HomeMy WebLinkAbout0425 ag~eement or applicablt law. Bonower shall pay the amouot ot all mortqage insurance premiums in [he manner provided
uude~ paragraph 2 hercof.
Any amounts disbuncd by Lender Pursuant to this pataqraph 7, with i~terat thereon: ,~a~ll bccomc additional in-
debtedness ot Borrower secusecl by this Atortgage. Unless Borrowe~ and I.ender agree to othe~ terms o[ payme~~t, such
amounts shal! bc payable upon notice (rom Lendcr to Bortower tequesting payment therrof, and shall bear intetest from
thc date ot disburseme~t at the rate payabte trom time to time on outsandinq principal under the \ote unless payment
of interc~t at such nte would be contrary to applicable law, in which even[ such amounts shall txar iniere~t at the high~st
ratc pertnissible under applicable law. Nothing contained iri this paraqraph 7 shall rrquire i.ender to i~cur aoy expenx or
take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upan and inspections of the Propertr, pra ;
~•ided that Lcnde~ shall give Borrower notice prior to any such i»spection specifyi~R reasonable cause therefor related to
Lender's intenst in the Ptoperty. #
9. Condannstton. Tht proceecls oE a~y award or tlaim tor damages, direct or conscquential, in connection with any
condemnation or othet taking o( the Ptoperty, ot patt the~eof, or (or com~eyance in lieu o( concl~mnation. are hereby as-
signcd and shall be paid to Lender.
in che event~oE a tota! takinq of the Propertr, the proceeds shall be applied to the sums secured by this \iortgage. ~
rith the cxcess, if a~y, paid to BorroMer. In the event ot a partial taking ot the Property, unless BorroNer and I.ender
otherwise agree in writing, there shall be applied to thc sums secured 6y this Mortgaqe such proportion ot the proceeds. F
a; is equal to that proportion which the amount o[ the sums secured by this Mor~qage immedi~tely prio~ to the date oE
takiug bears to che [air markct value of the Property immediately prior to the date oE taking, with the balance o[ the pro-
ceeds paid to Borcowtr. . }
It the Propert~r is abandoned by $orrower, or iE, a[ter notice by Lender to Borrower that the condemnor of[en to
make an awatd or settle a ciaim [or damages. Borrower fails to rapond to Lender within 30 day~s after the date such ~otice
is mailed. Lender is authorized to collect and apply the ptoceeds, at Lender s option, eithe[ to restoration or npair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwix agree in writing, any such application of proceeds to priocipal shall not ~xtend
or postpone the due date of the monthly installmenu refetred to in paragraphs i and 2 hereof or chanqe the amount of
such installments.
10. Horrorrer Not Reka~ed. Extension of th~ time for payment or modiEication ot amortiratian of [he sums secured .
by this ~tortgage grantcd by I.cnder to any successor in interest o[ Borrower shall not operate to release, in any tnanner,
che liability o[ the original Borrower and Borrower's successors in interest. Lender shaU not be required to commence
proceedinqs against such sutcessor or reEnse to extend time for paywent or otherwise modify amorti:ation of the sums se-
cureei by this \lortgaRe by reason o[ any demand made by the original Bonower and Borrower's successors in interes~
ll. Forbearance b~ Lender Not a Waiver. Any forbearance by ixnder in exercising any right or mmedy hereunder.
or othen. ise a((orded by appliuble law, shall not be a waiver af or preclude the erercise of any such righc or mmMy. The
procurement o[ insurance or the payment oi eaxes or other tiens or charges by Lender shall not be a wai~~er oi I.ender's
riRht to accelerate the maturity of the indebtedness secured b~ this ~toregage.
12. Remedies Glimulati~e. A!! remedies provided in this AfortgaRe are distinct and cumulati~•e to an~ other riRht or
remedy under this 1ltortgage or a[torded bv law or equity, and may be exercised toncurrently, independentl~ or successively.
13. Succetwra and Aadgas Bound; Joint and Several Liability; Captions. "The co~enants and ay,reements herein
contained shall bind, and the rights hereunder shall inure to, the respecti~e successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereoE. All co~•enana ar~d agreements of Rorrower shall be joint and se~•eral. The
captions anct headings ot the paragraphs of tbis 1~lortgage are for con~•enience only and are not to be used to interpret or
detine the provisions hereof. .
