HomeMy WebLinkAbout0319 l.cnder's wntten ag~eemcnt or applicabk law. Borrower shall pay the amount ot all mortgs~e inwrance premiumt in thc
manne~ provideti uoder parag~aph 2 heroof.
~l~y amounts disbu~sed by 1.enck~ pursuant to tha pa~aaraph 7, with iate~+est thercon, shsll become sdditana)
indebledness o[ Borrower secured by this Mortgage. U~kss BoROwe~ and I_e~~fe~ agroe to other temu ot paymeM. wch
amouots shall be payabk upcx~ notice f~om l.endc~ ta Borrower rcqucstina paymeot thereat, and shall bear interest ft~om the
date of disbursemeot at the ntc payahk from time to time o0 outstandint principat und~r the Note unle.a {uymd~t of
interest at such nte wauld be contrary ta applicabk law, in which event such amounts shsll bear interest at thes hiahest rate
permissibk undcr applicabk law. Nolhi~g conlained in this paragraph ~ shall requirc I.ende~ to incu~ a~y expe~as ot take
an~+ action herounder. ~ '
S. IsspecNo~, i.ender may make or cause ta be made rcasonabk entries upon and inspoctions of the Property, pr~vided
that l.ender shal! give BoRawer naice prior !o any such inspeclion specifying rcasonabk cause therefor rdated to Lender's
interest in the Property.
9. Condemnatbe. The prnceedc of any award or claim fo~ damages, direct or consequential. in connection with any
condemnation ar other taking of the Property, o~ part then~f, ar for ecxweyance in lieu of condemnation. arc hereby sssignod
and shall !+e paid to Lert~er.
ln ~he event of a total taking of the Propehy, the procee~ chall be applied to the sums securod by this Mort~ase,
with the excess, if any, paid to Bo~rower. ln thc event af a partia) taking of 1he Property, un1Gss Bomowcr and Lender
atherwise agrce in writing, ti~ert shatl be.applied ta the sums securcd by this Mongage such proportion of the procteds
as ic equal to ihat p~oporlian w•hich the am~xmt of ~hc sumc securcd by this Mortgage immediately prior to the date ot
taking bcars to the fair market value of the Property immcdiately prior ta the date o( takiog, with the balance of the proceeds
paid to Borrower. ,
If the Property is abandoned by Borrower, or if, after notice by i.ender to Borrower that the condemnor offers to malce
an aM•ard or settle a claim for damagcs, Borrower fail. ta respond ta l.ender within 30 days after the date such notice is
mailM. Leoder i: authorized to colkct and apply ~he proceeds, at 1_ender's option, either to restontion or repair of the
Propeny or !o tFrc sums secured hy this Mortgage.
Untess I.ende~ and Borrower otherwiu agree in writing, any such application of proceeds to principal shall not extend
or oostpone ~he due date of the monthly installments ~eferred to in paragraphs 1 and 2 hereof or change ihe amaunt of '
such installr.:ents. `
10. Horrowe. Not Rekased. Extenciun of the time for payment or modi6cation of amortization of the sums securcd •
Ef this Martgage granted by l.ender to any cuccecsor in in~erest of Barrower shall not operate to release, in any manner.
the liebility of the original Borrower and Borrower's successars in interest. Lender shall not be required ta comme~x:o
proceedings against such successor or rekice to ertenJ time for paymeot or othervvise madify amortizat~on of 'thr .~~ms ~
secured by this Mortgage by reaum of anp demand made by the ori.Qina) Borrower and Borrowrr's succesaors in in~erett.
11. Forbearance by I.endtr Not a N+aiver. Any f~rhearance by l.eoder in exercising any right or rcmedy hercunder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude tht exercise of any such right or remedy.
~ The procurement of insuranre or the payment of taxes or othcr iiens or charges by I_endcr shal) not be a waiver of I~nder's
right to accelerate the maturity of Ihe endehtedness secured hy this Mortgage.
12. Remcdks Cnmulstire. All remedies provided in this Mortgage are distinrt and cumulative to any other right or
remedy under this Mortgage or afforded hy law ar equity, and may be esercised concurre~tly, independently or succecsively.
' i3. Snccessors and Assi~as Eound: Jant aai Sereral i.iabiNty; Captlons. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respoctive successors and assigns of I.ende~ aod Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agreeme~tc of Borrower shall be joiry and seve~al.
'i~e captions and headings of the pa~agr•rphc of this Mongage are for convenience only and ari~ not t~ be a~ed to
interpret or define the provisions hefrnf.
14. Notice. Except for any notire reyuired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at ~
the Propcrty Address or at such Mher address as Borrowtr may designate by notice to i_ender as provided herein. and
(b) any notice to Lender sha11 be given by certified mail. return receipt rcquetted. to i.ender s address stated herein or to
such other address as Lender may decignate by n~tice to Bormwer as pr4vided herein. Any notice pmvided for in this
Mongage sfiall be deemed to havc bee~ given to Bo~rower or I_ender when given in the manner designated herein.
