HomeMy WebLinkAbout1107I.e~der'c wriltcn a~recment or appli~able I~w. Horrowcr shall pay the am~~unt of all maNgagc incurance prcmiums in the
manne~ pruvid~d unde~ paragraph 2 hereof.
• Any am~~unl~ di~hurccd b~• I.r~~lrr punuant w ~his pa~agraph 7, wqh u~lcmcl ~hercon, ~hal) becomc additional
indchiednc~c af Narruwrr kcurcd hy ~h~~ Mur~~agc. Unlc.~ Bormwe~ and 1 rnJer agrcc to othcr tenns i-~ paymcnt, such
amountc shall F~c pavahlc u~x~n n~~lirc fn•m I rndcr 1o Bormwcr rcyue~ting payment thc~on(, aaA ih~ll.bear interest from the
date ot dicbu~sement a~ the ratr payaMe imm timc t~~ ~ime on oulstandinR principal ~mdcr ihe' Tf`Me unles~ payment of
interest at such rate would be cont~arv ~i~ applicablc law, in which event such amounts shall hcar imerest at the highest nte
permissible unde~ applicable law. Nuthing ramainhd ~n thic parag~aph 7 chall requirc i.ender to ineur any expense or take
any action hercunder.
S. I~spection, I.enckr may make or ca~~+c to be made rcaconahle enlriec upon and inspections of the Property. pwvided
that l.ender shall give Bc~rrower noticr pri~~r ~c. any ~uch inspection specitying reasonabk cause theretor relatod to Leoder's
inte~est in the Prapeny.
9. Coedemaatba. The proceedc of any award ar claim for damages, dircct or rnnsequential. in eonnectan rvith any
condemnation or rther taking af the P~aperty, o~ part tAercot, or for conveyance in litu of condemnation. arc he~eby assianod
and shall be paid to Le~der.
in lhe evcnt of a total taking of ~he Pmperty. Ihc proceeds shall be applied ta ~he sums securcd by Mis Mortaaae.
with the excess, if any, paid to Borrower. Tn thc event ot a partial taking of the Property, unless Borrower a~d I,ender
otherwise agroe io writing. therc shall be applied to the sums secured by this Mongage such propoNion of the pt~ooeeds
as is equal to that proportion v-•hich thc amounl of thc sumc serured by this MoMgage immediately prior to the date of
taking bean to the fair marke~ val~rc of thc Propcrty immediately prior 1o the date of taking, wilh the balance of tht pmceeds
paid to Borrowe~.
if the Propeny is ahandoneJ b~~ Borr~wer. ~~ if. at~er nntice hy l.ende~ to Borrower ~hat the condemnor offers to mate
an award nr uttle a claim for damagc~. R~•rrc.wer fail. ~a recpond to 1_ender within l0 days after the da~e such notice is
mailed. Lender i~ authorized ta collecl and apph ~he proceedc, at 1 ende~ s option, either to restoration or repair of the
Properry or to the tum. ~ccurtd by thit Mor~ga~ec.
Unlesc l.ende~ and Borrov~•er ptherwice agree in v-~rit~ng. any such application of prc~ceeds to principal shall not extend
or postpone tht due date of the monthlv inc~allmcnts rcferred to in paragraphs 1 and 2 hercof or change the amount of
such iostallmeots.
19. Borrower Not Rekased. Extension of the time (or payment or modification of amoniution ot the sums secund
by this Mortgage gnnted by [.ender to any cuccecsnr in interetil of Borrower chall not apente to rclease, i~ any manner.
the liability of the original Borrower and Bo~rower'c successorc in interest. 1_ender sfiall not be requircd ta commence
proceedings against such successor or refuse to e~tend time for payment or othervvice modify amorlization of the sums
ucured by this Mortgage hy rcason ot any demand made b}• the oriqinal Borrower and Borrower s successors in interecl.
11. Forbeannce by i.ender Not a Waiver. Any fe.rhearance hy I.ender in erercising any right or remedy hereunder, or
otherwise afforded by applicablr law. shafl nc+t be a waiver of or preclude the exercise of any such right or remedy.
The procurement af insurance Qr the payment of taxes or other liens or charges by 1_ender xhali not tx a waiver of Lende~'s
right ta accelerate the maturity of the indehtedneu cecorcd hy thic Mortgage.
12. Remedks Cnmulafi~t. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy unde~ this Morlgage or afforded hy law or equi~y, and may be exerciud concurrcntly, independently or successively.
' 13. Socctssors and AssiRas Bound; .Joint snd Several I.iaMliry; CapHons. The covenants and agreements hercin
contained shall bind, and the riahts hercunder shall inure to. the rccpective successors and assigns of Lender aod Borrower.
subject to the provisionc o( paragraph 17 hereof. All covenants and agreementt of Borrower shall be joiry and several.
The captions and headings of the paragraph~ of thic Mongag~ are !or convenience only and are not to be used to
interprct or define the provisions hereof.
14. Nofke. Except for any noticc required under applicable law to be given in another manner. (a) any notice to
Borrower pr+ovided for in this Mortga¢e shall be give~ hy mailing such notice by certified mail addresxd to Borrower at
~he PropeRy Address or at such other addres~ as Borrower mav designate by no~ice to I.ender as provided hercin, and
(b) any notice to Lender shall Fx given by certificJ m:~~l. rcu~rn receipt req~ested. to I ender s address shted herein or to
such other addrcss as [_ender may decignate hy n~tice to Borr~wer as pra~~ided herein. Any notice provided for in this
Mortgage shall be deemed to havc lxen g~ven to Bc~rrov-•cr ~r (_ender w~hen given in the manner designated herein.
