HomeMy WebLinkAbout2112L.ender's written agreement ar applicable law. P+~~rower shall pay the ~amount o[ all mortgage insurance premiums in the
manne~ provided under parag~aph 2 he~eo[.
Any amounts disbursed by l.ende~ pursuaot to this paragraph 7, with interest thcreon, shali bccome additional
indebtedness of Borrower secured by ~his Mongege. U~lecs Borrow~er and !.ender agree to ather terms of payment, such
amounts shall be payahle upon nrnire from i.ender to Borrowcr reyuecting payment thereof, and shall t~ear interest from the
Jate of disbursement at the rate payable from time t~ ~ime em outstanding principal u~der the Note unless payment of
interest at such rate would be contrary to applicable law, in ~~hich event tuch amounts shall bear interest at the highest rate
permissible under applicable law. Nathing contained in thi~ parag~aph 7 shall require I.ender to incur any expe~se o~ take
any action hcreunder.
8. Inspection. I.e~der ma}• niakr or ~ause to I+e made reaconable entriec upon and inspection~ of the Property, provided
that I.ende~ shall givt Borrower notice prior to any such incpect~on cpecifying reasanable cause therefor related to I_ender's
interect in the Property.
9. Condemnatbn. The proceedc of an~~ aw•ard or claim for Jamages, direct or concequential, in connection with any
condemnation or other taking of the Property, or paN thereof, or f:sr conveyanre in lieu of condemnation, are hereby assigned
anJ thall t+e paid to I.ender.
In the event of a total taking of the Proper~~•, the proceeds chall he appliecl to the aims secured by this Morlgage.
w•ith the eticess, if any, paid to Born:w•er. In the event of a parti~l taking of the Property, unlecs Borrawer and I.ender
otherwi~ agree in writinR. there shall be appl~ed to the cums ucurcd hy thic Mortgage ~uch proportion of the proce~ds
as ic equ•rl to that pro~rtion w~hich the amount nt the sumc ~erured by this MorigaRe immediately prior to the date of
taking bears to the fair market value of the Property immediately priar to the date of taking, w•ith the balance of tht pr~ceeds
paid to Borrower.
If the Property is abandoncd b~• Borrower, or if, after nMice by I.ender to Barmwer that the condemnor offers to make
an aw~ard ~r seule a claim for damages, Borrower fail+ to res~xmd t~~ l.ender wiiin i0 days after the date such notice is
ma~led. I_ender is authorized to collect and apph~ the proceeds. at I.ender c option, either to rectoration or repair of ihe
Property or t~ the sums ~ecured hy this MortRagc. .
Unlesc I_ender and Borrower otherv-•iae agree in N•riting. anp zuch appliration of proceedc to principal shall not ettend
or poctp~ne the due date of the mon~hl~~ installments referred to in paragraphc 1 and 2 hereof or change the amount of
such inctal~ments.
1~. Borrower Nn1 Rekased. Ertension of Ihe time for payment or modification of amortization of the sumc secured
by this Morigage granted by 1.ender t~• am• succesx~r in interect of BorroK•er shall nat operate to release, in any manner,
the liability of the original Borrower :~nd Borrower'~ succestio-c in interest. l.ender shall not he req!iired to commence
proceedings aga~nct ~ueh succe~sor or refu~e to ertend time for payment or otherv-•ice modify amorlizatian of the sums
:erurec! hy ~hic ~tortgage hy reacon af any demand made by the orieinal Borr~w•er and Aorrower's sacce~corc in interest.
I1. ForDearance by i.ender liot a R'ai~•er. Am• fc.rtxarance b~• I.ender in etiercicing am• right ~r remedy hereunder, or
atherwite afforded h~• applicable law, shall not he a waiver o( or preclude the erercise of any such right or remedy.
The proc~irement of insurance or the payment of tares ~r other lienc or chargec by I.ender shall not he a w•aiver of I.ender s
right to accelerate ~he maturity of the ~ndchtednetc u cured h~• lhic Mortgage.
12. Rem~dies Cumulatire. All reme:lies pn.~•ided in this !1lortgage are distinct and cumulative to any other right or
remeJy under thic Mortgage or afTordeJ b~• law or eyuity. and ma~~ be ererci~ed concurrentl}•. independenth• or successively.
13. Sueerssoa and Assi~as Boe:nd; JoiM and Seceral l.iability; CapHons. The covenants and agreementc herein
contained ehall binJ, and the ri,Qhts hercunder shall inure to, the re~pective tuccecsor~ and accigns of I.ender and Bormwer,
tiubject to the pr~~vi~ic-ns o( paragraph 17 hereof. .All co~•enants and agreement~ of Borrower shall he joint and several.
The ~aptions an.l heading~ of the paragraphc ~f thit Mnrtgage are f~r convenience only and are nat to be uud to
interpret or define the provicionc hereof.
14. Notice. Etcept for any notice reyuired under applicable laH• to be given in another manner. (a) any notice to
BorrowCr pro~idrd for in Ihi~'.~fortgaee shall he given h~~ mailing ~uch notice by certified maii addrested tc~ Borrovrer at
thc Property Addretit ~~ at wch other addre~s as Barmwer ma~• decignatr b}• notice to i.ender as provided herein, and
Ihl am• notice~ to Lender shall he giticn i,~ certified mail. return rece~pt requected. t~ 1 ender s addresc stated herein or to
~uch uther address a~ Lrnder niav drsignate b}~ nc.tice t~• B~~rmwer as provided here~n. An}~ nMice pmvided for in this
~1~~rtgage sh:~ll he deemcd tc. ha.c becn Ri~~cn to R~rn~u•cr cx 1 rndcr whcn given in the manner decignated herein.
