HomeMy WebLinkAbout03821 enJer'c written agn;rment or applicable law. Borrawt~ shall ~pay ~he amount of all mortgage iniurance prcmiums in the
ma~nrr p~uvide~~ under parag~aph 2 hercot.
Any am~~um~ dichurscd h~~ I.c~Jer pur~uanl ~o ~his paragraph 7, wi~h inlerezt thereon, shall become additional
~n.IrM~dnc~c u( Bur~uwrr ~rcurcd by ~h~c M~-r~Fage. Unle~s Borruv-er and I.rnJer agrce to olhe~ termc of paymenl, such
amnunlc ~hall hc payablc uEx~n nalirr fmm I cntlcr to Bc~rrc~wrr reyiKCting paymcnt Ihcrei~(. and ~hall hcar inlercst from the
da~e of di~burument at the rate payahlc" from time to time an autslanding principal under the Nate u~lecc payment ot
interesl al such rate woulJ be rnMrarv ~~~ applicable law, in whirh event cuch amounts shall hear interest at the highest rate
permissible under applicable law. Nuthing c~,ntained in thic paragraph 7 cha0 requirr Lender to incu~ any ezpente or take
any action hcreunder. .
S!; ~uspectioa. I.ender may m:,kc ~~r cau.~ to he madc rcaconable en~riec upon and inspections of the Propertp. provided
th:~t l.ender shall give Rorr~wer n~~licr p~i~~r la any cuch inspection specifying rcasonabk cause theretor rclated to Lender's
~ntc[esl %n the Propertv.
9, Condemnafion. The proccedc ~t any award or claim for damaga, dircct or consequential, in con~ectio~ with any
condemnation o~ ather taking of ~he Properly, or part tlierco(, or for conveyance in lieu of condemnation. are hereby assignod
a~d shall be paid to Lender.
In the event ot a tot~l taking of the Pmperty, the. proceeds chall be applied to Ihe sums sec~~rcd by this Mortaaae,
with the excess, if any, paid to Bor~ower. ln the even~ of a panial taking of the Propeny, unkss Borrower and Lender
othenivise ag~ee in writing. thert shall be applied to the sums securcd by this Mohgage such proportion ot the proceeds
as is equal to Ihat propohion w•hich the amount of the sumc secured by this Mortgage immediately prior to the date of
taking hearx to the fair market value of the Pn-per~y immediately prior to the date of ~aking, with the balance of tAe proceeds
paid to Bormwer.
If the Property ic ahandoned h~• Borr~v-•er. or if. a(ter natice by I.ender to Bormwer that the condemnor otfen to make
an aw•ard or cettle a claim (or dam~EC~. Aorr~wer fail. to rec~c,nd to Lender wi~hin l0 days after the date such notice is
mailed. 1_e~der ic authorized to rnllect and a~~i~~ the proceeds, at T.ender's option, either to restontion or rcpair of the
Propcrty or to ~hc t~im. ticcured b~• this Mor~gagc.
1 Unlesc l.ender and Borrower o~he-vvice agree in writ~n~. any such application of proceeds to prineipal shall not extend
or poctpone thc dex; Jatc of thc mon~hh• inclallmeMs rcferrcd Io in parag~aphs 1 and 2 hercof or change the amount of
cuch installme~tc.
10. lbrrower Not Relezsed. Extension af the time (ar payment or modification of amonization of the sums socurcd
by this Mongage granteJ by I.ender to any cuccecsor in interecl of Borrowrr ~hall not opente to rclease, in any manner.
the liability of the original Borrower a~d Borrower'c successc~rc in interest. I.ender shall not be rrquired ta commence
prc-ceedings against cuch sucressor or rtfuse to eitend time for payment or otherv-~•iu modify amortizat~on of Ihr sums
tecured by thic Mortgage hy rcascx~ of any demand made b~- ~he oriqinal Borrrnver and Borrower s successors in int~rec~.
11. Forbearance by I.ender Nof s Wal~er. Any forhearance hy I.ende~ in exercising any right or remedy hercunder, or
~thervvise afiarded by applicable law. shall no1 be a waiver of or preclude the ezercise of any such right or remedy.
The procurement of insurance or Ihe paymenf of laxes or other liens or chargec by I.ender shall not he a waiver of Lender's
right ta accelerate the maturity of the indebtednecs cecurcd hy thic Mongage.
12. Remedies CnmulaN~e. All remedits provided in this Mortgage arc distinct and cumulative to any other right or
remedy unde~ this Mortgage or aBorded hy law ~~ equity. and may be e~ercisrd concurrcntly. independently or succ~ssively.
' 13. Suecessors and AssiRns Boand; ,Joinl and Several I.isbiNfy; CapHons. The covenants and agreements hercin -
comained shall hind, and the riRhts hereunder shall im~re to. the respective successon and assigns of lender at~d Borrower.
subject to the p~ovisionc of paragraph 17 hereof. /~II covenants and agreements of Borrower shall be joiry and sevenl.
The captions and headingt of the paragraphc of ~hic Mortgage arc for convenience only and arc not to be uced to
interpret or define the provisions hermf.
