HomeMy WebLinkAbout2489l.endrr'c writteo agreemen~ or apphcable law. &~trowe~ shall pay ~NN amount o( all moNgage ineurance premiums i~ the
ma~nrr prawdud undc~ pa~agraph 2 hcrcot.
Any amuun~~ di~hursc~i by 1 cn~ler pur~uant ~u this par,~graph 7, with uiterect thereon, ahall t-ecome additional
in.IrMednecc af IiurruN~r ~rcurcd by Ih~~ Mung•rge Unle.~ Borruwer and 1 enJer agree to othe~ lem~c ~~t payment, such
amauntc chall hc payahlc ~~~xm naticc (n~m 1 cndr~ t~~ &~rruwrr rcyuccting paymrnt IhcreaL and sh~l'r',b~,a~ interest from the
date of dicbursement at the rate payahle frum lime to ~ime ~~n outstanding principa) under the Note unlecc payment ot
inte~est al such ~ate wauld be contrarv lo applirahle law. io which event a~ch amountc shall hear ;nterett at the highest rate
permissible unde~ applicable law. Nolhing a~n~ained ~n thic parag~aph ~ chall require l.ender to incur any expense or take
any action hereunder.
S. Isspecfion. l.cnder may m~l,c ~r ra~~.c to hc made rcacc~nable entrics upon and inspections o[ the Propetty. provided
that l.ender shall give Borrower nu~ice pri~~r ~o ~ny ~uch inspection specifying rcasanabk cause therotor relatod to Ltnder's
inlerest in the Pmpeny.
9. Coademnatioa. 'I?~e proceedc of any award o~ claim for damages, direct or consequential, in connection rvith aey
condemoation or other taking of ~he Property, or part thereof, or for conveyance in lieu of condemoation. are hereby assianed
and shall be paid to Lender.
in ~he event of a tot~l taking of the Pmpe~ty. the prc~ceeds chall be applied to the sums securcd by this Mo~t6age,
with the excess, if any, paid to Borrower. ln ~hc evtnt af a partial ~aking of the Property, unless Borrower and Lender
otherwise agrce in writing. therc shall lx applied ~o the sums securcd by this Mortgage such proportion of the prooeeds
as is equal to that praportion w~hich the amounl. ot ~he s~imc secured by this MortgaRe immediately priar to the date of
taking bears to the fair market value of the Property immediately prictr to the Jate of taking, with the balance of the proceeds
paid to Borrower.
if the Property is ahandoncd b~• Borrov-~cr. or if. after notice by 1_ender to Born~wer that Ihe condlmnor ofkrs to makt
an award or cettte a claim for Jamace.. B~rr~vver (aih ~o re~pnnd to I.ender wi~hin ~0 days after the date such ~otice is
mailed. I_ender ic authorized ta collec~ and a~~i>• the procceds. at I.ender's option, either to ratontion or ~spair of the
Propert} ar lo the ~um~ ~ccured by thi~ M~rtga~e.
_ Unlesc Lender and Borrawer otherwicc agree in wriUnc. any such application of proceeds to principal shall not extend
or Exx~pc~ne the due datc o( the monthlv intt:,llments referred to in parag~aphs 1 and 2 hercof or change the amount of
such inslallments.
10. Borrower Nof Released. Extension of the time for paymenl or mndification of amortizati~x: of the sums socurcd
by this MoAgage granted by I_e~der to any cuceessor in inte~ect of Aorrower chall not operate to releast. in any manner.
the liability of the o~iginal Bonower and Bc~rrower'c successorc in intercst. t,ender shall not be rcquired ta eommence
proceedings against such soccessor or retuse to extend time for payment or othervvice modify amortizal~on of thr sums
ucu~ed by Ihis Morigage by reason of any demand made by Ihe oriQinal Borrower aod Borrower s successors in intercct.
I1. Forbearance by I.ender Not s Wdver. Any f~rhearance by 1.ender in exercising any right or remedy herconde~, or
othenvise affordeci hy applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance Qr the payment of tazes or other liens or charges by l.ender shall not l~e a waiver of Lende~'s
right to accelerate the maturity of the indehtednea cecurcd hy thic Mortgage.
12. Remedies Cumulsti~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
~remedy unde~ this Mortgage or afforded by law or equi~y, and may be exercited concurrcntly, independently or succestively.
' 13. SYCCessors and AssiRns Bound: Joint and Several f.iability; Captbns. The covenants and agreements her~in
conlained shall bind, and the riRhts hercunder shall inure to. ~he respective successors and assigns of Lender at~d Borrower.
subject to the provisionc of paraRraph 17 hereof. All covenants and agreements of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of Ihis Mongage art for convenience only and arc not to be uced to
interprct or define the provisions hereof. -
14. Notkt. Except for any notice required unde~ applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing cuch notice by certi}~ed mail addresxd to Borrower at
the Property Address or at such other addres~ as Borrower mav designate by no~ice to i.endtr as provided hertin. and
(M) any notice to Lender shall he given by certified mail. return rcceipt requested. to i.ender s address stated herein or to
cuch other addrcst as I_ender may de~ienate by n~tice tn Borrower as pro.•ided he~ein. Any notice provided for in this
Mortgage shall be d~emed ~o havc heen g~ven to Bc-rmwer or Lender when given in the manner designated herein.
