HomeMy WebLinkAbout0720 [.ei~der's ~rritten agr~•rmcnt or appli~ahie I:~N•. BorruWCr shsll pay !hc amount ~~f all morigabe insurance prcmiums in the
manner pn,vidc.l under paragraph 2 hercof.
Any amoun~s disbursed by I.cndcr purnuant to this paragraph 7, wi~h intcre~l thcrcon, shall bccamc additional
uidebtednrsc of HarroNCr secured hy thi~ Manbage. Unle.c Borrower anJ I.ender agnti to ~ther terms of payment, such ~
amounts shaN be payahle upc~o notice from Lender to Bor~ow~rr reyuesting payment ihereof, anJ ehall bear interest fram !he
date of disburscment at the ratc payahle tram timc to time on rnustanding principa) under thc Note unless payment of
interest at such rate ~•ould he contrary to applicable law~, in W hich event such amounts shall hear interect at the highest rate
permissible unde~ applicable law~. Nothing contained in thic par.~graph 7 shall requioe l.e~der to incur any expense or take
any action hereunder. ~
S. Inspection. [.ender ma}• makr or ~ause to t+e made reaconahle entries upon and inspectione of the Property, provided
that Lender shall gi~•e Borrower notice prior to any such insFx:ction specifying n:asonable cauce therefor related to I_ender's ~
intcrest in the Properiy. ~
9. Copdemnatioa. The proceedc ~f an~• aHard or rlaim for damages, direct or corisequential, in connection with any i
condemnation or other taking ~f the Pro~rty, or part ~hereof, or for conveyance in lieu of condemnation, are hcreby assigned ~
and shall he paid to I.ender.
In the e~•ent ~f a total taking of thc Pm{krtp, the preKeeds chal! he applied to ~he cums secured ba~ this Mortgage.
a~ith lhe. e~cecs, if any, paid to Borrl~wer. In the cvent of a partial taking of the Prapert~~. unlecc Aormw•er and t.ender
otherwice ag~ee in ~~~riting. there xhall he applicd to the sums securcJ by thic Mortgage tiuch pro~rtion of the proceeds
as is equal to that proportion which the amuunt of the sumc secured by Ihis ~lortgage immediately prior to the date of ;
taki~g bears ta the fair market ~~aluc of the Pmperty immed+atel~• prior to the date of taking, w•ilh the balance of the pmceeds ~
paid to Borrou~er.
if the Prope~ly is abandoned b~~ R~rmwer, or if. after nMice h~~ I.ender tci Borrower ~hat the condemnor offers to make
an aw•ard or settle a claim for damagcs, Bormwer fails to res~x,nd t~ i_ender w•ithin 30 days after the date such natice is
mailed. I_ende~ is authorized ta collect and a~ly the prcxeeds, at I.ender's option. either ta rectoration or repair of the
Propcrty or to the sums secured b~~ this M~rtgage.
Unlesa l.ender and Borrow•er otherH•i~ agrce in ~+ritine. am• such applirati~n of prcxeeds to principat shail not extend
or post~ne the due date of the monthl~• instaltmenls refcrrcd to in paracraphc 1 and 2 hertiof or change the amount of
such installments.
10. Borro~er Not Released. F~tencion of the time for parment or mi?dification of amortization of the sum~ secured
by this ~4tortgage grantrd b~~ Lender to an~• ~uccecsor in intrrest of Borrower shall not operate to retease, in anp martner,
the liahility of the original BorroN•er and $orma~er'c successors in interest. Lender shall not be required to commence
~ roceedin s a ainst such sucressor or refuse to exten~i time f.~r
P g ~ paymcnt or athe?u•ise modify amortization of the sums
secured by this l~tortgage by reacon of :mp demand madc h~~ the orieinal Borrow•er and Aorrow~er s succes~ors in interest.
11. Forbearance b~• Ixnder ~ot a Wai~•er. Am• f~~rtx arancc ht• Lender in exercising am~ right or remed~~ hereemder, or
othena•isc af~ordecl hy appticabic law, shali not ik a waiver of or preclude the exercise of an~~ such right or temedy_
The procuremen~ of insurance or the paymcnt of ta~es or othcr liens or charges b~ l.ender shall not he a w~aiver of 1_ender s
right to accclerate the maturit~• of the indehtedness tecurcd hc thic Mortgage.
12. Remedies Cumulatire. All mmediec provided in this Mortgage are distinct and cumulative to any other right or ~
reme~i~• under this Mortga~c or afforded b~~ law or equit}•. and ma~• he e~ercised concurrently. independently or succecsively.
, !3. Successors and Assigns Bound; ]oint and Se~eral 1.iabilityv; Captions. The covenants and agrcementc herein
contained shall hind, ~nd the riQhtc hercunder shall inure to_ thc retipective successurs and ascigns of [_ender and Borrowe~.
subject to the pruvisi~ns ot paragraph 17 hereof. All covcnants and agreements of Borrower shal! be joint and several.
