HomeMy WebLinkAbout0288 4eacie~'s written agroement or applicabk law. Bonower shall pay 1he smouni ot al! nwrtjs,~e inwrance prtmiwrn in the
mannrr providtd under paragraph 2 heroot.
Any amounts disbursed by t.cndcr pursuant to Iha pa~ag~aph 7, with interest thereo~, shall become additionsl
indebledness of Borrowcr securcd by Ihix Mortgagc. Unlets Barrowc~ and [.enJer agrcc to other ternu ot paymeM. such
amcwnts shall be payabk upnn nnticc f~om f.eodet to Bo~rower rcyu¢sting paymcnl thcrrnt, and shal! bear interest from the
date of disbursement at the rate payabk from time to time on oulatanding principal under the Note unless pt~t ot
i~terest at such rate would be contrary ~o applicable law, in which event such amounts shall l~ear interest at the~hiahest nte
penniuibk undo~ applicabk law. Nolhing rnmained in this paragca~h 7 shall require I_ender to incur any e:pease or take
any action hcrcunder.
E. Isspetfio~. i.ender may makc or cause to be madc rcascu~abk eMries upon and inspections of the Property. providod
that i.ender shall give 8orrawer nalice prior ta any such inspectian speci(yi~6 reasonable cause therefo~ rclattd to Lender's
interes~ in the Property.
9. Cowdemnatbs, The proceedc of any award or claim for damaga, direct or consequeotial, in connoction with any
condemnatio~ o~ other taking of ihe Praperiy, a~ pa~t therrnf, or far canveyance in lieu of condemnation, are hereby usigned
and shall be paid ta Leoder.
Tn Ihe event af a tatal taking af the Propeny, the prac:eecis ~hall be applied to ~he sums see~~rcd by this Mortgsge.
with the excess, if any, paid to 8arrower. In ~hc event of a partia) taking of tha Property. unless Borrower and Lender
othenvise agrce in writing. there shall be applipd to tl~e sums arcurcd by ihis Mortgage such proportion of the p~
as is equal to that praportion which the amount of the sumc tecured by this Mortgage immediatety prior to the dste of
taking bears to the fair market value of the Property immediately priar to the date oi taking, with the ~balance of the pmceeds
paid to Borrower.
if the Property is abanda~ed by Bcxrower, or if. after notice by l.ender to Bormwer that the condemnor oHers to make
an award or uttle a claim for damagcs, Borr~wer fail~ to res{x~nd ta t_ender within 30 days after the date such notice is
mailed. Lender ic auttu~rized to cotlect and apply ~he proceeds, at l.ender's option, either to restoration or repair of the
Propeny or to the s~ms secured by this Mor~gage_
Unless I.ender and Borrower otherwice agree in wrihng_ any such application of proceeds to principal shall not eatend
or postpone the due date of the monthly instaltmcnts reterred to in paragraphs 1 and 2 hereof or change the amount of ~
.uch installments. '
10. dorrower Not Reltased. Extencion of the time f~r paymenl or modification of amortization of the sums securcd
by this Mortg~ge g~anted by I.ender to any cucceccor in interect of Borrower ~6a11 not operate to release, in any manner,
the liability of the original Borrower and Borrower ~ st~ccessors in intercst. l.ender shal! not be required to commence
proceedings against such successor or refuse to ertenJ time for paymeot or otherwise modify amonization of ~hr •ums
secured by this Mortgage by reason of an~• demand made b~~ the ori¢inal Borrower and Borrower s successors in interect.
11. Forbearance by I.e~de~ Not a Wai.•er. Any fc•rhearance by I.ender in erercising any right or remedy heree~nder, or
othene+ise afl'orded by appiicahle law. chal! not he a waiver of or preclude the exercise of any such right or remtdy.
The procu~ement of insurance or the payment ot tares or other liens or charges by I.ender shall not t~e a waiver af Lender s
right to accelerate the maturity of the indehtedneis ~ecurcd hy this Mortgage.
12. Remedks Camulafive. All remecties provided in this Murtgage are distinct and cume~lative to any other right or
remedy under this Mortgage or afforded hy law nr equity. and may be exercised concurrently, independently o~ successively.
' 13. Successors aed Assi~ns Bound; ,Joinl and Several i.iaM'lity; Captb~s. 71~e covenants and ag~eements herein
comained shall bind, and the rights hereunder shall ini~re to. the respective successors and assigns of ~ender ac?d 8orrower,
subject to the provisionc of paragraph i 7 hereof. All coveoants and agreements of Borrower shall be jai~ and several.
'ihe captions and headings of the paragraph~ ~f thic Mortgage arc for convenience only and are nat to be used to _
interpret or define the provisions hereof.
