HomeMy WebLinkAbout0043 l.endcr i writteu .b _rm~nt o~ applicabk low. Borrowe~ shai~ pay the anwunt of rno~tgage imurance prtmiums in the
mannec Prov~dcd under parag~aph 2 hereof.
Any amounts disburscd by 1_ende~ pursuant to Ihis paragraph 7, with intcn:st thereon, shall txromc additional ,
indebtedness af Borrowcr securcd by this Monbage. llnlecc Borrawer and 1_enJer agree to othe~ tcrms payment, such
ama~nts shall he payabk upa~ notice from I.ender ~o &~rrowrr requesting payment lhereof, and chall hr.,r inlerest from the
date of disbunement at the nte payahk fmm time to ~ime un out:tanding p~incipal uoder the Note unless payment of
interest at such rate would be cont~arv ~o applicable law, in which evenl ~uch amounts shall txar intereat at the highest nte ,
permissible under applicabk Iaw. No~hi~g amtaineJ in thic paragraph 7 shall rcquire t.ender to incu~ any expense or take
any action hercunder.
s. lasgeefioa. l.e~der may make or rau~e ~o he madr reacc~nable entriec u~ri and inspectiom af Ihe Property, provided
thal l ender shal) give Borrower notire pri~~r to ~ny surh inspection ~pecifying reasonabk cause ~herefor related to l.en~er's
iotercct in the Pmperty. .
9. Candemnsfion. The pn•ceedc o( any aw•;ird or claim for damages, dircct or conuquential, in connection with any
condcmna~ic~n or other taking of Ihe Property. ur pan there~,f. or for conveyance in lieu of candemnation, are heoeby assigped
and s iall 1?e paid t~ i.ender. ~
la ~he event of a to~al taking of thr Proper~y. the prckeeJs chall be applied to the sums seeurNf by Ihis Mortgage.
witF 1he crcecs, if a~y, paid to Bormwcr. ln thc cvcnt ~~f a partial Iaking o( Ihe Property, onlesc B1lrrower and Lender
otherwise agret in writinR. there shall be applied to ~he .umc ~ecurcd M Ihic Mortgage such propoN1on of ~he procetds t
' as is equal to that pm~rtion w•hich thr ami~unt ~~t ~hc .um. .crured by thic Mortgage immediately prior ta the date ot
taking bears to the fair market value ~f the Pro~xrt~~ immediatel~• prior to the Jale of Iaking, with the balance of the procetds
paid to Borrower. ,
If the Propeny ic abandoned b}• R~~r.~~w~er. ~.r ~f. :~ftrr n~ticc hy l.ender to Bormwer that the condemnor o}fers to make
an awrrd or ~ettle a claim fc?r d~maLC.. B~•rr~~wrr fa;l. i~• r~y~~nnd tc? l.ender within ;0 days after the date such notice is
mailed. l_ender ic authorind to c~llec~ and ~ppl~• thr prc.c~ed~. at 1_ender's ~ption. either ta restoration ar rcpair of the
. Pm~ny or t~~ the cum~ ,ccured h~ thi. ~1~n~:~er. ~
Unles~ I.ender and Borrow~cr othen+i~c agree in ~+rit~ne. am• ~uch application of proceeds to Qrincipa) shall not extend
or pc?stpone Ihe due J~IC nf the manthlv in~lallmeMs rcfcrred to in paragraphs 1 and 2 hercof or change the amount of
tuch installmentc
10. Borrower Not Released. E~tencion of the lir.u for payment a~ modification of amortization of the sumc cecured
• by this Mort~age granteJ by 1 enJer a~ am~ ciKCC«~r in intrrr~t of Borrow•er ~hall n~t operate to releace. in any manner.
.the liabilit) of the oriqinal Rorrower and &xmwer'. succe~ti~lr~ in inierest. l.ender shall not be rcqoired t~ commence
proceedings against such successor or rcfu.c a. er~enJ timc for pa~~ment or otherw•ice modify amortization of thr ~nms
r;
.ured t~p Ihi~ Mortgage by rcaa~n o( :,m• Jemand madc h~ th< <•rieinal Borr~wer and R~~rroW~er s succesu~rs in imere~t.
