HomeMy WebLinkAbout0821 ' ~
.l
~
l.endcr's written agreement o~ applicabk Iaw. Borrowe~ shal! psy the unou~t o[ all mongagc insurance premiurt~ in the `
man~er provid~l under paragraph 2 hereof.
Any amaunts disbu~sed by I.cnder putsuant to Ihia pa,ragraph 7, with intercst thereon, shall become additiona)
indcbtedncss of Bo~rowcr secured by this Mongagc. Untecc Borrower and I.rnJe~ agree to other lerms of payment, such
amou~ts shall be payabk upon notice from I.enckr to Barmwrr rec~uesting paymeM therrnf, and shall 6ea~ iMCrest from the i
date of d'ubursemeM at thc ratc payahk from time to time on oul:tanding principal under the Note unless payment of i
interest at such ?ate would be contrary to applicable law, in which eveot cuch amounts shalt hear interest at the highest nte i
permissibk unde~ applicabk law. Nc+thing rontaiaed in this paragraph 7 shall requir~e I.ender to incur any expense or take ~
a~y sction hereunder. ,
8. Iwspecfio~. 1_ender may make ar cauu; to he mack rcasonable c~tries upon and inspeclions of the Aroperty. provided ~
that [.e~der shall give &~rrower naice pri~~r ~n any uKh inspection specifying rcasonabk cause therefar related ta Lender's
intcrest in the Pmperty.
9. Coqdewaatba, The proceedc ~~f any aw-ard or claim for damages, direct or concequential, in cannectio~ with any
condemnation ar other taking of the Proprny, or part Mem~~f, or for convcyance in lieu of ccx~demnation, are herehy assigned ,
and shall be paid to [.ender. ~
in Ihe cvent of a tota) taking of the Pmperty, thc pr+~xccds shal) he applieJ to Ihc cums s~.-cured by this Mortgage, 3
with the excecs, if any, paid to '8c~rrowcr. in thc cvcnt of a partial taking of thc Propcrty, unless Bomower and I.ender
otherwice agree in writinR, there shall he applicd to the ~ums u:ciircJ by this Mo~tgage such proportion of the proceeds ~
~s is equat to that proportion w•hich the amowU of the sumc serured by thic Martgage immediately prior to the date of
taking.bears to the fair market valiie of the Pro~xr~y immcdiately prior to ihe Jate af taking, wilh the balance af the proceeds
paid to Borrower.
If the Property ic ahandoncd by Borrowcr, or if. aftcr no!icc by i.cndcr to Bormwer that the condcmnor o(fers to make
an ~w;~rd or cettie a ctaim for damage+, B~,rrnHer fail. tc~ r~wpc.nd to 1_ender within 30 days after the date such notiee is
ms~led. Lender ic authorized tn col~ect and :?pply the proceeds, at 1_ender c option, either ta restoratian or repair of the
' Prhpertr or to the sums xtiured M• ~his Mor~gaec.
Unl~;s~ Lencier and Borrawer othetwice agree in aritinc. any such application of proceedc to p~incipal shall not extend
or pcxrwne thc due date of the monthty inctallments referred to in paragraphc 1 and ? hereof or change the amount of
such inrtallmenis.
10. Bo~rower Not Rdeased, Extension of the time for paymenl or modification of amortization of the sums securcd
by this Mart~age ~ranted by 1_endcr to am~ ~iKCecu~r in intcre~t of Borrow•er shall not operate tc+ releasc, in any manner,
the liability of thc original 8orroKer and Borrow•rr'a successor~ in interesl. l.cnder shal) not hc rcquired to rommenre
proceedings against such sucressor or ref?~.e ta er~end time for payment or othervrice modify amortizat~~~n of ~hr •ums
se~ured by thic Mortgage by reason of am• demand made b~~ the oriQinal Bormwer and Borrower s succes~rs in in~crect.
11. ~orbearance by I.eader \ot a Wai~•e~. :1m• fonc~aranrc by l.cnder in exercising any right or.remedy hereamder. ot
otherwise afforded hy applicable law, shal) not be a waiver of ~r preclude the exercise of an}~ such right or remedy_
The procurement of insarance or the paymcn! ot tares or other liens or charges by l.ender shall not he a w•aiver of 1_ender s
right to accelerate the maturity of the indehtedness ~cured hy thic Mortgage.
12. Remedies Cumulati~e. All remcitiec providrd in this Mortgage are distinci and cumulative to any other right or
remedy under this Mortgage or afforded M~ !au• nr cyui~y. and ma~• be exercised concurrenUy. independentl~• or sucrec~ivel}•.
13. Snccessors and Asai~as Bound; Joint and Se.•eral I.iaM'lity; Captions. The covenants and agrecments herein
contained shall bind, and the riRhtc hereunde~ tihall inure to. the rcspective succec.u~rs and assigns af I_ender and 8orrower_
subjeet to the provision~ af paragraph 17 hcrcof. All covc~lants and agreemrnts of Borrow~er shall t~; joint and sevcral.
71~e captions and heaJings of thc paraeraph~ ~f thic Aiortgagc are for rnnvenicnce only and are nni to he uscd to
interpret or define the provisions herrnf.
