HomeMy WebLinkAbout0737 I_ender's wriiten agrcement or applicabk l~w. 8orrower shall pay the amount ot ali mortgage i~surance premiums in the
martr~e~ pravideci under par~ 2 bereof.
Any amouMs disbursed b r .eoJer p~iww~~ to this parag~aph T, with intcrest thereon, shall become addition~l
indebtcdnus ot Borrowcr securcd by Ihis Mu~tgage. Unlecs Borrower and [_enJer agree to other temu of payment, such
amounts shall be payabk upor~ ncuKe from I.e~der to Bormwer requcsting payment theteof, apd shal! bear interest trom the
dat~ of disbursement at the rate payabk tram timc to time an outstandiog pli~tcip~l under the Note unless payrt~ent ot
interest at such rate would be contrary to applicable law, in which event such amounts shall txa~ ioterest at tho hiahest nte
permissibk under applicable law. Nothing contai~ed io this paragraph 7 shall require ,[.endet to it~cur any expen~e or taYe
any actio~ hereupder. • ' • ' .ij
S. IaspeMioa. i_ender may make or cause to be made reacanable entriec upon and inspections of the Property. provided
that l.ender shall give Borrower notice prior ta any siich inspection specifying reasonabk cause therctor relatcd to Lenders
interest io the Pmperty.
9. Coode~n~tbn. 'i?te pr~xeedc of any award ar claim for damages, dircct or consequential, in conr~oction with any
condemnation or dhcr taking of the Property, o~ pan therrnf, ar (or conveVaoqe in litu of condemnation, are hereby assigncd
and shall be paid to Lender.
In the event af a total taking of the Pmper~y. the p~cxcecis ahall t+c applied to the sums secured by ihis Mortgage,
with the excess, if any, paid ta Borrower. In thc cvent of a partial ~aking of the Propeny, unless Borrower and Lender
o~horwise agree in writing. there shall be applied to ~hc ~ums secured by thic Mortgage such pt~pnrtioo of the procoeds
as is equal to that proportion which the amou~~t o( ~he sumc .ecii~ed by this Morigage immediately priat to the date of
taking bears to the fair market value of the Propcrty immcdiatcly prior to the date af taking, with the balaRCe of the proceeds
paid to Borrower.
If the Propetty is abandonecl by Borrower, or if, after notice by I.ender to Barmwer that the condemnor offen to matlce
an award or settle a claim (or damages, Bormwer fail~ to r~~pc.nd to I.ender within 30 days after the da~e such notice is
maikd, Lender is authorized to coilect and apply ~he prc?ceeds. at l.ender's option, either ta restoration ~r repait of the
Property or tn the sums secured bp this Mortgage.
Unlesc t_ender and Borrow•er othenvice agree in Hrit~ng, any such application of proceeds to priocipa) shall not extend
or pos~pone the due daie ~~f the monthl~~ ins~allmcnts referred to in paragraphs 1 and 2 hereof or change the amount of
such instatiments.
10. BorroNer Not RNessed. Extencion of the time for paymeot ar modification of amortization of the sums secutrd
by lhis Mortgage granted hy I.enJer ~o any ~uccec~~r in intcrcct of Borrower chall not o~rerate to releau, in any manner.
the liability of the ori¢inal Borrower :~nd E3c•rrower'~ suecessc~rc in interest. I_ender shaH not be reqt~ired to commerxr
proceedings against such strccessor or refuce to er~end Iime far payment or otherwice modify amortization of thr wms
secured hy this Mortgage hy reason of an~• demand made by the oriQinal Borrower and Borrower s successors in imerect.
11. Forlxaranre by I.ender Nol a Wsi~•er. :1ny f~rhearanrc h~• l.cnder in exercising any right or remedy hereunder. or
otherwise afforded hy applicable taw. shall not t~e a waiver of or predude the exercise of any such right or remedy_
The procuremcnt of insurance or the payment of ta~et or other liens or charges by I.ender shal) not he a waiver of 1_ender's
right to accelerate the maturity of the indehtedness a:cured hy thic Mortgage.
12. Remedies Cumulati~e. All remedies provided in this blortgage are distinct and cumulative to any olher right or
remedy under this Mortgage or aHorded hv taw or equity. :md may be exercised concurrently, independently or successively_
~ 13. Soccessors and Assi~as Bound: Joint aad Sereral l.iability; CapHons. The cavena~ts and ag~eements heroin
contained shall bind, and the rights hercunder shall inure to. the rcspective succetu~rs and assigns of i_ender attd Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreementc af Borrower shafl be joiry and several.
