HomeMy WebLinkAbout1791t.ender's written agreemen~ or appl~cable low. Borrower shall pay the am~n~nt a( all martgage in~urance prcmiums in ~he
manne~ pruyiJcd under paragraph ? hercof.
Any amountc di~hurccd hy I.c~de~ pur~uaM ~i~ ~his paragraph 7, wi~h ~nten:u therean, shall t+ecome additiana)
inJcMednrcc o( H~,r~uwcr ~ccund by ~hi~ Mungagc. Unlc.s Borruwcr and I rnJcr agrrr to c~h4r tt~ms of` paymcnt, such
amounlc shaU tsc p~vahlc u~x,n n~~ticr fmm I rndcr ta B~~rrowcr reyucaing paymcM there~~f, an<j chal) hear ioterest from the
date of dicbursrment at Ihe ra1~ pavahlc from timc to Ume ~in o~Hstanding principal under the Note unlect paymenf of
interest at such ~ate would Me contrarv t~~ appli~ahle law. in which event ~uch amountc ~hall hear interest at the hiahest rate
permissible under applicable law. N~~thing a~ntained in ~hic paragraph 7 chall reyuirc l.ender ~o incur any eapense or take
any action horcunder.
s• lespecfioe. I.enJer may makc i•r rauu; t~~ be made rca~onahle cntriec upon and inspections of the Property, provided
that [.ender shal) give Borrower no~ice priur Ic~ any wch i~spectian tpecifying reasanabk caux thtrofor rclated to Lender's
interest in the Property.
~• Coode~aaation. The proce~dc of any award or claim tor damages, dircet or consequential, in connection with any
condemnation or olher taking of the Property, or part thercof, or for conveyance in lieu of cundemoation. are IKrcby aasigned
and shall be paid to Lender.
In Ihe event of a total taking of the Prapeny. Ihe p~oceeds ~hall be applied to ~he sums secured by fhis Mortaage,
with the excess, if any, paid to Borrowe~. In thc event ot a partial taking of the Praperty, unless Borrower and Ltnder
uthervvise agrce in writing, therc shall tx applied to ~he cums securcd by this Mortgage such proportion of the proceeds
as is equa) to that proportion w~hich the amount c-( ~he sumc ucured by this Martgage immediately prior to the date of
taking hars to the fair market value ot ~he Pn-~xr~y immediatcly priar ta the date ot ~aking, with ~he balance of th~ proceeds
paid ta Borrower.
If fhe Property is ahandoned b~• Borr~wer. ~r if after notice hy I.ender to Borrower Ihat the condemnor oRen to ma~'e
an award or settle a claim for dam,~~r~, R~~rr~.wrr f.~~l. t~~ n-~{x.nd to I_ender within i0 days at~er the date such notice is
mailed. Leoder ic authorized to collec~ and ~ppl~• thc pre~eeedc. at I.ender's option, either to restontion or ttpair of the
Propcrty or to tht wm~ .ccurcd hy thit Mortg~¢c. r.
Unlesc I.ender and Borrower othen~•ice agree in w rihnF. any xuch application~pf prOceeds •te principal shal) not tztend
or postpone the due date ~~f the monthlv in~t:-Ilmcntc referred to in paragraphc 1 and.2 Mrcof or change the amount of
such installmtrds. . ~: -~
10. Borrower Not Rek~sed. Fxtensio~ of th~ time for payment or mc~di8calion of amortization of the sums securcd
by this MortRage granted by I ender to any cuccecsor in imerest of Borrower ~hall not opente to rclease. in any manner.
tht liabilily of Iht original Borrawer and Borrower'~ succesu-r~ in intercst. i_ender shall not be tequired to commence
proceedings aga6nst such sucressor or refuse to ertend ~ime for payment or otherwice modify amortizat~on of ~he s~:ms
secured by thic Mortgage by reason of ~ny demand made b}• the ori¢inal Borrower and Borrower s succescors in interect.
11. Forbearance by [.ender Not s Waiver. Any (~~hearance hy I.ender in eterci~ing any right or remedy hercunder, or
otherwise afforded hy applicable law, shall not t+e a waiver ot or preclude the exercise of any ~such riqht or remed3•.
The procurement of insurance nr Ihe payment of ~azec or ather lienc or charges by I.ender ahall not be a waiver o[ Lender's
right ta aecelerate the maturity of the indehtednecs cecu~ed h}• thic Mortgage.
12. Remedies CumulaN~e. All rcmedies provided in thic MoNgage are dictinct a~d cumulative to any other right or
rcmedy under this Mortgage or aBo~ded by law or equity. :~nd may he exerciud concurrcnlly, independently or succecsivdy.
~ 13• Soccessors and Assi~es Bonnd; „loint snd Several f.iaM'lify; Captions. The covenants and agreements herein
conuined shall bind, and the riRhts hereunder shal[ emire to. the recpective succes~ors and assigns of Lender atid Borrower.
subject to the p~ovisionc of paragraph 17 hereof. All covcnants and agreementc of Borrower shall be joiry and several.
The captions and headings of the paragraphc of thic Mongage are for convenience ~~nly •rnd are not to be uced to
interpret or define the provicionc hercof.
11. Notice. Except for any no~irc required under applicable law~ ta be given in another manner. (a) any notice to
Bonow•er pr+uvided tar in this Morlgaee shall be given by mailinR ~uch notice by certifitd mail addressed to Borrower at
the Property Address or a~ such other addret~ as Borrower mav designate by notice to I ender as provided herein. and
(b) any notice to Lender shall he give~ by cer~ified ma~l. retum receipt reqix~ted. to 1 ender s address s~a~ed herein or fo
cuch other address as I_ender may deci¢nate b}~ n~tire t~~ Borr~~wer ai pro~,ded herein. Any no~ice provided for in this
Mortgage shall be deemed lo have t+ecn g~vcn ~o &-rn•w•cr or i cnder when g~ven in the manner designated herein.
