HomeMy WebLinkAbout0368l.e~de~'x written agreement or applirable law. Bor~ower ahall Pay the unount ot all mortgage incurance prcmiums io tht
manner providcd undc~ pa~agraph 2 hercot.
Any amaunts dichursrd by I.cnJe~ puraiant ta ~~his pa~rg~aph 7, wi~h in~erext thereon, shall become additional
indebredness of Borrawe~ securcd by thic Mongage. Unk~c 8orrower anJ 1_enJet agrce to ather terms of payment, sueh
amountc shall he payable u~n n~~ire fr~m I.ender ta Bor~ rr~nyy~t irg paymen~ lhereot, and shall bea~ interest from the
date of dicburscment at 1he ratc payablc t~om time ta li~ on but~t~nding principal under the Note unless paymeet of
intercst at such ntc would be cant~arv to applicablc law, in which cvent such amounts shall l~ear inte~est at thc highest nte
pertnissibk u~de~ applicabk law. Nolhing co~~ained in this paragraph 7 shall requirc I.ender to incur any expense or takt
any actioo hercunder.
a. laspecfion. I.encier may make or rause to be made rcaconable entries upon and inspections of the Property. provid+•
that l.ender shall give Borrawer not~ce pri~~r ~c- any such inspection specityina reuonabk cause th~rctor related to Lende .
interesl in the Property. ~
9. CoademnaKoa. The proceedc af any award or claim for damaga, dirce~ or rnnsoquential, in cw~noctioa rvith a
condemnation or dher taking of the Propeny, or part thercof, or tor conveyance in lieu of coodemnation. are hereby assiEne~.
and shall be paid to Lender. ~
in the event of a total taking of the Propeny, the proceeds shall be applied to the sums secured by this Mortaagc,
with the ezce~, if any, paid to Borrowe~. ln the event of a partisl taking of the Property. unless Borrower and I.ender
aherwise agrce in writing. therc shall be applied to Ihe sums socured by this Mongage such propoMion of the pmceeds
as is equal to that proporiion w•hich the amount of ~he sumc securcd by this Mortgage immediately prior to the date- of ~
taking bears to the fair marRet value of Ihe Property immediately prior to the date of taking, with ~he balance of the Proceeds
paid.to Borrower.
If the Propeny is af~andoncd by Barrower. or if. after nolice by I.ender to Bormwer that the rnndemnor oRers to make
an awa~il or settk a claim for dam•rge+. B~~~r~wer f~il. to rec~nd to l.ender within ;0 days aher tl~e date such notice is
mailed. Lender ic authorized to collect and apply ~he proceeds, at l_ender's option, either to nstoration or repair of tbe
Property or to the sum. sccured by this Mort~talee. •~
Unless l_ender and Borrower otherwicc ag~ce in w~riting. any such application of proceeds to principal shall not exten6
ar pcxtpone the due daSe of lhe monthly installmcnls rcfe~red ta io pa~agraphc .1 and 2 hercof or changt the artwunt of
such installments. '
10. Eonower Not Rekased. Extension of Ihe ~ime for payme~t or madification of amortization of the sums secured
by this Mortgage gronted by Le~der to any cuccessor in interect of.Borrower shall not operate to rckase, in any manner.
the liability ot the original Borrower and Borrower i succeSsorc in intercst. i.ender shall not be requircd to cotnrrsenoe
proceedings against such successor or rcfax to extend time for payment or othenvix modify amortization of the sums
seiured by this Mortgage by rcasan of any demand made by the oriqinal Borrower and Borrower s u~ccessors in intercct.
11. Forbearance by Lender Nof a Wd~er. Any fofiearance by l.ender in exercising any right or remedy heretmder, ot
otherwise afiorded by applicable law. shall ne~t be a waiver of or prcclude the exercise of any such right or rcmedy.
The procurement of insurance ~r the payment of taxes or other liens or charges by Lende~ shall not be a waiver of Lende~'s
right to accelerate the maturiry of the indebledness cecurcd 6y this Mortgage.
12. Remedies Camulathe. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or afiorded hy law or equi~y, and may be exercised concurrently, independently or successively.
' 13. Soccessors and Assi~as Sound; .7dat aad Seversl i.iabiNt~. Captbns. The covenants and agreements hercin
contained shall bind, and the rights hercunder shall im~re to. the respective successors and assigns of Lender ac~d Borr+ower.
subjeM to the provisionc of paraRraph 17 hereof. All covenants and agrcements of 8orrower shall be jan) and several.
The captions and headings of the paragraphc of this Mortgage sre for conve~icnce only and are not to be uxed to
interprct or deBne the provisions hereof_
11. NMice. Except for any notice rcquired under applicable law to be given in another manner, (a) any notict to
Borrower provided for in this Mo~tga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the PropeAy Address or at such aher addresc as Borrower mav designate by. notice to f.ender as provided herein, and
(b) any notice to Lender shall he given by cenified mail. return receipt rcquest~d. to i.ender s address stated he~ein or to
such other addras as Lender may decignate by nc-tice to Borrower as provided hercin. Any notice provided for in this
Mortgage shall be deemcd to have been given to Bc+rrower or 1_ender when given in the manner designated herein.
