HomeMy WebLinkAbout0438 l.ende~'s written agrocmea~t o~ applicabb taw. Bonower shal! pay ihe amount ot atl mortgage auuranoe prrmium~ ia tbe
maaner providod under paragraph 2 Ae~+eof.
Any amounts disburssd by l.ende~ puRUa~t to tha paragraph 7. with iaterest thereon, shall become additiond
inckbtodness ot Borrawcr secured by Ihis MoNgage. Unlcss Borrower a~d Lcnckr agroe to other ternts of paymeM. wch
amounts shall be payabk upon nMice from [.ende~ to Bonowc~ roquesling payment thereof. aod shaii bear intuest fro~a the
date ot disbutsement at the ratc payabk irom time ta tirrk on outatanding prirzcips) undcr Ihe Note unlas paymaat ot
interat at such nte would be contnry to applicabk law, in which event such amaunh shall bea~ interest at the hi~ rate
ptrmissibk under applicabk law. Nothing cootained irt this paragtaph 7 shall require I.e~der to incur any expe~ae or take
any action he~under.
s. i~ectio~, i.ende~ may make or cause to be made reasonabk eniries upon and inspections of the PropeRy. provided
that ~ender shall give Borrower notKe prior to any such inspection specifying reasonabk cause therefor nlated to I~de~'s
intercst in the Ptopeny.
9. Co~dcswstbw, The procceds of any award or claim for damages, diroct or consequential. in conne~tion with any
condemnation or other taking of the Property, or paet tAercof, or tor conw:yance in lieu of condemnatian. are hertby aasi6oed
and shall be paid to I.ender.
in the event of a total taking of the Pmpcrty, thc proceeds shab be applied to the sums sccurcd by this Matgage,
with the excess, if any, paid to Borrower. in 1he event of a partial taking of the Property. unless Horrower and La~de~
othenvise agrx in writing, therc shall be applied to the sums secured by this Mortgage such proportion of the prooeed:
as is equal to that pioporiion v?hich ~hc amount ot thc sumc secured by this Mortgage immtdiately prior to the date of
taking bears to the fair market value of the Propeny immediately priar to the date of taking, with the bafance of the proceeds
paid to Borrow~~. _
if t?~e Propertv is a!>andoned by Borrower. or if. after natice by l.ender ta Bornower that the condemnor otters to ma$e
aa award ctr xttle a claim For dam~ges. Bc~r~awer fails to respond to l.ender within 30 days after the datt such notice is
mailed, I.enJer K authorized to collect and apply Ihe proceeds. at I~nder's option, either to restontioe or r+ePair of tl~e
Propeny or to'tbe sums securcd by this Mortgage.
Unless Lender and Borrower otherwi~c agree i~ writinR, any such application of proceeds to principal shall not exte~d
or postponc the due date of the monthly installmcnts rcfcrred to in paragraphs 1 and 2 hereof or change iF?~ amouot of
such installments. ~
10. Eorrower Not Released. Extensian of the time for payment or modification of amortization of the sums secured
by this Morigage grrnted by Lender to any euccessor in interest of Borrower ~hall not operate to releau, in any maoner.
the liability of the original Borrower and &•r~ower s successor~ in interest. Lender shall not be required to commence
proceedings against such successor or _refuce to ertenJ time for payment or otherwise modify amortizat~on of thr sums
secu~ed by thn Mortgagt by reasort of :,rty dcmand made by the ori.ginal Borrower aod Barrower s successon in intereot.
ll. Forbearance 6y Lender Not a R?airer. Any forhearance by l.ender in exercising any right or remedy hereund~r, or
otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or rcmedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shap not be a waiver of Lender's
right to accelerate the maturity of the indehtedness secured hy this Mortgage.
l2. Remedies Camuhti~e. All remedies prrnided in this Mortgage ar~e distinct and cumulative to any other right or
remedy imde~ this Mortgage or afforded hy law o~ equity, and may be exercised concurrently, independently or siiccessively.
' 13. 3~ecessas and Assi~es Bound; .Ioint and Several I.iabilit~; Captloas. The covenants and agreements hercin
contained shal) bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender a[~d Borrower.
subject to the provisions of paragraph 17 hereof_ All covenaots and agrcements of Borrower shall be jan~ and uveral.
The captions and headings of the paragraphc c.f this Mortgage are for coovenience only and are not to be i~sed to
interpret or define the provisions hercof. ~
l4. Notke. Except for any notice rcquired under applicable lav~ to be given in another manner, fa) any notice to
Borrower provided for io this Mart~ea¢e shall be given by mailing such notice by cenifted mail addrcssed to Bc~rrower at
the Property Address or at such other address as Bormwer may designate by notice to t.ender as provided herein, and
(b) any notice to Lender shall he give~ hy certified mail, retum receipt requested. to l.ender s address stated herein or to
such other address as Lender may decig~ate by notice to Barmwer as provided herein. Any notice provided for in this ~
Mongage shall be detmed to havc been given to Borrawer ~r Lender when given in the manner designated hercin.
