HomeMy WebLinkAbout0009 l.e~der's wriltcn agreement or applicabk Iww. Borrower shail pay the amount of aq morig3Be insurance premiums in the
manner provided under parag~aph 2 heroof.
Any amounts disbursed by Lendcr pursuant to this pa~agraph 7, with interest thercon, shal) bccome additional
indebted~ess ot Borrower secured by ~his Mortgage. Unlecc Rarrower and 1.enJer agree to other terms of payme~t. such
amounts shal) be payabk upc~n notire fmm 1_ender to Borrowc~ reques~ing paymeM thercot, and shall bea~ interat from the
date of disbursement at the ratc payahic from timc to ti~ne on outttanding principa) under the Nate unless payment ot
intercst at such rate would be contrarv to applicable law, ~n ~rhich event such amounts shall bear interest at the highest rate
permiuibk under applicable law. Nathing containecl in this pa~agraph 7 shall aQuire l.ender to incur any expense or take
any actio~ hereunder. ~
8, lospectioa. i.encler may make or cause to t+e made reaconahle entriec upon and inspections of the Property, provided
that l.ender shal) give Bc~nower notice priar to aay such insp~etion,specifying rrasonable cause therefor related to Lender s
interest in the Properly. ' '
~08UC~ttttaiiv8. ~i~a, j•;G1~: u.^.f KZj ~.,~~r.1 n~ rlqi~n fnr damaees_ direcl ar consequential, in conncetan with any
condemnatio~ or ather taking of the Property. or part thereof, or far conveyance in lieu of condemnation, are hercby assignea
and shall bc paid to Lender.
In the event of a total taking of thc Pmperry. thc procecds chall bc applied to the sums secured by this Mortgage,
with the e:ceu, if any, paid to Borrov?~r. ln thc cvcnt of a partial laking of the Praperty, unless Borrow~r and Lender
othervvice agree in writing. there shall be applied to the ~ums securrd by this Mortgage such proportion of the proceeds
as-is equal to that proporiion v?•hich the amoiui~ of ~he sumt secared by this Martgage immediately prior to the date of
taking bears to the fair market value of the Propertv immedi~tely prior to the Jate of taking, with the balance of the proceeds
paid to Borrowcr.
If the Property is ahandoncd by Barrower, or if. after noticc hy l.cndc~ to Bormwe~ ihat the condemnor otfers to make
an awa~d or settle a claim for damage+, Bc.rrower f5ih ~o res~+c~nd to Lender wi~hin 30 days after the date such notice is
ma~te~. Lent+er i~ authorized tn c~!lect and app!y the procecds. at l.ender's option, either to restotation or rcpair of the
Proper~y or to ~he sums sccured hy this Mortgaec.
L'nless t_ender and Borrower olhervvi~ agree in ~ rihng. any surh applicatiore of prc+cceds to principal shal) not eztend
or poslpone the due Jate of the mamhly ins~allments rcferrcd to in paragraph~ 1 and 2 hereof or change the amount of
such i.:stallments.
10. lbrro~rer Not Released. Extencion of 1he time for payment ar modification of amortization of t6e sums securrd
by this Morteage granted by Lender to any cuccecu?r in intere~t of Borrowe~ ahall not operate to release. in any manner.
1Fe liability of the original Borcower and Barraw•cr'c se~cces~orc in interest. I_ender shall not be required to rnmmenrc
proceedings against such successor or refuce to etitend time for payment or otherw•iu mcxlify amortizaUon of thr .~~ms
secured hy this Mortgage by reacon of :~m~ demand made M• the orieinal Barrower and Borrower's succescors in interect.
11. Forbearance 6y I.ender Not a Wai.•er. ~ny f~rbcarancc by i.cnder in erercis+ng any reght or remedy hereonder, or
otherwise afforded hy applicahte iaw. shall n~t be a waever of or precl~de the exercise of an~~ such right or remedy.
The proc~erement of insurance or the payment of tares or other liens or charges by I.ender shall not he a waiver of 1_ender
s
right to accelerate the maturity of the indebtcdnecs tecured hy thic Mortgage.
12. Remcdies CumulaA~e. All remediec pn.~`ided in thic Alortgage are distinct and comulative to any other right or
remedy under this Mortgage or affordecl ht• law• or equily. anJ ma~• he exercised concurrently. independendy or successively.
~ 13. Succrswrs and Assi~as Bound: Joint and Se~~e~l I.iability; C~ptlons. The covenants and agreementc herein
contained shall hind, and the riRhts heret~nder shall inure to. the respective.succe~eors and ascigns of I.ender at~d Borrower.
subject to the provisionc of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be jniry and several.
The captions and headingc of the paraeraphc nf ~hic Mohgage are for rnovenience only and are not !o be used to
interpret or define thc provisions herenf_
~ 14. NWice. Except for any notice rcyuired under applicable taw to be given in another manner. (a) any notice to
~ Borrower provided for in this Mor~gaee ~hatl he giec~ h}• mailing such notice by certified mail addressed to Borrc.w~er at
I, the Property Address or at such uthcr addrec. ~s A~~rmwer may detignatc b~ notice to i.ender as pravidcd herein. and
' (b) any notice to L_ender shall he ~ivrn h}~ certifird mail, retum receipt reque.ted. to i ender s address stated herein or to
such other address as I_ender may de~ignate by n~tirr t.~ Bormv?~er as provided herein. Any noiice pmvided for in this
Viorteage shall bc deemed to ha.e becn e~~~cn to B~rroa•cr i~r l.cnder when given in the manner designated herein. .
