HomeMy WebLinkAbout0978I.cndcr's written agrcement or applicablc law. Botrower shall pay the amount ot al) mortgage insurance premiunu i~ the
mannc~ provideJ unJe~ paragraph 2 hercot.
Any amounts dicbursed by l.enckr pursuant ta lhis paragraph 7, wilh intercst thereon. shall become additional
i~~IcbteJnrts ~~f Bo~roN•er securcd by this Mo~tgage. Uolecc Borrawe~ ~nd I.ender agrce to other tenns of payment, such
amountc shall t~e payabk u~o n~tice fmm I.ender to Barrower reyuetting payment lhereat, a~d chall bea~ iMerest from the
date of dicburscmeot at thc rate payahle (~om time ta time an outstanding principal undet the Note unkss payment of
interest at such rate would be contrary to applicable law, in which event such amouo~s shall bear interest at the hi~hest rate
pe~missible under applicable law. Nothing canlained in Ihis paragraph 7 shall rcquire l.ende~ to incur any expense or take
any action 1-ereunde~.
8. Inspection. l.e~der may make or cause to be made reawnahle ent~iec upan and inspections of the Propeny, provided
that l.ende~ shall give Borrawer notice prior to any s~rch incpec~ion cpecifying reasanable cau~e Iherefor relattd to i.ender's
:ntcrcct in thc Property.
9. Condemnatbn. The p~oceedc of any aw•ard or claim far damages, direcl or can~equential, in connection with any
~ondemnation or other taking of the Property, or parl thereof, or for conveyance in litu of condemnation, are hercby assigoed
an~l chall t+c paid to I_ender.
in ~he evcnt of a total laking of thc Propcrly. the p~~xceds shall be applied to Ihe sums secured by this Martgage,
Hith ~he eticecs, if any. paid Io Barn•wer. In ~he evenl of a partial taking ot Ihe Property, unless Borrower and I_ender
u~herwicr agree in writing. Ihere shall be applicd to the wms seciircd by thic Mortgage such proportion of the proceeds
ac i~ cqua! to that pm{x~hion which ~hc amount of the sumc cccurcd by this Mangage immediately prior lo the date of
taking hears to Ihe tair marke~ valuc of the Pro{x:rty immediately prior to the date of ~aking, with the balance of the proceeds
naid t~. Borrower. •
If thr Property ia ahandoned by Borrower, or if. a(tcr nMicc hy l.ender ta Bo~rower that the condemnor olfers to make
an aw•arel or sctNe a claim (or damagr+. Bormwcr fail~ ~~. re~~nd to I.ender within i0 days atter the date such notice is
mailed. T.rnder ic authori7ed to collect and apply the proceeds, at I.ender's op~ion. either to restontion or repair of the
~'n•prriy or n~ the ~~ims scrured by lhis Mortgage.
(fnles. I.ender and Borrower otherv-•ice agree in Kritinc. any cuch application ot proceeds to principa) shall not eatrnd
ur p~~.tponc thc diee Jate of Ihe monthly inslallmrnts refcrrrd !o in paragraphc I and 2 hercof or change the amount of
,uch installmcntc.
10. Borrowe~ Not Relea.ud. Fxtencion of Ihc timc for paymcnt or modi6cation of amorlization of the sums securcd
bp this Mortga¢e grented by I.rnder to any successor in intrrest ot Borrower shall not operate to release, in any manner,
the liability af the original Borrower and R~~rmwer'c succescorc in interest. l.enckr shall not he required to commence
rr~xeedirigc J(Z:IIOC~ a~ch 3ucrecsor or refuce to extenJ time for payment or otherwice madify amortization of the sums
~erurcd by ~hi~ MoNgage hy rcacun o( an}• demand made by the oriQinal Borrowe~ and Borrowers succesuxs in interosl.
I1. Forbearance by I.cnde~ Not a Waiver. Any fonc~aranrc hy 1_ender in cxercising any right or remedy hercunder, or
~~~hrrwicc atTorded bY applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
Thr procurement of insuranre or the payment of taxet or other liens or charges by l.ender shal) not he a waiver of Lender s
right to accrlrrate ~he mawrit~ of the indehtcdnecs cecund hy thi~ Mortgage.
12. Remedies Cumulative. All remediec prc.vided in thi~ Mortgage arc distinct and cumulative to any other right or
remcJ}• under thi~ MortRage or afT~~rded hy law• or equiry. anJ ma~• hc cxerciccJ concurrently. independenUy or successively.
13. Successors and AssiRns Bouod; Joint and Se~•eral I.iability; ('aptio~. The covenants and agreements hercin
ci-nlained ~hall hind, and the riRhts hereunder shall inure to. the re~pective succe~ce~rs and ascigns of 1_ender and Borrower.
,ubject to ~he pruvicion~ of paragraph 17 hcreaf. All rnvcoams anJ agreement~ of Borrower~hall he joint and several.
"The raptiuns anJ headingc of the paragraph~ of thic Mortgage are for convenience only and are not to be used to
~ntcrpret or dcfinc thc provicions hcreof.
i4. t\ofice. Except for any notice reyuired unJer appficable law• to be given in anolher manner. (a) any notice to
Burr~~wcr providcd for in thi~ vliirtgage tihall he given hy mailing wch nutice by certi6ed mail addresscd to Borrower at
thr Propert)• Addretit or at ~uch other addre« as Ri-rri~wer may de~ignate by notice to 1_ender as provided herein, and
(M an~ nMicr to 1_ender chall Fx given b~• certified m~il. retum receipt reque~ted. to 1 ender c address s~ated herein or to
.uch i~Iher addrecs as I.ender may deciqnate by notice to Born.wer as pro~•ideJ herein. Any notice provided for in this
`fortgagc shatl be deemed to have txen gir•rn to Rorrowcr or I.cnder ..hen given in ~he manner Jesignated herein.
