HomeMy WebLinkAbout0661I.ende~'s written agreement or applicable law. Bo~rower shall pay thc amount of all mortgage insurance premiums in the
man~er provided unde~ paragraph 2 hercot.
Any amounts disbursed by I.ender purtuaot to this paragraph 7, wi~h interest thercoo, shal) become additional
i~~ieb~ednesc ~if Borrawer secured by this Mor~gage. Unlecc Bo~rower anJ I.enJer agrce to other tertns ot payment, sueh
amounts shall be pavahle u~~n no~ice fmm 1 cndcr t~• Borr~wer requcsting payment thereof, and shal! lxar interest trom tht
~la~e of dicbursement at thc rate payahle (rom time to lime on ou~standing principal under Ihe Note unless payment of
interesl at such rate w•ou1J be contrary to applicable law, in w•hich eve~t cuch amounts shall bear interest at the highest rate
permissible un~er applicable law. Nothing cantained in thic pa~agraph 7 thall require i_ender to incur any expense or take
any action hereunder.
8. lnspection. I.ender may mai,e or ca~ise to he made re•r~onable entriec u~n and inspectionc of the Praperty. provided
that I.ender shall give Bo~row•er notice pri~~r to anp iuch in~pec~ion epecifying rcasonable cause there(or related ta Lende~'s
mtcrect in thc Pmpe~ty.
9. f'ondemnafion. The pnxeed< <~f an~~ a~•ard or rlaim for damages, direct or rnncequential, in connection wilh any
condemnation ~r other taking of the ProFx;rty, or part thereof. or for conveyance in lieu of condemnation, are hercby assigned
and shall tx paid t~~ I.endcr.
ln ~he event of a total taking of the Proper~y. the prc-ceeds ~hall he applieJ to the cums secured by this Mortgage,
with Ihe etice~c, if any, paid to Bormaer. 1~ ~he event nf ~ partial ~aking of the Property. unlesc Borrow~er and I.ender
a~hcrwi~r agree in writin~t. therc shall he applied to the .um~ securcd by ~hic Morlgage ~uch proportion c-f the proceeds
ac is equal to Ihat prc.~.rtion khich the amount of the sum. ~ecured hy thi~ Mortgage immediately prior to the date of
t~ki~g be~rs ~o the fai~ market value of the Property immediately prior ta the Jate of ~aking. wilh Ihe balance of the proceeds
p~id ~~~ Borrower.
If ~he Proper~y ic abandoned by Borrower. or if. after notice hy 1 ender to Borrower Ihat Ihe condemnor oBen to make
,~n ,~w;,rJ i~r .ettle a claim f~r damage+. Borrower faih tu rc~~x~nd to 1 ender within l0 da}•s a(ter the date tuch notice is
m,uled. 1_ender ic authorimd to collect and apply the proceeds. at I.ender's option. either to rcstoration or repair of the
Pro~xn~~ or to the s~mc ,ccured hy ~his Mortgage.
Unlec~ Lender and Borrower otherw•i~e agree in W riline, any st~ch application of proceeds to principa) shall not ~xtend
~~r ~nt~x,nc ~hc duc datc of Ihe mon~hl~ inslallmcnls rcfcrrcd to in paragraphc 1 and 2 hereof or change the amount of
wch mstallmentc.
lA. BorroN•er Not Releaied. F~tencion of the ume ior payment or mc~dification of am~~rtizatiun of the sums secured
hy ~h~. M~~rtgage granled b~~ I.ender to am• ~uccet~or in intrrect of Borrower chall not operate to release, in any manner,
ihc tiah~lity ~.f the original Borrowcr and R«rmwcr'~ surccssar~ in interest. l.cnder shall not be required to commence
~r~.cceJings againct cuch sucre~cor or refuce to e~tenJ time for paymen~ or othen+~~i~e modify amortization of the sums
~e~ urrd h~ thi~ Mortgage h~• reawn ot ~n~• demand made by the orieinal Borrower and Borrower's succescorc in i~terest.
