HomeMy WebLinkAbout0315I.cnJcr's written agicrmcnt o~ applicablc I.+w. liormw~r shall pay thc amuunt of ali mortgagc insurance pt~miums in thr:
manncr providrJ under paragraph 2 hcreof.
Any amaunts dicborsed by I.cndcr pu~~uant to ~his paragraph 7, with intcred thercon, shall becomc additianal
indchtednese uf Borrowcr securcd by thi~ ~lortgagc. Unlc~~ Borruw~cr and LcnJcr :~grec to othcr tertns of payment, such
amoi~nta shall hc payahlc uEx~n n~~licc f~om I.cndcr to Rorruw•cr rcyuccting paymcnt thcrcof, and ~hall hcar interect fmm the
datc of dicbursement at Ihc ratc payahlc from ~imc to time on auls~anding pri~cipal under the Note unlecc payment of
interecl at s~kh rnte would be conl~ary to applirable law, in H•hich eve~t cuch amounts shall hear interest at the highest rate
pe~missible under applicable law. N~~thing con~ained in Ihic paragraph 7 shall rcquirc I.cnder to incur any expense ar take
:iny action hcrcundcr.
8. Inspecfion. Lenek~ may make or cac~ce lo be maJe rearonahle enlries upon and in~pection~ of the Property, provided
that Lender chall give Bonuw~er nMire prior to an~• wch incpection ~pecifying rcasonable cause therefor related to i.ender's
imerect in the Pmperty.
9. Condemnatbn. The pn.reedc of an~• award or claim for damagec, direcl ur c~~ncequential, in connection wilh any
condemnalion or other taking of the Property, ur part thereof, or for canvcyance in lieu of condemnation, are herehy ascigned
and .hall hc paid to l_ender.
In the event of a IMaI taking of the Pmperty. the prcxeeJs ~hall he applied to the cums secured by thic Mortgage.
with the ercess, if any, paid to Borrowe~. In Ihe evenl ot a partia) laking of the Properry, unlecc Borrower and I.ender
~~therwi~e agrt~ ise ~4ri!ing. there shat! t~c ap~slicd ic~ the :t~zi: ;~~i+rc~i b~ tiii. ~iurig:~Ke ~uch pm~wriion of !he proceeds
as is cyual to that proponion which ~hc am~,unt ot ~he sum~ ~ecured hy thic Mortga~e immediately prior to the date of
taking hea~s ta the fair market valuc of the Pro~xrt~• immediately prior to the date of taking, with ~he balance of the pmceeds
paid to Borrower.
lf the Property ic ahandoned b~• Borrow•er. or if. afler notice h~~ l.ender to Rorr~.wer that the condemnar offen to make
an award or setNe a claim for dam:~ke., Barrc~w~er (ail. t~. rc.Exmd te~ Lender within i0 dayc after Ihe date such notice is
mailed. I.ender ic authorized to collect and apply the prc~ceed~, at I.ender i option. either to recroration or repair of the
Property or lo the sum~ secured M• thic Mortgace.
Unles~ Lender and Borr~~wer alherw•i~e agree in ~+ritine. am• such applicatic•n af proceedc ta principal shall not extend
or Fx,ctpone the due da~e of the manthl~~ installmcnts rcfcrrcd to in paragraphc I and 2 hemof or change the amount of
such installments.
10. Borrower Nof Released. Frtencion of Ihe time for pa~~ment or modification of amortization of the sumc secured
bp this Mori~age granted by 1.enJer 1~• any ~uccec~ir in intereu of Borrower .h•rll na operate to rclease, in any manner.
the liahility of the orieinal Bormw~er and Ro~row•er'. surces~or~ in interest. LenJer chall not he required to commence
proceedings againct such successor ~,r refuce to ertend time for payment or otherv-•ice modify amortizaliun of Ihe sums
secured hy thic Mortgage hy rcacon of an~• demand made b~~ ihe orieinal Rorrower and Rormwer s succes~rc in interect.
11. Forbearance by I.ender Not a Wai~•er. Anc f~nc~aranrc h~• l.ender in e~ercivng am~ right or rcmed~~ hereander. or
otherwise afTordecl hy applicable law, shall not Fx :~ waiver c~f or preclude the exercise of am• such right or remedy.
The procurement of insurance or the paymem of ta~et or other lient or charges by I.ender shall not he a w•aiver of I_ender s
right to accelerate the mat~rity of the indehtedne~s ~ecured h~• thic MortgaRe.
12. Remedies Cumulative. All rcmediec provided in this Mortgage arr dic~inct and cumulative to ~ny other right or
remed~• under this Mortgage ~r atTorded h}• law~ or equit}•. and ma~• be ererciced concurrcntly. independeml~~ or succeaively.
13. Successors and Assi~ns Bound; ]oint and Se~er~l I.iabiliq~; C9ptions. The covenants and ag~cements herein
contained shall hind, and the riRhts hercunder shall inure to. the recF-rctive succe~sors and accigns of I_ender and Borrow•er.
subject to the prrnisiom of paragraph 17 hereoC All co~•enants anJ agreements of Borrow~er shal) he joint and ceveral.
