HomeMy WebLinkAbout0913Lrndcr'~ u•rittcn agRemcn~ or applicahlc law•. Borruwcr shall pay thc amount ot all mortgagc imu~;~~~c premiums i~ thc
m~nn~r pruvidrd undcr paragraph 2 hcrcof. '
Any amounts dichursed by I.ender pur.uan~ u~ this p:~~agr,~ph 7, with ir~terec~ therean, chall hecome additional
inJchtednr+c of Horrow•er secumd by Ihi~ Mungage. Unlr.. BorruHCr and I.en~ler agrce to ather terms of payment, tuch
ami~untc ~hall bc pa~•ahlc uEx~n nolicc fr~m I.rndcr lu B~rra~rr rry~n~~ing paymcnl thereuf, and chall hea~ intercct fmm the
datc of di~bursement at the rate payalilc (mm ~imc to timc :~n~outctanding principal under the Note unlccc paymeot of
interec~ a~ such ~ate would he rontrary t~ applicahle la~v. in which event cuch amounts shall bear inlerext at the highest rate
pcrmiuihlc under applicablc law. Nothing c~~n~aincd in ~hi~ paragraph 7 ehall rcquire l.c~dcr to incur any cxpensc or take
any artion hereunder. ~
8. laspecfion. LenJer ma~• m:~ke ~~r cau~e to tm maJe rea~onable rn~riec n~x~n ;~nd inspectionc of the Property, provided
that I.ender shall gi~~e Borrawer nMice priur lo any wch im~xction <<x:cifying rcasonable cause there(or related to I.ende~ s
intcrcct in thc Pmperty.
9. CondemnAtbn. The prckeedc of an~~ aw:~rd or claim for damagec, direc~ or concequeotial, in rnnuection with any
condemnation or other taking of ~he Pruperty, ~~r part there~~f, or fe~r cunveyance in lieu of condemnation, are hcrcby ascigned
and ~hall be paid to I.ender.
in Ihe event of a t~ta) taking of the ProE-erly. Ih~ pnkredc ~hall be applied to Ihe cums secured by Ihic Mortgage.
wilh the eecccs. if any, paid to Borrowcr. In the cvent ~~f a parlial laking ~f the Property. unlccc Rorrower and I.ender
u~herwicc agrce in writing. thcrc shall hc applicd to ~hr uimc ~curcd by thic Mortgagc ~uch proportion o( the proceeds
as ic equal to that proFx~rtie~n which thr amount of Ihe cum~ tieciued h~• ~hic Mortgage immediatel~• prior to the date of
taking hears to thr fair market valuc of the Pro~xrt~~ immediateh• prior ~o the date of ~aking, w•ilh Ihe balance of the pmceeds
paid to Bormwer.
If. the Property ic abandoned M• Aorrow•er. i-r if. after ni~tice hy l.ender to Borr~werthat the condemnor ofters ta make
an award o~ setNe a claim for dama~e.. B~•rmwrr fail~ 1~~ re~~xmd Io LenJer within 30 days after the date such notice is
mailed. I.ender ic authorized to collect and appl~~ the prckeed~, at Lender'c i~ption. either to reztoralion ar repair of the
Propcny or tc- the sums ~ccurccl hy thic Morteagc.
Unlcs. I_c~der and Borrowcr othen+•i~r agrcc in ~~ ritine, ant• w~h applira~i~~n ot proceeds to principal shall aot extend
or pixlpone the due date of the mo~uhh- inttallmcnls r~ferred t~- in p:uagraph~ 1 and 2 hercof or•.change thc amrnmt of
such inslallments.
10. Borrower Nol Rekaced. I?z~ension of Ihe timr for paymen~ or mc~dification of amortization of the tumc secured
by this Mort~age grantcJ by 1_enJcr to any ~uccecK~r in intcrc.t of Borrow•er shall not operate to release, in any manner.
Ihe liabili~y of Ihe original Borrower and Ri•rrower'~ succrctic.r~ in interect. I.ender ahall not he myuired to commenee
pn~ceeJings againct tuch successor c•r refuce to ertend ~ime f~~r payment e.r otheru~itie modify amortization of the sums
secured hy thic Mortgage h~• reason of :~m• dem~nd made b~~ thr orieinal F3orrow•er and Borrow•er c cuccec~orc in interest.
Il. Forbearance by I.ender 1~of a Waiver. Am• f~~rtx aranrc M• I.cndcr in crerrising any rigM or rcmedy hrreimder, or
~~thervvice aBurded hy applicable law. ~h~ll nc-t tx a w•aiver o! ~r preclude the erereice of am• ~uch right or remedp.
The procurement of insurance or Ihe payment of ta~c. .~r ~~ther liens i~r rharg~c b~~ I.ender ~hall not he a v-•aiver ~f I.ender s
right to accelerate the maturily of the indehtednee< <crurcd hy thic Mongage.
12. Remedits Ctimulative. All remcdicc prmidcd in thi~ Mo~lgagc arc dictinct and rumulativc to anY other right or
remed~~ under this Mortgage or afTorded hy law• or ~yuity. and ma~• he rrercised rnncurrenlly, independently or soccecsively.
13. Successors and AssiRns Boundi ]oinl and Se~eral I.iability: Captions. The rovenants and agreementc herein
contained chall bind, and the riRh1~ hereunder ~hall inure t~~, the re~pective succeti~rc and acsigns of 1_ender and Borrower.
subject.to thc provision~ of paragraph 17 hercof. All covcnanlc anJ agrecmcnt~ of Borrower shal) bc joint and several.
