HomeMy WebLinkAbout0024 l.ender's written agrc~ment or applicable law. Bo~rower shaU pay the amouat of all mortgage insur~e premiums in the
manner provided u~der paragraph 2 hereof.
Any amounts disburaed by 1.enJe~ punua~t to thi~ paragraph 7. with interest thereo~, sha1) becane sdditional
i~debtedness o( Borrower securod by this Mortgage. Unless Borrower and LeoJer aanoe to other ternu of payment, such
amounts shall bc payabk upcu~ nolice from l.e~der to Bor~awer requcsti~a paymenl thereof, and shall bear interpt fmm the
date of disburseme~t at the rate payahk f~am time to time on outstandina principal u~der the Note unless pa~t oi
interest a: such rate would be cont~ary ta applicabk law, in which event such amount: shall bcar interest at the hiahest rate
permissibk u~der applicabk law. Nc~thing contained in this paragnph 7 shall require I.ender to i~cu~ any eapen~e ar talte
any actio~ hereunder. ~
8• Iaspettioe. t_ender may make or cause to be made rcasonabk cntries ~ipon a~d inspections ot the Property. provided
that I.ende~ shall give Borrower natice prior to any such inspectio~ sp~cifying rcasooabk cause thenfor rclated to I.a~det's
i~terest in the Property. >
9• Conde~unatbn. The proceeds of any award or claim for damaga, direct ar consequential, in rnn~oction with any
condemnation or other taking of the Property, or part thereof, or for ccx~veyance in lieu of condemnation, are hereby assigoed
aod shall be paid to lxnder.
In Ihe event of a tolal taking of the Propehy, the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In thc event af a partial laking of the Property, unkss Borrower and I.et~der
otherwise agree in writing, therc shall be applied to the sums secured by this Mongage such p~npo~tion of the prooeeds
as is equal to that proportion w~hich the amaunt of ~he sums ucurcd by this Mortgage immediately prior to the date of
, aking bears to the fair market value of Ihe Property immediately prior to the date of taking, with the balance of the pr~oceeds
paid to Borrower.
if the Property is aF~andoned by Borrower, ar if, after notice by Lender to Bornower that the condemnor offen to mal~e
an award or settle a claim far damages. Borrower fails to respond to i.ender within 30 days after the date such notice is
mailed. Lender ic authorized to collect and apply the proceeds, at t_ender
s option, either to restoration or repair of the
Property or to the ~sums sccured by this M~rtga~te.
Unlesc l.e~ckr and Borrower othervvice agree in w•riting, any such application of proceeds to principal shail not extend
or postpone the due date of the monthly installments referrcd ta in paragraphs 1 and 2 hercof or change the amount of
such inslallments.
10. Borrowe~ Not Rekased. Extension of thc time fo~ payment or modi6cation of amortization of the sums securcd
by this Mortgage granted by I.ender to any cuccecu?r in interest of Borrower shall not operate to rekase, in any manner,
the liability af the origina) Borrower and Borrawer'c soccessors in intercst. i.ender shall not be req~ired to commence
proceedings against such successor or refuse to ettenc! time for paymem or otherwise modify amonization of the cums
secured by this Mortgage by reason ot any demand made b~• the original Borrowe~ and Borrower
s succesu~rs in interest_
11. Forbearance by Lender Not a Waiver. Any fc?rt,earance by I.ender in exercising any right or remedy hereunder, or
othenvise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by l.ender shall not be a waiver of Lender
s
right to accelerate the maturity of the indebtednea cecured hy thic Mortgage.
12. Remedks Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Martgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
' 13. Successors and AssiRus Bound: Jant and Seveal i.iaM'lity; Captlons. The covenants and agreements hercin
contained shal) bind, and the rights hereundtr shall im~re to, the respoctive successors and assigns of Lender at~d Borrower.
subject to the provisions of paragraph 17 hereof_ All covenants and agrcements of Borrower shall be joiry and several.
The caplions and headings of the paragraphc of this Mortgage are for convenience only and ane not to be used to
interpret or define the provisions herrnf.
l4. Nofice. Except for any notice nyuired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in Ihis Mortgaee shall he given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such o~her address as Borrower may designate by no~ice to i.ender as provided herein, and
(b) any notice to Lender shall he givcn hy cer~ified mail. return receipt rcquested. ro I.ender s address stated herein or to
; such other address. as Lender may decignate by notice t~ Bormwer as provided herein. Any notice~ provided fo~ in this
~ Mortgage shall be deemed to havc t~een grven to &?rrowcr or Lender when given in the manner cksignated herein.
