HomeMy WebLinkAbout1186l.en~er's writteo agreemcnt or applicable law: Borrower sha11 pay thc amount ot all mortgage insurance premiums in the
manne~ provided under paragraph 2 hereof.
Any amounts disbursed by I.ender pursuan~ ~o this paragraph 7, wi~h intercst thereon, shall became additional
inclcb~edness o( Borrower securcd by this Mo~~gage. Unlecs Borrower anJ I.enJer agrce to other terms of payment, xuch
ama~nts shall be payable u}wn notice iram 1.ender to Sorrower requesting payment thereoi. and shajl hear intercct from the
date of disburument at Ihe rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicabk law, in which e~enl such amounts shall bear interat at the highest rate
pernniuible under applicable law. Nothing contained in this paragraph 7 shall rcquire i_ender to incur any exper~se or take
a~y actio~ hereunder. ~
8. Iaspectbn. l.ender may make or cause to be made reasonable entriec upon artd inspectionc of the Property, provided
that I.ender shal) give Borrower notice prior to a~y such inspection specifying reasonabk caux therefor related to Leoder's
interest in ihe Propetty.
9. CoademaaNo~. The p~oceedc of any av-•ard or claim for damages, direct or conseqoential, in connection with any
condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of coodemnation, arc hereby astige~ed
and shall be paid to Lender.
in ~he event of a total taking of tfie Properiy. Ihe proceeds chall t~e applicd to the ~ums sccured by this Mortgage.
with the excess, if any, paid lo Borrower. in the event of a partial taking of she Property, unicss Borrower and I.ender
otherwise agree in writing, there shall be applied to the sums securcd by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sumc sccured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the datt of taking. with the balance of the proceeds
paid ta Borrower.
if the Propeny is abandaned by Barrower. or if. after notice by I_ender to Bomnwe~ that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to i.ender within 30 days after the date such notice is
mailed. Lendef is authorized to collect and apply ~he proceeds. at i_ender s option. either to restoration or rcpair of the
Property or to the sums securcd by this 1liortgage.
Unless Lender and Borrower otherwisc agree in w•ritinc. any such application of proceeds to principal shall not extend
or postpon~ the due da~e of the monthly installments ~eferred to in paragraphs 1 and 2 hercof or change the amount of
such installments.
10. ~orrower Not Rekased. Eztensson o( the time for payment or maiification of amortization ef the sums secured
by /his Mortg~;e granted by i.ender to any successor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrower e successorrc in intercst. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or ~therwise modify amortization oE the sums
xcured by this MoRgage by reason of any demand made b~ the oriqinal Borrower and Borrower s succescors in interest.
l l. Forbearaace by I.eader Not a Wal~er. Any forhearance by i_ender in exercising any right or remedy hercunder. or
othentirise aHo~ded by applicable law. shall not t+e a waiver of or preclude the exercise of any such right or remedy_
The procurement of insurance or the payment of tarec or other liens or charges by !_endt~ shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness cecured hy this Mortgage.
12. Remedies Cumulati~e. All remedies pro~•idcd iq this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afiorded hy law or equity. and may t+e exercised concurrently. independently or successively.
13. Snccessors and Assigns Bound: Joinl and Se~~eral Liabillty: Csptbns. The covenants and agreements hercin
contained shall bind, and the rights hereunder shall imire to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of parag~aph 17 hereof_ All covenants and agreements of Borrower shall be joint and several_
The captions and headings o[ ihe pa~ag~aphc o! this Mohgage are for convenience onty and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reqoired under applicable law~ to be given in ano~her manner, (a) any notice to
Borrower provided Eor in this Mortgage shall be given hy mailing such notice by certified mail addressed to Borrow•er at
the Property Address or at such other addrer+s as Bormwer may designate by notice to t.ender as provided herein. and
(b) an~• notice to Lender shall be given by certi6ed mail. return receipt requested. to I.ender s address stated herein or to
such other address as Lender ma~• designate by notice to Borrower as provided herein. Any notice pmvided for in this
Mortgage shal! be deemed to have been given to Borrower or l.ender when given in the manner designated herein_
1S. Unitorm Mortgage; Gorernin~! I.aw; Severs~bilitc. This form of mortgage combi~es uniform cove~ants for national
use and non-uniform covenants with limited variations h~~ juriscliction to constitine a uniform security instrument covering
real properiy. This Mortgage shail he govemed hy the lav-• of the juricdiction in which the Property is located. fn the
event that any provision or clause of this Mottgage or the I~Me conflicts aitfi applicable law, such conflict sfiall not afftet
other provisions of this 11~tortgage or the Note which can t-e given efiect without the conflicting provision, and to this
end the provisions of the Mortgage and the Votc are dcclared to be severable.
