HomeMy WebLinkAbout2148i.ender's wriuen ;~greement or applirable lavr. tiorrowr~ shall pay thr amoimt of all martgage insurance premiums in the
m:~nner pnwideJ under paragraph 2 hereof.
Any amounts disbursed by I_enJer pur~uant to this paragraph 7. wi~h in~erest therrnn, chall become additianal
in~leMednest ~if BorroN~er secured by Ihis Mottgsge. Unle~c 8orrower and I enJ~r agree to other tertnc ot payme~t, ~uch
amount~ shall he payable up~m notice from I.ender tu Borrowrr reyue~ting paymrm thereot, and chall hear interect fmm the
d~te of disbursement at the rate payahle from time to time on outstanding principal under ~he Note unlecc payme~t of
interest at such rate would t~e cantrar}• to applicable laH•, in which event auci~ amounts shall hear interest at the highest rate
pcrmissible under applicablc law. Nothing contained in this paragraph 7 shall requirc I.ender ta incur any eapenu or takc
any action hereunder.
8. IaspecHon. i.ender may make or rauce to he m;~de rea~anahle eMrie~ u~+c~n and intpectionc of the Property, provided
that I.ende~ shall give Borrower notice prior to any tiuch inspectiun sExcif~•ing reasonable cause therefor related ta l.ender's
interect in the Property.
9. Condemnatbn. The prc~ceedc of an~~ award or claim for damages. diree~ or rnnuquential, in conntction with any
condemnation or olher taking of the Propeny, or part thercof, or for rnnve~~ance in lieu of condemnatian, are herel«+ assigned
and shall t~e paid to I.ender.
ln Ihe event of a total taking of the Pmperty. ~hc prcxceds chall he applied t~ ~hc cums sccured by thic Mortgage.
with the ercecs, if any. paid to Borrow•er. In the eveni of a partial takine of the Propert}•. unlecs Borrower and I.ender
o~herwice agree in writing. ~herc shall be applied to the wms cecured hy ~hic Mortgage such proportion o( the proceeds
as is equal to that pro~rtion w~hich the amount of the sums ~ecured h}• Ihic Mortgage immediately prior to the date of
taking bears to the fair market value of ~he Propert~• immediatel~• pri~r to the date of taking. w~ith`the balance of the proceeds
paid to Bormwer.
1f the Property is abandoned by Borrower, or if. af~er notice b}• I cnder to Borrowcr that the condemnor offers to make
an aw•ard or setde a claim fc~r damage~, B~rmwer fail. t~. re,~nd tc• I.ender H•i~hin l0 da~•s after the date such notice is
maited. l.rnder ic authori7ed ta collect and apph• ~he proceedc, at I.ender'c op~ion. eit!~er to restoration or repair of the
Prope~t~~ or to the sums secureci by thic Mor~Rage.
Unles~ [_ender and BorroK~er atherwice agrre in ~~ ritinc. an~• surh application of proceedc to principal shal) no! extend
o~ pc~ctpone the due da~e uf the monthl~• installments referred to in paragraph~ I and 2 hereof or change the amotmt of
such installments.
10. Bo~rower Not Released. f~tension of the time for pa}•mcnt or mc~dification of amortization of the sums secured
by thi~ Mort~aqe granted b~• I.endcr t~ am~ caccesu~r in imcre~t of Borrou•er shall not operate to release, in any manner.
the liabilit}• of the orieinal Borrow•er and Rorrow~er'~ surcrs«rc in interect. [.ender shall not he required to commenee
pr.~.ceedings agai~st soch succeaor or refuce to exten~l time for payment or otherv-•ice modif}• amortization of the sums
cecured hy ~hic Mortgage by rcason ot an~~ demand made b~ the orieinal Borr~~w•er and Borrower s succes~orc in interest.
11. Forbearance by i.ender Not a Wai.•er. .am~ f~~rhear~nre hc I entler in erercisin¢ am• right or remcd~• hereunder. or
otherwise aflorded h~• ~pplicahle law. shali not h.: a wai~•er ~f or preclude the exercise of am• such righl or remed}•.
The procurement of insurance or the payment of ta~e< <•r ~~ther lirns or charge~ by Lender tihal~ not he a kaiver of Lender's
right to accclerate the maturit}• of the indehtcdne~c .ecured hy thiti MortgaRe.
12. Remedles Cumulative. All remedies pm~ ided in thic !1lortgage am distinct anJ cumulative to ~m• other right or
remedy under this Mortgage or atTorded h~• law ~~r eyuit~~. :~nd ma~~ he rrercitieJ conc~rrentl}•, independentlq or succecsivel~•.
13. Successors and Assigas Bound: JoiM and Se~eral Liabillty; Captions. The crnenants and agreements herein
contained shall hind, and the riRhts hereunder shall inure to, the recpective sucee~~ors and ascignc of l.ender and Borrow•er.
subject to the provitions of paragraph 17 hereof. All co.~enams anJ ~greement~ of Borrow•er shall be j~int and several.
The captions anJ headingti of the paracraph~ ~f thi~ 1~lortga~r are for comenience only ~nd are not to he used to
interpret or define thc pro~~icions hcrcof.
la. Notice. Except for any notice reyuired under appliCable law t~~ be given in anMher manner. 'a) any notice to
Borrow~er pmvided for in thi~ tilortgaee shall he gi~~en h~ mailine ~uch nutice h}~ rertified mail addres~ed to Borrov-er at
the Propert)~ Addrels or at such other addrecti ~s B~~rm~•er ma~• de~ignate b~• nutice li~ I_enJer as provided htrein. and
(h) am• notice to Lender shall he gi~•en hr certifird mail, return receipt reque~ted. m I ender's addres~ stated herein or to
such other addresc as Lender ma~ desi¢nate bc n~.ticr te. B~rn~:~er as ,pro~~ided herein. Any notice provided tor in this
Nortgage shal) he deemed to hace been gi~•en to R~rn~NCr or I_rnder Hhen gi.•en in the manner detiignated herein.