11. Forbearance by I,ender 1ot a Waiver. Am f~rhearance b~• I.ender in erercising any right or remedy hereunder, or
~~Ih~rw~ce afiurded by applicable law, shall n~~ he a waiver of or preclude the exercise of am~ such right or remedy.
The prcxurement c-f insurance or the payment of taticc c.r i,ther liens or charget bp i.ender tihall not he a waiver of l.ender s
right t~• ar~rlcrate the maturit~• ~~f the indehtednecc .~cored h~• this !Nortgage_
12. Remedies Cumulatire. All remediec prc,.idrd in thic Mc.rtgage are distinet and cumulative to any othrr right ar
reme~l}• under thi~ M~rtg~ge or afiorded h~• la~ ~•r eyuitr. anJ ma}~ he r~ercised concurrenNy. independently rr succeaively.
13. Successors ~nd Assi~nc Boond: ]uinl and Sere~al i.iability; ('aptions. The covenants and agreemtnts herein
ri~n~ainr~l chall hind, and the ri¢ht~ hercundet shall mure to. the retpec~ive succe.torc and assignc of l,ender and Botrower,
+ubject t~. thc provi~ion~ of paragraph 17 herrof All co~•enams ~nJ agreement~ of Borrow•er ~hall be joint and several.
The raptiun~ an~l h~adinge of the paragr~ph< <~f thic Mor~gage are fc.r ~om~enience only and are not to be used to
~ntcrpret or define the prm•icionti hereof.
14. \Mice. Excepl for any notice reyuired unJer applicahle law t~~ be given in anothrr manner. (a) any notice to
Burruw~er. pnwided for in thi~ Mortgaee ~hall he givrn M~ mailinc ~uch not~ce hy ce~tified mail addressed to Borrower at
thr Pm~xrty Addrecc ~~r at ,urh ~~ther addre~. ac B~.rmuer ma~~ de~~gnate b~• nolice to 1 ender as provided herein, and
(hl am nM~c~ lo LenJer th~ll hC eiten hr cer~~fir~i m:ul ri-tum rNC-r~nt rrtn~rcfrrl tn 1 wn~ivr c~~ilrPCe erarrri 1v.n:o nr e~s
.uch uther addrest ac t.ender ma~ d~signate h~ n~ticc t~~ Borruwer as pm~~ideJ herein. An}• notice provideJ far in this
~f~~rtgagc sh:~ll txr deemed ti~ ha~r brcn givr~ to Bc-rmwrr e~r Lcnder~when given in thc manner de~ignated herein.
15. ('niform MortRa~r, Gn~~ernin~ I.aw: 5e~erabilih~. Thi~ (~~rm of martgage combines uniform covenants for national
uu and n~.n-unif~~rm co~~enantti with IimiteJ variatii.n. h~~ j~irndirh~~n t~ rnnstilirte a uniform security instrument covering
reat p:~pert~~. Thiti :~tortgage shall Fx governed h~• ~he I~w ~.f the ~uricd~c~i~~n in w•hich the Property i~ located. In the
event th~t ~n}• provisiun ~r clau+c of Ihi~ Mortgagc rr the \~,te c~nflicts Nith applicable law, such conflict shall not affiect
~~thcr pn~~i~i~~m of Ihic Mortgagc or thc T~~~Ir uhich ~:~n hc gi~cn c(Tcct without the rnnflic~ing provicion. and to this
end the pn.vitiiom of the :~lortgage and the \~~tr are ~iecl;ired ta he ceverable.
16. Borrower's Cop~. Borrower ~hall he furni~heJ a conformed copy of th~ Note anJ of thi~ Mortgage at the time
~~( erecution or after recordation hereof.