1S. Uaito~m MortRa~e; Governin~ Iaw: Severability. Thic torm of mortgage combin~s uniform covenants tor national
use and non-uniform covenantc with IimiteJ variationi h}~ juricdiction to constitut~ a uniform security instrument covering
rcal property_ This Mor~gage shall be governed hy the law• of the jurisdiction in which the Property is located. In the
event ~hat ariy provision ar claoce ef thic M~rtgage ~r ~he Note conflicts with applicable law, such confliCt shall not affect
other provisions of ~his Mortgage or the Notr which can be given ~ffect wi~hout the conflic~ing provicion, and to thu
end the provisions of ~he Mortgage and the Note arc declared to be xverable.
16. dorrowe~'s Copy. Borrower shall bc furniched a conformed copy of the Note and of Ihis MortRage at iht time
of ezecution or af~er rccordation hereof. '
17. Taasfer of the Propertv: Assumplion. If all or any part of ~he Pri~pehy or an interest therein is sold or tnnsfened
by Borrower without Lender's prior wnnrn ronunt. excluding (al tht creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creat~on of a purcha~r mrne~• cecurily interest for household appliances, (e) a trancfer hy devise.
descent or by operation of law upon the Jealh o( •r jo~m tenam or (d- the grant uf any Itasehold intercst of thrcc ycars or kss
not containing an oplion to purchau. I_enJer may. at l.ender'~ opt~on. decl:,re all ~he sums secured by this Morigage to be
immediatdy due and payable. l.ender ~hall ha~~c v-a~ved such option to accrlerate if, prior to the wle or transter. Ltnder
and the person to whom the Property ic ~a !+c .oW ~~r Irans(erred reach agrcrment in writing that the credit of wch perxon
is satisfactory to l_ender and that the inter~.t pa~•able on ~he sums ucured by this Mortgagt shall be at such rale ac Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower;> >uccawr in
interest hac executed a written assump~ion agreement accepted in writing by [~nder. Lendtr shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender ezercises such option ~~ acrelera~e. Lender chall mail Bo~rower notice of acceleration in accordanc~ u~~h
paragraph 14 hereof. Such notice ~hall prov~de a period of no~ less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. It Borrower fails ~o pay such sums prior to the expinlion of cuch peric~d.
Lend~r may, without further notice nr demand an Borrower. ~nvoke any remediu permitted by paragraph IR hereof.
Norr•UNIFONM COVENANTS Borrower and Lender turther covenant and agree u follows:
18. Acccleratao; Remedks. E:cepl as provided ia para~rapb 1~ bercot. upoo eorror-e~s brexM ot aey co•ewant or
a~reemeat of Sorrower in th~s Mortgs~e. includie~ the corenants to pay when due say sums secured by this MortRaRe. I.ender
prior lo icetkntbn shdl m~il nolke to eorror.er as prorWed In pan~rapb 14 hereo~ specl/yin~: (1) tht breuh: ltl ~he sctba
rcquirsd to cnre snch Meach;l3) a date. not kss than 30 dsys from tl~e date tbe notke [s mailed to eorrower. by whkh wcM
breach must be cored; sad (~) Ihat failure to cnre srcl~ brescb os or betore ~he dNe specN'ied in the no~ke may resWt 1~
accelcratan of tbe sun~s secured by thk MortRaRe. torecbsurr br judi~id pwceedi~ snd sde of ~Ae Prop~rtr. 71~e notke
shall further intorm Eorrower of 1be rq~ht to rel~tate after sccekrsrion and tbe ~ht fo assert ie thc toreclosnro proeeedM~
t6t non-e:isfence of s det~uN or any Mher dcfense ot Eorrower fo atcekrsfion and tortclosrne. It the brescb is not cared o~
or before 1he dste speciRed in the notice. I.ender at /.ender's oplfos ia~ declare aN ot tht sou~s seerred by this MortRa~e b 6e
immediately due and payable rrilhout fu~tF~er dem~nd and msy toreclost thk Mort~a~t by jodicW prottedinR. i_ende- shall
be eotitkd fo collect in such proceed~n~ dl txpcnus ot toreclosare. includin~. Mrt sot li~nited to. nason~bk att.~rneti's fers.
aad costi oI doe~n~eshry e~idence. asstrscls and litle reports.
19. Son+owers Ri~ht fo Reinstate. Nolwilh~tandin~ I ender's acceleration o( the sums ucured by ~h~s Mortgage.
Botrower shall have the right to have an} prcxe~d~nc~ hrf~~n by L~nder to ento•ct thu Mnr~gaqe d~scommucJ a~ any ~imt
`'°346 P~~E2485
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