HomeMy WebLinkAbout0931l_rnder's, writt~n agrcemcnt or applirable law. Sorruw~cr shall pay thc amaunt of al! mangage insurance premiums in the
man~er provideJ under paragraph 2 hereof.
Any amounts dishursed by I.enJer pu~~uant to this paragraph 7, wi~h interest thereon, shai) become additional
in.lcbiednesc of Borrawer ucured by this Mortgage_ Unlew 6orrower and l.enJe~ agree to other terms of payment, such
amountt shall bc payahle u~n noiire from I.ender to Bo~mwrr reyucc~ing payment thereof, and shall hear interest trom the
date of dicburscment at thc rate payable (rom timc to ~ime on outstanding principal under the Note unless payment ot
imerest at such ratr w•ould be contrary to applicable law, in Which event ~uch amounts ihall bear interest at the highest rate
perm~ssibk under applicable law. Nothing containcd in this paragraph 7 shall requirc l.ender to incur any expense or take
:-ny aclion hcreundcr.
8. Inspeetion. LenJer may make ~~r cause 10 ~-e made re~~onahle emriec upon and inspection~ of the Propeny, provided
~ha~ Le~iJer ~hall gi~~e Borrower na~ire prior to any such inspection cpecifying reasonable cause Iherctor related to Lender's
~nl.recl in Ihc PropCrty.
9, Cundemoatbn. The-pr.ktedc of any aM~a~d oi rlaim for dama~ec, direc~ or consequential, in connection with any
:ondemnation or other ~aking i~f ~he Properly, or parl thereof. or for conveyance in lieu of condemnation, are hercby ascigned
and ,h•rll F+c paid to Lcndcr.
In the event of a total laking of ~he Proper~y. ~he pnkeedc chall he applied to the cums secured by thic Mortgage.
with the e~cecs, if any, paid to Bo~mwer. In ~he evem of ~ partial ~aking o( the Property, t~nlecc Borrower and I.ender
~~~herwicr agree in writing. therc shall be applied ~i~ thc wmc secumd by thi~ Mortgage ~uch proportion ot the proceeds
~i ic ryual to that pn.~x~hi~~ which ~he amount o( ~he sum..rcured hy ~hi~ Mortgage immediately prior to the date of
~aking txars to the fair market value of the Pro~xr~~ immedi~tel~~ prior ta the date of taking. with tht balance of the proceeds
paid t~ Bormwer.
If the Property i~ ahandoncd M• Borrow•cr, or if. aftcr no~ice by 1 cndcr Io Borrower that Ihe condemnor oliers to make
an aw•ard ~~r tiettle a claim for damage~. Borrower fail~ to rc~~+c~nd t~~ 1 ender within 30 days afler the dale such notice is
m:uled. Lender i~ authori7ed to collect and apply ~he proceeds, at I.ender's aption. either to restoration or repair of the
Pro~r~y or Io thc ~um~ ~ccurcd hy this Morl~tage.
Unhs. 1 ender and Bnrr~iwer otherv-iee agree in uritinc. •r~y ~u~h applica~ion of proceeds to principal shal) not extend
~x ~x~~t~onc Ihc duc date ~~( Ihc monthl~~ installmemc refcrrrd to in paragraph~ 1 and 2 hereof or change the amount of
~uch in~tallment~
10. Borrower Nol Releaud. F.Ytencion of ~he ~ime for paysnen~ or mcxfificati~~n of amortization of ~he sumc xcured
h~' ~ni+ Mongagc granted b}~ Lcndcr to am• ~ucccswr in inlcrcct of Borrow•er shall nM operate to relcast, in any manner.
thr liah~lit~ ~~f ~he oriei~al Rorrower and Rorrower'. succestiorc in interect Lender ~hall not f+e rcquired to ~ommence
~r~~;eeJin~t~ ~g~~n~t cueh turcecsor or refute to etitenJ time fo~ payment o~ othen+•ise modify amortization of the sums
.c~urrd hs thi~ Mortgage by reacun of an~• demand made b~• ~he ori¢inal BormNer and Borrower's succescors in interest.