15. Uniform MoMRaRe: Governin~ Law: Severabilitv. This Form of mortgage rombines uniform covenants for national
use and non-unifarm co~•enants wiih IimiteJ variations by jurisdiction to constitute a uniform security iostrument coveri~g
real property. "il~is Mortgage shall be governed hr• the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of thic M~rtgage or the Note conflicts kilh applicable law, such conflict shall not affect
other provisions of this Morigage or the Note K~hich can be given etTect without the conflicting provision, and to this
end ibe provisions of the Mortgage and the 'Vote are declared to be sevtrable_
16. Borrowe~'s Copy. Borrower shall be Furnished a conformed copy of the Note and of this Mortgage at the time
of exceution or after recordation hereof. -
17. Transfer of tbe Properfy; A~umption. if a!1 or any pan of the Property or an intercst therein is sold or transferred .
by Borrower without I.ender's prior writ~rn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchacc mone}• ~ecuri~y interest for househald applianees. (e) a transfer by devix.
descent or by operation of law upon the death of a jo~nt tenant or (di the grant of any leasehold interest of thrcc ycars or less
not containing an option to purchase, Lender may. at I_ender's option, declare all the sums secured by this Mortgage to be
immediately due and payable_ Lender shall have N•aived such option to accelerate if: prior to the cate or transfer. Lender
and the pe~son to whom the Properry ic to bc ,o1J or transferred reach agrcement in writing that the credit ~of such percon
is satisfactory to Lender and that the interr.t payabte on the sums secured by this Mortgage shall be at such rate as i_ender
shali rcquest. If Lender haz waived the option to accelerate provided in this paragraph 17, and if Bormwer's successor in
interest has exceuted 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 acceterate. Lender chall mail Borrower notice of accderation in accordancc with
. paragraph 14 hereof. Such notice shaU provide a period of not less than 30 days from the date the notice is mailed within
which $orrower may pay the sums declared due. If Bonow-er fails to pay such sums prior to the expiration of cuch period.
Lender may, without further notice or demand on f3orrowe~. invoke any remedies permitted by paragraph 1R herec~f.
Not+-UrrtFORrK Covex~HTS. Bortower and Lender further covenant and agrce as follows:
18. Aceekratioo; Remedia. Bxcep as provided ia pa~nph 17 bereof, ~poa Sorrower's breach of aay co~esaat or
a6reen~t of Borrower ia t6is Mortsa~e, iedudin~ tbe ro~enants fo pay whes dnc any sams aecered by t~s Morf~ase. I.ender
prior to aceeieratba sbaN maU ootke to dorro+.cr ss Prorlded ia psr~rsp6 14 l~ereof specifYioa: (t) tbe breach: t2/ the sction
req~efr~i to cnre secb bresck; (3) a d~e, aot lesa t6sn 30 days fwm t6e date tbe ootke is a~ikd to Dorrower. by wbkh sncb
breac~ eust be ctired: aod (4) tlat failure to cnre such bresch on~ or before tbe date spec~ed in tbe uotice reay rrsdt ie
accekratioe of tie srms sccured by th[s Mort~aRe. tonciosur~e by jadicW ~roceediaa aed sde of tbe Prope~. The notke
s6aI1 furtber isfora~ ~omoaer of tbe ~hl to ?eiustate ~ter aecekratbn aod tbe rig61 fo ~ert in ti~e foreclosrre peocee~
tbe non-esistcnce of ~ defaYk or aoy othcr defense of Borrower to a~cekntion and foreclosare. If tbe bescY is aM cered oa •
or befort the dste s~eciSe~ i~ tbe notice, Lender at I.ender's option ~ declue sd ot.t6e suans secorrd by this Mo~~ ten be
immediatdy due and payabk wHho~t tnriher demand aod may forrcbse Mk Mortaa~e by jddicid proceediu~. Lender chall
be taGitkd to eotkct W snc~ praeetdia~ s~ e:penses of forecbsnre~ inclndio`. bnt aot ~mited to, resso~a6ie an~xney's fees.
aod costs of docnmeatary erideece. a66trscls and titk nporls.
19. Domuwer's Ri~~t to Reia~ate. Naw•ithctanding l.ender's accekration of the sums secured by th~s Mongage,
Borrower shall have the right to have any p~oceedinp.s hegun hy l.ender to enforce this Mongage dixontinued at any time
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