17. Transfer of the Properf}; Assumption. (f all ~~r a~ic p:-rt of thc Pmpcrty or an interect therein is sold ar transferred
b~~ Bormwrr wrthuut l.ender's pri~~r u~rittrn rnntient. r~iluding la1 Ihe creati~n of a lien or encumbrance suhordinate to
th~~ M~rtgage. Ih) the creation ~f a purcha~e maney ~eruriiy ~nterest fc~r houcehold appliancec, (cl a transfer by devist.
d~uent ~~r by ~~xration of IaH up~m the Jcath c.f a j~~int tcnant or (J~ Ihe grant of a~v leasehold interest of threc years or Iess
not c~ntaining an option t~ purchase. Lender maY, at 1_rnder'. opt~~~n, declare all the sums secured by this Mortgage to be
~mmediateh• due and payable. Lender chall ha~e w~~~•ed wrh op~ion tc accelerale if. prior to Ihe cale or transfer. I.ender
an~l the pe-son to whom the Propeny ic t~. be solJ or transferred reach agreement in writing that the credit of such person
~t s:~~~~fa~~„~~~ « l.en~cr ~~N/f/flsttX~~~iF~/u~+l~~~i~~Xdl~~~`r~~~~/~i~IM~1{,~~/~Ir~~,t~vf/~~~~/7~~~e~
~ If 1 ender has wai~ed the option to acceler.~te prav':ded in this paragraph 17, and if Borrower's svccessor in
~~~~~~ xecuted a wri~ten assumption agreement accepted in writing by [_enJer, I_ender shall releast Borrowtr from all
ubliga~~~ns under this Martgage and t~e Nc-te.
If I.ender exercicec cuch c~pti~n to accelerate. 1_enJer ~hall mail Borrower notice of acceleration in arcordance wi~h
paragraph 14 hereaf. S~~ch nouce chall provide a pencxf of not Iess than 30 Jays from the date the notice is mailed within
..h~ch Borrower may pay the uimc decl:~red due. I( BnrroNCr fail~ to pay cuch wms prior to the expiration of such period,
Ixnder ma~~, w•ithout funher notire or drmand on H~rrower, m.•~le any remedies permitted by paragraPh 1R hereof.
NON-(JNIFORM C~OVFVA!VTS Borrower and 1_ender further cqvenant and agree as follows:
18. Acceleratan; Remedies. Fxcept as pro~ided in para~~aph 17 hereof. upon Borrawer's breach of any cove~nt or
agreement of Borrower in this ltortqa~e, includinQ the covenants to pay when due any sums secured by tALs Mortaage. Lesder
prior lo acceleralion shall mail nofice to Borrower as provided in para~raph 14 hereof specifving: (1) the breach; (2) the sction
required to cu~e such breach; (3) a date, not less Ih~n 30 days from the date the notice is mailed to Borrovrer. by whkb sucb
breach must be cured; and (4) th~t failurc lo cure such breach on or before the datt speci6ed in tbe ootke mar resnlt in
acctleration of the sums secured by Ihis MortRage, fonclosure by judicial procceding and sak of fhe Prope~. 7Le ndlce
shall further inform Borrower of Ihe right to reinstate afler accelention and the right to assert in the foreclosure proceedin~
the non•existence of a default or aoy other defense of Borrower to acceleration and foreclosurr. If the bresch is not cured on
or before the date speciRed in the notice. I.ender at [.ender's option may declare all of the sums secured br this Mortaa~e to 6t
immediately due and payable without further demsnd and may foreclox th~ Mo~age by ;udkial proceediu~. Lendtr shaq
be entitled to collect in such procecdin~ all eapenses of toreclosure. including~ but not limfted to, reawoaWe attorntYs tees,
and costs of documentary evide~ce, abstracts and title reports. .
19. Borrower's Right to Relnstate. Notwithstanding 1_enJer's acceleration of the sums securcd by this Mortgage.
Borrower shall have the right to have any procceding~ t~egun by Lender to enforce this Mortgage discontinued at any time
Addeedue to Parasraph 15. The state an~! local laws applkable to this mortgage shall be the laws ot the jurisdiction in
which the properpr is located. The toregoing senteoce shall not limit the applicability of (ederal law to lhis mortgage.
h~~K 349 e~~E 662