HomeMy WebLinkAbout0603l.rnde~'s writte~ ag~rment or applirablc I:~w. Borru~~cr shall pa)• ihc amount of all mottgagc insur:~nrc premiums in thc
mannc~ pruvid~~l under parag~aph 2 hereof.
Any amounts Ji~hursed by Lende~ pur~u•rn~ tu this par.~graph 7, with interect Iherean. ~hal) become addiliona)
indeMedness of fiorro~~er securrcl by thi~ Mort~age. Unle.. Borruwer an~l Len.ler agree to Mher tertm of payment, ~uch
am~untc ~hall hc payablc u~xm n~~tirc fn~m (.rndcr t~~ Bnrr~~wcr rcyur~ling paymcnt thcreoL and ~hall hcar intcrect from thc
date of diahurcement at Ihe r,~te payahle f~om timc to lime on o~Ustanding principal under ~he. Note unlesc payment of
ioterest at such rate would t+e cont~a~~~ t~~ applicable la~~•, in which event cuch amounts shall hear interect at the highest rate
pcrmissible undcr applirablc law. Nothing con~ained in thic paragraph 7 shall rcquirc I.ender to incur any expe~u or take
any action hcrcunde~.
8. lnspeclion. I.enJer may makc o~ causc to hc madc rcaconablc cnlrice u~x~n and intipcclionc of tht Pmperty, pmvided
that I.ender shall gi~•e Borrower nMire pri~~r to am• wch int~xction specifying rcas~~nable cauce thercfor related ta i.ender's
intcrcct in thc Property.
9. Condemnation. The pr~KCed~ af any award or rlaim for damaces, direc~ or contequential, in connection with any
rondemnation or other taking of Ihe Property, ar part therrof, or for cam•eyance in lieu of condemnation, are hereby ascigned
and shall t+c paid to [.cndcr.
in ~he event of a lotal taking of the Pro~x:r~?~. the pnxecJs ~hall he applicd to ~he aums secured by thic Mortgage.
v~ith the eticess, if any, paid ~o Borro~~~e~. In ~he event af a partial taking of the Pmperry, unlecc Bormwer and 1 ender
c~therwice agree in writin~. therc shall be applied to ~he ~umc k~cund h}• thic Mortgage ~uch pmportion of the proceeds
as iz equ•rl to that pro~x~rtion which the am~~unt ~f the sumc cecured hy thic 111ortga~e immediately prior to the date of
taking hcars to the fair markel valuc of Ihe Pro{x:rt~• immcdiatel}• prior Io the date of Iaking, with 1he balancc of the pmceeds
paid t~~ Bormwer.
lf lhe Property ic abandoned M~ Bcrrov-•cr, or if, afler nolice hv I.ender to Rormwer that the condemnar offers ~to make
an award or scttlc a rlaim for damacc,, B~•rr~wcr f:iil. t~, rcti~+c~nd t~~ Lcndcr within 30 da~•s aRcr the datc sach notice is
mailed. i.ender ic authori7ed ro collec~ and apply ~he prcxeeds. at I.ender'~ optic~n, either to rectoratian or repair of tht
Propcrty or to thc sum~ ticcurcd h~• this Mo~tgagc.
Unlesc I_ender and Borrow•er otherK•ice agree in ~+ritine. am• such application of proceedc to principal shal) not extend
or ~ct~ne the duc date of thc monthl~• installmcnts rcferrcd to in paragraph~ 1 and 2 hercof .,r change the amount of
~uch installmentc
10. Borrower Nol Released. I?rtenaion of the time f~r pa~•men~ ar modification of amortization of the sumc secured
by ihis MortFage granteci by l.ender t~~ an~• ~uccecs~~r in interect of Borraw•er ~hall not operate to release, in an~ manner,
the liability of the oriqinal Borro~•er and Rorrower'1 succcu~rc in. interest. I.enJer shall not he mquired to commence
pr~~ceedings against sueh succecs~r or refuce to erlend time for payment or otherv-•i~ mc~dify amortization of the sums
secured h~~ thia Mortgage h~• reason of an~• demand made bc the ~~rieinal Borrow~er •rnd Borrow•er s succescorc in interest.
11. Forbearance by Ixnder Not a Waiver. Ao~~ fi~rFx:aranre M• Lcnder in crcrcising am~ right or remedy hereunder, or
otherwise afTorded ha~ applicahle law_ ahall ni~t Fx: a waiver of i~r preclude the exercise of am~ such right or remedy_
The procuFCment of insurance or the p:~yment ot tareti c.r other lien~ or chargec b~~ I.ender .hall not he a~ aiver of l.ender s
right M accelerate the maturity of the indeMednecs ~ecured M• thi~ Nortgage. -
12. Remedies Cumulative. All rcme~lics prm•ided in thie Mortgage are dislinct and cumulative to an}~ other right or
remeJy under this Mortgagc or afforded b~• lav-• ~.r eyuiq•. and ma~~ he c~erciud rnncurrently. independentl~• or successively.
13. Successors and Assigas Bound: loint and Se~~eral I.iabilit}•; Captions. The covenants and agreements hereire
contained shall hind. and fhe riRhtc hercander shall inure to. the rcspective succetcorc and accigns of 1_ender and Borrower.
subject to the provisionc of paragraph 17 hereof. All cavenants and agreementc of Borrow~er sfiall be j~int and ~everal.