~ 15. Uniform Mort~a~e; GorerninR Iaw; Severability. This form of mortgage combines uniform covenants for national
; use and non-uniform crnenant~ with limited variations by jurisdiction to constitote a unifornt security instrument covering
i real propeny_ This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
~ event that any provisian or clause of thi~ Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Notr which can be given effect without the conflicting provicion, and to this
€ end the provisions of Ihe Mortgage and the Note arc dcclared to Ex severable.
! 16. Borrower's Copy. Borrower shall bc furniched a conformed copy of the Note and of this Mortgage at the time
of execution o~ after recordation hereof.
an
17• Transfer of the Propertr: Aaumption. If all or an~~ part of the Pn~perty or an interest therein is sold or transferred
~ by Borrower without L.ender's~ prior writ~cn consent. excluding (al the creation of a lien or encumbrance subordinate to
; this Mortgage. (bl the creation of a purcha~e m~mey ~ecurit~~ interest for household appliances, (c) a trancfer hy devise.
3 descent or by operation of law upon the death of a jo~nt tenant or (dl the grant of any leasehold intercst of Ihrec }~ears or lecs
~ not containing an option ta purchase. I.ender may, at 1_ender'~ option, declare all the sums secured by this ~lortgage to f+e
# immediately due and payable. Lender shall have wai.•ed such option to accelerate if, prior to the cale or transfer. [.enJer
= and the person to whom the Property i. ta tn ,oW or transferred reach agreement in writing tFat the credit ~f wrh percon
z is saticfaetory to I_ender and Ihat the interr.t papable on the aims secured by this Mortgage shall be at such rale ac I.ender
t shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in
g interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall release Borrov?er from all
# obligations under this Mortgage and the Note.
' If Lender exercises such option to accelerate. l.enJer shall mail Borrower notice of acceleration in acrnrdancr t. ~~h
; paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed w•ithm
~ which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of wrh penud.
~ Lender may, without further notice or demand on Borrower, invoke any remcdia permitted by paragraph IR hereof_
~
~ NoN-UtvtFOR~t Cove~~tvTS. Borrower and I_ender funher covenant and agree as follows:
_ 18. Accekratae; Remedies. Excep as provWed ia paragraph 1~ hereof. upoa Eomower's breacb of aay co~eaaat or
: agreement of Borrower in tbk Mortga~e. includirq~ tbe covenants to pay wbca dne any soms secered br thb Mort~a~e. i.eader
~ prior to acceleoHon sha(1 msil aotice to dorrower ~s provWed in para`rapb 11 henof specityin~: (1) the Mesch: (2) the action
~ requirrd to cure sucb breac6; (3) a dste, not kss tbsn 30 days fmm the dste tbe notice b mafled b Eorrower. by whkh wcb
~ breach mwt be cored; and (4) tbat failure to cure sach breacb oa or before the date specified in the notke mav resutt in
' sccekration ot tbe snms secured by thts Mort~aRe. to~ecbsure by judicial procecdfu~ aad sale of the Pmpcrty. The not:ce
shdl fu~ther inform Borrower ot tbe ri=ht to reinstate afler accekratbn snd tbe ri~bt to a~ert in the forecbwre proceedio~
s tLe non-existence ot s def~nk or any Mbe~ detense o/ BoROwer to accekration and forecbsure. If tbe bresch ts oot cnred oa
~ or before the date specified ia the notke. Lender ~I t.ender's option may deebre sp of t6e an~ secared by t6is MortRa~e b 6e
~ immediatdy due and psysbk withont furiher demand and msy forecbse tbts Mo~a`e by judicid proceedin~. i.ender cha11
~ be en6tkd to colleet in suc6 Proceedir~ aN e:penses of foreclosurc. inclndin~. but wot limiled to. reasonabk snnroev's fees.
and costs ot docoe~eatary t~idence, sbstracts and litk rrports.
~ 19. dornovrer's R~ht to Re~nstate. Notw•ithc~and~n~ I.enders acceleration of the sums securcd by ~h~s M~rtgage,
- Borrower shall have the right to have any proceedinFs hegun tiy Lender to enforce this Mortgage discontinued at any time
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3~'~K 305 ''~,r
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