HomeMy WebLinkAbout0638l.ender's written agreement or appiirable law. Borrower shall pay the amount of all mortgage insurance prcmiums in the
manner provided under paragraph 2 hercof.
Any~ amounts disbursed by I.ender pur~uant to this paragraph 7, with intercst ihereon, shal) become additional
in~lebtedness af Borrower secured by this M~rtgage. Unlecc Borrower and I.enJer agree to othe~ tertns of payment, such
am~~~nts shal! hc payable i~pon no~ice ftom l.ender to Bor~m~cr requesting paymcnt therecf, and shall brar interest frorre the
date of di~bursement at the ~atc payahle trom time ta time on outstanding principal under the Note unless payment of
interest at such rate wauld be contrary to applicable I~w, in which even~ cuch amounts shall bear interest at the highest rate
permissible under applicable law. No~hing contained in thic paragraph 7 shall requirc I.ender to incur a~y expense or take
any action hereunder.
8. Inspection. I.ender ma}• make ~•r cause to t+e mad~ reaconahle entriec u~n and insp~cli~ns of the Property, provided
~hat 1 enJe~ chall give Borrower notice prior to any such mspection cpecifying reasonable cause the~rtor related to Lendet's
inlerecl in the Property.
9. Condemnalbn. The proceedc of any avrard or claim for dama¢es, direc~ o~ concequential, in cannection with any
~c~ndemnatiun or other ~aking of ~he Properry, or parl thereof. or for conveyance in lieu of condemnation, are hercby assigned
and shall bc paid to Lendcr.
In ~he event of a ~otal taking of ~hc Property. ~he pr~kceds chall he ap~lieJ to ~he a~ms ucurcd by this Mortgage.
~ith the ercecs, if any, paid to Borr~+wer. ln the even~ af 3 partial taking of the Property, unlecs Borrower and I_endtr
~~~herwic~ agree in wri~ing. ~here shall he apptied to the ~umc secured by thic Mor~gage tuch propo~tion of the proceeds
ac ic equal to that pro~x~rtion whi~h the amount ot the sum~ ~ecu~ed hy thic Mortgage irnmediately prior ~o the date of
taking hears to the fair market value of the Property immediatel~• prior to the date of taking, wilh ~he balance of the procteds
paid t~~ Bormw•er.
If the Properly ic abandoned b~~ Borroaer. or if. after notice by I.ender to Borrower that the condemnor ofiers to make
an award ~r ~ettle a claim fc-r damage~. B~urower (aih -~- reti~x~nd li~ 1 ender within ;0 days aNer the date such nolice is
mailed. l.rnder ic authoriled to rnllect and apply ~he prc~ceeds. at Lender'c option, either to rcstoration o~ repair of the
Pro~ny ~~r ~o ~he cum~ ~ccurcd h~~ ~his Mor~gage.
Unkc~ Lender and Borruwer otherwi~e agree in ~ri~ine. anp such application of proceedc to principal shal) not extend
or Exxl~xme ~hc due aa!e of the manthl}• installmcnts refcrred ta in paragraphs 1 and 2 hereof or change the amount of
~och installmentt.
10. BorroMer Nut Releaud. F~trnsiem ~~f the time for payment or modification of amorliaation of the sums secured
by thn l~i~.rteage granted by l.ender ti- am• ~ucce~sor in in~erect of Borrow~er ~hall not operate to rclease, in any manner,
thc liabdi~i• ~~f Ihe orieina) BormHCr and A.~rrow•er'~ surces«rc in interest. 1.ender shal) not he required to commence
pnKCCding~ againct cuch sucre~so~ or refute lo etlrnJ time for payment or otherv-•ite modify amortization of the sums
ccrurrd hv ihi~ Mongage b~• reas~~n of any demand made by ~he orieinal Borrower and Borrower s succescors in interat.