15. Unifor~n MortRa~e; GoverninR Iaw: Se.•erabili~y. Thic form of mortgage combines aniform covenants for nationa)
use and non-uniform covenants with limiteJ vanat~ont hy juriuliction to conslitute a uniform security instrument coverina
rcal property. This Mortgage shall be governed hv ~he law of the jurisdiction in which the Property is located. ln the
event that any provision or clauce of thic Mortgage ~r the Note conflicts with applicable law, such conflict shall not affeet
other provisions of this Mortgage or the No~c w•h~ch can be given eBect wiihout the conflicting provicion, and to this
end the provicions of the Mortgage and thc ?~1ote arc dcclared to he severable.
16. dorrowe~'s Copy. Borrower chall bc (urni.hed a conformed coRy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. T~aaster of tAe Properiv; Assump~ion. tt all or any part of the Property or an intercst thercin ic sold or transferred
by Borrower without I.ender's prior wr~~~.n ~on~em. e~cluding (al the creation of a lien or encumbrance subordinate to
Ihis Mortgage. (b) the creahon of a purcha~c mnn~v ucurity mterest for household appliances. Icl a tnnsfer hy devise.
dtscent or by operation of law• upon the Jca~h of a jo~nt tenant or (d- the gran~ of any leasehold interest of Ihrcc ycars or kss
not containing an optinn ~o purchax. l_ender may. at I.ender'c opt~on, declare all ~he sums secured by this MoAgage to be
immediately due and payable. Lrnder ~hall h~~c M,uved such option to arrrlerate if, prior to the cale or transfer. Lender
and the person to whom Ihc Proper~y i~ ~u tx .i•IJ or transferred rcach agrerment in writing that the credi~ of cuch person
is satisfactory to l.ender and that Ihe interr.l pa~able on Ihe sums secured by this Mortgage shall be at such rate ac Lender
shall request. If I_ender has waived the option to accelerete provided ~n this parag~aph 17, and if Borrower i suceessor in
inte~est has executed a vvritten assumpt~on agreement accepted in writ~ng by Lender, l_ender shall release Borrower f~om all
obligations under this Mor~gage and the Note.
if Lender exercises such option ii. acccirrrtr. LtnJer chalt mail Sorrowtr naiiee o! aeetltrate~n in aceordaner w~~~h
paragraph 14 hereof. Such no~ice shall prov~de a pericxl of not Iess tban 30 days from the date the notice is ~nailed within
which Borrower may pay the sumc derlareJ due. I( Borrower fails to pay such sums prior to the ezpiration of euch per~c~d,
L.ender may, wi~hout turther• notice or dcmand on Horr~wer. invoke any remedia permit~ed by paragroph 1 R hereof.
NON-UNIFORM COVENANTS Borrower and Lender further tovenant and agree u follows-
la. Accekrstba; Remedks. Except as providcd ia para~rapb 17 hereo/. YpOA ~TO~Ilrf bf'tK~ O~ aAy tOrtRY~ O~
a~reemeet of Eorrower ie this MortRa~e. includir~ the covcasnts fo pay ~+hea due ~ny wa4s ttc~red by Ihls MortRs~e. I.e~der
prbr lo sccekraNon shdl m~il notice to dorrower as provided ia para~raph 14 hereot specKyias: (1) tbe bre~cb: 121 the scflo~
rcqufred to core such breaeh; (3) a d~te. not less Ihsn 30 days trom tbe dMe the notke b m~ikd to dorro.~er. by .rhkh sucl~
6nscb mwt be cored: aad (4) Ihat fallure lo core soch b-esch o0 or eetore the dale specfl'ied f~ tAe notke rnsy resWt i~
accekration ot the snms secund by Ihis MortRsRe. toacbsure br judicial proeecdin~ an~ sale ot Ihe rwperty. 71~e wotkt
sAall furiher intorm dorro..er ot the ~M to reiashte sfler sccck~atbn aed the ~ht to ~ssert iw tbe toreclosrrc ~nnceedi~
tbe non-exisltnce ot s detsuk or any Mhcr detense ot Eorrower to accekralioe~ ~ed toreelosore. It tbe bnacM is not c~etA o~
or before the da/e specified ia the notict. [_cnder at I.ender's uptbn a~sy detl~e sll ot tbe so~a+ xcrred bp tAis MoARa~e fo be
juunediately due and Payabk wilhout fuNher demand and msy foreclose Mts Mo~a~e by jndkW ~roceedinR. I.ender sAap
bt eOt~tled 10 cOllett M SYCb pf'a~~d~~R ~~ t=P~nscs ~f ~o-eclosYfe. Includini. but not Ifrnited to. reasonibk at~•-rneY's fces.
~nd costs ot duc~iseutary e~idence. abstrsc~s and ~i~k nports.
19. Sorrowtrs RI`ht fo Rei~tite. _ No1w~lh~t~nd~ng I ender s acctlerat,on ot the sum~ xcured by th~c Mort6age.
8orrower shall have the nght to have am prcxe~d~ne. Fx'~~n b> Lender to entoru ~h~~ M~rtgaqe d~uontinutd at an~ ume
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e~~~350 ~~~~E~1(~6
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