HomeMy WebLinkAbout0965 agrameot or applicable law. BorraNer shaq pay the amount o[ all mor~qage insurance premiums in the ma~ner provided .
under paragraph 2 hereot.
Any amounts disbursed by Lender punuant to this paragraph 7, with intcrat thereon, shall become additional in-
debtcdness o[ Borrower secureci by ~his ~tortgage. Unleu Borrower and Lender a~ee to other terms ot pa~~ment, such
amounts shall be payable upon no[ice [rom Lender to Aorrow~cr requating pa~-ment thereof, and shall bear intcrest from '
che date o[ dubursement at the racc payable [rom time to time oi~ outstanding principal under ihe Note u~iless payment
of interest at sech rate would be contrary to applicable taw, in which erent such amounts shall bear incerest at the highat
rate permissible undtr applicable law. I~othing contained in this paragraph 7 shall require l.ender to incur any expense or
take any action hereunder.
8. Inspettioa. Lendet may make or cause to be made reasonable entties upon and inspections oE the Property. pro-
~•ided that Lender shall give Borrower notice prior to any such inspectiot~ specitying reasonable cause therefor related to
I.ender s interest in the Property. •
9. Condemnation. The praeeds oE any aNard or claim for damages, direct or consequential, in connection with any
condem~ation or other takinq of che Property. or parc thereof, or tor com~ey~ance io lieu of condemnation, are hereby as-
~igned and shall be paid to Lender.
ln the event of a total taking ot tht Property, the proceeds shall be applied to the sums xcured by this \iortgage,
with the excess, if any, paid to BorroMer. in the e~~ent ot a partia! taking o( the Property, unless Borrower and I.rnder ,
othenvix aRree in writing, thece shall be applied to the sums secured by this \tortqage such praportian o[ the proceeds .
a; is equal to that proportion which the amount o[ the sums stcured by this ~lortgage immecliately prior to the date of
takiiig bran to the tair warket value o[ the Property immcdiately prior to the date of taking, with the balance o[ the pro- .
ceeds paid to Borrower.
I( the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor o[[ers to
make an award or settte a claim tor damages, Borrower fails to respond to I.ender within 30 da~~s a[ter the date such notice
is mailed. I.ender is authorized to collect and apply the proceeds, at Lender's option, eithet to restoration or repair o[ the ~
Property or to the sums secured by chis \(ortgage. .
Unless Lender and Borrower oehetwise agree in writiog, any such application of proceeds to principal shall not extend
~?r postpone the due date of the monthly installments re[erred to in paraqraphs 1 and 2 hereof or chanRe the amount of ~
such installments.
10. Borrower Not Relea~ed. Extension of the time for pa~~ment or modification of amorti:ation of [he sums secured . .
by this ~tortqage granted by Lender to any successor in inttrest of Borrower shall not operate to release, in any mannet,
the liabilit~• of the oriqinaT Bonower and BorroM•ers successor~ in interest. Lender shall not be required to commence ~
proceedinqs against such successor or re(use to extend time for pa~~nent or othe?~vise modity amortiiatian of the sums se-
cured by this ~iortqap,e by re~as~nn of an~ demand made by the oriRinal Borrower and Borrower s successors in interest.
11, Forbeannce by Lender Not a Wai~er. Any torbearance bv Ixnder in erercising any right or remedy hereunder,
or oehrtNise alforded by applicable law, shall not be a waiver o( or predude the exercise of any such right or maeedy. The
procurement ~f insurance or che pa~Tnent o[ taxes or other liens or charRes by Lender chall not be a Nai~•er of Lender's
riRht to accelerate ehe maturity o( the indebteciness secured by this ~iortgaRe.
12. Remedies Cumulacive. rVl remedies provided in this ~tortRaRe are distincc ai~d cumulati~~e to anc other ri~ht or
remctih• under this \fore~ap,e or a[fordect b) law or rquicy, and may br ezercised concurreutly, independentl~• or successi~ely. `
13. Succeasora and Astigns Bound; Joint and Several Liability; Captions. 'I'he cocenants and agreements hetein
contained shall bind, and the tiRhts herew~der shall inure to, the respecti~•e ~ucce.ssurs ane) assigns o( Le+~der and AorroNer,
subject to the pro~•isioos oE ParaRraph 17 hereof. :lll co~enancs and a~,?reements of Borro~er shall be joint and seceral. The
captions a~?d headings of the paraRraphs o[ this ~tortgage are (or com•enicnce onh~ and arc not to be used to ineerpret or
deiine the provisions hereof. ~
l4. Notict. Except for any notice required under applicable law to be ~iven in anoeher manner. (a) any notice to 3
Bonower pro~•ided for in this i(ortgage shaU be qi~•en bv mailin~; sach notice br certiteed mai! addressed to BorroNer at
the Propcrty :tddress or at such other address as $orrower ma~~ desiRnate b~~ notice to I.cnder as pro~~iciecl hcrein, and (b)
anv notice to Lendet shall be gi~-en by certiiied mail, remrn receipt requesteci, to Lendrr's address stated herein or eo such -
other address as I.ender may designate by notice to $orrawet as pro~~ided herein. Any notice Pro~•ided for in this ~Iortp,aRe
shall be deemed to ha~•e been gi~~en to Borrowcr or Lender Nhen giren in tne manner designated herein.
