HomeMy WebLinkAbout0343 l_rnder's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance prcmiunu in the
manner provided under paragraph 2 heroof.
/1ny amaints disbursed by l.enJcr pursuant 10 lhi~ pa~ag~aph 7, with interast thercon, shal) becomc additional
imlcb~edneu of Borrowcr securcd by this Mortgage. Unlecs Barrawcr and I.e~Jer agrcc to other terms of paymen~ such
amcwnts shall be payable upc~n rx~lKe from I.ende~ ta Borrower r~ques~ing payment thereot, and shall bear intercst from the
date of disburscment at the rate payahk from time ta time on w~tstanding principal unde~ the Note unkss paynta~t of
intercst at such rate would be coutrary to applicabk law, in which event such amounts shall txar interest at the hiahest nte
permissibk under applicabk law. Nothing ccx~tained in this paragraph 7 shall requirc l.ender to incur any expe~ae or taka
any action hercunder.
8. 1~specfio~. [.en<kr may make or cause to be made reasonabk eMries upan and inspections af the Propetty. provided
that l.ender shall give Bonawer nolice prior to any such inspectio~ specifying reasonabk cause therefor ~elated to I.tnder's
interesl i~ Ihe Property.
9. Condea~aafioR. The proceedc c~f aoy award or claim for damages. direct or concequential, in conn~ction with any
condemnation or other taking of the Propeny, or part thereof, or for conveyance in lieu of co~dem~ation, are betiby assigood
and shall be paid to I~nder.
in ~he event of a talal taking of the Pmper~y. 1he prcxeecis ahall he applied to the sums securcd by this Martgage,
with the excess, if any, paid to Barrowe~. ln the cvcnt of a partial laking of ~he Property, unless BoROwer and Lender
otherwise agrce in writing, there shall be applied to ~he cums secured by this MoNgage such proportion of the procoods
as is equal to that propartion w•hich Ihe amaunt ~~f the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Pmpcrty immediately prior ta the Jate of taking, with the balance of the proceeds
paid to Borrower. -
- If the Property is abandoned by Borrower, or if. after nrnice hy l.ender ro Bomower that the condemnor offers to make
an avv~rd or setUe a claim for damages, Borrower Fail. to respond ro l.ender within 30 days after the date such notice is
maikd.'Le~~ler is aut~iorized to callect and apply the proceeds. at l.ende~'s option, either to restoration or repair of the
Propeny ar to the sums secured hy Ihis Mortga~te. ~
Unless l_ender and Borrower Mherwi~e agrec in w~ritme. any such application of proc.~eeds to principal shall not extend
or postpone the due date of the mon~hly installmcnts referrcd t~ in paragraphc 1 and 2 hereof or change the amount of
such installments
10. Borrower Not Released. Extension of the time for payment or modification af amonization of the sums securcd
by this Mortgagc gnnted by I.ender to any cuccecsor in intere~t of Borrower ~hall nM operate to release. in any maoner,
ihe liability af the original Borrower and &~~rower e successar~c in interest. I.ender shal) not be requircd to commence
proceedings against such sucressor or refuce to ertend time for payment or othervvice mcxiify amortization of thc ~ums
secured by this Mongage by reason af any demand made by the original Borrorver and Borrowe~ s succescars in interect.
11. Forbearmce 6y I.ender Not a Wai~•er. .1ny forhea~ancc hy I.ender in exercising any right ar rcmedy hereonder, or
otherwise afiorded by applicahle law. shall not be a waiver of or preclude the ex~rcise of any such right or remedy_
The procurement of insurance or the payment of ta+ces or other liens or charges by I.ender shall not be a waiver of Lender s
right to accelerate the maturity of the indehtedne~s ~ecured hy thic Mortgage.
12. Remedies Comulathe. All remecfies provided in thic Mortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or afforded by law or equily, anJ may he exercised concurrenUy, independently or succecsively.
' 13. Snccessors and Assi~as Bound: ,]ant and Severa! i.i96ility; Captbns. 'il?e covenants and agreements hereio
contained shall bind, and the riRhts hemunder shatl inure to. the respective successors and assigns of I.ender a[~d Borrower.
subject to the provisions of paragraph 17 hereof. All covena~ts and agreement~ of Borrower shall be joiru and several.
The captions and headings of the paragraph~ of ~his Mortgage are for convenience only and are not to be uced to
interpret or defint the provisions hereof.
14. Notke. Except for any notice reyuired unckr applicable law to be given in another manner. (a) any natict to
Bc~rrower provided for in this Mortga¢e shall he given hy mailing such notice by certifled mail addressed to Bormwer at
the Property Address ar a~ such other addresc as B~~rmwer mav decignate by no~ice to 1_ender as pmvided herein, and
(hl any notice to Lender shall be givcn by certificd mail. return receipt requested. to l.enders address stated herein or to
such other address as Lender may de~ignate b}• n~tice n. Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to havc hccn gi~•cn to Bc~rrowcr or l.ender when given in the manner designated herein.
