HomeMy WebLinkAbout0210 l.endrr's written agrecm~n~ or applicahle law. t3orru~~rr shall pa~ ihe •rm~~unt i~f :~II mortgage imur.~nce premiums in the
mannrr pr~~vidr~l imdcr paragr~ph 2 hcreuf.
Any amounls di~httrscd by 1_cn~cr punuant t~. this par.~~r:~ph 7, w•~ih inhn~t thcrcon, shall bccomc udditional
inJchtcdn~s~ of HorroHrr cccurcd by this Mortgagc. Unlc,. Norrowc~ ar.d lyn.lcr agr~c to othcr tcrms of paymcnt, such
am~~untc ch;~ll he pay~ahle up.,n noti~r from I.ender t~~ BorruHrr rcyu~cting payment thereuf, and chall hear intereet from the
date of di~hurcement at the ratc pa~•ahle frum time to time on outstanding prineipal under the Note unlecc payment of
interest at such rate v?•ould t~e rnnt~ar~• t~ applicable law, in which event euch amounts th~ll t~ear inlerest at the highest rate
pe~missible under applicable la~~•. N~~thing contained in this paragraph 7 shall requirc l.ender to incur any expense or take
any action hereunder.
8. InspecHon. 1_ender may makc or cause to he made rrationahle ~mriec upon and ins~xcti~~nc of the Property, pra~~ided
that Lender shall give Borrawer notire prior to an}• ~urh ins~cti.,n s~xcifying rcasonable cause theref~u related to I_ender's
intcrest in the Propcrt}~_
9. Condemnalion. The pr~xeedc of am• award or claim fur damaees, direct ur concequcntiat, in connection with any
rondemnation or other taking of the Pmperty, or part thercof. or for cnnveyance in lieu of condemnati«n, are hen;hy as~igned
and shall bc paid to 1_ender.
In ~he eeent of a tutal taking of Ihr Propcrt)•. the procecJc ehall he applied to ~he enms cecured by thic ~lortgage.
u~ith thc e~cess, if any. paid to Borr~~~.•cr. In thc evcnt ~~f a partial ta{.ing of the Aroperty. unlecs Borruw~er and i.endcr
othcrH•iu agrce in writing. thcrc chall hc applicd t~ thc tum~ securcd b~• thie Mortgagc such proportion of thc procccds
as is equal to that pmFx~rtion which thr ami~unt of thc sum~ .e.ured h~• thi~ \tortgage immediatel~• prii•r to the date of
taking bears to the fair market ~•aluc of the Propert}• immediateh• pric~r to thc ~ate of taking, N•ith the balance of the proceeds
paid to Borrower_
lf the Pmperh• is abandoned h~~ B~rro«•er. or if. afler nc.tice h~• I ender to Rormw•er that the condemnor offers to make
an awarcl or ce1Ne a claim for damac~s, B~~rrower failti ti. «,~~nd to I ender within .l~ da~•s ai~er the date tuch notice is
mailed. I_ender i~ authorized to collec~ and appl~~ thc proceeda, at i.ender'c option, either to restoration or rcpair pf the
Property or to the sum. sccurcd by this Mortgage.
Unlesc 1_ender and Borro~+~er other~~•icr agree in ~~ritinc. am• weh application of proceedc to pri~cipal ~hall not extend
or postp~me thc duc Ja~e of thc monthh• installmcnh refcrrrd to in paracraphs 1 and 2 hereof or change thc amount of
~uch installmcntc.
]0. Borrower Not Reles~sed. E~tension ~f Ihe tinx fc•r pa~•ment or modific:uion of amortiration of the tumc secured
by this Mortgaee granted ti~~ 1_ender t~• am~ ~ucce~tor in interr~t of Borrow~cr ~hall not operate to rclease, in any manner.
the liabilit~• of the original Borrower :~nd B~~rrowere sucrrsti~~rc in interest. 1_ender shall not he r~quired t~ commence
pmceedings against such suc~ecsor or refuce t~ e~tend tim~ for paymcnt ur otherwice mcxlif)• amortization nf the sums
secured M• Ihic Mortgage M~ reason of am- dem~nd madr b~~ thr i~ri¢ina) Borrower and Rorrow•er s succescors in interest.
11. Forbearance by i.ender \ot a R'~i~•er. Am• f~rtx arance b~~ I ender in e~ercising am• rigM or remed~• hereunder, or
otherwise afforded h}• applicable law•. ~halt not t~ a wai~~er of or prei:lude the exereise of am~ siech right or remedy. °
The procurement of insurance or the payment of tat~~ or other lient or charecs b}• I_ender shall nat he a~saiver of I.ender s
right to accclcratc thc maturity of thr indchtcdnc;s ~c~urcd h~• thi~ !~lortgagc. ~
12. Remedies Cumulative. All remedies pmvidrd in this r1ortgaee arc distinct and cumulati~t to an}• other right or
remedy tsnder thit 1liortgage or afforded t~y lak~ ~~r 2quit)~. and ma~~ he ~~errisrd roncurrenth•, independently or succecsi~•el~~.
13. Successors and Ass'ry;ns Bound; Joint and Se~eral Liabilih•; faptions. The co~•enants and agreements herein
cantaineJ shall bind, and the rieht~ hen:under shall inure to. the rcspecti~•e ~ucce~cors and astignc of I_ender and Borrow~er,
subjeet to the pro~•isionc of paragraph 17 hercof. All co~•en:,nts and a¢reementc c,f Borrrn~•er sh:+ll be j~~int and several.
