HomeMy WebLinkAbout0544I.ender's written agreement or applicable law. Borrower shali pay thc amou~t of all mortgage insurance premiums in the
manner p~ovided under parag~aph 2 hereof.
Any amounts disbursed by I.ender pursuant ta this paragraph 7, with intercst Ihereon, shal) become additional
inJebtedness of Borrower secured by ~his Mongage. Unless Bo~rower anJ l.ender agree to other terms af payment, such
amounts shal) be payable upon notice from I.ender to Bormv-•c~ reyuesti~g paymcnt thereof, and shall bcar interest fmm the
date of disbursement at the rate payable f~om time to time on outstanding principal under the Note unlesc payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permiuible under applicablo law. Nothing contained in this paragraph 7 shall require i_ender to incur any expense or take
any action hereu~der.
8. laspeefbn. i.ender may make or cause ta l+e made reaconahle entries upon and inspections of the Propeny, provided
that l.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to i_ender's
interest in the Propeny.
9. Condemnatbn. The proceedc of any aK~ard or claim f~r damages, direct or conaequential, in connection with any
condemnation or other taking of the Property, or part thereof_ or for conveyance in lieu of condemnation, are hereby anigned
and shall be paid to I_ender.
In the event nf a t~t~l taking ~f the Pm{~ertv. the prnceeds shall be ap~-lied to the a~ms securcd by this Mortgage.
with the exceu, it any, paid to Borrower. In the event af a pa~tial taking of the Property, unlecc Borrower and I.ender
otherwise agree in writing. there shall be applied to the sums secared by ihis Mortgage such proportion of ihe procecds
as is equal to that proponion which the amount af the sumt secured b}~ this Mortgage immediately prior to the date of
taking bears to the fair market value of the Propert~~ immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Propeny is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor otfers to make
an award or setde a claim for damages, Bormwer fails to respond to l.ender within 30 da}'s after the date such notice is
mailed. Lender is authorized to collect a~d apply Ihe proceeds, at I.ender'c option, either ta restoration or repair of the
Property or to the sums secured h}• this Mortgage.
Unless l.ender and Borrower otherwise agree in w~riting_ any such application of proceeds to principal shal) not extend
or pc~stpone the due da~e of the monthl~• installmcnts refe~red to in paragraphs 1 and 2 hereof or change the amount of
suc~1 installments.
10. Bormwer Not Released. Ex~ension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I_ender lo any succescor in interest of Borrower chall not operate to release. in any manner.
the ~~ability of the original Borrower and Borrower'c successorc in interest. t.ender shall not be required to commence
proceedinRs against such successor or refuse to extend time for payment o~ otherw•ise modify amortizati~~{ of the sums
secured by this Mortgage by reason of an~• demand made b~• the orieinal Rorrower and Borrower s succescors in interest.
11. Forbeuance by Ixnder Not a Waiver. An~• f~rhearance by I_ender in exercising any right or remedy hereunder, or
otherwise afTorded b~~ applicahle law, sha11 not be a waiver of or preclude the exercise ~f any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges b~ I.ender shal) not be a w~aiver of Lender s
r'ght to accelerate the maturit~ of the indebtedness ~ec~ired hp thi~ Mortgage.
12. Remedies CumulaN~e. All remedies pm~•ided ':n this Mortgage are distinct and cumulative to- any other right or
remedy under this Mortgage or afforded h~• law or equity. and ms!• he exercised rnncurrentl~•, independenUy or successively.
13. Successors and Assigas Bonnd; Join1 aod Several [.iabillty; Captions. The covenants and agreements herein
contained shall bind, and the riRhts hereunder chall im~re to. the respective succecsors and assigns of I.ender and Borrower.
subject to the provisianc of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to he used to
i~terpret or define the provisions hereof.
14. Notice. Except for any notice reyuired under applicable laM• to be given in another manr.er, fa) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing tuch notice by certified mail addressed to Borrower at
the Property Address or at such other addrecs as Borrow•er may decignate b}~ notice to Lender as provided herein. and
(bl an~• notice to Lender shall be given b~~ certified mail. retum receipt requested. to I.ender c address stated herein or to
such other address as Lender ma~~ designate b~~ no~ice t~ Bormw•er as pmvideJ herein. Any notice provided for in this
Mortgage shall be deemed to ha~•e been given to Borroaer or l.ender w~hen givcn in the manner designated herein.
