HomeMy WebLinkAbout0387 l.ende~'s wntten ng~cemenl or applicabk IQw. Borrower shali pay the amount of all mortgage iosurance premiums in the
• manncr p~ovidcd undet paragraph 2 heronf.
Any amounts disbursed by l.eade~ pufstunt ta thia paragraph 7, wilh inte~st therean, shal) bccame additional
indebtedncsc af Barrowcr secured by Ihis Mortgage. Unless Borrower and l.coJer agree ta other tcrms of payment, such
amounts shall be payal~le upan notice frc~m I.ender to Bonower requesting payment thereaf, and shall bear interest from the
date af disbursement at the rate payahlc from time to time on outatanding principal under the Note unless psyment of
- interest at such rate would be contrary to applicabk law, in which event such amounts shall bear i~tercst at the highest rate
permiuible under applicable law. Nothiog contait~d in this paragraph 7 shall rcquire [.ender to incur any expense or take
any actio~ htreunder.
S. Iospeetio~. 1_e~~k~ may make or cause ta be made reaso~abk entriec upon and inspections of the Property. provided
that l.ender shall give Borrawer nwice prior to any such inspection specifying reasanabk cause iherefor related to I_ender's
iotercct in the Pmpetiy.
9. Coademnation. The pre~reedc of any award or claim for elamages. direct ar consequential, in connection with any
condemnalion or other taking af the Property. ~r part therrnf, ar for conveyance in lieu of condemnation, are hereby assigned
and s'~all bc paid to I.ender.
In the eveot of a total taking of the Pmpeny, the p~.xeeds chall he applied to ~he sums secured by this Mortgage.
with the excess, if any, paid to Borrower_ ln the cvent of a partial taking of the Property, unlcss Borrower and Lender
otherwise agree in writing. ihe~+e shall be applied to ~he sums secured hy this Mortgage such proporlion of the proceeds
as is equal to ihat propotiion ~•hich the amount af Ihe sumc secured by this MoRgage immediately prior to the date of '
taking bears to the fai~ market value of Ihe Propc~ty immediately prior to ihe Jate of taking, with Ihe balance of ihe proceeds
paid to Borrower.
If the Property ic abandoned by Bor:owe~. or if. aher notice by t.ender to Barn?wer that the candemnor offen to make
an award or cettle a claim For damag~~, B~~rrower fail. to re+~nd to Lender within i0 days afler 1he date such notice is
mailed. l.ender i~ aathorized to collect ~nd apply ~he proceedc, at l.ender s c?ption, either to restoration or tepair of the
Pro~rny or t~ the sum. sccured hy this A1~rtgagc.
Unicsc I.ender and BorraN~e~ otherwi~e agrce in wriUne. any such application of proceeds to principal shall not extend
:~r pixtpone the due date of the momhly installmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amotmt of
~~ch installmenis.
• 10. Borrower Not Released. Exten~ion of the time for payment o~ modification of amortization of the sums secured
t+y ~his Mon~eage granted by T.ender to an~~ ~uccecsor in interett of Borrower ~hall not ope~a~e to rekase. in any manner.
the liahiliry of the ariginal Borrower and Rormwer'~ succes~rc in interest. I.ender shall not he required to commen.e
prckee~ings against such successar or refu~e to ertenJ lime for payment or othen+•ice mc?dity amortizahrn~ ot ~hr wms
ucured hp thic Mortgage by reau~n ~f :inti• demand made b~• the oricinal Borrow•er and Aorrower s succeccon in interes~.
11. ~orbearance 6y I.ender Not a Waiver. Any f~.nc~aran~c hy I.c~der in e~crci~ing any ~ight or remedy hercunder. or
otherwise afTorded by applicable law~. shall not I,e a waiver of or preclude the ezercise of any such right or remedy.
The proeurement of insuranee or the payment of tares or Mher liens ur char~ec h~• t.ender chal) not he a waiver of l.ender s
righl t~ aecclerate the maturity of the indeh~ednecs tecured hy thic A~ortgaee.
12. Remedies Cumulative. All remedies pm~~ided in thic Mortgage arc distinct and cumulali~~e to an}• other right or
remedy under this Mortgage or afTorded hy law• or equiry, and ma} t?e ererci~d concurreMlp. independently or succecsively.
' 13. Socces9urs and Ass~ns Boand:.]oinl and Se~eral I.iability; Captionc. The covenants and agreemen~s herein
ron~ained shall bind, and thc riRhts hereunder ~hall inu~e to. the respective succecsors and as~~igns of I-ender ac~d Borrower.
subject to the provisions oi paragraph 17 hereof. All rnvenants ariJ agreements c.f Bormwer shall he j„iry and ~everal.
The captions and headings of th~ paragraph~ of ~hic Mortgage are for canvenience only and am nat to he u~ed to
interpret or define the provisionc here~f.