14. NMke. Except for any noticc rcquired under applicable law to be given in anolher manner. (a) any notice to
Borrower provided for in ~his Mortgae~ shall be given by mailing such notice by certi8ed mail addrescrd to Borrower at
the Property Address or at coch o~her addresc as Borr~wer mav decignate by nolice to I.ender as provided herein, and
(b1 an~ notice to Lender shall he given by certifieJ mail. ren~rn receipt rtquected_ to 1 ender s address s~ated hercin or to
auch other address as Lender may deci¢nate by n~tire t~~ Bormwer as pro~~deJ here~n. Any notice provided for in this
Mortgage shall be deemed to havc f+een g~ven to Eieurov-•cr or Lender when g~ven in the manner decignated herein.
1S. Uniform MortRa~e: GovcrninR Iaw: Scverability, Thi~ form of mortgage combines uniform covenants for national
ux and non-unitorm covenantc with IimiteJ vanationc h~ juncdiction to constitute a uniforn~ xcurily instrument covering
real properly. This Mortgage shall be govcrned hv the law of the jurisdiction in which the Property is locattd. In the
event ~hat any provision or clauce of thi. Mortgage ~•r ~he Note canflicts wi~h appl.icable law, such conflict shall not affect
othcr provisions of ~his Mortgage or the N~tc wh~ch can be given eBect without the conflicling provicion, and to this
end the pro~•isions of the Martgage and ~he Note arc Jcclarcd ta he cevtrable.
16. Eorrower's Copy. Borrower thall be (urm~hed a conformed copy of the Note and of this Morlgage at the time
of execution o~ a(~er recordation hereo(.
17. Tnnsfer of the Propertv; Atsump~ion. If all or any pan of the Pn.perty or an interest therein ic sold or transferrcd
by Borrower w~thout l.ender's prior wnttrn ~ununt. e~cluding lal the creation of a lien or encumbrance sul~ordinate to
this Mortgagt. (bl the creahon of a ~urcha.r m<.ne~~ ~ecuri~y mtercst fnr hausehold applianees, fe) a trancfer h~ devise.
descent or by operation uf faw upon thc dcath c-f a jo~m tenant or (dl ~he grant o( any Icasehold intercs! oE thrcc ycars or kss
not containing an option to purchase. I ender may. at I.ender'~ opt~on, dtclare all ~he sums secured by this Mortgage to be
immed~ately doc and payable. lcndcr chall h~vc w.u~•cd such oplion .~o arcrlerale if, prior to Ihe wle or Iransfer. Lender
and the person to whom the Propeny i. a. tx :~W ~~r transterred rcach agrrrment in writing that the credit ~f wch person
~s satisfactory to I.enJer and that the interc.t pa~able on the sums secured by thit Mor~gage sh~ll be at soch rate ac l.ender
shall request. If I.ender has waived the opt~~n to accelerete provided in this paragraph 17, and if Borrower i~uccessor in
inte~est has executed a wnlten assump~~on agreement accepted in wriUng by 1_enJer, Cender sha0 rdease Borrower trom all
obligat~ons under this Mortgage and the Note.
If l.ender ezercius such opt~on ~o accelerate. 1_enJer ~hall mail Borrower notiee of acceleration in accordancc ~~~h
paragraph 14 hereof. Such notice chall prov~de a period of not less Ihan 30 days from Ihe date the notice is mailtd wi~hin
which Borrower may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of wch per~e-d.
Lender may, w~lhout further no~ice or dcmand on Borrower. ~nvoke any remediu permit~ed by paragraph IR hereof.
NON-UNtFORM COVfNANTS Borrower and (_ender furthcr covenant and agree as follows:
18. Accelerstion; Remedies. Exceq as provWcd ia pangrsph 1'f hrreof. ~po~ ~-ower's bexA ot any co~ee~l or
atreement of Borrower in tAts MortRa~e. includi~ lhe corenanls lo pay when dut ~sy soms secered by tbls MoriRa~t. I.ender
prbr to accekratbn shdl mafl notice to Eorrower as provided in psra~rspb 1~ hereo! spectlyin~: (1)1Ae bresch: t21 ~he sctba
requirod to core such bresch;l3) s date. not kss ~han 30 da,ys tro~n the date the notice b a~afkd to Qorrower. by rrAkh wcA
bnach must be cnred; sad (1) Ihst failurc lo cure srch bresch oa w before the dNe sptcf6ed ie IAe nolke in~r res~1 i~
accekration ot ~be sums secured by tAis MortRaRe. /oncbsun by judkial rroeeedi~ a~d ssk ot the Properry. 'Il~e nolke
shall further inform eorro.-er of the ri~ht to rei~tafe dler accekrstbs aad the ri~bt to ~erf i~ tbe torecbsrre ~roeeedi~
t6t non-e:istence of s dehuM or any Wher dctense of dorros~er lo aecekration and tottclasere. If tAe bre~cA b not cwed o~
or before the date specified in the notice, l.ender at l.end~r's optio~ ~usy declue sM ot the wws sec~rcd by Mis Mort~aRe to be
immcdiattly due ~nd Payable witluiut tunber demand and may foreclose thb Mo~a~e ~ jedkW proetediuR. I.~nAer shaN
be totitled lo toqett in sucA protetdin~ sll e:penses of foreclosett. Intludiu~, bot eof Umiled to. reasonibk st~.rrnevs ftes,
and costs of documentary e~idence. abstncts and lille reports.
19. dorrower's Rl~hl to RtinstNt. Notw~th~trnding 1 ender's accelerat~on ot the sums ~ecured by th~s Mortgage.
Borrower shall havt tht nght ro hav~ am pnxe~d~nc. hr~,un b~ Lender ~~ en(orce thn Mc+ngaqe d~xont~nued at an~ hmt
~ arnx 346 P~GE 380
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