HomeMy WebLinkAbout0393 l.ender's written abr~emcnt or applicabk Ipw. Borrower shall pay the amount ot all mohgage insurance premiums in the
manncr pravidcd undc~ parag~aph 2 heroof.
• Any amounts disbursed by l.enckr pursuant to tha pa~raph ~ 7, with interest thercon, shall become additwn.l
. in~kbiedness af Borrower secured by ~his Mong~ge. Unlecs BoROwer and t_ender agree to other tertns ot payment, such
amounts shall he payabk upon nMice f~om I.ender la BoRawcr rcquesting payme~t thercot, and shall bear interest from the
date af disbursement at thc ratc payahk from time to time on aitstanding principa) under the Note u~kss payme~t of
interest at such rate would be contrary 1o applicable law, in which event such amounts shall bear intetest at the highest rate
pcrmissibk u~der applicablc law. Nothing contained in this paragraph 7 shall require i_ende~ to incur any eapense or tske
any sction hcreunder.
8. taspectbo. 1_ender ma~r make or cause to be made reasonabk entries upon and inspections of the Property, provided
that I.e~der shall.~~v~.B~~p,wer noti~:e prior to a~y such inspection specilying reasanabk cause therefor rclated to Lender's
intcresl in the Propcirty. ~
9. Copdemastioa. The p~eedc of any award or claim for damaga. diroct or conuquential, in cannection with any
condemnation or otll~t taking o~ the Property. or pa~t thercof, or far conveyance in lieu of candemnation, are hereby assigned
and stiall be paid td l.ender. `
In ~he event af a ta~al taking of the Pmperty. 1he pnxeeds ahall bc applied to the sums securcd by this Mongage,
with the excess, if any, paid to Borr~wer. In thc event of a partial taking at the Property, unless Borrower and L.ender
otherwise agrce in writing. there shall be applied to the cums secured by this Mortgage such proporlion of the proceeds
as is equal to that proportio~ v?•hich Ihe amount ot the sumc secured by ihis M~rtgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is ahandoned by Bor:ower. or if. after notice by t.e~der to Bormwer that the condemnor oBers to make
an award or setNe a claim fo~ damag~~. Borrower faik to resaond to l.ender within 30 days after the dale such notice is
mailed. i.enJer ic authorized to collect and apply ~he procceds. at lxnder
s option, eiiher to restoration ar repair of the
Pro~rrty ar tn the sum~ cccured M• this Mortgage.
Unlesc I.ender and Borrow~er othenvice agree in ~•rit~ne. any such application of prcx~eeds to principa) shal) not ext~nd :
or p~xtp~~ne thc due date of thc monthly installmcnts refcrrcd ta in paragraphs 1 and 2 hereof or change the amount of °
such installm~nts.
10. Bonow~er Not Rekased. Extension of the time fo~ payment o~ modification of amartization of /he sums secured
by this Mortgage granted by l.enJer t~ any ~uccecsor in intercct of Borrawer shall not ope~ate to rclease. in any manner.
the liability of the original_ Boirower and Ac?rmwer's succesaxs in interest_ i_ender shall not be required to rnmmenre
pnx~teJings agrinst such succexsor or refuce to ertenJ time for payment or othervvice modify amortizat~on of ~hc wms
~erurrd by ~his Mortgage by reau~n ot any demanJ madr by the oricinal Borrower and B~.rrower s succescors in inlcrect.
I1. Forbearance by l.ender Not a Waiver. Am• (orhearan~r hy I.cnder in e~crcising any right or rcmedy hereunder, or
u~hervvise afiorded by applicahle law. sh~ll n~t be a waiver of or preclude the exercise of any such right or remedy.
The proc~~rement of insurance or the payment of ta~~'s or other liens or charges by I.ender shall not be a w•river of l.ender's
right to acceler~te the maturity of the indehtednecs ~curcd hy thic Mortgage.
12. Remedies Cumulathe. All remedies provided in thic Mortgage arc Jistinct and cumulative to any other right or
remeJy under this Mor~gage or afforded h~~ law or eyuity. :ind may be exerciceJ concurrently, independently or suc~-essively.
' 13. Successors aad Assi~as Boend:.loinl aad Sereral I.wM'11ty: Captbns. "Il~e coveoants and agreemen:s herein
cun~ained shall bind, and thc riRhts hereunder shall inure to. the mspective successort and assigns of I_ender aod Borrower.
subjrct iu tt~ N~~~vi;ions of paragraph 17 hereoL All covenants and agrc~ementc of Borrower shall be jniry and several.
'Il~e captions and headings of 1he paragrapha of ~hic Mortgage are for convenience only and are not to he used to
in~erpret or define thc provisions hercof_
14. Notice. Except for any notire reyuired under ~pplicable law to be given in another manner, (al any notice to
Borrow~er pmvided for in this Mortgaee tihall he given hy mailinR such notice by certified mail addressed to Bormwer at
th~ Pro~rty AJdress or a~ such other addres. as Borr~~v?•er ma~• designate by notice to 1_enJer as pruvided herein. and
Ibl any notice to Lender shall he gi~•rn hy certifieJ mail. re~um receipt requested_ to l.ender s address stated herein or to
wch o~her address as l.ender may deci¢nate by n~~tice t~• Borr~~wer as provideJ herein. Any notice provided for in this
~ Mortgage shall be deemed to havc t+ecn R~vcn to Bnrrowcr or Lendcr when givcn in the manner dc~cignated herein.
