HomeMy WebLinkAbout0278 t.eader': writtea aa~oemeot oc appticabk law. Borrower ahall pay the amount o[ all mortgage insuranoe premiums in tl~e
manr~er provided unde~ paragnph 2 hereof. , ~r•
~ Any amounts c~isbu~sed by I.ende~ pursuant to tha paragnph 7, wi~h interat thereon. shall become additional
indebtedness o[ Borrovrer secured by this Mortgage. Unles.c Borrowe~ and l.enckr agroe to other terms of payment. such
amounts shall be payabk upo~ naticc from I.ender to 8onower rcquesting payment the~eof, and shall bear interest fmm the
date of disbursement at the nte payabk from time to time on outatanding principa) under the Note unkss payment oi
interest at such rate would be contrary tp applicabk law, in which event such amaunts shal) bear interest at the hiahest rate
permiu~'bk under applicabk law. Nathing contained i~ this paragraph 7 shall rcquirc Lender to incur any eape~se or talce
any actioo hereunder. .
s. i~sptetio~. Lende~ may make or cause to be made reasw~abk enlries upon and inspoctions of the Property. provided
that I~nder shall give BoROwer ndice priur to any such inspection specifying reasonabk cause theretor relatod to Lende~'s
intercat in the Propetty.
9. Co~demnatb~. The proceeds of any award or claim for damages, direct or consequential. in conncction with any
condemnation or other taking of the P~roperty, or part thereaf, or for conveyance in lieu of condemnation. arc hentby assigned
and shall be paid to L.ender.
in the event of a total Iaking of the Propeny. the prcxeeds chall be applied to Ihe sums securcd by this Mortgage,
with the excess, if any, paid to Borrower. In thc event of a partial taking of the Property, unless Bomower and Lender
wher+wise agree in writing, therc shall be applied to the sums secured b} this Mortgage such proportion of the proceeds
as is equal to, that proportion vehich the amount of thc sumc secured by this MortgaEte immediately prior to the dste of
takiag bears to the fair markct value of the Propcrty. immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower. •
~ If the Property is abandoned by Borrower, or if. after notice by t.ender to Bormwer that the rnndemnor offers to malte
an award or settk a claim for damages. Borrrnver fails to respond to l.ender within 30 days after the date such notice is
mailed. Lender is authorized to collec~ and apply the procecds. at i~nder's option, either to restoratior~ or repair of tht
Property or to the sums sccured hy this Mor~gage.
Unless I_ender and Borrowe~ otherwice ag~ee in writinc, any such applicatian of prcx-eeds to principal shall not extend
or postpone the due dale of the monlhly installments referrcd to i~ paragraphs 1 and 2 hereof or change tlx amaunt of
such installments_ ~
l0. Eotrowe~ Not Rek~sed. Extension of the time for payment or mc~dification of amortization of the sums secured
by this Mortgage granted by I.ender to any ~uccessor in interect of Borrower chall not operate to release, in any manner.
the liability of the origioal Borrower and Borrower's s~kcessc~rs in interest. i.ender shall not be required to commence
proceedings against such successo~ or refuce to ertend lime for payment or otherwise modify amortizat~on of Ihr ~~~ms
secured by this Mortgage by reason of an~• demand made bf• the ori¢inal Bonower and Borrawe~ s succestors in iMeres~.
I1. Forbearance by I.eader Not s Wairer. Any forhearance by l.ender in ezercising any right or remedyhercunder, or
otherwise afiorded by applicable law. shall nat he a waiver of or preclude the exercise of any such right or remedy.
The procurement of i~urance or the payment af tates ar other liens or charges by I.ender shall not t~e a waiver of Lender's
right to accelerate the maturity of the indehtednecs ~ecured h~• thic Mortgage. ~
l2. Remedies Comulati~e. All remedies provided in this Mortgage are distinct and cumulative to aoy olher right or
remeeiy under ihis Mortgage or afforded hy law or equity, and may be exercised concurrently. independently or successively.
' 13. Soccessors and A~ns Bound; ,Join~ and Sereral i.iabiliry; CapKons. The covenants and agreements herein
contained shatl bind, and the rights hereunder shall inure to, the respective succesu?rs and assigns of Lender ac~d Bomower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joira and uveral.
The captions and headings of the paraeraphc of thic Martgage are for convenience only and are not to be uced to
interpret or define the provisions hereof.
14. Notiee. Except for any nMice reyuired uncier applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortga¢e shall he given hy maifing such notice by certi8ed mail addressed to Borrower at
the Property Address or at such othcr ~ddress as Borrower may designate by notice to T.ender as provided herein, and
(b) any notice to Lender shall be gi~~en by cer~ificd mail. return receipt requested. to l.ender s address stated herein or to
such other address as Le~der ma}~ decignate by notice to Bormwer as provided herein. Any notiee pmvided for it~ this
Mortgage shall be deemed to havc t+een gn~en to Bc+rrower or Lender when given in the manner designated herein.
