• juricdiction to constitute a uniform securitp instrument covering
; real propertp. This Mortgage shall be gov~rned hv the law• of the jurisJiction in which the Property is located. In the
! event that any provision or clau~e of thi~ Alortca~e ~r the Note conflicts H•ith applicable law, such conflict shall not affect
i other provisions of this Mortgage or the N~~tr Nhich can f?e given e(iect without the conflicting pmvision. and to this
E end the pro~~isions of thc Mortgagc and the ~latc arc dcclared to be severable.
f 16. Borrower's Copy. Borrower sh:dl t~ furni~hed a conformed copy of the Note and of thic Mortgage at the time
i of execution or after recordation hereof.
~ 17. Transfer of the Propert~; Acsuniplion. lf aL' c.r an}• pan of the Pmpem• or an interest thcrein is sold or transferrcd
; by Borrower without Ixnder s prior wriurn ~ontient. e~cluding la) the creation of a lien or encumbrance suborJinate to
this Morigage. (b) the creat~on of a purchak: m~~ne~ ~curit~~ interest for household appliances. Icl ~ transfer h~• devise.
~ descent or by operation of law• upon the Jcath ~•f a j~~int ten•rnt or (d? the grant of am• Ieasehold interest of threr y-r~rs or lec~
~ not containing an option to purchase. Lender may. at Lender't option. declare all the sums secured by this Mortgage to be
immediately due and payable. I.ender shall h~ve ~~a~vrd such option to accelerate if. prior to the .ale or transfe~. Lender
and the }xrson ro whom the Properry is ta tx .ol.l ~~r tr:+nsferred reach ag~eement in w•riting that the cred~t c•f ~urh person
is satisfactory to I.ender and that thc imerc,~ papable on the sums secured by this Mortgage shall be at such rate a~ i.ender
shalt mquest. If I.ender has waived the option to accelerate provided in lhis paragraph 17, and if Bc~nower i,uccessor in
~ interest has executed a written assumption agreement accepted in writing b}• Lender. Lender shall release Borrow~er fmm all
obligations under this Mortgage and the Note.
if Lender ezercises such option to accelerate. Lender shall. mail Borrower notice of acceleration in accordanc~ ti. i~h
~ paragraph 14 hereof. Such notice shall provide a perie~d of not less than 30 days from the date the notice is mailed w•ithin
~ which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such periexl,
~ Lender may. without further notice or demand on l3orrowcr, invoke any remedies permitted by paragraph 13 hercof.
~
Nort-UrttFOtent Covetv~tvTS. Borrower and l.ender futiher covenant and agree as follows:
x 18. Acceler~ion; Remedies. Excep as provided in par~raph 17 6ereof. upc?n Borrower's breach of any covenant or
~
~ agreement of Borrower ia this Mortgage, includin~ t6e covenants to pay whcn due aoy sn~nc secnred by tl~ Mort~age. I.ea r
~ prior to sccekntioa sbaN mall notice to Borrower as provided ia psragraph 14 hereot specifying: (1) tlrc breac6: (2) the action
required to cars soc6 brescb; (3) a date, not less tban 30 days from the date the notke b mailed to Borrower. by whkh sucb
breach mmt be cared; and (4) that failnre to cure such breacb on or before tbe dste speci6ed in the aotice may recuk ia
~ accderatioo of tbe sama.secnrcd by t6is Mortga~e. forecbwre by jndicfal proceedi~ aad sak of t6e Property. 77ie notice
~ s6a11 fnrtber inform Eorrower of t6e rig6t to rci~te after accek~tioo aod tbe rFg6[ to assert in tbe foreclosure proceedie~
t6e no~i~tence d a defaolt or aoy other defense of Borrower to accekration and foreclosare. If t6e breac6 k oot cured on
~ w before the date apeci~ied in tbe aotice. Lender at Lender's option may declare ~8 of the sods secered bp t6ts MortgaRe to be
~ immediately due and payable withont fnrther demand and may forcclose t6b Mortsa6e b~ ~dicid proceedinR• I.ender chall
be eotided to collect iw s~ proceedinR a~ expenses of foreclosnrr, iaclndio=, bat oot limited to, nasonabk atturney's fees.
~ asd costs of docamenhry evideoce. abstracts and titk reports.
19. Eorrower's Ri~6t to Reinstste. Notwithctanding l.ender s acceleration of the sums securcd by th~s M~rtgage.
~ Borrower shall have the right to have any proce.:dings begun hy l.eoder to enforce this Mongage discontinued at any time
~ s~ ~ ) G
S0t'!( GC7J FAC~ O~~
r:,
~
~
~