19. Notiae. Except tor any noeice required under applicable law to be given in another manner. (a) an}' notice to
BonoNer pro~•ided tor in this ~tortgage shall be given by mailing such notice b} certified mail addressed -to $ortower at
the Property Address or at such other address as Botrower may designate by notice to I.ender as pro~•ided herein, and (b)
an}• notice to Lendet shall be gi~en by certified mail, return receipt requested. to Lender s address stated herein or to such
other address as Lender may designate by notice to $orrower as provided herein. Any notice pro~•ided tor in this ~tortgage
shall be deemed to ha~~e been qiven to Borrower or I:ender when gi~•en in the manner designated herein.
15. Uniform Mortgage; Governing Iaw; Sevenbiliq. This (orm of mortgage combines uniform co~enants for na-
tional use and non-uniform covenants with timited variations by jurisdiction to constitute a uniform security inswment
coceritig teal ptopetty. 'This l~Iortgage shall be governed by the law of the jurixiiction in which the Property is located.
In the e~ent that any provision or clause of this ~tortpage or the ~ote conflitts with applicable laM, such conflict shalt not
af[ect other provisions ot this Mortqage or the \ote which cao be gi~•en ef(ect Mithout the conflictinR pro~•ision, and to
this end the provisions of che t(ortgage and the Note are declared to be severable.
16. Borrowet's Copy. Borrower shall be furnished a c~rT(ormed copy of the l~ote and ot this ~tortRage at the time
o! executeon or after recordation hereof.
17. Transfer oi the Pmpetty; Aasump[ion. If all or any part of the Property or an interest cherein is sold or trans-
ferred by Borrower without I.ender's prior written consent. excludinq (a) che creation ot a lien or encumbrance subordinate
to this ~Iortgaqe, (b) the creation oE a purchase money securitp interese for household appliances. (c) a transter by devise,
descenc or by operation of law upon the dcath of a joint tenant or (d) the prant of any leasehold interest of three yean or
less not containing an option to purchase. I.ender may, at Lender's option, detlare all the sums secured by this ~tottqage to
be immediately due and payable. Lender shall have waived such option to accelerate i(, prior co the sale or trans[er, I,ender
and the person eo whom the Properey is co be sold or transterred reach agreement in writing that the credit of such ptnon
is satisfactory to Lender and that the iriterest payable on t5e sums setured by this ~tortgaqe shall be at such rate as I.ender
shall request. II Lender has waived the option to accelerate provided in this paragraph 17, and iE Borrower's successor in
interest has executed ~ written assumption ap,reement accepted in writing by Lender. I.ender shall release Borrowec from
all obligations urtder this Mortgage and tfie Note.
If Lender exercises such option to attelerate, I,ender sha)1 mail Borrower notice of acceleration in accordance with
parap,taph 14 hereof. Such notice shall provide a period oE not less ehan 30 days irom the date the notice is mailed within
which Borrower maY pay the sums declared due. If Borrower fails to pay such sums prior to the expiration oE such period.
Lender may, without further notice or demand on Borrower, invoke any remeciies permitted by paragraph 18 hereof.
NOri-U1~iIFORH Covetvwrrrs. $ortower and I.ender furcher covenant and agtee as [ollows:
18. Accelentioo; Ranedi~s. Faccept as provided id paragraph 17 henof, upon Borrowa's brach of any rncenaat or
agretment o[ Boirower in this Mottgage, including the rnvenants to par when dut any sums secured by t6is Mortgige,
Lender prior to aaeleration ahall mail notice to Borrower as provided in paragraph l4 hereot specifying: (1) the bnach;
(Y) the action requited to cure such breach; (3) a date, not kss thw 30 days from the datt the notice u mailed to Borrowv,
by whic6 suc6 breach must be cvred; and (4) that future ~o cvre snch brcach on or before the date specified in the notice may
rewlt in acoeleration oE the wma securtd br this 1ltortgage, fomlowre b' judicial proceeding and sale of ehe Properq. The
notict ahall furt6er intorm Borrowu oE the rig6t to rcinstate afeer aoceleration and the right to assen in the [oredasure
proceeding the nontxiatence of a de[ault or anr other defense o[ Borrower to acoelention and foreclosure. the breach is
not cured on or be[ore the date specified in the notice. Lender ac Lender's option may dedare all oF the sums secured by this
l4iortgage to be immediatel' due and paYable without further demand and may [oreclose this Mortgage br judicial proceed-
ing. Let:der shall be entitled to coqect in wch proceediug all e:pentes oI [oreclasure, including, but not limited eo, retion-
abk attorney's fea, and coua o[ documentary evidrnce, abstraca and tiUe reports.
. . 6:1R1! 285 ~a~~ 420