HomeMy WebLinkAbout0342l.e~der's w~ittcn agrcemem or applicable law. Borrowc~ shail pay the amauot ot all mortgage insurance prcmiums in the
mannc~ pruvidcd under pa~ag~aph 2 hercot.
Any amauo~s dicburscd by I.r~Jer pur~uanl t~. ~his paragraph 7, with interect thereon, shall bccome addilional
ind~b~cdnecs i~f Burruwcr xccutrd hy Ih~c Mongagc Unle~s Borrower aod l.c~Jcr agn~ ta Mhe~ tenns of payment, such
amounts shall hc payable u~x~~ rn~~ice fr~,m I.rnder to 6o~rowrr requct~ing payment thcrcot, a~d shall hea~ intercst trom the
date ot dicbursement at the ratc payablc frcxn time to time an o~itstanding p~incipal under the Note unlcss payme~t ot
interest at such rate would t+e con~rarv to applicable law, in which event such amounts shall t+ear interest at the highest nte
permissibk u~der applicablc law. Nothing comained in Ihic pa~agraph 7 chall rcquirc l.eodcr to incur a~y expensc or take
any actioo hereunder.
S. Isapecfio~, l_cnder may make ~~r causc to bc made rcasonable e~lries opon a~d inspections of the Property. provided
that l.cnder shall give Borrowcr noticr prior to any such inspection specitying rcuoaabk cause therefor rclated to Lender's
interest in the Property.
9. Co~demmtbn. The praceeds ot any award or claim for damaga, diroct or consoqueetial. in cortnatiot~ ~vith any
condemoation or dher taking of the Property, or pan thercof, or tor conveyanoe in lieu of condemnation, ue hereby sssianed
and shall be paid to Lender. ~
In the eveM of a tot~l taking of the Propeny. the proceeds shall be applied to the sums secured by M~is Mat~age,
with the excess, if any, paid to Borrower. In the event ai a partial uking of the Property. uoless Bomower and L~ender
ahenvix agrce in arritinR. therc shall t~e applied to ~he sums securcd by this Mortgage such propoNion ot the proceeds
as is equal to that propottion vrhich ~he amount of the sumc secured by ihis Mortgage immediately prior to the dafe of
taking bean to the fair market value of the Proper~y immediately prior to the date ot taking, with the balance of the procseds
paid to Borrower.
If the Property is abandonect by BorroN•er_ or if. after no~ice by i.onder to Bormwer that the condemnor oRets to make
an award ~~ settle a claim for damages. Borrower fail~ to recpond ta Lender within 30 days afler the date such notice is
mailed. Lender ic authorized to collect and appl}• ihe proceeds. at t.ende~ i option, either to restoration or rtpair of the
Pmperty ar to Ifie sums sccured hy ~his M~rtgagc.
Unless I_ender and Borrower othen~vice agree in vrritiog, aoy such application of proceeds to principal shall not eatend
or postpone the due date of the monthly ins~allments ~cferred ta in paragraphs 1 and 2 hercof or chanae the amouot of
such installments.
18. eor~pwer Not Rck~sed. Extensioo of the lime for payment or modification of amortization of the sums socured
by this Mortgage gnnted by l.ender to any cuccecsor in interest of Borrower xhal) not opente to rekase, in any manner.
the liability ot the original Borrower and Borrower x s~~ccessors in interest. Lender shall not be required to canmence
proceedings against such successor or rcfuse to extend time for payment or otherwise modify amortizat~on of ~he sums
ucured by thic Mortgage by rcason of any demand made by~ tht ariqinal Borrower and Borrower s successors in interoct.
. 11. Rorbeannce by Lender NM a~d~et. Any forhearance by l.ender in esercising any right or rrmedy herounde~, or
othenvise afforded by applicable law, shall not be a waiver of or preclude the exercise of any soch. right or nmedy.
The procurement of insurance pr the payment of taaes or other liens or charga by I_ender shall not be a waiver of Lenders
right to accelerate the maturiry of the indebtedneu cecund hy thic Motigage. `
12. Remedies Cmaulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or afiorded by law or equity, and may be exercised concurrcntly, independe~tly or successii-ely_
' 13. Seceessors aad A~~s Bound: aap~ ..a s~r~~ r.~~; c~~eto~. The covenants and agreements herein
contained shall bind, and the riRhts hercundtr shall inurc to. the rcspective successors and assigns of Lender aad Bomower.
subject to the provisionc af paragraph 17 he~eof. All covenants and agrcements of Borrower shall be joiry and sevenl.
The captions and headings of the par~Rraphc c~f this Mongage are for convenience only and are not to be tned to
interprct or define the provisions herec+f.
1<. Nolke. Except for any no~ice rcquircd und~r applicable law to be given in another manner. (a) any notice to
Borrower provided tor in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at
the Property Address or at such dher addresc as Borrower may designate by notice to I.ender as proveded herei~, and
(b) any notice to Cender shall he given by certified mail. rea~m receipt rcquested. to t.ender s address stated hercin or to
such other addrcss as Lender may deci¢nate by ru-tice to Borrower as provided hercin. Any notice provided for in this
Mortgage sha11 be dtemed to havc lxen given to &+rrower or l_ende~ when given in the manner designated herein.
