HomeMy WebLinkAbout0037 I.ender's writtcu ~o .:m~m or applirable law. Borrower shai~ pay ~he amuunt uf :nortbage in~urance premiums in the
man~e~ providcd u::dcr paragraph 2 hereot.
Any amaunls disbuned by I.cnder punuant tu this paragraph 7, with ~n~en:s? thereon, shall become addilion.l
imlebiedness af Borraw•er secured by ~hix Mort~;rge. l!nlecs Bo~rower anJ I.rnJer agree to other term. payment, such
amc~unts shall be payabk upcm notice fmm I.e~der to &~r~owrr reyut~ting payment theree~f, and ~h,,11 1K,.: ~nlrrest from the
Jate of disburxement at the Fatc payahlc trom timc to time ~.n outstanding principal unde~ thc Note unlcsc payme~t of
interest at su~:h rate would t+e contrarv ~o applicable law, in which event such amounts shall hear ~nterect at the highect rate
permissible under applicable law. No~hing contained in this paragraph 7 chal) requirc I.ender ~a ~ncur any expen~e or talce
any action hereunckr. ,
8. las~ecfion. Lcnder may make c•r rau.c to he mack rea~nahk entriea u{x?n and inspecl~onc of thc Pr.~perty, provided
that l.ender xhall give Harrower n~uice pri~~r to any such inspection ~pecifying rcasonable rau~e therefor related ta l.eoder's
in~erest in the Prapcny.
9. Cw~demnafbn. Thc pnxeedc c.( any award or claim for damages. direct ar conuquential, in rnnnection with any
condcmnation or other taking of the Property. ar part thereof. or f~r conveyance in lieu of candemnation, are hereby assigned
and s iall t+c paid to i.cndcr. '
l i thc event of a tolal taking of tFx: Pm~xrty. thr pn.rccds ahall hc applieJ to the cums sccured by thia M~rigage.
with the eticcss, if any. paid to Borrowcr. In thc cvcn~ ~~f a pa~tial talmg i~f ~hc Property, unlccs f3c~rrower and Lender
o~herw~ice agree in writing. there ihall hc applicd t~ the .umc u-curcd M• thic Mortgage such pmportion of ~h~ procceds ~
as is equa) ta that pm~rtic.n which thc amount ~.f thr ,um~ ~ceured by ~hi~ Monga~te immediately prior Io the dat~ of
taking bears to the fair market valuc of the Pro{+~rty imrnediatelp prior to ihe date af ~aking, with the balance of the proceeds
paid to Borrower.
If the Property ic abandone~l M• B~r.~~~~•er. c~r ~f. .~ftrr m•tice hy I.ender to Bormvrer that the condemnor ofiers to make ~
an award c?~ cetNe a claim for da+iia~_r.. B~~rn~w•cr fa;l. t~~ rc.~x•nd 1~ Lender within ;0 days after the date si~ch notice is
mailed. I.ender ie authoriz~d t~ c~llect aed ;~~pl~~ th: ~rc?credc. at I.ender'~ ~ption. either ta restoration or repair of the
Pro~crly or t~~ the sum~ crcured hc thi. \lnneacr '
Unles. l.ender and Borro~cr otherH~cr arrc~ in ~~rim~c am ~u~h applicati~n-of proceedc to principa) shall not extend ;
or post~ne thc duc datc ~f tbc monthl~• in.~~llmcn~c rrf~rrcd ti~ in p:eragraph~ 1 and 2 hcrcof or change the amaunt of _
wch in~L311mentc •
16. Borrower Not Rdeased. F~t~n~i~n of the time f.~r payment rn mc?dificati~~n of amortization nf the sumc secured
6y this Mortgage granted hy I ender t~~ ;~m• auceeccur in inter~.t ~~f Bc?rrow~er ~hall nc?t o~x~~te to release. in any manner.
the liability of the original Bormwer :~nd R~~rr~wrr'c cucrr.~~~rc in interest. t_ender shall not he reyuired tn commence
pmceeclings against such succecs~r or re(u.e ti. er~en~ timr f~r ~a~mcn~ or othen.i.e mcidify amorti~aU~~n of thc ~i~ms
scrured by Ihic Mortgagc by reason of :~nr dcmand madc h~ !hr ~•~ic~n~l Borr~~wc~ and Ai~rr~~wcr's succcscorc in imcrest.
