HomeMy WebLinkAbout0294 l.tnder's written agreemcm or applicabb l~w. Borroww shall pay the amount ot aU mortga,ge insurat~ce pttmiurt?t in the
manner pravided uode~ paragraph 2 he~ot.
llny amounls disbuned by I.ender pursuaot to tha paragnph 7, wilh interest thereon, shall become additional
indebiedncss of Borrowcr sccu~d by ~his Mongage. Unless Borrawc~ a~d [.enJer agrce ta otixr ternu ot payment~ such
amounts shall be payabk apo~ rx~ticc frc~m i.ender to 8orrowc~ rcquos~ing payment Ihereot, and shall bear intercst from the
date of disbursement at the ntc payabk frc~m timc to time on a~tataodina p~incipal under the Note u~las payma~t ot
interest at such rate wauld be conlrary to applicable law, in which event such amounts shall lxar interest at the hiahe~t rate
permiasibk under applicabk (aw. Nathing contained in this paragraph 7 shall rcquine t.ende~ to incur any eapen~e or tslce
a~y actio~ hereuRder.
a. I~speetb~. t.cnder may make or causc to be made reaxonabk entries upon and inspectiaos of the Property. providod
that l.ende~ shall give $orrower natice prior ta any such inspectian specifying rcasonabk cause thetefor related to i.et~der's
interest in Ihe Propeny.
9. Cosdemnstbu. The proceedc of any award or claim for damages, dircet or eons~qucntial. in conncetion with any
condemnation or other taking of the Properly, ar pa~t thercof, o~ for ccMVeyance in licu of condemnation, are hereby usigned
and shali be paid to i.ender.
in Ihe event of a tatal taking of thc Pmperty. th~ prcxeeds chal! be applitd to tha sums securcd by this Mortgage,
with the e!cctss, it any, paid to Borrower. ln tht event of a partial taking of the Proptrty, unless Borrower and I.eader
otherwise agroe in writin~t, therc shall be applie~ to the tumc sccured by this Mortgage such proportion of the prncteds
as is equal to that praponion vrhich Ihe amount of the sumc ~ec~irtd Ay this Mortgage immediately prior to the date of
taking bears to thc fair market valuc ot thc Propc~ty immediatcly priar to the Jate of taking, with the balance of the procads
paid to Borrower.
Tf the Prop~rty is ahandc~ned by Bo~rowe~, or if. after ~otice by 1_ender to Bormwer that the condcmnor otfea to ma1~e
an award or ufNe a claim for damagcs, Borrower faifs so respond to I.ender within 30 days after the date such notice is
mailed. Lemier is autharized to co!lect and apply the prc~ceeds. at 1_ender's option, either to restontion or repait of the
Pr~p(,~sty or to the sums secured hy this Mor~gagc.
'dnless 1_ender and Bqrrowe~ othenvice agrre in wrihng, any such application of procecds to principal sha11 not eatend
or post~ the due date of the monthlv instaNments rcferred ta ia paragraphs 1 and 2 hereof or change the amount of ~
such insla ments.
10. eoROwer Not Rekzsed. Exten~ion of the time fo~ payment o~ modificatioo of amartization of the sums securcd
by this Mort~age granted by I.ender to any ~uceecsc~r in interect of Bonower shall not operate b release, in any manner,
the liab~fity of the cuigina! 8orrower and &~rrower~ succesu.rs in interest. i_enckr shal) not be reqoired to commence
proceedings against. such successor or refuse to ertenJ time for payment or othenvise madify amortization of thr •i~ms
cecured hy thic Martgage hy reaso~ of an~ demand made by ~he oriQinal Borrower and Bnrrower
s succecsars in imercct.
I1. Forbearance by [.ender Not a Waive~. An~~ f~rhearanre by Lender in exercising any righ! or remedy hereunder, or
otherwise afiorded by a~plicable law_ shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of ~atec or other liens or charges by i.ender shall not be a w•aiver of Lender s
right to accelerate the maturity of the indehtednecs cecured hy thic MortgaEte.
12. Remedjes Cnmoiati~e. All rrmeclies provided in this Mortgage ar~e distinct and cumulative to any other right o~
remeJy under this Mortgage or afiorded hy law or equity, anJ may t~e exercised concurrently, independentiy or successively.
' 13. Snccessors and Ac~es Bound: Joint and Se~•eral i.iability; Captbns. The covenants and agreements herein
contained shall hind, and the rights hereunde~ shall inure to. the respective succecsors and assigns of I_ender apd Borrower.
subject to thc provisions of paragraph !7 hereof. All covcnants and agreements of Borrower shall be joir~ and several.
The captions and (xadings of the paragraphc of ~hic Mortgage are for convenience only and ar+e not to be uced to
interpret or de6ne the provisions hereoF.
