HomeMy WebLinkAbout1487l.ender's written agreement or applirabk I~w. 8o~rovrer shall pay the amount ot all mo~tgage insurance prcmiums in the
manncr provided under paragraph 2 hercof.
Any amounts disbursed by ~ender putsuant to this parag~aph 7, with interest thercon, shall bccome additional
inJebtedness of Borrower securcd by this Mortgage. Unleu Borrower aod l.enJe~ agree to othe~ tertns uf payment, such
amounts shall t~e payable upoo na~ice fram I.e~der to Borrov-•e~ requesting payment Ihereof, and shall bear interest from the
date of d'+sbursement at the rate payable from time to time on uutstandi~g principal under ~he Note unless payment ot
interest at such rate would be cont~ary to applicable law, in which event such amaunts shall bear interest at the highest rate
permissible under applicable lsw. Nothing contained in this paragraph 7 shall reqoire I.ende~ to i~cur any eapense or take
any action hereunder.
8. Irtspection. T.ende~ may make or cause to be made reaconable entries upc~n and inspections of the Ptopeny, provided
that I_ender shall give Borrower nolice prior to any such inspection specifying reasonabl- cause therefor related to Lender's
interest in the Property.
9, Condemnatbn. The proc~eds of any award or claim for damages, direct or consequontial, in connection with any
rondemnation ar other taki~g of the Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeJs shall be applied to ihe sums socured by this Mortgage.
with the excess, if any, paid to Borrower. ln the event of a partial taking of the Property, unless Borrov-er ar.d Lender
o~herwic~; agree in writinR. there shall be applied ta the sums ucured by this Mortgage such proportion ot the proceeds
as is equal to that proportion which the amount of tht sums secured by this Mongage immediately prior to the date of
taking bears to the fair market value of ~he Property immediately prior to the date of ~aking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrov-er, or it. atter notice hy l.ender to Bormwer that the condemnor offen to make
an award or settl~ a cla+m for damages, Borrawer fails to respond to 1_ender within 30 days after the date such notice is
mailed. Lender is authorized ~o collect and apply the proceeds, at i.ende~ s option, either to restoration or repair of the
Property o~ to the sums secured by this Martgage.
Unless Le~~der and Borrow•er otherwice agree in wriling, any such application of proceeds to principal shal) not extend
or postpone the due date af the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of
cuch installments.
l0. Borrower Not Rekased. Extension of the time for payment or modiRcation of amortization of the sums secured
by this Mortgage granted by i.ender to any successor in in!ere~t of Borrower shall not operate to rclease, in any manner,
the liability of the original Borrower and Bc-rrower's successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to eKtend time for payment or otherv-•ise modify amortization of the sums
secured h~• this Mortgage bp rcason of any demand made b~~ the ori¢inal Borrower and Borrower s succescors in interest.
11. Forbearance by I.ender hot a R'aive~. Any forhearance by l.ender in exercising any right or remedy hercunder, or
otherwise affarded hy applicable law, shall nol be a waive~ of or preclude the exercise of any such right or remedy.
The prac-~rement of insurance or the payment of taxes or other liens or charges by I.ender shall not be a w•aiver of Lender s
right to accelerate the maturity of the indebtedness ucured hy this Mortgage_
12. Remedies CumulaH~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJy under Ihis Morlgage or atTarded by law or equity, and may be exerciced concurrently, independently or successively.
13. Successors and Assi~as Bound; Joint and Several I.iabillty; Captbns. The covenants and agreements herein
contained shall hind, and the riRhts hereunder shall inure to. thc respective succe~sors and assig~s of Lender and Borrower,
subject to the provicion~ ot paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several.
The captions anJ headings of the paragraphc of ~his Mortgage are for convenience only and are not to be used to
interprct or define the provision; hereof.
14. Nolice. Except for any notice required under applicable la~~ to be given in another manner. (a) any notice to
Borrower pmvided for in ~his Mortga¢e shall be given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other addrecs as Borrower may designate by notice to l.ender as provided herein, and
Ib) any notice to Lender shall be given by certified mail. retum receipt requested, to I ender c address slated herein or to
~uch other address as I.ender may designate b}~ nMice to Borrower as pro~•ided herein. Any notice provideci for in this
~ie~rtgage shall be deemed to havc been given to Borrower or Lcnder w~hen given in Ihe manner desigoated herein.
