HomeMy WebLinkAbout2379I.r~dcr`s w~~ttcn agrcement or appl~rable law. Borrower shall pay the amaunt ot all mohgage insursnce premiums in the
m:~nne~ providcd under pa~agraph 2 hercot.
Any amounts dicburud by I.ende~ purceiant to ihis paragraph 7, with intercst ihereon, shall become additianal
ind~htednrcc u( 6orrower securcd by thi~ Mongage Unle.c Borrower anJ l.ender agree to other Ierms of paymeot, such
amountc ~hali he payahle u~x~n m~tirc from I.cndcr ~o Burmwrr reyue~~ing payment thetcof, and shall bear interest from the
~late of dicburument at ~hc ratc payable from ~ime to time ~~n ou~standing principal under the Note unless payment of
interect at such rale would t+e rontrary ~o applicable law•, in v-hich event tuch amounts shall F~ea~ interest at the highest nte
pe~missible under applicable law. Nothing contained in thic paragraph 7 chall require I.ender to i~cur any expense or take
.~ny actian hereunder.
8. lnspeclion. 1.enJer may make ~~r cauu to he made rr~conab~e en~rie~ u{x~n and inspectio~c of the Pro{xrty, provided
thal [.ender shall give B~~r~ower notic~ prio~ to any ~uch incpection e~xcitying reasonable cause therc(or relaled ta I_ende~ s
inlcr~q in ~hc Pr~pcrty.
9. Coademoatbn. The pr.~rredc of any awa~d rn rlaim for damaees, direc~ or comequential, in connection with any
«~nd~nt~iati~~n ~~r other ~aking of the Pr~~~xrry, or part thrreof, or for c~-meyance in lieu of condemnation. are herchy assigned
an~ tihall hc paid to l.cndcr.
ln ~he event of a ~otal I:+king of the Prc~per~y, the pn.ceeds chall be applied to ~he cums ucured, by ~his Martgage.
with thc r~rccs, if any. paid to Borr~~w•er ln the c~~ent uf ~ partial taking uf ~he Property, unless Borrower and I.ender
utherwi<< •rgree in writin~t. ~here chall he appGed ta the .umc ucured by thi~ Mortgage ~uch pro~+ortian of the procteds
~c ic equal to that pn~ix~rtion which the amount o( the tum~ .erured b~• thic !~lortga~e immediately prior to the date of
~aking hearc to the fair market value of the Pruper~~ immediatel}• prior ~o the dale of taking. with the balance af the proceeds
paid t~~ Borrower. .
If thc Property ic abandoned M• Borrow•er. ~~r it. ahcr noticc by Lcnder to Bo~mwer that the condemnor aBers to make
an aK ard ~r ~eltle a claim for damage~. Burrowcr faih to r~~~x~nd tn l.ender within _l0 da)~s after the date such notice is
m:iiled. I.rnder ic authari~ed ~o collect and appt}~ the proceeds. at i.ender i option. either ta restoratio~ or rcpair of the
Pro~xny ~~r to the wm.,ecureei by thic Mortgage.
Unlec. I.ender and Borrower otherv-i~e agree in ~.ritine, any such applica~ion of proceedt to principal shall not extend
ur ~x~~t~x.ne the due dale of the monthl~• installmentc refer~cd to in paragraphs 1 and 2 hereof or change Ihe ame~unt of
wrh in+tallmentc.
10. Borrower Not Released. F+ctencion of the time for payment or modificati~n of arrsartization of the ~ums secured
bp th~~ M~~rt~age granted by- I.enJer to any cuccestior in imerect of Borrower ch:~ll not operate to release, in any manner,
thr liah~li~~• ~.f ~he c-ri¢in~l Borrower and Barrower'~ succecu~rc in interetl. Lender shall not-he required to commence
pr~~creding. againct «~ch wcceccor or refuce to c~~enJ~ Iime for payment or otherv-i~r modify amortization of the sums
u. ured h~~ ~hi~ Morlgage hy reacon of ~n}• demand made b~• the ari¢inal Borrower and Borrower s succescors in interest.