1S. Uaitorm MortRa~e; Governin~ Iaw; Se.erobilil~•. Thit (orm ot mortgage combines uniform covenants for national
uu and non-uniform cmenants with IimiteJ vanatic~nc h~~ ~uri~dict:on to consti~ute a uniform security instrument rnverina
rcal property. This ~tortgage shall be governed hv the law of the jurisdiction in which the Proptrty is located. In tht
event Ihat any provision or clau~e ot thic Mortgage ~a the No~e rnnflictt wilh applicable law, such conflict shall no1 aBoct
other pravisions of thic Mortgage or 1he TV~~tr wh~ch can t-e g~ven elTect without tht eonflicting provicion, and to thit
end the provisions o( ~hc Mortgagc an~ ttec~ Note arc ~Icclared ~o Fx uverable.
16. dormwe~'s Copy. Borrow•er chalt tn furni~hed a con(ormed cop}• of the Note and of this Mo~tgage at the time
of execution or a(ter recardation here~~f.
17. Tnmier ot the Propertr: Atsump~ion. It all ~r any part of the Praperty or an interest thcrein is sold or transferred
by Borrower wrthout I.ender's pri~r wnti:n ~~~nunt. crcluding (al Ihe creation of a lien or encumbrance sutardi~ate to
this Mortgage. (bl ~he creanon o( a purch~k m~•nev ~ecurity mterest f~r household appliances, (e) a trancfer hy devise.
descent or by operation of law upon thc dcath ~f a j~am tenanl or (dl the grant of any leauhold intercst of thrcc ycars or kss
not containing an option to purchase. LenJer m-rq, at I.ender'~ option. declare all ~he sums secured by this Mortgage to be
immediately due and payable. I.rnder chall ha.c w,~i~~ed sirch option to :+~rrleratt if, prior to Ihe calt or transter, Lender
and the person ~o whom the Propertv i, a~ Fx .oIJ or Iransferred reach agrerment in writing that the credit of cuch persan
is satis(utory to Lender and that the intcrr.~ pa~able on the sums secured by Ihis Mortgage shall be at such rale ac i_ender
shall request. if Lende: has waived the opUnn ai accelerate provided in this paragraph 17, ~nd if Borrower'~ wccessor in
interest hac executed a K•ritten assump~ion agreement accepted in wrii~ng by (_ender, Lender shall release Borrower from sl)
obligations under this Mortgagc and thc Notr.
If Lender exercises such opt~on tn acrelerate. I_ender chall mail Borrower notice of accdera~ion in accordanc~ ai~h
paragraph 14 hereof. Sueh not~ce chall prov~cfe a pericxi ot not Iess than 30 days from ~he date the notice is mailed within
which Borrower may pay the sumc decl~reJ due If Borrower fails to pay such sums prior to ~he expiration of ~uch peri:~d.
Lender may, without furlher not~ce c•r Jemand un Borrower. ~nvoke any remedies permitted by paragraph IR hereof.
NON-UNIFORM COVENANTS Borrower and Lender furthcr covenant and agree as follows:
ls. Accelerafion; Remedies. Excepi as provided in ps~npA 17 bereof, ~~ s~..~r: ~.~~ or awy co~easM or
a~retmeot ot Eorror-er in this Mortga~e. inctudinR the covensnls to par when due any snms secured bv thls Mort~s~e. I.ende~
prior fo ~ccekratbn shdl mail notice Io doROwer as provlded In psrqnph 14 hc~eot specitrint: (1) the bre~ch: /21 ~ht actbw
rcqulred to core sncb breach;l3) a date. not kss than 30 days irom the dde the notice [s m~ikd to eorrowcr. ey ..Akh we~
Mesch must be cored; aad (1) ~I~at (ailuro to cure snch breacl~ on or eefo~+e the due specil'ied in the notke msy recolt i~
accekration ot tbe suna secured by Ihis MortRa~e. forcclosure by judicid proceedln~ ~nd sde o1 tAc Property. 'iLe noNee
shaq lurlher inform eo~rov.er of the riRbl lo rei~tate d~er sccckrstion snd tbc riRht lo as~eA iw the tortclosore'roeeedi~
tbe non-eaastence of a defauN or any Mher detense o1 EoROMer to sccekrstion and fonciosrre. It tAe b-eacA is not coecd o~
or 6e~ore the dste speti6ed ia the notice, I.ender at I.rnder's nplioa may declare dl d the s~ae senred by tbb MoA~~e fo ee
immediatcly due snd paysble witlMU/ turtl~er demand ~nd msY fortcbse thb Mo~a~e by jndkW poc~edin~. I.ende. chap
be eotitkd to colleet in wch proceedin~ sll e:penxs ~~f ~oreclosur+e. lncludin~. MH aot dmiled to. retsonabk stt.,rn~v's fces.
aod eosts ot doeun~entary eviAence. sbstncts ~nd ~i~le reports.
19. donowers Rl~ht to Reintiate. Notwith~r,~nd~nK 1 ender's acctleration ot tht sums secured by th~s Rlortgage.
Borrower shall have the nght to have am prcxcrd~ne. tx'~!n b~ Lcnder 1c~ cnforce Ih~~ MnngaRe dnconhnueJ a~ an~ t~mt
ao~K 349 P~~,E 17~1
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