HomeMy WebLinkAbout2086l.endcr's written agreement or applicablt taw. Borrower shall pay ~he amount of all mortgage insurance premiums in the
manner providcd under pa~ag~aph 2 hercof.
Any amounts dishursed by I.cndcr pursuant to ~his paragraph 7, with inte[est thereon, shall become additional
indcbtednesc af Rorrawer secured by ~his Mortgage. Unlecc Bor~aw•er anJ I.enJer agree to othe~ tertns of payment, such
aau~untt chall he payaMe u~n n~~tice fmm I.ender to Aormwcr reyucc~ing payment Iherrnf, and shall bear intercst from the
date of Ji~bursement at the ~atc payahle from timc to ~imc on o~~ts~anding p~incipal under the Note unless payment of
inlerest at such rate w~ould !+e cantrary io applicable law•, in which event such amounts chall bear interest at the highest rate
permissihle under applicable law. Nothing contained in thic paragraph 7 shall tequire [.ender to incur any expense or take
aoy action hereunder.
8. Inspeetion. I.enJer may make or cause to be made reacc~nable entrie~ ~~~+c~n and inspeelions of Ihe Property, provided
that I.ender ch~ll gi-e Borrawer not~ce prior to any such inspection ~peci(ying rcasonable cause therefor related to [.ertder's
m~crrct in thc Propcrty.
9. Condemnuiion. The prcKCCd~ of any a~•ard o~ claim fo~ damages, direct or conuquential, in ca~nection wilh any
rondemnalion or other taking of the Properly, or part thereof, or (o~ c~nvcyance in lieu of condemnatian, are hereby astigned
and shall t+c paid to I.cndcr.
In ~he event of a ~otal taking oP ~he Pmperty. the pr~keeds ahall be applied to ~he ~ums secured hy thic Mortgage.
~vith the errecs, if any. paid ta Botrawer. In ~he event ~~f a partial taking nf tfie Properly, unlesc Borrower and I_ender
~~therwice agree in writin~. ~here chall he applied to the ~ums cecurcd M• thi~ Mortgage cuch proportion of the proceeds
as ic cqual to that pro~x~rtion Nhich thc amaunt ot ~hc sum~ ticcurcd b}• Ihis Moriga~e immediately prior to the datt af
taking t~ar~ to thc fair market vah~c of the PmFxr~~~ immcdi•rtely prior to the date of ~aking. with the halance of the procceds
paid t~~ Borrowcr.
lf the Proper~y ic ahandoned b~- Aormwer. or if. af~er no~ice hy Lender to Borrower that the co~demnor of[ers to make
:~n av-•ard or setlle a claim for Jamage+. B~-~rower fail. t~+ re,~-nd t~ 1 ender wiihin ~0 days after Ihe date such notice is
mailed. I_rndP; ic a~rthori7ed to collecl and app{y thr proceeds. at I.ender's option, either to restoration or repair of the
f'ro~xrh~ or M~he sum~ sccurcd M• this Mortgage. -
Ur.lcs~ 1_euder anJ Borro~~•er otherv-~icc agrce in ~~riline. any such application of proceedc to principal shall not extend
~,; pcnl~u~ne thc due d~te oi Ihe monlhly installmeMs refcrred to in paragraphc 1 and 2 hercof o~ change the amount of
.:n•h inct~llmertc. -
10. Borrower Not Releaced. I?titcnsion of Ihc timc for paymcnt or modification of amortization of the sums s~cured
h~~ thic ?~1~rt~age granled by I.eoder t~~ any ~ucce~u-r in intereu ot Borrow~er ~hall not operate to release, in any manner,
the liahili~} c~f Ihe orieinal Borrower and Rorraw~er'~ successor~ in iMerest. 1_ender shall not he rcquired to commence
~r~reeJing~ againct cuch sucre~co~ or re[ate to er~enJ time for payment or otherv-~itie modify amortization ot the sums
~ecured h~• ~hi~ Morigage by rea~i-n of an~• demand made b~• the orieinal Bormwer and Ba~rower s succestors in interest.