11. Forbearance by I.ender ?\ot a Wai~er. :1nv f~•rhearanrr 1~^.der in e~ercising any right or remedy hereunder, or -
etherwise affordeJ by applicahle la~+. shall n~t Ix a waivrr ~~f ~~r preclude ~he exercise of any such right• or rem~dy.
The procurement of insurance or the paymenl of ta ~c~ or other lienc ..r charges b~• ! rnder chall not he a w•aiver o( l.ender s
r.gh• tn accelerate the mawrity of the indehtedne~s kcured h~~ thic hic•nka¢e.
12. Remedies Cumulativt. All rcmediec pm~~ided in thic A1~rtg.~~e arc distinct and comulative to an~~ other right o~
remeJy under this Mortgage ur afforded hy law~ ~~r eyuit}•. anJ ma~ he e~erci~d concurrenNy. independently or suc ecsively.
' 13. Spcceswrs and Assi~as Boond; Joint and Se~eral I.iability; Captionc. The covenants and agreemen s herein
containex! shall hind, and thc riRhtti her~under .hall inurc lo. thC rctpective succesu~rs and ascigns of I.ender :?t~d B~?rrower.
subject to the provisionc of paragraph 17 hereof. Ali crn•enants and agreement~ of Borrow•er shall be j~ir~ and uveral.
The captions and headinge of the (~3f~Lf:~phc c.f ihic l~t~rtgace are for convenience only and are not t~ be uced to
interpret or de6ne thc prm~i~ion~ hcrc~t.
14. Notice. Except for a~v noti.•e rcyuir~d undcr :/F1FIIIC:If!IC law• to t+e given in another manner. (a) an}• notice t~
Borrower pmvided for in ~hic MortLa~e tihall he en'en h~• mailing ~uch notice by certified mail addre~ced to B~rr~w•er at
the Praperly Addresc or at coch othrr a~dre.. a~ B~~rr~~uer ma~~ de~ignate b~• notice to l.ender as provided herein. and
; Ib) am• notice to Lender shall he g~~cn h~• certificd mail. return receipt reque~ted. t~ Lenders address s~ated herein or to
cuch other address as Lender ma~ de~i¢n:~tc h~ nntice n. Borrower as pro~~ided herein. Any noti:c pmvided for in this
k Mongage shall he decmed to ha~•c 1+ecn ~~~•en to Rt+rr~~wcr or 1_rnder when given in the manner designated herein.
15. Uniform Mort~a~e: Gm•ernin~ Iaw; Se.erabilih. Thic (orm of mortgage combines uniform covenants for national
I use and ncuruniform ¢ovenantc w-ith limite.l variation~ h~ juriwliction to constihrte a uniform security instrument rovering ~
! real property. Thi~ Mortg~ge shall F,e gu~•erned h~ thc la~ i~f the juricdic~ion in w•hich the Property ic located. In the
~ event that any provisiun ~r rlau~e ~~f thi. ~t~.rt~:~ec ~~r the ?~c.te conflict~ Hi1b a~plicahle law. such conflict chall not affect
+ other provi~ions of Ihic I?lortgage or the '~atr uh~ch :an in given effect without Ihe conflicting provi~ion, and to this
E end the provisions of thc Mortgagc and thr \utr :,rc .Irclared to t~e severable_
16. Borrower's Copy. Borro~er ~hall F+c furn~.hcJ u~nf~~rmed cop} of Ihe Note and of this Mortgage at the time
: of execution or after recordation hereaf.
~ 1'7. Traasfer of the Properfy: Acsumptinn. It :~C ~~r ~m ~art of the Prnperty or an interest thercin ic sold or tnncferred
K by Borrow~er without I.ender's prior writrc+, .umrn?. c~rli~ding 1~? thc creation ot a lien ar encumbrance subordinate to
~ this Mortgage. Ihl the creation ~f purch.i.~ mrn~~ .~rurin ~nterest f~r household appliances. (cl a trancfer hy devise.
