HomeMy WebLinkAbout0360Lender's written agreemeot or applicabk I~w, Borrowe~ ahall pay the amaunt ot all mortgage insurance prcmiums in the
manner provided.unde~ paragraph 2 heoeof.
Any amounts disM~rsed by I.enJer puRUant to tha parag~aph 7, wrth interest thercon, shall become additional
indeh~edness of Fiorrawcr secured by Ihis Mortgage. Unlccss Banower and I.enJer agrce ta othe~ ternns ot payment. such
amounts shal) be payablc u~~ no~ice from I.ender to Born~wer rcquesting payment therca(, and shall 1xa~ iotercst from the
date af disbursemeM at the rate payahk f~cxn Iimc to Iime on a~~su~ding principal under the Note unkss ps~rmettt ot
interest at such rate would t+e contranr to applicable law, in which eve~t cuch amounts shall hear i~terest at the hishest rate
permissibk u~der applicable law. NMhing contai~ed i~ lhis pa~agnph 7 shall rcquire I.cnde~ to incur any eapetae or tate
any action hereunde~.
S. I~speelioa. I.eode~ may make or cause to be made rcasonable emriec u~n and iospections o( the PropeRp, provided
Ihat I.ende~ shall give Borrawe~ not~ce prior to any such inspection speci(ying rcas.~nable caux thercfor related to_Lende~"s
interest in tht Property.
9. Coedea~natbw. The prc~ctedc of any award or claim fcx Jamages, direct ar conuquential, in eonnoction with any
condemoa~ion or other taking of the P~operty, or part thereof, or far conveyance in lieu of condemnation, are neRby a~ianed •
and shall be paid ta 1_ender. ')~ ~` r• ;
In Ihe event of a tatal taking of the Propehy, the p~oceecis chall he applied to the sums securcd by Ihis Mortaage.
with the excest, if any," paid to Borr~wer. In the event of a pa~tial Iaking of Ihe Property, unlest Bomnwer and Lende~
o~herwix agree in wri~ing. therc shall be applied to the ~ums secureJ by thic Mongage such proportion of the proceeds
as is equai to that proportion w•hich the amount of ~he sumc ~ecored by this Mortga~te immediately prior to the date ot
takiog b~an to the fair market value of the PropeNy immeJiately prior to the date of ~eking, with the balance of the pr~oceeds
paid to Borrower. '
If the Property is abandoncd by Bor:ower. or if. atter n~~icc hy l_ender ta Bormwe~ that the condemnor olfers to make
an aword or xttle a claim for damages, B~rmwer tail. to rcc~ond to I.ender within 30 days aRer the date such notice is
mailed. Lender ic authoriicd to collec~ and apply ~he proceeds, at I_ender's option, either to rcstontion or npair of the
Properly or ta the sums secured hy this MortRalte.
Unless 1_ender and Borrower otherwice agrce in w•rit~n~. any such applica~ion af prceeeds to principal shal) not ratteed
o- postpone the due da~e of the monthly ins~allQncnts referred to in paragraphs 1 and 2 hereof or chanae the amoant ot
suci+ inslallments.
10. Eorrower Nof Rekased. Extension of the time for payment or modification of amaniution of the sums xcur+ed
by this Mortgage granted by I.ender to any cuccecsor in ioterect of Borrower shall not operate to rckase, iN any manner,
the liabilily of the original Borrower and Borrower'c successorc in intercst. i_ender shall not be requircd to canmence
proceedings againu such successor or ret-~cr to ettenJ time for payment or otherwise modify amortiution of the sums
secured by this ~IoAgage by rcason ot •rny demand made by the oriqinal Borrower and Bon~wer's wccessors in interest.
I1. Forbearance by I.ender Not a N-drer. Any lnrhearance by t.ender in exercising any right or rcmedy hereunder, or
otherwise aBorded by applicabk law, shall nat lx a waiver of or preclude the exerciu of any such right or remedy_
The procurement of insurance or the payment of taxes or other liens or charga by Lender shall not be a waiver of Lende~'s
right to accelerate the maturiry of the indehtedness ~eci~red hy thic Mortgage.
12. Remedies Cemulali~e. All rcmedies provided in this Mortgage are distinct and cumulative to any other riaht or
remedy under this Mortgage or aRorded hy law or equity, and may be exercised concurr~ently. independently or suceessively_
' 13. Srccessors aad Assi~~s Bouad: Joiat aad Seveiral i.iabe~ity; Captbas. The covenants and aareeoxnts hercin
contained shall bind, and the rights hereunder shall inur~ to. the respective successors and assigns of Lender aud Borrow~er.
subject to the provisionc of paragraph 17 hereof_ All covenan~s and agreements of Borrower shall be jary and sevenl.
The captions- and headings of the paragraphc of this Mortgage are for convenience only and ar+e not to 1k used to
interprct or deBne the provisions herec~f. ~~
14. Notiee. Except for ~ny nMice reyuired under applicable law to be given in another manner, (a) any notice to
Borrower p~ovided for in this Mortgaae shall be given by mailing such notice by certifled mail addressed to Borrower at
the Property Address or at such other addresc as Borrower may designate by ootice to T~nder as provided hercin, and
(b) any notice to Lender shall he given by certified mail. retum receipt requested. to I.ender's addras sqled hercio or to
such other addre.a as Lender may decienate by notice to Bormwer u provided hercin. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desianated herein.
