HomeMy WebLinkAbout1258l.endcr'c wnucn agrecmcm or appl~cabic law. Borrowcr shall pay the amount ot all mortgage inw~ancc prcmiums in the
mannrr pruvidrd undei paragraph 2 hercof.
/~ny amounl~ d~~hurscd by I.cn~ler pur~uant ~o ~his paragraph ~, w~~h ~ntcrcct theteon, shal) became additianal
inJehtedne+c u( Nurruwcr Kcured hy Ih~~ Murtgage Unie~~ Bo~ruv-er •rnd I enJer aRrce to Qther ~erm~ ~f payment, such
am~~unl~ ~hall hc payahlc u~x~n nulice fr~~m 1 rndcr ~o B~-rrowr~ rcyucc~ing payment thcrco(' and spall hear interest from the
date ot dicbi:rcement at Ihe rate payable from time to ~ime ~~n outstanding principal under the Note unlesc psymtot of
interest at such rate w~uld !~e cont~arv ~o applirable law, in whirh event cuch amounts chall hear interest at the hiahest rste
permissible undc~ applicablc law. N~~thing ci~n~ainal ~~ thic pa~ag~aph 7 chall rcquirc f.ender to incur any ezpense o~ take
any action hereunder.
8. fospeetba. I.ende~ may make ~r ~•~u.c t~~ he made reaconabk entriec u~+c~n and inspections of the Property. provided
that l.ende~ shall give Bexrower nc~ticr prior to :my ~uch ~ospectiao specifying reasooabk cause thetetor rclated to Lender's
interest in the Propehy.
9. Coodemaation. The prc~ceedc af any award or claim for damages, dircet or eonsoquential, in eonr-xtion with any
condemnation or other taking of the Propehy, or pan thercof, ar for conveyance in lieu of condemnation. are he~eby assiaood
and shall be paid to I.ende~.
In the eveM of a tolal taking of the Propeny. ~he praceeds chall be applied ta ~he sums secorcd by this Mo~taage,
with ~he ezcess, if any, paid to Borrower. ln Ihe event of a panial taking ot the Property, unless Borrower and Lender
otherwise agree in writing. therc shall be applied to ~he sums secured by this Mongage such proportion of ihe prooeods
as is equa) to that praportian w•hich Ihc amounl ot thc sumc secured by this Mortgage immediately prior to the dafe of
taking lxars to the tair market value of Ihc Pro~xr~y immediatety prior ta the date of taking, with the balance of the proceeds
paid to Bormwer.
if tho Properl~ ic ahandoned hy Bor~ower, c-r if. after no~ice hy 1.endEr to Borrower that the condemnor of~ers to malte
an award or utNe a claim for dama¢c., B~rmwer (a~t. ~~ recpe-nd to I.ender witRin 30 days aRer the date such notice is
mailed. I.ende~ i~ authori7ed to rnllec~ and apph• the proceeds. at l.ender'c oplion, either to restoration or repair of the
Propcrty or to tht sum~ ~ccured hy thic MortRagc.
Unlesc l.en~ler and Borrower othtrw~ce agr~e in w riting. any such applicatian o~ pro~eteds to principa) shall not extend
or poclpont the due Jate ot !he monthlv inst~llments re(errcd to in paragraphc 1 aod 2 heROf or change the amount of
such installments •
10. Bwrower Nof Rekased. Extension af the lime (or payment o~.mc~dification ot amortization of the sums secured
by~ this M~rtgage gnnted by I.ender tc- aoy succecsor in in~erect of Borrower ~hall nol operate to rckase, in any manner.
the liabilily ~if the origina) Borrawer and Borrower e succescorc in interest. I.ender shall ~ol be rcquired to eommenee
proceedings against such wccessor or rofuse to .~Ytend ~ime far payment or othervvice modify amortizat~on of thr sums
urured hy thic Mortgage by reax~n of any demand made by ~he ari¢inal Borrawer and Aorrower s successors in interect.
11. Forbeannce by I.ender Nof a Wdver. Any f~rhe'arance by l.ender in etercicing any right or remedy hercunde~, or
othervvise atiorded by applicable law, shall n~+t be a waiver af or preclude the exercise of any such right or remedy.
Th~ procurement of insurance or the payment of taicx ar other liens or chargec by I_ender chall not be a waiver of Lender's
right to accelerate the maturity~of the indehtednecs cecorcd hy this Mortgage.
12. Remedies Cumulati~e. All rcmedies provided in ihis Mortgage arc distinct and cumulative to any olher right or
remedy under this Martgage ar aBorded hy law or equity, and may be exerciud concu~rcntly. independently or suceetsively.
~ 13. Snccessors and Assi~es Boand; .7oint and Several I.iabilily; C~pfbns. The covenants and agreements herein
contained shall bind, and the riRhtc hereunder shall inure to, the respective succecsors and assigns of Lender a[~d Borrower.
subject to the provision~ of paragraph 17 hereof. All covenants and agreementc of 8orrower shall be joiry and several.
The captions and headings of the paragraphc of this Martgage are for convenience only and arc not to be used to
interpret or define the provicionc hereof.
14. Notice. Except for any notice rcquired under appiicable lavv to be given in another manner. (a) any notice to
Borrower pr+ovided for in this Mor~~taee chall be giveo h}• mailing such notice by certified mail addressed ~o Borrower at
the Propeny Address or at cuch o~her addresc as Borrower mav designate by notice to I.ender as provided herein, and
(bl any notice to Lender shall he given by cerlifieJ mad. return receipt requected. to 1 ender s address stated hercin or to
cuch other addresc as Lender may decignate by notire to Borrower as provided herein. Any notice pmvidtd for in this
Mortgage shall tx detmed to havc heen ~Ci~•en to Bc-rrowcr or t.ender when grven in the manner de~ignated herein.
