HomeMy WebLinkAbout1113I.ender's written agrc~mcnt or applicablc law. Borruwcr shall pay thc amaunt of all motigago insurance premiums in thc
m•rnncr provideJ unde~ paragraph 2 herca(.
Any amounts disbuned by I.enJer punuant to this paragraph 7, with intcrcst thercon, shall bccome additional
indcbtcdncss of Borrowc~ secured by this Mortgage. Unlets BorroN•er and I.enJer agree ta other terms of payment, such
amounts shall be payable upon nMice fram I.cnder to Bor~awer reyuecting pa~~ment therec~f. and shall bear interest from thc
date af disbursement at the rate payable from time to time on outstanding principal unde~ the Note unlesc payment of
interest at such rate would be contrary to applicable I~w, in which event ~uch amaunts shall bear interest at the highest nte
permiuible uoder applicable law. Nathing comainccl in this paragraph 7 shall rcquire i_ender to incur a~y expense or take
any action hcreunder.
8. IaspeeNoa. i.ender may make or cause to be made rcaconable entriec upon and inspectionc of Ihe Property, provided
that I.ender shall give Bor~ower notice prior to any such inspection specifying rcasonable cause thercfar related to I_ender's
interest in thc Property.
9. Condemnafbn. The proceeds of any eward or claim for damages, direct or consequential, in cannection with any
condemnalion ar olher taking of the Property, or part the~~of, or for conveyance in lieu of condem~ateon, arc hercby assigned
and shall be paid to I.ender.
in the event of a tatal taking of the Pmpeny. the proceeds chall be applied lo the sums securcd by this Mortgage.
with the excess, if any, paid to Bormwer. in ~he event af a partial taking of the Property, unless Borrower and i.ender
othervvise agree in writing, there shall he applied to the ~ums securcd by thic Martgage such proportion of the proceeds
as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking. with the balance af ihe proceeds
paid to Borrower.
if the Propeny is abandc~ned by Borrower, or if. after notice by I.ender to Bormwer that ihe condemnor otfers to make
an awa~d or setNe a claim for damages. Borrower fails to respond to I.ender within 30 da~~s after the date such notice is
mailed, Lender is a~rthorized to callect and apply ~he proceeds. at i.ender's option. either to restoration or repair of the
Praperty or ta the sums secured b~• this Marlgage.
Unless I_ender and Borrower othen~~ise agree in w~riting. any such application of proceeds to principal shall not e~tend
or postpone the due date of the monthly installments referrcd ta in paragraphs 1 and 2 hereot or change the amount of
such installments.
10. Borrower Nof Rekased. Fxtension of the time for payment or modification of amorti~ation of the sums socurcd
by this Martgage granted by I.ender tn anv successor in interect of Borrower chall not operate to releax, in any manner.
the liability of the original Borrower and Borrawer e su~cescorc in interest. i_ender shall not be required to commence
proceedings against such successor or refuse to ectend time far payment or otherwise modify amortization of the sums
secured by this Mortgage hy reaso~ of any demand made bp the orieinal Borrovrer and Borrawers succescors in interest.
I1. For6euance by I.ender Not a Waiver. Any forhearance b~~ i.ender in exercising any right or remedy hercimder, or
olherwise afforded by applicable law, shall not he a wai~er of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens ar charges by I.ender shall not be a w~aiver of Lender s
right to accelerate the maturity of the indehtedness ~ecared hy~ this Mortgage.
12. Remedks Cnmulsti~e. All remedies provided in Ihis Mortgage ar+e distinct and cumulative to any other right or
remeJy under this Mortgage or afiorded hy law or equi~y, and may be erercised concurrently. independently or successively.
13. Snccessors and Ass~ns Bound; Jojnt and Se~~eral I.iability; C~ptions. The covenants and agreements hercin
contained shall bind, and the riRhts hereunder shall inure to. the respective succecu-rs and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrow•er shall be joint and several.
The captions and headings of the paragraphc of this Mortgage are for conveoience only and are not to be used to
interpret or define the provisions hereof.