I1. Forbearance by l.eoder Nnt a VYaiver. Am- f~rhearancr br I.rnder in erercicing any right ~r remedy hercunder, or
~uhrrw•i.e afTurded hy applicahle law, zhall nc-~ he a waiver of tu preclude the exercise of any such right or remedy.
Thr prcx~urment of insurance or Ihe payment ~( tarec ~r uther lienc or charget by I.ender chall not be a waiver of I.ender s
right ~~~ accclcratc thr maturity of thc indchtcdnc~s c~cured h~• thi~ Mongagc.
12. Remedies Cumulative. All remedies pm.ided in this Atortgage are distinct and cumulative to any othtr right or
remr.l~ under thic M~rtgage or afiorded h~~ law ~~r eyuitr. :~nd ma~~ he crercicrd concurren!{p. independently or wccessively.
13. Succresorc and Assi~ns Boond; Joint and Se~eral I.iability; Captions. The covenants and agreements herein
c~ntaineJ ~hall hind. and thc riRht~ hercunder tihalt ~nure to. the re~pective succe,~ort and ascignc of t_ender and Borrower,
wbject to the provitiiam of paragraph 17 hereo(. All cuvenanls aod agreemenK of Borrower shall be joint and uveral.
The rapt~on~ an~ headingti of thc paragraph~ nf thi~ !~ic.ngage are f~r convenience only and arc not to be ustd to
interpret ~~r definc the pmvi~ion~ hercof.
14. \otice. Except for any notice reyuired unJer applicable law te. be given i~ another. manner, (al any notice to
R~xmwer provided for in thi+ vlortga¢e ~hall he gwen hy mailing wch notice by eertified mail addresced to Borrower at
~he Prupertp Addre~c ~r a~ wch o~her addrec~ ac B~~rmwer mar de~~gnate by notice to l.ender as provided herein, and
~hl :1n~ nnhrr t!~ ~ Pni~~~ chn~~ ~ o~c.,n F~v ~-orNFi~•.1 m~~~l .•t..~.. ..~ n~~...~ ~~. 1 n...l~.r'c oilrlrsee No~ni1 6oroin nr fn
r r.~rn. ron..
' c - ; - - ~ ~-- ~ ---_.- - -'--• "-"r.' "~...- -•-_' " ' _"~-• ' ~--' __' -'_'-- "-' -"- -- --
~uch uther addrecc JS I_ender ma~ dr~i¢nate by notirr t~~ Born~wer as provideJ here~n. Any notice provided tor in this
~1or~gage shall txr deemrd to ha~c becn givcn to B~rn+HCr .,r I cnder when giv~n in the manner decignated herein.
15. l'nifo~m ;11ort~a~e; Co~•erninR Law; Severabilih~. Thi~ f~rm nf mortgage cort~hines uniform covenant~ for national
me and n~•n-unift~rm a.~~enante Hith limited ~~ariati~.n. hy~ ~uri~J~rii~.n ~~. c~~nstitute a uniform securily instrument covering
re~l pn.pert~~. Thiti Mortgage chall he g~•vrrned h~• thr law i~f the juri.Jiction in w•hich the Property ic located. ln the
event that any provisi~~n or claucu o( thi~ Afongagr ~~r thr ti~~te c~nflict~ with applicable law. such conflict ~hal) not aBect
~-thcr pr~~.i~i~~m of thic ~lortgagc or thc Notr Nh~rh ran hc givcn cffcct without the conflicting provicion. and to this
end the pr~~vi~i~~nc c.f the Me~rtgage and the \ote e~e ~Irrtared t~~ he SeveraMe.
16. BorroMer's Copy. BorroHer ~hall F+~ f~arn~~hed a cun(~~rmed rnp}• of the Note and ot thic Mortgage at the time
~~f erecution ~r after rrcordation he~eof.