~ 15. Uniform Mort~a~e; Governin~ Iaw•; Se~erabilih•. Thic form of mortgage combines oniform covenants for national
use and non-uniform covenants with IimiteJ variations h~• jurisu'iction to constitute a unifortn security instrument cov~ring
i real property. This Mortgage shall be grnerned hv the law~ ~f the jurisdiction in which the Property is located_ in the
j event that any provision c~r clause of thic Mortgaec ~?r the Note conflicts with applicable law, such conflict shall not afieM
; other provisions of this Mortgage or thr N~?te which c~n be given efTect witho::~ the conflic~ing pmvision, and to this
I end the provisions of the Mortgagc a~d Ihe ~;utc are drdarrd to be severable.
16. Borrower's Copy. Borrow~er shall tx: furni~heJ a c~ntormed copy of the Note and of thic Mortgage at the time
of execu~ion or after recordation he~eof.
~ 17. Traasfer of the Propertv: Ascumption. If all i~r an}~ part of the Pmperty or an interest therein is sold or trancferred
~ by Borruwer without I~nder's prior writ~rn cur~~cnt_ cxcluding (al ~he creation of a lien or encumbrance sut~orJinate to
i this Mortgage. Ibl the creation of a purchau~ m~~n~y ucurii~• interest for household appliances, 1c) a transfer hy devise.
i descent or by operation of law upon the ~kath ~f a j~?int ~enant or (d? the grant of any leasehold interest of threc years or lecs
~ oot containing an option to purchase. l.ender may. at I.ender't aption, declare all the sums secured by this Mortgage to t+e
immediately due and payable. 1_ender thall harc ~:~,~•ed such oplion to accelerate if, prior to the cale or transfer. 1_ender
; and the person to whom the Property i, a~ tn :o1J c,r transferred reach agreement in writing that the credi~ of ~uch percon
~ is satisfactory to I_ender and that the interr.t pa~•able on the sumc sec:ured by this Mortgage shall be at such ra~e a~ l.ender
' shall request. If 1_ender has waived the option to acceler~te pmvided in this paragraph 1~, and if Borroweri wccessor in
~ interest has executed a written assump~ion agreement accepted in writing by i.ender. [_ender shall releace Borrower from all
k obligations under this Mortgage and the Note.
~ If Lender exercises such option to accelerate, LenJer ~hall mail Borrower notice of acceleration in accordanc< <~+~h
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed w•ithin
which Borrower may pay the sums declared due. If Borrower (ails to pay such sums prior to Ihe expiration of ~uch peri~xi,
^ Lender may, without further noticc or demand on ~3orrowcr, invoke any remedies permitted by paragraph 1 R hercof.
; NoN-UH~FOetN Covecv~tvTS. Borrower and 1_ender further covenant and agree as follows:
~ 18. Acce{erataa; Remedies. E:cept as pmvided ia pa~raph 1~ bereof. upon doROwe~s brerch ot aay covenant or
agreemeat of Borrower ia t6is Matg~e. includirq~ Ihe covenants to pay when due any snms secu.~ed by thLs Mortgage. i.ender
``s prior lo aceekntbn sbdi mafl aotice to Borrower is prorided in para~raph 14 hereof spccifyina: (1) the bresch: (21 tAe action
rcquired to core soch breach; (3) a date. not kss than 30 days from the date t6e notice is mafled to eorrowcr. by vrhich wcb
breach mmt be cored; aud (4) that tailure to cure such breacb on or before t6e d~e specified in the nofice may result io
secekration oE tbe sums securcd by this Mortga~e. toreclosurc by judicial proccedin~ and sale of tbe Property. 'i?~e notice
{ shall furt6er inform Eorrower ot the right to reinstate after accckration snd tbe rigbt to sse~t in the foreclosure proceedit~
' tbe non-e:istence of a defauk or any other detense of Borrower to acceleration and foreclosure. if the breach is oot cured oa
or befare the date specified in the notice. Lender at I.rnder's aption may declare ~q of the snn~s secnred by tbis Mort~aRe to be
immediately due and paYabk w~ithout further dem~nd and may foreclost thk Mort~a6t by jndicW proceedin~. t.ender chall
~ be en6tled to coUeci in such proceedi~q; all exPenses of tonc{osurc. includiag. bnt aot I~mited to, «asonabk attarnev's fees.
~ aud costs of documentary evidence. abstrscts and ~itk repores.
~ 19. Sorrower's Rf6ht to Reinstste. Notw•ithstand~n~t l.ender s acceleration of the sums secured by ~h~s Mortgage.
;F Borrower shall have the right to havt any prcxeeding, tx~un %?v I.ender to enforce this Mortgage discantinued at any time
' ~ ~ BOGK J01 f'.',6~ 343
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