IS. Uniform MorlRa~e: Governin~ I.aN; Se~-erability. Thic form of mortgage combines uniform covenants for national
use and nan-uniform covenams with limited variations M• jurisdiction to constitute a uniform security instrument rnvering
real property_ This Mortgage shall be governed h~• the la~ of the juricdiction in which the Propert}~ it located. In the
event that any provision or clause of this Mortgage or the !~ote conflicts uith applicable law. such c~nflict shall not affect
other pmvisions of this Mortgage or the NMe which can be gi~•en efTecl without the conflic~ing provision, and to this
end the provisions of the Mortgage and the `otc are dcclared to be severablc.
16. Borrower's Cop~. Borrow~er shaU be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof:
17. Transfer of the Property: Assumption. if all or an}• part of the Property or an interest therein is sold or trancferred
by Borrower without Lender's prior written consent. excluding lal the creation of a iien or encumbrance sutwrdinate to
this Mortgage. {b) the creation of a purchase mone~• cecurit~• interest fc-r household appliances. (cl a transfer h}~ devise.
deccent or by operation of law• upon the dcath of a joint tenant or (d- the grant of an~~ Icaschold interest of three years or less
not containing an option to purchase. I.ender ma}~. at I.ender ~ option, declare all the sums secured M this Mortgage to be
immediately due and payable. Lender shall have w•ai~•ed such option to accelerate if. prior to the cale or transfer. I_ender
and the person to whom the Property is to be sold or transferred reach agreement in w~ting that the credit of such person
is satisfactory to Lender and that the interest pa~~able on the sums secured b}• thic Mortgage shall be at such rate as I_ender
shall request. If l_ender has wai~ed the option to accelerate prrnided in this paragraph 17, and if Borrower's successor in
interest hac executed a written assumption agreement accepted in N•riting b)~ [.ender. Lender shall release Borrow•er from all
obligations under this Mortgage and the Note.
If i_ender exercises such option to accelera~e. I.ender ,h:+ll mail Borro~er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perial of not Iess than 30 da}-s from the date the notice is mailed within
which Borrower may pay the sums declared due. if Bor~ower fails to pa}• such ~ums prior to the expiration of wch period,
Lender may, w•ithout furlher notice or demand on Borrower, in~~oke an}~ remedies permitted by paragraph 18 hereof.
Nox-Urr~FORi-t Covex~xTS. Borrower and ~ender further covenant and agree as follows:
18. Aecekratioo; Remedies. Except as provided in para~raph 19 hercof. upon Borrowe~'s breach of any covenant or
agreement of Borrower io this Mortga~e. including the covenants to psy when due any sums secured by th~ Mortgsige, I.eoder
prior to accekration s6a11 mail aotice to Borrower as provided in para~raph 14 hereof specifying: (1) the breach; (2) the action
required to cnre sac6 breach; (3) a date. not less tban 30 days from the dale the notice is mailed to Borrower, by whk6 sucb
breach must be cnrcd: aad (4) that failure to cure such breach on ar beforc the date specified in t6e notice may resolt in
acceleration of tbe snms secnred by this Mortgage. foreclosure by judicid proceedjng and sale of tbe Propertr. 7Ue notice
shall further Inform Borrower of the right to reinstate after scceleration and the right to as~ert in tbe foreclosure pooceediug
the non-e:istence of a default or aay other defense of Borrower to accelerAtion and foreclosure. If tl~e breach is not cared on
or beforc the date specified in tde notice. Lender at Leoder's optbn ma7 declare all of the sams secnred by this Mort~a~e to 6e
immedLtely due and payable aittant further demand and may foreclose thts Mortga~e by judicial proceediog. Leoder shall
be entiNed to colkct in socb proceedln~ aq e:penses of foreclosure. including. but not limited to. reasonable sttoroey's fees.
and coats of docnmentary evidence. abstracts and titk reports:
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun by l.ender to enforce this Mortgage discontinued at any time
~~~x 34~ Pa~E 545