HomeMy WebLinkAbout0381 t.ender's written agrceme~t or applicable low. Botrower shaii pay the amount of all moKaage insura~ce preatiums in the
man~cr providcd under parag~aph 2 hereof.
Any amounts disbursed by t.ende~ pursua~t to this paragraph 7, wi~h inten:.tt thercon, shal) become additional
indebtedness oF Borrower secured by this Mortgage. Unlecs Borrower and l.eniler agree ta othe~ terms of payme~t, such
amcxmts shall be payable upon nc~tice from l.ender ta Borrower rcquesting payment thereot, and chall t~ear interest from the
date of disbursement at the rate payahlc trom timc ta Iime on outstanding principa) u~der the Note unless payment of
interest at such rate would be contranr ta applicable law, in which event such amaunts shall bear interest at the highest rate
permiuible under applicable law. Nothing rnntaioed in this paragraph 7 shall require I.ender to incur any eapense or take
any action hercunder.
& te~spectba. I_ender may make or cause lo be made reaconable entries u~n and inspections of the P~operty. provided
that 1_ender xhall give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Lender's
interest in the Property.
9. Coademaation. The prc~eeedc of any award or claim for damages, direel or consequential, in connection with any
condemnation ar other taking af the Prapehy, or pan thermf, or for conveya~ce in lieu of condemnation, are hereby assigned
and s:iall !~e paid to I.ender.
In Ihe evem af a tMal taking of the Pmperry. the prcxeecis ahall be applied ta the sums secured by this Mortgage,
with the excess, if aoy, paid to Bo~rower. In thc cvcnt ~~f a partial taking of the Property, unless Borrower and Lender
aherwise agree in writin~. iher+e shall be applied to ~he cams secured by thic Mortgage tuch proportion "of the proceeds
as is equal to that proportion w~hich ihe amount ~~t the sumc s~,-cured hy thic Mortgage immediately prior to the date of
taking bears to the fair market valuc of the Propcny immediatcly pri~~r to the datc of taking, with the balance of Ihe proceeds
paid t~ Borrower.
if the Propehy is abandoned by Bor:ow•er. or if. ~tler notice hy l.ender to Bormwer that the condemnor afien to make
ar, aw•rrd or cetNe a claim for Jamake.. B~~rrower (a~l. ~o r~~pond to ~l.ender within 30 days afrer the date such notice is
mailed. I_enJer i~ autharizrd to collect ared apply the procecds. at l.ender c option, either to r~storation or repair of the
Propeny or ta the sum. sccured h~~ thic Mor~gaee.
Unlesc I.ender :~nd Borrower othenvise agree in ~vriUne. am• such application of prexeeds to principal shall not extend
or postNone thc due date of the monthly inctallmen~s rcferrcd to in paragraphc 1 and 2 hereof ar change the amoimt of
cuch ir.etallmentc.
1D. Berro~rer Not Released. Exten~ion of the ~ime for payment or modification of amortization of the sumc secured
by this Martgage granted by 1.enJer t~• any curcet~~r in imrrc~t of Borrower ahall not o~~ate ta release, in any manner.
the li;~bility of Ihe original BorroHCr and Bi~rmwcr'c successc.rs in interest. Lender shall not he required to rnmmence
proceedings against such successor or refuce tn ertcnd time for payment .ir otherw~i~e modif}~ am~rlizaUu~e of thc ~ums
cecured b}~ ~his Mortgage by reason of am• demand made b~• the orieinal Sorrower and Borrow~er s succet~orc in in~ereat_
11. Forbearance by [.ender Nnt a Wai~~er. :~1nv f~~rhearanrr h~• Lender in erercising any right or remedt• hereunder, or
otherwise afforded by applicahle law, shall n~t be a waiver of or precfude the exercise of an}• such right or remedy_
The procurement of insurance or the payment of tar~~c or other liens ~r charges by l.ender shall not bc a..•ai~er of Lender s
right to accelerate 1he maturity of the indehtedneas cccurcd h~• thic Mortgage.
12. Remedies Cumulative. All rcmcdies pm~•idcd in thic Mortgagc arc distinct and cumulative to an}• other right o~
remedy under this Martgage or afforded hy lav?~ or eyuily. anJ ma}~ he e~ercised concurrently. independently or suc .eai~•ely.
~ 13. Successors and Assi~ns Bound:.Joint ~nd Se~eral i.iability; Captions. The covenants and agrccmen's hcrein
rnntained shall hind, and the riRhts hercunder .hall imue to. the rccpective succeaors and acsigns of Lender and Borrower.
subject to the provisions of paragraph 17 hercof. All co~•cnants anJ agrecmcntc of Borr~wer shall he joirU and teveral.
The captions and headings of the paraeraph~ ~f thi~ Morlgage are for comenience only and am not to be uced to
interpret or define the pro~~izionc hercof.
14. Notiee. ~xcept for any notire rcyuireci un~ler applicable law to be given in another manner, fa) an~• notice to
Borrower Pmvided for in this Mort~aee chall he givcn h}• mailine cuch notice by certified mail addret:ed ta Bormwer at
!he Property Address or ai such uther addret. ac B~•rr~~wer ma~• de~ignate b~• notice to I.ender as proviJed herein. and
(bl an}• notice to Lender shall he gi~•cn hy cer~ificd mail. return receipt requected. to t ender ~ addreac stated herein or to
such other address as l.ender may dc~ienate b~• n~tire t~~ B~rr.~wer as pro~•ideJ herein. Any noticc pmvided for in this
Mortgage shall be deemed to have I+een Fi.•cn to t3~rr~•wer or Lende~ when given in the manner designated herein.
