HomeMy WebLinkAbout0394l.cndr~'c wrd~cn aRrccmeni or app6rabic ~aw. E3u~rower shaU pay the amnunt ot all mortgage incurance prcmiums io the
mannrr p-uvidrd unJcr parag~aph 2 hereot.
Any amuunt~ di~hurcc~t hy 1 rn~lcr purwaM ~u ~his pa~agrapA 7. wuh u~lrrc~l thereon. shal) t+ccomc additional
~ndrMcdnc~c uf HurruNrr ~ccured hy ~h~~ Mungagc Unicc~ Hor~oMCr a~J I rnJer ag~ec to othe~ te~s ot payment, tuch
am~~unt~ ~hall Ix payaMc u~x~n nulicc fmm 1 rndcr ~o &uruwrr reyuea~ing paymcnt thcrrof. and shall lxar ~Merest from the
datc of dicbursrment at the ralc payahlr fram timc to hme ~~n autstandinR prinripal undcr the Notc uoieic payment of
interest at such rate wauld he contrarv ~~~ applicahle law, in which event ~uch amountx shall hear interest at the highest rate
permiuible under applicable law. Nothing cc~n~ained ~n thic parag~aph 7 chall ~equire I.ender to ineur a~y expense or take
any action hereunder.
S• Itapection. I.enJer may male or rau,c to he made reaconabk entriec u~n and inspections of the P~operty, provided
th:1 I.ender shall give B~~rmwer noti~r pri~~r 1a any ~uch inspec-t~on specifyiog rcasooabk cause the~etor related to Lender's
interest in the Property.
9. Coademnatbe, '1?~e proceedc of any award or claim for damages, dircct or consequential, in conooctio~ with any
condemoation or other taking of the Propeny, or pan thereot, or tor cooveyance in lieu of condemnatio~, are hertby assianed
and shall be paid to I.endtr.
in ~he eveot of a total taking oF the Property. the proceeds shall be applied to the s~~ms securcd by this Moriaage,
with the excess, if any, paid to Borrower. in ~hc event o( a partial taki~g ot Ihe Property, unless Borrower and l.ender
othenwise agrce in writing. therc shall he applied to the sums securcd by this Mongage such proportion ot the proceeds
as is tqual to that proportion vrhich Ihc am~iont o( ~he sumc secured by this Mortga~te immediately prior to the date of
taking btars to the fair market value of thr Pn-pert~~ immediately prio~ to the date of taking, with the bala~ce of the procceds
paid to Bo~rower.
Tf the Property ic ahandoneJ h~• B~~rmw•er. ~r if after no~ice bv i.ender to Borrowe~ that the condemnor oBen to mate
an award or uttle a claim for d~maec~_ B~•rrc.wer f~~l. ~i. re~{+nnd to I.ender within i0 days after the da~e such notice is
~aikd. Lender ic authorizcd to collect and apph• Ihe prc~cecds. at l.ender c option, either to restoration or repair of the
Propcrty or to th~ sum, ~ccurcd hy thic Mor~galtc. ~
alnlesc I_ender and Borrow•er otherwice agree in w•ri~ine. any such applica~ion ot p~oceeds to prineipal shall not extend
or pa~tpone the due dare o( the monthly inc~allments referred to in paragraphc 1 and 2 hereof or change the amount of
such inslallments.
10. Eorrower Not Rehased. Extension of the time for payment or mc~dification of amortization of the sums securcd
by this Mortgage granted by I.ender to any cuccecsor in interect ot Borrower chall not opente to rcf~ase, in any manner.
the liability o( the original Borrower and &-rrowe~ i succescorc in intercst. I.ender shall not be rcquired to eommence
pn,ceedings againct cuch suttessor or rcfux to eYtenJ time for payment or othenviu modify amortizat~on ot ~he iums
ucured by Ihic Mortgage hy reasex~ of any demand made by the ori¢inal Borrower and Borrower s successon in interccl_
11. Forbeannce by l.ender Not s Wdver, Any f~rhearance by T.ender in exercising any right or remedy hercunder, or
oth~nviu afford~d by applicable law. shall nM be a waiver of ar preclude the exercise of any such right or rcmedy_
The p~ocurement of insurance or the payment of taties or other liens or charges hy !_ender chall not he a waiver of Lender's
right to accelera~e the maturity of the indehtedness securcd hy thic Mortgage.
12. Remedies Cnmulati~e. /111 rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
remeJy undet thic Mortg~ge or atforded by !aw or equity. and may tx exercised concurrcntly, ind~pendently or succes'sively.
~ 13. Soccessors and AssiRss Bonnd; Joi~l and Seversl I.iabiHry; CapNons. The covenants and agreements herein
contained shall bind, and the riRhtc hereunder shall im~rc ta. the respective succetsors and assigns of Lender a~d Borrower.
subject to the provisionc of paragraph 17 hereot. /111 covenan~s and agreementc of Borrower shall be joiry and several.
The captioos and headings of the para¢r~phc of thit Mortgage are fc-r convenience anly and arc not to be uced to
interprct or define the provicionc he~eof.
14. NMke. Excepl for any notice reyuired under applicable law- ta be given in another manner, (a) any notice ta
Borrower provided for in this Mortgaee chall bt given hy mailing such nolice by certified mail addresud to Bc~rrower at
the Property Address or at such wher add~es~ as Borrower mav decignate by notice to T.ender as provided herein: and
(h) any notice ro Lender shall be Rivcn by certified ma~l, return receipt reque~ted. to 1 enders addreis stated hercin or to
a~ch o~her addrcsc as l.ender may de~i¢nate by n~tice to Borrower as pro.~ded herein. Any notice provided for in this
Mortgage shall be detmed to ha.•c l+een Riven to Barrowcr or Lender wfien given in Ihe manner detignated herein.