I 1. Forbearance by I.ende~ ?\ot a Waiver. .1n}• f~rhearance by I.ender in etercicing any right o~ remedy hercunder, or
.~~hrrwi~e afT~~rded hy applicable law, shall rec-t he a waiver c~f or preclude the exercise of am~ such right or remedy.
"~he prcx~ircment of insurance or the paymen~ of ta~r~ or athcr lienti ~r chargec hy I.ender Shall nat be a w•aiver of [.ender's
right t~• acrrlcrate the maturit~• ot the indebtednecc .crurcd hy thi~ Mortgage.
12. Remedits Cumulativt. All remediec pm~ided in thi~ !1lortgage are distinct and cumulative to any othtr right or
rrme~i~• nnder ~hi~ Mort~tage or aQordeJ h~• law~ ~•r eyui~~•. and may he ererci~ed concurrently, independenNy or succeuively.
13. Suececsorc and AssiRns Bound; Joint and Se~er~l I.iabiliry•; ('aptions. The coveRants and agreements hercin
ronta~ned shall hinJ. and the riQhtc hercunder ,hall mi~re ~o. ~he retipechve succeti~ors and ac~igns of LenJer and Borrower,
.uhject tc~ ~he pr~~~~i~ionc ~f paragraph 17 hereo(. :~II co~•cn~Mt and agreemem~ of Borrower shall he joint and xeverai.
Thr capti~~n, anJ heaJ~ng~ of Ihe paragraphc ~,f thi~ '.-iongage are for convenience only and arc not to be used to
mtcrprct or dcfinc thc prm•i~ianc hcreoL .
14. 1olice. Except for an~• nc-tice reyuired unJer applicable law• to be given in another manner. (a) a~y notice to
Hurruwer pr.~vided for in thie ttort~age ~hall hr givrn h~~ mailing +uch notice hy crrlified mail addrecsed to Banower at
thr Prupert~• AJdre~c ur at wch o~her addre.c as B~~rr~~wer ma}• de~ignate h~ no~ice to I.ender as provided herein, and
Ih) am n~tice to I.ender chall he gi.•en by crrti6rd mail. return receipt requested. ~0 1 ender'c addretc stated herein ar to
.uch ~~ther addrrsc as Lender mac d~ciqnate b~ n~ticr t~. Bormv-•er a~ pmvide~ herein Any notice provided for in this
~i~~ngage ~hall tx Jcemcd ta ha~r Fxrn gi~•~n to Rc-rn~wcr ~~r 1 rnder whcn g~ven in the manner detignated herein.
IS. i'nitorm MohRa~e: Go~•ernin~ L~r.~: Se~erabilit~~. Thi. f~~rm of mortgage combines uniform covenants for national
u~r and ni~n-unif.+rm c~~~rr~~ntti with limitr.l variation. h~• jun~~hclinn ti. constitute a uniform security instrument covering
real pmpert~. Thi. Mortgage chall he gu~~erned hc th~ I~~ c.f the juricdich~~n in w~hich the Property ic located. In the
~vem that :~ny~ prov~s:~in ~~r rlamr of thiti Atortgage ~•r thr '~~~te conflict~ ~ith applicable law~. such conflict chall not affect
~~ther pr~~~i~i~.m of thi~ 11i~rtgage ~~r the N~tr wh~rh ~an he gi~en efiect without the conflicting pmvicion. and to this
cnJ thc provi~ian~ c-( the Mortgage and Ihe \~itr are Jrrl~rcd ta he ceverahle.
16. Borrow•er'S Cop~•. Borrower ~hall be furn~~hed :~ ronfurmrd cop}• of the Note and of thic Mortgage at the time
uf c~ccution or a(tcr rcrc.rda~ion hercof.