The captions and headingc of the paraeraph. of Ihiti M~•rtgag~ arc for ccmvenience only and arc not te~ be used to-
interpret or define the provisic.nc hereof.
14. Noliee. Except for any notice rey~iired unJer applicable I:i~ a~ be given in anothrr manner. (a) any notice to
Borrower pmvided for in thic Morlga¢e shal) tx given h~• m.~iling ~uch not~ce hy rerlified mail addrecced to Borrower at
thc Property Address or ai cuch other addre« as Bnrr~~Wcr may de~ignate b}• notice to 1_enJer as provided herein. and
Ih1 an~• notice to Lender shall hc givcn hy rcrtifi~:J mail. rrtum rcreipt reqticsted. ~0 1 ender's adJress slated herein Of 10
a~ch vther address as Lender ma}• dcci¢nate b~• notice t~~ B~rmwer as pm~~ided herein. Any notice provided for in this
Mortgage shall he deemed to haee bcen giren to Bormw•cr or I.ender when given in thc manner de~ignated herein.
15. Uniform blortRa~e; Governin~ i.aw; Se~•erabilih•. Thi~ form af mortgagc combines uniform cmenants for national
use and non-unif~irm covenant~ with limited variationc M~ jurisdictinn t~~ rnnstitiite a umform security instrument covering
real propert~~. This Mortg•rge shall he governed h~• the I~w ~f Ihe juri~dicti~n in which the PropeNy~ it located. in the
event that any provision or clausr of thi~ Mortgage ~~r thr N~,te a-nflict~ wi~h applicaMe law•. such conflict shall not affect
other provisions of this Mortgage or the Note which can tx gi~~~n eBect without the conflicling pmviaion, and to ihis
end t6e pr~~~°i~ions of the Mortgage and the ~lc,tc are ~Ieclared tu he ceverable.
16. Borrower•s Copv. Borm~~er ~hall tn furni~heJ :~ a~nformed copy of the Note anei of thic Morigage at the time
of execution or after recurdation hereof.
17. Transfer of the Property: Atsumplion. If all ~~r am part of the Properry or an interest therein ic sald or trancferred
by Borrower without I_ender's prior writtrn cuncem, e~rluding !a- the crea~ian of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purcha~e mone}~ securitv interest for househoW appliancet. (c1 a transfer by devise,
de`cent or by operation of la~+• u~n the dcath of a j~ant tenant or (d~ the grant of any Iraschold interest of three yearc or less
not containing an option t~ purchase. Lender may, at 1_ender'~ ~~ption, declare all ~he sumc secured hy this Mortgage to be
immediately due and payable. I.ender shall ha~•e a~rved wch option to accelerate if, prior to the tale or transfer. Lender
and the person ta whom Ihe Propeny i~ ~o be sol.f ut transferred rcach agreemem in writing that the credit of such perum
i~ saticfactory to (.ender and that the interect payable c~n the tumt secured hy thic Mortgage shall be at soch rate at Lender
shall request. lf I.ender has waived the opii~~n to acceleratr provided in this paragraph 17. and if Borrower's successor in
interest ha~ executed a written assumption agreemem accepted in writing hy I.enJer. 1_ender shall releau Borrower from all
obligations under this Mortgage and the Note.
If I.ender exercixs such o~tirni to acrelerate. I.enJer ~h~ll mai) Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice ~hall provide a peri~xi of not less than 3(1 Ja~~t from the date the notice is mailed within
which Bc~rrow•er may pay the cums declared dur. If Borro~er faik to pa~• such ~ums prior to the expiratic-n of such period.
LenJer ma}•, without further notice or dcmand c~n B~rrower: ~nvol~e any remedies permitted b} paragraph 1R hereof_
Nuy-UtvtFOant CovEtv~NTS. Borrower and I.ender further covenant and agree as follows:
18. Accelention; Remedks. E:cept s~s provided in par~rsph 17 henof. upoe Eorrower's breach of aAy covenant or
agretment of Bormwer ln thLs MortRsge. includi~ the covenants to pay when due any sums secured by this Mo~agt, Ltoder
prior to accekratioo sball mail notice to Borrower as pro~lded in paragraph 14 hereof specifyius: (1) tbe breach; (2) tlie action
requind to cure such bresch; (3) a date. not less than 30 days trom tbe date the notice b mafled to Borrovrer. by whkb sucb
breach must be corcd; aad (4) that failurc to cure such brcach on or befon the date speciGed ia t6e ootke may resdt in
accekratbn of t6e sums secund by this MortRage. foreclosurc by judicial proceedlo~ and sak of ibe Property. 1be notke
shall furthe~ inform Borrower of the riAht to reinstate after accelention and the ri`ht to assert in the foreclosun proceediu~
the non-eaistenee oE a defauk or any dher detense of Borrov-er to acceleration and forcebwre. If the 6reach Ls aot cared on
or befon the date specified in Ihe notice. l.ender at I.ende~'s option may declare s0 of the snms secored by this Mort~aRe to be
immedLtely due snd payabk irithout further demand and may forcclose th~s Mortgage by judicisl proceediu~. Leader slwll
be entitkd to copect fn sncb proceedin~ sll e:penses of foreclosure. including. but not limited to, reasonsbk sttorney's fees.
and cosls of docnmentary evidence, abstracis and titk reports.
19. Borrower's Right to Reinstate. Notwithstanding t.enJer's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an~ proceedings he~un hy I.ender to enforce thii Mortgage discontinued at any time
h~~~ 347 P~GE 910
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