HomeMy WebLinkAbout0520t.etider's w~ittit~ ag~t:~a~~~u ur apNiic:~i-te I~w. t3u~ruwur shuti pay lhr anx,uni u( :~ll nlurigage insu~ancc pr~oiiunu iu the
manner providcd under paragraph 2 hereof.
Any amounts disburseci by {.ender pur~uant to this paragraph 7, with intcrest thereon, shall becomc additional
indcbtedness af Barrower securcd by this Martgage. Unlecs Borrawer anJ LenJer agree ta athe~ tenns of payment, wch
amou~ts shall be payabk upcm nolicc fr.~m Lcnder to Borrowrr reyuc~ling paymcnt therrnf, and shall bcar intcrest from the
Jatc of disburscment at thc ratc payahlc from timc to time on outsla~ding priocipal under thc Notc unlesc payment of
intercsl at such rate would be contrary to applicable law, in which event such amounls shall hear i~terest at the highest rate
permissible under applicable law. Nothing contained in thic paragraph 7 shall requitc I.ender to incur any expense or take
any action hcreunder.
8. Inspeetioe. (.ende~ may make or cause to he maJe reaco~able entriec u~~ and inspectionc of the Praperty, pravided
that I.ender shall give Borrower nntire prior to any such i~spec~ion speci(ying rcasc~nabk cause thercfor related to I_ender s
interccl in tl~e Property.
9. Coademaatbn. The prcx~eedc of any avvard or rlaim for damages, direct or concequential, in conneclian with any
condem~atian ar other taking of the Propeny, or part therrnf, or far conveyance in lieu of condemnation, are hereby assigned
and shall be paid to I.ender.
In the event of a total t~king of ~hc Propcrty. thc pracecds shall he applicJ t~ thc cums secured by thic Mortgage.
w•ith the excess, if any, paid to Borrower. ln ~he event of a partial taking of the Property, unlecc Borrower and I~nde~
~~therwice agree in writing. therc shall be applied to the .ums securrcl by ~hi~ Mortgage soch proportion of the proceeds
as is equ•rl ta that proportii~n which the amount o( the sumc cecured by this Mortgage immediately prior to the date of
taking hears to the fair market valuc of the PmpcNy immediately prior to the date of Iaking, with the balance of the proceeds
paid to Bormwer. -
if the Property ic abandoned hy Borrow•e~, or if, after nolice hy I.ender to Bormwer ihat ~he condemnor offers to make
an award ar settle a claim for damages. Barrower fail~ t~~ res~nd !o l.ender wilhin 30 days after the date such notice is
mailed. Lender is authorized lo collect and apply the procecds, at l.ender't oplion, either to restoration or repair of the
Prapcrty or to thc sums securcd hy thic MortgaL;c.
Unlesc I.ender and Borniwer otherv-~i~ agree in writinc. any such applir.Nion oi proceeds to principat shall not e~tend
or pc~s~pone ihe due da~e of the monthl~• ins~allmcnts referrcd to in paragr~phs 1 and 2 hereof or change the amount of
cuch installments.
10. Borro~rer Nof Rekased. F.xtension of the Iimc for payment or modification of amortization of Ihe sums secured
by this Martgage granted by 1_ender t~~ any wccei.wr ii- interest of 8orrawer .hall not aperate to relcase, in any manner,
the liability of the oriqinal Barrower and Bc~rrower'c succesu~rc in inte~est. l.ender chall no! he rcquired to commence
proceeJings against such successor or refuce to eztend time for payment ar othervvise modify amortization of the sums
secured by Ihis Mortgage b}• reau~n of any demand made by the ori¢inal Horrower and Borrawer s succescors in interest.
11. Forbearance by I.eader Not a Wai~er. Am• fonc~arancc hy l.cnder in crercising any right or remedy hereunder, or
~~therwise afTordeci hy applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insuran..~e or the paymeot of taxes or i~ther liens or charges by l.ender ~hall not he a waiver of i_ender's
right to accelerate the maturity of the indehtednect cecumd hy thic Mortgage.
12. Remedies CumulaN~e. All rcmedies pro~•ided in lhis Mortgage arc dislinct and cumulative to any olher right or
reme~ly under this Mongage or afforded hy law ~.r equily, and may he exercised rnncurrently, independently or successively.
13. Successors and As~as Bound; Joint and Several LiaM'lify; Captions. The covenants and agreements herein
contained shall hind, and the rights hercunder shall inure to. thc respective succec~rs and a~igns of I_ender and Borrower.
subject to the pravisions af paragraph 17 hereof. All covenants anJ agreementc of Borrower shall be joint and sevcral.
The captions and headings of Ihe paragraph~ of this Mongage are for convenience only and are not to be used to
interprct or define the provisions hereof.
