HomeMy WebLinkAbout0139Lcndcr's writtcn agrccmeot or applicahlc law. lio~rc+w~r shall pay thc ami~unt o[ all mortgage insurancc premiums in the
manncr providcJ under paragraph 2 hcrcof.
A~y amounls di~hurscd by l.cnder purcua~t to this paragraph 7, wiih interest Ihereon, shall txcomc additiona)
indchtedncss of Borruw•cr securcd by thic Mor~Kagc. Unlec. Bormwer anJ LenJer :,grcc to othcr tcrtns of paymcnt, cuch
am~~unts shall hc payahlc u~n n~~~icc fmm Lendcr ~o Bormwrr rcyue~ting paymcnl thcrcof. and ch;~ll hear intcrest from the
date af disbursement at thc ratc payaMc tram timc to timc an outstanding principal imdrr ttse Nole anlesc paymeat of
interest at such rate would be contrary to ~pplicable law, in ~~hich evenl such amounts shall hea~ interest at the highest rate
permissible under applicable law. Nothing con~ained in ~hic paragraph 7 shall requirc I.ender to incur any expense or take
:my action hcreunder.
8. Inspecfio~. I.cnJer may m:ikc or causc to 1+c made rcau~nahlc cnlricc u{w~n and incpcctiona of the Pmperty, proviJeJ
th;-t I.ender shall give BorroNer nnticc prior to any tiuch inspcctian tpccifying rc~scinable rausc thcrcfor rclatcd to T.ender's
in~ercct in thc Pmperly.
9. Condemnation. The proceedc of any au'ard or claim for dama~es, direct ur c~~n~equential, in rnnnection with any
rondemnation or other taking of the Property, ~~r part thereof. ~~~ for conveyanre i~ lieu of rnndemnation, are herehy acsigned
an~l ~hall t~c paid to l.cndcr. ~
In thc event of a total taking of thr Propcrty. Ihc prcxxceds shall hc applicd t~ ~he cumt securcd by thic Mortgagc.
with the ercess, if any, paid to Borrower. In the eveM o( a partial taking e~( Ihe Property, unlesc Borrower and I.ender
otherwicr agree in writing_ therc shall he applird to the ~um~ cecurcd hy thic Mort~age such pm{x~rtion of the proceeds
as ic cqual to that pro~rti~~n which thc amount o( thc sum~ ~ccurcd h~~ thi~ Mohgagc immedialcly prior to Ihc date of
taking hcars to the fair markct valuc of ~hc Pm~:rh• immcdiatcl~• pri~~r to thc Jate of t::king, with the balancc of the proceeds
paid to Bormwer.
1f the Property ic ahandoned by Borrower, or if. aftrr notice h}~ i ender to Rorrower that the condemnor afiers to make
an award or scttlc a claim for dam:igcs. 'Borrowc~ f:~il. ti- rr~~x.nd tc~ LcnJc~ within t0 days aftcr Ihc date such noticc is
mailed. Lrnder ic authorized to collect and :,~ri~• the prncredc, at Lender'~ option, either to res~oration or repair o~ ihe
Property or lo the sums ~ecurecl by thi~ 1liortgage.
Unles~ Lender and Borrower otherwi.r agrec in ~vritine. am• such applir.~~ion of proceeds lo principal shall not erlend
or ~xtpc-ne thc duc date of thc mon~hly installmcnts refcrrcd t~~ in paragraph~ 1 and 2 hercof c-r change the amount of
such inslallments.
]0. Borrower Not Rekased. F.xtension of ~he time for payment or mc~dificati~~n of am.~rtization of the sumc secured
by this MohEage granted b~~ 1_ender to anY euccetisor in intrre~t of Borrower ehall not operate to rclease. in any manner.
the liability of the ariQinal Borrower and I~•rrow•er'c surcescc.r. in interett. Lender shall not Me rcquired to commence
pmcee~lings against ~uch succecsor or refuce to erten~l ~ime for payment or othervvi~e mcxlify amortization of the sums
cecured h}~ thit Moagage hy reau~n of any dem:+nd madr b~• Ihe orieinal B~~rrow~er and Borrow~er's succescarc in interest.
11. Forbearance by [.ender NM a Wpl~•er. Any fi~nc~arancr h~• I.rndcr in crerciting am~ rigM or rcmcdy hcreundcr, or
u~henviu: afiorded hy applicahle law. ~hall not he a waiver of or preclude ~hr exercise af am• ti~:ch right or remedy_
The procurement of insuranee or the payment of ~a~e~ ~~r ~~ther lienc ur rhargec hy Lender ~hall not he a waiver c.f t.ender s
right to accclerate the maturity of the indehtrdne~+ ururcd M~ thi~ Atortgage.
12. Remedies Cumulati~e. All rcmedies pm~ ided in thic Mortgage are dictinct and cumulative to :iny ~ther rigM or
remeJy under ihis Mortgagc or afiorded h~• laK~ c~r eyuil~•. :md ma~• be rrerciceJ concurrcnNy. independentl}• or suceecsively.
13. Successors and Assigns Bound; Joint and Seceral t.iabilih•; ('aptionc. The covenants and agreements herein
con~ained shall bind, and the riAhtc hercunder shall inure t~. the recpective tiucee~tor~ and assignc of I.ender and Aormwer.
~ubject to the provision~ of paragraph 17 her~of. All ~ooenants and agreemen~c of Borrow•er shall he joint and ceveral.
The captions and headings of the paraeraph~ ~f thic MortRagr are for c~nvenience only and •rrc nnt to be used to
interpret or define the provisionc hereof.
