HomeMy WebLinkAbout0138 l.ender's written agrame~t or appGcuble law. Borcowe,~ shaq pay the amount of all mortgsge insiuanoe premiums ie the
manne~ provided under paragraph 2 hereof. ~
Any amouots disM~rsod by t.ender pursuant to tha paragraph with iaterest thereoo, shall becane sdditional
inJeb~ed~ess of Borrowc~ secund by Ihis Mortgage. U~less Bonowe~ and LenJer agroe to other ternu of payment~ wch
amounts shall be payabk upao notice from I.ende~ to Berrowcr rcquesting payment IhereoL and shall bea~ interest from the
date of disburseement at the ratc payabk from time to time on outstanding principal u~der the Note uekss payma~t of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hishest rate
permissibk under applicabk law. Nothing contaiaed in ihis paragraph 7 shall roquioe Ltnde~ to incur any eatpensd or tate
any action hercundet.
S. l~specfioq. Lender may make or cause ta be made rcasonable entries upoa and inspections of the Property. provided
that I.ende~ shall give Borrower notice prior ta any such inspection spocifying reuonabk cause therefor related to Lende~'s
interest in the Property.
9. Condemaatbu. The proceeds of any award ar claim for damages, direct or consequential, in con~c~ion witb any
condemnation o~ other taking of the Property, or part therec~f, or for conveyance in lieu of coodemnation. aro ~?ereby auigned
and shall bc paid to I.ender.
ln Ihe event of a total laking of the Propeny. tfie proreeds shall be applicd to the sums securcd by this Mort~age.
~ with the excess, if any, paid ta Borrowe~. ln the event of a partial laking of the Property. unless Bomower and I.ender
othervvise agrre in writing. there shall be applied to Ihe sums secured by this Mortgage such proportion of the pr~ceeds •
as is equal to that propoAion vehich the amaunt of the sumc secured by this MoRga~te immediately prior to the date of
taking b~ars to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the pmceeds
paid to Borrower. .
lE the ProFcrty is at?andoned by Bor:ower, or if. after notice by I.ender to Bormwer that the condemnor offea to make
an award or settle a claim for damages. Borrower fail. to r~-s~nd to I.ender within 30 days after the date such notice is .
mailed. I_ender ic authorized ta collect and apply the proceeds, at I.ender
s option, either to restoration or repair of the
Property or tn the sums secured b~~ this Mortgage.
Unlesc 1 ender and Borrower othenvice agree in a•rit~ng. any such applicatioa of proceeds to principal shall not extend .
or postpone the due date af the monthly installmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amount of •
such installments.
10. Eorrower Not Released. Extensioo of thc time for payment or modification of amortization of the sums secured
by this Mortgage granted by I_ender to a~y ~uccessc~r in intere~t of Borrower shall not ope~ate to rclease, in any manner,
the liability of the original Borrower and &?rrower'c successors in interest_ i_ender shall not be required to rnmmence
proceedings against such successor or refuse to e~tenJ time for payment ar otherwise mcxlify amortizat~on af thc wms
secured by Ihis MoAgage by reason of an~ demand made by the ori,¢inal Borrower and Borrower s successors in iMCrect.
11. Forbtaranee by Ltnder Not a Wsirer. An~• fc?rhearance hy i.ender in exercising any right or remedy hereunder, or
othervvise afforded by applicahle law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procuremeot of insurance or the payment of taxes or other liens or charges by [~nder shall not be a waiver of Lender
s
right to accelerate the maturiry of the indehtedness cecured hy thic Mortgage.
12. Remedks Comulat~e. All remeciies pmvided in this Mortgage ar+e distinct and cumalative to any other right or
rcmeJy under this Mortgage or afforded hy law or equily, and may be eaercised concurrenNy. independently or successively.
~ 13. Saccessors and AsiRss dound; ,Iant aad Sere~ I.iabil~ty; CapNons. 'il~e rnvenants and agreements herein
contained shall bind, and the rights hen:under shall inure to, the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shal) be joinj and several.
The captions and headings of the paragraphc of thia Mortgage are for co~venience only and are not to be used to
interpret or define the provisions hereof. - '
l4. Notiee. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Bormwer at
the Property Address or at si~ch other addres~ as Borr~w•er mav designate by notice to T.endeF as provided herein, and
(b) any notice 1o Lender shall be givcn hy cer~ified mail. return receipt requested. to I.ender s address stated herein or to
such other addres.s as [_ender may deci¢nate by n~tice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed Io have been gi~•cn to Borrower or Lender when given in the manner designated herein.