16. dorrowels Copy. Borrower shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
l7. Trantier of t6e Properiy: Assumption. if all or an}• part of the Property or an interest therein is sold or transferred
by Bor~owet without Lender's prior wriuen consent. excluding la) the creation of a lien or encumbrance subordinate to
this Mortgage. {bl the creation of a purcfiase maney security interest for household appliances. (cl a transfer by devise,
descent or by operation of law upon the dcath of a ioint tenant or ldi the grant of aay leasehc-ld interest of three years or less
nor containing an opuon to purchase. I_ender may. a~ Lender's option. declare all the sums secured by this Mortgage to be
;rr~mediately due and payable. Lender shall have u•ai~~ed sach option to accelerate if. prior to the sale or transfer. I_ender
and the Qerson to whom the Property is to be sold or transferred reach agreement in writing that the credit of such per~on
ic satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If I_ender has waived the optian to accelerate provided in this paragraph 17. and if Borrower's successor in
interest has exeruted a written assumption agreement accepted in writing by Lender. 1_ender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. [.ender ~hal! mait Borrow•er notire of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perioci of not less than 30 days from the date !he notice is mailed within
which Borrower may pay the sums declared due. li Borrower fails to pay such sums prior to the eipiration of such period.
Lender may. without further notice or demand on Horrc~wer, invoke an~ remedies permitted by paragrapfi 18 heteof_
Nox-UN~~oxM CovEx~tvTS. Borrower and Lender further covenant and agrce as follows:
t8. Acce{essiian; Remedie~. Excepi as provided in pa~rsph i? i~ereof. npon Sorrower's breach of any coveaanf or
~reement of Borrower in this Mortga~e, incladi~ the covenant: to pay when dne ter snms secored bY t6is Mort~,a~e, L.eoder
prior to accekntlon sball msil notice to Borrower as prorided 1n parsgrsph 141eereoE specityi~: (1) tbe breac6; (Z) tNe action
required to cure sach bresch; (3) a date. not less tban 30 days fmm tbe dste the aotice i~ ma~ed to Eorrower, !ry wWc6 snc6
breach mwt be cored; and (4) Ihat failnre to cure such breach oa or before Ibe date speci6ed in the notke insy ~+esdt in
sccekratioo of tbe snms secnrcd by thts Mortga`e, forocbwre by judicW Qroceediag and sak of the Property. 'ILe aaRice
shall further iaform Eomower of the ri~ht to reinstafe after accekratbn and the right to arcrt in t6e foreclosnre proceedias
the ooa-esisteace of a detault or any dher defense of Borro~-er to accekrstion and foreclosnre. If tbe bresch is oot cored oe
or hefore tl~e dste specified ia t6e notke. [.cnder at Lendcr's optioa may dcclue ad of ihe snms secwed by thh Mort~a~e b be
immediately dne and payabk witbont furtber demnud snd may foreclose tbis Mort6a~e br judkW proceedia~. I-ende~ shall
be eotiUed to coikct ia sach procecdi~ a0 expenses of foncbsnrc. including. but not limfted to, reasonabk attoroey's tees.
and costs of documentary erideace, abatrscts and titk reporls.
19. Bomovre~'s Right to Reia4t~te. Notwithstanding Lender s acceleration of tht sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this Mortgage discontinued at any time
~~,~~;.
''~350 e~~rt1185