I1. Forbearance by I.ender tiot a Waiver. Am• f~rhearance by I.rnder in etiercising any right or remedy hercunder, or
r~hcrwi~e atTardeJ hy applicahle law. shall no~ he a waiver of or preclude the etiercise of am• such right or remedy.
The prcxurrment of insurance or the payment of tatc, ~•r other lienc or charge~ by Lender tihall not tx a waiver of [.ender s
r~ght t~~ acrrler.~tr ~he maturity of the indeMedne~s kcured hp Ihic Mortgage.
12. Remediec Cumulali~e. All reme~liec pm. idcd ~n thic \1ortRage are distinct anJ romulative to any othtr right or
remeJ~~ iindet thi~ M~rtgage ~~r aBordeJ h~• law i.r eyun~•. anJ ma~• he rrerci~ed cor.currrnlly. independenUy or succetsively.
13. Succecsors and AssiRns Bound: loint and Se~eral I.iability: Captions. The co~enants and agreements herein
i~~nla~neJ shall hind. and 1he ri¢ht~ hereunder ~hall inure to. the re~~-ective succe~~or~ and assigns of I_ender and Borrower.
~ubject t~~ ~hr provi~ionc ~f parag~aph 17 hereo( All covenants and agreementc of Borrower ~hall be joint and uveral.
The ~aphum anJ heading~ c-f the paragr~phe of ~hi~ '~t~,rtg~ge are fi~r convenience only and are not to be uxd to
~ntcrpr~t or dcfinc the pr~v~~iont hcreof.
14. 1o~ice. Exrept f~r any notice reyuir~d under applicable law t~ be given in anolher manner. (a) any notice to
BurruKrr pravided for in thic ~lortga¢e ~hall F+e g~~•en M mailing ,uch not~ce by eertified mai! addrecced to Borrower at
thr Pmpert~~ Addre.~ ~~r at wch uthcr addre.~ as B~~rr~~wer mav de~ignate by rwiice m I.ender as provided herein, and
(hl am notscr to I.endrr tihall he g~~•en h~• certified mail, retum receipt reque~ted. to ! ender'c address slate~ herein or to
.uch ~~ther :llldfQSS 7C Lender ma} detiqnate M ne.tice 1~~ Anrre~wer as pro~•ided herein. Any nolice pmvided for in this
~1arlKagr shall tx deemcd ~o ha.~c he~n g~vrn to R~rr~~~cr c~r i ender when grven in the manner designaled herein.
15. ('niform ~1oNRa~e; Go.•ernin~: Iaw; Se.erabilil~_ Thi. (rrm ot mor~gage c~mhines imiform iovenantc for national
inr and ni~n-unif~~rm c~~~enam~ with limite.l v~nani~m h~ ~ur~..hrti~.n t~ conctit~ite a uniform security instrument covering
real pmper~y Th~~ Nort~age shall he g~~verned.h~ thr I:~w ~f the juri~dicU~~n in v-•hich the Property ic located. In the
cvent ~h:,t :~n}• provision ~~r cla:~k uf thi. M~~ngagr ~~r the '.~~~~e ci~nfli~t~ wiih applicahle law. such conflict shal) nof afTect
~~ther pr~.~~~ionti of thi~ Mortgage ur the N~~tr uh~ch r~n be ge~~cn cticct Hithout the conflicting provi~ion, and to this
end the pn.~irium c~f the ~lortgage anJ the \utr ar~ ~kclared ti~ bC teverahle
16. Borrowet's Cop~. Borrowcr ~hall tx f~um~heJ a runh~rmcd ropy of thc Note and of thi~ Morlgage at the time
~~f c~rcution ~r a(ter rrcordation hereof.