17. Transfer of the Propert~: Acsumplion. 1f all ~~r am pert of the Pmperty or an interest therein ic cold or trancferred
b}~ Rorrower with~~ut Lrnder's pri~~r writtc~ r~~ncent. r~cluding ia~ the creation of a lien or encumbrance subordinate to
th~c Mortgage. (bl the creation of a purchau money ucunt} interesf for houcehold appliances, (c) a tran~fer by devix.
de.certt or by operation of la~ upon the death ~f a j~•~~t tcnant or ldi the grant o! any leasehold interest of three years or less
n~t conlaining an optiun tc. purchase. t.ender ma~~. :~t Lender'~ i.pti~~n. declare all the sums secured by this Mortgage ta be
~mmediatcly due and payaMe. Lender chall ha~e waned wrh option tc accelerate iL prior to the tale or transfer. Lender
~nd the percc~n to whom Ihe Property iti to be sold or transferred reach agreemert in wriUng that the credit of such person
i~ sati~facton to (_endcr and that the iMeretit payable on the sumti ~ecured hy thic Mort¢age shall be at such rate as Lender
Sii:l~) reyucst. !f I.encler has waivc:i she :•pa~:~,-~ s.-~ a~ceierete prc,v;.ieJ ;n th~s p~r~graplt i7, and if S~~rruwer's succ~r in
~nterest ha~ executed a written assumptian agreement accepted in writing by I.ender, 1_ender shall releau Borrower from al)
oMigations under this Mortgage and thc Note. ~
If I ender exercice~ such•opti~n to accelerate. Len~er ~h~ll mail Borrower notice of acceleration in accordanee with
paragraph 14 hereof. Such notice chall provide a pericxi ~~f not Iess than 30 days from the date the notiee is mailed within
~hich Borre~wer may pay the sums declared due. If Borrov.er faik ro pay such tums prior to the expiration of such period.
I.ender may. without furthcr notice ~r Jemand ~~n 13orrauer. ~m~ol,e an} rcmedies perr*irtted by paragraph 1R hereof.
NON-IINIFORM COVENAI~TS Borrow•er and Lender further covenam and agree as follows:
18. Accelerat'an; Remedies. I~:xcept as pro~~ided in para~raph 17 hereof. upon Borrowe~s breach of any covenaat ot
agreement of Borrower in this NortgaRe, includinR the co~enanls to pay when due any sums secured 6y this Mortgage, Leeder
prior to acceleralion shall mail notice to Borrower as provided in par~raph 14 hereof specifying: (1) the brrach; (2) tbe actan
required to cure such breach; (3) a date. not less Ihan 30 days from the date the notice is mailed to Borrower. by whkb such
breach must be cured; and (4) that failurc to cure such breach on or before the date speci6ed in the aotke may resnit ia
~cceleration of Ihe sums secured by this 11ort~age. foreclosure by judicial proceeding and sak ot t6e Prope~. 'Ibe aotke
shall furiher inform Borrower of the riRht to reinstate after acceleratan ~nd the rigbt to asseirt in the forecbsure proetedie~
the non-existence of a default or any other defense of Borrower fo acctlention and foreclosurc. If the bteach is oot cnr~ed o0
or before the date spcci6ed in the notice. [.ender a~ i.eader's option may declare all of the snms secured by thb Mort=a~e to be
immediately due and payable without further demand and msy foreclose this Mortga`e by judicial proceedin~. Lender sbaq
be entitled to colkct in such proceedina all e:penses of foreclosurc. iocluding~ but not limiled to, reasoaabk attorney's fea,
and costs of documentary evidence, abstracts and litk reporis.
19. Borrower's Right fo Reiactste. Notwithstanding LenJer's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have an~• proceedings hegun by Lender to enforce this Mortgage diuontinued at any time
Addeadn~ to Par~srap6 1S. The state and local laws applicable to this mortgage shall be the laws o( the jurisdiction in
which the propert~ is (ocated. The foregoing sentence shall not limit the applicabiliry ot tederal law to this mortgage. ~
~ "p 349 ~~b~ ~39
;;~~v