HomeMy WebLinkAbout1264l.endc~'c w~ittcn agrcemcn~ or applicahlc law. fiorrower shall pay the amount ot all martgagc insurance prcmiums in the
mannrr p~ovidrd under paragraph 2 hertot.
Any am~~unt~ di~burccd by ~,c~Jcr punuam tu Ihis pa~ag~aph 7, vrqh ~nlctcct thercon, shall l~ecome additional
i~Jchtcdncsc ci( Horruw« ~ccund hy th~c N~-rtgage. Unk~c Born~v-cr and I.rnJr~ agrcc M othc~ te~ns of paymcnt, such
amounts shall bc p•ryaMc uMin n~~lirr fr~~m I.cnde~ t~~ $i~rroWqrt~qti~c~ing paymenl Ihcreof. and shall bear interest fmm the
date of dichurtement at the rate payahle from time to time cin oulstanding principat u~der Ihe Note unltss paytneet of
interest at such ~ate wauld he cont~arv to applicable law, in which evenl a~ch amounts shall hear ioterest at the hiahest nte
perntiuible u~der applicable law. N~-thing a-ntained ~n this paragraph 7 shall rtquirt I.cnde~ to iacur any eapense or talte
any action hereunder.
8• ~nspectioa. I.endcr may makr or cai~.c 1o t-c made reaconabk ent~iec upon and iospectia~s of the Property. provided
thal [.ende~ shall give Borr~we~ not~ce pri~.~ t~~ any such inspection specifyina rcasonabk cause therefor rolated to I.rnder's
interest in the propeny.
9. Condemeatbe. T1K p~c,ceedc ot any award or claim fot damages, dircct or consequential, in oonnectioo with any
condemnation or other taking of the Propetty, o~ part ihertot, or for conveyaoce in lieu of condemnatioe. are hereb~- sssi~oed
and shall be paid to Lender,
In 1he event of s tot~l taking of the Propeny, the proceeds sha)1 be applied to Ihe sums securod by this Mo~aae,
with the excess, if any, paid to Bonowe~. in ~hc oveot of a partial uking of the Property. unkss Borrower and Leoder
ahervvise agrce in writing. there shall be applied to the sums securcd by this Mongage such propo-tion of the prooeals
as is equal to that ptaportion w•hich Ihe amount of the sumc secured by this Mortga~te immediately prior to the dste of
taking bears to the fair market value of thc Propcrly immediately prio~ ta the date ot taking, with the balance of the p~ceeds
paid to Borrower_
if the Praperty ic abandoned hy Bor~~w•er. ~r if. after notice by [_ender to BoROwer Ihat the conckmrar olters to make
an awa-d or cettle a claim for dam:~ee+. Ae~~r~.wer fa~l. a- rec~nd to !_ender within i0 days after the da~e such notict is
mailed. I_ender i~ authoriard to coltect aod applv ~he proceeds. at 1_ender's option, either to restoration or ~epair of the
Propcrty o~ to thc sum~ .ccured by thic 11i~r~~agc.
Unlesc [.ender and Borrowe~ othervvicr agree in v-~rit~nF. any such application of proceeds to priocipal shal! not extend
~r potlpone Ihe due date ot fhe monlhlv inslallmcnts rcferred t~ in paragraphs 1 a~d 2 hereof or change the amou~t of
;uch installments.
10. Borrower Not Relezsed. Eztension of the time for payment or modification of amoniution of the sums socnrcd
hy this Mortgage granted by I.ender to any cuccecso~ in interect of Sorrower chal! nnt operote to rckax. in any manner.
the liabili~y o( the original Bonower and Borrower'c successorc in interes~. 1_ende~ shall not be requircd to eommenoe
proceedings against such successor or refuse to erlend time for payment or othen-~ise modify amonizal~on of the sums
xrured by Ihic Mortgage by rcason of any demand made by the orieinal Bo~rower and &+rrower s successors i~ intercst.
11• Fo~beannce br I.ender Not a Waiver. Any fnrhearance by 1_end~r in e~ercising a~y right or remedy herctmder, or
atherwiu afforded by applicable law, shall not be a waiver of ar prcclude the exercise of any such riaht or rcmedy.
The procurement of insurance or the payment of taxes or othtr liens or charges by [.e~der chall not he a waiver of i.eadtr's
right to acceierate the maturity of the indehtednecs seci~rcd hy this Mortgage.
12. Remedks Cumulathe. All remedits provided in thit Mortgaga arc distinct and cumulative to any other riaht or
rcmedy under this Mo~tgage or afforded by law or equity. and may be exercised concurrcntly, independently or suceesswely.
~ 13. Successors and AssiRes Bonnd; ,loint and Seversl I.iabilify: Csptions. Tht covenants and asreements herein
contaimed shall hind, and the riRhts hcreander shall em~re to. tMe rccpective successors and assigns of Lender aod Borrowe~.
subject to the provisionc of parag~aph 17 hereot. All covenant: and ag~eements of Borrower shall be jary and several.
The captions and headings of the paragraphc of thic Mortgage are for convenience only and art noi to be used to
interprct or define the provisions hercof.
l4. Notlce. Excep~ tor any n~tice rcquired under applicable law to be given in another manntr. (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addresxd to Bonower at
the PropeAy Address or at s~ch whcr addresc as Borrower mav designate by no~ice to T_ender as provided herein, and
Rsl any notice to Lender shall he given by certified mael. reti,m rece~pt requested. to I endtr s address suted hercin or to
such other address as Cender may deciqnate by nc-tice to Borrower as pro.•ided hercin. Any notice provided for in this
Mortgage shall be deemed to havc t+een g~~•e~ to Borrov-•er or 1_ender w•hen given in the manner designated hertin.