14. Notice. Except far'any notice rcyuired under applicahlc law a~ be givrn in another manner. (al any notice to
B~-rrciwer pmvided for in thic Mortgage shal) he gi~~rn h}• mailin~e wch nc~tice hy rertified m:iil addrecced to Bormwer at
the Property AJdrecs or at such other addrccc as Bormw•er ma}• design:i~e M• notice to f.enJer :u provided herein. and
Ib1 an~• notice to Lender shall he gi~•en hy certified mail, re~ur'n receip~ requc~ted. tc. l ender'c addrecc stated herein or to
such othcr addres~ as Lcndcr may dc~i¢natc bc nolicc 1~~ B~~rmv-cr as pro~•idcd hcrcin. An}• noticc pravided for in this
Murtgage shall be deemed ro have been givcn to Borrow•cr or I_cnder ~~hen gi~•cn in thc manner de~ignated herein.
15. Uniform Mori~aRe; CoverninR I.aN; Se~~erabilih•. Thi~ G•rm of mortgagc a•mhines uniform covenant~ f~r national
use and non-unifurm crnenantti w•ith limited ~ariationti h~• juricdirlinn t~~ c.~nctitute a uniform sc:curity inclrument rnvering
r~;a) propert~~_ This Mortgage shall be governed hy the I~v-• of the juricdicti~.n in u•hich the Property ic ~~kated. In the
event that any provision or claute of thi~ Mortga~e i~r thr K~~te a~nflirtc v-ith applicaMe law, such con(~ict chall not affect
~~ther provi;ion~ of thia Mortgage or thc N~~tr w•hich c;~n t-r gi~cn etTect H~ithout the conflicling provi~ion. and to this
end the pro~•isiuns of the Mortgage and thc Nate arc il~clarcd t~. he ~everahle.
16. Borrowe~'s Copy. BorroH~er ~hall F+r furnitihed a c~~n(~~rmed cop}• of the Note and ~f Ihi~ Mortga~e at the time
af execution or a(ter recordation hereof.
17. Transfer of the Properf~•: Acwmplion. 1f all c~r am part of the Pr~~periy or an intere~t therein i: c~.ld or transferred
by Borrower withoW I.ender's prior K•rit~en cuncem. e~cluding lal the creation o( a lien or encumbrance subordinate to
thic Mortgage. (b) the creation of a purcha~ manc}• ~ecuri~y interest for househoW appliancec. fcl a tran~fer h~• devise.
drticent or by operation o( law upon Ihe dca~h of a jaint tcnant or (d~ the grant of any leaschold intercst of threc ycars or Icss
not containing an option to purchase. I.ender mc~}~, a1 I.rnder'. ~.pti~~n, declare all ~he sums secured b~~ this Mortgage to t+e
immediatcly duc and payablc_ I_cnder shall havC N'Jlvcd .uch option to acrelerate iL prior to thc ~ale or transfer. LenJer
and the perum to whom ihe Properry ic to be soW or ~ransferred reach agreement in w•riting that ehe crcdit of such person
i~ satisfactory to I.enJer and that 1he intere.t pa~•able ~~n ~he sums ~ecured by ~hic Alortgage shall be at such rate ac I.ender
shall requ~st. If I.ender has waived the op~ion to accelerate pmvided in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing hy I.ender, 1_ender shall releace Borruwer from a11
obligations under this Mortgage and the Noie.
If Lender ezercises such option to accelerale. I enJer ~hall mail BormKCr notice o! acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a peri~K! c~f nat Icsti than ?0 dayc from the datc the notice is mailed within
which Borruwer may pay the sums declared due. If Re~rrower fail~ to pay such wms pric.r lo ~he expiration e.f wch pericxl.
I.rndcr may, withoul further noticc or dcmand ~n Korruw•er. mvoke an~~ remedies pcrmiucd by paragraph 18 hereof.
NoN-UNiFOteM CovEtver-TS. Borrower and I.ender forther covenant and agree as follows-
18. Accelcatbn; Remedies. E:cept as providcd in par~rsph 17 henof. upoa Borrov~er's breach of any coveuanl or
agreement of Borrower in Ihis Mottgsq~e. includinR the covenants to pay whea doe any sums secured by thLs Moctgage. I.eoder
prior to accekntan shall mafl notice to Borrower as provided in par~rnph 14 hereof specifying: (1) tbe brcach: (2) t6e action
required to cnre such breacb; (3) a date, not less thsn 30 days from the date the notice ls mailed to Bormwer. by whkb sucb
breach must be cored: aad (4) tlwt failurc fo cure such brcsch on or before the date speci6ed in the nofice may radt ia
acceleration ot 16e sums secured by lhis Mort~age. foreclosure by judicisl proceedin~_and sale of the Property. 'I7~e notice
shall further inform dorrower of the right to reinstate aiter acceleratan and the ri~ht to assevt ia the foreclosnrc proceedi~
tAe non-e:istence of a defauk or any other defense of Borrower to scceleration and forecbsure. If Ihe breach k oot c~md on
or bef~re the date specified in tbe notice. Lender at Ixader's option m~y declue all of the snins securcd by this Mortga~e to be
immr~!'saldy due ~nd payable withont further demand and may forcclose thls Mort~aRe by judicial proceedin~. Lender shall
be entided to colket in suc6 proceeding ap espenses of foreclosure. includinq. but not timite~l to. reawnabk sttorney's fees.
and costs ot documentary evidence, abstracts snd Iitk reports.
19. Bomower's Riqht to Reiastata Notwiths~anding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have anp proceedings hegun hy I.ender to enforce this Mortgage discontinued at any time
:
3
$
~
~ Z . . .{ .. .. . . .. .,. , - =4
,.r. ~.... .. ' '
$-:~K3~9 P~E 139
~
~ ~E ~
..f -_._...,~, . ,-.-'v ~~