HomeMy WebLinkAbout0451l.enJcr's written agreement or applirable law. Borrawer shall pay ~he am~~unt of all martgage insurance premiums in the
mannrr providcd unde~ pa~agraph 2 hereof.
Any amounts dishurscd by Lender pur+uant to ~his paragraph 7, wi~h intercst thereon, shall bccome additional
in~leMednesc of Bur~aw•er secured by thic Morlgage. Unle« HorroN•er anJ Lender agrre to other termc of payment, tuch
arnounts chall t~c payahle uFx-n n~-~ice from I.ender t~~ B~~rmwr~ reyue+ling pa~•ment thcreof, and chall bcar interecl from ihe
date of clisbu~cment at the rate payahle trom time to timc nn outstanding principal under the Note unlccc payment of
interest at sueh rate waidd be contrary to applicable law. in which event cuch amounts shall hear imercst at ~he highe~t rate
permissible under applicable law. No~hing contained i~ thic paragraph 7 chall require t.ender ta incur any expense or take
any action hercunder.
8. Iaspection. I.ender may m;~ke or cause to he made reaconable emriec u~n and inspectionc ~f the Property, provided
~hat i_en~ier chail give Borrower not~re prior to a~y cuch ~nspechon cperif~~mg naconable cauce Iherefor reiated to [_ender's
interest in the Pmperty.
9. Condemnatioe. The proceed< <~f any aHard or rlaim for damagec. Jire.~ or c~~ncequcNial, in conneclion witl~ any
rondemnation or other laking of Ihe Property, +~r part thereof, or for a~nve}~ance in lieu of condemnation, are herehy ascigned
and shall 1+e paid to I.ender.
ln Ihe event of a total ~aking of the Pm~xrty. the pnxeeJt ahall he :~~~r~~~ ~~• the ~umc cecured by ~hic Mohgage.
with the eticecs, if any, paid to Borruwer. ln ~he event of a partial ~aking ~~f the Property, unlecc RormN~er and l.ender
~,th~rwi~ agree in w•ritinK. therc shall he applied to thr .umc securcd by thic MortgaKe cuch proportion ~f the proceeds
as ic cqual to Ihat pro~+ortiun which Ihc amuunt ci( th~ cum~ .crurcd hy thic \lortgagc immcdiatcly prior t~~ thc datc of
taking hears to the fair market valuc of the Pro~xrt~ immrJiately prior t~ the Jate of taking. with the halance of the pre~ceedc
paid ~~~ Borrower.
If the Propert~~ ic ahandc-ncd M• B~~rn,v-•cr. ~r it. aftcr nc~tirc by l.rnder to Barr~~wcr that ~hc rnndemnor ofiers to make
an award or ~ttUc a claim (~r damagr~. A~~rrc.w•cr tail. ~~- rc~{~c~nd to I cndcr w'ithin zn a~y~s aftcr Ihc Jate cuch noticc is
mailed. I_ender i~ authori7rd to collect and appl~• ihe pmceedc. at l.ender'~ i~ption, either to rectoration or repair of the
Propcny or to thc sum> >ccurcd M~ this Mortgagc.
Unles~ I.cnder and Bormw~cr o~hcru~ik agrcc in ~~ritinc. am• ~i:rh applir:~lion c.f prckcedc to principa) shall not e~tcnd
ar p.nl~me thc duc Ja~r ~~f thc mamhl~~ in~t:~llmcmti rcferr~d to in paragraphc 1 and 2 hercof or ch:~nge the amount of
such m~~allmc~ts.
10. Bo~rower Nut Releaced. Frlencion of ~he time for pa}•ment or modifica~ion of amorti7ation ~f the ~umc ucured
by thi~ Mortgage granted h~• Lender t~~ an}• cucce~u~r in in~rre~t af Borrow~er ~h•rll not operate to release. in any manner,
~he liahility of Ihe ori~in•rl BurmK•er and &~rmw~er'~ si~ccec«.r~ in interect. l ender shal) nol he rcyuired ti~ commence
pn.;eedingc againct such sucrrcti~r i-r refu~e ~o erle~J timc fi~r pavment or olhen~~iu modify am~~ni~ati~~n ~~f Ihe sums
~ecured h~~ thic Mortgage M• reas~~n uf am~ demand mc~dr b~ thr e~rieinal Rorr~~wer anJ B~~rmw•er s succe~~orti in interec~.
