HomeMy WebLinkAbout0033 Lcndcr's written agrecmcm or applicablc law•. Borruwcr shall pay thc amuum ot al) mc?Ngagc intiuranre premiums in thc
manncr pmvidcd under paragraph 2 hereut.
Any amounls dishursrJ by LcnJer pur+uanl w ~his paragraph 7, w~th intcrrst thereon, chal) Ix:cumc additional
inJchtcdnec~ of Borrowc~ secured by ~hi~ Morlgagc. Unle~+ Rorrow•cr and I en.ler agrcc to other termc of paymcnt, tuch
am~~untc shall he papahle upon n~~tire fmm Lender tu HorraH~rr reyue~~ing paymcnt Ihereof. a~d ~hall hcar inlcrett from Ihe
~ate ai diehurscmcnl at Ihe rate payahlc (n.m time to timc on autstanding principal under the Note unlec~ payment of
interest at such rate wou1J t~e contrary ~o applicable law, in which evem such amounts shall hear interect at the highe~t rate
permissible under applicable law. NMhing rontained in Ihi~ paragraph 7 shall reyuire Lend~r to incur any expenu or take
any action hcrcunder.
8. Inspectbn. I.ender may make or rause to t?e maJe reusonaMe en~rieti upon .ind incpectic~ne of the Propeny, provided
Ihat l.ender chall give Borrow~er notice prior to any ~uch incpecliun ?pecifying rrascmable cause therefor ~elated to 1_ender's
intcrctit in the Pmpcrty. -
9. C.ondemnalbn. The pn.credc of any av?•ard ar claim for damages, Jirect or concequenlial, in rnnneclian with any
condemnalion or Mher taking of the Property, ur parl therr~~f, or for ci~nveyance in lieu of condemnation, nre hereby ac~igned
and shafl Fx~ paid to I.endcr. ~ '
in ~he event of a tc~lal taking of the Pm~xrl~•, the prckeedc ~hall hc :~~~r~~i the sums secured by thic Mortgage.
with the rncecs, if any, paid to Rarmwer. In ~he evem ~~f a partial laking ~~f the Property, unlece Rorrow•er anci I.ender
n~herwice aQree in writin~r. therc xhall be applied to the ~ums securcJ by thie Mortgage cuch pmportion of the proceeds
~ as i~ eyua) ta thal prope~rti~~n w~hich Ihc amounl o( the sum~ urured hy Ihit Mortgage immcdiatdy prior to Ihe date of
taking hcars to the fair market value of thc Prapcrt>• immcdiatcly prior Io thc ~late of ~aking, with the balancc of the procceds
paid to Borrawer.
If tbc Pmperty ia ~handoned h~• Borrow•cr, or if. aftcr noticc by l.endcr to Borrov+vcr Ihat thc condemnor affers to make
.:m aw~ard or settle a claim for dam:~ge~, B~rrnwer fail~ tc~ re~~x~nJ tc. Lender within i0 Jays aher Ihe date cuch notice is
ma~led, !.ender i~ authorized to collect and apply the proceedc. at l.ender c option, eilher to re~toration or repair of the
Propcrt} or to Ihc tium~ sccurcd by this Mortgagc.
Unksti l.enJer and Aorrc~wer Mherv?•ik agree i~ ~ritinL. an}' curh applicati~n of prnceedc to principa) shall not extend
or pnd~r.c thc duc datc of thc monihf~• installmrntc rc(crred to in paragrapht 1 and 2 hereof or changc thc amo?mt of
cuch inc~allmcnts.
10. Borrower Nol Releaced. I~rtencion of the time f~.r pa~~ment or modifica~ion of am~rlizatiun ~f the ~umc secured
hy ~hi~ Mort~age granted by I.ender tc~ am• tuccecu~r in intere.t of Bor~ov?•er sh•rll not operate to release, in any manner.
the liability uf the ~~rigin:~l Bormwer :ind R~~rrowcr'ti tuccectic~r~ in interetl. l.ender shal) not he rcyuired t~~ commence
proceedingc :~g~inct weh successor or refuce t~ extend time for paymem or otherM•iu mcxii(y amortiration ~,f the sums
~ccurcd h}• thi~ Mortgagc hy reasc~n of :+n)~ dcmancl madc b}• thr cxie~nal Borrowcr :~nd Rixrowcr ~ socccticor~ in intcre~t.
11. ForbeArance by I.ender Not a Wai~•er. Am• f~~rhearance h}• I.rndcr in e~crci~inR any ri~tht or rcmcJy hcreunder, or
iuherwi,r afTorded by applicahle law, chall n~t be a waiver ~r preclude Ihe exerci~e of any such right ~r remedy.
Thc pra:urement af insurance or the payment of tarec or other lienc ~~r chargec by Lender chall not #ie a waiver of I.ender s
right t~~ accrleratc thc maturit}• of ~hc indchtrdnc« <r~urcd h~• thi. Mortgakc.
12. Remedies Cumulall~e. All reme~tie~ pm.~ided in thi~ Mortgage are distinct xnd cumulative to any other right or
rcmc~lq under thiti Me~rtgagc or atfordcd hy law~ ia eyuity, and m~}~ he e~erriud rnncurrcntly. independentl~ or succe~sively.
13. Succecsors and Assi~ns Bound; ]oint and Se~erol I.i~Ailit}; ('aptbnc. The covenants and agrcementc herein
contained shall hind, ~nd thc riRhtc hereunder shall iniire to. ~he rctipective tiuccecc~r~ and acaign~ of I.ender and Borrower.
cubjeel ta thc provicion~ of paragraph 17 hereo(. ,qll covenant~ and ag~eememc of Borrower shall he j~~int and several.
