HomeMy WebLinkAbout2346I.enJer's w~rittco agrcement or applirable law. Borrower shall pay thc amount of all mortgag~ insurance prcmiums in the
mariner pmvided under parag~aph 2 hercof.
Any amounts disbursed by I.ende~ purcuant to this paragraph 7, with intercst thereon, shall become additional
indcbtednesc of Bo~roN•e~ secured by this Mortgage. Unlecc Borrower anJ I.ender agrce to othe~ ternns ot payment, such
amounls chall he payahle u~+c~n no~ice from I.ende~ ~o BarraNer requec~ing payment ther~of, and shall bear interest from the
date of dicbursement at ~hc ratc payable from time to time on outslanding principal under the Note unless payment of
interest at such rate would be contra~y to applicable law, in which event sueh amounts shall bear interest at the highest nte
permissihle under applicable law. Nolhing contai~ed in thic pe~3graph 7 shall require t.ender to incur any ezpense or take
a~y action hereunder.
8. Inspectio~, l.ender may make or c•ruse to Me made reaconable emriec upon and inspectians of the Property, provided
~h;~t I.ender chall give Borrower nolice prior to any ~uch inspectian cpecifying rcasonable cause thercfor related ta Lender's
mtcrcc~ i~ thc Prope~ly~_
9. Condemnatbn. The pn~ceedc of any au•ard or claim for damaees, direcl or concequential, in connection with any
~ondemna~ion or other taking of the Property, or part therrof, or for conveyance in lieu of condemnation, are hercby assigned
anJ chall hc paid to [.ender.
ln the event of a total taking of the Proper~p. the prckeeds chall be applied to ~he aims xcured by this Mortgage.
Kith thc crceu, if any, paid to Borrower. In thc e~•enl of 3 partial taking of the Property, unlecs Borrower and I_ende~
uihe~wicr agree in writing. Iherc shall he applied t~~ ~he ~ums secured by thi~ Mortgage cuch propartion of Ihe proceeds
~s ic equal to that pn.~x~rtion ~hich the amount of ~he sumc ~eci~red by this ~iortgage immediately prior to the date of
iaking bears to the fair market value of Ihe Propertr immediatel}~ prior to the date of taking, with the balance of tht procetds
paid t~. Bormwer.
1f the Property ic abandoned by Borrow•er. or if. after notice by I.ender to Borrower that the condemnor otFers to make
:~n JK'ard ~r setlle a claim for Jam,~ge.. Borrawer fail. to re~~nd to 1_ender within 30 days after the date such notic~ is
m:~~led. 1_rnder ic authorized to collect and apply the proceeds. at I.ender's option, either to restoration or repair of the
Pro~xn~ ~~r to the sum~ sccurcYi hy ~his Mortgage.
Unles~ I.ender and Borrower otherw•i~e agree in ~ritine. any such applicatian ot proceeds to principa) shall not extend
~~r ~~ti1p~~nc thc duc Jatc o( thc monthly installmcnts rcfcrrcd to in paragraphs I and 2 hereof or change the amount of
,urh inctallments.
10. BorroN•er Nof Released. Frtensian of the timc for payment or modification of amartization of the sums ucurcd
h}• th~. l~i~.rtFa¢e granted by I.ender lo any ~uccecsor in i~terect of Borrower ~hall nol operate to release, in any manner,
thc liabdi~~• uf Ihe original Borrower and Borrower'c succest~~r~ in ioterest. I.e~der shall not he required to commence
pnKCCJing~ against ~uch ~uccecsor or refuce ta er~end time for payment or otherveice modify amortization of the sums
~ecured bv ~hiti Mortgage h~• reacon of ~ny demand made b~• ~he orieinal Bormwer and Barrower s suceescors in interest.
11. Forbearance by T.ender \ot a Wai~•er. An~• f~rhearance b~• I.ender in erercising any right or remedy hercunder, or
~~~herw•ise aB.~rded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remtdy'.
Thr prckurement of insuranre or the payment of tare~ or other liens or chargec by I_ender shall not he a waiver of Lender's
right a~ ar~rlerate the maturity of the indehtcdne~s ~ccured h~• thic Mortgage.
12. Remedies Cumulative. All remedies pro. ided in thic Alortgage an: distinct and cumulative to a~y othtr right or
reme~l~• under ih~t Mortgagr or aB~~rded M~ law ar eyuity. and may be exerciced concurremly. independenlly or successively.
13. Successo~ and AssiRnc Bound; ]oint and Se~eral t.iability; Captions. The covena~ts and agreements herein
ron~ained chall hind, and the riRhts hercunder tihall inure to. the re~peetive succeccors and assigns of 1_ende~ and Botrower.
,uhject ~~~ the pmvicion~ ~f paragraph 17 hereaf. All covenants and agreementc of Borrower ~hall be joint and several.
The ~apli~~n~ :inJ heaJing~ of the paragraph~ ~t thic I-fortgagc are for convenience only and are not to be uud to
~ntcrpr~t or dcfinc thc provi~ion~ hereof.
14. lotice. Ercept f~r ~ny~ notire reyuired under applicable law to be givrn in aoother manner. (a) any notice to
BorruK•er pravided for in thi~ ;1~iort~tage shall hr giv~n h}• mailing ~uch notice by certified mail addressed to Borrower at
thr Pr~~perty Addre.~ ~-r at wch other addres~ a~ Bi~rr~~w•er mae de~ignate hy no~ice ~o l.ender as provided herein, and
th) am~ notice to LenJer ~hall he gi~•en h~~ certificd m~il. retum receipt requected. tc- 1 ender c adJress s~ated herein or to
~uch uther addres~ at Lender ma~ dr~iqnate M n~tire tc. Borruwer as pra~•ideJ herein. Any notice provided for in this
~turtgagc shall Fk dcemcd t~~ ha.c hecn given to Borrc.wer or Lender when given in thc manner designated herein.
