HomeMy WebLinkAbout0047 l.i.~~iw~'c u~rilfrn ap~Pm~nt ~r ~~~lii•ahlP ~1N'. HOR(1V1'Cf chall ~a~~ the amount of all murtgaQe insurap~0 premiums Ifl the
manner providcd under paragraph 2 hereof. ~
Any amo?ints disbursed hy I_en~er pur~uant to this par:~graph 7, w•ith intcrest thereon, shall become additiona)
inJebtedness of Aorro~er securcd by tfii~ blortgage. llnle~s Eiorro~~er anJ l.en~ler agree to other termc uf payment, wch
amounts shall he payahlc upon notice from l.cnder to Borrowcr reyuesting p~ymem thereof, and chall txar interest from the
date of dicbursement at the r~te payable imm time ta time on outstanding principal under the Nore unlesc payment of
interest at such ~ate would be contran~ to applicable law, in w•hich event such amounts shall bear inierest at the highest rate
permissible under applicable law•. Nothing contained in this paragraph 7 sfiall require 1_ender to incur any eYpense or take
any action hereunder.
8. iasptctioa. i.ender may make or cause to be made reasonable entriec upon and inspections of the Pmperty. provided
that I_ender shall give Borrower notice priar to any such inspection specifying reasonable ca~~se therefor related to I_ender's
interest in the Property.
9. Condemnatbn. 'The pmceedc of any aw•ard o~ claim for damages, direct or concequential, in connection with any
condemnatian ar other taking of the Property, or pan thereof, or for conve~•ance in lieu of condemnation, are hereby assigned
and shall be paid to I_ender. ~
In the event of a total taking of the Properfy, the proceeds shall be applied to the sums secured by thic Nortgage.
K•ith the excess, if any, paid to Borrowe~. In Ihe event of a partial taking of the Prapert~~. unless Borrower and I.ender
otherw•ize agree in w•ritin~t. there shall be applied to the sums secured h}• thic Mortgage such proportion of the proceeds
as is equal to that proportion which the amount af the sumc secured b?~ this hiortgage immediatety priar to the date of
taking bears to the fair market valuc of the Propcrt~• immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned b}• BarroH~er, or if. after notice by I_ender to Borrower that the condemnor ofiers to make
an aw~ard or settle a claim for damagec, Borrower fails to res~nd to l.ender within 30 da~~s after the ~d~te such notice is
mailed. Lender is authorized to collect and apply~ the proceeds, at I_ender'c option. either to restoration or repair of the
Property or to the sums sccured hy this ~iortgage.
Unleu Lender and Borrower othervrice agree in w~ritinc. any s~ch application of proceeds to principal shall not extend
or postpone the due date of the monthl~• installmcnts refcrred to in paragraphs 1 and 2 hercof or change the amount of
such installments.
10. Borrower Not Relessed. Extensian o[ the time for payment or modification of amortization of thP suma secured
by this Mortgage granted by Lender tc• an~• successor in intere~t of Rorrower shall not operate to release. in any manner.
the liability of. the original BorroWer and Borrow~er's successora in interest. T.ender shall not !~e req~iired t.~ commence
proceedings against sach sucre~sor or refuce ti• ertenJ time for payment or othen+~i.e modify amortizat~on of i{~e sums
secured b~• thic htortgage bp reason of am~ demand made b~~ the ori¢inal Borrower and Borrow~rr s succe;sorc in interest.
11. Forbearance b~• I.ender Not a Wai~•er. :1m• f~rt~arance b~• l_ender in eYercising am~ righ2 ~r reme~iy hercunder. or
~~therwise afforded M• applicahle law, shall nat be a waiver of or predude the eYCrcise of an~~ such right or remedy.
The procurement of insurance or the payment of tares or e~ther iiens or charges by I.ender shall not be a waiver of Lender's
right to accelerate the maturit}~ of the indebtedness secured hy thi~ Mortgage.
12. Remedies Cumulative. All remedies provided in this rlortgage are distinct and cumulative to any other right or
remed}• underthis Mortgage or afTorded by lau or eyuit}•, and ma}~ be exercised concurrently, independend}' or successivel~~.
13. Successors and Assigns Bound; Joint and Se~eral T.iability: Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the retpective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrow•er shall be joint and several.