I5. Uniform Mort~aRe; Covernin~ iaw; Se~•erability. This form of mortgage combines uniform covenants for national
use and namuniform covenants with limited variationc hy juriuiiction to constitute a uniform security inst~ume~t covering
real property. This Mongage shail be @overn~d hy ~he law of the jurisdiction in which the Property is located. In the
; event that any provision or clauce of thic Mortgage ~,r the Note conflicts with applicable law, such conflict shall not affect
; other provisions of this Mortgage or the Natr which can l~e given eRect without the conflicling provision, and to this
~ end the provisions of the Mortgage and the 'Vote are declared to !TC scvrrable.
~ 16. Eorrower's Copy. Borrower shall tx: [urni~hed a conformed cop~~ of the Note and of thic Mortgage at the time
of execution or after recordation hereof.
; l7. Trmsfer of tbe Property: Aswmption. If all ~r an}~ part of the Property or an intercst Iherein is sold or transferred
~ by Borrower without Lender's prior wrincn cunsem. e~cluding (al the creation of a lien or encumbrance subordinate to
~ this Mongage. (b) the creation of a purchace mone~• ~ecurity interest for household appliances, (e) a transfer hy devise,
~ descent or ~+y operation of law upon the ~cath of ~ join~ tenant or (d) the grant of any leasehold interest ot thrcc ycars or less
~ rwt containing an option to purchase. I.ender may. at Lender:s apt~on, declare all ~he sums secured by this Mortgage to be
z immediately~ due and payable_ l.ender chall ha~e ~;uvcd wch option ta accelerate if, prior to the cale or transEer. l.ender
~ and the person to wh~m the Property i. tn be .ol.l c.r tr•rnsferred reach agreement in writing that the credit ~f ~uch persc~n
is satisfactory to Lender and that the interr.i pa~~able on the sums secured by thit Mortgage shall be at such rare aa l.ender
; shall request. if I.ender has waiveci the option to accele~rte provided in this paragraph 17, and if Borrower's successor in
~ interest has executed a written assumption agreement accepted in writing by I_ender, Lender shall release Borrower f~om all
obligations under this Mortgage and the Note.
~ If I.ender exercises such option t~ acceterate. I.ender chall mail Borrower notice of acceleralion in accordancr ith
- paragraph 14 hereof. Such nolice shall provide •r period of not Iesa than 30 days from the date the notice is mailed v~ithin
~ which Borrower may pay the sums declared due. lf Borrower fails to pay soch sums Qrior to the expiration af such per.ud.
' Lender may, without further notice or dcmand on Borrower. invoke any remedies permitted by paragraph 18 hercof.
Nox-UtviFOatit CovEN~NTS. Borrower and I_end~r funher covenant and agrce as follows:
18. Accsleration; Remedia. L:cept as provWed ia paragnph 17 6ereof, opoa Eorrower's brescb of aay corenanf or
a~reemeat of Eorrorrer in f6ts Mortgs~e. [ncludi~ Ilrc covenants to pay when doe any sntns ttcored by thk Mort~age. Leader
prior to scceleratbn sball mail notice to dorrower is provWed in pa~rsph 14 hereoE specifyiua: (1) tbe brtscb: (21 the sctbn
~ requlred to care secb breacb; (3) a d~e. aot kss tAsn 30 days [rorn tbe dafe the notice b sedkd to Eorm..er. by whicb sucb
breach ~nmt be cared; sod (4) thst failuro lo cure s~ech breach o0 or betore t6e dste speciGied in the aotice msy result in
sccekration ot the sams atcared by IAk Mori~a~e. torcclowre by jndkial proceedin~ sad sale of tbc Property. 'Il~e notice
shall furt6er inform Eorrower of tbe ri~bt to reinstate after acceleration and tbe ri~ht to ~sserf io tbe forecbsure proceedis`
- t6e non-existence of s defaolt or any otber defense of Eorrower to sccckration and foreclosure. If t6e brexh is oot carcd on
or befon the datt specified 'w tbe nolice. I.ender at t.ender's option may dtclsre sll of tbe ma~s secnred by this Mort~aRt to be
~ immcdishly dat aad paysble wlthont fnrtber demand ~nd may forecbse th[s Mort`a`e by jndkid proceediuR. I.en~er shall
? be eoatled to coUen ia socb proceedi~ ~8 expeoses of forectosure. iacludio=, but ~o( Umited to, reasonabk att~~rne ~'s fees.
~ sod costs of docrroentary eridence. ~16stracts and titk rcpotts.
~ 19. Son+orre~'s Ri6~t to Reinstste. Notv?•ith~tanding l.ender s acceleration of the sums securcd by th~~ Mortgage.
~ Borrower shall have the right to have any proceed~nFs hegun hy I.ender to enforce this Mongage discontinued at any time
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