1S. Uniforn~ Mort~s~e; Go~ernin~ I.sw: Sevenbilit~. This (orm ot mortgage combines uoiform covenants for national
use and non-uniform covenantc with limited varia~ions by jurisdiction to constitute a uniform security instrument coverinE
real propeny. This Mortgage shall bc governed hy the law of the jurisdiction in which the Property is Iocated. In the
event that any provision or claux of thic Mortgage or ~he Note conflicts wi~h applicabk law, such conflict shall not alfoet
other provisions of this Mortgage or the Note which can be g~ven effect wi~hout the conflicting provision, and to this
end the provisions of ~he Mortgage and the Ncue are Jeclared to be xverable.
16. dorrorrers Copy. Borrower shall be furni~hed a contormed copy of the Note and of this MortRage at the time
of execution or afler reco~datio~ hereaf. -
1T. Traasfer ot the PropMy; Assumplion. Tf all or any part of the Property or an interest thercin ic sold or tnnsferrtd
by Borrower without Lender's prior wrin~n ~onsent. excluding fal the crcation of a lien or encumbnnce subordinate to
this Mortgage. /b) tMe crealu-n of a purch~cr money cecurity intercst for household appliances, (c) a trancfer hy devise,
descent or by operation of law upon the Jeath of •r jo~nt tenant ~r ld1 ~ht gran~ of any leasehold iMercst of ~hrcc ycan or ku
not containing an option to purchase, Lenckr may. at l.ender'c option, declare all ~he sums secured by this Mortgage to be
immediately due and payable. Lender thall h-rve wa~ved such option to accelerate if, p~ior to the wle or transfer. Lender
and the person ~o whom the Propeny ic ~~. be colJ or transferred rcach agreement in wnting ihat the credit of wch perwn
is satisfactory to Lender and that the intcrr.t pay~able on ~he sums secured by this Mortgage shal) be at such rate as Lender
shall request. If Lender has waived the option to acceleratt provided in this paragraph 17, and if Bonower i succasor in
interat has executed a writlen assumption agreement accep~ed in writing by Lender, Lender shall release Borrowe~ from all
obligations under ~his Mortgage and the Na~~.
If Lender exercises such option to accelera~e. ~ender chall mail Borrower notice of aeeeleration in arcordanc~ u iih
paragraph 14 hereof. Such notice shall pravide a period ot not .less than 30 days from the date the notice is mailed within
which Borrowsr may pay the sumx declared due. If Borrower (ails ~o pay such sums prior to the expiration of cuch peric~d.
Lender may, without further notice or dcmand on l3orrower. invoke any remedies permitted by paragraph IR hereof.
NoN-UH~FORM CoveH~NTS. Borrower and Lender tunher covenant and agrce u folbws:
la. Accekralion; Remcdks. Bxcept as provided ia p~rs~npb 17 hcreof. ~po~ Eorrowers beacl~ of sey co~ewN or
atrecnieet ot eorrower ln this Mort~aRe. IntludinR tbe torewaMs to pay r-hta doe auy soms tecnred by thk MortRs~e. l.ender
prior to sctekratbs shall mail notice to doROwer as prorlded fa para`raph 14 herco[ specNyfu~: (1) the Snscb: /2/ the actbA
requfred to cere sncb brtseb;l3) s dNc. nM kss than 30 days Irnm the date the wotke b s~afkd to Eorrower. by r.hkb srcA
b~each mmt be cercd: asd (I) Ihat tail~ro lo cere srch breuM ow or ~efwe the dMe specified iu the wotke mir reaWt h
accckration ot t6e soms secnnd by tAis MortRsRe. foaclowre br judkial proetediu~ u~ iale oI tbe ProPerry'- The wotiee
shall further intorm dorrowcr of Ibe riRM lo rcinstsfc afttr sccekrNiow and tre ri~~l to a~scrt h tl~e foreclosree poceedl~
tbe eoa-exislenct ot e detauN or sny other ~etenst o1 donower to secekrafios sad toreclosore. It tbe bre~cM ls sof cw~A o~
or 6etore the dste speci6ed ia the notice. Lend~r at I_ender•s o~tbw ~ declare ~M of tbe s~ws see~rsa bp tbis MortRa~e M 6e
ima~ediately dre ~wd psysbk ~+ithoul fnrthe~ demand ~nd nay /orecbst MI~ Morlsa~e br judieid proeeedlwR. i.en~er sAaN
be eatitled to cdleet ie srcb proceedinR sN expenses of tonclosurr. lacludia~. brt not dmited to. reasonsbk s~t~-rner's fees.
and costt ut doc~reewtary erldence. sbstracls ~nd litk repo~ts.
19. Eo~t~uwer't RI~A1 to Reinstste. Notwith~~and~ng t ender's acctlerat~on of ~he sums secured by ~h~s Mortgage.
Borrower shal) have the right to have any procerJ~n~c br~;un by Lender to enforce ~h~s Mortgage dncontinued a~ any time
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