HomeMy WebLinkAbout0325 l.e~ckr's writtcn agreement or applic~bk law. Borrowe~ ~hal~pay thc anwunt ot all moMaage ir?su~anoe prcmiums in the
manner provided unde~ pa~ag~aph 2 hereot.
A~y amounts disburscd by t~nck~ purSUant to this pa~aaraph 7, with iaterost thercon, shap become additiona)
inJeb~edness af Aorrowcr secured by Ihis Mortgage. Unkss Borrower and t.enJer aEree ta othc~ lemu ot paymeM. such
amounts sha0 be payabk upan nc~IK-e f~c?m I.ender to 8artower roquestina payment thercot, and shal) bear iote~est from the
date of disbursemcnt at thc ntc payahk from time to time cx~ anstandin~ principal uode~ the Note untess pRyma~t of
intercst at auch rute wautd be contrary to applicabk.law, in which event such amounts shall beu interest :t the hiahest rate
permissibk under applicabk law. Noi~ing Cantaiqe~ in this paragraph 7 sha11 rcquire I_ender to incur any expenae or tata
any action hereunder,
S. I~spectb~. i.ende~ may make or cause ta be made rcasanabk emries opon and inspetlions of the PropeirtJr, provided
that [.cnder shall givc Borrawe~ notire prior to any such inspcctinn cpeciFying rrasonabk cause therofor related to Lender's
interesl in the Propeny.
9• Coedem~atbn. 'T~e proceedc of any award or claim tar damages, dircet or consequential, in connection wiih any
condtmnation or other taking of the Propetiy, ot part then~t, cx for cc+nveyanre in tieu af condtmoation, aro heneby astigned
and shall be paid to i.ender.
in the event of a total taking oF the Propehy, the proceecis ahall be applied ta ~he cums securod by this Mongage,
with the etcess, if any, paid to Borrower. In thc evont of a partial taking at the Property, unless Borrower and Len.ler
otherwise agree in writing, ihere shatl be applitd t~ Ihe sums xcured h~ thic Mortgage such proporfion of !he proceeds
as is equa! to that propoAion Nhich the amaunt of ~hc sums secured by this MoRgage immediately prior to the dare of
taking bears to the [air market value of the Pmpc~ty immediately ptior to Ihe datc of taking, with the balance of the proceeds
paid to Borrower.
i[ the Property ic abandoned by Bor~ower. or if_ after notice hy i.ender to Bornawer that the condemnot olfers to malte
an award or setdt a claim far dam~ges. Borrower fail~ to respond to l.ender within 30 days after the date such ncNice is
mailed, Ixnde~ ic authorized ta collecl and apply the proceeds, at 1_ender's option, either to restotatio~ or repair of the
Property or to the sums secured b}• this Mo~tgage.
Unles~ 1_ender and 8orrowe~ oth~rwice agre in N ritine, any such application of procteds to principal shall ~ot exttnd
ar postpone 1he due date of /he monthl~ inslallmcnts referrcd ta in parag~aphs 1 and 2 hercof or change the amount of
such installments.
10. Borrower Not RNr~sed. Exlencion of thc time for payment or modification of amartization of tt?e sumx secured
by this Mortgage granted by [ erxler !o any ct+eeesx~r in interect of Bnrrawer shall nM operate to rclease. in any manner.
the liabili~y of the original Borrower and &~rrower'c succesu.rc in interesl. 1_ender shall not be rcquired to eommence
proceedings against such successc?r or refuce t~ erte~d time for payment or othen~?•ix modify amartizat~on af ~hr ~ums
secured h}• this Morigage by reaxin of am• demand made b~- the oriqinal Borr~wer and Borrowers successon in imerect_
1~. Forbearance by I.ender Not a Waive~. .Any~ fc.rhearance b~~ I.ender in ~~crcising any right or remedy hertunder. or
otherwise afiardeci by applicahle law. shall n~t be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tates or rnher liens or charges by I.ender shall not he a waiver of l~nder
s
right ta acee~erate tht maturity of the indehtednecs ceci~red hf• thic Mortgage.
12. Remedies Cumulati~e. All reme~iies pro~•ided in this Mortgage are distinct and cumulative to any other right or
remeJy under this Mortgage or afforded h~• law or equity. :~nd mav be exercised co~currently, independently or succecsively.
' 13. Successors and A~as Bound; Joint apd Sereral I.iab~itp; Caplions. The coveoants and agrcements herein
contained chall bind, and the riRh~s hercunde? shal] inure to. the mpective succes.sors and assigns of Lender a~d Bomower.
subject to the provisions of paragraph 17 hercoL Atl cnvcnants and agreements of Borrower shall be joiry and xveral.
The captions and headingc of the paraeraphc ~f thic Mongage arc far convenience only and art not to be uced to
interpret or define the provicians hereof.
14. Noliee. Except for any notice reyuired unckr applicable law to be given in another manner, (a) any notice to
~ Borrawer pmvided for in ~his Mortgaee shall he given b~ maiting such notice by certified mail addressed to Borrower at
the Property Address or at such other addresc as &?rr~v?•er may designate b} oo~ice to i_ender as provided herein, and
(h) any notice ro Cender sha!! he gi~•cn hy certifr~d mail. rete~m receipt rcquested. to I.rnder s addrtss s~ated herein or to
such other address as L.ender may decignate M~ rx~tice to Bormwer as provided hetein. Any notice provided for in this .
