HomeMy WebLinkAbout0254 I.ender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
ma~ner provided under paragraph 2 hereof.
' Any amounls disbursed by I.enJcr pursuant to Ihis paragraph 7, with interast thercoo, shall become additional
inJebtednest of Borrowcr secured by Ihis Mongage. Unltcs Borrower and l.enJer agree ta athcr ternu ot paymeot. such
amounts shall be payabk upon n~~tice from Lender ta Bon~~wrr rcyues~ing payment therrnf, and shall bea~ iotetat fran the
date of disbursement at the ratc payahlc from lime to time cm outstandi~g principal under the Note unless payment ot
interest at such rate wauld be contrary lo applicabte law, in which event such amounts shall bear interest at tha hiahest nte
permissibk under applicabk law. Nolhing ccx~~ained in Ihis paragraph 7 shall rcquire I.ender to incur any eapense or take
any action hereunder.
8• ~aspeetioa. i.ender may make or cauce to be made reasonabk enlriec upon and inspections of the Propetty~ pmvided
that l.ender shall give Borrower notice prior ta any such inspectio~ specifying reasanabk cause thercfor rclatod to Lender's
inferest in the Property: .
9. Coede~naatba, 'The pruceedc of any award or claim for damages, dircet or consequential, in connectioa with any
condemnation or other taking of the Property, or part Il~ercof, or for conveyance in lieu of co~dem~ation. an he~+tby assigned
and shall be paid ta I.ender.
In the event of a total taking of thc Properly, the prcx:eeds chall he applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. in Ihe evco~ of a par~ial taking of the Property, unkss Bomower and i.ender
oiherwise agrce in writing. Iherc shall be applied ~o the sums sec~urd by ~his Mortgage such proportion of the pt+oceeds
as is.equal to that proporiion vvhich the amount ~~f ~he sums seciired by this Mortgage immediattly prior lo the date of
taking bears to the fai~ market value of thc Pmperty immediately prior to the date af taking, with the balance of the pmceeds
paid to Borrower.
if the Proptrty is abandoneJ by Borrower, or if. after notice hy I.ender ta Bormvirer that the condemnor oBen to make
an award or settlt a claim for damage+, B~~rrower faih t~ r~~+pond ta l.ender within 30 days after ihe date such notice is
~ ma.ilcd. Lender ic authorized to collect and apply the prc~ceeds, at I.ender's oplion, either to restoration or repair of the
Property or to the sums secured hy this Morrgaite. -
Unless l.ende~ and Borrower othenvice agree in a~ritine, any such applicatian of prcueeds to principa) shal) not extend
or pcxtpone 1he due date of thc manthly installmems rcferred tn in pa~agraphs 1 and 2 hereof or change the amount of
such installments. ~
10. Borrower 1Vot Rekzsed. Fxten~ion of the time for payment or modiBcation of amortization of tht sums secured
by this Mortgage granted by i.ender to any cucceacor in intercct of Borruwer shall not operate to release, in any manner.
Ihe liability of the original 8orrower and Borrow•er'c succesu~rs in interest. l.ender shall not be required to commence
p~oceedings against such successor or refuce to ertend time for payment or otherwice modify amortizat~on of ~he ~i~ms
u~ured by this Mortgage by rcase~n of any demand made b~~ the ori¢inal Borrower and Bormwer
s successors in in~ercct.
11• Furbeannce by I.ender No! a Waiver. Any f~rhearanrc by l.cnder in exercising any right or remedy hercimd~r, or
otherwise afTorded by applicable law. shall nc?t be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares ar other liens or charges by I_ender shall not he a waiver of Lender's
right to accelerate Ihe maturity of the indehtednea tecured hy thi~ Mongage.
12. Remedies Cumulati~e. All remedies ~rovided in this Mortgage are distinct and cumulative to any other right ar
rcmedy under Ihis Mortgage or affordcd hy law or equity, and may be exercised concurrenNy. independenUy or successively.
~ 13. Succeswrs and ps~uus gound; .Joint and Several i.isM7iry; Captions. The covenants and agreements herein
contained shall hind, and the riRhts hereunder shall imire to. the respective ~successors and assigns of I_ender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and uveral.
The captions and headings of the paraeraphc of ~hic Mortgage are for convenience only and are not to be used to
interpret or define the provisionc hereof.
14. Nofkt. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Nortgaee shall he given by mailing such notice by certified mail addressed ro Bormwer at
the Property Address or at s~ch othcr addres~ as R~,rmwcr mav designate by notice to I_ende~ as provided hercin. and
(h) any notice to Lencler shall he givsn by ccrtificd mail. rctum receipt requetted, to I.ender's address stated hercin or to
such other addres~ as Lender ma~~ de~i¢nate by n~tice t~. Borrower as provided herein_ Any notice provided for in this
Mortgage shall tx deemed to havc l+een g~~-en to Borr~wcr or Lender when given in the manner designated herein.