1S. Uniforn~ MortRa~e; Go~ernie~ Law: Sererabilitr. This lorm of mortgage combines unifonn covenants for national
use and non-uniform covenants wiih IimiteJ variatio~s by jurisdiction to constitute a uniform security instrument coverin~
real propeny. This Mortgage shall 6e govcrned hy the law of the jurisdiction in which the Property i~ located. In the
event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not aRect
other provisions of this Mortgage or the Note which can be given e~ect wilhout the rnnflicting provision, and to this
end the provisions of the Mortgage and the Note are ckclared to be severable.
16. sorrower's Copy. Borrower shall be furniched a confonncd cop~• of the Nott and of this Mortgage at the time ~~
of executan or after rccordation F~ereof.
l7. .Traader of tbe Piropafy: Assumption. 1f alt or any part of the Property or an interat thercin is sold or transfened
by Borrower without Lender's prior wriurn consent. excluding (al the crcation of a lien or encumbnnce subordinate to
this Mortgage. (b1 the crcatux~ of a purchace money security intercst for household appliances, (c) a ~ranskr hy devise.
descent or by operation of law upon the death of a jo~nt tenant or (d) the grant of any leasehold intercst of threc years or less
not containing an option to purchase. Lcnde~ may. a~ Lender'c optioo, declare all the sums xcurcd by this Mortgage to be .
immediately due and payable. Lender shalt have w~•rived such op~ion to accelerate if, prior to the cak or transfer. Lender
and the ptrson Io whom the Properly ic to be co1J or trans(erred rcach agreement in writinE that the ercdil of cuch per~on
is satisfactory ro Lender and ihat the inter~.~ payable on the sums securcd by this Mortgase shall be at :och nte ac Lender
shall requat. 1f Lender has waived the option to accelerate provided in this porograph 1~, and if Bomnwer's successor in
interat has executed a written assumption agreement sccepted in writing by Lender. [.ender shall rckase Borrower frcxn all
obli~ations u~der this Mortgage and the Note.
if [.ender exercises such option to accelerate. Lenckr chall mail Borrower notice of accekration in accordancc w~~th
pua~nph 14 hereof. Such notice shall provide a period c+f not less than 30 days from the date the notice is mailed within
which Borrower may pay the suma doclared due. If Borrower tails to pay u~ch sums prior to the expiration of cuch peric~d,
[,ender may, without further notice or demand on Borrower. invoke any remedia permitted by panaraph 18 hercof.
NoN-Ur~tFORtir CoveNenTS. Borrower and lender furthu covenant and apee as fdlaws:
li. Acede~ados; Rewedia. Escept s provWcd i~ psra~ra'U 17 bereo/. ~o~ forrower~ Mesc~ ot aq ro~e~t K
~t of eon~ower i~ this Mort=a`e, hclndfa` t~c co.ess~ls to Nr whe~ ~~e a~y s~ws sees~ iry dds Mo~~e.l.ewier
prior to secelt~atlo~ srall ~ail ~otlce to Son~ower as prorlded Iw para~rapr 141~ereo~ ~etl[~o (1) the 6r+tatl~: (2/ tbe scflow
eqdrd b awe ner MeacM: l3) a d~1e. ~wt las ttiaa 30 days iro~w tbe aate tre ~otke it waYe~ to 1~r»wer. b ahieM s~
breae~ ~rt be csre~ a~ (4) Wt faN~re to crre wcb breae~ o~ or betae N~e date qeeiie~ f~ tbe ~otke ~sr e~lt h
aecderatlow ot Ire w~s secme~ by t~k MortsaRe. to~eclosnre Y~ judfcld ~roeeeiiK Mi We o1 tbe h~c~. 7Le ~etke
sbaM is~er bfors iorr~wer at tl~e irf~M to rehstate sfter scceleratfow s~ tLe ri~At b~cA h tl~e torceloao+c ~eee~
I~e ~ow~esWewce ot a ret~it or ~y a~. a~r~~ or s~o..K ~o.~.no. api tonclowre. N the 6rrxM Is ~ot c~ee~ o~
or Detort tl~e aale qeeii~ i~ tre ~otiee. Ltnder at I_eAde~'s opio~ ~ aeclare d ot Irr w~ stc~re~ ~ lld~ Ma1~e lo ~e
i~~Wely drt awi pysble witbrl fmfber dcm~nd and aay foreeloa tldt Morf~e b j~iicW M~ete~R. i.ender ~aM
be ~ to coYect i~ wcr'roceedi~ s/ e:penses nf fonclosrne. Iwcl~. Drf ~N IWte~ f0. reaw~~Me stturwer's fees.
a~ oo~1t oL ioc~~eNary er~dc~cc. ab~trscls ~ ~Nk rrprb.
19. ~orrewa's Rlpt to ReistMe. Notwithstanding Lender s accekntion of the sums secured by th~~ Mortsa~e.
Borrower shall have the right to have any prceeedmgs be~un hy Lender to entorce this Mon`a~e discontinued at a~y time
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