HomeMy WebLinkAbout0055 L_emfe~'s written g:cmcnt or applirable I~w. Borrowor shal~ pay ~he ramuunt of oil martgage inwrance prtmiums in the
manoc~ prnvickJ u~:de~ paragnph 2 heroo(.
Aoy amounis disburaed by I.e~de~ pursuant to lhis paragraph 7, with interc+r thereon, shall lxrome additional
i~deb~ednesc af Borrower securcd by ~his Mort~:~ge. Unlec~ Borrawer and I.rnJer agrce to othe~ ~ertns rt payment, such
amcxmts shall be payable upon ootice from I.ender ~o Borrowrr ~eques~ing payment thereo(, and ~hall hc..: iMerest from the
date of ciisbursemenl at the ratc payahle fr~+m timc to ~ime on outstanding principal under thc Note unlect payment of
interost at such rate would be cantrarv to applicable law, in which event such amounts shall bear ~nterest a~ the highcct rate
permissibk under applicable law. Nolhing con~ained in this paraRraph ~ shall rcquire I.ende~ ~o incur any eipense or take
any action hercunder.
8. laspection. I.ender may make ar cau~e to F~e made reau?nahle entriec upon and inspection~ af the Property, provided
that l ender shall give Bonower no~ice pri~~r to any such inspection cpeei[ying reasanable rause ~heretar related to Lender's
inlerccl in the Praperty.
9. Cundemnation. The pn~ceedc ~~f any aw•ard or claim for damages, dircet ar cancequential, in rnnnection with any
condcmnation ar ather taking of Ihe Property, or part If~crc~~f, or for conveyanre in lieu of condemnation, aro her~eby astigned
and s~all be paid to l.endcr.
l.i ~he event ~t a tolal taking of the P~operly. the prckeeds ~hall he applied to the sums secured by this MortgaAe,
with the eYCecc, if any, paid to Born.wcr. In thc cvcn~ af a partial laking of the Properly, unlecs Borrower and [.ender
otherwise agree in writing. there shall he applied t~~ thc ~umc ~ecurccl hy thic Mortgagt such proportion of ~he procteds
as is equal to that proportion w•hich ~hr ~mount ~•f the s~~mc .rcured by this Mortgage immediately prior ta the date of
taking bears to the fair market value of the Pru~ny immediately prior ta the Jate of laking, with the balance of the proceedc
paid to Borrowcr.
If the Properry ic ahandc•neJ h~- Bor.~~wcr. ur ~L :if~cr n~ticc by l.cnder to Borrower that the condemnor ofiers to makt
an award or settle a claim f~r damaLr,. R~ur~~wcr tail•. t~. res~~~nd M l.ender within 30 days after Ihe da~e such notice is
m~iled. l.cndcr i. authorized to c~lleci aed ap~+l~• ~hr prcxecd~. at l.ender's ~ption, either to restoration or rtpair of the '
Pro~crt~~ or 1~ the sum~ ccci~red h~~ thi. Mor~LaLC. ,
Unles~ Lendcr and Borrower otherw~ce acrc~ in ~~rihne. any such appliration af prcx:eeds to principal shall nol exttnd
or p~xtpone the cit~e date of the mon~hh~ in.~allmentc rrf~rr~d ~o in paragraphc 1 and 2 hercof or change the amount of
such in~:allmentc
lA. Borrower Not Releaud. h~tenci~n of ~he time for payment oi modification e~f amortizatian of the sumc securcd
by this Mortgage granteJ hy 1 enJer t~~ am~ cucce~~r in interr.t~ of Bc.rrower ~hall nc?t o~+e~ate to releasc. in any manner.
the liability o( the original Borrower and Re~rmw~er'~ succrc~or~ in interest. Lenekr shall not he reyuired t~ commen.e
pr~xeedings against such succecsor or refu.e t~ ertend time for pa~•meM or othen+•ice mcxlifv amnrtizahon ~~i ~hr wms
secured by thic Mortgage by reau~n of :~m• drmand made b~ thc ~•rieinal Borr~wer and B~.rri~w•er's succest~r~ in +nlcre~t.
11. Forbearance 67 I.ender Not a Wai~er. :~m fc.~hcaranrr hti 1 ~•nder in ererci~ing an}~ right or remedv hereunder. or
Mhenvise afiorded by applicable law. shall n~t hr a waiver o( ~.r preciude the exercise of any such right or remedy.
The procurement of insurance or the payment of ta~ec or other liens ..r chargec b)• 1 ender shall not he a waiver of l.ender s
right to accclcrate the mat~rity of the indcbtcdneas ccrurcd M• thic 4lortgage.
12. Remedies CnmulaHve. Alt rcmediec ~m~•ided in thi~ Mortga~te arc distinct and cumulative to am• ~ther right or
remeJy under this Mortgage or aSordeJ hy law• ~~r eyui~y. :~nd ma}~ he e~erciccd rnncurrently, independentl~~ or suc.essi~•el}~.
' 13. Snccessors and Assi~~ Bound: Joint and Sevenl I.iability; Captions. The covenants and agreemen s herein
contained shall bind, and the riRhts hereunder shall ~nure ~tc~. ~he re~pective succesu~rs and assignc of I_ender and Borrower.
subject to Ihe provisionc of paragraph 17 hercof. All covenants anJ agreements of Borrow•er shall he joiry and teveral.
The captions and headingc of ihe paraeraph. ~~f thi~ Mortgage are for rnnvenience only and are not t~ he uced to
interpret or define the pmcisiont hercof.