3 descent or by operation of law upon the ~Ieath ~~f i~~in! tenant ~~r ld~ the gram of an~• leauhold interest ~f three }•ears or lecs
~ not containing an oplion m purchase. I ender ma~. ,t I r~der'~ ~pt~on. declare all the sums secured by this l~iortgage to !+e
immediatel~• due and pa}•able. Lcnder thall h:,~r ~,n.rd .i~~h option to accelera~e if. prior to the ~ale or trancfer. I.enJer
~ and the peru~n to whom the Propert~• i, t~~ he .;•I,i rr tr:,n,fcrrcd eeach agreement in writing that the credi~ ~f wch per~on
£ ic satisfacton• to T_enJer and tha~ the interr.t pa~aMe c~n tfie sumti secured by thit Mort¢age ahall be at snch rate ac Lender
~ shall request. If Lender has waived the c.pti~~n to :,ccelerete pr~vided in this paragraph 17. and if Borrower; successor in
~ interest hac exeeuted a written ascump~ion agreement acce~ted in writing hy I.ender, Lender shall releace Borrower from all
~ obligations unJer this Mortgage and the N~te.
~ .
~ If Lender exerciset ~uch opt~on tn accelerate. LenJer ~hall mail Borrower notiee of acceleration in acrnrdanc~ nh
5 paragraph 14 hereof. Such notice shalf provide a peri~i rf not lesc than 30 dayc from the date the notice is mailed within
~ vvhich Borrower may pay the sums declared due. If Borrov?er faik to pay zuch sums prior to the expiration of cuch ren~ui.
Lender ma}•. wilhout further nMice or demand c.n Bc?rrower. im•oke any remedies permitted hy paragraph 13 hercoL
~ Nov-Ur.tFOR[.t CoveY~NTS. Borrower ~nd Lender further rnvenant and agree as follows:
18. Accekration; Remcdks. Fxcept as pro~~ided in psra~nph 17 hereof. opoe Bormwe~'s brexh of any covenant or
; a~reemeat of Borrower in this Mortga~r. includin~ the cosensnts lo psy whea due any so~ns stcured by this Morl~a~e. I.ender
- prior to sccekratioo shall mail notice to Borrower zs pro•ided in parsaraph 14 hereof specifyia~: (1) the brcach:121 the action
requi~ed to cure wc6 brcach; (3) s datr. not kss th'n 30 days trom the date t6e notice [s maikd to Borrower. by Nhich such _
brexh mnst be enred; and (4) Ihat failure to curc wch breach on or before tbe date specified in tl~e notice mar recult in
~ secekntion of t6e snr~ secured by thts Morl~a~e, forecbsure by judicial pmeeedi~ and sak of the Property. 'll~e notice
sball further inform Eorrower of the riRh/ to reinctate aitcr accekration aad fbe ri~ht fo atsert in the toreclosure proceediw~
tbt aon-e:istenre of a defauk or any other def~nce of Borrower to scceleration aad foreclowre. If /he breach is aot curcd on
~ or beforc the dste specified in t6e notice. I.ender at 1 ender
s option may declare ap of tbe sanas secnrcd by this Mort~a~,e to be
~ immediatelv due and psysble Nithnut fuAher dem:~nd and ma}~ forecbx thLs Mo~s6e by judicial proceedin~. i.en~trr chall
be eotitkd to coUect in soc6 proceedin~ all expences .~f foreclosurc. inclndit~. but sot iimifed to. reawnabk :•ft~frni•:'s fees.
~ and costs of .:uco~oeatary eridence. abstracLs and titk nports.
19. sorrowe~'s RiRht to Rei~tste. NotvrilhtitandmE 1_ender's accelerat~on of the sums secured by ~h~• M.~rtgage.
~ Borrower shall have the right to have an}' prcxe~dmc+ hcEun I.ender to enforce this M~rtgaqe d~sconhnued ~t am• time
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