15. Uniform Mor1R~e; Covernin~ I.aw~: Severabilih. Thi. (~~rm of mortgaKe rnmhines uniform covenantc for national
ute and non-uniform covenanrc with Iimile~f ~•ariation: hc jurildirli~~n t~~ const+tute a uniform securit~• instrument covering
real propert~•. Thic Mortgage shall be go~erned h~ thr I.i~ ~f the juri~dictic.n in w~hich the Propert}• i~ Icxated. In the
event that any prrnision ~r clauce of thi~ tilortg:~~e ~•r the \ute conflirts wi~h applirahle law~. such conflict ~hall nnt affect
other prm•i~ionc of thia Mortgage or the Nc.e~ wh~~h r.+n f+c gi.en effect µithout the conflictin¢ pm~•i~ion. and to this
end the pro~•isions of the M~rtgage and the \~~te arc ~Icclared t~ hc se~~erable.
16. Borrovrer's Cop~•. Borrow~er tihall fx furni~hed :~ ionformed rupc of thc tiote and of thic lllortgage at the time
of execution or a(ter recordation hereof.
17. Transfer of the Propert}•; Assumption. If all ~~r am p:,rt of the Pr~pert~• or an interest therein ic sc.ld ~r tran~ferred
b}' Borrower u~ithout Lender's prior writtrn cunsent. ezcluding ia- ihe creation of a lien ~r encumbrance tiuhor~inate to
t!:i~ Mortgage. Ib1 the creation of a purchace mone~~ cecurit~ ~nterest for h~t~cehold appliancea. (c) a tranc(er b~• devise.
de~cent or by operation of laH upon the ~ieath ~~f a juint tenanl ~•r (d~ the erant of am• Ieasehold interest of three }~ca~s or lecs
not cantaining an option to purchase. l.ender ma~•, at Lender'. ~.ption. declare all the sum; secured h}• this \lortgage to t+e
immediately due and payaMe. Lender shall hace ~ai~•ed snrh option t~ acrelerate if. prior to the ~ale ar transfer. Lender
and the person t~ whom the Pmper~~~ i. t~. be sol~i c~r transferred reach agreement in w riting that the credit of such pers~n
i~ saticfacton~ to I.enJer and that the iMere~t pa~~able ~m the sumc ucured h}~ thi~ tlort~tage shall be at su:h rate a~ I_ender
shall request. If I.ender has wai~•ed the aption I(1 JCl'CICf:/1E prc»~ided in this paragraph 17, and if Borrovrer's successor in
interest ha~ executed a w•ritten ascumption agrrement accept~d in ~riting M• I.enJer_ Lender thall relea~e Borrou•er from all
~~bligat~ons under this Mortgage and the N~te.
If l.ender exercicec such option ti~ accelerate. I.en~lc~ ~hall mail Borrower n~~tice c~f ac.eteration in aceordance ~~ith
paragraph 14 hereof. Such notice ~hall provide a~ri~jd ~.f rn•t less than ?0 Ja)s fn.m the date the n~tice is mailed w~ithin
..hich Borr<•wer ma}• pa~~ the tiumc Jeclared due [f B~rro~~er f~ils :o pa~ ,i~ch ~ums pri~.r t~ the e!cpiratic•n ~~f such period.
Lender ma~•. withc~ut further notice or demand ~~n b~rn~~er. ~m~~~l.e am remedies permitted ht• paraeraph 1 R hereof.
tioti-Uh~FOR~t CovFV{nTS. Borrower and Lender further co~~enant and agree as follows:
1 S. Acceleration; Remedies. Except a6 pro~•ided in psra~raph 17 hereof, upon Borrower's brcach of any covenant or
agreement of Borrower in this Mortgage. includinR the covenants to pa}~ when due any sums secured by thts Mortgage. Lender
prior to acceleration shall mail nofice to Borrower as provided in paragraph 14 hereof specifying: (1) tbe brcach; (2) the action
required to cnre such breach; (3) a date. not less than 30 da~~s from the date the notice is mailed to Borrower. by vrhich suc6
breach must be cured: and (4) that failure fo cure such b~each on or beforc fhe datt specified in the ootke may rcsult in
accekraNon of the sums secured by this ltortgage. foreclosure by judicial proceeding and sale of the Pmperty. 77~e notke
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in fhe toreclosurt proceeding
the non-existence of a defauk or anv otber defense of Borrower to acceieration and foreclosurc. If the bresch ~c oot cnred on
or before the dale specified in the nofice. Lender at I.ender's option may declarc all of the sums secured~by this Mortgagt to be
immediately due and payable without further demand and may foreclose thts Mortg~e by judiciW prnceedin~. Lender shall
be eatitled lo collect in suc6 prceeedinq all e:penses of foreclosure. including, but not limited to, reasonable attoraey's fees.
an~ costs of documentary evidence. abstractc and titk reports.
19. Borrower's Right to Reinstate. Notwithstanding I.enJer's accelerat~on of the sums secured by this Mortgage.
Botrower shall have the right to have am• proceedings he¢un h} I.ender to enforce this Mortgage discontinued at any time
~ f~-~'~x 349 r ~~:E214?
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