HomeMy WebLinkAbout1019 _ Lender's written agn.~ement or applirabb law. Borrowe~ shali pay the amount of all mortgage insurance premiumi io the
manner provide~f under paragnph 2 hereot. '
Any amounts disbursed by l~nder pursuant to lhis paragraph 9, wilh inte~est thercon, shal) become addiCronal
indebtedness af Borrowcr securod by Ihis Mortgage. Unlecs Borfdwer and l.enJer agrec ta other ternu of payment. such
amamts shall be payabk upcui ~ticc f~om I.endet to Borrower rcquesti~g paymcM thcrcoi. and ~hall t~ear intercst from the
date of disbursement at the rste ~yahk from time ta time cx~ outslanding principal under the Note unlcss psymeot of
interest at such nte would be conlrarv ta applicable law, in which event such amounts shall f+ear interest at the hiahest rata
permiuibk under applicabk law. Nathing rnnlained in this paragraph ? shall rcquire I_ende~ to incur any expense or talce
any action hereunder. .
S. laspeetio~. 1.ender may makc or rausc to be made reasonablc eotriec u~+on and inspections of the Property, provided
that l.ende~ shall give Borr~wer notice prior to a~y such inspection specifying rrasonabk cause therefor rclated to Lmder's
interest in the Propeny.
9. Cademaatba. The proceedc of any award ar claim for damages, direct or consequential, i~ conncction with any
condemoation or other taking of the Property, or part therrnf, ar for conveyance in lieu ot condemnatio~, are her+eby assigned
a~d s:~all bc paid to I~nder.
in the event of a total taking of the Pmperry, the prckeeds ahall tx applieJ to the sums sec?~rcd by this Mo~tgage.
with the excess, if any, paid to Borrowcr. in the cvcnt of a partial taking af the Property, unless Borrower and Le~der
otherwise agree in writinR. there shall be applitd to ~he sums secureJ by thic MoNgage such proporticx~ of ~he proceeds
as is equal to that proportion v?•hich the amount ot the sumc tiecured hy this Mortgage immediately prior to the date of
faking bears to the fair market valuc of the Pmpcny immcdiatety prior to the Jate o( taking, with the balance of the proceeds
paid to Borrowcr.
If the Property is at~andoneJ by Bor~ower. or if. after notice hy l.ender to Bormwer that the condemnor otfera to make
an award .~r settle a claim for d~mages. B~~rrower fail. to res~nnd to l.ender within 30 days after the date such notice is
mailed. Lender ic authorized ta collect and appl~ the proceedc, at I.ender i ~ption, either to restoration or rtpair of the
Property or to the sumc sccured M• this Mort~aee_
Unless l.ender and Borrower otherw•i~ agree in ~rihne. any such applica~ion of prcxxtds to principal shail not extend
or p~ist~ne the due date of thc manlhly instrllmcnts rcferrcd to in paragraphs 1 and 2 hereof or change the amount of
such installments_
10. Borrower Nol Released. f:rtension of the time for payment oi modificatian of amortization of the suma secured
by this btortgage granted by LenJer tc. am~ cucce~cor in interrct af Borrower ahall not ope~ate ta rekase. in any manner,
the liability of the original Borrower and liorrowcr't succescors in interest_ Lender shall not be required to commence
prc~ceedings against such sutt-essor or refucc to ertenJ time for payment or otherv?•ice mc~dify amortizaUon of thr ~ums
secured hy tbis Mortgage by reason of an}• demand msde b~• ~he ~rieinal Borr~?w~er and A~rrower s succesa~rc in interect.
11. Forbearanee by I.ender riot a Wai~•er. An}• f~rhearancr b~~ Lrnder in e~ercising am right or remedy hereuncler, ar
othenvise affarded by applicable law. chall not be a waiver of ~r preclude ~he exercise of any such right or remedy.
The procurement of insurance or the payment of tarec or otF~er lieos .~r chargec hy I.ender shall not he a w•aiver of Lender's
right to accelerate the mawrity of the indehtednecs cerurcd hy thi~ Mortgage.
12. Remedies Cumulathe. All remcdics prm•ided in thie Mortgagc arc distirnt and cumulative to any other right or
rcmedy under this Mortgage or afforded by law or equity, and may be exercixed concurrently, independenUy or sur_essively.
~ 13. Seccessors and Assi~os Bound; .]oint aad Sereral l.iability; Captbns. The covenants and agrcemen's herein
contained shall bind, and the rights hercunder shall inure to. the recpective succesu~rc and assigns of I_ender ac?d Bor~ower.
subject to the provisions o( paragraph 17 hereof. All rnvcnants anJ agreements of Borrou~er shall he jniry and several.
The captions and headingc of the paraeraphc ~f thi~ MonRage are !or conve~~ence only and are not to he ased to
interpret or define the provisionc herrnL
14. Notiee. $xcept for any notice rcyuired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgaee chall he given hy mailing such notice by certified mail addresud to Borrower at
the Propetiy Address or at such u~hcr addrc« as Rurr„acr mac de~ignatc b~~ noti~c to i.ender as provided hercin. and
i (b) any notice to Lender shall he given hvi certificd mail. rctum receipt requested. to 1 eneier's adJress stated herein or to
cuch other address as Lender may de~ienate b~~ m.tice t~• BorroWer as pro~ided herein. Any noticc provided for in this
~ Mortgage shall be deemed to h•r~~c hecn c~••cn to Borr~~~cr ar l.cnder when given in the manner de~ignaled herein.