The captions and headings of the paragra~hc of this Nortgage are for co~venience only and are nM to be uced to
interpret or define the provisions hereof. '
14. Notice. Except for any notice reyuired unJer applicablc law~ to be given in another manner, fa) any notice to
Borrower provided for in this Mortgaee shall he gi~~en M• mailing cuch notice b~• certified mail addressed to Borrawer at
the Property Address or at such other aJdreac as B~~rr~w•er ma~• de~ign.ite by notice to i.ender as provideJ herein. and
(b) anp notice to Lender shall he given by certified mail. retum receipt requested. to l.ender t address stated herein or to
such other addrcs~ as l.ender mat• designate by notice t~ Bor~~~K•er as provided hercin. Am~ notice provided for in this
Mortgage shall he deemed to have been Ri~•en to Bc-rrow•er ~~r l.ender ~chen given in the manner designated herein.
IS. Uniform Mod~;a~e; Governin~ I.aw; Se~~erabilit~•. Thi~ form of morlgage combines uniform covenantc for national
use and non-uniform covenant~ with limited ~-ariation~ h~• ;oriuliction to constitute a uniform security instrument rnvering
rea) properly. This Mortgagc shall bc governcd h~• Ihr lau ~~f thc. jurisdiction in u•hich thc Property i~ Icxated. In the
event that any provision or clause of thic Morigage ~r the ;~~~te rnnflich with applicable law~, such conflict ~hall oot affect
othcr pro~-isions of this Morigagc or thc Notr w•hich r.m bc givcn cfTcrt without the conflicting pro~i~ion, and to this
end thc provisions of the Mortgage and thc ~lotc are dcclared ~o he ceverable_
16. Borrower's Copy. Borrower chall be furnished a ci~nformed copy of the Note anJ of thic Mortgage at the time
uf execution or :~fter recordation hereof.
17. Transfer of the Property: As.sumption. If aU ~~r am~ part of rhe Pr~.perty or an interest therei~ ic sold or trancferred
by Borrower withoat I~nder's prior wriucn concent. e~rluding (al ihe creati~n of a lien or encumbrance suborJinate to
thic Mortgage. (b) the creation of a purchace mone}~ cecurit~• in.erest for household appliances, (e- a transfer b~~ devise.
deucnt or by operation of law~ upon the death of a joint tenant or (d~ the grant of an~• leasehold interest of threc ycars or less
not containing an option to purchase. I.ender may, at I.ender's opti~~n. declare all the sums secured b~~ this Mortgage to be
immediately due and payabfe. I.ender shall ha~~e aai~•ed such option to accelerate if, prior to the eale or transfer. Lender
and the person ro whom the Proper~y ic to be sol~l or transferred reach agreement in writing that the credit of such person
ic satisfactory to l.ender and tha~ the interetit pa}•able c.n the siims secured by this Martgage shall be at such rate as 1_ender
shall request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Barrawer's successor in
imerest has executed a written assumption agreement accepted in writing by I.ender. I.ender shall releace Borrower from all
obligations under this Mortgage and the Note_
If 1_ender exercises such option to acceler•rte. I.ender tihall mail Borrow~er notice of acceleration in accordance with
paragraph 14 hereof_ Such notice shall provide a pericxl of not Iess than 30 da)•c from the date the notice is mailed within
which Bormw•er may pa~~ the sums declared d~ie. If BorroHCr faik to pa~~ such sums prior to the expiration of zuch period.
LenJer may. without further notice or demand on Borro:~~er, in~~ake an~• remedies permittecl hy paragraph 18 hereof_
NoN-UNiFORM Coverv~xzs. Borrower and I.ender further rnvenant and agree as follows:
• 18. Acceleration; Remedies. E:cept ~ pro~ided in para~mph 17 hereof. upon Bormwe~s brcacb of any co~eaaat or
agreement of Borrower in th~s Mortga~e. includinR the covenanfs to pay when due any soms secured by thts Mort~a~e. Leader
prior to acceleralion s6a11 mail notice to Borrovrer as provided in paragraph 14 hrreof specifyin~: (1) the breacb; (2) t6e s~ctfon
requind to cure snc6 brcach; (3) a date. nof less than 30 da~•s from the d~e the notice is mailed to Borrower. by whk~ sneb
breach must be cured; and (4) that failure lo cure such brcach on or beforc the d~e speci6ed io the notke may raok ia
acceleration of the sums securcd by th~s Mortgage, foreclosure by judicisl proceedin~ and sak of tbe Property. 'Ibe notke
shall further inform Borrower of the rq;ht to rein,tate afler acceleratan and the right fo assert in the foreclowre proceedia~
the non-existence of a defauN or any other defe~e of Borrower to accelention and forecbwrr. if the breach is not cored oe
or beforc the date specified in the notice. [.ender at [.~ader's option may declsre all of Ihe snms secnrcd by this ~fortsa6e to be
immediately due and parable wilhout further demand and may foreclose this Mortgage by judicial proceedin~. Lender sl~al!
be entitled to collect in such proceeding all e:penses of foreclosurc. including. but not limited to. nssonabk attornep's fees,
and costs of docnme~tary evidence, abstracts and litk reports.
19. Borrower's Right to Reinstate. NMwithstanding t.enJer's accelerahon of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun hy Lender to enforce this Mortgage discontinued at any time
~~'~ 34? ~M~F b'O0
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