HomeMy WebLinkAbout1095I.cnder'c wriltcn agrccmcn~ or applirablc law. E3urrawer shall pay thr amoun~ ~t all mortgage iocurance prcmiums in the
manncr pruviJr.l unJer parag~aph 2 hrrcof.
Any am~~um~ di~hu~ccd by 1 cn~lcr pur~uanl w ~his pa~agraph 7, w~th u~tcrcct Ihcrrnn, chall l+ernme additional
i~Jcbtedrtess e~( l~urruMCr ~rcurcd hy th~. Mu~~gage tJnle~~ Borruwer and 1 ~nJer ~grce to Mher Iertnc ot paymeot, such
amc.untc shall he pa~•able u~xm nutice f~~~m 1 ender tu Borruwrr reyur~ting paymrnt Iher~u(, aod sh~ll'bear interest trom the
d•rte at di~bursemcnt at Ihe ratc payablc fmm limr to time on outslanding p~incipa) under thc NMe unltsc payment ot
intercst at such rate would Me conlrarv ti~ applicable law, in which evenl ~uch amounts chall hear intercst at the hiahest nte
pennissibk unde~ applicable law. N~~thing «.n~:~incJ ~n thic paragraph 7 shall rcquirc I.ende~ to incur a~y eapense o~ take
aoy action hercunder. -
A• laspectioe. I.cnder may m~kc ~•r ca~~.c tn hc maJc rcacc~~able enlriec ~i~n and inspections of the Property. provided
lhal l.ender shall give Borrower n~~~~cr pri~~r ti~ any wch inspecUon specitying rcasonabk cause therctor rclated to Lender's
interest in the Prapehy.
9. Cosdemestbn. The prcxeed~ of any award ar claim for damages, direct or co~sequential, in rnnnoctiw~ with any
condemnation or other taking of ~he Praperty, or parl thercof, or for conveyance in (ieu of condemnation. ue hercby assianed
and shall be paid to i.ender.
in the eveot of a total taking of the Pmper~y. the proceeds shall be applied to the sums secured by this Morisaae.
with the ezcess, if any, paid to Borrower. In ~hc event of a partial taking of the Property, uoless Borrowe~ and Lender
othenvise agree in writinR, therc shall he applied to the sums secured by Ihis MonRage such proportion of the proceeds
as is equal to that proportion w•hich the amount of thc sumc secured by this Mortgage immediately prior ta the date ot
laking bears to the tair ma~ket val~K of the Pr..~xrty immediately prior to the date of taking, wi~h ~he balance of Ihe proceeds
paid to Borrower.
If the Ptoptrty ic ahand~ne.t h~• i3r~rrc»•cr. ar Y,iiter noiice hy t.ender io 8orr~-wer ihat ihe condtii~nor o~t~s t8 ff7iitt
an award or uttle a claim for dam:~i~y. R~~rr~.wer fail. a, re<<+ond to l.ender withio i0 days after the date such notice is
rt~ailed. Lende~ ic authoriaed to collec~ and ap~l~• Ihe prc~ceeds, at I.eoder i option, eithtr to restontion or repair of the
Property or t~ the camti .ccured by this Mor~R~ec. '
Unlesc !_cnder and Borrower othenvik agree in w•rit~n~. any s~rch application of proceeds to principa) shall not tatend
or pcx~pone th~ due da~e of the mon~hlv inctallmcMs rcterrcd to in paragraphc 1 and 2 hercof o~ chan6e the amount of
such ~nslallments.
10. ~rower Not Rekased. Extensian of the timo for payment or m~dification of amortization of the sums securcd
by this Mortgage granted by I ender 1o any auccecsc~r in imere~t of Aorrower ~hall not operate to rclease, in any manner.
the liabilily of the original Borrower and Bc-rrower'c succesu~~c in intercst. l.ender shall not be rcquired to eommence
proceedings against such successor or refuse to etitend time fo~ payment or othen+•ice modity amortization of the sums
ucured by thic Mortgage by rcason of any demand made by the ori¢inal Borrower and Borr~we.r s successors in interctt.
11. Forbeannce by I.ender Not a Waiver. Any f~rhearance by l.ender in exercising any right or remedy hercunder, or
olherwise atforded by applicable law. shall nc~~ be a waive~ of or preclude ~he exercise of any such tight or remedy.
The procurement of insurance Qr the payment of taxes or other liens or charges by I_ender thall not he a waiver of Lenders
right ta accelerate the maturity of the indebtednecs cec~ircd hy thic Mortgage.
12. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any olher right or
rcmedy under this Mortgage or afforded hy law or equity, and may be ezerciud concurrcntly. independently or successively.
~ 13• Soecessors snd A~iRas Bound; .,)oinf and Several i.iabilify; CapNons. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall im~re to. Ihe respective succeccon and assigns of Lender aod Borrower.
subject to the provisionc of paragraph 17 hereof. All covenanls and agreements of Borrower shall be joiry and sevenl.
The captions and headingi of the paragraphc of this Mohgage are for convenience only and arc not to be uaed to
interprct or define the provicions hereof.
14. Notke. Except tor any notice required under applicable law~ to be given in another manner. (a) any notice b
Borrower provided for in this Mortgaee shatl tx given by mailing such notice by certiHed mail addressed to Borrower at
the Property Address or at such wher addres~ as Bc.rrower mav decignate by notice to I.endEr as provided herei~, and
(M) any notict to Lender shall be given by ctrtified mail. return receipt requetled. to ! ender s address stated herein or to
such other address as [_ender may deci¢nate by n~tice to Borrower as pro~•ided herein. Any notice provided for in ihis
Mortgage shall be deemed to have F+cen g~vcn to &-rmwcr or l.ender when given in the manner designated herein.