I1. Forbearance by I.ender ?~ot a Wai~•rr. nn}• fc•nc~aranre M• I.cnder in ererciting any right ar remedy here~mder, o~
~~the~wi~e afTarded hy applicahle {aw, sh~N not he a waivcr ~i or preclude the exercise of any such right or remedy.
Thr prMUrcmcnt of insurancc or the paymcnt o( tatic~ i~r ather lienc or chargcs by I.ender ~hall not ber a waiver of l.ender s
right tn acrclcralc thc maturily of thr indchtcdne~c .«unJ h~• thi~ Morlgagc.
i2. Remedies Cumulatire. All mmediec prm•idcd in thi~ l~lortgage arc dictinct and rumulative to a~y other right or
rcmr~ly~ unJer thi~ Mortgagc or alTorded h~ law ~.r equity. and ma~• fie c~ercited rnncurrcnUy. independently or succecsively_
13. Succecsors and AcsiRns Bound: Joint and Se~erat l.iability; ('aptions. The co~enants and agrcements herein
r~~ntained thall hind, and ~he riRht~ hercunder .hall innre tc~. thc re~pective ~ucce.~~~rc and atsigns of l.ender and Borrower,
,+ibjcct t~~ 1he pro~•i~ion~ of paragraph 17 hereof. All co~•cn:~ntc and agrcement~ of Borrow~er ~hall he joint and several.
The raptiuns anJ heacling~ of the paragraph~ c.f thi~ ~lortgage arr for rnnvenience ~nly and are not to he uted to
~ntcr~rrt or definc thc pro~•iciont hcrcof_
14. \otice. Except for anY noticc rcyuircd und.r applirablc law• lo be given in another manner. (al any notice to
B~~cmwer pmvidecl for in thi~ Nlortgaqe ~haU t-e given M~ mailinR euch notice hy certified mail addresud to Borrower at
~he Propert)~ Addre~ti i~r at wch othe~ addre~. ac B.+sr~~w•er ma~~ detignatr by notire to I.enJer as provided herein, and
Ih- am~ nolicr to Lender ch~ll he gi~•cn by c~rtificd mail. rrturn receipt requected. to 1 ende~~ addresc stated herein or to
~uch i~thcr addresti as l.cndcr may dccienatc h~• nc-tirc t~- Borr~-wcr ac pru~~idcd hcrcin. Any noticc pn-vided for in thic
~fi~rtgage shall Fx deemcd to ha.c 1KCn ~iven t~ Sc.rmwrr ~~r I.endcr when given in the manner detignated herein.
15. Uniform 1~1ort~a~e: Go~•ernin~ La..; Se~erabilih•. "fhi~ f~rm of mongage rnmbines uniform rnvenantc far national
~i~c anJ nc~n-unif~-rm r~~~•cnant~ with limitc~! ~~arialiom h~~ juri.ihctii,n ti~ c~~nthtirtc a uniform scrurit}• in~tnimcat cove~ing
reat pmpen}~. Thi~ 4torrgage ~hall lx ~u~•erned h~• the law i~f Ihe I~~ritdiction in w•hich ihe Propert)• i• i~xated. In the
r~ent ~hat any pravisioii ~~r clauk af thiti ~lnttga~;e ~•r thc \~~te conflicl~- w ith applicahle law, such rnnflict ~hall not affect
~~thcr pn.visiom of ihic Mortgagr ar thc N~~t~ uh~ch can Fn gi~-cn cRcct .~ith~~rt the conflicting provi~ion, and to tfiis
~nd Ihc pm~itiii~n~ of Ihc Morlgagc and thc '1~,~r arc J~clarcd lo hc tcvcrahlc.
16. Borrower's Copt~. 8ormwer ~hall tx~ turni~heJ a ii~nf~~rmed copy .i( the Notc and of thic Mortgage at the time
~~f cxccution or aftcr rccorda~ion hcrcof.
