HomeMy WebLinkAbout0284Lcndcr's written agrcemcnt or apphrablc law, tiorn~wcr tihall pay thc amuu~~ of ull martgagc insurancc prcmiums in thc
mannrr pn~vickd undcr paragraph 2 hereof. .
Any amaunis dishu~scd by I.endc~ pur~uant ~u this par.~graph 7, wi~h intcrect therean, shall bccomc additio~al
in~lcbtcdncss of Barrov-~er securcd b~• this Mortg;~gc. l'nlc~+ Borrowcr anJ 1 cnJer agrcc to othcr Ierms of payment, such
amounts shall hc payablc u{x~n noticr fmm I.cndcr tu BorroHr~ reyuccling paymcnt thcreot, and chall hcar inlcrect fmm the
date of di~burscmenl at the ratc payahle tmm time to time on autstanding principal under the Note unle~c payment of
intereu at such rate wauld he contrary to applicable law, in w~hich event ~uch amounts shall hear interect at the highest rate
permissihle under applicable law. Nothing containeel in ~hi~ paragraph 7 ~hall requirc Lender to incur any expenu or take
any actian hereunder.
8. lospection. I.cndcr may makc or rausc to hc madc rca~onaMc entriec u~x.n and inspcctionc of the Prapcrty, provided
Ihat l.ender shall give Borrower n~tice prior to an}• such i~s~x.-~:tion specifying rcasonable cause therefor related to l.ender s
intcrc~t in thc Pmperty.
9. Coademnatbn. The pnxeedc of am• aw•ard or claim for damaees, direct or concequential, in cannection v~ith any
condemnation or ather taking of the Property, o~ part thereof, or for conveyance in lieu of condemnation, are herehy aicigned
and ,hall t+c paid to I.endcr.
in Ihe event of a total taking of the Propc~ty. thc prcxecds chall he applied to ~he ~ums secured by this Mortgage.
with the ereecs, if any, paid lo Borrow~er. In the event of a partial taking of the Properry. ~mlecc Bormwer and i_ender
atherwik agree in writinR. Ihere shall he applied t~ the tium~ cecumd hy Ihic Mor~Rage stich proportion of the proceeds
as is cqual to that pmp~mion which thc am~~unt of thc cum~ tiecured h}• thic M.~rtgagc immediately prior ~o the date of
taking hears ta the fair market value of the Pro~xr~~• immedialely prior to the date of Iaking. with Ihe balance of the proce~ds
paid to Borrower.
If the Property ic abandoned b~~ Bormw~cr. or if. aftrr nMice by 1 ende~ to B~~rmwer that ~he candemnor oBen to make
an award or SetNe a claim for damage~_ Born•wer fail. ta re,pond t~ Lender within 30 da~~s aher the date such notice is
mailed. Lender ic aathorized to collect and apply Ihr proceeds. at I.ender'~ option, either to restoration or repair of the
Property or to the sums ~ecurecl M• thic MortRage. •
Unlesc 1_ender and Borrower Mhen~~ice agrer in ~ritine, am• surh application of proceedc to principal shall not ~xtend
or pcxtpone thc due da~c of the monthl}~ installmcnts rcfcrrcd to in paragraph. 1 and 2 hercof or change the amount of
such inslallments.
10. Borrower Not Releaced. Ertension of ~he time for payment or mc-dification of amortization of the sumc secured
hy thiti Mortgage granted by 1_enJer t~ am~ euccecwr in in~erect of Borrow~er ~hall not operate to rclease, in any manner.
the liahility of the original Barmw•er artd Rorrower'~ succesc~rc in interest. I.ender shall not he required to commence
pn,ceedings againct such succetsor or refu~e ~o ertenJ time for payment or otherw•ite modify amortization of the sums
tiecured hy ~hic Mortgage b~~ reason of an~• demand made b~• the orieinal Bormwer .and Rorrower s s~iccec~or~ in interest.
I1. Forbearance by Lender Not a Wai~•er. .4m• fi~rFxarance h~• l ender in erercicing am~ right or remedy hereunder, or
~thenvise alTorded by applicable law, chall m~t he a waiver of rn prcclude the exercise of am• siich right or remedy.
Thc procurement of insurance or thc payment of ta~c~ c~r o~her licns or charge~ by Lender shall not be a~~aiver of I.ender s
right to acceterate the maturity of the indehtednecs .rciimd hy thit Mortgage.
12. Remedies Cumulafive. All rcmedies pn•~~idrd in this Mortgage arc distinct and cumulative to any ~~ther right or
remedy under thic Mortgage or afforded hy law• ~.r eyuit~~. and ma~• he exerciced concurrentl~~, independenNy ar succeccively.
13. Successors and Assi~as Bonnd; Joinl and Se~~erol I.iability; Captions. The covenants and agrcements herein
con~ained chall binJ, and the riQhts hereunder shall inure to. the rctipective s~icce~sors and ascigns af I_ender and Borrower.
subject to thc pmvicionc of paragraph 1~ hercof. All rovcnanls a~d agrcement~ of Bormwer shall bc joint and several.
"il~e captions and headingc of the paragraphc af this Mortgagc are for rnnvenience only and are not to he used to
interpret or define the provicionc hereof.
