HomeMy WebLinkAbout2767 I.endc~ i written a~eeemenl or applirable law. Bc~rrower shall pay the amnunt of all mottgage insurance prcmiums in the
manner pravided under paragraph 2 hereof. -
Any amounts disbursed by l.ender purcuant Io this par•rgraph 7, wi~h inte~ct thereon, shafl 1+ecome additianal
inJebtedness of Borrawe~ securcd by this Mangage. Unlecc Borrower and l.en.ler :,gn.~e to other tertns of pavm~nt. such
ama~nts shall be payabk up~~o no~ice from I.ende~ ~o Borr~wer requecling payment thercof, and shall tnar interest from the
date of disbunement st the rate payable (rom time to time on outstanding principal under the Note unlecc payme~t of
interest at such rate would be conirary ~o applicable law. in which even~ cuch amounts ~hall I~c:ar interest at the highat rate
penniuibk uocie~ applicable law. Nothing cantained in Ihis paragraph 7 zhall require I.ender to incur any expense o~ take
any action hereunder.
8. IsspeeNoa, l.ender may make o~ cause to be made ~eaconahle eo~riec up.~n a~d incpeciionc of the Propeny, provided
that i.ender shall give Borrower notice priar ta any cuch inspecti~n cpecifyi~g reasonable cause therefor related ta l.ende~'s
interest in the Property.
9. Condemnafbn. The proceedc of anp av?•ard or claim for damaees, direct or r~n~equenlial, in connection with any
condemnation or other taking of tht Property, or pan lhetrot. ~r for conveyanre in lieu ~~t c~ndemnation, arr herehy ascigned
and shall !u paid ta I_eoder.
lo Ihe event of a tatal Iaking of the Propeny. the proreeds chal) hr applie:l to ihe cumc secured by thic Mortgage.
with the ercess, it any. paid to Borr.~wer. In thc evcnt of a partial taking ot thc ProperlY. unlesc B~rmwcr and I.ender
otherwiu agrce in writing, therc shall Ix appliod to ~he ~umc secured hy thi~ MurtKage ~uch •pm~rtion af the prc~ceeds
as ic equal to that proponian w~hich the amount of the sums cecured b~ thic Mortga~c immediatela~ prior the date of
taking bears to the fair market value of the Property im~udiately pri.~r to the date a( ~aking. w•ith the balance of the pmceeds
paid to Borrower.
1E the Prapeny is abandoned by Bc~rrower, or if. after notice by I ender to B~~rr~wer ~hat the condemnor oFfers to make
an awa~d or setNe a claim f~r damages. Borrower fails t~~ rn~x?nd to I.ender w•ithin ?(1 da~s after the date such notice is
mailed. Lender is suthorized to col(ect and apply ~he prc+ceeds, at 1_ender's c•ption. ~either to rectoration or repair af the
Properry or to the sums securcd hy this Mon~a~te.
Unlesc I.ender and Borrower otherwise agree in Nritinc_ am• su~h appli~ation ~f prekeedc to principal chall n~t extend
or pcxtpone the due date of the mcnthly installmcnts refcrrcd to in paragraphs I and ~ hercof or chan¢e the amount of
such installments.
10. dorrower Nat Rtleased. Er~ension of the time for pa~~ment or m~~dificat~on of :~m~~nization nf the sumc secured
by this Marigage granttd by Lender lo any ~uc:cessur in interect of Borrov?er ehall n~t o~erate to release. in any manner.
the liahility of the orieinal Bormwer and Bormw•ere succesc~rc in intere~i. i_ender th~l) not he reyuired to commence
proceedings against such successor ~r refuce to etitend time for payment or otherv?•i~r modif}• amorti~ation .•f the sums
cecured M• thic Mortgage hy reacc?n of any dem•rn.! made b~ the ~rieinal Rorr~wer and B~rroa•er's cuccestorc in interect.
11. Forbearaace by I.eader NM a Wai~•er. :~nv f~~rhearance M~ Lrndcr in c~ercicing am• rigbt or rcmedy hcreundcr, or
otherwise aBordai by applicable law. shall n~•t he a waiver of c?r preclude the exercise of am• ~uch right or remedy.
The procorement of insurance or the pavment of taYCC or other liens cx charge~ by I_ender chall not he a waiver of l.enders
right to accele~ate the maturity af the indeMedne., krurcd h~• thi~ Mortga~e.
12. Remtdies Cnmulati~e. All remediec prmided in thic Mortgage arc distinct and cumulativc te? any other right or
remeily under this Mortgage ar afforded hy-law ~~r eyuity_ and ma~• he ererc~u+l concurrently. independenth•.or succecsivel~•.
13. Saccessors and Assi~as Bound; ]oinl ~nd Sereral i.iability: fapNons. The covenaMs and ag~eements herein
containeJ shall bind, and the ri}thtt hereunder shall inure to, ~he r~cpecti~e succe«<~rc and as~ignc of I.ender and Borrower.
subject ta the pravisionc of paragraph 17 herrof. All rnvenants anJ agreementc ~.f Borro~?•er sh~ll he joint and aeveral.
The captions anJ headings of the paragraph< <~f thic M~~rtg:,ge are for cnnveni~ncr only and are n~~t to tx: used to
interpret or de6ne the provicions hereof.
