HomeMy WebLinkAbout0420 l.ender's written agrcement or applicable law. Borrowe~ shali pay tho amount o( .~i! mortgage insurance premiutnt in the
manr~er providcd unde~ paragraph 2 hereof.
Any• amounts disbursed by I.eoJcr pursuant to this paragraph 7, with intcrest thereon, shali become additional
inJebted~ess of Borrower secured by this Mongage. Unlecc Borrower anJ t_enJer agrce to other terms of payment, such
amounts shall bc payable upo~ noticc f~om I.ender to Borrvwcr rcques~ing paymcnt thcrcaf, and chall hear int~rest from the
date of disburseme~t at the rate payahlc from time ta timc an outstanding principal u~der thc Note unless Qayment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear inte~est at the highest rate
permissible under applirable law. Nothing cantained in thic paragraph 7 shall require i.ender to i~cur aoy expense or take
any action hereunder.
8. laspection, i.e~der may make or cause to be made reasanable entriec upon aod inspecti~~ns of Ihe Property, provided =
that l.ender shal) give Borrower ~cuire pri~~r to any such inspec~ion cpecifying reaso~abk cauu therefor related to Lenders '
interest in the Property.
9. Condemnatbn. The pmceed~ of any award or claim for damages, direct or consequantial, in connection with any
condemnation or other taking of the Property. or part Iherrnf, or !or conveyance in lieu of candemnation, are hereby assigned
and s.iall t?e paid to I.e~der.
l~i Ihe event of a tota) taking of 1M: Pmperly. thc pnxccds ahall he applied to the sums sccurcd by this Motigage,
with the excess, if any, paid to Bormwcr. In thc cvcnt of a partia) taking of the Praperty, unless E3orrower and I.ender
o~hervvice agree in writing. there shall be applied to the sums secured by this Mortgage such proportian of the proceeds -
~s is equal to that proportion w~hich thc amount of thc sumc ucurcd hy ~hic Mortgage immediately prior to the date of
taking bears to the tair market vah~c of the Pmpcrty immcdiatcl}~ prior to the Jale of taking, wilh the balance of the proceeds
paid to Borrower.
If the Propeny is ahandoned by Bor:o~•er. or if. after n~ticc hy i ender to Rorrow•er that the condemnor offen to make
an aw~rd or settle a claim for damage~. Borrower fa~l. t~~ r~~~nd to l.ender wilhin _l0 days after the date such notice is
mailed. I.enJer ic authorized to collect and appl}• the proc~~eds. at T.ender't ~ption, either ta restoration or repair of the
Propcrty or to the sum~ sccurcQ hy this Mortgaec. ~
Unles~ 1_ender and Bormw~er athervviu agre.:. in writine. any such application of prcxeedc to principal shall not extend
or po;tpone the due date of the monthh~ ins~allmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amount of
such installments. .
10. Borrower Nof Released. E~tcnaion of the time fur payment o~ modificatic.n of amortizati~n of the sum~ secured
by this Mortgage granted by l.ender am~ cucceecor in intrre~l of Rorrow~er ~hall not ope~ate !o rclease. in any manner.
the liability of the original Bormwer and Borrou~er'c surces~orrc in interest. Lender. shall not he rcquired to rnmmence ~
proceedings against such successor or rehi~e to e~tend time for payment or othen.•ice modify amorlizahon of thr ~ums
serured by thic Mortgage by reasem of am~ demand made b~• the ~~ri~inal Borrawer and Borrower s succeccare in imerett.
I l. Forbeannce by [.ender Not a Waiver. :1nc f~~rbearanrn c~ Lender in etercising an~• right or remedy hereunder. or
otherwise afiorded hy applicahle lav?. shall n~t he a. waiver of or preclude the errrcise of an}~ such right or remedy.
The procurement of insuranee or the payment of ta~ec c.r ~ther lien~ or charge~ hy l.ender shall not be a waiver of l.enders
right to accelerate the matarity of the indeMed~le~c cccurcd hy thia Mongage.
12. Remedies Cumulatt~e. All remedics prc~~•idcd in this Mortgage am distinct and rumulative to an~~ o~hcr right or
remedy under this Mortgage or afforded h~• laa c.r equit}•, and ma~• he e~ercised rnncurrentl~•, independently or suc.ecsi~•el}~. T
~ l3. Sueeessors and AssiRns Bound: ,]oint and Se~er~l l.iability; Captionc. The covenants and agreemen~s herein
contained shall hind, and the rights hercunder shall imuc to, the re~pecti~•e ~uccetsors and acsigns of I_ender ~d Borrower. _
subject to the provisionc of paragraph 17 hcrcof. All rn~~cnantc and agrecments of Borrow•er shall be j~~iry and tcveral.
The captions and heading~ of the paraeraph~ thia 1?iortgage are for convenienee only anJ are not to he oced to
interpret or define the provicion~ hercof.
14. Ndtice. Except for any no~ice rcyuired undrr applicable iaw~ to t?e given in another manner. !a) an~• notice to
Borrower pmvided for in thic Mortgaee thall be givcn hy mailinR such notice by rertified mai~ addresccd to Bormu•er at
the Property Address or at such o~her addrc~. ac R~•rn~w~er ma~• decignate b)~ notice to T.ender as provided herein, a~d -
(h) any notice to Lender shall he gi~•~n M~ certified mail. return receipt requested. to ( ender ~ address stated herein or to
; such other address as l.ender ma}' dcaignate h~• n~~ti~e t~• Bormw•er as provided herein. Anv noti,c pmvided for in this
k Mortgage shall be deemed to ha~c t?ccn ~~~~cn to f3c?rruwer or l rnder when given in thc manner dezignated herein.