1S. Uaiform Mort~a~e; GoveminR Law; Se.•erability. 'Tliis form of mortgage combines uniform covenants for national
ux and non-uniform covenants with limited variations b~~ jurisciiction to constitute a uniform security instrument covering _
rea) property_ "R~is Mortgage shall be governed hy the law of the jurisdiction in which the Propetty is located. in the
event that any provision or clause of thie Mortgaec or ~he Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Notr which can be given ef~ect without the conflicting provision, and to thu
end 1he provisions of thc Mortgage and the Note arc dcclared to be severable.
l6. Eorrower's Copy. Borrower shall be furni~hed ~ conformed copy of the Note and of this Mort~eage at the time
of eaecution or after recordation hereaf.
17. Transfer of tbe Property: Ascumplion~ lf all or any part of the Property or an interest therein is sold or transferred
by Bonower without L.ender's prior writ~rn concent_ ecch~ding (al the creation of a lien or encumbrance sutwrdinate to
this Mortgage. (b) the creatux~ of a purchace mc•ne~• tecurity interest for household appliances, (c) a transfer hy devise,
descent or by operation of law upon the death af •r jo~nt tenant or (d? the grant of any leasehold interest of thrcr ycars or less
not cpntaining an optibn to purchase, Lender may. at Lender ~ option, d~clare all the sums secured by this Mortgage to be
immediately due and payable. Cender shall h~ve v?•air•ed such option to accelerate if, prior to the sale or transfer. [.ender
! and the person to whom the Property ic to be .o1J or transferrcd reach agrcement in writing that the credit of such percon -
is satisfactory to Le~ckr and that the inter~,~ payable on the sums secured by this Mortgage shall be at si~ch rate ac I_ender
shall request. lf Lender has waived the opcion to accelerate provided in this paragraph 17, and if Bonower's successor in
interest ha~s executed a written assumption agreement accepted in writing by Ixnder, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of- acceleration in accardanc~ ~+i~h
paragraph 14 hereof. Such notice shall provide a pcriod of not less than 30 days from the date the notice is mailed within =
which Borrower may pay ihe sums declared due. lf Borrower fails to pay such sums prior to the expiration of wch period.
Lender may, without further nwice or demand on F3orrower, invoke any remedia permitted by paragraph 1 R hereof.
Nort-UHtFORtit Covetv~xTS. Borrower and Lrnder further covena~t and agree as follows: ~
18. Accekratios; Remedks. Excep as pmvidcd in pa~rapb 17 hereof. npoa Sorrower's 6reacl~ of asy corenant er
a6reemeot of Eorrower ~a t6as MoctEa6e, iacludi~ the corensnts to psy whea due any so~ns xcorea br tMk Mort~sge. Lender
prbr to acetientioa shaN mafl nodce to dorrower as proridcd tn para6tap4 14 hereot specit~: (1) tre bresch: (21 the action ,
i reqoired to ciu+e socp brsac6;13) a d~e. nM lesa than 30 days trom the dMe tbe notlce Ls ~as~ed to Eorro~?er. by whkh snc6
breach p~inR be cored; asd (4) that tallrre to cure sncA bresc6 oa or betore tbe dste spcci6ed i~ tbe netice msy resutt la
sccderatjoe ot t6e s~a~s secarcd by th[s Mo~aRe. toeeclowre by jodkW proceedia` aed sde of tbe Property. 71~e notke
~ sbaY f~rther infors Dorror?:r of the ~M to ni~tste sfter accekratioa aed Ibe risbt M asart ia tbe foreclosure ~oceedi~
ttie ooe-e:isteace ot a de4nk or aar otber defease of Eorror.er to sccekration and toreclosorc. if tAe brescb is eot cored o~ ~
or before tAe date speci6cd i~ tbe notke. Lender at I.ender's option may declare aY of the sru~s sec~red by tbis Mort~e to 6e
imaedjstdy due and payable witboot fnrther demand ~nd may forccbse tbk Mortaa`e by jodkW procee~u~. Lender chall
be entided to co~eet ~ s~cY ~roctedin~ aq esPenses of forcclosere. ietladia~. 6vt oot lisited to. teatoa~lt attnrnev's fees.
; aed costs of docrme~tary erideeee. abstracls snd litk nports. _
! l9. Eorrower's Ri~Ut fo Rei~state. Notv?•iths~anding Lender s accderation of ihe sums securcd by th~s Mongagc,
; Borrower shall have the right to have any proceedmgs hegun hy l_ender to coforce this Mortgage discontinued at any time
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