15. Uoiform Morl~a~e: Governin~ I.aM; Se~erabilih~. Thic form of mortgage rnmbines uniform covenantc for national
use and non-uniform co~•enam~ with limited ~•ariation~ h~~ juricJiction to rnnstitute a uniform security instrument cove~ing
~ real property. "R~ia Mortgage shall be guverned h~• thr law c.f the juricdiction in which the Propeny is located. In the
i event that any provision or clau~e of thi~ I?1ong~ce ~~r ~he Note rnnflicts uith applicable law•, such conflict shall not affect
~ o~her provisions of lhic Mortgage or the N~~te wh~nc ~an tx given efTect withoi;t the conflicting pmvi~ion. and to this
~
€ end th~ pro~•isions of the Mor~gagc and the Notr arc ~kclarcd to be severaole.
; 16. Borrower's Copy. BorroH•er shall Ix furni.hed cc~nformed cop} of the Note and of thic Mortgage at the time
r of execution or after recordation hereof_
~ l7. Transfer of the Propert}•: Ac~umption. If all ~~r am part of the Pr~~perty or an interest therein is s~ld or transferred
~ by Borrower without I.ender's prior ~~rii~rn ~un.en~. r~rluding lal the rreation of a lien or encumbrance suborJinate to
this Mortgage. (h? the creation of a p~irrh~K m~~nr~• ~erurit}~ mterest f~r household appliance~, (cl a tran~fer h~• de~~ise.
descent or hy operation of law• upon the dca~h of a i~~~nt tenant ~r (d? the grant of an~ Icaschold intercst ~f threc }•cars or lec~
not containing an option to purchase. I.ender ma}•. ;~t I.ender'~ option, declare all the sums secured fi}~ this Mortgage to Me
immediatel}~ due and payahle. Lender ~hall ha~e N:~~.rd cuch option to accelerate if. pri~r to thr .ale c~r transfer. Lender
and the person to whom the Property i, i~? tx :~IJ ~~r tr.~ntiferred reach agreement in writing thai the credit c~f ~uch F?ercon
~ is satisfactory to I.ender and that thr interc.t pa~ahle ~~n the cumt secured b}' this Mortgage ~hall be at siirh ra~e a~ l.ender
~ shall request. If l.ender has waived the option ~o accelerate provided in this paragraph 17. and if Borrower; succe~sor in
~ interest has exeeuted a written ascump~ion agreement accepted in writing b~• I_ender. l.ender shall releace Borrowcr !mm all
~ obligations under this Mortgage and the Note.
~ If I_ender ezercises si~ch option t~~ accelerale, I.ender ,hall mail Borrower notice of acceleration in acrnrdanc~~ t. ~~h
1 paragraph 14 hereof. Such notice ~hall provide a pericxl of no~ Icsc than 20 da~'c from the date the notice ic mailed wi~hin
~ which Borrow•er may pay the sums derl:+red doe. (f Borrov?~er fails to pay siich sums p:ior to the expiration of tiucF. peri~xi.
- Lender rAay, without further notice ~r Jcmand on K~rrow•er. mvokc any remedies permitted hy paragraph IR hcrcof.
NoN-UH~FORn~t Cove~~rvTS. Borrower and Lender further covenant and agree as follows:
18. Accderatioo; Remedies. Except as Qm.•idcd in para~raph 17 hereof. upoo Borrower's breach of any covenant or
agreemeot of Borrower in this Mort~age. includin~ the covenants to psy when due any sums secured by thts MortRage, ~.ender
prior to accekratba shalt mail notice to Borrower as pro.~ided in paragnph 14 hereof specityin~: (1) the breach;l2) the action
- required to cnn suc6 breach; (3) a date. not less thnn 30 days from the date the notice ~S mailed lo Borrower. by which such
u breach mmt be cnrcd; and (4) Ihat failurc to curt such breach on or beforc the date specified in the nolice mav result in
~ scceletation oE tbe sums secured by this MoNga~e. foreclown by judicial proceedi~ aad sak of tAe Property. The notice I
shall furtder inform Borrower of the rq~ht to reinstate aHer sccekrstion smd the rigM lo assert in the foreclosurr proceedi~ 'j
s,~• t6e non-existe~ce of a defsult or any other defence of BoROwer to acceleration and foreciowre. If the bre~ch is aot cnred oa ,
or before the date specified in the notice, l.ender at [.ender's option may declue afl of the sums secured by this Mort~are to be
~ immediately due and payab{e without fortber demand and may forcclose this Mort~a`e by judicial proceedioR. Lendrr chall .
~ be endt{ed to coflect In we6 proceedin~ all expenses of foreclosurc. incleding. but aot limited to. reason~ble a1t~?roc.'s ftes, r
~nd costs ot wic~~neatary evidence, abstmcts and ~itk reports. s
~ 19. Borrowe~'s Ri~6t to Reinstate. Natwithetandm~ Lender s accderation of the sums secured by thr M.~ngage,
~ 8orrower shall have the right to have any procerd~nes hcEun ~y l.ender to enforce this Martgage disc~nt~nued ~c an~• time ~
?
~ B~~K 31U oA~F 381
~
~
~ ,
Q;
~