HomeMy WebLinkAbout0160 I.endcr's written agncme~t or applirabk law. Borrower shalt pay the amuunt at all mortgage insurance prcmiums in tht
man~cr pmvided unde~ pa?agraph 2 hercot.
Any amaunts di~Aurud by I.cnJer pursuant t~~ this paragraph 7, with ~mercst thercon, shali Accome additiooal
indehtednesc of E3arrawe~ xecuned by ihis Mortgage. Unletc Borrower and I rnde~ agrce to other ~erms of payment, sucA
amcx~~ts shal) be payahk u~xin noticr from I.ender to &~~r~~wer reyuesting paymem thercoL and chall hear intetest from the
date of disbursement at the ~atc payahlc frc~m time to Iime an outstanding p~i~cipal under the Note unless paj?ma~t oi
interest at such rate would t+e contrarv to applicable law, in which event such amounts shall lxat ioterest at the hi~hest nte
permisaible under applicable law. Nothing contained in ~his pa~agraph 7 shall rcquire i.ender to incur any expe~e or tak~
~ any action hereunder. ~
S. Isspecfioa. 1.enJer may make or cause ta he mad~ rcasonable enlriec upc~n and inspections of the Propetty. providod
that I.tnder shall give Bc~rrower notire prior to any such iospection specitying reasonable cause therefor rclated to I.eader's
interest in the Property. ~
9. Coademwtbn. The proceedc o( any award or claim for damages. direct or consequential, in connection with ~ny
condemnatian or other laking of Ihe Propcrty, or part tAerrnf, ar for conveyance in lieu of condemnation, arc hettby assianed
and shall be paid ~a i.ender.
in the eve~t of a total laking of the Pmpeny. the prcxeeds chall be applicJ to the sums securcd by this Mortaaae, s
with Ihe excess, if a~y, paid to Bormwer. 1~ ~hc cvent ~f a partial takinR of the Property, unless Barrower and Leoder
otherwise agree in writing. therc shall tx applied to the ~umc secured hy thic Mortgage such pmportion of the proceods f
as is equal ta that proponion w•hich the amoun~ ~t ~he sumc cecured by this Mortga~te immediately prior to the date of
taking bean to th~ fair market value of the Propchy immediately prior ta the date o( taking, with the balance of the proceeds
paid to Bormwer.
if the Property ic ahandoned by Bor:ower, or if. after natice by l_endtr to BoROwer that the condemnor ollers to make
an award or utlle a claim for d~mages. Borrower tail. to res~nd to l.ender within 30 days after the date such notict a
mailed, Lenikr ic autha~zed to collect and apply ~he praceeds. at l.ender's option, either to restontion ar ~spair of the
Propenp ar to the sums secured hy thic Mortga~ee.
Unless I_ender and Bo~~awe~ olhenvice agree in writ~n~, any such application of proce~ds to principal shall not extend
or postpone the due da~e of Ihe monlhly ins~allments rcferred to in parag~aphs 1 and 2 hereot or change the amount ot
such installments.
10. ~orrower Not Rek~sed. ~xtension of the time for payrmnl or mc~dification of amortization of the sums secured
by this Mortgage gnnted by i-e~der to any a~ccecsor in inte~est of Borrower chall not ope~ate to rclease. in any manner.
the liability of the original Borrower and Borrower e successc~n in interest. l.e~der shall not be rcquircd to eommenet
proceedings against such successc~r or refuse 1o e<ttnd time fo~ payment or otherwiu modify amortizat~on of the sums
ucured by this Morigage by reason of :,nj• demand made by Ihe ori¢inal Borrower and Bexrowers successon in intercct.
11. Forbeara~ce tir Lender Not a R+aiver. Any f~rhearance by 1_e~der in exercising any right or rcm~dy hereimder, or
otherwise afiorded by appGcabk law. shall not be a waiver ot or preclude the exercise of any such right or remody
Tht prqcurement of insurance or the payment of taies or other liens or charges by I_ender shap not be a wa~ver of Lenders
right to accele~ate the maturity of the indebtedness cecurcd hy this Mortgage.
12. Rew~ed{es Comnlati~e. All rtmedies provided in this Mortgage arc distinct and cumulative to any o~her right or
rcmedy under this Mortgage or a$orded hy law or equity. and may be exercised concurrcntly, independe~tly or succtssively.
' 13. S~ccesaors aad Assi~~s dound: Jdnt aad Sevecal (.isbility; Captbos. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall inur~ to. the respective successors and assigns of Lender a~d Borrower.
subject to the provisionc o( paragraph 17 hereof. All covenants and agrceme~ts of Borrower shall be joiry and sevenl.