The captions and headingc of the paragraphs of thic Mortgage are for canvenicnce onh• and are not to be used to
interpret or define the pro~~isions hereof.
l4. Notice. Ezcept for an~~ notice required under applicable law• to be given in another manner, fal an}~ notice to
Borrower provided for in this Mortgage shall be gi~~en h}• mailing such notice b}• certified mail addressed to Bormw•er at
! the Property Address or at such other addretis as Borr~~~er ma~• designate by notice to I.ender as pro~•ided herein, and
~ (bl am~ notice ta I_ender shall he given hy certified mail. return ieceipt requested. to l.ender s adJress stated herein or to
i such other address as I.ender ma~• designate b~• notice to Bormv?~er as provided hesein. Any notice provided for in this
~ ~iortgage shall be deemed to ha~•e bcen given to Borrower or I_ender wfien given in the manner designated.herein.
l5. Uniform MortRaRe; Go~•erninR I.aM~; SeverabilN~•. This form of mortgage combines unifarm rnvenant~ for national
s use and non-uniform rn~•enant~ v?•ith limiteJ.~~ariat~ons h~• jurisdiction to rnnstitute a uniform securits~ irtstrument covering
real propeny. "I~is Mortgage shall be governed hc the la~ of the jurisdiction in u~hich the Property ic i~ated. In the
; event that am~ provision or clause of this ~iortgaee or the ?~ote rnnflicts with applicable la~~. such conflict ~hall not affect
~ other provisions of this Mortgage or the Note uhich can be given etfect µithout the conflicting pmvisian. and to this
E end the provisions of the Mortgage and thc \ote are ~lecl.~red t~ he severable.
I 16. Borrowe~s Copy. Borrow•er shall be furniched a conformed copy of the Note and of thi; :~tortkage at the time
~ of execution or after recordation hereof.
~ l'7. Transfer of the Propert~: Assumption. If all or am• part of the Properry or an interest therein is sold or trancferred
~ by Borrower without Ixnder'x prior written consent. excluding (a? the creation of a lien nr encumbrance suhordinate to
~ thic Mortgage. Ib) the creation of a purchase mone~~ ~ecurit}~ interest f~r household appliances. (c) a transfer M• devise.
~ descent or by operation of law~ upon the death ~f a ju~nt tenant er /d? the gram of an~• Ieasehold interest of three }•ears or less ~
~ not rontaining an option to purchase, l_ender may. at Lender'c option, declare all the sums secured by this Mortgage to be
~ immediately due and payable_ Lender shall have K•aived such option to accelerate if, prior to the sale or transfer. Lender
and the person ro whom the Propert}' is to be sold or transferred reach agreement in w•riting that the credit of such person
~ is satisfactory to Lender and that the interest pa)~able on the sums tecured b~~ this Nort3age shall be at such rate ac Lender
~ shall request. If [.ender has waivecl the option to accelerate provided in this paragraph 17, and if Borrower's successor in
~ interest hac executed a written assumption agreement accepted in writing by l~nder. Lender shall release Borrowet from all
~ obligations under this Mortgage and the Note.
- If I_ender exercises such option to accelerate. Lender ~hall mail Borrow~er notice ~f acceleration in accordance ~.•ith
~ paragraph 14 hereof. Such notice shall provide a period of not Iess than 30 da~~s from the date the notice is mailed within
; which Borrower may pay the sums declared due. If Borrouer fails_ to pay such aums prior to the expiration of such period.
~ Lender may, without further notice or demand on Hormwcr. in.•oke an}• remedies permitted b}~ paragraph 1R hereof.
- Nox-Utv~FORi?t Covex~NTS. Borrower and I.ender further covenant and agree as follows:
18. Accelerataa; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's brcach of any co~•enant or
- agreement of Borrower ia tbis Mortgage. includinR the covenanfs to pay when due any sums secured by this Mortgage, Lender
= prior to acceleratioa s6a11 mafl notice to Borrower as provided in paragraph 14 hereof specifyiog: (1) the breacb: (2) t6e action
- require~ to cure snch breach; (3) a date, not less than 30 daS~s from the date the notice ts msiled to Borrower, by whkh sucb
- bresch must be enred; xnd (4) that failure to cure such breach an or before the dste specified in the notice may resnlt in
- accderaGon of t6e snms sccurcd by this Mortgage. fonclosure by judicial proceeding and sale of the Property. "Ibe notice
sh~ll fuRher inform Borrower of the right to reinstate after acceleratlon and tt~e right to assert in the fomlowre proceedi~
the noa-exiStence of a defauk or any other defense of Borrower to acceleration and foreciosurc. If tbe breach Ls oof cared on
or before tbe date specified in the notice, Lender at Lende~'s option may declare all of the snms secured by thts Mortgase to be
~ immedlatdy due and payable without further demand and may forecbse this Mortgage by judicial proceediag. Leader shall
be entitled to collect in such proceeding aU e:penses of foreclosure. includiag. but not limited to, reagonable attornep's fees.
and r.osts of docnroentary evideoce, abstracts and tiNe roports.
s= 19. Borrower's Right to ReinstAte. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proceedings tkgun by I_ender to enforce this ~lortgage discontinued at am time
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