14. Notke.• Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mnrtgage chall he given by mailing such notice by certi8ed mail addressed to Borrower at
the Property Address or at such othcr addrecs as. Borrower mav designate by notice to I.ender as provided herein. and
(b) any notice to Leoder shall he given by certifnd mail. return receipt rcquested. to Lender
s address stated herein or to
such other address as Lender may decienate b~~ nc?tice t~~ Borrower as provided herein. Any notice pravided for in this
Mortgage sha)I be deemed to havc t?ccn.g~~•en to Borrowcr or Lcnder when given in the manntr designated herein.
IS. Uniform Morl~a~e; Gorernin~ Iaw•; Severability. This form of mortgage combines uniform covenants for national
ux and non-uniform covenama with limited variations h~~ jurisdic~ion to constitute a uniform security instrument covering
real property_ Th+s Mortgage shal! be governed hv the law of the jurisdiction in which the Property is located. In the
event that any provision or clauce of thi~ Mongage c.r the Note conflicts wi~h applicable law, such conflict shall not affect
other provisionx of this Mortgage or the Ne~tc which can be given efiect without the conflic~ing provicion, and to this
end the provisions of ~he Mortgage and the 'Vote are declared to he severable.
16. Boirower's Copy. Borrow•er ~fiall M: furni~hed a ronformed copy of the Note and of this Mortgage at the time
of execution or afttr recordation hereof_
17. Tramfer of the Propertv: Assumplion. if ali ~r any part of the Property or a~ interest therein is sold or transferred
by Borrower without Lender's prior writrcn consent_ excluding (a) the creatian of a lien ot encumbrance subordinate to
this Mongage. (bl the creahon of a porchak m~me~• tecurit~• interest for household appliances, (c) a transfer hy devise,
descent or by operation of law• upon the dcath of a j~~~nt tenant or (dt the grant of any leasehold intetest of three ycars or less
not containing an option to purchase, [.ender may. at I.ender't option, declare all tt~e sums secured by this Mortgage to~be
irnmed~atety due and payable. [_ender shall have wa~ved such option to accelerate if. prior to the sale or transfer, t.ender
and the person to whom the Property ic ta be ;ol~! or transferred reach agreement in writing that the credit of such pc~sc~n
is satisfactory to I.enckr and that the interc.t payable on the sums secured by this Mortgage shatl be at such rate ac I.ender
shall reqaest. If t_ender has waived the option to accelerate provided in this paragraph l7, and if Borrower i successor in
interest has rxecuted a written assump~ion agreement accep~ed in writing by I_ender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
It Lender exercises such option to accelerate. 1_ender thall mait Borrow•er notice of acceleration in acrnrdancr hh
paragraph 14 hereof. Such notice s~all provide a pericxi of not less than 30 days from the date the notice is mailed wi~hin
wh;ch Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the eapiration of ~uch•penad,
[~nder may, without further noticc or demand on Bnrrower, invoke any remedies permitted by paragraph 1R hercof.
NoH-UHiFOxM CovEx~NTS. Borrower and I_ender fuhher covenant and agrce as follows:
1~. Accekratfon; Remcdies. E:cep as pro~idcd in para~rap6 17 6ereaf. YpOO BOtrowels bftac6 Of i0y cOVtuillt O~
a~reement of Borraner ia t6is Mort~age. Includi~ the corenants to pay whea dne any snms secured by this Morf~a~e. i.ender
prior to accekAtbo shall mail notice to EoROwer zs providtd le paraanph 14 hereof specit}~ua: (1) tbe br+tsch; (2) the action
reqeired to care socb brraeb; (3) a d~e. not kss than 30.days irom tbe date tbe notice b msfled to Eorrower. br whic6 zuch
breacb a~nst be corcd: aod (4) tbat fallere fo cure svch breach on or before the d~e speci6ed in the notice may r+esWt ie
sccderstion oi tbe aaaas :ecared by this Mort~a~e. fonclowre 6y judi~ial proceedie~ aad sve of tlx- Prope~ty. 77~e notke
shali further inform Eorrower of the riRht to rclnstatt :tter sccekratjon and 1be rigbt to usert in the foreclosare proeeedi~
tbe noa-e:istence ot s defaelt or any Mher drfcnse of Borrower to sccelentbn aed forecbsure. IE tGe breacb Ls nM cnred os
or betorc the dste speci6ed ie the ratice. Lender at I.ender's aption m~y declars sB of the sun~s secured br tbis Mort~aRe to 6e
immediately doe a~ payable withont further demand and map tortclost thB Mort~a~e by judkia! prettediu~, I.ender shall
be entitkd to cotfect in suc~ pmceedir~ af! expenses .if foreclosure. Includiu=~ but ¦ot 4mited to. rtasonabk atl~~cney's ftes.
and costs oE documeata~y e.idence. sbstrscts and titk nporis. -
19. dorror.er's Ri6ht to Reinstste. Notw•ithetanding I.ender's acceleration of the sums securcd by th~s Mortgage,
Borrower shall have the right to have any proceedmg. he~run ~y I.ender to enforce this Mongage discontinued at any time
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