HomeMy WebLinkAbout2632I.ender's writtcn agrcemen~ or applicable law. Borrower shall pay thc amau~t a[ all mangage incuraocc prcmiums in the
manncr providrd undcr paragraph 2 hcrcof.
Any amaumc dichurscd by I.rn~lcr pur.uant t~~ ~his paragraph 7, with in~ercct thcrcon, chall bccame additiana)
indchicdncsc pf Norruwc~ ucurcd by ~hi~ Mi~r~gage. Unle.~ Borrc~w•er anJ LcnJcr agrcc to other Icrmc of paymcnt, such
amountc shall bc payablc u~x~o no~irc fmm 1 rnde~ to Bor~owr~ requtc~ing payment thercc~(, and shall bea~ interest from the
date of dicbursrment at !he ~ate payahle from time ta time an autstanding p~incipal under~the Note unlesc payment of
intercst at such rate would l+e cantrarv to applicable law, in which event a~ch amounts shall hear interest al the highest rate
permissible under applicablc law. Nolhing c~ntained i~ this parag~aph 7 shall rCquirc I.cndcr to incur any expense or take
any action hercunder.
S• Inspectioa. l.ender may make or cau.e ~o I+e made rcacc~nabk eotries upon and inspections of the Property. provided
that I_ender shall give Borrower no~ice prior lo any cuch inspection specifying rcasonabk cause therefor rclated to Leoder's
interest in the PropeNy.
9. Coademnatbn. The proceed~ af any award or claim for damages, dircet or consoquential, in connection with any
cot~demnation or other taking of the Property, or part thercof, or for conveyar~ce in lieu ot condemaation. are heieby sssia~ed
and shall be paid to Leoder. .
in the eve~t of a tw~l taking of the Propeny. ~he proceeds chall be applied to the sums securcd by this Morissge,
with the excess, if any, paid to Borrower. in the event of a panial taking of the Property, unless Borrower and Leoder
ahervvise agrce in writing. therc shall be applied to the sums securcd by this Mortgage such propoNion of the pruoeeds
as is equal to that proportion w•hich thc amounl of the sums secured by this Mortgage immediately priar to the date ot
taking bears to the fair market value of Ihe Propc~~y immediately prior ta the date of taking, with the balance of the proceeds
paid to Borrower. ~
if the Property is abandoncJ hy Borrowcr, or if. af~er notice bv i.ender lo Borrr-wer that the tondemnor atfers to mate
an award or settle a claim for dam~ee~. Borrc.wer fail~ to rec~+c~nd to l_ender within 30 days after the date such notite is
mailed. Lender ic authorizrd to collect and apply the proceeds. at t.ender's option, either to rcstontion or repair of the
Property or to the sums ~ecured hy this Mortgaite. -
Unlesc 1_e~der and 8orrower othervvice agree in verit~nF, any such application of proceeds to principal shall not extend
or pcxtpone the due date of the mon~hly ins~allments referred ta in paragraphs 1 and 2 herrof or change the amount of
such installments.
10. Borrowcr T[of Rekased. Eztension of the lime tor payment or madification of amortization of the sums socured
by this Mortgage granied by I_ender to any cuccecsor in interect of Borrower shall not opente to rclease, in any manner.
the liability of the original Bortower and Borrower i successorc in interest. Lender shall not be rcquircd ta commence
proceedings against such successor or rcfuse to extenJ time for payment or otherwice madify amortizat~on of ~hr sums
cccured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Borrower s successon in intercct.
11. Forbearance by I.ender Not s Waiver. Any forbearance by i.ender in eaercising any right or remedy hercunder, or
otherwix afforded hy applicable law, shall not .be a waiver ot or prcclude the exercise of any such right or nmedy.
The procurement of insurance pr the payment ot taxes or other liens or charges by 1_ender shall not he a waiver of Lenders
right to accelerate the maturity of the indebtedness ~ecurcd hy thic Mottgage.
- f2. Remedies Cumulsti~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or aBorded hy law or equity, and may be exercised concurrcntly, independently or succ~ssively.
' 13. Snecessors snd AssiRes Bound: ,loint aad Sevenl I.iabilNy; Csplbns. The covenants and agreeme~ts herein
contained shall bind, and the riRhts hercunder shall inurc to. the respective successors and assigns of Lender a~d Borrower.
subject to the provisionc o( paragraph 17 hertof. All covenants and agrcements of Borrower shall be jairy and sevenl.
The captions and headings of the paragraphc of this Mortgage are for_ convenience only and arc not to be u~ed to
interpret or define the provisions herrnf.
11. Notice. Except for any nolice required under applicable law to be given in another manner. (a) any notice to
Borrower pr+uvided for in this Mortgaee shall be given by mailing such notice by certifted mail addressed to Borrower at
the Property Address or at such wher addresc as Borrower mav designate by no~ice to l.ender as prov~ded hercin. and
(b) any notic~ to Lender shall t+e given hy cer~i6ed mail. retum receipt ~requested. to 1 ender s address stated hercin or to
such other addrcss as Lender may decignate by ~tice to Borrower as provided herein.~ Any notice provided for in this
Mortgage shall be deemed to havc l+een g~ven to Borrower or l.ender when g~ven in the manner designaled herein.
