HomeMy WebLinkAbout1373I.cndcr's writtcn agrccmcnt ar applirahlc law. H~~r~uN~r shall pay~ thc am~~unt af all martgagc insurancc premiums in thc
manncr prc-vidccl u~der parag~aph 2 hcreof.
An~ amounts dicburscd by I.c~~lcr pur.uant ta this paragraph 7. with uucn:~t thcrcon, shall bcromc additional
indchtedncsc of t3~~rrc~wer securcd by thic Mort~agc. Unlc.. Ror~u~•e~ an.l I rnJrr agrcc to olhcr ~ermc ~~f payment, cuch
amaunts ~hal) hc payahlc u{x-n n~~ticc fmm I.~ndcr 1~~ E3urr~~w~r rcyue~tink paymrnl thcrcuf, and ~hall hcar iMcrcct fmm ihc
date of dicbursemenl at the rate payahle irum time to ~ime on ou~slanding principal under the Nate unlece payment of
interest at such rate would be contra~~~ to applirable law, in which event ~uch amou~ts shall hear interect at the highect rate
permiuihle under applicable law~. Nothing c~~ntaineJ in thi~ pa~agraph 7 chall requirc l.ender to incur any expenu or take
.~ny action hcrcunder.
8. i~spection. I.ender map makr or rauce to 1-~ maJe ~ea~nahle cn~rie~ uFx~n and incpection~ of the PmpeNy, provided
th•rt Lcndcr shall givc Borrawer nolice prior to am wrh ins~xclion ~pccif~~ing nasonable cause thercfor rclatcd to [.ender's
interrct in the Property.
9. Condemnafbn. The prcxecd~ of any award or claim for damagec, direct or a.n~equential, in connection with any
rondemnati~~n or Mher taking of the Pro~rty. or pan therr~-f, or for c~-nveyance in lieu of condemnation, are hereby ascigned
and shall bc paid to I.endcr.
1n the event af a total takinQ of the Propeny. the pnxeeJs ~hall he ~~~i~~~ ~~ the eums secured by ~hic Mortgage.
with the cticecs, if any, paid Io Borrower. (~ Ihc rvent ~-f a partial taking of thc Prope~ly, unlesc Rorrower and Lender
u~herwiu: agree in writing, therc shall he applied ti• the ~umc securcd hy thie Mertgage such proportion of the proceeds
as i~ equal to that pro~rtian W~hieh the amount ot the sumc crcured h~• thic !1lortgage immediatel~• prior to the date of
taking hears ta the fair market valuc of thc Pro~rh~ immcdiatcly pri~r to thc ~late of taking. with the balancc of the proceeds
paid to Borrower.
if the Property ic abandoned b~• Borr~w~cr, or if. aftrr nolice hy t.ender tc: Bnrmwer that thc condemnor offers to make
an award or settle a claim for Jamage~, Bi•rn.wer f:~il. t~. rr~pc.nd t~. 1 ender within i0 davs after the date such notice is
mailed. I.ender i~ authorin-d to c~llect and apply the prMCCdc. at I_ender i option. either to restoration or repair of the
Propcn~• or to the sums sccurcci b}• thi. Morteagc.
Unlese I_ender and BorruHCr otherH•icc agrer in ~~ritine. am• ~uch application of proceedc to prineipal shall not extend
or ~x~st~ne the due dale oP thc monthh• inslallmcntc referrcd to in paragraph~ I and 2 hercof or change the amount of
~uch installments.
10. Bormwer Not Releaced. I?rtcnsion of the ~imc for pa}~mcnt or modification of amortization of the tumc secured
hy thic Mortgage granted by I.ender to am• wcce~wr in intere~t of Borrower ~h:dt not operate 1o rclease, in any manner.
the liabilit~ of the original Borrowcr and Rorrow•rr'c succ~cu~r~ in interes~. l.ender shall not he rcquired to commence
pn~ceedings ag:~inst such sucressor or rMuse Ic~ erlenJ time for payment or otherw•ise modif~• amortization ~~f the sums
secured h~• thic Mortgage h~• rcaci~n of any demand madr M• the orieinal Borrow•er and Rorrower s succestorc in interest.
11. Forbearance by I.ender ;~ot a Waiver. Am• f~.rF+caranrr hr I.endcr in crrrcicing am• right or remcdy hereunder. or
othenvise alTordeci hy applicahlc law. shall not he ~ waiver of ~.r preclude the erercise of any such right or remedy.
Thc procurement of insurance or the payment of ta~~~ ~•r other liene or chargec b~• Lender ~hall not he a waiver of I.ender s
right to accclcratc the maturity of thc indchtcdncc~ .~:curcd h~~ thi~ Mortgagc. .
12. Remedies Cumulatire. All rcmedics pm~idcd in thi~-111ortgagc arc distinct anJ rumulativc to any othcr right or
remedy under this Mortgage or affurded M• law~ or eyuit~, and ma~• he e~ercitied rnncurrcntl~~. independenUy or successively_
13. Successors and Assi~ns Bound; ]oint and Se~eral I.iabilih•; Captions. The covenants and ~agreementc herein
cantained shall hind, and the riRhts hereunder shall inure to. the re~pective sucee~u-rs and ascigns of [_ender and Barrower,
cubject to the provision~ of paragraph 17 hcrcof. All covcnants and agrcemenf~ of BorroH~er shall bc- j~int and several.