U. Forbearance by I.ender'.~of a Waivcr. :1m f~~nc~~r:mrr i~~. 1:^der in e~crcicin~ am• right or rcmed~• heretmder. or
otF~erwise afiorded hy applicaMe law. .hall nnt Fx a w:ii~~rr ~•f ~~r Prrc~ude the e~~rci~e of any sueh right or remedy.
The procurement of insurancc or the payment ~f ta~ra rr i~thcr IicnS ~x rhargr~ ht~ Lcndcr chal) not he a waiver c•f Lendcr's
right t~~ accelcrate Ihe maturity of the indeMednecs ce~umd h}• th~~ A1c~rtEaLC.
12.. Remedies Cumulativt. All rcmediec rm~-idrd in thi` ?~1c~rtg.~cr ~re distinct and cumulative to any other right or
remeJ} under Ihis Martgage or afiorded hy I:lN' (~f t(~UII~'. and ma~ hr e~erci.rd coneurrend}•. independently or si~c .easi.•ely.
~ 13. Snccessors and Assi~ns BounA: aoiot and Se~era) I.iability; ('aptions. Thc covenants and agrccmen s hercin
containeJ shall bind, and the riQhtc hrreunder ,ha11 ~nurr t~~. the rc~pective wcce~sorc and assigns of l.ender ~d Borrower.
subject to the pmvisionc of paragraph 17 hereof. All cm•cnants and agrecmenl~ of Rorrou~er shall t?e j~~iry :~nd uveral.
The captions and headings of the paracraph. nf ~hi~ 1Nortg:i~e are f~r rnnvenience ~nly and are no~ t~ he uced to
intcrpret or define the pmvicion~ herc~f.
14. Nofict. Except for any nc.t~.c rcyiiirrd under :~pplicahle law t~~ tx given in an~~ther manner. (al am~ notice m
Borrower pmvided for in ~hi~ ;41ort,_ace .h.~ll he eiv~n h~ mailing ~uch notice by certified mai) :+ddresKd to B~rmwer at
the Property AJdress or at such ~ahr? :uWrc.. ac B~~rr.~wer ma~ de~ignatr b~• nrni~e t.? l.ender as prm~ided herrin, and
(bl any notice to [.ender shrll hr- gi~rn h~• certified m:iil. rcturn receipt requected. t~ 1 ender ~ addrest stated herein ar to
such o~her address as l.ender ma~• dr~iena~e hc n~~ti.e a~ B~~rn~wer as pro~•ided herem. A~y noti_c pmvided for in this
Nortgage shall be deemed to ha.c hecn c~~~rn t~ B~rrc~wer a~ Lender when given in the manner designated herein.
; 15. Uniform Mort~a~r. Go~~ernin~ i.aM; Se.errbilih~. ~Tfiic form of mongage combines uniform cavenant~ for national
' use and non-uni(orm co~~enant~ v~ith limite.i .ariati~~nc h~• ~uri~dictii~n t~~ constitute a uniform security instrument covering
f rea) propertV. "fhic Mortgage shall tx ~ru~crned h~ thr law ~•f the juri~diction in which the Property is located. In the
~ event that an~~ provisiim i~r clauce ~.f thi. !11~~rtgaer ~~r the ti~,te c~nflict~ with applicahle law~. sunc ~onflict shall not affect
rnher pmvisions of thic !1lartgage ~~r thr Nntc ~h~ch .an h~ ¢iven efTect withoet the ronfli~ting pmvicion, and to this
~ end the provisions of the 1lortgagc and thr `~,te erc Jrclarcd ta he severable_
~ 16. Borrorver's Copy. Borrowcr .hall hr furn~.hc~l a r~~nformed cop} of thc Notc and of thic I?lortgage at the time
of execution or after rccordation herc~f.
