HomeMy WebLinkAbout0925 l.cnder's written agrecment or appiicabl~ lew. Borrower shall pay the amount of all martgage insurance premiums in Ihe
manncr providcd under pa~agraph 2 hereof.
/1oy amounts dishursecci by [.enckr pursuant to this paragraph 7, wiih intenest thercoo, shall becomc additional
inJebtedness of 8orrawer stcurcd hy lhis Marlgage. Unlcc~ Bor~awcr anJ l.en~Jcr agn.^c to oiher tcrtns of payment, cuch
amounts shall bc payabk ujx~o na~ice from Lender t~~ &uruwcr reyuesling payment there~ot, and chall hear interest from the
datc ot disbursement at thc rate payahlc from time to tim~ on outstanding principal under thc Note unless payment of
interect at such rate waul~l be cantrary to applicable law, in which event such amaunts shaH hear interest at the highest nte
permissible under applicable law. Nothing contained in lhis paragraph 7 thall requirc 1_ender to incur any expense or take
any actio~ hereunde~.
8• lnspection. l.ender may make or rause to he madc reaconable cM~iet u~x~n and inspections of the Property, provided
that Lender shall give Borrower notice p~i~~r to any such inspection ~pecifying rcasonable rause therefor rela~ed ta I.ender's
intcrest in thc Ptc~pcrty.
9. Condemnation. The prcxeed~ of am~ award or claim for dama,~es, dircet or concequential, in connection with any
condemnation or other takiog of the Property, or pan the~cof, or for convcyanre in tieu of condemnation, are herehy as~igned
anJ shatl t?c paid to i.cndcr. . '
1n the event of a tola) taking of thc Propcrty. the pnk~tidc ehall he :~pplied to the sums securrd by this Mortgage,
w•ith the exrrss, if any, paid to Born.wer. ln thc cvcm ~.f a partial taking of the Property, tmlets R~rmw~er and i_ender
o~herwice agrce in writing. therc shall be applied to Ihe cumc ~ecured h~~ thi~ Mortgage such pmpartion of the proceeds
as is equai to that proportion w•hich thc amaur~t ~~f ~hc sumc ucured hy this 111ortgagc immcdintcly prior to thc dale af
Iaking hears to the fair market value of the Propcrty immediatel~• prior to the ~late of taking, with the halance of the proceeds
paid to Borrower.
If the Properry is abandoncd by Borrower, or if. uftcr ooticc h~~ I.c~Jc~ to Borrowcr that the rnndemnor otfers to make
an aw~rd or setNe a claim for damag~~, Bormwer failc ti~ rex~nd to Lender wilhin 30 da}~s ~fler the date such notice is
mailed. I_ender is autharized to collect and apply ~he proceeds, at i.ender's option, either to restoration or repair of the
Propcrty or to the sums .ccured hi~ ~his Mortgage.
Unlesc I_ender and Borrower othen+~i~e ag~ee in ~~ritine. am~ such applicati~n ~f prcxeeds t~ prinripal shall not extend .
or post~nc the due date of the monthly installments refcrrcd to in paragraphti 1 and 2 hereof or change thc amount of
such installments. -
10. Borrowet Not Released. Extcnsion ~f the time for pa~•mcnt or modificati~n of amortizatian of the -cum~ securcd
by this Mortgage ¢ranted b~ t_endcr to am~ sucrc.u~r in intrrcct of Borrow•er shatl net oix:ratc to releasc. ~n any nianncr. .
the liahilit}• c~f 1he original Borrow~rr and Ri~rrowcr'~ surccs,:.rc in interest. I_ender shall nut hc requircd t~ r~,mmcnce
proceedings against such successor or rcfu~e ti~ e~tcnd timc for payment or othcr.~~i~ modiO~ amortization of thr sums
tecured by thic Mortgage hy reason of :?nt~ demand made b~• the ~~riQinal E~rrower and Borrow•e~'s s!~cces~orc in interect.
11. Forbearance hy I.ender 1~'ot a Wai~•er. :inc fortxarancr b~• I.ender in etiercising an~• right or rerr.edy hc*eunder. or
otherwise afforded hy applicable law_ shall nc.t he a waiver of or preclude the exercise af an~• such right or remed~~.
The procurement of insurance or the payment of tar~~ nr other liens or charges hy 1_ender ~hall not he a w•aivrr c.f I.enders .
right to accelerate the maturity of the indehtednec< <ecured h~• thie Mortgage. .
12. Remedies Cumulative. AN rcmediec ~r~~~~ided in thic Mortgage are distinet and romulative tc? an~• ~ther righ( or
remeJy ~~nder this Mortgage or afTorded h~~ law• ~,r cyui~~~, anJ ma~~ be exercised concurrcnth~. independentl~• or succe~ci~~ely.
13. Successors and Assi~ns Bound; Joint and Se~eral i.iability; Captions. The cnvenants and agrecments herein
contained shall bind, and thc riRhts hereunder shall inure to. the retpective succe~so~ and assignc of I.ender and BormH•er.
subjeet to the provisionc of paragraph 17 heree~f. :1l1 ~o~•enants and agreementc c,f Borrower shall he j~~int and ceveral.
'i~e captions and headings of thc paraeraph~ c•f thie Morlgagc arc for comcnicncc only and arc n~~t tc~ tx u~cd to
interpret or. define the provicians hereof.