The captions and i~eadings of the paracraphc of this Mongage are for convenience anly and are not !o be osed to
interpret or define the pravicionc hereof. ~
14. Notice. Except for any notice rcyuired unckr applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgatie shalf 6e given by maiiing such notice by certified mail addressed to Bormwer at
the Property Address or at such other addrec, as Bnrmw~er ma~• designate by no~ice to T.ender as provided herein, and
(bl any notice to Lender shall he givcn by cenified mail. return receipt requested. to l.enckrs address stated herein or to
such other address as [.ender may de~ignate by natice to Borrower as provided herein. Any notice provided for in this
~tortgage sF~all be deemed to ha~~c [xcn gi~•cn to Borrower or T.ender whe~ given in the mar~ner desegnated herein.
15. Uniform MortRa~e: Goverr~in~ [aw; Se~erability. This form of mortgage rnmbines aniform covenants for national
use and non-uniform rnvenant~ with limited ~•ariations h~• jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall he governed h~~ the law• of the jurisdiction in which the Property is located. in Ihe
event that any provision or clauce of thi~ Mortgage ~r the iv'are rnnflicts w•ith applicable law, sueh conflict sha11 not aftect
other protiisions of this Mortgage or thr Nc~h which can be gi~•en effect without the conflicting provicion. and to this
end the pmvisions of thc Mor~gagc and the `vote arc ~Irdared to be severable.
16. Borrower's Cop~~. Borrower shall be furni.hed a conformed copy of the Note and of thic Mortgage at the time
of execution or after recordation hereof.
17. Traasfer of tbe Property: Accumption. If 311 or an}• part of the Pmperty or an interest therein is sold or transferred
~ by Borrower without I_ender's prior writirn cunsent, esrluding fal the creation of a lien or encumbrance sutwrdinate to
this Mortgage, (b1 the creat~on of a purch:,u: m~~nr~• ~cruri~y interest for houxhold appliances. (c1 a trancfer h~ devise.
descent or by operation of law~ upon the dcath o( a j~zint tenant or (dl the grant of any leasehold interest of threc ~•cars or kss
not containing an option to purchase, l.ender may. at l.ender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable. I_ender ~hall have N:~i~•ed such option to accelerate if, prior ta the tale or transfer. [.ender
and the person to whom the Propert~~ ia t~. be .ot.I or transferred reach agreement in writing that ihe credir of cuch percon
is satisfactory to Lender and that the enterr.t payable on the siims secured by this Mortgage shall be at such rate a~ I.ender
shall request. 1f i_ender has waived the option to acceterate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in vvriting by I.ender, Leoder shall release Borrower fram atl
obligations under this Mortgage and the Note.
If Lender exercises such option to acce{erate. I.ender shall mail Borrower notice of acceleration in accordanc~ i~h
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay ihe sum~ dtclared due. If Borrower fails to pay such sums prior to the eapiration of ~uch peri.id,
Lender may, v`ithout further notice or demand on Borrowcr, invoke any remed'ees permitted by paragraph IR hereof.
NoN-UH~FOeM Cove~etvTS. Borrower and Lender further covenant and agre~ as follows:
.18. Accelentioo; Remedies. Except s~s provided io para~nph 1~ hereof, npoa Bo~owe~'s breaci of any corenant or
a~reemrot of Borrower in this Mortga~e. Includin~ the coreeaets to pay wl~en dne any soaas secortd by this Mort~age. i.eader
prior to accekrstion sball mdl notke to Borrower as proridcd in psra~raph 14 hereot specif~; (1) tbe bresch: (2? the action
required to core socb 5rsac6; (3) s date. not kss t6an 30 days from tbe date tbe notice is ~8ed to Eorrower. by w6icb sucb
beeach mwt be c~red; and (4) thst failare to can snch bnach on or before tbe date specYiM in tbe notlee may rcc~dt in
accefentio~i of t6e srms secnred by tbis MortRa~e. fo~rclosvrr by judicfal procted~ md sak of tbe Property. The notice
shaU furtber inform eorrowc~ of the ri~ht to reinstate after accekratioa and tbe ri66t to assert io tbe toreclosur!e pracee~i~
tbe oon-e:istence of a defauM or any other deteau of Borror?er to accekration snd forscbwre. [f t6e bresch is nof cured on ~
or before the dste speciRed ia the aotice. Lender ~I [.rnder's option may declsr+e aq of the wn~s secnnd by t6is Mort~aRe to be
immediately due snd paysbk witHout ferlhe~ demand and msy forecbse thts MoHa;e by judicial p:oceedia~. I.ender chall
be entiUed to cdlect in suci~ proceedin` all e:penses nf foreclosure. fncludius, but oot limited to, reasonabk att~~rnev's fees,
aod costs of docameotary evideoce, abstrscts and Iitk reports.
19. Borrower's R~bt to Reiostate. Notw-ithstanding l.encier s acceleration of the sums sccured by ~h~s Mortgage.
Borrower shall have ihe right to have any procecd~ngs hc~un ~y I.ender to enforcr this Mottgage discontinued at any time
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