HomeMy WebLinkAbout0072 . Lender's written' aRreement or applicable law. Iiurcower shali pay the amount of all mortgage insurance premiums in the
manner providcd under paragraph 2 hereof.
Any amounts disbursed by I.enJer pursuant lo t~~s paragraph 7, with iotcrest thercon, shail became additional
indebtedness of Borrower secured hy ~hic Mortbage. Unlecs Borrawer and I.e~Jer agree ta olher tertns af payment. such
amounts shall be payabk upc~n n~tice from Le~der to Borrow~r rcquesting payment thercof, and shall bear interest from the
date of disbursement at the ratc payahlc from time to time an autslanding principal u~der the Note unless payment of
interest at such ~ate would be contrarv ~o applicable law, in which event such amounts shall hea~ interect at the highest nte
permissible u~der applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur any expense or take
any action hereunder.
8. laspectioa. I.ender may make or cause to t~e made rea~nahle ent~ies u~n and inspections of the Propetty. provided
that i.ender shall give Borrawer notire prior to any such inspection specifying rrasc~nable cause there(ar related to Lender s
intcrest in the Propcrty.
9. Coademnation. The proceeds of any award o~ rlaim for damages, direct or corisequential, in connection with any
condemnation ar other taking of the Property, or pan therrnf, or for conveyance in lieu of condemnation, are hereby assigned
and s:iall bc paid to I.ender.
in ~he event af a tatal taking of the Propeny, the prcxeeJs ehall be applicJ to ~he sums securcd by this Mortgage,
with the exccss, if any, paid ta Borr~wer_ In thc event of a partial taking the Property, unless Borrower and Le~der
o~herwise agree in writinR. Ihere shall be applied ~o ttic ~umz securcd hy thic Mortgage such proportion of the proceeds
as is equal to that proportion w•hich ~hc am~~unl c.( thc cum~ u:cured hy this Martgage immediately prior to the date of
taking bears ta the fair market value of the PmFx~ty immediatel~~ prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if th.~ Property is abandoned by Bor:ower. or if. ;~fler notice hy l.ender to Borrower that the condemnor of~ers to make
an award or cettle a claim tor damagr~, B~~rrc~wer f~il. tc~ re~x~nd to l.ender within 30 days after the date such notice is
mailed. Lender i~ authorized to collect and ap~l~• the prc?cecds, at Lender'c ~ption, either to restoration or repair of the
Propcr!y or to Ihe sum~ sccured hy thiti Alortgaec.
Unlesc l.ender and Borrower otherwise agre~ in ~ rit~ng, any ~uch application of prcxeeds to principal shall not extend
or pcx;~one the due date of the monthly intitallments rcferrrd to :n paragraphs 1 and 2 hercof or change the amaunt of
~uch installmtnts.
10. Borrower Not Released. E~tension of Ihe lime for payment oi mc~dification of amortization of the sums secured
by th:s Martgage granted hy 1 ender t~• aii~~ wccecu~r in interest of Borrow•er ~hall nnt ope~ate to release. in any manner.
the liahility of the original Borrower and Aorrow•er'~ surcessors in interest. I_ender shall not be required to commence
proceedings against such successor or ref~~sc t~ ertenJ timc for paymcnt or othcrWice modify amortizat~on of ~hr ~i~ms
secured h}' thi~ Mortgage by reacon of am' demand made b~• the ~rieinal Borrow•er and Borrow•er s soccec~ors in intere~t.
11. Farbearance by [.ender Not a Wai~~er. Am f~.nc~aranrc ht• 1 rnder in ercrcising ~m• right or remed)• hereunckr, or
atherwise affordecl hy applicahle iaw, shall nrn he a waiver of or preclude ~he erercise of an~~ such right or remedy.
The procurement of insuranee or the payment of tacec e~r other liens ur charges by I.ender shall not he a waiver of I.ender's
right to accelcrate the maturity of !hc indebtcdnecs ~erured hr thi~ I?longage.
12. Remedits Cumulstive. All remedies pr~~~ided in thi~ ~i~rtgage arc distinct and cumulative to any other right or
, remedy under this Mortg:sge or afforded h~• law~ or eyuity, and ma~~ he e~ercixd rnncurrcntly. independently or suc~.ecsively.
~ 13. Successors and Assi~ns Bound: Joinl and Se~eral I.iability; CapNons. The covenants and agrcemen~s hercin
contained shall bind, and the riRhts he~~under tihall inure to. the recpective tiuccec~ore and assigns of I_ender and Borrower.
subject to the provisionc of paragraph 17 hereo(. All co~cnants and agreementc of Borrow•er shall he joirU and uveral.
The captions and headings of the para¢raph~ ~f Ihic Mortgag~ are for comenience on1Y and are not to be used to
interpret or define the provisions hereof.
; 14. l\Mice. Except for any noti:e reyuired uncler applicahle law to be giv~n in another manner, (a) any notice to
' 8orrower pmvided for in this Mortgatic lhall he giv~n h}• mailine such notice by certified mail addre~ted to Bc?rrow•er at
~ the Property Address or at such uthcr addrc~. as R~.rr~~wer ma~• detignate b~• notice t~ LenJer as provided herein, and
' (b) an~• notic.e to Lender shall he gi~cn h~~ cer~ified mail. return receipt reque4ted. to I.ender ~ addrecs stated herein or to
~ such other address as I.ender ma~~ de~ienate b~~ n~~tire t~~ Bc?rr~~w•er as pro~~ided herein. Any notice pmvided for in this
{ Mortgage shall be deemed to ha.c t+rcn g~rcn to Bc.rrc.wcr ~~r Lrnder ~hen given in the manner designated herein. .
