HomeMy WebLinkAbout0049 l.cndcr's wriucu em~nt or applicable I~w. Borrower shai~ pay ihe amuunt uf rnortsage in.uranc:e prcmiums in the
ma~ner pmvi~:J u~:dcr paragraph 2 hercot._
Any amounts disbu~seJ by I.enJer punuant this paragraph 7, with intere+~ thereon, shall become addition.:
inJebtedness of Borrower secured hy ~hic Morlgage. Unle~s Borrower anJ LenJer ag~ee to Mher tertns .~i payment, such
amcxints shall tx payabk u{xin n~~ticc fmm l cndcr to &~rtow~r rcyuecting paymcnt Ihcreof, and ~hall M..: intrrest from the
datc af disbursement at the ratc payahlc fnun t+mc to tim~ ~~n outstanding principal under the Noie unless payment of
interest at such rate wauld be cantran to applicable law, io whirh eve~t such amaunts shall hear ~nte~ett at the hiEhest nte
pennissible under applicable law. Nu~hing c~m~ained in Ihic parag~aph 7 shall require I_ender to incur any expense or talce
any action hercunder.
8. las~ecfion. LenJer may ma{,e ~~r c:u~~r to he made reae~nahle enltiec u~x~n •rnd inspaYtio~~ of the Praperty, provided
that t ender shall give Bnrr~wer nntice pria~ to any cuch inspec~ion ~{x~:ifying rcasonable cause therefor related to i.ende~'s
interctt in the Pmpeny.
9. Cw~demaation. The preneede .,f ;~ny aw•ard or claim fur damages. direct or contequential, in conntction with any
condemnalion or other laking of Ihe P~operty. ur part there~f, or tor conveyanre in lieu o( condemnation, are heteby assigned
and s eall bc paid to I.cndcr.
l i the e~~ent cif r Ic~tal taking of thr Pm~rly. the pnticeds ~hall he ~~~~~e~i ~o the sums secured by thic M~rt4age.
with the excecc, if any, paid to Borrou•er. In the ~vent ~~f a{~artial Iaking ~~f the Property, unlecs Borrawer and Lender
atherwise agree in writing. therc shall he applie~l tn ~he wma .ecurcd h~• thi~ Mortgage such pmportion of ~he proceeds
as is equal to that pmFx~rlion which thc am~~unt ~.1 th~ .um~ .r;ured by thi~ Mortgage immediately prior ro the date of
taking bears to the fair market value of lhe Pru~xrl~• immcviatrh~ ~ri~r to the ~late of taking, wilh the halance of the proceeds
paid to Borrower.
if ihe Properh~ ia ahand~~nc~l hr Bi:r..+~~er. ~u ~f :~ftrr n~~tice h} Lender to Bormwer that the condemnor offers to mske E
an award c•r cenie a claim f~r dama~c,. B•~rr •w~r (.~,t. t~~ rc,~x•nd m l ender wi~hin 30 days,after the date sirch natice is
mailed. I.cnd^r i. authorin~ci u. c<~Ilc.•~ :~ed ,~~~I~ thr ~r~k~rcd~. al 1_ender's ~ption, either to restoration or.repair of the ~
Pro~rty or t~, Ihc cum. .rc?~rcd h~ ~hi. \lnrtza~r
Unles, I endcr and Borrc.~er otherw~~r .~crr~ in rit~n~ an~ wch applicati~n ~f prexeeds to principal shall not extend _
~r poslponc thc duc d.itc i~f thc monthlv in.~.ztlmrnl~ n~f~rrrd ti~ in p::ragraph~ 1 and 2 hercof or change the amount of ,
cuch installmentc
10. Borra~+•er Nol Released. F.~trn~inn of Ihe time fur p~ymrnt a~ modificati~~n of .,mortization ~f the sumc securcd
by this MortFage ¢ranteJ hy 1 endcr am .urrecwr i~~ intrr~.t af R~~~rt?u~er ~hall n~t~ope~~lC to rclease. in any manner. ~
the habilit~~ of the original B~~rmwer and R~~rr~wcr'. surcrs.:.rc in intemst. l.ender shall mit he mquired t~ commence
pmceedings against cuch succe~sc.r or rrf~i.~ u• etten~l time f~r r~nmenl or cithen+i.c modih• amorlizat~u~~ ~.f thr .~~ms
secured hy thic Mortgage by reas~.n of :~nr dr~n:~n~l madr h~ !h_• -•rie:ri~l Barr~~H•e~ a~d R~~rmWers succesaor~ in interea~_
11. Forbearance 6y i.ender 1M a Wai~er. :1m f~~rtx:~ran~c 1:~der in e~erci~ing anv right or remedy hereunder, ar
otherwise afiordeel hy applicable law. .hall n~.t tx u w-ai~•er ~~t ~~r pr~c~ud~ th~ c~ercise of any such right or remedy.