' IS. Uniform MoARa~r, Governin~ i.aN; Se~~erabilih•. This form of mortgage rnmbines uniform covenants for national
f use and non-uniform covenamc w•ith limited variationc M• juriuliction to canstitute a uniform security instrument covering
~ rea) propeny. This Mor~gage shall t?e governed h~• the law- c?f the jurisJicti~n irt which the Property is located. in the
~ event ~hal any provision or clauce of thic lllortg~ee ~~r the N~,te conflicts vrilh applicable law. such conflict shall not affect
other provisions of this Mortgage or the Nutr which can he s~ven efTect withoiit the eonflicting pmvicion, and to this
~ end the provisions of thc Mortgage and the No~c arc Jcrlarcd t~. he severable.
16. Borrower's Copy. Borrow•er shall fx turni.hed a a•nformed cop} o( thc Note and of thi~ Mortgage at the time
~ of execution or after recorda~ion hereof.
~ 17. Tr~nsfer of the Property: Accumption. t( al1 or an~ part of the Property or an interect therein is s~ld or trancferred
~ by Borrower without Lender's prior writ?cn .uncent. e~cluding lal the creation of a lien or encumbrance suborJinate to
this Mortgage. (bl tht creat~on of a pur~hati mnnevi cerurit~-~mterest f~r'household appliances. (cl a tran~fer h~~ devise.
~ descent or by operation of law• upon the death of a i~~mt tenant ~r (d? the grant of an)' leasehold interest of three }~carc or iess
~ not containing an option to purchase. I_ender ma}-. at I_rnder'~ option. declare all the ~ums secured M• this Mortgage to lie
~ immediately due and payable. I.ender ~hall ha.c W;u.~rd wch option to accelerate if. prior to the .ale or transfe~. I.enJer
~ anJ Ihe person lo whom ~he Proper~y i. i.. b. ..~i.l ~.r transferred reach agreement in writing that tFn: credit , f~uch percon
is satisfactory to LenJer and tha~ the interr.t pa)~able on the sumti ucured by thic Morigage shall be at such rate a~ l.cnder
~ shall rcquest. If l.ender has waived the option ro accelerate provided in this paragraph 17, and if Bc?rrower'~ tiuccetsor in
~ interest has executed a written assumption agreement accepted in writing by I.ender, l.ender thall releace Borrower from all
obligations under ihis Mortgage and the Note.
~ If I_ender exercises such option t~ accelera~e. LenJer ~hall mail Bc~rrower notice nf accP~eratinr~ in accnrdanc~ ~+hh
~ paragraph 14 hereof. Such notice ~h:+ll provide a peri~xl ot not les~ than 30 dayc from ~he date the notice is mailed v?ith~n
which Borrower may pay the sums declared due. lf Borrower failc to pay such sums prior to the expiratian of tuch (~en~x1.
~ Lender may, without further notice or ciemand on Borrow~e~, invoke any remedies permit~ed hy paragraph 1R hcreof.
~ NoN-UN~FORM CoveN~NTS. Borrower and l.ender further covenant and agree as follows:
~ 18. Accekratiea; Remedies. Excep as pmrided in ps~~sph 17 hereof. opon Eomowec's breac6 oi sey coveoawt or
~ agreemeet of Borro~+er in tbis Mortgsge. includi~ ~he cosensats to psy wben due any sams secured by thjs MortRage. t.ender
a prior lo scceleration shaq mail notke to Borrower u provided in parasraph 14 hereof specffyi~: (1) tbe breacb: (21 the action
~ requlred to care soeb bnsch; (3) s dHe, not ksa than 30 days trom the dale the aotke is a~ailed to Borrower. by xhic6 such
~ breacb m~st be rored; sod (4) thsf failure to cure snch breach oa or before Ihe date specibed in the notice msv recuN in
~ accekration of tbe snms secnred by this Mortgaq~e. to~eclown by jndkial proceedin~ snd sale of the Property. 7be notke i
~ shall turther iaform Borrowcr of tae rq~ht to reiastste afte~ accckrstion and Il~e ri~h1 to ssseri in t6e foreclosnrc proceedi~
~ the aon-existence of s defs~lt or any other defense of Borrower to accekrstion and forecbwn. tt tbe breach is oot cend on
~ or before the date specified ia tbe notice. I.ender at I.ender's optan may declare s8 of tbe sams secnred by this MortRa?e to be
~ immediately due snd paysbk aithont fa~ther demand ~nd may forccbst this Mort~a6e by judkW proceedin~. I.endrr chall
~ be eatitled to collect in soci proceedi~ sN e:penses of foreclosurc~ includin~. bnt aot limited to. rcasonabk att~xnr~'s fees,
and costs of wrc~~sentary eridenee. abstrsc~s snd litk reports.
19. dorrowe~'t Ri661 lo Re~ustate. Notvrithctand~ng Lender's acceteration of the sums securcd by th~• Mortgage,
u
~ Borrower shali have the right to have any procecding~ Ix~un ~y I.ender to en(orce this Mortgaqe discontinued ~t an}~ time
~ f'~~~. i~,1; ~
: 311 ~ 1018 ;