1S. Uaitorm MortRa~e; Gorernin~ [aw: Se.:rabilily. Thn (orm o( mongage combines uniform covenants for national
use and non-uniform rovenantc with limited variationc h~• jurisdiclion to constitute a uniform sec~i~ity instrumenl coverin6
rcal properly. Thic Mortgage shall be governed h~~ ~he law of the jurisdiction in which the Property is located. In the
event Ihat any provision or clauu of thic Mortgaec ~r ~he Nc.te conflicls with applicable law, such conflict shall not atfeet
other provisions of this Mortg3ge or ~he N~:ee wh~ch can t+e grven efTect without the rnnflicting provicion, and to this
end Ihe provisians of ~he Mortgage and the Note are Jeclared to tx uverable.
16. dorro~rer`s Copy. Borrower thall bc furni.hed a rnnformed copy of the Note and of this Mortgage at the time
of execution or after recorda~ion hereof.
17. T~snsfer of the Propertv: Acsumplion. If all or any part of ~he Property or an intercst thercin is sold or tnnsferred
by Borrower without 1_ender's pnor wnn. n~uncenl. excluding (al 1he creation of a lien or encumbnnce subordinate to
this Mortgage. (bl Ihe creahon of a purcha~e mnnev ~ecurily~ mteresl tor household appliances. (e) a tranc(er by devise.
descent or by operation of law upon thc Jcath o( a jcnnl tenanl or (d~ tht grant of any leasehold intercst of Ihrcc ycars or kss
not containing an option to purchase. Lender may. a~ Lender'~ option. declere all ~he sums secured by this Mortgage to be
immediately due and payahle. I.ender ~hall have w,,,ved such option to arcrlerate if, prior to Ihe cale or t~ansfer. Lender
and Ihe person to whom thc Property i~ a~ bc .oW or transterrcd reach agre~ment in wriling that the credit of cuch person
is satisfactory to l.enJer and that ~he inter..t pa~abte on the sums secured by this Mortgage shall be at such rale ac Lender
shall request. If [.endrr has waived the op~~~n to accelerate provided in this paragraph 17, and if Bortower'~ suceessor in
interest has executed a written assumpi~on agreement accepted in writing by I_enekr, I_ender shall release Borrower from all
obligations under this Murtgage and the Note.
If I_ender ex~rcius such opt~on tn accelera~e. I_ender ~hall mail Borrower notice ot acceleration in accordancr W i~h
paragraph 14 hereof. Such notice chall prov~dt a pericxi of not less than 30 days from the date tht notice is mailed within
which Borrower may pay the sumc derlared due If Borrower (ails ~o pay such sums prior to tht expiratio~ of ~uch F+cni•d.
Lender may, wi~hout further notice ~r dcmand on Ho~rower. invoke any remediu permit~ed by paragraph IR hercoF.
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NoN-Ur+~FORnt CoveN~*-TS. Borrower and Lender turther covenant and agree u follows:
18. Acceleratbn: Remedks. Except as pro-ided ia pua~npb 17 bcreof. rpos lorrowers breac~ ot any coreassf or
qreea~e~t of Borror-er In thk Mort~aRe. includinR 1he corensnts to pay when due any snms secured br thfs MorlR~e. i.eader
prior to aetekratbn shdl mail notice Io eorror.er as prorided in pars~rsph 14 htreot specltyfn~: (1) tbe brescb: 12/ tht setb~
req~tr+cd to cure snch brrsch; (3) s date. not kss thin 30 dsys (rom the date the nolke b maikd to dorrower. br ..hicA we~
b~e~cA mwR be cored; ~nd (4) thst fdlure Io cure s~rcb breicb on or betore tbe dNe specffied in thc notke m~r reaWt h
•ccekrstion ot tbe snms secund by this MortRaRe. fo~eclosure by jndicial proceedi~ ~nd sde ot Ibe Propcrty. The nolke
shail further infonn Eorrower ot the riRh~ to reinstate Mter ~ccekrstba swd tbe riRAI to ~ert iw the toreclosrrc ~roceedl~
tbe non-exastence ot s detiuM or any olher detense of eonower to accekrstion and tortclosrr+c. It tAe bre~c~ is aof cerea o~
or befon the dale specified ia the notice. I.ender a1 [.ender's optiow msr declare iN ot the wn~s tecrred by tAk MortR~e to be
immediately due and psyable wilhout tuMher dem•rnd ~nd may /orecbse tbk Mo~a~t ~ judkW'roteedh~. I.~nder chall
be entitled to colleet le wcA procecdi~ sll e:penscs .-f forecbsurr. Inclndin~. sut ~ot Umited to. nasonibk atu-rnrti's fees.
•IId ~OSLf O~ dO~Y1RtA11f'y t~~IItIKl. abstncts snd lilk reports.
19. don~wer's R~hl to Relnstste. Notwqh~tand~ng 1 ender's acctlerat~on of the sums ucured by ~h~s Mortgaae.
Borrower shall havt the ngh~ ~o havt any pro:e~dme: tx'~~n b~ Ltnder so tn(orct thi~ M~rtgaqt dnconbnued a~ an~ hme
~~,~x 350 ~~~f 1094
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