14. Notice. Except for any noti~c rcyuired under applicable law to be given in another manner. (a) an~• notice to
Borcower provided for in this Atortgaee shall t?e given h~~ mailing wch notice hy certified mail addressed ta Born,~ser at
the Property Addre~.S or at such uther addre~c ac B~~rmwer ma~~ designate b~~ no~ice to T_ender as pm~ided hercin, and'
(bl any notice to Lender shall he giv~n hy cer~ificd m:~il. rcturn reccipt reque~ted. to I.ender s addres~t stated hercin or to
sorh other address as I_ender may dcsienatc by n~ticc ta Borrower as provided herein. Any noticc provideci for :n this
Mortgage shall be deemed to havc t~•en ~~~•en to B~rmu-rr ar Lrnder w•hcn given in the manner designated herein.
l5. Uniform MorfRa~e: Go~•ernin~ LaN~; Se~erability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations M• juri~liction to constitirte a uniform securit~ inst~ument covering
real property. This Mortgage shal( he' governed hv the law of the juricdiction in a•hich the Aroperty is located_ In the
event that any provision or clau~e of thiti 1~lortgage ~•r the Note rnnflicts w•ith applicable law, such conflict shall not aftect
o~her provisions of thiz Mortgage or the N~~t~ whinc ~an t+e~ given efiect v?~ithout the conflicting pmvision. and to this
end the provisions of the Mortgage and thr N„te arc declared to he severaMe.
l6. Borrower's Copy. Borrowcr shail t+c f~~rni~hed a c.~nformed copy of the Note and of thi~ Mortgage at the time
of execution or after recordation hereof_ •
17. Transfer of the Properfy: Assumption. If ali or am• part of the Prc,pcrty or an interest therein is sc,ld or transferred
by Borrower without Lender's prior writ?rn con~cn~_ e~cluding lal the creation of a lien or encumbrance suborJinate to
this Mortgage. (b) the creatian of a pur:h~.r mnnr~• .ecurir~~ interest fnr household appliances. Ic) a tran~fer h~• devise,
descent or by operation of law• upon the dcath of a juint tenant or (J? the grant of am• Icasehold intercst of threc ~rars or Icss
not containing an option to purchase. I.ender may. at l.ender'~ option. declare all the sums secured hy this ~lortgage to be
immediately due and payable. Lender chall ha~•e uai~~ed such option to accelerate if. prior to the sate or transfer. Lender
and the person ro whom the Property ic_t~i be :o1J or transferrcd reach agreement in writing that the crcdit of ~uch pet~on
is satisfactory to Lender and that the interr~t payable on the sums secured by this Mortgage shall be at such rate a~ i.ender
shall. request. If l.ender has waived the option to acceler~te provided in this paragraph 17, and if Borrower; successor in
interest has executed a written assumption agreement accepted in writing by t_encier, I.enckr Shall releace 8orrower trom all
obligations under this Mortgage and thc Nate.
If Lender exercises such option to accelerate. I_ender shall mai! Borrow•e~ notice af acceleration in acrnrdancr ti.;~h
paragraph 14 hereof. Such notice shall provide a pericx! of not less than 30 days fram the date the notice is mailed within
which Borrower may pay the sums dectared due. If Borrower [ails to pay such sums prior to the experation of curh pcr;od.
Lendet may, without further notice or demand on Borrower, invoke any remedies permittecl by paragraph 1 R hercof.
NoH-UH~FORtit CovErutvTS. Borrower and Lender funher covenant and agree as follows:
l8. Accekration; Remedies. Except as prorWed io pa~raph 17 hcreof, upon Borrower's breacb of any coreaant or
agreemeat of Borrower i~ tbis Mortga~e, includi~ t6e covenants to pay wbea due any sams secnred by this Mo~age. I.ender
prior to accekntbe sba~ mafl aatke to ~orrower as provWed in paragrsph 14 hereof specityius: (1) tbe breacb: (2) the actan
~+eqnired to care snc~ 6nsc6; (3) a date, not las than 30 days from tlee date tbe nodce is mailed to 8ormwer. by which such
bneach must be cared; aod (4) thst f~Wure to curs such breach on or before tbe d~te specd'ied io the aotice ouy ~esult in
accderation of tre saa~s secoied by t6~s Mort~age. foreclo6urc by jndkial proceediu~ and sak of the I'roperry. Tbe notice
sball fn~er iafonu Borrower of t6e right to reinstate after acceleratba and t6e ri~bt to assert io the foreclosure pmceedi~
t6e noa-ex~stence of a defaolt or any Mher detense of Borrower to accekratioa and farcclosure. If tbe btesch is oot cnrtd ai
or befon the date specified ia t6e ootice. Lender ~t I.endc?'s optjon may declare a8 of tbe sums secared by t6is Mortgaq~e to 6e
immediatdy dut and payabk wittwnt furlher demand and may fonclose th[s Mort~e by judicial proceediu~. i.ender chall
be eotided to collect ia sac6 proceedi~ all expeases nf foreclosure, inclndiig, bnt aot limited to. rrasooable attorner•'s fees.
aod costs of documeatary evideoce, a6strscts aad titk rcportc.
14. Borrower's R~bf ta Reinstafe. Notwithstanding 1_enders acceleration of the sums secured by th~s Morigage,
Borrower shall have the right to have any proceedings tiegun hy l.ender to enforce this Mongage discontinued at an~• time
p~?Rx283 ~~a:.~ 82~