; 15. Uniform Mort~aRr. Go~erninR l.a..: Se.~erability. Thiti form of mortgage combines uniform covenants [or national
use and non-uniform ro~~enan~c with limite~f variationa h~ j~iricdiction to constitute a uniform security instrument rnvering
~ real property~. Thic Mortgage shal) he governed h~• the lau of the juricdiction in which th~ Propert~~ is located. 1n the
~ event that any provision or clau~e of thi~ Mortg~er ~~r thc ?~~~te rnnflicts N•ith applicahle law, such conflict shall not affect
6 other provisions of thic Mortgage or thr N~~tc ahich ran tx gicen etTect withoi:t the conflicting provision. and to this
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~ end the prmisions of the Mortgage and the ti~,tc arr .Ieclsred to he severaMe.
~ 16. Borrowe~s Copy. Borrow•cr thall t+r furni.hcd a r~~nformed cop~ of thc Notc and of thi~ Mortgage at the time
; of execution ar after recordation hereof.
~ 17. Traasfer of the Propert~: Acsumption. If ali c~r an~ part of thc Propert~~ or an interest therein is sold or transferred
~ by Borrower without I_ender's prior v?•ritcrn ~on«nt. e~~luding (~l the creation of a lie~ ~r encumbrance ~ut?ordinate to
~ this Mortgage. Ib1 the creat~on of a purchak mnnr~ ,erurit~~ interest f~r household appliances. (c) a transfer h~• devise,
descent or by operation of law• upon the ~Ieath af a i~~~nt tcnant or (.f? the grant of any leacehold imerest c?f three cearc or lecs
~ not containing an option to purchase. Lender m~t~. ~t Lrnder'~ option. declare all the sums secured bv ~his Mortgage to he
g immediately due and payable. I.ender chall ha.r ~~:ucrd ~uch option to areelerate if. pri~r to the .ale or trancfer. I.ender
~ and the peru~n to whom the Pmperty i. a. Ix :~~hl ~•r tran~ferred reach agreement in writing that the credit ~•f wrh percon
~ is satisfactorp to i.ender and that thr iMCrc.t pa~ able ~.n the sums secured by this Mortgage shall be at such rate a~ l.rnder _
~ shall request. if l.ender has waived the option to acreleratr provided in ~his paragraph 17. and if Borrower'~ tiuccessa~ in
~ interest hac executed a written assump~ion agreement accepted in writing by Ixnder. I_ender shall releace Borrow•er from all
~ obligations unJer this Mortgage and the Nate.
If [.ender exercises such optic.n t~ acreierate. LenJer ~hall mail Borrower notice of acceleration in ace~rdan~r ~ih
~ paragraph 14 hereof. Such notice ~hall provide a periad of not Ics~ than i0 da}~c from the date the notice is mailed within
which Bormwer may pay the sums declared due. If Borrower failc to pay such sums prior to the c?cpirat~on of ~uch pen~xl.
: Lender may, without further noticc or dcmand on liorrowcr. invokc any~ remedies permitled hy paragraph IR hcrcof.
NoH-UtviFORt.t Cove~~tvrs. Borrower and I.ender funher covenant and agree as follows:
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18. Acceleratan; Remtdies. Except as provided in pa~raph 17 hereaf. npoa Borro~?e~'s bresch of any covenant or
agreement of Borrower in this Morfga~e. Includin~ the co~enants to pay when due any sums secured by tl~is Mort~age, i.ender
_ prior lo accelerstion shall mpil notice to Bonowe~ as pro~•ided in p~rasrapb 14 ht~tof specifyin~: (1) the bn~ch; 121 tbe aclion
nquired to cure suc6 breach; (3) a date. not less than 30 days from the dste tlrc notice is maikd to Borrower. by Mhich wch
~ breach must be cured: and (4) that failure to cure such breach on or before Ihe date speciBed in the notice may recult in
accekrs?Hon of t6e sums secured by this Mort~a~e. foreclosure by judicial proceedinS and sak of the Property. 'Ilie notice ;
shall further inform Borrower of the riRht to reinstate aftFr accekratan and the right lo asseA in the forecbsure proceedi~
the non-existence of a defauk or any Mher defe~e of Bonower to acceleration and foreclosure. If the brcxh is oot cured on
~ or before the dste speci6ed in the notice. I.ende~ a~ [.cnder's nption may declue all of ihe snms secored by this Mort~sr,e to be
immediately due and payabk without further demand and mav foreclose Ih~s Mo~a~e by judicid proceedinR. L~ndrr ch~l1
~ be endtled to coUect in such proceedir~ all e:penses o( foreclosurc. including. but aot limifed to. nasonsble art~,ror:'s fees.
~ and costs of wrc~~entary evidence. abstracts snd Iifle rcports.
19. Botm~+e~'s Ri~ht to Reinstste. No~w~ith~tandin~ I.ender s accelerat~on of the sums securcd by th~• Mortgage.
~ Borrower shall have the right to have any proce~d~ng. txEun ~y 1_ender to enforce this Mortgaqe discontinued ~t an}~ time
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