1S. llniform ltortRaRe; Go~•erninR I.aw~; Sever~bilit~~. Thn f~rm i~f mortgage c~mbinec uniform covenant~ !nr national
utie and ni~munifi~rm rovenant~ with limite~l ~•ari~tinn. M jun~d~cti~n t~ rnnctitute a uniform sec~~rit~~ instrument covering
real proptrt}•. Thi~ Morlg:~ge ~hall he g~~vrrneP ub the law ~~f the juri~Jictic.n in which the Property ic located. In the
e~'ent that anc provisiun ~r clauk uf thi. ~ic.rtgake ~•r ~hr \~,te conflictti H ith applicahle law•: such conflict shall not affect
~~ther pm~~~iom of thic '.1lortcage or thr ltotr ~h~nc ~an t+e gncn efTect ~-~i!h~ut the rneflicting provi~ion. and to this
end thr ~r.~vi~ion~ of ~hc Mort~agr ~nd the \rt~ are clrrlared tn hc ~everaMc.
16. Borrow~er's Copy. Borrc~wer .hall he furnitihe~l :~ c~~nfurmed c~p~• of the Not~ ~nd c•f thi~ Mortgage at the time
~~f c~rcution ..r after rccordation hercof.
17. T~nsfer of the Pmpert~~; Assumption. If all ~.r am part of the Pmpert~• c-r an interett therein is told or tranderrcd
M• Rorruw~er withuut I.ender i prirr writtrn c~~ncent. e~cludeng I~i the rreation of a•lien ~r encumbrance sut-ordinate to
thiti Me~rtgage, Ih1 the creation of a purcha~e monec ceruritc ~nterest fi.r h~~u~ehoid appliancec, (cl a tranc(er b~• devise.
de~ceni ur h~~ ~~~ration of law u~n the death ~~f :~ i~~~nt tenant i~r ldi the grant c.f am~ Icaschold interest of three year~ or less
n~~t ~ontaining an optiun to purchase. 1 rnJer ma~•. .~t I eneier'. ~~pti~~n. declare all the wmc ,ecured by this Mortgage ro be
~mmediateh- due and pa}•ablr I.ender ~hal! ha.e w.~~~ed ~i~ch ~~pt~~~n tn accelerate i(. nric-r to the ~ale or transfer. Lender
.~nJ the per«~n tc. whizm the Pro~xsty ic t~. he a~1~1 ~.r tr.mtilerrrd reach :~grermrm in w~riting that the credit of Such person
~~ satic(actun m I.ender and th:~t thr intere.t p~~.+hlr ~•n ihe ~um~ ~ecured ht~ thi~ !ltortqage shall t+e at such rate ac I.ender
~h~N reyues~. If 1 ender has w~ai~•eJ thr c•ptii~n t~~ ~crrlrr~te pre.ciJed in this paragraph 17. and if Borrower S successor in
~nt~rect ha~ erecuted ~ wrilten assumption agreement accepted in writ~ng M~ Len.ler. LenJer thall release Borrower from all
~~hligatii•m un~lrr thi~ Mc.rtgage and thc'.~~tc
If 1 e~ider e~erci~e~ tuch ~~pti~~n t~~ accelrr.~tr. I rn~lrr ~h.~ll mail Bc~rre.Wrr nz~tice ~~f ac~eleration in acrnrdanee v~ith
paragraph 14 hrrrof Such naUre .hall pmv~Je .~ prri.~il ~~f ~~~t les~ th.~n z~ ~1a~. (r~~m the date the n~tice i~ mailed u~ithin
s+h~rh Bc~r:~~«er ma}• pac the ~um~ Je.~.,re.i dur I( Rc~rr~~wrr f.ul. t~+ ~ra~ ~i~rh «imc pri~r t~~ the erpirati~n ~~f cuch penc.d.
Lendrr mec. withi~ut fiirther nuti~r ~~r ~1rm~nd c~n li~~rruwrr. ~mr{,r ~m rrmedies perrnUted h}~ ~+aragraph 14 hereof.
1i(1~i-~~\IFOR~1 CO~'F~A`TS BUTfOK'Cf and I.ender further covenant and ~gree a~ follows:
18. Acceleralion: Remedies. Excepl ~ pro~ided in para~raph 17 hereof. upon Borrower's breach of any co~enant or
~rtement of Borrower in this ~tortRa~e, includinR the co~enants to pay when due anS sums secured by :his Mortgage. i.ender
prior to acceleration shali mail notice to Borrower ac pro~ided in paraRraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less th~n 30 da~s from Ihe date the notice is mailed to Borrowcr. by which such
breach must be cured: and (~) Ihat tailure to cure such breach on or betore the date specified in the notke may resalt in
accderation of 16e sums secured Ay Ihis ~lortga~e, foreclocure by judicial proceedinq and sale of the Properh•. The notlce
shall turther inform Borrower of Ihe riRht tc reinstate after acceleratiun and tht right to acsert in the foreclosurt proceediug
the non-rxistenre of a default or ~m~ other defence of Bono.+er to acceleration and foreclosure. If the breach is oot cnred on
or before the dale spe:ified in the notice, I.ender at I.ender's option ma~- declare all of the sums secund by this Mortgage fo be
immedi~tely due and pa~~able without tunlier demand and ma~ foreclose Ihis 1Sortgs~e b~• judicial proceedin~. Lender shall
be entitled to collect in such proceeding aU sxpenses of foreclosure, inclading. but not Gmited to. reasonabte aiioroey's fees.
and costS of documentary evidence. abstractt and tille reports. '
19. Aorrower's Ri~ht to Reinstale. '.~~twith~tar.ding l.en~er'~ accelerat~oi of the sums ucured by Ihis Mo~tgage.
Borsower shall havr .he nght to have an} proceedmg; hegun hy l.er,der to enforce this Mortgage discontinued at any time
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