15. Uniform AtoriRage; GorerninR I.aw; Sererobility.. Thic f~rm of mortgage combines uniform covenantc for national
use and non-uniform rnvenanic vvith limited ~~ariations b~• jurisdirtion to constit-ite a uniform security instroment covering
real propert}'. This l~tortgage shall he governed hy the laK~ c-f Ihe j~risdiction in which the Property ic located. in tht
event that any provision or clausr of thic Mortgage c.r ~he N~ne conflict~ with applica~le law, such conflict shall not aBect
other pro~isiont of this Mortgage or the Note which can he given etTect with~ut the conflicting provision, and to this
end the pro~~isions of the Mortgage and thc vo~c :~re dccl~rcd to he severable.
16. Borrower's Cop}~. Borrow•er shall he furni~hed a conformed cop}• of the Note and of thic Mortgage at !he time
of execution or after recordation hereof.
17. Transter of the Property; Assumption. If all or am• part of the Pmperty or an interesl therein ic sold or trancferred
b~~ Borrow•er without I_ender's prior wriurn content. etch~ding (~1 !he creation of a lien or encumbrance subordinate to
this Mortgage. fb) the creation of a purchase mone~~ securit~• interest f~r houuhold appliances. (c) a transfer by devix.
deticent ur by operation of law upon the death c-f a joint tenant or (d~ the grant of an~• leasehold interest of thrce years or less
nor containing an option to purchase, [.ender ma~~, at l.ender'c op~ion. declare all ~he sums secured by this Mortgage to be
immeJiatel~~ due and payable. l.ender shall have waiced tuch option t~ accclerate if, prior to the ~ale or transfer, Lender
and the perscm to whom the Property ic to be sold or transfcrrcd rearh agreement in v~riting thal the credit of such person
i~ saticfactc~n• to Lender and tha~ the intere.t payable on the sums tecured b}• thic Mortgage shall i~e at such rate as l.ender
shall request. If l.ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in
interest hac executed a written assumption agreement arcepted in writing by [.enJer. I.ender chall releate Borrower from all
obligations under this Mortgage and the Note.
If [_e~ider e~ercisec such option to accelerate. 1 enJer ~h.~ll mail Borrower notice uf accekration in accordance with
paragraph 14 hereof. Such noUce ~hall provide a peri~~d ~~f nc.s Ies~ than :~0 da~~s fmm the date the notice is mailed within
which Borrower maJ• pa}~ the sums decl~red due If Borro~er failc to pa~~ .uch cums prior tc- the expiration of tuch period,
Lcnder may. without forther r:~tice or dcmand ~n Rorrower, imoke am rrmedies permiued b~• paragraph 1R hereof.
No~.UNtFOre:-t CovF~~rvTS. Borrower and I.ender further rnvena~t and agree as follows:
18. Acceleration: Remedies. Except as pro~~ided in para~raph 17 hereof. upon Borrower's breach of any covenaat or
agreement of Borrower in this Mortga„e. includinR Ihe co~•enants to ps~ when due any sums secured by thk Mortgagt, Leader
prior to acceleration shall mail notice to Borrower as provided in paraqroph 14 hereof specNying: (1) Ihe breach; (2) tbe action
rcquired fo curc such breach; (3) a date. not Icss than 30 days from the date the notice is mailed to Borro~+er. by whic6 such
breach must be cured; aod (4- Ihat failure to cure such breach on or beforc lhe date specified in the aotke may resdt in
acceleration of tbe sums secured b~• this :~tortgage. foreclosure tiy judicial proceeding and sale ot the Prope~ty. 'Il~e notice
shall further inform Borrower of thr right to reiastate afler acceleration and the right to a~ett in the foreclosurs proeeedit~
the non-e:istence of a defauR or any Wher detense of Borro~+er fo acceleraHon and foteclosurs. If the breach ~ oot cnred o0
or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortaage to be
immediately due and psyablc wiihout further demand and ma~ forcclose th~ ~'iort~age by judicfal procetdi~. Lender s6ai1
be entitled to collect in snch proceeding all expenses of foreclosnrc. including. but not limited to, nasona6ie attoroey's fees,
and costs of docnmentary evidence, abstr~actS and titk reports.
19. Aomower's Ri~dt to Reinstate. Notw•ithstanding .Lender s acceleration of the sums xcurcd by this ~lortgage.
Borrower shall have :he right to have any proceedings begun by Le~~der to enforce this Mongage discontinued at any time
''x 349 e«UE 1487
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