The captions and headings of the paragraph~ of this Morlgage are f~r convcnience ~nly and are not to he used to
interpret or define the provisinnc herenf.
14. Nolice. Except for any notire reyuired under applicahle law~ t~~ be given in another manner. (a) any notice to
Rormwer pmvided for in ~hic Mortgage thall he given h~• mailinX ~uch notice by certified mail aJdrested to Rarr~w-er at
thc Pmpcny Addrec~ ~r at such othcr addre« ac Bixri~wcr rnay dc~ig~:~tc b}~ noticc to I.cndcr as providcd hcrcin. and ,
Ihl am• notice to I.ender shall tx geven hy certified mail. return receipt reyucsted. tc~ I enderc address stated herein or to
tuch c~ther addresc as l.ender may detiignate by notice t~~ Bi~rr~~w~er as proviJed herein. Any notire provided for in thit
~1~~rtg:~ge sh~ll bc deemed ta havc t?cen givcn t~ Bormw~cr or Lender when given in the manner de~ignated herein.
i 1S. Uniform MorfR~r. Governin~ Iaw; Se~•erobilif~•. "Thi~ f~rm of mongage comhines uniform covenams for national
( uce and non-unifurm aroenant~ wilh limi~ed variatinns M• jiirisdiclion t~ consNtute a tmiform sccurity instrument covering
~ real property. Thia Mortgage chall hc governed hv the law ~f the juricdiction in which the Pmperty i~ Icxated. In the
~ event that any provision or clautie of thit Mortgage ~~r the lute ccinflictc uith applicable law, such conflict tihall not afTect
«ther pruv~siom of thic Mortgage ~~r Ihe Note which can bc given etfect without the eonflicling provi~ion. and to this
( end ~he provisions of the Marlgage and thc ~ote arc Jeclared t~~ hc SevcraMe.
k 16. Borrower's Copy. Borrow•er chall be furni~hed a con(~~rmcd rnpy the Note and of ~hic Mortgage at the time
~ of e~cecution or atter recordation hereof.
17. Transfer of the Propert~•: Assumpfion. lf all ~~r an)' rart of the Property or an intercct therein is u~ld o~ trancferred
by Borrowcr without Lender's prior w•rittcn con~cnt. c~cludin~ la1 the crcati~n of a lien or encumhrance suhordin~te to
thi~ Mortgage. Ib) the creatian of a purchaK money ~ecurit~' interest f~r h~u~ehold appliancec. (c1 a trans(er b}~ devise.
de~cent or by operation ot law upon the Jcath e?f a j~~int tenant c~r (d~ the grant of any Icasehold interest of threc ycars or lea
not containing an option to purchase. I.ender may, at I.ender'~ option. declare all ~he sums secured hy this Mortgage to be
immediately due and payable. I.ender shall ha~•e wai~~ed wrh option Ic~ accelerate if. prior to the ~ale or transfer. f.ender
and the ~+ercon to whom the Proper~y is to be sold or transterred reach agreemenl in writing that the creJit of xuch person
it saticfaeti~ry to I.ender and that the interecl pa~•abie ~~n Ihe «mi~ tiecured by thic Morlgage shall be at sneh rate a~ i.ender
shall reyucst. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in .
interest hat executed a written assumption agreement accepted in writing by l.ender, I.ender shall release Borrower from all
obligations undcr this Morlgage and thc Notc.
If I.ender exercisec cuch opti~n to accelerale. (.ender ~hall mail BorroKCr notice of acrekration in accordance with
paragraph 14 hereof. Such notice thall provide a~ericxl ~~f not Ies~ than ;n ~dy~ from the dale the notice ic mailed within
which Borruwer may pay the zums declareJ due. I( Aorrov?er (aik ~o pa~• such sums prior to the expiration of cuch period.
~ I.cnJer may, without (urlher no~ice or dcmand on B~rrc~wcr, im•okc any remedies pcrmitted by paragraph 1 R hercof.
~ No~-UNtFORi?t Crne:v~NTS. Borrower and I.cnder funher cmenant and agrce as follows: -
~3 18. Acceleration; Remedks. Except s~ provided in para~nph 17 hereof. upon Borrower's bnach of aay corenanf or
~ ~reement of Borrower jn thls MortgaRe. includfn~ the covenants to pay when-dne any snms secured by this Mortgage~ i.ender
~ prbr lo acceleralioa shatl mdl notice to Borrower as provided In pa~raph 14 hereof specifyin~: (1) tbe bnsch: (2) the action
~ rcquirtd to cun such bresch; (3) s date, not less than 30 days from the dste the notice Ls mdkd to Bonower. by r?hkh such
~ breach mwd be cured; and (4) fhat fallure to cure such breach on or beforc the date specified in ~he notke may resnlt in
acceleration of t6e su~s secured by thts Morlgage. /oreclosure by judiciat proceeding and sak of Ibe Pmperty. 'ILe notice
shall further inform Borrowe~ oi the right to reinstate aHer sccelers~tion and tbe right to s~ssert in the toreclosure proceediu~
~ the non-existence of a defsutt or aoy olher defense of Borrower to accelerstbn and foreclos~irc. If the breach is nof cured on
~ or betore the date speci6ed in the notice. Le~der at t.ender's oplfon may declare sll of the sums secnred by this Mortgsge to be ~
~ immediately due snd payable wilhont turther demand a~d may forcclose thk Mortg~e by judiclal proceediu~. Lender shdi
~ be eatitled to collect in such proceeding all e:penses of forerlosurc. including. but not Umiled to, nasonabk sttorney's fea, ,
and cosfa of documentary evidence, abstrarts a~d title rcports. ~
~ 19. Borrower's Rfght to Refnst~te. Notwithstanding LenJer'c acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any procecdings hegun by Lender to enforce this Mortgage diuontinued at any time
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