The captions~and headings of the paragraphc of thic Mortgage arc for convenience only and ars not ta tie used to
inferprct or define the provisions hereof. -
1~. Notice. Except for any notice required under applicablc law to be given in another manner, (a) any notice to
Borrowtr p~ovided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower ~t
the Property Addrcss or at such other addrac as Borrower may designate by notice to I.ender as provided herein, and
(b) any notice to Lcnder shall he given by certificd mail, return receipt rcqu~sted, to I.ender's address stated hercin or to
such other addrcss as Lender may decienate by notice to Bormwer u provided hercin. Any notice providtd for in this
Mortgage shall be deemed to have been g~ven to Borrower or Lender when givcn in the manner designated herein.
lS. Uwifw~n MortR~e; Go~ernio~ I.avr: Severability. This torm of mortgage combines uniform covenants for national
i use and non-uniform coce~ants with iimited va~iations hy jurisdiction to constitute a uniform security instrument rnverin~
~ rcal property_ This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. Io the
; event that any provision or clauu of thic Mottgage or ~he Note conflicts with applicabk law, such conflict shsl) not affect
i other provisions of this Morigage or the Note which can be given eBect without the conflicting provision, and to this
~ end the provisions of thc Mortgage and the Nc~te arc Jcclared to be severable.
; lf. Sorrowtr's Copy. Borrower shall be (urniched a conformed cop~~ of the Note and of this Mortgage at the time
~ of exccution or aher rccordation hereaf.
~ 1'f. .Trssder of tbe Prope~ty: Assumptiow. If all or any part of the Property or an intercst therein is sold or transferred
~ by Borrower without Lender's priar writt~n consent. excluding (al the crcation of a lien or encumbnnce subordinate to
~ this Mortgage. (b) the creation of a purchace m~ney cecurity interest for household apPlianees, (c) a transfer hy devise.
~
~ desceot or by operation of law upon the death of a jo~nt tenant or (dl the gnnt of any Itasehold intercst of threc ycan or kss
z not co~taining an option to purchase. Lende~ may. at Lender's option, declare all the sums secured by this Mortgage to be
~ immediately due and payable_ Lender shall h~ve Naived such option to accelerate if, prior to the ~ale or transter. Lender
~ and the penon to whom the Property ic ta be solJ or transferrcd rcach agreement in writing that the credit of ~uch person
~ is satisfactory to Lender and that ~he interr~t pay~able on the sums secured by this Mortgage shall b~ at such n~e ac Lender
R shall rc~uat. TE Lender has waived. the option ~o accelerate provided in this paragraph 17, and if Borrowe~
s successor in
~ interat has executed a written usump~ion agrcement accepted in writing by Lender, Lender shall release Borrower from all
~ oblj~ations under this Mortgage and the Note.
~ If Lender exercises such option to accelerata Lender chall mail Borrower notice of ucderstion in accordancr u•i~h
~ puar~raph 14 hereof_ Such notice shall provide a period ~f not iess than 30 days from the date the notice is mailed within
G which Borrower may pay the sums declared due. If Borrower fails to pay such soms prior to the expiration of cuch perind.
~ Lender may, without further notice or demand on Borrower, invoke any remedia permit~ed by pangraph 1 R hereof.
~
~ Norr-UH~FORnt CoveN~NTS. Borrawer and Lender further covenant and a~ree u follo~vs:
~ lf. Accekntior Rea~edia. L:ccpt a~ pmvided ia pan~rsph 17 Mereot. ~Po~ Somuwer's bex\ ot ~y co~ewt or
a~retweat ot Do~rower h ttik Moriza~e. i~chidiws tbc corc~snts ~o psy wbc~ are aay wa~s sec~rei dy tMi~ Mo~s~e. I.e~e~
- prior b aecderstio~ tiaY w~ aodce to dortowcr as prorWed 1~ W~~ t~ beno~ specK~: (1) tlie b+c~cM: (21 tbe setbn
- rq~ire~ !o ew+e wc~ M+escr: (3) s d~e. wot kss t~aw 30 days troa~ t?e date tbe wdke Is uiaHea to lorrower. bf' wbkM s~i
; brescM eait be esred: asd (4) t~aR fa0~re lo cnre wcw brescM o~ or 6efore tbe date yecYied iw tAe ~MZce aay resdt h
~ sceekratiow ol tre wr sccorsd br trfs Mort~a~e. fo~ca~osere br j~dkial procsedia~ aei s~k ot tbe Troperty. 71~e uotke I
~ trrtrer i~to~ Dorrower ot tAe riRht to reisstste ~fler accele~do~ and N~e ri~Ut to arseA i~ the toreclos~re *rocee~ i
Ife ~os~e:Wc~ee d a aetsdt or wy otAcr deicwse ot eorrower lo ~ecelerMfo~ awa foreclowre. N tbe 6rsxw b~ot csrcd ow
or befo~s tbe dNe specilie~ ~ tbe wotkt. Lender at I.ender•s optio~ a~sy decl~e d ot tbe wms ~cc~rad by tMk Mort~e te
~ i~oedhtely dne a~d pysble wiHw~1 t~rlbcr dem~nd and nuy toreclose thfs Matta~e by jrdkW M'uteedi~R. i.ender sAaq
be estltled to co0at b srai proceedia~ d e:penses ot toreclosrre. leelndi~. ~t ~ot IWted ~o. r~earo~sWe snureer'~ fees.
a~i easts ot doc~!~eMarp erWc~ce. abs~sets Md titk reprls.
s~ 1!. iorrowa's R~t to Reirtate. Nc~twithstaoding Lender s sccekntion of the sums secured by ih~~ Mortsase.
~ Borrowet shall have the right to have any proceed~np,s be~un hv Lender ~o enforce this Mongage discontinued a~ any time
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