17. Transfer of the Properfy; Assumption. If all ~r an} part of ihe Prc~perty or a~ interect therein is so{d or tran~ferred
M~ BorroN•cr without I.ender's prior writtrn c~n~rnt. excluding la1 the crcation of a lien or encumbrance sutx~rJinate to
~hi~ Mort~age. fb) the creation of a purcha.e mone~• ~ecuritc mterest fnr haucehold appliancec. (cl a lraocfer hy devise.
dcticent ar by operation of law up~m the Jcath of a jc~~~t tenant ~r ld- ~he grant ~~f am• Icauho{d interest oF three years or less
nut containing an oplion to purchase. Lender m~y, a~ LenJer'. ~~p~ion. declare all Ihr sums secured hy this Mortgage to be
~mmediatef}~ due and payable. l.ender ~hall ha~~e waived ~nch option tc accelerate if. priar to the tale or Iransfer. [.ender
,~nd the per~n to wham the Property i~ ~i~ be sol~l or transfcrred reach agrcemcnt in r~•riting Ihat Ihe credit of such person
+ti satisfactor~~ to f.ender and that the intereti~ pa~~able on the tum~ kcured by ~h's~ ?~ior~eage sfiaN be at such rate as Lender
tih:,ll reguest. If 1 ender has waived the opti~~n tc- accelerate provided in thiti ~ragraph 17, and if Borrower's successor in
~merest ha~ executed a writtrn assumption agreemen~ accepted in w•rihng hy 1_enJer. I.ender shall releace Borrower from all
~~bligations undcr thic Mnrtgage and thc Nole.
If Lender exerricec wch op~ii.n to acrelerate. Lend~r .hall ~nail Borro~er notice of acceleration in accordance wi~h
paragraph 14 hereof. Seich notice ~hall provide a~xri~xi ~~f n~~t Ies~ ~han i0 Jays from Ihe date the notice is mailed within
uhich Borr~-wer may pay the ~um~ declared due. lt Bc~rrower (ail~ ta pay sunc ~umc prior to the expiration of cuch period.
I.cnder ma}'. without furlhcr notice or dcmand an liorr~~v-er. ~m•oke any remedies F+ermitted by paragraph IR hereof.
NbtV-UNIFORl~1 COYF.VANTS Borrower and 1 ender further covenant and agree as follows:
18. Acceleration; Remedies. E:cept as proclded in paraRraph 17 hereof. upon Borrower's bnach of any covenant or
a~reement of Borrorser in this Mortga~e. includin~ the co~enanes to pay whrn due any sums secured by thk Morfqagt, I.eeder
prior lo acceleralion shall mail notice to Bonow•er as pro~ided in para~raph i4 hereof specifring: (i) the bnsch; (2) tbe aetion
required to cure such breach; (3) a d~te. not less thpn 30 days from the dafe the notice is mafled to Borrower~ by whkh such
breach must be cured: and (4) that faifurc to cure such b~eacb on or before the date specified In the aotice rn~y resnlt in
acceleration of the sums secured by~ Ihis Mo~lRage. foreclosure by judicial psoceedi~ and sals of the Property. 'IUe nWke
shall further inform Borrower of the right to reinslate after accelention and the righf to s-ssert in the foreclosu[t pt~oceedit~
Ifie non-existence oi a default or anv olher detense of Bonower to accelcration and foreclosun. If Ihe bresch is not cnred on
or before the date speci6ed in the notice. I.ender ~t I.ender's option may declare all of the mms secured by this Mort=a~e to be
immediately due pnd payable without further demand and may foreclose thk Mortgage by judicial prceesdin~. Ltnder shall
be entitled to collect in sucb~proceedinR all expenses of foreclosure. (ncluding. buf not 1lmifed to~ nasona6le sdoroey's tea,
and costs of documenlary e~idcnce. abstracts and titk reports.
19. Borrower's Right to Retnstate. tVc-twithstanding 1_ender'ti acceteration of the sums securcd by this Mortgage,
Borrower shall have the right to have any procecdings hegim hy Lcnder to enforce this Mortgage discontinued at any time
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