HomeMy WebLinkAbout0432 •l.ender's writtea ag~eemeot or applicabb law. Borrower sha?1 pay the amouot o( aU mortsage insuraac~ praniumt in the
manne~ provided under parsaaph 2 beoeot.
Any amount: disbursed by I.eRder purswnt to this paragnph 7. with intsrest thercon, shall become sdditional
indebtodnas oF BoROVrcr securcd by ~his Mongage. Unkss Bonower and Ix~~ier agree to othc~ ternu of payaeM. such
amounts shdl be payabk upoo oc~tice from I.eoder to Bo~mwe~ reqyeslio6 paYment theroof, and shall lxar in~erat fmm the
date of disbursement at the rate payabk f~om time to tirn~ o0 out:tanding priocipal under the Note ~mkss payma~t oi ~
interest at such rate would be contnry !o applicabk I:w, in which event such amounts shall bear interest at the highpt r~te
penn~sa~'bk ~nulet applicabk law. Nothing contained in this paragraph 7 shall rcguire Lender to incur any expea~e ot take
any action hereuuder. •
s. i~speclio~. Lende~ may. make or cause to be made rcasonabk entries upon and inspections of the Property~ provided
that Leoder shal! give Borrower noticc prior to any such inspection spocifying reasonabk cause there(or relatod to I.a~de~'s
interest in the Pmoperty. .
9• Co~dewwfio~. The proceedc of any award o~ claim for damages, dircet o~ consequentiat. in connection with any
condemnation or dher taking of the Property, or part diereof, or for co~veyance in lieu of coodemnatio~. are her~eby ~ned
and shall be paid to Lender. ~
In the event of a tMal taking of the Propeny, the proccrds thall be applied to the sums secared by this Mortaage,
with the excess, if any, paid to Bonovrer. in thc event of a partial taki~g af the Ptoperty. u~iess Borrower and L~eoder
o~herwise agroe in writinR. there shalt be apptied to the sums secu~ed by this Mortgage such proportion of the proceeds
as is equa) to lhat proportion w~hich the amcHint of the sumc secured by ihis Mortgage immediately prior to the date of
taking bears to the fair market value of thc Propcrty immediately prior to the datc of taking, with the balance of thc procads
pai o Borrower.
€the Property is al~andonec! by Borrower, or if. after notice by i_ender to ~omower that the condemnor aifen to mate
an aw~ or uttle a claim for damages, Bc~rmwer failc to respand to I.ender within ;0 days after the date such notice is
maikd, Lender is authnrized to collect and apply ihe proceeds, at Lender
s option, either to restoration or repair of the
Propeny or ta the sums sccured by this Mongage,
Unless L.ender and Borrower otherwise agree in w~riling, any such applicalinn of proceeds to principal shall not extend
or postpone the due date of the monthly installmcnts rcferrcd to in paragraphs 1 and 2-hereof or change the amount of '
such instailments.
10. Eorrower Not Rekssed, Extension of the time for payment or modification of amortizateon of the sums secured
by this Mongage granted by I.eneler to any cuccessc~r in interest of Borrower shall not operate to rcleau, in any manner.
the liability o( tha original Borrower aod Bc?r~ower'~ sikcessorc in i~terest. i.ender shall not be requircd to commence
procetdings against such successor or refuse to extenJ time for payment or otherwise modify amortizat~on of thr cums
secured by this Mortgage by rcason of any demand made bp the oriQinal Borrower and $orrower's successors in intcrest.
Forbearaace by I.eAder NM a Wairer. Any forhearaoce by l.e~der in exercising any right or rcmedy hereunde~, or
otherwix afforded by applicabk law, shall nc+t 1~e a waiver o[ or preclude the exercise of any such right or remedy.
'il~e procurement of insuranoe or the payment of taxes or other liens ur charges by Lender shall not be a waiver of Lender
s
right to accelerate the maturity of the indehtedness cccurrd hy this Mortgage. .
l2. Reme~es Csmulsfbe. All. remedies provided in this Mortgage are distinct and cumulative to any othe~ right or ,
remedy under this Mortgage or atforded hy law cu equiry, and may be exercised coocurrently, independenQy or sikcessivety.
' 13. Srcce~sors aad Assi~as Bonnd; Joint aod Seviced [.ia6i~ty; Captioos. T?ie covenants and agrcements herein _
contained shali bind, and the rights hereunder shall ine+rr to, the respective successors and assigns of I_ende~ and Borrower. ?
subject to the provisions af paragraph 17 he:eof_ All rnvcnants and agrcements of Borrower shall be joir~? and xveral.