15. Unitorm MoA~a~e: Governin~ I.aN: Se~erabilih~. Thic form of morigage combines uniform covenants for national
use and non-uniform covenamt with limite~ variationc hy jurisdi~tion to cons;itute a uniform security instrument covering
real propeny. This Mortgage shall be governrd h~• ~he la..• of the junsdiction in which the Propeny is located. In ihe
event that any provision or clau~e ~~f thi: M~rlg~ee ~~r the ?~~~te rnnflict~ w•ith applicable law, such conflict shall not afiect
olher provisions of this Mortgage ~?r the N~.tr ~hinc ~an he given efTect without the conflicting provicion, and to this
end the provisions of the Mor~Rage and thr ~1c~te arc .iccl~rcd to be severable.
16. Borrowe~'s Copy. Bormwer .hatl fx furni.heJ a c~nformed copy of the Note and of this Mortgage at the time
of execution or after recordation here~f.
17. Transfer of the Propart~~: A~cumption. If all i.r am• part of the Pn•perty or an inrerest therein ic sold or transferred
by Borrower without Lender's prior wrincn ronsent. e~cluding 1:~1 the crcation af a lien or encumbrance subordinate to
this Mortgage. (b? the creahon of a purch,.. m~me~• cecuritti- rnterest for household applianeec, (c) a trancfer h~• devise.
descent or by operation of law upon the Jcath ~~f a j~ant tenant or (d? the grant of anp leaschold interest of threc }~cars or lcc~
not containing an option to purchase. [.ender ma~•. :,i t.ender'c option. declare all the sums secured by this Mortgage to be
immediately due and pa}~able. I.ender chall ti~~•e Na~~-cd cuch option tn accelerate if, prior to the cale or transfer, I.ender
and the person to whom the Propert}• i, t~. tn .ol~! ~~r transferred reach agreement in writing that the credit ~f wch percon
is satisfactory to I_ender and that thc intcrr:t papable on the cumt secured by this Mortgage shall be at such rate a~ I.ender
shall request. If l~ender has waived the option to accelerate pro~•ided in this paragraph 17, and if Borrower s successor in
interest has executed a written assumption agceement accepted in writing by I.ender, I_e~der shal) release Borrower from all
obligations under this Mortgage and the Note.
If [.ender exercises sueh option to accelera~e. Lender ~hall mail Borrow~er notice of acceleration in accordancc ~ih
paragraph 14 hereof_ Such notice shall provide a peri~~cf of not lest than 30 days from the date the ~otice is mailed xith~n
which Borrower may pay the sums declared due. If Borrower fails to pay suc~+ sumc prior tn the expiration of tach pen.~d. .
(.ender may, without further notice or demand on Borrow•cr. invoke any remedies permitted by paragraph {R hercof.
NoN-UN~FOR~?t CoveNeNTS. Borrower and Lender further covenant and agree as follows:
18. Aceeleratioa; Remedies. Except a4 pmvided in pa~raph 17 hereof. upon norrower's breach of any corenant or
agreement of Borrower in this Mortg~q;e. includi~ the corenants to pay when doe any soms secared by this MortRage, i.ender
prior to acceleratioa shall mall notke to domower as provided in paragraph 14 hereof specifyinR: (1) the bresch; (21 the action
required to cnre snc6 brcach; (3) a dste, not less than 30 days from the date the notice ~s maiied to dorrower. b~r which such
6reaci~ mwt be cnnd; wd (4) tlwt failnre to cure such breach oa or before t6e date specified ia the aotice may resulf in
accekration of the snms secured by this MortRage, toreclosure by judicial proceedin~ add sale of the Property. 'Il~e notice
sball further inform Borrower of the right to ninctate sfter accekration and the right lo assert in the foreciosurc proctedit~
the aon-e:istence of a default or any other defense of Borrower to accekratioa aod forecbsure. If tbe breach ts aot cnred on
or before the date specffied io the noNce. I.ender at i.rnde~'s option may declare'q of the snn~s sccored by this Mort~a~e to be
immediately due and payable without further demand and mav foreclost t6~s Mort~ase by judicW proceedla~. I.ender chaU
be tntitled lo colket in snch procteding all expenses oi foreclosure, includiag. but oof I~mited to. reasonabk att.~rnr;~'s fees.
snd costs of documentary evidenes, abstracts and title reports.
19. Borrower's Ri~6t to Reiastate. Nc?tw~ithctand~n~t I.enJer's acceleration of the sums xcurcd by ~h~s M~ngage.
$orrower shall have ihe right to have any prcxe~ding. hc~un ~v I.ender to enforce this Mortgage discontinued at any time
b'~~~ 293 P~~~ 9
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