HomeMy WebLinkAbout2620I.ender's writtcn agn~emcnt or applirabk lew. Rorrowe~ shall pay the amount ot all mahgage inturance prcmiums in the
mannrr pruvidcd undcr pa~ag~aph 2 hereo(.
Any am~~uMc ~lichurscd by I.endc~ pur~uant a~ ~his parag~aph ~, whh irucrcct therean, shall beconx additional
indrMcdnccc uf R~~rrowcr ucund hy ~h~~ Mongagc. Unlc~t Borruwer a~J l.enJer agrcc ta Mhertermc. ot paymcnt, such
amountc shaU hc payable u~n n~~tirr from 1 rnder ~~~ &~rrowrr rcquecling paymcnl thcrc~~f, and shall hear inle~at from the
da~e of dicbursement at ~he rate payable fram time ta time on outsta~ding p~incipal uode~ the Note u~lecc payment of
interest at such rate would !+e contrary ~o applicable law, in which event cuch amounts shall l+ear inlerest al tho hiahest rate
permissible under applicable law. N~~Ihing cuntaineJ i~ thic paragraph 7 chall reqoirc l.ender to incur any espense o~ take
any action hereunder.
a• laspectiou. I.endcr may makc or cau~c to he made reasc~nable cnt~its upon and inspections of the Property. providtd
that I.tader shall give Bor~ower no~irr pri~~r ta any cuch inspeclion specifying reasonabk cause therefor related to Lender's
interest in the Property.
9. Cosdemnatbn. The prc~ceedc ot a~y award o~ claim for damaga, dircet or eo~sequential, in connectioo writh any
condemnation or other taking of the Proptrtr, or paM tAercof, or fo~ conveyance in lieu of condemnation. ate heneby attigood
and shall be paid to Lende~.
in Ihe event of a total taking of the Prope-ty. Ihe proceeds shall be applicd to the sums secured by this Mortaa6e,
with the excess, if any, paid to Borrower. ln Ihe event af a partial taking of Ihe Property. unless BoROwer and Lender
othenwise agrce in•writing. therc shall be applied to the sums secured by this Mongage such proportion ot the proooods
as is equal to thai proportion w•hich the amount of the sumc secured by this Mortgage immcdiately prior to th~ date of
taking bears to the fair market value of the Propcr~y immediately prior to the date of taking, wi~h the bal~nce of the proceeds
paid to Borrowe~.
lf the Property is al~andoned b~~ Borrower. or it. a(ter nolice hy I.ender to Bormwer that the condemnor oftets to mate
an awa~d or ultle a claim for d~m~get, Borrower fail. ro ~cs~nd to l.ender within 30 days after the date such notice is
mailed. Lender ic authorized to collect and apply the proccedc. a~ t.ender's option, either to rcstoration or repair of the
Property or to tht sumti ~ecured hy ~his Mort~age.
Unless I.ender and Borrower otherwiu agree in K•ritiog. any such application of proceeds to principal shal) not extend
or pcxtpone the due date of the momhly inslallments rcferred to in paragraphc 1~and 2 hercof or change the amount of
xuch installmentc. .
10. Bormwe~ Nof Rek~ed. Exteosion of the time for payment or modification of amortiution of tht sums socurcd
by this Mortgage granted by l.ender to any cuccessor in interest of Borrower chall not opente to release, in any ma~ner.
Ihe liability of the original Borrower and Bc+rrower'c successorc in intercst. i_ender shaU ~ot be required to commence
proceedings against such successor or rch~se to e~tend time for payment or otherwiu modify amonizat~on of the sums
ucured by thic Mortgage by rcason ot any demand made by the orieinal Borcower and Borrawer s u~ccessors in intercst.
11. Forbearance by I.ender NM s Wdver. Any forhearance by l.eoder in erercising any right or rcmedy hereonder, or
othenvise aBorded by applicable law. shall not b~e a waiver of or preclude the exercise of any such right or rcmedy.
The procurement of insurance pr the payment of tazes ar other liens or charges by I_ender shall not be a waiver of Le~der's
right to accelerate the maturity af the indebtedness ~ecurcd hy this Mortgage.
12. Remedies Cumulath~e. All rcmedies provided in this Mortgage are distinct and cumulative to any other right or
remedy unde~ this Mortgage or afforded hy law or equi~y. and may be exercised concurrently, independently-or successively.
' 13. Sncce~ors and Assi~as Bound: Joint aad Sereral I.isbiliry: Csptbres. The covenants and agreements herein
conlained shall bind, and the riRhts hercunder shall inure to. the respective successon and assigns of Lender a~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covcnants and agrcemenls of Borrower shall be joinj and sevenl.
The captions and headings of the paragraphx of Ihic Mortgage are for convenience only and are not to be uced to
interprct or deBne the provisions hereof.