t5. Uniform Hiortgage; Governing I.aw; Sererability. This form o( moztgage combines uniform covena~~u tor na-
iional use and non-uniform cocenants with limited ~•ariations by jurisdiction to constitute a unitorm securit~• instrument
co~•erinq real proPerty. This~~(ongage shap be go~•erned by the law of the jurisdiction in Nhich the Propert~~ is Iocated.
In [he e~-ene that any pro~•ision or dause of this \(ortRaRe or et~e :~ote conflices Mieh applicable IaN•, such con(lict shall not
affect other provisions of this ~fortRage or the \'ote Hhich can be Ri.•en ef(ect w•ithout the con(IictinR pro~•ision, and to
this end the pro~~isions ot the ~tortRaqe and thc \ote are dedared to be severable.
16. Bosrower's Copy. Bonoher shall be turnished a cnnformed copy ot the lote and of this ~tortRape at the time
of execution or after recordaeion hereot.
19. Tnnsfer oE the Propertv: Assumption. If all or an~• part of the Property or an interest therein is sold or trans
(erred by $orror.er without Lender's prior written consenc, euctudinR (a) the creation ot a lien or encumbrance subordinate
to this ~(ortRaRe, (b) the creation of a pnrcha~e monr~~ securin- iu~ere~t for household apPliances. (c) a transfer b~• de~~ise,
dcxenc or by operation o( law upon the death ot a joint ~enant or (d) ehe Rrant of an}~ leasehold intere~t ot three years or
less not containing an oPtion to purchase, Lender may, at Lender's option, dedare aIl the sums secured b~ tf~i~ \fottr{aRe to
be immediately due and payable. Lender shail ha~~e ~aived such option to accelerate i(, pri~r to the sale or transfer, Lender
and the person to whom the Properey is to be sold or transferred reach aRreement in hriting that the credic of such person
is satis(actory to Lender and that the interest pa~~able on the sums secured by this ~tort~a~e shall be at such rate as Lender
shal! request. If Lender has Maived the option to accelerate pro~~ided in this paraRraph 1i, and if Borrower's successor in
interest has executed a written auumption aRreement accePted en xtitinR by Lender, Lender shall release Rorrower trom
a!1 obligations under this \iortgage and the :~ote.
IE Lender exerci~es such optian to accelerate. Lender shall mail BorcoNer notice of acceleration in accordance with
paragraph 14 hereof_ Such notice shall procide a per~od of not less than 30 daqs from the date the notice is mailed within
which BortoMer may pay tlie sums declared due. I( Borrower fails to pa~ such sums prior to the expiration of such period.
Lender may. wiehout further notice or demand on Borrower, in~•oke an} remedies permitted by para~raph 18 hereot.
Nox-Ur~FOR~t CovExw:v-rs. Borrower and Lender further co~•enant and agree as [ollo~rs:
IS. Acceleration; Remedia. Faccept as provided in pangraph 17 hereof. upon Borrower's breach of any covenant or
agrcement o[ Borrower in this Nortgage. induding the cmenants to pay when due any sums securecl by thia ~fortgage.
Leader prior to acceleraeion shall mail notice ro Borrower as pro~ided in paragraph 14 hereof sptcifyinR: (1) the brrach;
(2j t!u ution rrquircd to ture wch brtach; (3) a date, not kss than 30 days from the date the notice is mailed to Borrower,
by which wc6 breach must be cured; and (4) that failure to cure such breach on or before the drte specitied in iht notice may
ruule in accelentioa of the wms secured by this \lortgage. foreclowre by judicial proceeding and sa(e o( the Propertp. The
notice shall turther iniorm Borrower of the righ~ to reinstate atcer aocelention and the right to asurt in the foreclasare
proceeding the oon-exittence ot a default or ~ny other dHense of Botrower to acceleration and foreclosure. If the brach u
not nued on or before the date speci(ied in [he notice, I,ender ai Lendet's option may dedare all of the sums setured by this
Martgage to be immediatel' due and payaAle without further demand and mar fortclose this Mort~;e bv judicial proceod-
ing. Lender shatt be entitied to collect in wch proceeding aU eacpenses of loreclosurq including, but not limited to, reasoa-
abk attorney's tees, and cos~s oi documenury- e.~idence, aburacts and tiUe re}wrts.
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