15. 1'niform !~1ovt~aRe: GoverninR iaw: Severabilih•. Thi~ f~rm of mortgage rnmhines ~miform covenanls for national
i~u and ni.n-unifurm co~~enantti with limited ~~ariation+ h~• juri~dictiim 1~ constitute a uniform security instrument covering
rcal propern•. Thiti Mortgage ~hall be governed h~- ~hr I~u af ~he juri~dichon in which the Property is located. In the
~~~ent that any provisiun ~r clau~e o( thic Mongage ~•r the '~n~e r~nflich with applic:~ble law, such conflict ~hall not affect
~~ther pn,~~tiium of thi~ I~lortgage or the I~~tr wh~ch can he grven eliect wi~hout ~he conflicting provi~ion, and to this
cnJ the pruvi~ion~ af th~ Mortgagc and the \ute arc dreiarcd t~~ he ~everahle.
16. Borrower's Cop~•. Borrowcr sh~ll t-c furm~hcd :i conformed copy of thc Notc and of thic Mortgage at thc time
i~f executio~ or after recorda~ion hereof.
17. Transfer of the Propert~: Acsumption. If all ~.r am• part ~f ~he Pmperty or an interest therein ic sold or transferred
h}• Borruw•c~ withc.ut I.e~der's pr~or w~rittrn a~ncent. c~cluding ~a~ thr crration of a lien or encumbrance subordinate to
th~c Morigage. (hl the creation e•f a purrha~e money ucuri~~ interest for houcehold appliances, (cl a trancfer by dtvise,
de~cent or by operation of law upon the Jeath ~f a jr~nt tenan~ or (d~ the grant of an}• leasehold interest of three years or less
not containing art option t~ purchase. I.ender ma}•. at I.ender'c opt~on. declare ali the sums secured by this Mortgage to bt
~mmeJi:~teh• due and payable. Lender chall ha~e wa~~~ed tu~h option ~o accelerate if. prior to the sale or transfer. Lender
~n~f the ~xrson to wh~m the Propertq iti to be sold ~r transferrcd reach agreemen~ in writing that the credit of such person
i~ saUtifacton~ to Lender and that the ~ntereti~ payable on the sumc secured by this Mortgage shall be at such rate as Lender
tih~ll reyuest. If I.ender has wai~•ed the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in
~nterest ha~ executed a written assump~ion agreement accepted in writing by [_enJer. I.ender shall Yeleau Borrower from all
ubligati~ns unJcr Ihis Mortgage and thc Note.
If Lender exerci~es cuch option te~ accelerate. LenJer ch~ll mail Borrovver notiee of acceleration in accordance with
paragraph ld hereof. Such not~ce shall provide a pericxi ~f not Iess than i0 days trom the date the notice is mailed within
uhich Borruwer ma}• pa} the tiumc declared due. If Borrower faik to Fay such ~i~ms prior to the expiration of such period.
Lender ma}•. without torther notice ~•r demand ~n Horrower. ~m~o~,e an~• remedies permitted by paragraph 18 hereof_
Nov-1?vtFOR+~ CovF~AtiTS Borrower and I.ender further covenant and agree as follows:
18. Acceler~tion: Remedies. Fxcept ~s prorided in para~raph 17 henof. upon Borrower's breach of any corensat or
agreement of Borrow~er in this ~lortga~e, includin~ the co~enants lo pay when due any sums securcd by thk Mortgage. Lesder
prior to acceleration sball mail notice Io Borrower ~ pro~~ided in p~ragraph 14 hereoE specifying: (1) the bnach; (2) the setion
requirtd to cure such breach; (3) a date. not fess than 30 days from the date the notice is mailed to Borrower, by whkh suc6
breach must be cured; and (4) Ihat failure to cure such breach on or before the date specified in the aofke msy resnN ia
accelerotion of the sums secured by Ihis ~1orlRage, foreclosure by judicial proceedin~ and sak of the Property. '1Ue aotice
shall further inform Borrow•er of the righl to reinst~te after acceleration and the right to assert in the foreclosure proctediu6
~he non•ezistence of a default or ~nv other defense of Borrower to accelention and forecbsure. If the breach is oot cnced on
or before the date specified in the notice. Lender at Lender's option may declare all of fhe sums sec~nd by this Mort=a`e to be
immediately due and payaWe without further demand and may forcclose thts Mort~a`e by judicial proceedint. Lender shaq
be entitkd to colleM in such proceedin~ all e:penses of foreclosurc. includins. but not limited to. nasonabk stton~ey's tees.
and costs of documentary evidence. abstrac~c and titk reports.
19. Borrower's Right to Reiostate. T~'otwithslanding Lender's acceleration of tht sums secured by this Mortgage.
Borrower shall have the right to have any proceedings t-egun by Lender to enforce this Mortgage discontinued at any time
Addend~s to P~ragrapb 15. The state and local laws applicable to this mortgage shall be the laws of ~he jurisdiction in
~ which the property is located. The toreqoing senlence shall not limit the applicability of tederal law to this mortqage.
B0~(~~5 PaGf ~,J~S