1S. Unitorm MorlRa~e; Gorernin~ iaw; Severabilit~. This form ot mongage combines uniform covenants for national
use and non-uniform covenantc with IimiteJ variations b~• jurisdiction to constinrte a uniform stcurity instrument covering
rcal property. This Mongage shall be govc~ned hv the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of thic Mangage ~r the Note conflicts with applicable law, such conflict shall not afkct
othe~ provisions of this Mortgage or the N~te which can be given effect without the conflic~ing provicion, and to this
end the provisions of the Mortgage and the Note are Jeclared to be severable.
16. Eomower's Copy. Borrower shall bc furni~hed a con[ormed copy of the Note and of this Mortgage at the time
of execution or after recordation hereaf_ .
17. Transfer o/ the Properfy: Assumplion. If all or any part of the Property or an intercst therein is sold or transferttd
by Borrower without Lender's prior wri~~.n consent. enctuding (al 1ht crcation o( a lien or encombnoce subordinate to
this Mortgage, (b! the creation of a pur:hace m~ney ~ecurity ~ntercst for household appliances. (c) a tranc(er hy devise.
descent or by operation of law upon the Jcath of •r j~.~n~ tenam or (d1 the grant of any leasehold inttrcst ot threc ycars or less
not containing an option to purchase, Lender may. at I.ender i option, declare all the sums secured by ~his Mortgage to be
~mmediately due and payahle. I.ender chall ha.e wa,ved such option to accclerate if, prior to the cale or Iransfer. Lender
and the person to whom the Property i~ ~~- t+c ;o1J or ~ransferred reach agre~ment in writing that the credit ot such person
is satisfactory to I.ender and that the interr.~ payable on ~he sums secured by this Mortgage shall be at si~ch rate ac I_ender
shall request. If I_ender has waived the opiion ~o accelerate provided in this paragraph 17, and if Borrower i~uccessor in
interat has executed a written assump~ion agreement accepted in writing by Lender, Lender shall rclease Borrower from all
obligations under this Mortgage and the Nott. ~
If Cender exercixs such option to accelerate. Lender chall mail Borrower notice of accelention in accordancr W i~h
paragraph 14 hereof_ Such notice shall provide a period of no~ less than 30 days from the date !he ~o~ice is mailed within
which Borrower may pay the sums dectared due_ If Borrower tails to pay such sums prior to the expintion ~f cuch period.
Lender may, without further no~ice or ckmand on Borrower. ~nvoke any remedies permitted by parograph 1 R hercof.
NoN-UN~FOatN CoveN~NTS. Borrower and Lender funher tovenant and aarce as follows:
18. Accelcrataa: Remcdies. E:cept as providcd io pa~rsph 17 hereo/. opo~ forrowers beacM of ~sy co~enswt or
qreement of Eorrower in tbis MwtRs~e. includin~ tht coreaanls to pay wben due aay wms securcd by fhk MorlRs~e. i.ewder
prior /o accekratbn shdl mafl notke to dorro~+er as provlded i~ pa~a~rsph 14 beteo~ spccNyin~: (t) the Mr~cb: (21 the aetbs
r+eqnired to cnre such bre~cb; (3) s date. not les than 30 dsys irom the dsle the notice b a~~ikd fo eorrawer, Ar ••hkh suci~
b~each mw! be crred; and (4) Ihst tailnro to core stich bresch oa or betore Ihe dMC specified is the Aotke may resWf l~
sccekration of tbe snms secured by IhLs MortRaRe. to~eclowre by judkial proceedin~ and sde ot Ihe Pwperry. The notke
shall further intorm eorrower of the riRh1 lo rei~tNe s(ler sccekrstbw and tbe ri`At M as~ert h 16e /oreclosti~e pe~oeeedl~
tbe aon-e:istcnce of a detauM or sny olher deten~e ot Eorrower fo steekratbn ~ad fortcbso~+e. if the bresc~ is not neea o~
or 6etore the date specified in /he notice. Lender ~t I.end~~'s oplios ~ declm ~M ot the s~ros setrred br Mls Mort~~e to be
immediately due and Psyablt withoul turther dtm~nd ~nd msy ~otrcbst thB Mortfa~e by jodicW proetedinR. I.ende- chap
be enKNed to colleet ia see6 proceedi~ aQ e:penses nt fonclosn~r, fncludi~. bnt ~of Ymited to. rcasonsbk at~•,rnev's fees.
and tosts ot doc~~seatary evidence. abstracts and ~ille nports.
19. Eorrower's Ri`ht lo Reinslsle. No~with~tanding 1 enJer's accelerat~on of ~he sums secured by th~s Mortgage.
Borrower shall havt the right ~o have am• prcxcrdine~ hr~,un by Lcnder to enforce Ih~~ Mongage d~sconhnueJ at an~~ 1~mt
BQOI~( ~~~ Pn6f 2~ 1
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