The captions and heading~ af the para¢raphc c•f this Mortgag~ are for com~enience ~~nl}• anJ are nM to be used to
interp~et or define the pro~•isions here~f.
14. Notice. Except for any notice requireJ under ap~+li~ahtc la~+~ t~~ be given in another manner. !a1 an}• notice to
Borri~w~er pmvided for in this Mortgaee shall he given h~• mailing ~uch noticc bc rertified mail addresud ro Bormwer at
the Propem• AJdrec~ ~r at ~uch other addret. at Burm~~er ma~• designate b~~ n~tice to I.ender as provided herein, and
Ibl am~ notire to [.ender shall tx: given M~ certi6ed mail. return recei~t requeated. tc~ l.ender c address stated herein or to
-cuch ~~thcr address as I.ender mac decienate b~ n~tice te~ Borroaer_as prmided herein. An}• notice provided tor in this
Mor~gage shall hc: deemcd to ha.~c f~ecn gicen to Borm~cr or Lcnder µhen given in the manner designated herein.
15. Uniform ~iort~a~e; Gocernin~ i.a..; Se~erabilit~~. Thi~ form of mortgagc comhines uniform rnvenants for national
use and non-uniform rn~~enant~ Hith limited ~•ariationc h~~ jurisdiction to constit~rte a uniform securit}• instrument co~~ering
rcal propert}•. Thi. Mortgage shall he governed h~• thr law of the juricdiction in w•hich the Propert~• is lorated. In the
event that an~~ provision c~r clau~e N thi~ '.1lortgage ~~r the '.~~~te conflictt ..•ith applicable law•. such conflict thall not aSect
` other pr~+cisionc of this Mortgage i.r the \ote ~~hich ran he given efFect «•ithout the conflicting pmvicion. and to this
, end the proeitii~~n~ of the ATorteage and the \~,t~ ~re J~clarcd to he tieverable.
; 16. Borrower's Cop}~. Borm~~~er shall tx furni~hed a ci~nf~rmed-cop~~ of ihe Note and of thic ;~tortgage at the time
F uf execution or after recordation hereof.
~ 17. Transfer of the Propert~~; Assumption. if all i~r am part of thc Pr~pcrt}- or an interest thcrcin is sold or trancferrcd
b}' Borrow~cr w•ithout Lender's prior writtrn ~onsent. cxcluding (al thc crcation of a lien or encumbran~e subordinate to
~ thiti Mort¢age. Ibl the creation of a purchase m~ne~• securit~~ interest f~r househald appliances_ (cl a transfer h~~ devise,
~ descent or h}• e~p~ration of l,i~~ upon the death of a j~.int tenant or (d? the grant of am• Ieasehold interest of three yearrc or less
~ not containing an option to purchase. Lender ma~~, at l.cnder:~ ~~pti~.n. declare all thr sum~ secured b~~ this ;~tortgage to be
~ immediately due and payable. [.ender shall have ~.ai~•ed ~uch option to accrlerate if. prior to the ~ale or transfer. Lender
and the person to whom the Property ic ro be sold ~~r transferred rearh agreement in w~riting that the credit of such person
~ i~ satisfactory to i.ender and tha~ the intercst payable c.n the sumc secured by thic ~iortgage shall be at such rate as I.ender
sh:,ll request. If l.ender has waived the option t~ accelerate pm~•ided in this para¢raph 17, and if Borrower's soccessor in
~ interest hat erecuted a written assumption agreement accepted in K~riting by 1.enJer. Lender shall releace Borrow•er from al!
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. f.endcr ~hall mail Borro~er not+ce of acceleration in accordance w~ith
paragraph 14 hereof. Such notice shall provide a periocl of nc•t Iess than 30 days from the date the notice is mailed within
~ w•hich Borrower may pa}• the sums declared due. lf Borro~er fails to pa~• such cums prior to the e!cpiration of such period.
~ Lender may, without further notice or dcmand on Kormu•er. invoke am• remedies permiued b}~ paragraph 1R hereof. -
~ NON-UNIFORAt COVe:v~NTS. Borrower and I.ender further covenant and agree as follows:
~ 18. Acceleration; Remedies. Except as provided in para~raph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this !~iortgage. including tbe co~~enanfs to pa~~ when due any sums secured 6y this Mortgage. Lender
~ prior to acceleration sbaU mail notice to Borrower as provided in paragraph 14 hereof specifyinS: (1) tl~e 6reach; (2) the action
rcquired to cure such breach; (3) a date, not less than 30 da}~s from the date the notice ~s mailed to Borrower. by which such
breach must be cured; and (4) that failure to cure soch bresch on or beforc the date speci6ed in the ootke may resdt in
~ acceleration of t6e soms secured by this Mortgage, foreclosure by judicial proceeding and sale of t6e Pmperty. 'I7~e notice
shall further iaform Borrower of the right to reiactate after acceleration and the right to assert in tt~e Eorecfosure p~oceediug
~ the aon-existence of a defank or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored on
~ or betore the date specified in tbe notice. I.ender at Lender's option may declare all of the sams secured by this Mortgage to be
~ immediately due and payable without further demand and may foreclose tb~s Mortgage by judicial proceeding. Lender shall
~ be eatidcd to collect in such procceding aU expenses of foreclosure. including. but not Umited to, rcasonabk attorney's fees,
~ aad costs of docnroentary evidence, abstracts and titk reports.
19. Borrower's Rig6t to Reiastate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proceedings begun by I_ender to enforce this Mortgage discontinued at any time
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BDOK ~U4 PA6E Z~~ _
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