HomeMy WebLinkAbout0556~ .
l.r~dcr.'s w~ittcn agrcemrn~ or ap~lirable law. Borrowe~ shall pay thr amount of all mongage incurance prcmiums in the
mannrr pruv~drd under paraRraph 2 hercof.
/1ny amounlc di~hnr.cd by 1 cn.lcr pur~uant tu this pa~ag~aph 7, wiih in~crc~l Ihercon, chal) txcome additianal
inJrbtcd~ccti i-f yurruwrr ~rcurrd by ~h~. Mung~ge Unlc.+ Borrowcr anJ i rn~ler agrcc lo pthcr,tern-c ot payment, tuch
am~~untc ~hall hc payaMc upc~n nu~icr tr~~m 1 rnder to Rorrowrr rey~rc~~ing paymcnt Ihcrci~t, and ahall I+car i~lcresf from the
datc of di~burscme~t at ~hc ralc payahlc (mm timc to time on autstanding principal under the Nate unlesc payment ot
iMCresl at such rale would he cantrarv to applicablc law. in which event ~uch amounts chall hear interest at the hiahest nte
perrtiiuible under applicable law. Nu~hing c~,mained in thic paragraph ? shall reyuirc l.ender ~a incur any eapense o~ take
any action hereunder.
a• luspectioa. 1_ender may makc ~.r ca~~.c to he made rcacnnabk cmriec upon and iospectio~s of the Propetty, provided
!hat I.ender shall give Borrower noticr priur lo any ~uch inspec~ioo specifying rcawnabk caux therefor related to I.toder's
interest in Ihe Prapeny_ - .
9. Condemeatiun. The prc~ceeds of aoy award or claim for damages, dircet or co~sequential, in eo~~ectioa with any
condemoation or dher taking of the PropeNy, or part Ihereof, a- tor conveyance in lieu of coodemnation. are hereby assiaoed
and :hall be paid to Lender.
ln Ihe event of a total taking of the Propeny. 1he proceeds chall be applied to ~he sums secarcd by this Mo~ase,
with the eacess, if any, paid to Bo~mwer. ln the evrnt of a partial takina ot the Praperty, unlcss Borrowcr and Leoder
othenvix agrce in writing, therc shall t~e applied to ~he sums securcd by this Mortgage such propo~tioo of the procads
as is equal to that proportion w•hith thc amounl of ihc sumc sec~rced by Ihis Mortgage immediately priar to the date ot
taking bearo to the fai~ market value of thc Proper~y immediately prior ta the date at taking, with Ihe balance of the proceeds
paid /o Bormwer.
If the Property ic ahandoned hq Borrow~rr. ~r if after no~ice hv I.ender to Borr~wer that the condemnor oHers to make
an award or settle a claim for Jamaer~. Aorr~wer tail. to re+pnnd to t.ender within 30 days a(ter the date such notice is
mailed. Lender ic authqrited to c~llect and apply ~he proccrds, at I.ender's option, either to rcstontion or repair of ihe
Propcrty or to the sum~ .ccured hy thit Mor~Ragc.
Unless l.ender and Borrovver otherv-•icc agree in writ~nc. any such application of proceeds to principa.' shall not eatend
or poctpc~ne the due date of the mon~hly inttallments rcferred to in paragraphc 1 and 2 hercot or change the amount of
cuch installmentc.
10. BoROwer Nof Rekased. Extension of Ihe time for payment or modification of amor~ization of tht sums secured
by this Mortgage granted by I.ender to any auccecsc-r in interect of Borrower ~hall not operatt to nlease, in any maontr,
the liability of ~he original Borrower and Bc~rrower'c succescorc in intercst. I.ender shal) not be rcquired to commence
proceedings against such successor or refase to ettenJ ~ime for payment or othervvice modify amortizat~on of thr ~ums
~ecured by thi~ Mortgage hy rcason of any demand made b~• the orieinal Borrower and Borrowe~ s successors in intercct.
11. Forbearance by I.ender Not s Waiver. Any f~rhearance by I.ender in etercising any right or remedy hercunde~, or
otherwix afiorde3 hy applicabie law. shall ne~t be a waiver of or preclude the exercise of any su~h right or remedy.
The procorement of insurance pr the payment of taxes or other liens or charges by I_ender shall not I~e a waiver of Ltnders
right to accelerate the maturity of the indehtedness cecurcd hy thit MoNgage.
12. Remedies Cumulatire. All rcmedies provided in thit MoNgage are distinct and cumulative to any o~her right or
rcmeJ} under this MortFage or aBorded by law or equi~y. and may be txercised concurrcntly, independently or sucetssively.
' 13. Sncce~ors and AssiRss Boand: .Ioinf and Several T.isbiNty; CapHons. The covenants and ag~eements herein
con~ained shall bind, and the riRhtc hcrcunder shall inurc to. the retpective succetsors and assigns of Lender a[~d Borrower.
subject to the provisionc of paragraph 17 hereot. All covenants and agreementt of Borrower shall be joiry and sevenl.
The captions and headings of the par~graphc of Ihic Mortgage are for convenience only and are not to be uced to
interprct or define the provisions hereof.