14. Notke. Except for any notice rcyuirrd under applir:ihle law t.• F+c gi~•en in anuther manncr. (al an~~ notice to
Borrower-provided for in this Mortgage shall he given h~• nzailing such notice h~ certified mail addresced ~o Bormwer at
' the Pmperty Addrets or at such wher addre.. a~ R~.rmw•er ma~• de~ignatc b~• notice t~? 1 ender as pr.~vided herein. and
(b} am• notice to I_ender shall ~x: given h~~ ceriified mail, retum receipt requzttrJ. 1 enJer', adJre~. stated herein ~~r to
cueh other addresc as I_ender ma~• deci¢nate M nc?tice t~, Rorr~~wer as pm.•~ded herc~n. .4n}• notice provided fnr in this
I' Mortgage shrll he deemed to have been ~tivcn ~o Bc~rr..wcr ur ! ender when givrn in thc manner detignated herein.
:;,15. Uniform MortRa~e; Governin~ Iaw; Se.•erabilit}•. Thi, form ot mortcagc ~~mfiines imiform r~~venants for national
~ use and non-uniform coven~nts with limited variationc b~• juri~~licti~~n ta constitnte a uniform secunt~• instrument covering
real propert}'. Thic Mortgage shall be Roverned h~• the law nf the juri~diction in whirh the Property i~ located. 1n the
~ event that any provision or clause of thic Mortgaee ~~r the I~ute rnnflict. ~ith applicahle Is~•. such conflict shall not affect
o~her pm~•isionc of Ihis Mortgage or the N~te which can tx grven eHert with~~ut the conflicting prm•i~ion. and to this
~ end the provicions of the ylortgage and the Note arc .kclared t~.'he severahle.
~ 16. Bormrrer's Cop~•. 8orrower shall be furnitihed a conformed copy of thr ~iote an.l ~f thic Mortgage at the time
~ of execution or after recordation hereof.
~ 17. Transfer of tbe Propertw Assumption. If all ar am• part of Ihe Pr~~perty or an interest therein ic s~id or trancferred
by Borrower without Lende~ s prior written consent. e!ccluding lal the creation of a lirn or encumbrance suhordinate to
this Mortgage. (b) the creation af a purehrce money ~ecuritc mterest for householJ appliancec. (e) a ~rancfer M• devise.
descent or hy operation of law~ upon the death o( a joint tcnant or ld~ the grant of an}• leaschold interest of three ~•~ars or less
~ not containing an option to purchase. I.ender ma}~. ~t l.cnder'c ~~pti~~n. declare atl th~ sums secured h~~ this Alortgage t~ be
~ immediatel~~ due and payable. 1_ender shall ha~•e waived ~uch ~~ption te+ accelerate i(, prior to the .ale or transfer, Ixn.ler
and the peru.n Yo wham the Pmperty i~ to he sol~l or trancfcrred reach rgreement ~n w•riting th~t the credit of ~uch person
~ is satisfacton• to I.ender and that the interc~t pa~~able nn the sum~ ~ecured hr thic Mortgage ~hall be at such rate ac Lender
~ shall request. If i.ender has waivecf the opti~n ~c? accelerate provided in this paragraph 17. and if Borrower's successor in
~ inlerest ha~ executed a written assump~ion agreement accepted in wri~ing bJ• LenJer. I.ender shall releace Borrower from all
~ obligations unJer this Mortgage and the Note_
~ if I.ender exercises such option t~ accelera~r. I enJcr .hall mail Aorrouer notice .•f acceleratian in accordance with
f paragraph 14 hercof_ Such notice thall provide a F+eriod ~.f not less than ~(1 da)'s from ihe date the notice is mailed within
; which B~rmvrer ma}• pay the sumx declareJ duc. I( Rorro~rr fa~lc to pa) sunc ~iims pri~~r t~ the expiration ~~f cuch periud.
Lender ma~~, without further natice or demand ~~n H~~r.~wer. im•c.ke an~ remedies permhted h}• paragraph I R hereof.
i NoN-UNtFOR+t Covetv~NTS. Borrower and l.endet further covenant and agree as follows:
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F 18. Accekntioo; Remedks. Escep as providcd in paraRrapb 1'f hereof. upon Borrower's breach of aay covenant or
~ agreement of sorrower in this Mort~a~e. iacludinR Ihe co~ensMs to pay when due any snrns secured by this Mort~age. Lender
~ prior to accekratioo shall mail aotke to Borrowe~ as provided in parsRraph 14 hereof specifying: (1) tbe breach; (2) t6e action
~ required to care socb breacb; (3) a date. not ksa than 30 days from t6e dste the notice is mailcd to eorrower. by wbkh such
~ breach mwt be cored; snd (4) that failure to cure soch breach on or before tbe date speci6ed ia the notke msy resdt ia
~ sccderstba of t6e soms secured by tbis Mortgage. toreclosure by judicial proceediu~ and sale of the Property. 'IUe notke
` sbaq furtber infona dorrower of the ri~bt to ninstate atler sccekratbn sad tl~e riabt to asseA in the foreclowre proceedfnq
~ tLe nos-existence of a defaok or aay other defense of Sorrower to acceleration and foreclosnre. If the breach is oot cured oa
or before the date specified in the notice. Lendcr at i.ende~'s optbn msy declue all of tbe snnes xc~red by this Mottaa~e fo 6e
~ imo~ediatdy dne aad payabk witbout furlher demand and msy forecbse thb Morq~s~e by judkW proceedlu=. Leader s6a11
~ be wtided to cdlect ia snc6 proceedin~ aH e:penses of fonclosnrr. includir~. but not limited to. reawnsbk dtoroey's fees,
~d costs of ducumentary erWeace, s6strscts and titk rrports.
~ 19. ~orro~+ers Ri~bt to Reimtate. Notwithstanding Lender's acceleration of the sums xcurcd by this Mortgage.
Borrower shall have the right to have any proceedingc hegun by Lender to enforce this Mortgage discontinued at any time
s URn
- 3~^1 J~1 PACE~765
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