14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower pmvided for in this Mortgage shall be given by mailing .uch notice by cenified mail addressed to Borrower at
the Properiy Address ar at such other addrecs as Borrower ma~~ designate by nolice' to T.ender as provided herein, and
(b) any notice to Lender shall he given by certifieJ mail. return receipt requested. to Lender s address stated herein or to
such other address as [.ender may designate by notice to Borrovver as provided herein. Any notice provided for in this
;Nortgage shall be deemed to havc been given to Borroacr or I.cnder when given in the manner clesignated herein_
15. Uniform Mortga~e: GoverninR iaw; Sererabilit~. Thi~ form of mortgage comhines uniform cavenantc for national
ose and non-uniform covenants with limited variations by juriuliction to constitute a uni(orm security instrument covering
real property_ Tl~is Mortgage shall be governed h~~ ~he law of the juricdiction in which the Property is located. In the
event that any provision or dause of this Mortgage or the hote conflicts w•i~h applicable law, such conftict shall not affect
other provisions of this Mortgage or the Note vvhich can t-e given effect withoi~t the conflicting pmvision, and to this
end the provisions of Ihe Mortgage and the Notc a~c ~kclarcd to bc severable.
16. Borrower's Copy. Borrov-•cr shall bc furnisheJ a amformed copy of thc Notc and of thic Mortgage at the time
of execution or after recordation hereof.
17. Transfer of tht Property: Assumption. If all ~~r an~• part of Ihc Property or an interest therein is sold or transferred
by Borrower without Lender s prior wriuen co~sent. excluding (a1 the crcatian of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purehase money ~ecuriry interest for hoiisehold appliances, (c) a transfer by devise,
deuent or by operation of law upon the Jeath of a juint tcnant or (d- the grant of any leasehold interest of threc years or leu
not containing an aption to porchase, I.ender may. at I.ender'~ option. declare all ~he sums secured by this MoAgage to be
immediatety due and payable. Lender shall have waived such option ~o accelerate if, prior to the sale or transfer. Lender
and the person to wham the Property ic to be solJ or trarsferred reach agreement in writing that the credit of such person
is satisfactory to Ixnder and that the interest payable on the sums secured by this Morlgage shall be at such rate as Lender
shall request. if I_ender has waived the option to accelerate provided in this paragraph 17_ and if Borrower's successor in
interest hac executed a written assumption agreement accepted in wriling by [_encier, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
lf I.ender e~ercises such option to accelerate. !_encier ~hall mail &-rrc~wer notice of acceleration in acc~*•~a~eP with
paragraph 14 hereof. Such notice shall provide a period of not Iess than 30 daps from the date the notice is mailed within
which Bormw~er may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period.
Lender r~tay, without further notice or .kmand on Borrower, invoke any rcmedies permitted by paragraph 1 R hereof.
Norr-Ux~FORr-t Coverr~rrrs. Bonower and I.cnder further covenant and agree as follows:
18. Accderatioo; Remedks. E:cept as Provided ia para~raph 19 hereof. upon Sorrower's breach of any coveoaot or
agreement of Borrower io t6is Mortgsge, includi~ the coveoants to psy when dne aay sorns secored by thk Mortaaae. Lender
prior to accekratioa sball maU ootice to Borrower g provided ia para6raph 14 6ereof specif~: (1) tbe breac6; (2) tbe actioa
required to cnre socb brrach; (3) a date. not less than 30 days from the dste t6e notice is maikd to Borrower, by w~ic6 anc6
breach mnst be cnred; aud (4) that tailure to cnre snch brcach on or before the date speci6ed in the aotke may raak in
accekntion of tbe sams secnrcd by this Mortgage. fo~ecbsurc by jud[cial proceedia~ snd sak of t6e Property. 7be notice
shall further lnform Eorrower of t6e ri~ht to rcinstate aftcr sccekntion and t6e ris6t fo assert io tbe torecbsure proeeedin~
the noa-existence of a dtfauM or aay other deftnse of Borrower to accekration aad foreclas~rr. If fbe breach is oot cuned oa
or before It~e dafe specified in t6e ratice. Lender al Leoder's option may declare a8 of tbe sou~s secared by thb Mo~e to be
immediately doe and payabk witbonf furtber demaad nnd may foreclose tbis Mortgage by judicLl proceedi~. Leoder s6a11
be entitkd to colkcl in wch Proceedi~ all e:peases of foreclosun. including. bnt aot 8mited to, reasonabk dtoraey's tees,
and costs of documentary evidersce, abstracts aad titk reports.
~ 19. Borrowe~s R~ht fo Rei~tate. Notwiths~anding Lender s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun hy I.ender to enforce this Mortgage discontinued at any time
B,^,^K'J~ P«GE ~~O
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