"il~e captions and headingc of the paragraph~ of thic M~rtgage are for convenience only anJ are nc~t to be used to
interpret ar define the pmvisionc hereof. •
14. Notice. Except for any notice reyuired imder applieable la..~ to be given in another manner. fa) any notice to
Borrower provided for in this Mortgaee shaU be gi~•rn h~• mailing wrh nutice b}• certified mail •rddressed to Borrow•er at
the Property Addresc or at such other addre~, as Burr~~w•er ma~• de~ignate b~• notice to Lender as provided herein. and
(bl any notice to LenJer shall tx: givcn b~• cer~ified mail. return receipt requested. t~ I.ender'c address stated herein or to
~uch o~her addresc as I.ender ma~~ designate b~• nolice ti~ Bormw•er as pm~~ideJ herein. Any notice pmvideJ for in this
Mortgagc ahall he decmed to ha~•c bccn givcn ta Borroacr or Lender ~hen given in the manner detignated herein.
15. Uniform Mort~a~e; GOYt~111D~ ~.aK; Se~~erabilit}•. Thiti (~rm of mortgage comhines uniform covenantc for national
use and non-uniform rnvenan-~ with limited variationc M• jurialictic-n tiw rnnstihrte a uniform security instrument covering
rea) property. This Mortgage shall t~e governed h}~ _the law~ ~f the juricdictinn in w•hich the Property ic located. In the
event that any provision or clauce of thic Mortgage ~r the loie conflict~ Hith applicable law. soch conflict ahall not affect
Mher provicionc of this Mortgage or ~he Note which can F-e given e(Tect withoot the conflicting provision, and to this
end the pmviciont of the Mortgage and the '~~~te arr ~Icclared t~- t,c ~everaMe.
16. Eorrower's Copy. Bormw•er chall he furni~hed a ronf~~rmed cop}• o! the Note and of thic Mortgage at the time
of execution or aftcr recordation hereof_
17. Tnnsfer of the Propedy; Assumption. If all ~~r am part of thc Pmpcrty or an interest thcrein is sold or trancferred
by Borrower wi~hout [_ender's pri~-r w•rittrn concem. e~cluding Ial the rreation of a lien or encumbrance suhordinate M
thic Mortgage. (b) the creation of a purcha~e mc-ne~~ cecurity interest for household appliances, (c) a Iran~fer b}• devise.
descent or hy operation of law• upon the dcath nf a;~-int tcnant or (d- thc grant of an}• Icasehold interest of threc years or less
not containing an option to purchase. I.enJer ma~~, at Lender'< <.p~u,n, declare all the ~ums secured hy this Mortgage to be
immediately due and payahle. I.ender sh:-II have w~aived tiuch option to accelerate if. prior to the .ale or transfer. I.ender
and the person to whom the Property ic ta be sold or transterrcd reach agreement in v-•riting that the credit of such person
i~ satisfactor}~ to i.ender and that the interect payable on the sums secured by~ thic Mortgage shall be at such rate ac I.ender
shall request. If t_ender has waiveci the option to accelerate pro~ideci in this paragraph 17, and if Borrower's successor in
interest hac executed a wrilten assumption agreement accepted in w~riting hy I.ender, l.ender shall releaSe Borrower from all
ohligations under this Mongage and the Nate.
lf 1_ender exercius such option to accelerate. Lender ~hall mail Borrow~er notice af acceleration in accordance w•i1h
paragraph 14 hereof. Such notice shall provide a period of not Iess than ~0 da}'s fmm the date the notice is mailed within
which Borrow•er may pa~• the sums declared due. If RorroHCr faik to pa~~ such ~umc prior to the expiration of s~ch period.
!_cnder ma}•. without further notice or demand on Born~w•er, im•oke an~~ remedies permit~ed by paragraph 18 hereof_
Nox-UN~FORat Cove*t~Nrs. Borrower and l.ender further covenant and agree as follows:
18. Acceleration; Remedies. Bxcept as pro~ided in paraqraph 17 hereof. upon Borrower's breach of any covenant or
sq~~eement of Borrower in this Mat~a~e. includi~ the covenants to pay when due any snms secured by t'~is Morq~age, I.euder
prior lo accekntion sbaU mail notice to Borrower as provlded in para~raph 14 hereof specifyio~: (1) t6e breacb; (2) the action
required to cure such breach; (3) a date, nol less tha~ 30 days from the date the notice is mailed to Borrowe~, by whkh sucb
breach must be cnred; aod (4) that failure to cure such breach on or beforc tt~e dste speci8ed ia tbe notke may resdt in
accekratlon of t6e sums secnred by this Mortgage. foreclosurc by judicial proceedin~ and sak of fbe Pmperty. 7be aake
shall further inform Eorrower of the right to relnstate after acceleration and the rig61 to assert in the foreclosurc proceediug
the non-existence of a de[auk or any dher defense ot Borrower to acceknfion and forecfosnrc. If the breach is not cored oa
or before the date speciBed in the notice. I,ender at Leoder's option may declare ap of the saau secnred by this Mort~age to 6e
immedistely due and payabk withoat fuAher demand and msy foreclose th~s Mortg~;e by judicial proceedinR. Leader sball
be eatided to colkct in snch pmceeding All expenses of foreclosurr, includlnq. but nof I~mited to. reasonabk ~torney's fees.
and costs of docnmentary evidence, abstracts and titk reports.
19. Borrower's Ri~ht to Relnst~te. Notwithstanding [.ender's acceleration of the sums secured by this Mortgage.
$orrower shall have the rigi~t to have am• pruceedinRs begun by I.ender to enforce this Mortgage discontinued at any time
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