14. Notice. Except for any noticc rcyuired under applicable taw to be giveo in another manner, (a) any notice ta
Borrower provided for in th+s Mortga¢e shall tx given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such othcr address as Borrower mav dtsignate by ootice to i.ender as provided herein, and -
(b) any ~otice to [_ender shap be given hy certified mail. return receipt rcquested. to [.ender's address stated herein o~ to
such other address as Lender may deci¢nate by nc?tire t~~ Barmwer as provided herei~. Any notice pmvided for in this
, Morlgage shall be deemed to havc becn ~~~~en to Borrc~wcr or Lcnder when given in the manner designated herein.
15. Uniform MorlRaRe: GoverninR [a.r: Se~•erability. Thic form of mortgage combines uniform covenants for national
use and non-uniform cavenants with limired variations h3~ jurisdiction to constitute a uniform security instroment covering
reai property. This Mortgage shalt be governed hy the law of the jurisdiction in which the Property is located. In the
event that any provision or clauce of thi~ Mortgage ~.r the Note conflicts with applicable law, such confliet shal) not affect
other provisions of this Mortgage or the Note which. c•rn be gi~en eflect without the conflicting provi~ion, and to this
end the provisions of the Mo~tgage and the 'Vote arc dcdared to he severable. ~
26. Bomnr?er's Copy. 8orrower shall t?e fe+rni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after rccordation hereof.
17. Traacfer of t6e Propertv; Assump~ion. If aU or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writ~rn cunsent, exctuding (a) the cr+eation of a lien or encumbrance suborJinate to
this Mortgage. (b) the creation of a purchacc, m~~ne}~ cecurity interest for household appliances. (c) a transfer hy devix,
dexent or by operation of law upon the death o( a jo~nt tenant or (dl the grant of any leasehold interest of three ycars or less
not containing an option to purchase, Lender may. at t.ender s option, declare all the sums secured by this Mortgage to be
immediately due and payabie_ Lcnder shall have aa~ved si~ch option to accelerate if, prior to the tale or transfer. Lender
and the perwn to whom the Property ic to be :olJ or transferred reach agreement in writing that the credit ~f such person
is satisfactory to Lender and ~hat the interr.t pa~•able on the sums secured by this Mortgage shall be at soch rate ac I_ender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, artd if 8orrower's successor in
interest has executed a written assum~tion agretment acccpted in writing by I.ender, Lender shall telease Borrower from all
obligations under this Mortgage and the Not~.
If Lender exercises such option to accelerate, [.ender shall mail Borrower notice of accekration in accordancr ~~h
paragraph 14 hereof. Such notice sha~i provide a pericxf of not less than 30 days from the date the notice is mailed within
which 8orrower may pay the sums dcclared due. It Borrow•er fails to pay such sums prior to the eapiration of tuch pcricxl,
Lender may. without furiher notice or demand on Borrower. invoke any remedies permit~ed by paragraph 18 here~f.
NoN-UNtFOte~ CovetvexTS. Borrower and l.ender further covenant and agtee as followr. .
l8. Accekratioe; Remedks. E:ccpt as pmvidcd in ps~rsph 17 I~ereof. upon Eorrowe~s breach of aay coveaant or
agrecmtat of Eorrower in ihts Mortgage. includi~ the co~cnants to pay whee dne any soms secnred by tbis Mort~sge. Leoder
prior to secekration shdl mail ootice to dorrower as provjded in para~raph 14 heno[ specifyio;: (1) tbe M+eacb; 13) the actioA
reqaircd to c~~+t suc6 breach; (3? = d+te, not kss lhan 30 days from the dste t6e aotice is a~ailed to Eorrower. by rrhicb such
bresch mmd be c'red; sod (4) that fallnre fo curc such breach on or betore tbe datt speciRed ia the aotice enay rccWt in
sccekration ot tbe sne~s aec~ued by this Mort~a~e. twecbsure by jndicial proceedin` aad ssk of fbe Property. Thc notke
shaU further iaform Eorrower of tbe ri~ht to reinstate afler accekration and the right to ~saert fn tbe forec{osure proceediw~ _
tbt oon-e:ittence d a defsnlt or any olhtr defense of Borrower to accekration tnd forecbwre. If the bnscl~ is oot cured oa ~
or before the date speci6ed in the notice. Lender at l.ender's aption may dtclart afl of the sna~s secwred by this MortRa~t to be
immediately due and psyaDk w~ithout fuNher demand ~nd may forrcbse this Morlaa~e ~y Juakid ~e~ai~. [.ender chall
be eotitled to cotlett in sneb pmceedi~ atl expenses nf foreclosarc. includ'erg. but not limited to, reasons6k stt~,rney's fees.
sod casfs of documeMary eridence. abstracts and titk repoAs. .
19. sorro~?er's Ri6bt to Reinstste. Notw•ithstandin~ 1_ender's acceleration of tix sums securcd by this Mortgage,
Botrower shall have the right co have any proceed~ng~ hegun ~•y l.endtr to enforce this Mongage discon~inued at any time
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~ ~ 297 ~~~E 288 ~
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