HomeMy WebLinkAbout1617i.enclcr's written agn~:mcni or appiic;~t~i~ law. liorrower _shaN pay thr amotmt o! ~tl! morigage insur~nLt premiums i~ thc
mrnncr providrJ under pa~ag~aph 2 hcreof.
Any amounls disbursed by I.enJcr punuant ~a this paragraph 7, w~i~h intcrcct thereon, shall becomc additional
inJcbtednesc of Bar~aw~r se~ured by Ihis Mortgage. Unle~ti Bormwer and LenJer agrtir to Mher teRns M payment, such
amounts shall he payable upi~n n~~lice f~om I.rnder ~u Borrc~wrr rcyue~ting payment thereof. and Shall bear interest from the
da~e af dicburseme~t at the rnte payahlc from timc to timc c~n outstandin~t principal emder Ihe Note unlec~ payment of
interesl at such rate wauld be contrary to applicable law•, in H•hich event euch amounts shall hear interest at the highest rate
permissihle under applicable law. Nothing co~lained in this paragraph 7 shall require T.ender ta i~cur any expense or take
any action hcreundcr.
8. Inspection. Leoder may make or cause to he maJe rcaconshle entries u~xm and inepectionc of the Property, p~ovided
that l.ender shal) give Borrower nolire prior to any such incpection tipecifying roasonable cause therefor related to I.ender's
intcresl in thc Propeny.
9. Condemnation. The proceedc of any aw•ard or claim for damaees. direct or rnncequential, in eanneetion with any
condemnatian or other taking nf ~he Propcrly, or part Ihercof, or for convc~~ancc in lieu of condemnation, arc hcrchy assigned
and shall hc paid to I.cnder.
Tn the event of a total taking of ~he Propeny. ~he pnxeeds ehall he applied to ~he cums secured by Ihic Mortgage.
with the c+ccess, if any. paid to Bo~rc~w•cr. ln thc cvcnt o! a parlial taking ~~f thc Property, unless Borrower and i.ender
~~therwisc agrce in wriGng. therc shall be applied M thr ~ums SccurcJ hy thic MortgaRe tuch propoNion of thc proceeds
as ic equa) to that pmportion whicfi the amount of the ~um~ ucured by thic Mortgage immediatel)~ prior !o the date of
taking bears to the fair market valuc of thc Propcrty immcdiately prior to the Jate ot takmg, with the baiance oi ihe praxce.~s
paid to Bo~rower.
If the Property is abandoned hy Borrow~cr, or if. afler no~ice hv l.cnder to Borrower that the condemnor offers to make
an award or settlc a claim for damage~, Bc.rmwcr faih t~~ reti{xmd tc. Lcndcr within 30 da)•s after the date such notice is
mailed, Lender ic authari7ed to colfect and appty the prc~ceeds. at t_ender i optian, either ta restorateon ar rcpair of tl~e
Propcrty or to tite sums iccurcJ h~• thic Mor~gagc.
Unless l.ender and Borrow~er olherw•i~e agree in writine. am~ wch application of proceeds t~ principal shall not extend
or pnstpone ~hc due da~e of thc monthly installmcnts refcrrrd to in parag: aphc 1~nd 2 hereof or change the amount of
cuch inslallments.
]O. 8orrower Nof Rekased. Extencion of the ~ime for pa~•ment or modification of amortization of the sumc secured
by thic Mortgage granted by 1_ender to an~~ cu~ce~sor in intere~t of Borrow~er ehall nM operate to release. in any manner.
Ihe liahility ~~f the original Bo~row~er and Aormwer'~ suc~esc~r~ in in~erest. I.ender shall not he required to commence
pmceedings against such successor nr refuse te~ extend time for payment or other~sise mexiify amortization of the sums
secured h~~ ~his Mortgage hy~ rcason of any demand madc b~~ the orieinal Borrower and Borrowe~ s succestorc in interest.
11. Forbearance by I.ender Not a Wai~•er. .qm• f~nc~arancr b~• l.ender in erercicing any right or remedy hereunder, or
~~therwise afTorded by applicable law, shall n~t he a waiv~r of or prectude the exercise of an}• such right or remedy_
Thr procurement of insurance or the payment ot taYCC c~r other liens or charget hy I.ender ~hal) not be a w•aiver af I_ender s
right to accclcratc thc maturity of thc indcMrdnccs u~curcd hy thi~ !~iortgagc.
12. Reaeedies Cumulatin. All rrmcdics pmvidcd in this I~lortgage are distinct and cumulativc to any other right ~or
remedy ~mder this Mortgage or affc-rded by law~ or eyui~y. and mat• be ererciced concurrently, independenll}• or successively_
f3. Successors and Assi~as Bound; Joinl and Se~eral I,iabi{it~: Caplioos. The covenants and agreement~ herein
contained shall hind, and the rights hercunder shall inure to, the recpecti~•e succetsors anJ ascigns of I_ender and Batmwer.
subject to the prrnisions of paragraph 17 hereaf. All covenants anJ agreememc of Barrow~er shait be joint and several.
The captions anJ headings of the paragraphc of this Mortgage are for convenienre only and are not to be used to
interpret or define thc provicionc hereof.