17. Transier of the Propert}: Alsumplion. If all rr am part of the Pr~~prrt}• ur an interest thercin i~ s~ld or trancterred
M• Borruwrr withiiut I.endcr'S pnnr Kf11I~li c~~nsenl. c~cluding ~e~ thr crealiun of a lien nr encumbrance sutx~rJinate to
thiti M~~rtgage, fb) the creation of a purchacr money~ ~ecurit} mterest f~r household appliances, Ic1 a trancfer by devise.
de.cen~ or hy operation of lau upc~n the death ~•f a jomt tenant or ld- Ihe gram of an}• leascholt~,interest of three year5 or less
n~.t containing an option to purchase. Lender ma~•, at Lender'. ophun. declare all she wms secured by this Mortgage to be
~mmediately due and payahle. I.ender ~hall ha~e Ka~ced ~uch ophon t~ accelerate if, prior to Ihe tiale or transfer. I.ender
an.l the penon to whom the Properly i~ to be solJ c.r trantferred reach :~greemen~ in writing that the credit of such person
ic satic(actan• a- I.ender and that the intcrett pa~•able on Ihe cumti ,ecured b~• thi~ Mort¢age shall be at such rate as Lender
~h:,ll reyuest. lf I.ender has wai~•eJ the option to arceler.~te pmvided in this paragraph 17, and if Borrower's successor in
interest ha~ executed a written assumption agreement accepted in wri~ing by I.ender, I_ender shall releau Borrower from all
uMigations under this ,14ortgage and the Note.
If t.ender exercicec cuch ~-ption t~. accelerate. I.ender ~hall mail Borrower netice of accek~ation in accordance with
paragraph 14 hereof. Si~ch notice ~hall provide a peri~xi c.f no~ Ics~ than .l0 days from the date the notice is mailed within
Hhich Borrower ma)• pa~ the uimti declared due. I( B~rrov-er t:,~lc to pay surh tams prior to the expiration of such period,
I.ender ma}•, without fur~her notice or dcmand on B~xrov-er. im•ole an} rcmedies pe:mitted bq paragraph 1R hereof.
NON-UNIFOR~t C~O~'F~~'~TS Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Fxcept as proa•ided in paraRraph 17 hereof. upon Bormwer's breach of any covenant or
agreement of Borrower in this ~1ort~aAe. includinR Ihe co~enanls to pay when due any sums secured by this Mortg~e, Leeder
prior to acceler~tion shall mail notice lo Borro~+er as provided in para~raph 14 hereof specifyint: (1) the bnach; (2) tLt action
required /o cure such breach; (31 a date. not le~s than 30 dass from the date the notjce is mdled fo Borroaer, by whkh such
breach must be cured; and (4) Ihat failure to cure such breach on or befors the date specified in Ihe aotke may raok ia
acceleration of 1he sums secured by this ~1ortRsge. foreclosurc by judicisl proceedin~ aad sale of the Property. 7Le notke
shall further inform Borrower of the right to reinstate aEter accelention and the righl fo assert in the foreclosurt pmceedi~
~he non•existence of a default or 9m• wher defence of Borrower to acceleration and forecbsurr. If the breach is not cnred o0
or before the date specified in the notice. Lender at Lender's option may declare all of the sums secnred br this Mortta6t to be
immediately due and paysblt ~rithout further demand and may forcclose th[s Mortaa`e by judicW proceedfa~. Lender shaq
be entitlcd to collect in wch proceedinR all expenses of fureclosurc. includin`. but aot limited to, reasonabk attorney's tea,
~nd cosls of documentary evidence. abstrscls snd titk reports.
19. Borrower's Ri~ht to Relnstsle. Notwithstanding I_ender'• acceleration o( the sums stcurcJ by th~s Mortgage,
Borrower shall have the right to have an}• proccedings txgun by [_ender to entorce this Mortgage discontinued at any time
Addeodas to Paragrap6 15. The state and iocal laws applicable to this mortgage shall be Ihe laws o( the jurisdiction in
~ which the property is located. The loreqoing sentence shall not limit the applicabilitv o( (ederal law to this mortqage.
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