17. Transfe~ of Ihe Propevly; Actiumption. U all :~r a~~~ p.~rt of ihc Pmpcrtp or an inierest therein ic s~ld or trancferred
M~ Bormwrr wilhout I.ender's pn~~r writtcn contrnl. r~rluding lal Ihr creati~n o( a lien or encumbrance subordinale to
th~. 1~tc.rtgage. /M the creation ~,( a purcha~e me~ne~• ~ecurit~ mterest fe~r household appliancec, (c) a trantfer by devise.
de~cent ~~r by opcration of law upon the Jeath of a j~ant tcnam or ld~ thc gran~ of an}• Icasehold interest of three yeart or less
not containing an oplion t~ purchase. 1 ender may. :H 1 ender'. ~.pt~on, declare all the cums secured by this Mortgage to be
~mmcJia~cl~• due and payablc. I.rnder shall h•r~•e wa~~cd .uch option tc acccle~ate if. prior to the cale or transfer. Lender
anJ the perton to w•hom the Property iti ti~ be suld or trant(errcd reach agreement in wnUng that the credit of such person
~~ saticfacton to LenJer and that the interr,i pa}.~ble ~~n the sum~ ~cured hy thi~ Mortgage thall be at such rate as Lender
tihatt reyuest. if i ender has wai~~e~i the option to accelerate prov~de~ m this paragrapn i7, and if Borrower's succuwr in
~nterest ha~ executed a written assumption agreement arcepted in wri~~ng hy I.ender, i.ender sh~ll releau Borrower from all
ubligaUOns under this Mortgage and the N~te.
If I.ender exercisec such opt~on to accelerare. I enJer ~hall mail Borrov-er notice c-f acceleration in accordanee with
paragraph !4 hereof. Such notice thall prov~de a period of no~ Iesc than ~0 Jays from the date the notice is mailed wi~hin
..h~ch Borrower may pay the ~umc declared due If Borr~~v-er tailc ro pay such ~ums prior to the expiration of such period,
Lendrr map, without furthcr nohce ~r Jcmand on Horrow•er. ~m~ke an} remedies permitted by pa~agraph 18 hereof.
tiox-IJtviFOaH CovFV~n~TS Borrower and 1 ender further covenant and agree as follows:
18. Acceleration; Remedies. Facept ~s provided in par~raph 17 bereof. upon Borrower's breacb of any covenant or
agreement of Borrower in this Morfga~r, includinR the covenants lo pay when due any sums secured by thLt Mortgs~e. Le~der
prior to acceleration shall mail notice to Borrower as pro~•ided in paragroph 14 hereof specifying: (l) the bresch; (1) the sction
required to cure such bre~ch; (3) a date. not less Ihan 30 days from the date the notice is m~iled to Borrower, by rrhkb sucb
breach musf be cured; and (4) that failun to cure such breach on or betore the date specif'itd in the notke msy radt ia
accelemtion of the sums secured bv this ~lortg~e. tonclosure by judlcial proceedin~ and sak of the Property. 7Le aotkt
shall further inform Borrower of the ~i~ht to reinstate after acceleration and the right t~ assert in the foreclosurt proceediu6
Ihe nun-exislence of a default or any other defense ot Borrower to sccelention s~nd toreclasure. If the breach is nof cored o0
or Aefore the date speci6ed in the notice. Lender at I.ender's option may declan alf of tbe somt secured by thh Mortta~e to be
immediately due and payable without further demand and may foreclose thlt Mortga6e by judicial proctedlua. Lender s6a11
be entitled to collect in such proceedi~ all etpeases ot foreclosure. includin~, but not limited to, reawnabk attorne~'s tea.
and costs of documentary.evidence. abstracts and litk reports.
19. Borrower's RiRht to Reinstate. Notwithstanding Ler-.fer's acceleration of the sums secured by this Mottgage.
Borrower shall have the right to have an~ proccedings txgun by 1_ender to enforce this Mongage discontinued at any time
Addenda~ to Parasraoi~ 15. The state and loca) laws applkable to this mortgage shall be the laws of Ihe jurisdiction in
which the property is Iocaled. The (oregoing sentence shall not limil lhe applicability of tederal law to Ihis mortgage.
; ~~~K 349 ~~~E 932
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