~ 15. Uniform 1?torl~~r. CorerninR I.aw~; Se~er~bilih~. Thic form of mortgage rnmbines uniform covenants for national -
use and non-uniform rocenan~e with IimiteJ variations b~• juris.fiction to constitute a uniform secority instrument covering
E real propeny. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. in the
~ e~ent ~hat any prmision or clauce uf thic I?inrtg:.ec ~~r ~he Nute rnnflicts with applicable lavK, such conflicl shall not afiect
other Provisions of lhis Mortgage or the Natr which can bc given efTect without the conflicting provicion. and to this
~ end the prrnisions of It~ Mortgagc and the No~e arc .krlared to he severable.
f 16. BoROwer's Copy. Borrower shall tn fi~rni~hed •r c~~nformed c~p}' of thc Notc and of this MorlRage at the time
~ of execution or after recordation hereof.
q 17. Trancfer of the Pmpertr: Aswmplion. If all or an}• part of the Property or an interest therein is sold or transferred
~ by Borrower wilho~t I.ender's prior wrinrn ~uns~:nt. r~cluding (al the creation of a lien or encumbrance suF?ordinate to
~ this Mortgage. (b) the creaUon of a purch~.a~ m~~nr~~ ~ecurily interest for household appliances. (c) a trancfer hy devise.
descent or by operation of law~ upon the Jcath i~f a jrnnt tenant or (dl the grant of any leasehold interest of Ihrec ycars or lecc .
~ n~~t containing an option to purchase. Cender may. :~t l.ender'c option, declare all the sums secured by this Morlgage to t~e
immcdiately due and payable. Lender shall h:,~•e wan~rd .uch option to accelerate if. prior to the ~ale or transfer, I.ender
~ and the person to whom the ProE?erty ic t~~ Ix :oIJ ar transfcrrcd reach agreement in writing that the credit ~f wch per~on
is satisfactory tn t_enJer and that the iMerr.t pa~•able on ~he sums se~-ured by this Mortgage shall be at such rate ac l.ender
~ shall request. If I.ender has w3ived the opiion to :+cceler:~te provided in this paragraph 17, and if Borrower's suceessor in
~ interest hac executed a written assump~ion agreement accepted io writing hy l.emler. Lender shall release Borrower from all
~ obligations under this Mortgage and thc Note.
if 1_ender exercises such op~ion tn accelerate, l.enJe~ chall mail Borrower notice of acceleration in acrnrdancr ~~h
paragraph 14 hereof_ Such notice chall provide a perioc! rf not les~ than 30 days from the date the natice is mailed within
~ which Bormw-er may pay the sums declared due. It Borrower fails to pay such sums prior to the eapiration of cuch peri~xl.
~ Lender may. without further nMicc or dcmand on Borrower. imokc any remedies permitted hy paragraph 1R hereof.
'r:
NoN-Utv~FOat~ CoveN~rtTS. Borrower and Lender futther covenant and agree u follows: -
5~ 18. Accelerataa; Remedks. E:cep as pmvided in psra~rsph 19 6treof+ apos Eor*'uwer's breach of any coveaant or
agreemeat of Borrower in thk Maigs~e. includi~ tbe coreasets to pay wbew doe aoy soros secured bp thls Mort~a~e. [.ender
- prior to acceleratioe shall mdl aoticc lo dorroner as ProvWed ia psra~rapM 14 Mereof specNyi~: (1) tbe bresch: (2) the action
~ requircd to cure suc6 breacb; (3) a dste, aot less than 3~ daps frow~ tbe date tbe notice. ~ a~ted to Eorrowcr, by which wch
breach must be cered: and (4) t6at failurc to cure sach breacb oa or before t~e date spec~ed in the notice may rccult in
sccekrat;on of t6e sna~s secured by th~s Mort~aRe. torecfosdre by jadicial proceediaR ~nd sale of tbe PropeNy. 'il~e notice j
shall furtber inform Borrawer of the ri~ht to reiRState after accekration and tLe ~ht to assert in tbe toncbsure proceedia~
~ t6e non-eaistence of a defank or aoy othe~ defense of Borrower to accelerstiou and forecbwre. If t6e bre~cb is oot cnred on ;
Y~ or before Ihe dste specified ia tbe notice. l.ender ~t I.ender's option msy declare aM of tbe sou~ secnred b~' thls Mort~a~:e fo be
ti-s immediately due and payabk without furtber dem:rod and msy forecbst tLk MortRa`e by jndicisl proeeediuR- Lender chall
~ be endNed to collect in s~c6 proceedi~ aN expenses of toreclosorr. iacl~dio~. bnt wot Wnifed to, reisonabk aunrne~'s fets.
and cosis of iwic~~entary evidenee. sbstrscts aad Iiik reports.
~ 19. Eomu~+e~'s Ri~bt to Rsinstste. Notwi~ht~anding i.ender s acceleration of the sums secured by thr M.~rtgage.
~ Borrower shall have the right to have any procerdmFs hegun ~y t.ender Io enforce this Mortgage discontinued .~t an~• time
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_ ` k 310 ~A~: 393