14. NWice. Excepl for any notice required under applicable law to be given in another manner, (a) any notice to
Borrowe~ pr+ovided for in ~his Mortga¢e shall be given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at such dhcr addres~ as Borrower mav designate by notice to I.ender as provided herein, and
(h) any notict to Lender shall he given by certifieJ mail. retum rece~pt requested. to I ende~ s addreu stated herein or to.
cuch o~her addrcss as i_ender may decienate by rx-tice to Bnrr~wer as prov~ded herein. Any notice provided for in this
Mortgage shall be deemed to havc been R~.•en to Borrovvcr or l.cnder wheo given in the manner designated herein.
1S. Unitorm Mort~s~e: GoverninR Law: Severobility. Thic form of mongage combina imiform covenants for national
use and non-uniform co.•enantc with limited variations h~• ~uri~d~ction to constitirtt, a uniform security instrument rnvering
rcal property. This Mortgage shall be governed hv ihe la~ of the jurisdiction in which the Property is located. in the
event that any provision or clause of thi~ Mortgaec :~r ~he Nole conflicts wilh applicable law, such conflict shall nd affect
o~her provisions of this Mongage or ~he N~~te Kh~ch can be given eBect witho~t the conflic~ing provicion, and to thu
end the provisions of the Mortgage and the No1e arc declared to be severable.
16. Eorro~+er's Copy. Borroaer sh~ll t+e furni~hed a conformed copy ot the Note and of this Mortgage at the time
o( execution or a(~er recorda~ion h~reof.
17. Trsnsfer of tbt Propertv: Assumption. If all or any part o( tht Property or an intercst thercin is sold ot tronsferred
by Borrower vvithaut I~nder's prior wnncn .~~nunt. euluding lal ~he crcation of a lien or encumbrance subordinate to
Ihis Mortgage. (bl ~ht creat~on of a purch~cr m~ne~• eecurity ~nterest for household appliances. (c) a trancter hy devist.
desce~t or by operation of law upon the Jeath o( a j~ant tenan~ or (di tht grant of any leasehold intercst o( Ihrec ycars or kss
not containing an option to purchase. lender may_ ai 1 ender'c opUon, decl~re all the sums secured by th~s Mohgage to be
immediately due and payablc. l.ender ~hall h~~c N,uvcd such opuon ~o ar~cleratt if, prior to Ihe cale or uansfer_ Lender
and the person ~o whom the Propeny i. t~. F+c .oIJ or Iransferred rpch agre~men~ in writing that the credit ~f ~uch perxon
is satisfactory ~o [.enJer and that the imerc.~ pa~able on the sums secured by this Mortgage shall be at such rate ac I_ender
shall request. If I.ender has waived ~he opt~on to accelerate provided in ~his paragraph 17, and if Borrower i successor in
interest has executed a wr~tten assumption agreement accepted in wri~ing by t_ender, Lender shal) reltau Borrower trom all
obligations under this Mor~gage and the Note.
If I.ender exe~cises such option t~ accelerate. I.ender ~hall mail Borrower notice of accelera~ion in aecordancr w~th
paragraph 14 hercof. Such no~ice-chall prov~de a periocl of not las than 30 days from the date the notice is mailed within
which Borrower may pay the sums derl~reJ due. I( Borrower lails ~o pay such sums prior to the expiration of wch period.
Lender may, wi~haut turther notice or dcmand on Borrower. mvoke any remedies permined by puagraph 18 hercof.
NON-UNIFORM COVENANTS Borrower and l_ender further covenant and a~ree u follows: •
ls. Accelerstbn; Remedies. Except as prorided ia pan~rspA 17 hereo(, epop s«ro..~r: ~.~s ot :py ~o~~~~ or
a~reemeat ot Qorrower in Ibis Morf~a~e. includin~ the corenanls to Pay whea due ~ny sums secured by thk MorlRs~e. i.eader
prior lo scceknNoa shdl mail notice to dorrower as provfded ia p~~a~raph 14 hereot specHrin~: (1) the bre~ch: 12{ ~he selbs
required to cnre sach bnach; (3) s dste. nol less lhan 30 days from the date the notke b maikd lo dorrower, br r•hkh wcl~
besch must bc cand: sad (~) Ihst failure lo c~re sYCh bnscb os or befoee the dNe specified in Ihe notke msy rasuN i~
accekrstion ot ~bc sums securcd by tbis Mort~a~e. to~ecbsure by judicld proeeedlni and sale oI thc rrope~. 71~e nolke
shall further inform dorm..er o( the ri~ht to reinstste after accclerstion and Ihe ~h1 to assert ie the tonclostire p~ocecdi~
tbe aon-existence o1 a def~uN or any Wher detense ot dorrower fo uteleration snd forttbsrre. it the bre~cA is not cnred o~
or bcfore the date specifird in the notice, l.ender af [.ende~'s opllos msy declm ap of the so~ sec~red 6r thfs MortRaRe M be
immediately due and Paysble withoul turtl~er demand and msr /orecbse tbk Mortsa~e by judieW ~oceedinR. f.ender~sAall
be entitfed lo colieet in such proceedin~ all expenses nt foreclosure. Includins. Mit not dmiled to. rcasonabk s~~..rnevs fees.
aad costs ot docameatary eridence. sbstr~c~s ~nd lille reporis.
19. donor.ers Ri~ht lo Reinstite. Nolwi~h~trndinK 1 ender's accelerat~an of the sums xcured by th~c Mongage.
Borrower shall havt tht ~~ght to have an~ prcxecdm~. tx})~n b~ Ltndt~ lo enfcxct th~~ Mor~gaqe dnconhnued at m~ t~mt
a~,~x346 PacE 55~