I1. Forbearance by Leoder 1~`0l a Wai~e~. Am f~~rtxarancr h~• 1 rndcr in c~crri~ink am• rigM ~~r remcJ~~ hcreimdcr, or
utherwise afT~~rded hy applicahle law, sh:~ll not he a w~iver e~f or preclude ~he erercise of am~ tiuch right or remed}•.
Thr procurcment of insuranrc ~~r ~hc paymcn! of ta~c~ i~r uthrr licm c+r charg~~ h~• I.cndcr ~hall not F-c a Naiver of I.ender's
right ti. accclerate the maturity of thc indcMrdne~c ~~i~red M• thi. Mongage.
12. Remeditc Cumulative. All remeilies pr~~vided in Ihi. 1lortgage are dictincl :~nJ cumulative to an~~ ~~ther rigM ~r
remcJy undcr this Mortgag~ or aRordrd h~• law• .~r cyuity. anJ nr.~~~ Fx c~crriuJ mncurrentl~•. inJcpcndcnth- i~r wcccctivcl}•.
13. Successors and Ac.siRns Bound: Joint aod Se~er~l I.iabilify; ('aptiom. 'Ihe co~•enants and agrccmcnt~ herein
c~in~ained ~hall hind, and Ihc ri~ht~ hcrcunder shall murc to. thc rc~Fx:rtive turcr.~i~rt and aaigm c,f Lcnder :~nd B~rmwer.
suhject to the pr~~~~i~ion. c.f paragraph 17 hermf All rovcnam~ an~! a~rccmcntc of Rc-rrower ch:Jl Fk j~int and ~cveral.
The capti~~ns an~ hcaJinR~ of thc par:~graph~ of this M~~rtg:+gr arc f~~r canvcnicncc ~~nl~• ~n~l arc nM to Fk uccd to
intcrprct or definc thc pro~•i~ionc hcrcof.
14. Notiet. Fxrept for any notice reyiiired under appliraMr law t~~ t+e givrn in anc~ther manner. la) an}~ notice !o
&~rruwer provided for in this ~1~rtgage chall Ix gi~~n h~• mailin~ .urh n~~ticr h~ rrr~ified mail :~ddresud to B~rn~wer at
thc Property Addre~ti or a~ wch ulher addre.. a~ B~~rr~~wer m:i~ de+ign:~tr b~• noticc tn LenJcr ac pr~nided hcrein. and
(h) an}~ nMice ta LenJer sh•rll Fx gi~•en M certific~i m:~il. retum recr:~ t reyuc,ted. t~~ I ender'~ addrecc stated herein i~r to
such ~-ther address a~ Lcnder ma~ dc;iQnatr h~ na~ti:c ~~~ B~~rr~~wer ac pr.~~ideJ herc~n. .Any notire pr~~vided for in ~hic
`iartgage shall he Jeemed to ha~•e bccn gi~cn ~~ F3orrrv-rr ~.r 1 rnder Hhen g~ven in thc manner de~ignated hcrein.
1 S. (Jnitorm !ltort~aRr. Go~ernin~ iaM; Se.erability. This form of mortgage combines uniform covenants for national use
and non-uniform covenants with limited variations by jurisdiction toconstitute a uniform security instrument coveringreal property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is lcxatod. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. ln the event that any provision or claust of this Mortgage or the
Note corillicts with applicable law. such conllict shall not afTect other provisions of this Mortgage or the Note which can be given etTect
without the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Cop~~. Borrow•cr ,hall I+r furn~.hcJ a r~~nfc.rmrd rop~• ~.( thr '`otr ~nd ~•f thi~ ~tortgagc at the timc
~~f erecution or after recordation here~~f.