The procurement af insurance or the psyment ~.f ta~c< <~r other liem ~.r chargr~ h~• 1 cnder ~hal) not he a waiver of 1_enders
right t~• accelerate ~he maturity of the indehtedne~s'.rcurcd h~ thi~ '~t~neace.
12. Remedits Cumul~tive. All rcmcilics ~n•~ided in thi. !11<~~tgaEc arc Jiuinct and rumulative to an}• Mher right or
remeJy under this Mortgage or afTordeJ h~~ law~ c•r eyuil~•. :~n~ ma~ tx r~rr~iccd concurrenN}'. independeMl~• or suc ecsively.
~ 13. Snccesso?s and Assi~ns Boand; Joint ~nd Se~eral I.iabilit~; ('apNons. The rnvenants and agrecmen ~ hcrein
containeJ shall hind, and the riRhts her~under .h~ll inure t~~. the rccpectivC succes~r~ and assigns of Lender aad A.~rmwer_
subject to the provisions of paragraph 17 hcrrnf. All rm~cn:mtc anJ agrcrmcntc of Rorrower shall he j~in) and ~cveral. ~
The captions and headings of the paraLraph~ ~•f thic 11i~rtFacc arc for convenience only and are n~t to be uced to
interpret or define thr pm~~iaionti hercc~f.
l4. Ndice. Excep~ h•r am~ n~~t~:e rcy~~irrd un~lrr :~ppli~ahle law t~~ be giveo in another manner. (a) any notice to ,
Borrower pmvided for in thic M~~rteaee .h,~ll 1~ c~•rn h~ mailin~ wrh nutice by certified mail addre~ticd t~ B~rrc~wer at
the Property Addre~s i?r at such ~~thr; .~.Wrr.. a. H~~rr.+Her m:~~ de4ignatr bp no~i~e ti. Lender as proviJcd herein. and
Ii (bl any notice to Lertder shall hc gi~.n hc certified ma~l. ret~~rn receipt requected. t~ I.enders address stated herein or to
; such ~ther address as I.endrr ma~ decienate h~ n~~tirc t~• R~~rn•v?•er as pro~•ided herein. Any notic:; pmvided for in this
i Murtgage shall be deemed to ha~c tnen c~~~cn tc? B~rm~er ur I.ender u~hen given in the manner designated herein.
~ 1S. Uniform M11oriRa~;e: Governin~ Iaw: Se.erabilih. Thi. form af mortgage combines imiform covenants for national
; use and non-uniform r~•~enam. ~ith limited ~ari~ti~~nc h~ ~uri~~licti~in to constit~ite a uniform serurity instrument covering
~ real propert~'. 'Rut 111ortgage sh:!1! h~ euvernrd hc thr I.iu ~~f the juricdictii~n in which the Property is located. In the
; event thal any' provision ~r clau~c af thi. hl~rtg;,Lr .~r the !~rte conflict~ uith 8~`F1IIl'JFI~C I3~L'. SIICM conflict shall nat atiect
( other provisiom of thic Mortgage or ~hc 'v~~tr Nfiirh ~an Ixx given cffec~ w~ithoaf the conflirling pmviaion, and to ihis
! end the provisionc of the 11ic?rtgage and the `~~tr .~rr ~1~rlarcd tc• he ~everaMe.
; 16. Bomowers Cop~•. BorroHCr ~hall hr furn~.he~l a c~+nf~~rmed cop} of the ~fote and of thi~ Mortgage at the time
~ of execution or after rccordation herec~f.