1S. Uniform Mort~~e: Covernin~ [aw; Se~erabililr. This form of mortgage combines uniform coveeants tor national
«se and non-uniform emenamc with limited vanalions by junuliction to constitute a uniform security instrumeet coverina
rcal property. This Mor~gage shall be governed hy the law of the juriuliction in which the Property is located. in the
event that any provision or clau~e of thic Mongage ~,~ ~he Note conflic~s with applicabte law, such conflict shali not aRect
ather provisions of this Mortgage or the Nnte wh~ch cae be given etfect without the conflic~ing provicion, and to this
end tht provisions of the Mortgage and the !Vote arc Jeclared to tx severable.
16. Eorrower's Copy. Borrower chall t+c furniched a canformed copy of the Note and of ihis Mortgage at the time
of execution ~r a(~er rccorda~ion hercof.
17. Trausfer ot the Properfv: Axcumplion. If all ~r any part of ~he Pmperty or an interest therein ic sold or tnnsferred
by Borrower without Lender's prior wnncn c.,ncent. excluding (a) the crcation of a lien or encumbnnce subordinate to
this Mortgage, (bl ~he creation of a purch~ce mrnevi cecuri~y mtenst for household appliances. (ci a trancfer hy devise,
descent or by operation o( law upon the death of a jomt tenant or (d~ the gnnt of any Itaxhold interesl of thrce ycars or kss
not containing an option ~o purchase. l.enJer ma~•. a~ I.ender'a opt~an, declare all the sums secured by th~s Mort~a6e to be
immediately due and payablc. I.ender ~hail ha~~c w:uved such opuon to accclerate if, prior to the cak or transfer. Lender
and the person ro whom the Proper~y i~ tu 1+c :nW or transferred reach agrerment in wnting that the credit c+t euch person
is satisfactory to i.ender and that ~he inte-~.t payable on the sums secured by this Mortgage shall be at soch rate ac Lender
shall request. lf l.ender has waived the op~~on to acceierate provided in th~s paragraph 17, and if Borrower's auccessor in
interest ha5 eaecuted a wn~ten assump~:on agreement accepted in writing by I~nder. Lender shalt rtkase Borrower from all
obligations under this Mortgage and the Note.
U Lender exercises sueh opuon tn acrelera~e. Lender chall mail Borrower notice of accelera~ion in accordartcc w i~h
paragraph 14 hereof. Such not~ce chall prov,de a period ot not less than 30 days from the date ~he notice is maikd wi~hin
which Borrower may pay the sums declared duc. I( Borrower (ails to pay such sums prior to the expintion of cuch penc~d.
Lenekr may, without further notice or dcmand on tiorrower, invoke any remedies permitted by paragraph 1R herrnf.
NON-UNIFORM COVENANTS Bor~ower and Lcnder tunher covenant and a~ee u fottows:
18. Accekrstan: Remedies. E:ceq as provided is para~rapA 1~ hereof. rpow ~orrowe~s brrac~ o/ awr co~~wsM ~r
asreemeet ot Eomawcr ia this Mort~sRe. includln~ tbe eorewaMs to psy wbe~ dre a~y wms sec~nd br tl~k Mort~aRc. I.ew/er
prior to acceleratba shdl msil notice to dorrower as Providcd Iw para~raph 14 hereof specNyin~: (l) tbe ~eicA;1211Ae sefiow
requlred to cure wcb Mrach; (3) s d~te. not less than 30 dsys trom tUt dste tbe nofke i~ au~d to ~or~ow~er. ~.rAkb s~
~eeach must bc cared: aad (1) that f~ilurr 1o cart srcl~ bnsci ow or retore tbe dale s'eci6ed b tbe wotke wsy resrll i~
accelention of t6e su~us sccand by tbis MortRa~e. toreclosure by jndkfal proceedi~ ~d s~le o~ tl~e rroperfr. 71~e wetiet
shall fuNher inform Eorrower ot the riRht to reiastNe after sccekMio~ saa !be ~ht b a~sert iw tUe to~ciosrte ~ocee~
tbe aon-etistencc ot a detault or any olh~tr defen~e of dorrower to sctekratioa asd foreclosra. It Me lreac~ M wot ew+e1 ew
or betore the dste specified ia the notice. I.tnder at I.ender's a~fiow a~ asclre sN o~ tUe s~~ws seatind hr tl~is MortRa~e to 4
immediattly due snd psysble withoul turthe~ demand and n~ay toretbse tAh Mat~a~e bp jrditW poeeedia~. I.~ndcr c1~aM
be eotitled to colltet M wcb ProccedinR all expeoses of torecbwee. iscludiu~. M~t ~ot liaijled to. re~sawsbie st~•,reev's fses.
s11d tOS~S Ot dOCY111lAf~ t~~tlltt. abstracts and lille reporis. ~
19, aornnwer's Rt`ht to Reirsstate. Nolwith~land~ng 1 ender's acceleraoan oi the sums secured br ~h~s Mort6a`t.
Borrower shall have ~ht right to have am prcxecdme. tx~un b~ Lender to enfor:e 1h~s Mortgaqe d~scont~nueJ a~ any t~me
~ ;i~x 347 P~~E 1261
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