1S. Unitoro~ Mort~a~e; Gorerni~ [aw; Severability. This form of mortgage combina uniform covenants for national
use and non•uniform co~~enantc with IimiteJ variations hy jorisdiction to constitute a uniform security instrument oovering
rcal properly. This Mortgage shall be governed hy the law~ of the jurisdiction io which the Property is located. In the
event ~hat any provision or claux of thic Mortgage or the No~e con8icts wi~h applicabk law, such conflict shall not aBect
other provisions of Ihis Mortgage or the Notr which can be given effect without the conflicting provicion, and to this
end the provisions of the Mortgage and thr Ncite are ~kclared to be severable.
16. Eorrower's Copy. Borrower shall be furniched a contormed copy of the Note and of this Mortgage at the time
of execution or a(ter recordation hereof. '
17. Transtcr o1 tbe PmpMv: Assumplion. it all or any part of Ihe Property or an intercst thercin is sold or tnnsferred
by Borrower without Lender's prior writ~. n consent. excluding lal the crcation of a lien or encumbnnce subordinate to
this Mortgage. (b) the creation of a purchace mnney cecuri~y intercst for household appliaoces. (e) a transfer hy devise.
descent or by operation of law upon the Jeath of a j~.~nt tenant or (dl the gront of any leasehold intercst of ~hrcc ycars or kss
not containing an option to purchase, Lender may. at l_ender'c option, declare all the sums secured by Ihis Mortgage to be
immediately due aod payable. Lender shall h:,ve wa~~ed such option ~o accrlerate it, prior to the cak or Iransfer. Lender
and~the person to whom the Property ic ~u bc .c-IJ or ~ransferred rcach agrerment in writing ihat the credi~ of cuch person
is satisfactory to I_enJer and that the intcrr.t payable on Ihe sums secured by this Mortgage shall be at si~ch ra~e ac Lender
shall request_ If I_ender has waived the option to accelerate provided in ~his paragraph 17, and if Borrower'> >uccasor in
interest has executed a written assumpiion agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Not~. _
If Lender exercises such option ~o accelerate, t_enJer chall mail Bo~rower notice of acceleration in accordanc~ w~ith
paragraph 14 hereof. Such notice shall provide a period of no~ Icss than 30 days trom the date the notice is mailed wi~hin
which Borrower may pay th~ sums declared due. If Botrower fails to pay such sums prior to the expiralion of cuch pericxl,
l.ender may, without further notice or dcmand on 13orrower, invokt any remedies permitled by paragraph 18 hereof.
NoN-UNiFORrH CoveN~nrs. Borrower and Lender funhcr covenant and agrce u follows:
IS. Actekrstion; Rcmedia. E:ccp a~ Provided io p~n~raph 17 benol. rpo~ iorra~-ers breac- ot ~ay corewset or
asreemcst of 8orrower ia this Mort~aRe. lncludi~ tbe corenswls to pay ahes dre ssy soa~s ~ecnnd br thk Mort~a~e. Lender
prior lo accekratbs sAdl msil notke to Sorrower as provlded iw psrssrspb 11 btreot specNyie~: (1) tAe besch:1211he ~ctim~
reqeircd to e~re snch bresch; (3) s dste. sot kss tAaw 30 days fwm tl~e dale tAe notke b s~aik~ to dorrower. br r-hkh srcA
beach mmt be cared: aad (Il tAat fstluro Io core srch bnacl~ oe or bcfors Ihc date specibed iw the eolke m~r resWt iM
aceckntion ot tbe wms secnrrd by thts MortRa~e, fweebs~n by jndkial'roeeedin~ ~ad sde of tAe rroperty. The notice
shall f~rttier intorm dorro~+er ot the ri~M to rei~sfsft dler accekatio~ asd tbe ~Mt to a~ert h tbe foreelosrre ~nocetdi~
the eon-esistenct ot a def~uk or any othcr de/ense o/ Qorrower to accekMios aad tortclosi~re. It the Are~el~ is sot cr~+ea o~
or before the date spccified ~n the notice. Lender ~t I.ende~'s aplo~ ~ dechre aM ot tbe w~s secrred by tMis MortR~e fo be
im~nediatcly dne and p~ysblt rritlwut funher dem~nd and msy totetbse fhk Malsa~e br jrdicW ~r~oeeedh~. I.eeder cha11 ~
be tatitkd to colleet Iw sre4 pwceedi~ ~0 e:penses of fonclosoro. includi~. bet wot Yn~Ne~ to. reawwaele m~~~nev~s fees. •
and costs of docnsestary e~iAence. aAstrac~s and Iille reports. _
19. donor-er's Ri6ht to Reiastste. Notwilh~~rnding t ender's accelention of the sumc ucured by ~h~s Mo-tgage.
Borrowe~ shall have the right ~o have am prcxe~d~ne~ hr~.un b~ Lender to enforct Ihn Mongage d~scontmued a~ any time
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