14. TiMice. Eacept for any notice rcquired under applicable la~+v to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certiflcd mail addressed to Bnrrower at
the PropeRy Address or at such other addresc as Bormwer mav designate by no~ice to i_ender as provided herein, and
(bl any notice to Lender shall he given hy cenifieci mail. return receipt rcquested. to I.ender s address stated herein or to
such other address as Lendtr may deciqnate by notice to Borrower as pro~~ided herein_ Any notice provided for in this
Mortgage shall be deemed to havc heen given to Bc+rrower or I_ender when given in ihe manner designated herein.
1S. Unifonn MoARa~e: Covernin~ Ia..; Se.e~bilit~. Thic form of mortgage combines uniform covenants for national
use and non-uniform covenantc with IimiteJ variations h}• jurisdiction to constitute a uniform security instrument rnverins
rca) property. This Morlgage shall be governed h~ the IaN• of the jurisdiction in which the Property is located. I~ the
event that any provision or clauu of thic Mongage nr the hote conflicts with applicabk law, such conflict shall not afFoct
o~her provisions of this Mortgage or the Note which can be given effecl wi~hout the conflic~ing provicion, and to this
end the provisions o( the Mortgage and the Note are ~kclared to be severable.
16. dorrowePs Copy. Borrower chall be furniched a conformed copy o( the Note and of this Mort~tage at the time
of execution or atter rccordation hcreof.
17. Tnasfer of tbe Propertv: Assumption. tf all or any part of the Pmperty or an intercst therein ix sold or tnnsferred
by Borrower without Lender's prior wrinrn ~onsent_ excluding (a) ~he creation of a lien or enc~mbrance subordinate to
this Mortgage. (b1 the creat~on of a rurch~ee mi~ne~• cecuri~y mterest for household applianees. (e) a tran~fer hy devise.
descent or by operation of law upon the Jcath of a jo~nt tenant or (d~ the grant of any leasehold intercst of thrcc yean or kss
not containing an option to purchax, l_ender may. at l.ender i opt~on, declare all ihe sums xcured by Ihis Mortgage to be
immediately due and payable. 1_ender chall h~ve w:uved such opNon ~o arcelerate it, prior to the cale or transfe~. Lender
and the person to whpm the Property ic ~~. t+c .oW or transferred reach agre~ment in writing that the credi~ ot wch person
is satisfactory to [_ender and Ih~~ the inter~.t pa~able on the sums secured by this Mortgage shall be at such rate ac 1_ender
shall request. If I_ender has waived the option to accelerate provided in Ihis paragtaph 17, and if Borrower'~ succasor in
mterest has executed a written assump~ion agrcement accepted in writing by Lender, Lender shall rekase Borrower from all
obligations under this Mongage and the Note.
If Lender exercixs such option tc. accclerate. l.enJer chall mail Borrowtr notice ot acceleration in accardancc u i~h
paragraph 14 hereof. Such notice shall provide a period of na less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the eapiration of cuch peric~d.
[.ender may, wi~hout further notice or ciemand on Borrower. mvoke any remedia permitleA by paragraph 1R hereof.
NoN-UtviFORM CoveneNTS. Borrower and Lendtr funher covenant and agree u follows:
18. Accekratioa; Remedks. E:eeq as provWed ia psra~npb 17 heeeof. ~poa Borrower's breach ot any core~t or
a`reemeat ot Borro~+er in fhis MoN~a~e. includin~ the co~enanls lo pay ~+htw due ~ay snn~s secrred br thls Morl~aRe. I.ender
prior lo sccekntbn shdl mafl notice Io Eorrower as ptorWed In psrs~raph 1~ hereot sptcityln=: (1) the Mracb:12/ tbe actba
reqnired to care snch bresch;l3) s dste. not kss lhan 30 dars irom tbe dNe the notke b auikd fo dorrower. by .rhkh sneM
b~rach mwt be cored: aad (1) Ihst tailurc to cnn srch breacl~ ow or ~efwe the date specfbed is the notke may reaWt i~
sccekwtion of t6c son~s mund by Ihis Mort~aRe. foseclosure by jndkial proetedin~ and sde ot the Properry. The wolke
shall turther intorm dorrower ot tAe ~ht to rcinstste sfler accekeation sad 16e ~b1 lo asurt iw the torecbsrre ~ceedi~
tbe aon-existence ot a det~uk or ~nr otbcr de/ense of eonower to sccekntiou and (weclosore. it thc brcacb is eot erred or
or betore Ihe dsle speeified ln fbe notice. Lender ~1 I.ender's a~tfo~ ~ aeclm sq o/ tbe s~n~s reerred br this MortRaRs fo 6e
immedistely due and p~yabk willaut turther dem~nd ~nd msy totetlose th[s Mo~a~e by judkW proeeedia~. i.en~er shali
be eafitled to colleet in wcl~ proceedinR i0 espenscs of foreclosort. Inclodi~q. bot aof limited to. nasona6k s1t•,rneY's fees.
and co~s of doeweestary eridence. abstracLs sad Iitk reports.
19.' Son+ower's Ri~ht to Reinsl~t~. Notwi~h~~rnding I ender'c accelerat~on of ~he sums secured by ~b~s Mortgage.
Borrower shall havt the right to have any prcxerdine~ hrFi~n b~ Lendet to en(orct Ihts Mortgage discont~nued at any time
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