~lortgage sh~q he deemed to ha~~c been e~~•cn to B~rn,wcr or I_ender when given in the manner designated herein.
15. Uniform MoA~a~e; Governin~ [av?: Se~erabilit~~. Thic form of mortgage combines tmiform covenants for national
use and non-unifarm covenan~c with limited variatie~ns M jurixiiction 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 prmision or clau~e of ~hi. M~rtgaee nr the ?~ote conflicts with applicabk law, such conflict shalt not affect
a~her provisions of ~hic Mortgage or the Nutc ah~ch can be gi~•en efiect without the conflic~ing provision, and to this
end the pr.~visions of thc Mortgage and the ti~.te arc ~kclared ta he severable.
16, Borrower's Copy. Borrow•er ~hall he furn~~heJ a con(ormed copy of the Note and of this Morigage at the time
of execution or after recordation hereof. ~
17. Tnasfer of the Properiv; Ascumption. tf a11 ar an~~ pari of the Pmperty or an interest therein is sold or transferred
by Borrower without Lender's prior w•rit~~n ~un.ent, e~cluding (al tht creation of a lien or encumbrance suborJinate to
this Mortgage, (b) the creation of a purch~.e mane~• tiecurity mtercst for househ~ld appliances, (c) a transfer h}• devise.
descent or by operation of law• upon thc Jcath ~~f a j~ant tenant or (d~ tht grant of any leasehold intertst of thrce }•cars or less
not containing an opiion to purchase. I.ender may~, at I.ender's option. declare all the sums secured by this Mortgage to t~e
immediately due and pa~~able. I.cnder shall h:,~c w:u~•ed su~h option io accelerate if, prior to the cate or transfer. [.ender
and the person to whom the Property i~ ~0 1?c .oIJ cx transferrcd rcach agreement in writing that ihe credit of wch percon
is satisfactory to [_ender and th~t the interr.t pa}~able on the sums securcd by this Mortgage shal! be at such rate ac Lender
shall tequest. If I_ender has waived the ~ptic,n to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assump~ion a~trcement accepted in w•riting by i.ender. [_ender shall release Borrower from all
obligations under this Mortgage and the Note. ,
1f [_ender exercises s~ch option to acceJerate. I.encier chal! mail Borrower notice of ateeleration in accordancr ~+~~h
paragroph 14 hercof. Soch notice ~hall provide a period i~f not las than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrov?er lails to pay such sums prior to the expiration of ~uch pen.xi.
Lender may, without further notice or demand on Korrower. im•ok~ any remedies permitted by paragraph 1R hercaf.
Notv-UN~FORi?t Covetv~NTS. Borrovrer and Lender further covenant and agrce u tollows:
18. Acceleratioa; Remedks. G:cept as pm.~ided 'en parsRn~6 17 bereof. epow dorrower's Mrach of aay co~cws~t or
sgreemeat of Borrower io ihis Mortga~e, inctudin~ t6e coreruMs to pay whew doe asy saaas sec~rrd br thfs MorlRs~e. I.ender
prior to acetkntbo shall uiafl notice to ~orro~+er aa prov~ded iw psra~rspr 14 6ereot specifyfq: (1) tl~e boescb:121 tbe sction
reqnired to cnre sacb bresch: (3) a date. aot kss lhan 30 dars fro~ tbe dsle the notice Ls ~ed 10 Son~ower. bY whjch sucb
brcach mwt be cared; and (1) Ihat faflure to cnre sacl~ breac~ os or before t6c dafe s~eciGed ia tAe. aotice may resnlt ~w
accekration ot t6e soms secnnd by t6is Mo~a;~e. to++cc{owre 6~ jadicial p~octtdin~ awa sak of tbe Pmperty. 71~e notke
shad fnrther jAform Borroxer of the ri~bt to reiastate ~Ier sccekrstiow and tre rri~ht to as~crt i~ tbe fortclosore proetediut
tbe aon-e:istence of a deEauk or sny. wher deteace of Eorrower to accekratios swd forecloarre. It tbe bresch is oot crred o~
or before the date specified in il~e notice. Lend~r ~t [.ender's ap~aw war decianc ~!1 of tbe so~s secwred by t6b Mort~aRe to be
immediately due snd payabk witlaat fnrther dem~nd and mav fo~etlo~se tbis Mo~ase iy jMdkid rroceediu~. I.ender cha11
be entitkd to colkct in wc~ proceedia~ a~ eapc~es .~f foreclosrrr. hcl~. evt wM limite~ to. rt~sonsWe stt~~rnr:v's fees.
and costs of docnmeetary e~idence. abstrscts and title rsports.
19, sorrowe~'s Ri~6t to Reiestate. fY~?twi~hc~andin~t Lenders accekrauon of the sums secured by thrs M~rtgage.
Borrowet shall have the right to have any proceedmgs hegim %~y I.ender to rnforce this Mortgage diuontinued at any time
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