1S. Uaifonn MoriRa~e; GoverninR i.aw: Severability. Thic form of mortgage combines uniform covenants for national
use and non-uniform covenanta wilh IimiteJ variationc ht juri~diclion to constitote a uniform security instrumeot covering
rca) properly. This Mortgagt chall be governed h~• the law of the jurisdiction in which the Property is located. In the
event that-any provision or clautie of thi. Mongage ~~r ~he Note conflicts with applicable law, such conflic~ ~shall not affect
other provisions of this Mortgage or ~he N~,te which can be given eBec~ wiihout the conflicling pmvicion, and to this
end the provicions of Ihc Mortgage and thc ~lote arc .Icclared to tx severable.
16. dorrower's Copy. Borrow•er ~hall be turn~.hed a conformed copy of the Note and of this Mort~tage at Ihe time
of execution or af~er recordation hereof.
I7. Tnnster ot the PropeAv; Accump~ion. Tf all or any pan o( the Property or an interest therein ic sold or tnesfened
by Borrower without I_ender's prio~ wrin.•n ~unsent. e~cluding lal the creation ot a lien or e~ciimbnnct subordinate to
this Mortgage. Ib) the creation of a purcha.e m~~ne~• cecari~y interes~ for household applianees. /e) a tranc(e~ hy devise.
descent or by operation oI law iipon ~hc dcath o~ a jo~nt tenant or fdl Ihe grant of any Itasehold interest of Ihrcc ycars or ltss
oot containing an op~ion to purchase. [.ender may, at t ender'c option, declare all the sums secured by this Mortgage to be
immediately due and payahie. [ cnder chall h:,ve N,uved such option ~o arcrlerate if, prior to the ~alt or transfer. Lender
and the person ~o whom the Property i, tn t-c .o1J ur transkrrcd reach agrcrmen~ in writing that the creJi~ of wch per~on
is satis(actory• to I.enJer and that Ihe imrrr.t pa~able on the sums secured by this Morlgage shall bt at such rate ac Lender
shall reques~. If Lender has waiveJ the opuc~n to accelerate provided ~n ~his paragraph 17, and if Borrower i wccessor in
interest hac executed• a v-ri~ten assump~ion agreemen~ accepted in wriling by I_endsr. Lendet shall release Borrower from al)
obligations under this Mortgage and thc ~1ote. -
If I.ender exercises such opt~on to accelerate. 1_enJer ~hall mail Borrower notice of acceleration in accordanc~ u ith
paragraph 14 hereo(. Such notice chall prov~de a pericxl of not less ~han 30 days from Iht date the notice is mailed vuithin
which Borrower may pay the sums declared due 11 Borr~wer fails to pay such sums prior to Ihe expira~ion of cuch period,
Lender may, w~~hout further no~ice ~r dcmand on Borrower. ~ovoke any remediu permitted by paragraph IR hereof.
NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree u follows:
la. Accelersian; Remedies. Exceq as pravided ia para~npA 17 6ereof~ YpO~ aOm0~ltrf MlaCA O~ ally tOrt11111~ O~
a`reemeet of Eorrower in this 1NortRaRe. lntludin~ Ibe coteaants to pay ~+Ata dut anr sums secund Sy fhfs MorlRa~e. I.cnder
Prbr /o accckration shdl mail notice to dorrower as providcd In psrqnph 14 hereot specityin~: (1) the brcic~: 121 ~hc acfbn
requlnd to cure such bresch;l3) a dste. not less than 30 dsys trom Ihe dsle the notkc b mailed to Ibnor.er. by r-Akh sucM
b~each mmt se cored: sad (~) that failurs lo cnn secA brcuh on ot betort tbe dMe speciRed In thc notice miy resuN iw
accekrstion of ~he sams secured sy Ihis Mort~sRe. toeecfos~re by judkial proceedin~ and sde ot tbe Propc~ry. The nallce
shdl fuether inform dorro~-cr of the rq~ht to reisstMc Nler sccekrstbn ~nd Ihe ri~ht to a~seA iw the toreclos~~+e'roeetdi~
tLt non-e:istence ot a defsuN or any Mhe~ defena o/ dorroner fo aettkrstion awd toreclosore. Ii tbe 6reacA is not eorrd ow
or beton the date specified in the notice, l.ender ~t I.ender's optio~ wu~ declare s~ ot the snms sen~+ed by tAfs MortRaRt fo be
imn~ediattly due and payable without turther demand and n~sy torrcbse tAf~ Mortsa~e by jodicid p~oceedi~. (.ender sAdl
be entitled to collttt M such pracetdir~ s0 t:penses nf foreclosuro. inclndin~. but aol Ymited to. rcasonibk slt.~~nevs fees.
and costs ot doerrne~hry evidence. abstrac~s and li~k reports.
19. donower's itlRhl to Rtinstste. Notw~th~tandinK I enAtr's accelent~on of the sums xcured by th~c Mortgage.
Borrower shal) have Ihe nght ~o have am prcxe~d~ne. tx'un b~ Lender to enforct thi~ l1l~ngage d~scontinued at an) hmt
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~~~~x 34~ P4GE 392
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