14. Nofice. Except for any notice required under applicable lav-• to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be gi~'en h~• mailing such notice by certified mail add~essed to Borrower at
the Property Addrcss ar at such other address as Borrower may designate by notice to I.ender as provided herein. and
(h) any notice to Lender shall he given by certified mail, rcturn receipt requested_ to 1_ender s address stated herein or to
such other address as Lender may desiqnate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Bormwer or l.ender when given in the manner designated herein_
15. Uniform Mortgage: Governin~ Iaw: Se.•erab~ity. Thic form of mortgage combines uniform covenants for national
use and non-~niform covenants with IimiteJ variations h~• jurisdiction to constitute a uniform security instrument covering
real property_ This Mortgage shall be governed hy the law~ of the jurisdiction in which the Property ic tocated. In the
event that any provision or clause of this Mortgage ~r the 1`ote conflicts wi~h applicable lav-, such conflict chall not afftrt
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this
end the provisions of Ihe Mortgage and thc Note are dcclared to t~ severable.
16. Eomower's Copy. Borrower shall be forni~hed a conformed copy of the Note and of ihic Mortgage at tt~e time
of execution or after recordation hereof.
l7. Traasfer of t6e Property: Assumption. If all or an~• part of the Pmperty or an interest therein is sold or trancferred
by Borrower without L.ender s prior wretlen consent. eicluding (al the creation of a lien or encumbrance sutwrdinate to
this Mortgage. (b) the creation of a purchase money tecurity interest for household appliances, (c) a transfer b} devise.
descent or by operation of law upon the cieath of a joint tenant or (d1 the grant of any leasehold interest of three years or kss
nat containing an option to purchase. I.ender may, at I_ender'c option. declare all the sums securcd by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sak or transfer. Lender
and the person ro whom the Property ic to be soW or transferred reach agreement in writing that the credit of such person
is satisfactory to LenJer and that the interest payabte on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If I_ender has waived the option to accelerate proviJed in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Cencier, Ixnder shall release Borrower from ail
obligations under this Mortgage and the Note.
If i_ender exercises such option to accelerate, l.ender thall mail Borrow•er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perioei of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower failS to pay sucn sums prior to the eapiration of such period.
Lender may, without furthe~ notice or demand on l3orrower, invoke any remedies permined by paragraph 18 hereof.
Nox•UNiFORnt CovetverrTS. Borrower and 1_ender funher covenant and agree as follows:
18. Acceleration; Remedks. E:cept as provided in para~rapb 17 hereof. apoo Eormwer's Mraai of sy cosewt or
sgreaaent of Borrower in t6~s MortgaRe, Inclndin~ ~be coveaants to pay wheo doe soy soms secar+ed by ~ts Mo~e, I.eoder
prior to sccekratjoa s~aq mail notice to Borrower as provided ia pusarapb 14 bereof specifyio~: (1) tl~e 6r+eac~; (2) tre aetiow
reqnlred to care snch breac6; (3) a date. aot less t6an 30 days fron~ tbe dale tbe aotke b aaaed to aorrawer, by wricr sc6
bnsc6 must be cared; and (4) thst failnre to cnrc such brcsch o0 or 6efo~e t6e date s'ect6ed ~ tbe ~otice ~ res~lt i~
accekration of t6e sna~s stcnred by thk Mort~a~e, forecbwre br jndicial procetdin~ aod sde of tbe Prn~erty. '!tie ~otke
shaU further intona Eomower of the right to reln~tate afler sccekratioe aod t6e ria6t b a~ert b tt~e forcclos~re pve~e~
tbe non-exisieace of a defaolt or any Mher defease of Borrower to accekration aad foreclosare. H tbe bresc~ k^ot e~ed o0
or before the date spccifKd in t5e aotiee. Leader st I.eede~'s option may declare aH of t6e s~vs secu~cd br t~is Mortaa6e ~o be
imn~edbtdy dne aad payabk witlaut fnrther demand and may foreclose t6is Morl~a~e by jrdicial proceedi~. i.e~der srall
be entitled to collect in suc6 procecdiag aq espeases of forecbsnre. iaclndiot. bnt oot limiled to, reasoeable attone~s ftes,
and costs of docnmeatary evideace, abstracts snd titk rcports.
19. Borrowe~'s Riabt to Reiaatate. Notwithstanding Lencler s acceleration of the sums securcd by this Mortgage.
Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinuod at any time
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