I5. Uniform i1orlRa~e: Covernin~ i.aw; Se.erabililc. Thi~ fe.rm of mc~nRage combines uniform covenantc for national
3 usP and non-uniform a~~enant~ with IimiteJ ~•ariatii~n~ h~ juri~dicti~n to constitute a uniform security instrument crn~ering
~ real propesty. Thic Morlgage shall Fx: gcn•erned h~• thr law of the juri~diction in which thc Property ic Icxated. In the
~ event th~t any pmvision ~.r clauce of Ihi. l~1~~rt~;:,~e ~~r thc ':~~ae cc~nflicts N~ith applicable law•. cuch rnnflict shal) not affect
~ other provisions of this Mortgage i~r ~he N~~t~ ~h~nc ~an h~ gi~•en efTect withoi:t the conflic~ing proviaion, and tci this
~ end the provisions of Ihr M~rtgage and thc ~rtr arc J~clared ta he teverahle.
~ 16. Borrower's Copy. Borru~~cr ,hall br turni.hrd amf~~rmed rnp} of the '.~Io~c ~nd of thic Mortgage at the time
x of execution or after recordation hereof.
f 1~. Transfer of the Pmpert~•: Accumption. If ali ~~r am ~+an of thc Pr~~pert}• or an interest thercin is s~ld or transferred
~ by Borrower wethout I.ender's prior wri~~rn cuncent. euluding 1~1 the creation of a lien or encumhrance SutxxJinate to
z this M.~rtgage. (b) the creahon of :i pur.h.~.r m~•n~~ ~ecuritc interest f~~r househc.ld appliances. (c! a trancfer h~• devise.
R descent or by operation of law npon the ~Icath i~l a ir~n! tcnant rr (d~ the grant ~~f am• Icasehold interest of threr )•carc or less
~ not containing an option to purchase. 1 enJer ma~•. at LenJer'. ~puon, declare all the sums secored b~• this tilortgage M be
~ immediately due and pa}~able. Lender chall h;~~r Na~~rd ~urh option t~ accelerate if. prior to the ~ale or transfer. 1_enJer
and the person to whom the Propert~~ i+ t~~ be •~•IJ ~.r ~r.~ncferrrd reach agreemen; in w•riting that the credit ~~f ~urh pcrt~,n
y is satisfaet.~ry to I.ender and that the imrrr.t pa~ able c~n Ihe sumti ueured b} this Mort¢agc shall be at such rate ac l.ender
~ shall request. Tf l.ender has waived the ~ptic.n tc. :~cceler.~tr pm~~ided in thic paragraph 17, and if Bormwer'~ wccessc~r in
~ interest ha~ executed a written assumption agrcement accepted in writing by I.ender, Lender shall releace Borro:~•er from all
obligations under this Mortgage and the N~te.
lf i_ender exercises si~ch option t~~ acrclera~e. I.enJer tihall mai! B~rrower notice of acceleration in acrnrdanc~ ~+hh
~ paragraph 14 hereof. Sueh notiee shall provide a Fxric.d c~f not les~ than ip dayc from the date the notice is mailed within
~ which Borrower may pay the sams derlared due. If Hc~rrouer (ailc to pay such cumc prior to the expiration nf ~urh peri~xl.
Lender may, without furlher notice or dcmand on H~r~ow~cr_ invokc any remedies permit~ed hy paragraph IR hereof_
Notv-UtvtFORM Cove~~tv7s Borrower and l.ender•.further covtnant and agree as foUows:
- 18. Acceleratan; Remedies. E:cept ~s pro~ided in paraRraph 17 hereof, upon Borrower'c breach of any covenant or
agreement of Borrower in this ~?iortRa~e. includinR the corenants to pay when due any sums secured by thk Mort~~e, i.ender
prior to acctleration shall mail notice to Borrower as provided in p9r~raph 14 hercof specifying: (1) the breach: 121 the 9dion
required to cure such bnach; (3) a date. not less than 30 davs from the date the notice is mailed to Borrower. by .+hich such
a breach must be cured; and (4) that failurc to cure such breach on or before the date specified in the nolice may recult in
accekration of I6e sums securcd by this MortRaRe. forcclosure by judicial proceedi~ and sale of 1be Property. The notice
shall further inform Borrower of the riRht to reinstatr after acceleration and the right to asserf in the foreclosure proceedjeg
- the non-eaistence of a default or any other defence nf Borrower to acceleration and foreclosure. If Ihe breach is not cured on
~ or before the date specified in the notice, Lender at Lcnder'S option may declare all of the sums secured by this MortRa~,e to be
Y immediattly due and Payablt ~+ithout further dem:,nd and mav forerlose this Mortga~e by judicid proceedinq. I.endrr sha11
be eotifled to collect in such proceedin~ ~ll eapenses ~~f foreclosurc. including. b~t not Gmited to, rtasonabk att•,rn~•:'s fees.
and costs of wico~ntntary e~idence. abstracts and ~itle nports.
~ 19. Borrowa's Right to Reinstate. N~tw i~htitandin~ t enJer's acceleraUOn of ~he sums secured by ~h~• M.~rtgage,
n Borrower shall have the right to have any proce~dinc• hcgun I_ender to enfarce this M~rtgaqe discontinueJ .~t an}~ time
~
- I
- 3 „'K ~.~1?~ P~CE
,