HomeMy WebLinkAbout0110 ~.cnder's written agrcc~nent or applicablc law. [iorrowcr shall pay the amoun~'of alt~ongagc iaaura~ce prcmiums in the
ma~ne~ provided under paragraph 2 hereof.
A~y amaunts disb~irsed by l.ender pursuant ta this paragraph 7, with interest thereon, shall btcome additional
inJebtedness of Borrower secured by this Mortgage. Unless Borrower and l.ender agrre to other tcr.r~~ ^f p~ymcnt, such
amounts shall be payable upan notice from I_ender to Borrower requesting payment thereof, and shall bear interest from the
date af disbursement at the rate payabte from timc to time on outstanding principal undcr thc Note unless payment of
interest at such rate would be contrary to applicablc law, in wbicb eve~t tucb amounts shall bcat interest at the highest rate
permiuible u~der applicable law. Nathing contained in this paragraph 7' =hall rcquire Lender to incu~ any expense or take
any action hereunder.
S. Inspecfion. Lende~ may make or cause to be made reasanable en~ries upon and inspections oP the Property, provided
that Le~der shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'a
interest in the Pmpeny.
9. Coademnatbn. The proceeds of any aw~ard or claim far damages, direct or consequential, in c~nnection wilh any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu o[ condemnation, are heroby assigned
and shall be paid ro Lender. ~
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Motigage,
with tht excess, if any, paid to Borrow~er. In the event of a partial tak+ng of the Praperty, unless Borrow~er and Lende~
otherwise agree ia writing, there shall be applied ta the sums secured by this Mortgage such proportion of the proceeds
as is equal t~ that propnrtion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balancc of thc procteds
paid to Borrower,
If the Proptrty is sbandoned by Borrower, or if, after notice by Lender tc? Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notice is
mailed. Lender is suthorized to collect and apply the procecds, at l.ender's ~ption, eithcr ta restor~ation or repair of the
Property or to the sums secured b}• this Mortgage.
Unless Lender and Borrower otherveise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthl~• installments refened to in paragraphs ! and 2 hereof or change the amount of
such installments.
10. Borrower Not Relessed. Extension af the time for payment or modification of amortization of the sums secured
by this Mortgage granted b~~ I.ender to any successor in interest of Borrower shall not operate to retease, in any manner, .
the liability of the original Barrow•er and $c+r~aw•er's succescors in interest. t_ender shait not be rcquired to commence
proceedings against sach successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured b~• this Mortgage hy reasnn of any demand made by the orieinal Borrower and $orrow~er s successors in interest.
l l. Forbearance by I.ender 2Vo! a Waiver, Any forhearaoce by l.ender in exercising any right or remedy hereunder, or
otherwise afforded by appiicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens o~ charges by Lender shall not be.a w•aiver of L.ender's
right to accelerate the maturity of the indebtedness cecured hy this Mortgage.
12. Remedks CumulaHve. All remedies provided in this Mortgage ar~ distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
~3. Snccessors and Assiqus Bound; Joint and Se.•eral I.isbiUfy; Captlo~. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and BorroKer,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shali be joint and several.
Th~ captions and headings of the para~raphs of this Mongage are for convenie~sce only and are not to be used to
interpret or define the provisions hereof_
14. Notke. Except for any notice required under applicable law t~ be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to 8orrow•er at
the Propeny Address or at s~ch other address as 8orrou•er may designate by notice to T_ender as provided herein. and
(b) any noiice to Lender shall be given by certified mail, retum receipt requested. to I.ender s address stated herein or to
such other address as I_ender may designate b}• notice to Borrower as provided herein. Any notice provided for in this
Mortgage shal{ be deemed to ha~~e been given to Borrow~er or t_cnder when given in the manner designated herein. ~
1S. Uniform Morfg~e; CoverninR Law; Severability. This form of mortgage combi~~~~ ::~iform covenants for national
use and non-uniform covenants w~ith limited variations b~• jurisdiction to constitute a uniform security instrument covering
real property_ This Mortgage shall be governed h~• the law• of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts ~•ith applicable law, such coRflict shal! not afiect
other provisions of this Mortgage or the Note which can be given eBect without the conflicting provisic~n, and to this
end the provisions of the Mortgage and the Nate are decfared t~ be severable.
16. Borrower's Copy. Borrower shall be furnished a confurmed copy of the Note and of this Mort¢age at the time
of execution or after recordation hereof.
l7. Traasfer of tbe Property:. Assumption. If all or any part of the Pmperty or an interest therein is sotd or transferred
by Borrower without Lender's, prior written consent, excluding tal the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for househotd appliances, (c) a transfer by devise,
descent or by operation of law• upon the death of a joiRt tenant or /d) the grant of any leasehold interest of three years or less
not containing an option to p~rchase, Lender ma}, at l.ender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have a•ai~°ed such option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the si~ms secured by this Mortgage shall be at such rate as Lender
shall request. lf Lender has waiveci the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in w•riting by I_ender, Lender shall release Borrower from ali
obligations under this Mortgage and the Note.
if I_ender exercises such option to accelerate. Lender chall mail Borrower notice of acceleration in accordance with ,
paragraph 14 hereof. Such notice shall provide a periocl 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 siims prior to the expiration of such period,
Cender may, without further notice or demand on Borrawer, invoke an)• rernedies permitled by paragraph 18 hereof.
Nox-UN~FOteM Covert~rr-rs. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedks. Except as pmvided in pa~rpph 17 hereof, upon Borrowers brcach of any corenant or
agreement of Borrower in t6is Mortgage. iacluding t6e corenants to psy when dae sny sams secnred by th~s Mortssge, Lender
prbr to sccekration sball msil notice to Borrovser as pmvided in paragraph 14 hercof specifyiog: (1) t6e breach; (2) t6e aetioa
reqotred to cure soch Meach; (3) a date, aot less tban 30 days fmm the date tbe aotice is maiied to Borrower, by wbfc6 snc6
breach must be cnred; aad (4) that failurc to cnre snch breach on or beforr ihe d~e specised in the noHce ~nay resdt h~
accekratlon of t6e sums secnnd by t6is Mortga`e, for+eclowrc by judfcla! proceedfng aad s~de of t6e Property. 'ILe aotke
shall furtber Inform Borrovrer of the right to reinshte atter acceleration and t6e ~6t to a~sert ln t6e foreclowre procee~s`
t6e non-e:~stence ot a defauk or any other defense of Borrower to scceleratlon and foreclosure. it the breaca is oot cored o0
or before the date specified io tbe notke. Lender at Lende~'s option may declare alt of the saaes secnred by thls Mortga~e to be
immcdiately dne aad payabk wit6oot further demand and may torcclose thi; Mortgage by judlcial proctedinL.~ Lendtr shdl
be endtled to colket ia sac6 proceeding aU e:penses of foreclosure, in~luding, but not limited to, rcasoaabk attoraey's tea,
sad costs of doenmentary evideoce, abshacts and titk reporb.
19. Borrowe~'s Rigbt to Reinstate. Notwithstanding Lender
s acceleration of the sums secured by this Mortgage.
Borrower shall have tbe right !o have any proceedings hegun by i_ender to enforce this Mortgage dixontinued at any time
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