~ 17. Transfer of the Property: A~sumplion. It aC ~~r an~ ~art of thc Pr~~peny or an interest thcrein ia s~~ld or trancferred
s by Borrow~rr without l.ender's pri~~r arit~~n .~~n.rnt. ~~.luding lal the creation of a lien c?r encumbrance suborJinate to
~ this Mortgage. Ih) the creaUon ~f a ~ur.h.~.r mrnr~ ~ecurit~• ~nterest f~r houcehi~ld appliances, (ct ~ tran~fe~ h~• devise.
~ de~ceM ~~r by operation of law upon the ~cath ~~I a i~~~n~ tenam .~r (~ii the grant of am leauhold inierett ~f threc ~~carc o~ lec~
~ not containing an option Ic~ purchase. Lender may. :~t Lrnder'~ optu•n. declare all the sums secored hy this ~tortgage to he
~ immediatelt~ due and pa)•ahle. [.ender ~hall ha.e ~~:u~rd ~i~rh opti.~n t~, accelerate if, pri~r to the .ale or transfer. I.enJer
~ and the person to whom the Properi~~ i. t~~ hr .c•l.l ~•r tr:,ntiferrrd reach agreement in wnting that the credit rf .t~ct? pert~n
~ is satisfacton~ to I.ender and that the inten.t pa~able ~~n the ~um~ ~ecured b~~ thic Mortgage chall be at such rate a~ I ender
~ shall request. ff l ender has waived the opti~~n t~ acreler.ite pr~vided in this paragraph 17, and if Borrower', ,ucerccor in
interest has executed a w~ritten ascumption agreement acce~ted in writing hy I_enJer. Lender shall releace Borrawer fmm all
" obligations under this Mortgage and the Note.
` If I_ender exercise~ such aption t~ accelera~e. I.enJer .hall mail Borrower notice of arceleration in acrnrdan~~ ~th
" paragraph 14 hereof. Such notice shall provide a peri~~d of not lesc than 30 days fmm the date the notice i~ mailed withm
~ which Bormwer may pay the sums Jerlared due. If Rorrower fails ro pay such cums prior to the exp+ration ~~f ~urh penucl.
3 Lender ma~•, without further notice i.r demand ~n Fic?rrower. invc?ke any remedie5 permitted hy paragraph IR hereot_
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Now-Urr~FOrer.~ Cove~~~rs. Borrower and 1_ender further covenam and agree as Eollows:
18. Acceleratioo; Remcdies. Fxcept s~ pro~•ided in para~raph 17 hereof. upon Borrowe~'s bresch of any covenant or
agreement of Borrower in th~s Mort~a~e. includin~ the covenants to psy when due any su~s secured by this Mort~a~e, t.ender
' prior to accekration shall mail noNce to Bormwer as provided in paragraph 14 hereof specityio~: (1) the broach:121 the act'an
{ rtquired to cnre snch bnach; (3) s date. not less Ihan 30 days from the d~e the notice Ls maikd to Eorrowe~. b~ which such
brcach must be enred; aad (4) that failure to cure cuch breach on or beforc the date specified in Ihe notice mav «sult in
accelerstion of tbe soms secund by th~s MortR~e. forec{osure by judkial proceedin~ and sale of the Properry. The nolice
- shall further inform Borrower of the riRht to reirtstate afler accekratan and the right lo assert in the foreclosure proccediog
~ tbe non-existence of a detautl or any dher defe~ne of Borrower to sccdention and foreclosure. N the bnach is not cured on
~ or 6efore the date speci6ed in the notice. I.ender at I.ende~
s option may declue all of the sums secured by this Morf~a~,e to be
~ immediately due and pays6k v?ithout turther dem:,nd ~nd may forccbst thts Mort~a~e 6y judicial proceedin~. I.en~1;r ~hal1
~ be entitled to coliect in sucb proctedirry~ all expenxc of forcclosure. indudin~. but not limited to. n~sonable ~tt~~ror.'s ftes.
~ aad costs ot wrco~oentary e~idence. abstracts and litle reports.
~ 19. aorm~ra't Right to Reinstate. N~Iwilh~tandm~ I.ender's accderat~on of the sums ucured by thr ~l,~rtgage.
~ Borrower shall have the right to have an~~ proc:e~Jmc~ tx:~un Lender to e~force this M~rtga¢e discontinued ~t an} time
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