17. Transfer of fhe Pmpert~; Acsumplion. If all ~.r am ~.~rt rf thc Pr~~~xrn• i~r an interc~t thcrein it .~~Id ~r tran~ferred
M• Borro.ver withou~ 1_rnder'c pri~~r wrinrn c~+mcnt. r~cludin~ ia~ ~hr rrrati~m ~~f a lien ~r enrumhr:~n.e tii~hc~r.linate t~~
th:~ Mortgage. (hl the creation ~f a purch~ce mi~nr)• ~ecurit} mterrst f~~r h~~u~eh~~W applianceti, Ic) a tramfer hy devise.
de~cent or by operation of IaH uFxin the drath ~~f ~ j~~~nt trnanl ~~r !~i- the gram ~~f am• Iraceh~~ld imrrest ~~f Ihree ycarc or Iecc
n~~~ conlaining an option te. purchase. 1 ender m:~c. .~t I rnder'. ~~pti~~n. dec!arr all ~he ~um. ~ecured h~• th~s M~~rtgage t~ be
~mmediately due and payahle. I ender tihall h:~~r N,u~•cd .uch ~~p~ii.n t~~ accclerate if. pri~~r to Ihe .ale ~~r transfer. 1_ender
~nd the person Io whom the Property iti t~~ t+e s~~IJ ur tran~fcrrrd rrarh aFrcrmrnt in v-rit~ng that Ihr crcJit ~f ~uch perci.n
ic satitifactory t~ LenJer and tha~ the inlere.t pa~aMe ~~n the ~umti .rrured hp thi~ ~1c~r~¢age chall be at such rate a~ I.ender
sh~ll reyues~. If I.enJer has waived the ~pti~~n t~~ :~rcrlrr:~te pm~•ideJ in thi~ paraF~aph 17. and if B~•rrov-•cr'~ ,urcessor in
intcrest hac e~ecutcd a wnttcn astumpiian :,grrement accc~tcd in writing h}• I ender. I.ender shall relea~e Aorrower trom all
obligati~ns unJer this Mortgage and the Note.
If Lender erercicrs ~uch option t~~ arceler.~tr. I enJrr .h;dl mail H+~rri,wer n~~tice ~•f arceleratirn in arrnrdancr wilh
paragraph 14 hereof. Such nouce ~hall pruv~de a Fxri~•J ~~f nrt Ics~ than z0 Ja}~~ fn.m the datc the n~~tic~ ic mailed within
whirh Rorn~wer may pa~• the ~ums decl:~re~i du~ I( Rrrr~~Nrr L~il~ t~. pa~ ~uch .~~mc pri~~r t~~ the erpirati~•n ~~f ~u~h pericxl.
I.ender m:~}•, w~ithout further noticc e.r demand ~,n ti~~rruwrr, invc~l.e am rrmedies ~rm:tted h~• paragraph 13 herrof.
Now-UNiFOteM CovF~.~.r7s. Borrowcr and 1 enJer further cc~venant and agree as follaws: -
18. Acceltration; Remedies. Except ~ pro~~ided in para~r~pb 17 hereof. upun Borrower's breach of an~~ covenanl or
a~reemeot of Borrower in this'~tortRa~e, includir~ the cosenanlc lo Qay when due any sums secured by this MortRaqe. I.tnder
prior to acceleralion shall mail notice to Borrower z~ pro~ided in par~raph 14 hereof specif~~in~:11) the bceach; (2) lbe action
rcquired to cure such breach; (3) a date. nof lecc th~n 30 d~ys from the dale the notice is mailed to Borrower. by which such
breach must be cured: and (4) that failure to cure .uch breach on or betore Ihe date speci6ed in Ihe notice m~y result in
acceleration of Ihe sums secured by this '.Nort~aRe, torcclotiure b~• judicial proceedin~ and sale of the Property. The notice
sh~ll further intorm Borrower of the riRht !o reinslale after accelerotion and the riRht to auert in the foreclosun proceeding
Ihe non-exislence of ~ defauN or ~nv other defence of Bormwer to acceleration ~nd foreclosure. If the breach is not cured on
or before the date speci6ed in the notice. l.ender al txnder's oplion ma~ declarc all of the sums ucured by this MortRa~e to be
immediately due and pay~ble without further demand ~nd ma}• forecloce this ~1ort~a~e by judicial proceedin~. Lender shall
be entitled to collect in such proceedin~ all e:penses of foreclosurc, includinR. but not limited to. reasonable attorney's fees.
and costs ot documeetary evidence. abstracts and ~itk reports.
19. BorroNer's Righl to Reinstala N~~tw uh~tand~n~: LenJer~ti ac~elerah~m ~~f the sums tiecurcd b~~ th~c :4lortgage.
Borr.~wcr tihall havc the nght t~~ ha~e :~m prcxrrJin~, hr~un h~ I rnJer t~. cnf~~r~c th~. ~1~~rtgrgc disconUnueJ a~ an}• time
~.i'-~350 P~GE 451