14. Notice. Except for am notice rcquired under applicable law~ ~o bc gi~en in another manner. (a) any notice to
S~~i~uwer pruvieieci ior in ihiS Mortgage shaii tx gi~~en bp mail~ng ~uci- noUce by certified maii addressed to Borrow•er at
the Pmperty Address or at such other addre~s as Bormwer ma~• de~ignatc b}• nc~tice to l.ender as pmvided herein, and
Ibl an~• notice ro 1_ender shall he given by eertifieJ mail. return receipt requected_ to I.ender'c address stated herein or to
cuch uther addresc as I.ender may deeignate b}• notice te• B~rr~~w~er as provided herci~. Any notice provided for in this
Mortgage shall be deemed to ha~•e bern given to Borrower or I.ender when given in the manner clecignated herein.
I5. Uniform Mort~a~e; CoverninR Iaw; Se~erabiiity. Thi~ f~~rm oi mortgaRc combines uniform rnvenants for national
use and n~~n-unifurm covenantti wi~h IimiteJ variationc h~• jurisdicti~~n to consti~ute a uniform securih instrument covering
real property. Thic Mortgage shall he governed h~~ Ihe lav-• of the juricJiction in which the Propert~ it la:ated. In the
event ~hat any pravision or clause of this Mortgage c.r thr l~i~te contlict~ w~ith applicahle law. such conflict shall not affect
other pri~visions of this Mortgage or Ihe Note w•hich can t+e given efTect vvitho~rt the confticting provision, and to ihis
end the pro~~isions of the Mortgage and the Vc-te are declared t~ he teverahle.
16. Borrower's Copy. Borrower ~hall bc furni~hed a confnrmed ropy of the Notc and of thi~ Mortgage at the time
of e~erution or after recordation hercof.
17. Transfer of the Propert~~; Assumption. !f all i~r ~m• part of the Property or an interect therein ic sold or trancferred
by Borrower w•ithout Lender's prior wriaen a~ncem, e~cluding lal the creation of a lien or encumhrance sut-orJinate to
Ihis Mortgage. Ib) the creation of a purchase mane~• cecurit}~ interest for househoW appliancec. (cl a trancfer b}• devise.
de~cent or hy operation of law~ upon the death of a j~~int tenam or fd- the grant of an}• Irasehold interest of three years or less
not containing an option t~ purchase. Lende~ may. at I.ender'~ ~.ption. declare all the sums secured b~~ this Nortgage to be
immediately due and payable. l.ender shall have w~ived such option to accelerate if, prior to the tale or transfer. I.ender
and the person to whom the Property i~ ta be sold ~-r ~r~ns(erred reach agreement in writing that Ihe credit of such person
ic satisfactory to I.enJer and that the intere~t paJ•able on the sums secured by thic Mortgage shall be at such rate ac I_ender
shall reyuest. If I.ender has waived the option to accelerate pmvided in Ihis paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing hy I.enJer. I_encler shall release Borrower from all
obligations under this Mortgage and the Note.
If I_ender exercises such option to accelerate. I.enJer ~hall mail Borrow•er notice of acceleration in accordance with
paragraph 14 hereof. Such notice chall provide a pericxl of not less than 30 da~•s from the date the notice is mailed within
which Borrower may pa}~ the sums decl:~red due. I( Rorrowrr fails to pay surh sums prior to the expiration of such period.
Lcndcr may, w•ithout (urihcr nrnice or dcmand on Bo~n+w~er. im•okc any rcmedies pcrmitted by paragraph I8 hereof.
Notv-UNtFORat CoveN~tv7s. Borrower and !_ender further covenant and agree as follows:
18. Acceleratjon; Remedks. Except as provided in paraRraph 17 hereof. npoa Borror-e~s brcach of aoy covensnt or
agreement of Borrower ln thic Mort~age. includinR the covenants to pay when due any sums secored by thLs Mortgage, Lender
prior to accekratloa sball mail notice to Borrower as provided in parograph 14 hereof specifyin~: (1) !he brcsch; (2) tbe action
required to cure such breach; (3) a date. not less than 30 days from Ihe dale the notice js maikd to Borrower, by wbk6 such
breac6 mus! be cnrcd; and (4) that failurc to cure such breach on or before fhe date speci6ed fa the notke msy radt in
accekration of the sums secured by this Mortgage. foreclosurc by judicial proceeding and sale of tbe Property. 7be notice
shall further inform Borrower of the right to reinstate atler acceleratan pnd t6e riRht fo assert ia tbe toreclosure proceedin~g
ihe non-eaistence of a detauk or aoy other defense of Borrower to accelemtan and forecbsure. if the bresch b oot cond on
or betorc the dale specified in the nofice. Lender at I.ender's optan may declue all of the soms secnred by thfs MortsaRe to be
immedlately due aad payable withont turiher demand and may foreclose this Mortgage by judicisl proceedin~. Lender shall
be entitled to colled in wcli proceeding all e:penses of foreclosurr. including, but not Ifmited to, n~oaabk attoroey's fea.
and costs of docnmentary evidence. abstrs~cts and titk reports.
19. Borrower's Rlgh1 to Reinstate. 1~Iotwithstanding I.enJer's acceleration of the sums secured by this Mortgage.
Borrower shal) have the right to have an}~ proceedings Fxgun hy I.ender to enforce this Mortgage discontinue~l at any time
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