The captions ~nd headingc of the p•rraeraphc nf ~hi~ Mortgagc are for rnnvenicnce only anJ are not to he used to
inlerprct or define the provicionc hereof.
14. Votice. Except for any notice rey~iired under applirable law• to be given in another manner. (al any notice to
Be~rrower provided for in Ihic Mortgaee shall be given M• mailing .uch notice b}• certified mail addressed to Borrow~er at
the Property Address or at wch uther addrrcc ac B~.rr~~w•er n~a~• de~ignale b~~ natice to Lender as provided herein, and
(bl am• notice ~o Lender sh:,ll he givrn b}• rertified maiL rehirn receipt requected. to Lender s adJresc stated herein or to
cuch o~her address as I.ender may decignate b}• noti:e ta Borrow-er as prrnideJ herein. Any notice provideJ for in this
Mortgage shail be deemed to havc tx:en gi~~cn to Borrower ~~r I.cndcr whcn given in thc manner designated hcrein.
15. Uniiorn~ MortRa~e; GoverninR I.a~+; Se~•erabilit}•. Thic f~rm o( mortgage combines uniform covenant~ for national
uu and non-uniform covenantt W ith limite~l ~•ariationc h~• jurisJirtian ta constitute a unifor-r1 security instrument covering
real property_ 'il~ic vior~gage shall be govrrned h~• thr lav- c,f the juri~diclion in which Ihe Property is located. in the
event ~hat any provision or clauce of thi~ Mortgage nr the ti~,te rnn~lirt~ wi~h ap~licable law-. sueh conflict shall not afTect
other pr~visions of Ihis Mortgage or thc Notr ahich can Fx gi~•en etiert w ithrnrt the conflirling pmvision, and to this
end the provisions of the Mortgage and thc `otc arc d~rlarcd tc. he ceverablc_
i6. Borrower's Copy. Borrow•cr ~hall F+c furni~heJ a a,nformed cop}• of thc Notc and of thi~ Mortgage at the time
of eiecution or after n.-rordation hereof.
17. Transfer of the Propert}•; Assumption. lf all ~~r anc p:~rt of the Propert~~ or an interest therein ic snld or transferred
by Borrower without Lender's prior ariu~n cuncrnt. e~rluding (a1 the crcation of a lien or encumbrance suborJinate ta
thic Mortgage, (b) the creation of a purchac~: mone~~ ~ecurit~• interest for househi.ld appliances. (c- a tran~fer by devise.
descent or by operation of law~ upon ttic Jcath ~f :~ joint tenant or ld- the grant of am~ Ieaschold interest of three years or less
not containing an oplion to purchase. I.ender may~. at Lender'~ aptiun. declare afl the sums secured by this Morigage to be
immediately due and payahle. Lender shall ha~•e H~ai~•ed wch option to accelerate if, prior to the .ale or transfer. I.ender
anJ the person to wham the Properry ic to be sold or trans(crrcd reach agreement in writing that the credit of such person
i~ satisfactor}• to LenJer and that the intere,t pa~•able on the sumt tiecured by thi~ Nortgage shall be at such rate as i_ender
shall-reyuest_ If I.ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in
interest hac executed a written assumption agreement accepted in writing h}~ I.enJer. I_ender shall releace Borrower from all
obligations under this Mortgage and the Note.
If Lender exercices such option t~~ accelerate. I_enJer tihall mail Borrower notice of acceleration in accordance with
paragraph 14 hercof. Such notice shall provide s periud of not Iest than ~0 Ja~•s from the date the notice is mailed within
which B.~rrc~wer may pay the sums decla~eJ due. If BorroHCr f:iilt to pa~~ sunc ~ums prior to the eYpiration of ~ach period.
I.enJcr may. wilhout further notice or dcs~and on Borruw~er, im~~ke ~m• rrmedies permitted hy paragraph I R hereof.
No~-Urr~FORi-t CovECV~rr-rs. Borrower and Lender forther covenant and agree as follows:
18. Acceleratan; Remedits. Except as prorided in para~raph 17 hereof. upon Borrower's breach of any covenaat or
agreement of Borrower ln f6is Mort~aage. includinR Ihe co.•enanls to pay when due any sums secured by th~ Mortgage, i.eader
prior to acceleration sball mail notice fo Borrower as provided in paragraph 14 hereof specifying: (I) the breach; (2) tbe actan
required to cnre soc6 breach; (3) s date, not less than 30 days from the date the nofice is mailed to Borrower, by whic6 such
breach must be cnred; and (4) that failurc to cure such breach on or before the date speciSed io the notke may resdt in
accekration oE t6e sums secured by this Nortga~e. forcclosure by judiciW proceedin~ and sale of the Property. The notice
shall furlher inform Borrower of the right to rei~tate after 9cceleration and the right to assert in the foreclosure proceeding
Ihe nontxistence of a default or aay other defence of Borrower to acceleration and foreclosurc. If the breach is oot cured on
or before the date specified in the notice. I.ender at Ixnder's option may declan aU of the sums secured by this Mortgs~e to be
immediately due and payabk withoat further demand and may foreclose thlc MortRage by judicial proceeding. Lender shall
be entiUed to collect in wch proccedin~ all expenses of foreclosurr, including. but not limited to, rcasonpble attorney's fees,
and costs of documentary evidence, 9bstracts and titk reports.
19. Borrowe~s Rigbt to Reinstste. Notwithstanding LenJer ti acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have am• proceedings hegun hy Lender to enforce ~his Mortgage discontinued at any time
an~x :346 PACt 1369
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