14. Notiea Except for any notice rcquired under applicable la~~ to b~ given in another manner. fa) any n~tice to
Be~rmwer pmvided for in this Mortgage shall he given h~• mailing cuch natice by certified mait addrecud to Borrow•er at
the Pmperty Address or at such other addre~~ as Borrower ma~• decignate by notice t~ 1.ender as provided herein. and
Ih) any notice to Lencfer shall h., given by certified mail. re~urn recript requested. ~o l.ender c address stated herein or to
such other addtess as Lender may designate h~~ notice to $orrower as pmvided hercin. Any natice prmided far in this
Mortgage shali be deemed to have been given to Bc-rroa•cr ~r I.cnder when givcn in the manner designated herein_
15. Uniform Mort~;a~e; Gor•ernen~ Iaw; Se~~ersebilih•. Thit form of mortgage combines uniform rnvenants for national
use and non-uniform covenants with limited ~~ariations h~• juriulirtion tc. constitute a unif~rm security instrument covering
rea) propeny. This Mortgage shall he governed h~~ the law of the juri~diction ir~ which the Property i~ iocated. /n the
event that any provision or clause of thiti Mortgage or the Nute conflict~ u ith ap~+licable law, such conffict shall not aliect
other provisions of this Mortgage or the Note w~hich can be given etTect without the conflicling prrnision, and to this
end the provisions of the Mortgagc and thc !`otc are dcclarcd to hc ceverablc.
16. Borrower's Copy. Borrower ~hall M; furni~heJ a conformed copy of the Note and of thic Mortgage at the time
uf exe~:ution or a[ter recordation hereof.
17. Transter of the Property: Assumption. If all c•r am~ pan of the Property or an interest thcrein ic sold or tran~ferred
by Borrower without L.ender's prior writtcn concent. e~cluding Ial the crcation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money ~ecurity interest for househotd appliances. (e) a trans(er b~• dtvise.
descent or by operation of laK• upan the Jcath ~f a joint tenant or (d- the grant of any leasehold interest of three years or less
not containing an option to purchase, l.ender ma}•, •rt Lender'~ option, dectare all the sums secured by this Mortgage to be
immediately due and payable. 1_ender shall have waived ~uch option to accelerate if. prior to the ~ale or transfer. I_ender
and the person to whom the Property is to be solJ or transferred rcach agreement in writing that the creJit of such person
ic satisfactory ro Lendcr and that thc inlerest payable on thc sums xrured by this Mortgage thal) be at such rate as Lender
shall request. If l.ender has waivecl the oplion to accelerate provided in this paragraph 17, and if Borcower's successor in
interest has executed a written assumption agreement accep~ed in writing hy I.ender, I_enckr shall release Borrower from afl
obligations under this Mortgage and the Note.
If Lender exercises s~rch optio~ tn accele~a~c. 1 ender .hall mail Bc~rrow•er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perioJ of not Iess than 30 days from the date the natice is mailed within
which Borrower may pay the sums declared due. If Borrower failc to pa~• such sums prior ta the expiration of such period.
Lender may, without further notice or ckmand on Borroa~er, invoke an~ remedies permitted hy paragraph I8 hereof.
NoN-Urr~FORnt CovErv~xTS. Borrowe~ and I.ender funher covenant and agree as follows:
18. Accekratan; Remedies. E:cept sis pm~•idcd in par~mph /7 hereof. upon Borrower's breach of any coveean! or
~reemeat of Borrower ia this Mortqagt. includin~ the covenaats to pay when due sny snms secnred by thk Mort~aae, Ltader
prior lo acceleratioa sball mail notice to Borrower as provided in par~raph 14 hereot specifyins: (1) tbe breach: (2) tbe aetaa
reqotred to cure snc6 bteacb; (3) a date. not le~ than 30 daps from the dste the notice ts msiled fo Eorrower. by whkh suc6
breach must be cured; aod (4) that failure fo cure wch bresch oa or 6eforc the d~e spec~ed ia the notke aaay raWt ia
accekration ot t6e snms secnred by this Mortgage, forcclosure by judlcial proceedfu~ and sak of the Property. '1be ootict
shall furtber inform Dorrower of the right to rcl~tate siler accckratioa and the ri66t to asserl ie the foreclosure proceed~
Ihe non-existence of a defaak or any dher defense of Borrower to accekration and foreclosnrc. If t6e bresch ~ oof cured oa
or before the date specified ia the notice. Lender at [.ender's option may declare aq of the snrns secered by this Mort~s~e to 6e
immediateiy doe and payabk witboat ferther dems~nd and may fonclose t6is Mortgaae by judicial proceedio~. Lender s6ap
be eatided to collect in suc6 proceedinq all espeoses of (oreclosure. including. but not limited to. re~oasbk attoroey's fus,
9IM~ COS~S Of I~OCOO/llltlf~ tY~dE11Ct~ a6stracts aad titk reports.
19. Borrower's R~hf !o Reiostate. Notwithstanding l.ender's accelerat~on ot the sums secured by this I-iortgage,
Borrower shal! have the righi ~o have any proceedings hegun by I.ender to entorce this Mortgage discontinued at any time
BUOK ~~ PAIiE ~s~V