15. Uniform MortRa~e; Governiu~ [.aw; Severobilitv. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with IimiteJ variaticx~s by jurisdiction to constitute a uniform security instrument covering
rcal property. This Mortgage shall be governed by the law of the jurisdiction io which the Property .is located. In the
event that any provision or clause of thic Martga¢~ or the Note confticts with applicable law, such conflict shall not affeet
other provisions of this Mortgage or the Notc which can be given effect without the conflicting provi~ion, and to this
end the provisions of ~he Mortgage and the Note are Jeclared to be severable:
16. Borrower's Copy. Borrower shall bc furnished a conformed copy of the Note and of this Mongage at the time
of execution or after recordation hereo!_
17. Traasfer of the Property: Assumption. If aU or aoy part of the Property or an intercst therein is sold or transferred
by Borrower without Lender's prior writtrn consem. excluding (al the creation of a lie~ or encumbrance subordinat~ to
this Mortgage. (b1 the creat~on of a purchace m~•ney tecusity interest for household appiiances. (e) a transfer hy devise.
descent or by operation of laa~ upon the Jcath of a joint tenant or (d? the grant of any leasehold intercst of threc ~cars or lexs
not containing an option to purchace. Lender may. at I.ender's option, declare all the sums xcured by this Mortgag~ to be
immediately due and payable. [.ender shall h~ve w:uved such option to accelerate if, prior to the cale or transfer. [.ender
and the person to whom the Pro~+erty i~ ta be caW or transferred reach agrcement in writing that ihe credit of cuch person
is satisfactory to Lender and that the interr.t pa)•ablc on the sums secured by this Morigage shall be at such ra~e ac I_ender
shall request. if l.ender has waived the option to accelerate provided in ihis paragraph 17, and if Borrower's successor in
interest has ex~euted a written assumption agreement accepted in writing by I_ender, Lender shatl releau Borrow•er fram all
obligations under this Mortgage and the Nate.
If Lender exercises such oplion to accelerare. Lender shall mail Borrower notice of acceleration in accordancr u~th
paragraph 14 hereof_ Such notice shall provide a ptriod of not las than 30 days from the date ihe notice is mailed within
which Borrower may pay the sums decfared due. f f Borrower fails to pay such sums prior to the expiration of tuch pericxi. ~
Lender may, without further notice or demand on l3orrower, invoke any remedia permitted by paragraph 1 R hereof.
Nor?-Utv~~oatH CovENeNTS. $ortower and Lender further covenant and agrce as foilows:
18. Accekrraion; Rcmedks. E:cep as Provided in para~raph 17 hereof. epon Eorwwer's brex~ of aey coreaaul or
agreement of Borrower in t6is Mortga~e, fnctuding the corensnts fo psr wAte dne aey sou~t secared bp this MorlRage. I.coder
prior to scceleratbn sbdl maN notke to Qorrower as provided in pan~rspA 11 htreot specH~: (1) tbe breac6; (2)1he action
reqnired to core snch bresc6; (3) a date. aot kss thsn 30 days frow~ the date tbe aotice is o~ted to Eorrower. by wAkb sucb
bresch mu~t be awred; sod (4) 16at faiiure 1o core secb breacM oe or before tbe date spect6ed js t4e nofke a?sr resalt ia
sccderation of t6e soa~ aecurrd by tbis Mortas~e. torecbsure by jadkial proceedfa~ awd sde of tlee Prope~. The notice
shsll further inform EorroMer of tbe ri`ht to reinstste dter accckratbn sad tht ri~ht fo ~ert ia the forecbwre proceedin~ ;
the non-existence of a defauli or say Mher defe~e of Eorrowet to ~ccekrstion and foreciosure. If the brtacw b oot cortd ow
or befon the date speci6ed ia tbe ootice. Lender at [.ender's option ~nar declare aY of tbe soms stcored by t6is MortRa~e to be
immedLttly due and paysbk ++ltbonl further demand ~nd msy foreclost thk Mortxa`e by jndicW p~oceedio~. [.ender cha11
be e4tided to colket in sucb proceedinR sM expeases of forcclosore, iacladint, bot sot Bmited to. reasonsbfe an~,rnev's fers.
a~d cosls of docnmeetary eridence? abstracts and titk reports. '
19. Eorro~+er's R~bt to Reio~tate: Ni?tK~ithctanding 1_ender s accelention of the sums securcd by th~s Mortgage,
Borrower shall have the right to have any procced~ngs hcgun hy [_ender to enforce this Mongage discontinued at any time -
go~K297 Pa~E 319
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