14. Notice. Except for any notice reyuirrd under appticabie law to be given in another manne~. !a) an~• notice to
BvrroK•er provided for in this MortgsKC shall he givrn hp mailine turh notice h~• ccrtified mail addressed ro Borm~.•er at
the Property Address or at such other addres. as B~.rrc~aer ma~• designate b}• nc.tire to 1_ender as ~rovided herein. and
(b) am• notice.to C.ender shall be gi~•en by certificd mail, relum reccipt reque~ted. to 1 enJer~ adJress stated hercin or to
such other address as I.ender may desienate M~ n~ticr t~ Borrou~er as provideJ herein. Anv notice pmvided for in this
Mortgage shal! he deemed to have been gi~~en ~o Bnrrc~u•er ~~r I.rnder when given in the manner de~ignated herein.
15. Uniform Mort~a~e; Go~ernin~; i.aN~; Se.erabilih•. Thi~ (nrm of monga¢c combincs uniform rnvenantc for national
usr and non-uniform covenams with limired ~~ariations h~~ juricdiction to constitute a uniform security instrument rn~•ering
reai pmperty. 'i'his Mortgage shatt fx; guv~rncd h~• thc .law~ oF the juricdicteon in ~•hich ~he Property is l~:atcd. In thc
e~~ent that any provision or clause of_thic Aiortgage ~•r the I~ote conflicts w~ith applicable lavv, such conflict thall not affec:t
other provisions of this Mortgagc or the N~te Nhich ean Ix: gi~•en etTect H~ithoot the conflirting pmvition, and to this
end th~ provisions of ~he Mortgagc and the `ote arc ~leclared to he severablc.
16. Borr+ower's Copy. Borrow~cr sh:dl be: ferrni~hed a r~nformed copy nf thr Notc and ~f thie T~lortgagr at the time
of esecution or after recordation hereaf.
17. Transfer of the Propert~; Acsumption. If all ~.r am~ part of thc Pr~~perty ar an interest thcrein i~ sold or traneferrcd
by Borrower without T.ender's prior w•ritten concen~. excluding (al the crcation of a tien or encumbrance sutx~rdinate to
this Mortgage. (b) the creat~on of a~+urchsK monr~• tiecurit~~ interest f~r hausehold appliances. (cl a transfer h~~ devise.
dexent or by o~ration of law upon the dcath of a jrnnt tcnant or (d? the grant of am• Ieaxhold interest of threc }~cars or less
not containing an option ta purchase, Lender ma}~, at I.ender'ti option, declare all the ~umc secured hy this Mortgaee to be
immediately due and payable. [_ender shali have ~~ivcd wrh optian to accelcrate if. ~rior to the .ale or transfer. I.ender
and the person to whom the Proper~y u to be sold or transferred reach agreement in writing that the credit of such person
is satisfactorp to I.end:r and that the interc,t pa~~able ~n the sum~ secured by thic Morteage shall be at such rate ac [.ender
shall request. If [_enJer has wa~ved the option to accelerate pm~~ided in this paragraph 17, and if Borrow•er's successor in ~
. interest has executed a written assumption agreement accepted in writing by Lertder, Lrnder shall release Borraw~er from all
obligations under thisMortgage and the Note.
If Lender exercises such option to accelerate. I.endcr ~hall mail Borrower notice of acceleration in accordancr with
paragraph 14 hereof. Such notice shall provide a period of not less tF~an 30 daps from the date the notice ic mailed u•ithin
which Borrower may pay the sums deciared due. I! Borrower fails to pay such sums prior to the e!cpiration ~~f ~uch perioci,
Lrnder may, without furiher notice or dcmand on {3orrower, invokr an~~ remedies pcrmitted hy paragraph 1R hcrcof.
Norr-UNiFOxht Covex~tvrs. Borrower and l.ender further covenant and aRree as follows:
18. Areetentiao; Remedies. Except as Pro.•ided in paraqraph 17 hereof. upon Borrower's breach of any. co.enaat or
~greement of Borrower In this Mortgs~ge. including the co~•enants to pay when due aay su~ns securcd by this Mortgage. Lender
prior to arcekratloo s6a11 mail notlce to Borrower as provided in paragraph 14 6ereof specifying: (1) the breacb; (2) the action
required to cnre soc6 breac6; (3) a date. not iess than 30 days from the date the noticc es ma~led !o Borrowrr, by which sucb
brtach must be cnred; aod (A) that failare to cure such bnach on or before the date speci6ed in the notice may rault in
acederatioa of t6e snms secnred by tbis Mortgage, foriclosure by judicisl proceedi~ and salt of the Property. 'ILe ndice
shall further inform Borrower of t6e right to reinstate after accekrAtion and the rig6t to asse~t in the foreclosurr procteding
t6e oon-existence of a defsnlf or any other defense of 8orrower to acceleratio~ and fonebsun. If the breach is not cwrd oa
or before the dste speriSed in the notire. Lender at Lender's option may declare aq of tf~e su~s secured by t6is Mortgage to 6e
immediately due snd payabie witlaut forther demand and mav foreclose t6ts Mortgaae by judicial proceedit~. Lender shall
be entitled to coUM in sac6 proceedi~ all e:penses of foreclosurc, including, 6ot not limited to, roasona6k attoroe~s tees.
and co~ts of documeatary evideoce, abstracts and titk reports.
19. Bormwer's Ri`6t fo Reinstste. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedinps hegun hy ixnder to enforce this Mortgage dixontinued at any time
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