17. Transfer of the Properly; A~cumplion. Is :~C ~~r am ~.art of thc Propert}• or an ~nterest thcrein ic sold or trantferred
~ by Borrower withaut I.ender's prior ~nti.•n .~~n.en!. ~~:ludin¢ lal thc rreation of a lien c?r encumhrance suhorJinate to
this Mortgage. (h) the creah~n ~f ;i ~ur.h.~.r mrnr~ .rcuritt ~nterest f~•r househ~ld ~appliance~, (c1 •r trancfer h}• devise.
~ descent ar by operation of laH u~+c~n the ~irath ~~t i~~~r~~ tenant rr 1~1i the grant ~f am leacehold interest of thrrc }~ears or lets
~ not containing an aption to purchase. I ender ma~. :i~ 1 rnder'~ opt~on. declare all the ~ums ueured b~~ this Mortgage to t+e
~ immediatel}• due and pa~•ahle. I.rnder ~hall h:,.r u:uv~d ~nnc ~~ption to accelerate if. prior to the .ale or transfer. LenJer
~ and the peru~n te? whc~m the Proper~~~ i. tu br .~•IJ ~~r ir.,ntferrcd reach agreement in wnt~ng ti~at the credi~ c.f wrh,perc~n
~ ic saticfactory to i_ender and that ~hr intrrr.~ pa~:ihle ~n the sumti cecured by thic Mortgage shall t+e at such rate a. l.ender
~ shall request. If 1 ender has waiveJ the opu~~n t~ acce!erete pm~~ided in thic paragraph 17, and if Borrower'. wccecsor in
interest hac execated a writ~en assum~+~ion aFrcemcnt acceptcd in w•ri~ing by I.ender, l:ender shall releau Borrow~cr frnm all
~ obligations under this Mortgage and thc Note.
~ If I_ender exercisec such option 1~• acceierale. I.ender ~hall mail Borrower notice of acceleration in acrnrdancr hh .
~ paragraph 14 hereof. Such notice ~hall provide a peric.d i~f not lesc than 30 days from the date the notice is mailed uithin
~ which Bormu•er may pay ihe wm~ decl:,red due. If Bnrro~er f:~ilt ~o pay cuch sums prior to the ecpiration of ~uch penud.
~ Lender ma}•, without further notice ~r dcmand nn K~rrower. ~nvoke any remedies permitted hy ~aragraph 1R hereof.
~ Norr-UrviFOa~+ Cove~~nTS. Borrower and Lender fonher covenant and agree as follows:
Y 18. Acceleratan; Remedies. Fxcept ~s provided in para~raph 17 hercof. upon Borrowtr's bresch of any covenant or
s
~reemtat of Borrower in this Mortga~r. includinR the covenants fo pay when doe a~y snms securcd by this Mort~~e, f.ender
prior to accekntion shall mail notice to Borrower as provided in para=raph 14 hereof specifrin~: (1) the brcach; (21 the action
required fo cnre such brrach; (3) a date. not less than 30 days Erom the date t4e notice is majkd to Borrower. by which such
breach must be enred: and (4) that failure to cure such breach on or betore ihe date speci6cd in the notice mav result in
aceekration of 1be sums secured by this Mort~aRe. forecbsure by judicial procetdi~ and sale of the Property. 77~f notice -
F sdall further inform Bormwer of the riRht to reinstate after accekration and the right to as~erl in the foreclosurt proctedia~ ,
~ the uon-existence of ~ default or anr other defenu of Borrower to acceleration and forccbsure. If the bre~ch is not cured on
or before the date speci6ed in the notice, Lender at I ender'c option msy declare all of the sums secured br this MortRa/,t to be
immediately due and payable wilhout further demand and may foreclose t6k Mort~age by judicia! proeeedin~. i.~n~1:r chall
~ be entitled lo collect in wch proceedi~ ~II expensc+ ~~f foreclocurc. including. but not limiled to. rcasonabk : tt~,rnr.'s fees,
and costs of .;uc~~oentary ev~dence. ab~strac~s and lille reports.
~ 19. Borrowe~'c R~6t to Reinstate. Notu ith~~and~n~ I.ender's accderat~on of the sums secured by ~hr At.~rtgage.
y Borrower shall have the right to have any procea:ding~ t.~~un ~v I.enJer to entorce this Mortgage discontinued it an}• time
3
. ~05 = 49
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