1S. Uniform MorlRa~e; GoverninR iaw; Se.erabilil~•. "~hi~ form of mongage comhines uniform covenants for national
~ise and non-unifi~rm ci~~•~n~nt~ With IimiteJ variati~~m h~ juritid~ction to constetute a uniform secority inctniment covering
real proper~y. Thi, Mort~:age shall be g~~verned h~~ ~hr law~ of the juricdicliost in which the Property is located. !n the
cvcnt ~hat any provision nr claux ~~f thi. Mortgagr or ~hr I~utc ci~nflict~ with applicahlc law. such conflict shall not affeci
~~ther pn.~ i~iom of Ihi~ Mortgage or the Note W hich can be given etTect without the eonflicting "provicion, and to ihis
end the pro~•i~ion~ ~f ~he Mortgage anJ the \ute arc Jrclared to be tieverable.
16. Borrower's Cop~•. Borrowcr ~hall t+c furni~hcd a con(ormcd copy of Ihe Notc and of Ihic Mortgage at the time
uf cxccution or a(tcr rcrordation hercof.
17. Transfer of Iht Propert}~; Assumplion. If all c.r an~~ part of thc Propcr~v or an interest thercin is sold or transferred
hy Borrower withuut Lender's prior w•rit~rn r~~ncent. etirluding Ia1 the crcation o( a lien or enci~mbrance subordinate to
thi~ M~rtgagc. (b! the ereation of a purchase mc~ney securi~y interest for househaW appliances, (c) a trant(er hy deviu,
de~cem or by apcration af lax u~n the Jeath ~~f a jomt tenam or (dl the grant of any leasehotd interest of three years or less
not containing an option tn purchase, I.enJer may. at Lrnder ~ optu~n, declare all ihe cums secured by this Mortgage to be
immediatel~~ due and pay~able. I.rnder chall have w-ai~ed ~urh i-ption to accelerate if. prior to the ~ak or transfer, Lender
~~ ~thfa mn lo I cnJcr ,~fyd/flf~f~X~~4F1~~D~~~i~1{ifKd~V~~~i~d~~~/~iy%{vt'~/fyl~~~~~~~~~1~~~~6E~/
~h~jl f~titjrl~ lf 1 enJer has waived ~he option to accelerate provided in this paragraph 17, and if Borrower's suceessor in
interest ha~ executed a written ascumption agreement accepted in w•riting by i_ender. I.ender shall release Barrower from all
obligations unJer this Mortgage and the Note.
If I.ender exerci~e< <uch opti~n to 3rcelerate. I.enJer ~hall mail BorroKCr notice of acceleration in accordance with
paragraph 14 hereof_ Such m~tice chall provide a peri~xl of nat Iess than 30 days from the date the notice is mailed within
W hich Borrov-~er ma~• pa~~ the sumt declareJ due. If Borrower failc to pay wch coms prior to the expiration of such period,
LenJer may, w~ithout further notice or Jcmand <~n Borro~•er. ~nvoke any remedies permitted by paragraph 18 hereof.
No~r-UtviFOtet-t CovEtv~NTS. Borrower and I.ender further covenaot and agree as follows:
18. Acceleralion; Remedies. Ezcept as pro~•ided in paragraph 17 bereof. upon Borrowrer's bresch of sny covenaol or
agreement of Borrower in this 1loriq~e. includin~ the co~~enants to pay when due any sums secnred by t6ts Mort~a6e. Leeder
prior lo accelerotion shall mail notice to Borrower as provided in paragraph 14 hereof specifyiog: (1) tl~e brrsch; (2) tbe action
required to cure such bnach; (3) a date. not less Ihan 30 days from /he dste tbe notice is maikd to Eorrower. by whkb sucb
breach must be cured; and 14) that failure to cure such breach on or before the d~e speci5ed is Ihe aotke msy resdt io
acceleration of the sums secured by this Mortg~e. forcclosure by judicial proceedi~ and sale of the Propert~. 'IUe notice
shall furiher inform Borrower of the right to reinstate siter scceleratan and the right !o assert ia the forecbwre proceedia`
~he non•exislence of a detault or any other defe~e of Borrower to accelention and forecbs~re. If the 6reac6 ~S not cnred o0
or before 1he date spcci6ed in the notice. [.ender at I.eader's option may dtcfue all of the snats stcnred by this Mortss6t to be
immediately due and paysbk wflhout further demand and may foreclose thls Mortga~t by judicial proceed~. Lender shaq
be entitled to collect in such proceedirry~ all expenses ot toreclosure. including. but not limited to, ressonsbk attorae~'s tea,
and cosls of documenlary e~idence. ~bstracts and litk rrports.
19. Borrower's RiAht to Rei~tate. Notwithuanding I_ender'c acceleration of the sums securcd by ihis Mortgage.
Borrower shall have the right to have any~ proceedings begun by l.ender to enforce this Mongage discontinued at any time
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~~~x 347 P~~E 975
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