1S. Uniform Mort~a~e; GorerninR I.aw: Se~erobilit~~. Thic form of mortgage combines uniform covenants tor national
use and non-uniform covenantc with limited variationc h~• ~uricd~ction to consti~ute a uniform security instrument covering
rcal property_ This Mortgage shall be governed hv ~he law of the jurisdiction in which the Property is Iceat~d. In the
event that any provision or clauu of ~hic Mortgage ~r the Note conflic~s wi~h applicabk law, such conflict shall not affoct
other provisions of ~his Mortgage or the Notr which can be g~ven efiect wi~hout the confliding provicion, snd to this
end the provisions of the Mortgage and ~he 'Vote arc Jcclared to be stvenble.
16. aorrovrer's Copy. Borrow•er shall bc furn~~hed ~ conformed copy of the Note and of this Mortgage at the time
of execution or atler recordation hereof.
1~. Traasfer o/ the Propertv: Assump~ion. if all or any part of the Pa-perty or an interest therein ic sold or transferred
by Borrower witho~t I.ender's prior wrin.•n ~unsent. e~cluding (al the :rcation of a I~en or enc~mbnnce subordinate to
th~s Mortgage, Ib1 the creahon of a purchacc m~•nr~• ~ecurity interest f~r household appliances, fc1 a transfer hy devise.
descent or by operation of lav- upon the Jcath o( ~ jiun~ ~enant or (d~ the gran~ of any Itasehold intercst of thrcc ycars or ku
not containing an option to purchast, l ender may. a~ t~ender'~ option. decl~re all tht sums secured by this MoRgage to bt
immediately due and payable. 1 ender thall have ~.uved s~~ch option io arc~leralt if, prior to the calt or transfer. Cender
and the person Io whom the Proper~~ i. ~~~ I+e .i•IJ or Irans(erred reach agre~ment in writing that the credit nt ~uch perwn
is sa~isfactury to I.eniler and that ~he imerr.l payable on Ihe sums secured by Ihic Mortgage shall bt at such rate ac Lender
shall request. If I.ender has waived thc opuon to accelerate provided in this= paragnph 17, and if Borrower i suceessor in
interest hac exuuted a written assump~~on agreement accepted in w~iting by [_ender. I_ender shall release Borrower from all
obligations undcr this Mortgage and the Note.
If Lende~ exercises such option t~ ac.elerate. I.enJer ~hall mail Borrower notice of acceleration in accordanc~ u ith
pa~agraph 14 hereof- Such not~ce chall provide a periai ot not las than 30 days from the date Ihe no~ice is mail~d within
which Borrower may pay the sumc declared due. If Borrower (ailc to pay such sums prior to tht expira~ion of cuch peric~d.
Lender may, without torther noti:e ~r dcmand on l3orrower. ~nvoke any remediu permitted by paragraph IR hereot.
NON-UNIFORM COVENAVTS Borrower and t_ender (urther covenant and agrce as follows:
18. Atcekntan; Remedies. E:cept as provided ia psrasnph 17 bereof. t~po~ iorrowtrs breacb ot any tore~t or
a~~etment ot Qorrowtr in this MortRaRe. includi~ the co~eaaets to psy when due any soa~s secured Sy this MorlRa~e. I.ende~
prbr to scceleratbo shdl mail nolice to IIono..er as providcd In psra`npb 14 hereo[ specHyfn~: (1) tAe bresch: /211Ae acibn
rcquired to cnre sncb brrach;l3) s date. not less Ihan 30 days trom tbe d~te the notice b msikd lo dorrower. by ~+hkh wci~
beach must Se cored; aad (~) that failure to cnre socb bresch oa or ecforc the date speclfied ie the notkc may resnlt iw
accekration ot tbe sun~s secured by this MortRsRe. forcclowrr by judlclal proceedin~ snd sde o/ tAe Properry. 'IUe notke
shdl turiher ieform Eorrower ot Ihe ri~h/ lo reinstaft stler sccekrNbn and Ibe riRhl fo asseet iA tbe toreclosdr~e ~eedM~
t6e non-existence of a de(auN or any other defense of dorro~+er to ~ccekrsfio~ ~wd toaelosrre. It tbe breacM is eot nred o~
or 6efore Ihe date speci6td io tht notice. I.ender at I.ender's ~tio~ a~ay deelart all d the s~ms ~red bl' this MoARaRe M be
immtdisttly dut and payibk withoul turther demand ~nd msy fottclost tbb MoriZa~t br judkW proteedin~. i.ender shall
be eotitled lo collecl in socb proceedinR dl e:pcnses .ri forecbwre. includin~. bnt aot Bn~ited to. reasoniEk a~a,rney•s fees.
and costs ot doc~rnenlary e•idence. abstrsc~s and lille reports.
19. Bon~owers RiRht lo Reinstste. Notw~th~t~ndin~t 1 ender's accclerat~on of the sums tecured by th~s Mongage.
Borrower shall have the nght ~o have any prewe~dme• tx'~~n by Lendtr ~o enforct Ihiti Mongage d~xonhnucJ a~ any Umt
~r~nx 347 Ps~F 1255
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