The captions and headings of the paragraphc of this M~rtgage are for convenience only and are not to be used to
interpret ar dcfine the provisions hereof. ~
14. Notice. Except for any noticc required under applic~hle la~+ ta be given in another manner. (a1 any notice to ~
Borrower provided for in thic Mortgaec shall tx; gi~~en M• mailing euch notice b}~ rertified mai! addressed tn Borrnw•er at
the Property Addre+s or at s~ch ather address as B~rmw•er ma~~ detiignate hy notice to T_ender as provided herein. and
(b) an~- notice to I.ender shaU be given hy certified mail, ret~+rn receipt requested. t~ 1 ender s address stated herein or to
aich other addr.ess as Lender ma}• designate b~~ notice m Bormw•er as pro~ided herein_ Any notice provided far in this
Mortgage shall E~ deemcd to ha~•c been gicen to Bormw-er or I.endcr when given in the manner designated herein.
15. Upeform MorlAaRe; Covernin~ I.ax•; Se.•erabilih•. Thic form of mongage combines uniform covenants fot national
use and non-unif~xm c~~~•enam~ w~ith limited ~~ariatioris b~ juritdiction to constitute a uniform security instrument covering
real propertp. Thic Mortgagc shall lir governed b~• the I•rw• of the jurisdiction in u~hich~the Property is located. In the
event that any provision or clauk a! this Mortcage or the Note cortflicts uith applicahle law. such conflict shall not atiect
other provisions of thic Mortgage nr the Note ~+hich can be given ef~ect without the conflicting pmvision, and to ihis
end the provisiom of the Mortgage and the Natc are dcclared to he severable.
16. Borro~er's Copy. .Borrnw•er shall be furnished a conformed cop~• of the Note and of thic Mortgage ai the time
of execution or after recordation hereof.
17. Transier of the Propert~~: Assumption. if all i~r an}• part of ihc Propcrty or an intercst therein is sold or transferrcd
b}' Borrower without Lender's prior M•ritten con~ent, excluding lal the creation of a lien or enctimbrance subordinate to
thic Mortgage. (bl the creation of a purchase mone}~ cecurit~~ interest f~r househald appliances. (c) a transfer b}~ devise,
de.cent or by operation of law upon thc dcath of a joint tenant ~r Icf~ the grant nf an}• lcasehold interest of thrcc ~•ears or less
not containing an option to purchase, [.ender ma}•, at Lender'~ option. declare all ~he sums secured hy this Mortgage to be
immediatel~~ due and payahle_ Lender shall ha~~e w•aived such option to accelerate if. prior to the sale or transfer. I_ender
and the person to whom the Property is to be soW or transferred reach agreement in w•riting that the credit of such person
is satisfactory to I.enJer and that the intere~t pa~•able on the sums secured by thic rlortgage shall be at such rate as I_ender
shall request. If I.ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumptian agreement accepted in writing by I_ender, 1_ender shalt release Borrower from aH
obligations under this Mortgage and the Note.
!f 1_ender exercises such option to aceeleratc, I_ender tihall mail Borrow~er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a pe_ricxl of not less than 30 da}s from the date the notice is mailed within
w•hich Borrower may pay the sums declared due. If Borro~er f~ils to pay such sums prior to the expiration of such period,
I.ender may, without further notice or demand on Borrower. invoke any~ remedies permitted by paragraph 18 hereof.
Notv-Ux~FOxi?t Covex~xTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. E:cept as pmvided in pars~rap6 17 hereof, upoa Borrower's 6reach of aay covenaat or
agreemeat of Borrower in this Mortgage~ inciuding t6e corenaets to ~ay when due any sums secured by thjs Mortgnge, I.ender
Qrior to accekration sha!! mafl ootice to Borrower as prorided in paragraph 14 hereoi specifying: (1) the bnACh; (2) t6e action
rtquirsd to cure snch breach; (3) n date, not less than 30 days irom the date the notice is mailed to Borrower, by whic6 sucfi
breach musi be cond; and (4)'that failure to cure such breach on or before the date specified ia the notice raay resdt in
acceleration of the sums secured by this Mortgage, foreclosure by judicial procecdFng asd snle of the Property. 'Tbe aotice
shall farther iaform Borrower of tbe rigbt to reinstate after acceleration ~nd the right to assert in t6e foreclosure procecding
the noa-ex~stence of q defauk or any other defense of Borrower to arcek~tion and forec{osure. If tde breach is not cnrrd on
or beforc the date specified in tbe aotke. Lender ~t Leader's option may declare ail ot the sams secnred by th~ Mortgaae to be
immediately due aod payabk without further demand and may foreclose this Mortgage by judicisil pmceeding. Leader s6aU
be eotitled to collect in sucb proceeding a0 eapenses of foreclosure, including. but aot limited to, reasonabk attorney's tea,
and co~s of documeotary eridence. a6stracts aod titk reporls.
19. Borrower's Rigbt to Reinstate. Notwithstanding Lender's acceleration of the sums securtd by this Mortgage.
Borrower shall have the right to have any ptoceedings hegun by Lender to e~force this Mortgage discontinued at any time
~oox 284 P~~~ ?36•lg _ .
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