1S. Uniform MortRaRe: Governin~ Iarr: Se.~erabilitr•. This form of mortgage combines uniform covenants for national ~
'i use and non-uniform rnvenant~ wi~h IimiteJ variatians hy juricdiction to constitute a unifortn securiry instrument covering
real property. This Mortgage shall be gmerned hv the law of the jurisdiction in which the Property is located. In the
~ event that any provision or clauce of thi~ M~rtgage ~~r the Note conflicts w•ith applicable law, such conflict shall not aff~et
~ other prnvisions of this Mongage or thr. N~~tr which can be given effiect without the conflicting provicion, a~d to this
' end the provisions of Ihe Mortgagc and thr "Vcitc am derlarcd to he severable.
' 16. Borrower's Copy. Borrower chall bc furni.hcd a conformed copy of the Note and of this Mortgage at the time
of ezecution or after recordation hereof.
; 17. Traacfer of the Properfy; Acsumption. If all ~~r an}• pan of the Property or an interest therein is ~sold or transferred
E by Borrower without I_ender's prior wriurn concent. excluding (al the creation of a lien or encumbrance subordinatt to
4 thi~ Mort a e (b> the creation of a ~ y pP
~ 8 B• purch:~.e m~~nr~• ~ecuril • mterest for household a liances, 1cl a trancfer h~• devise.
~ descent or by operation of law upon Ihe death of j~~~nt tenant or (di the grant of any leasehold interest of three ~•cars or lecs
not containing an option to purchase. I_ender may. a~ I.rnder'. option, declare all the sums s~cured by this Mortgage to be
r immediately due and payable. Lender chall have H;,h•ed such opti~n to accelerate if. prior to the cale or transfer. i.ender
~ and the person to whom the Property iti t~. ~.oW ~~r trans(erred reach agreement in writing that the crecii~ of .uch persqn
~ is satisfactory to I.ender and tha~ the imere.t pa~•able ~n the sumc secured by this Mortgage shall be at siich rate ac I_ender
~ shall rcquest. lf I.ender has waiveel the option ~o acceler~te provided in this paragraph 17, and if Borrower's successor in
interest has executed a w~itten assump~ion agreemen~ accepted in writing by I.ender, I_ender shal) releace Borrower from all
~ obligations under Ihis Mortgage and the Note_
~ ff Lender exercises such option to accelerate. LenJer tihall mail Borrower notice of acceleration in acrnrdanc~ ~th
~ paragraph 14 hereof. Such notice shall provide a pericxi cif not Iest than 30 dayc from the date the notice is mailed w•ithin
} which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of wch pencxl.
~ Lender may, without furiher notice ot dcmand on Borrowcr, invoke any remedies permittcd by paragraph IR herrnf.
; Notv-UtviFORUt CoveN~tvTS. Borrower and Lender further covenant and agree as follows: ~
~ 18. Accekratao; Remcdks. Excep as provided ia paraRraph 17 hereof. opon Bomor~e~'s breach of awy covenant or
~ a~reeme~t of Borrower in fbk Mortgage. includin~ Ihe corensnts to pay when due any sums securcd by thk MortRa~e. [.ender
' prior to accelerstion shall mail notke to Qorrower as provWed in para6raph 14 hereof specifying: (1) the breach; (2) tbe sction
: required fo cnre snc6 brescb; (3) a date. not less ~han 30 days from t6e dste t6e uotice ~S mafkd to Eorrower. by which sucb
~ bresch must be cand; aod (4) t6at fdlure Io cure such breach on or bcfore the date specified in the aotice may result ie
; acc~kradon of t6e snn~s secund by this MortRa~c. forcclowrr by judlcial proceedi~ aad sak of the Property. 71~e notice
s shall furtber inform Bormwer of the righ~ to reinslate after sccekratan and the right to use~t in the torecbsure proceedi~ •
fbe non-e:istence of a defauk or any ofher defence of Borrower to acceleration and forecbsurr. If the bresch is oot cored on
; or beforc tke date speci6ed in the notice. I.ender t i.rnder'x optan may declare ap of the snms secured by this Mo~iRa~e to 6e
z . immediately due a~d payabk withodt fuAher~d~~and and mar fonclose th~s MortRaRe by judicW proceediu~. t.ender chall
be eolitled to coUect in such proceedir~ sll e:penses nf foreclosure. includi~. but oot Bmited to, reisonabk altnrney's fees.
~ sad costs of documenhry erideoce. abstracts and litk reports.
Y 19. donowe~'s Ri`ht to Reuastste. NMwi~h~trnd~n~ 1 ender's acceleration of the sums ucurcd by th~c Mortgage,
? . Borrower shall have the right to have any proceeding, t,eEun hv I.ender to enforce lhia Mortgage d+sconiinued at any time
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