14. Notiee. Except for any nMice reyuired under applicahle law to be give~ in another manner. (a) am• notice M
~ &~rrower provided for in thi~ Morlga~e ~h~l) be given hy mailinR wch notice hy certified mail addrecud ro Borrower at
the Property AJdress ar a~ such uthrr addrrs~ ac B~~rruu~er ma~~ detignate b}• notice to l.ender as provided hercin. and
; (bl am• notice to I.ender shall he gi~•en by certified mail. reh~m receipt requested. to I.ender ~ adJretc stated herein or to
~ ~uch other addresS as l_ender may de~iqnate hy n~~tire ti. Borrower as pmcided herein. Any notice provided for in this
= Mortgage shall bc deemed to ha~c hecn g~~~cq t.~ Bt?rrow~cr ur Lcnder when g~ven in the manner decignated herein.
i 15. Uniform MorlRa~r, Gm~ernin~ IaN; Se~erabilih•. Thi~ form of mortgage combines imiform covenant~ for national
I use and non-uniform covenan~~ with limited variati~,ns h~~ juri~J~ction to rnnstitute a uniform security instrument covering
real properry. 'Tliis Mortgage shall tk governed ht• the laK~ of the jurisdicti~?n in which the Property is lcxated. In the
~ event that any provision or clau~e of thi~ M~rtg~ee ~~r the N~~te conflictc w~ith applicahle law•, such conflict shall not affect .
z other pmvision, of ~hi~ Mortgage or the Nate K•hirh r~n t+e gi~~en efiect witho~et the conflicting pm~•icion, and to this
~ end the provisions of thc Morigagc and thc ~~~Ie arc ~I~Yl~red to be scverable. '
~ 16. Borrower's Copy. Borroaer ~hall tx furni~hed a rnnformed cop~ of the Notc aod of thi~ Mortgage at the time
~ of execution or af~er recordation hereof.
17. Transfer of the Propertv; Accumption. If ali ~•r any part of the Pmperty or an interest thcrein is sold or transferred
~ by Borrower without I.endei s prior wrincn concen~. e~cluding (al the creation of a lien or encumbrance suborJ~nate to
~ this Mortgage. Ibl the creat~on of a p«rch~.~- m~~nr~• ~ecurit~• mterest f~r householJ appliances, Icl a Iransfer h}• devise.
~ descent or hy operation of law upon ~he Jeath of a j~ant tenant c•r (d~ the grant of any Ieasehold interest of threc ~•ears o~ lecs
~
not containing an option to purchase. Lender may~. :~t I.ender't option, declare all the sums secured hy this MnNgage to 1+e
imme~iatel~• due and pa}'able. I.ender thal! h:?vc H:u.rd cuch opt~on to accelerate if. prior to the eale or transfer. Lender
and tne F+erscin to whom the Propen~• i. a~ tx .~IJ ~.r ~rantferred reacb agreemem in writing that the credit rf ~uch per«~n
ic satisfactory• to Lender and that the interr.t pa~able ~~n the sums secured hy thi~ Mortgage zhal) be at such rate ac l.ender
shall request. If l.ender has waived the option to accelerate provided in thic paragraph 17, and if Borrower'> >uccessor in
interest has executed a written assumption agreement acce~ted in writing hy l.ender. I.ender chall releace Borrovver from all
~ obiigateons under this Mortgage and !hc Notc.
~ If I.ender exercises such option t~ accelerate. LenJer thall mail Borrower notice of acceleration in accord:~nc~• nh
~ paragraph !4 hereof. Such notice shall provide a period of not les~ than 30 dayc from ihe date the notice is mailed Within
~ which Borrower may pay the sums declared doe. If Borrower fails to pay such sumc prior to the expiration of such pen~xl,
Lcnder may. without further notice or dcmand on Rormwer, invokc any rcmedies permitted hy paragraph 1R hcrcof.
s No!v-UNiFORnt CoveNAr+rs. Borrower and 1_ender further covenant and agree as follows:
18. Acceleration; Remcdks. Except as pmvWcd ia para~raph 17 hereof. npoa Borrowe~'s breach of any covenant o~
agreement of Borrower in t6is Mortg~e. including the corenants fo pay ~+hen due any snms secund by this MorlRa~e, I.ender
prior to accele~tioo sball mail notice to Borrov.er is prorided in para6rsph 14 he~eof specityiuS: (1) the bresch: 121 the action
~ required to enre such breach; (3) s date. not less than 30 days from the date tl~e notke k mailed to Qomower, by which such
~ breach must be cnred; and (4) that tailure b cure such breach oa or beforc tbe d~te specificd in Ihe notice may result in
accekration oE t6e sums securcd br Ihis Mortga~e. toreclosurc by judicid proceedin~ and sak of tbe Propcrty. The ndice
t;
~ shall further inform Borrower of the rq~ht to reinstate after sccekratioe and the right to atsert io the Eoreclosure pmc
the aon-ex~slence of a defank or any other detense of Borrower to acceleration aod foreclosure• If the breach is not cured on
or before the dste specified in tbe notice. i.ender at l.rnder's option may declue sq of the soms secered by this Mortga~;e to 6e
~ immediately due and psyable w~ithout furlher demand and may forcclost t6ts Mort~a6e by judicid proceedinR. i.ender chall
,4 1
be eotitkd to colket in suc6 proceedi~ aN expenses ~~f forcclosurc. includioa. bat eot timited to. reasonabk atlnrni•:'s fees. ~
~ and costs of ~wc~roentary evideoce. abstrscts and Iitk rcports.
~ 19. Borro~+e~'s RfRht fo Reiastste. NMv?•ith~land~ng I.ender s accekration of the sums xcured by th~~ M.~rtgage,
~ Berrower shall have the right to have any proce~d~ngti hegun ~y 1_ender to enforce Ihis Mortgaqe discontinued at an} f~me 1
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