14. Notice. Except for any n~fire rcyuir~d under applicable law• t~~ be given in another manner. (a) an~• notice to
Borrower pmvided for in thic N~r~~aLC ~h.~ll tx ~i~'rn h~• mailin~ ~uch notice by certified mail addrectcd to Bc?rr~wer at
the Pmperty Addresc or at such ~~~hcr aJdre.. R~~rn.wer ma~- decignate by notice to l.ender as pro~~ided herrin. and
(b) any noti~e to Lender shall he givcn b~• certific~l mail. rctum receipt requested. t~ 1 enders address stated hercin or to
such other address as L_ender may decienate h~• n~tire t~~ Bormwer as provided herein. Any noticc pmvided for in this
Mortgage shall be deemed to havc hecn ci~~cn to R~rrc.wer or Lender when given in the manner decignated herein.
15. Uniform Morf~a~e: Covemin~ i.aw; Se~erabilit~-. Thie form of mortgage combines uniform covenantc for national
use and non-uniform coeenantc u•ith limited ~~ariatian~ h~ juriuiiction to constitute a uniform security instrument covering
real property. This Mortgage shall he g~?vcrnrd h~ thr law ~.f the jurisdiction in which the Property~ ic located. In the
event that any provision ~x clau~e of thi. 111ort~~ec ~~r the \i~te rnnfticts aith a~plicahle law~. such conflict shall not affect
; other provisionc of this Mortgage or the N~~t~ ..h~ch can he given efTect wi~hoat the conflicting pmvic+on, and to ihis
~ end the provisions of the !ltortRage and thr ti.•te arr ~irclared to he ceverable.
l6. Borrowers Cop}'. BorroWer ~hall tx furm.hed a re~nformed rnp} of the Notc and of thic Mortgage at the time
~ of execution ar a(ter recordation hereof.
1'7. Tnnsfer of the Property: Ac~umption. II :iC ~~r an} part of thc Pr~•perty or an interest thcrein is «ld or transferred
~ by Borrower without I.ender's prior writ~~ri ~~~m~nt. ~~~luding lal the creation of a lien or encumbrance suborJinate to
~ this Mortgage. (h) the creat~on of a pu::ha.r mrm~ ~rcurit~ mterest f~r household appliances. /c) ~ trancfer h~• devise.
deuent or by operation of law~ upon thc ~lcath <.f i~~~~~! trnam ~~r (d~ the grant of any leasehold interest e~! thrcc ~~cars or lcss
g not containing an option to purchase. l.ender ma~•. :~t I.rnder'~ option, declare all the sums secured h}• this Atortgace t~ t+e
~ imme~+iately due and pa}•ahle. I.ender thall h:,.e .?:u~•ed ~~~ch option t~ accelerate if, prior to the .ale or transfer. I.enJer
and the peru~n t~ w•hom the Proper~}• i~ t~~ hr .~.IJ ~•r ~ran~ferred reach agreement in writing that the credit of ~urh percon
~ is salisfaeton~ to I.enJer and th~t the inter~.t ~a)able on the sumc cecured by thic MortQage ~hall be at such rate ati I.rnder
? shal) request. If I.ender has waiveJ the opti~n tc• acceler.~te pro~~ided in this paragraph 17, and if Borrower'~ successor in
interest has executed a written assum~~ion aFreemem acce~ted in writing by I.ender. I_ender shall release BorroW~er fmm all
~ obligations under this Mo~tgage and the Note.
If I.ender exercisec such option t„ accelera~e. Lender ~hall mail Borrovrer notice of acceleration in accord:+n« ti. hh
s paragraph 14 hereof. St~ch notice shall provide a peri~~d i~f nat Ies~ than i0 days from the date the notice is mailed within
; which Borrower may pay the sums declared d~~e. If Borrower fails to pay such snms prior to the expiration ~~f wrh Exn~xi.
~ Lender may. without further notice or dcmand on H~rrower. ~nvoke an~~ remedies permitted hy paragraph 1R hercof.
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- NON-UNIFORM COVev~Nrs. Horrower and 1_ender funher covenant and agree as follows:
18. Acceleratao; Remedies. E:cept as provided in parsRraph 17 hereof. upon Borror+er's breach of aay covenaM or
' agreement of Borrower ia lhis Mort~a~e. includin~ the corenants to pay when due any sums secnred by fhis NortRa~e. I.ender
prior to accekratbn sball mail notice Io Borrower as provided in paragnph_14 hereof specifyinR: (1) the bresch: I2) the actan
~ reqoired to care suc6 brcach; (3) a date. not less than 30 da~s trom the date tht notice [t maikd fo Borrower. bv Nhich sucb
breach mtM be carcd; aad (d) that failure to cure cuch breach on or before tbe dale specified in the notice msv result in
accekration of tbc sna~s securcd by this MortRa~e, foreclosure by judicid proeeedin~ and sale of the Property. 7he notice
~ shall further inform Borrower of the ri~ht to reinstate aUer acceleration and the right fo asserl in the forcclosure proceediug
' We non-existence of a defauN or any other defense of Borrower to sccekratan and forecbsurc. If the brexh is not cnred on
or before the dste specified ia the notice, I.ender a~ I.rnder's option may detlart all ot tht sums st~ured by this MortRs~,e fo be
~ immediately due and paysble withaut further dem:ind and mav forecbse this Mort~a~e by judicW proceedin~. I.en~1:r chall
- be eodtled to colhct in sucl~ proceedin~ all expences of foreclosure. including. but not 4mifed to. reawoable -rtt~~tnc:'s fees,
i and costs of wic..~oentary evidcnce. abstrocts and litk reports.
~ 19. Borro~+t~'t Right to Reiastste. Notwithsland~ng I.ender's accelerahon of the sums xcured by thr M.~rtgage.
~ Borrower shall have the right to have any procecdmg. t?c~un ~v I_ender ~o enforce this Mortgaqe discont~nued a~ an} time
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