"ll~e captions and headings of . the paragraph~ of tfiis Mortgage are for convenience only and are not to be ~ned to
interpret or define the provisions Fie~eof. ~
I4. Notice, Except for any nolice rcquired under applicable law to be given in another manner, (a) any notice ta
Borrower provided for in this Mortgaee shall be given by mailing such notice by certifitd mail addressed to Borrower at ~
the Property Address or at such other addresa as Bc~rrower may designate by notice to (_ender as provided herein. aad
(bl any notice ro Lender shaTl he given by cenified mail, retum receipt requ~sted, to I_eoder's address stated herein or to
suct~ other add~tss as Lender may designate by ne~tice to Bormwer as provided herein. Any notice provided for in this
I?lortgage shall be deemed to have t+een g;ven to 8orrower ar Lender when given in the manner dGCignated herein.
15. Uaiform Mort~s~e; Governi~ iav~: Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenantc with timited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In .ttu
event that any provision or clause of thic Mortgagc or the Note conHicts with applicable law, such conflict shall not affect :
other provisions of this Mortgage or the Note which can be given effect without ti~e conflicting provision, and to this ~
end the provisions of the Mortgage and tF~e Note are Jeclared to 6e stverable.
16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at tht time
of execution or after recordation hereof.
17. Tnosfer of the Property; Assumption. tf all or any part of the Property or an interest iherein is sold or transferred =
by Borrower without Lenders priar writt~n consen~. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the eceaticx~ of a purchace money cecurity int~rest for household appliances, (e) a transfer h~ devise. .
descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interat of threc years or tess
not containing an option to purchase, Cender may. at Lender
s option, declare all the sums stcured by this Mortgage to be '
immediately due and payable_ Lender shall have w•~ived such option to accelerate if, prior to the sale or trar.sfer, t.ender
and the person to whom the Property ic t~ be :ol.l or transferred rtach agreement in writing that the credit of cuch person
is satisfactory to Lende~ and that the inter~~t payable on the sums secured by this Morigage sh~ll be at such rate as l.ender
shalt request. if Lender has waived the aption to accelerate provided "en this paragraph l7, and if Bonower's successor in
interat has exocuted a written assumption agreement acceptcd in wriiing by Ixnder, Lender shall release Borrower from all
obligations under this Mortgage and the Note. .
If Lender txercises such option to acceterate. Lender shall mail Sorrower notice of acceieration in accordancr ~rith ~
paragraph 14 hercof. Such notice s~alt provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to ihe expiration of cuch period. .
Lender may, without further notice or demand on Borrower, invoke any remedia permitted by paragraph t8 hereof.
Notv-U~tFOant Coverv~r~rrs. Borrower and Lender futther rnvenant and agree u follows: €
l& Accdaatio.; Reaedies. Excep as providcd io pan~rapl~ 17 bereot. ep~ Dorr~uwels breac~ of awy cove~set or
aareeate~t of Eorrower i~ t~ Morlaaee. ioclndiw~ tbe co~eaaMs to pay whee doe sny wais sec~red by tkk Mort~sRe. I.eader
prior M secekratlo~ sbaM mail ~otict to eoROwtr u prorided iw para6rapd 14 hereof spttK~iaa: (1) tl~e brescD: (2) tbe sctioa
reqnired to c~n~e srci breaci: (3) a d~te. sot less tl~sn 3A days from tbe date tbe aotke b a~dled t~ Dorruwer. bp whicM wcl~ .
bresc6 ~wt 6e c~red; a~ (4) t~at fa~re to cnre ssc6 bresc~ o~ or before ~ t6e date speeiRed b tl~c eotire sisy nstilt i~
accdetatios ot I~t s~s sec~+cd br tAts Mort~aRe. Iorecbwre ?y jadkial proce~dia~ aoa sak of t~e Pnupe~. 7'he wofice
sbaN fnrMer iafore Borrower ot tre ri6M to reiastste after accele~ation and tl~e ri~Mt to ~seri ie tre foreclos~re ~oceedi~
tbe soatxlsttoee af a detart or asy otber deftRSe of Borrower to accekratioa awd foreclos~re. lf tbe 6reae~ k aot e~i o~ - .
or before the daae s*ai6cd i~ tbe aotice. Leader at [.ender's optiou may declare all oE tre s~a~s secsrcd by tkb Mort~e b be
imt~ediately d~e aoi pysbk witlaot f~ther demand and msy forec{ose tbis Morlaa~e ~ j~dFtfd prot~. Leoder c~aQ
be e~tled to collect ie srei proteedi~ aN expcases ef lortclosun. jocl~diat, b~lt Dof W~ited t0. rtaiowabk sttornsy's fees.
and coNs of doc~~eata~ e~ide~ce, ~6stracb aod litk rcporls.
19. sorrower's Ri~t to Rei¦state. Nc~twithstanding Lender s acceleration of the sums securcd by ih~s M~rtgagc.
Borrower shall have the right to have any proceedin~s hegun ~y Lender ta enforce this Mortgage discontinued at any time
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