HomeMy WebLinkAbout1987l.e~de~'s written agrceme~l or applicable law. Borrower shall pay the am~~unt ot all martgage insurance prcmiums in the
maoncr providrJ under paraRraph 2 herco(.
Any amauntc diahurscd by LcnJcr pur~uanl lu Ihis parag~aph 7, wi~h uitercct thcrcoo, shal) became addilional
indeb~ednexc of B~xmw~•r ~erurcd hy ~h,~ MurtF~ge. l:nle•.~ Borr.tiwcr aii~I (.~~~JCI ng~c~ ii~ olher ietms of payment, such
amountc shall hc p~yahk u~n na~icc fr~~m 1 rndcr ~o Ror~ow•rr rcyuestiog payment Ihcrcof, and shall hca~ interest trom the
date of dicburxmeot at thc rate payablc from time to ~ime un onts~anding principal u~der the Nate unlesc paymeot of
interest at such rate would Ae contrarv t~~ applicable law, in which event a~ch amounts ~hall hear inttrest at the hi~hest nte
pennissible under applicable law. Nu~hing a-ntaineJ in ~hic parag~aph 7 shall requirc l.rnder tu incur any expense or take
any action hereunder.
s. Isspettion, l_ender may make or cau.c 101+e madc reacc~nabk entriec upon and inspeclions ot the Property. provided
that I_e~der shall give Borrower noUce priar ~i~ any ~uch inspectio~ specitying rcaw~abk eaust thetetor rclated to Lendet's
interest in the Property.
9• Cowde~ueafbn. The proceedc of any awa~d or claim for damages, dircct or cotuequential, in conr~oction with any
cor~demna~ion or dher taking of the Propeny, or pan tAercof, or for conveyance in lieu of condemnation. ace hereby a~si~-.~d
and shall be paid to Lender.
ln the event of a tot~l ~taking of the Pmpeny. ~he proceeds sha!! be applied to the sums sectercd by this Mortas~
with the exceu, if any, paid to Borrower. ln the event of a partial taking of the Property, unless Borrower and I.end.:r
ahervv~se ag~ee in writ~ng. therc shall he applicd to the sums securrd by this Mortgage such proporlion of the prooe~ds
as is equal to that proporlion which ~he amount ~f the sum~ secured by this Mortgage immediately prior to the date of
~aking bcan to the fair market value of the Property immediately prior to the date c+f taking, with the balance of the proceeds
paid to Borrower.
if the Propeny ic ahandoned by Rorr~wer. ~r if after no~ice by t.ender to Barrower that the candemnor ofters to make
an award ar uttle a claim for dama¢eti, B~~rrc.wer fail. to rec~+ond lo I.ender within 30 days afler the date such natice is
mailed. Lender i~ a~rthorized ta collect and a~~i~ the procceds. at l.ender's option, either to restontion or repair of the
Properly o~ to the sum~ cecured by thic I-ic-rtRa~te.
Unlest l.ender and 8arrower otherwiec agree in ~ ritinc. any such application of proceeds to principal shall not tatend
or pcxtpone the due date of thc mon~hly installments rcferrcd ~o in parag~aphc 1 and 2 heroof or chan6e the amount oi
such installments. .
10. Borrower Not Rek~ed. Fztension of Ihe time for payment or modification of amortization of the sums secured
by this Morigage g~anted by l.ender to any cuccecsor in interect of Borrower shall not opente to rclease, in any manner.
the liab;lity of ~he original Borrower and Bc~rrower'c succesccxc in intercst. Lender shall not be rcqui~~d to eommence
proceedings against such successor or rc(uce to extenJ time for payment or olherwise modify amortizat~on of the sums
secured by thic Mortgage hy rcason of ~ny demand made by the ori¢inal Borrower and Barrower s successon in intercst.
11. Forbeannce by i.ender Not a Wdver. Any forhearance hy l.ender in exercising any right or rcmtdy hercunder, or
othenvix afforded by applicable law, shall ne~t be a waiver of or preclude the exercix of any such right or runedy.
The proctircment of insu~ance nr the payment of tazes or other liens or charges by I_ender shall not be a waiver of Lendet's
right ta accelerate the maturity of the indebtednets cecorcd hy thic Mortgage.
12. Rcmedks Cumulati~e. All rcmedies pravided in this Mortgage arc distinct and cumulative to any other right or
remedy unde~ this Mortgage or afiorded hy law or equity, and may be exerciced concurrcntly, independently or successiveiy.
' i3. Saccessors and Assi~as Bound; .loint and Severd t.isbility; Csplions. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall inure to. the respective successon and assigns of Cender at~d Bomower.
subjoct to the provisionc of pa~agraph 17 hereof. All covenants and agrcements ef Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of thic Mortgage are tor convenience only and arc not ta be uud to
interprct or define the provisions hereoi.
14. NMice. Except for any nolice required under applicable law to be given in another manner, (a) any notice to
Bor~ower provided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at
the Property Address or at such dher addresc as Borrower mav designate by notice to l.ender as provided herein. and
(b) any notice to Lender shall he given by certificd mail. return receipt requated. to (.ende~ s address stated herein or to
such other addrcss as Lender may deci¢natc by n~tice t~ Borrower as provided hercin. Any nolice provided for in this
Mortgage shal) be deemed to have bee~ g~ven to Borrowe~ or l.ender when g~ven in the manner designated herein.
1S. Uaitorm MortR~e; Corernin~[ Law: Severability. Thic form of mortgage combines imiform covenants for national
use and non-uniform covenamc with limited variations b~• junsdiction to constitute a uniform security instrument oc~vtring
rral properly. This Mortgage shall be governed hv the law• of the juritdiction in which the Properly is located. In tht
event ~hat any provision ar clauce of thic Mortgage c.r the Note conflicts wi~h applicable law, such conflict shall not affect
o~ht~ provisions of this Mongage or the N~~tr v-h~ch can be g~ven eBect wethout the canflicting provision, and lo this
end the provisions of the Mortgage and thc 'Note arc Jeclared to tx severable.
16. Eorrower's Copy. Borrower shall be furni~heJ a conformed copy of the Note and of this Mortgage at the timt
of execution or after_recordation hercaf.
17. Transfer ot tbe PropeNV; A:sumplion. If all or any part of the Property or an intercst thercin ic sold or transferrcd
by Borrower without I.ender's prior wrin~~n ~onunt. eticluding (a1 the crcation of a litn or encumbnnce subordinate to
this Mortgage. (b) the creatinn of a ~ur~hacr mc.nev ucuri~y mterest for household appliances, (c) a transfer hy devise.
descent or by operation of law upon the dcath o( ~ ja~nt tenant or (dl tht grant of any Itasehold intercst of thrcc ycars or kss
not containing an op~ion to purchau, Lender ma~•. a~ Lender'~ opt~on, declare all the sums secured by this Mortgsge to be
immediately due and payable. Lrnder ~hall h~~e M,~,ved such option to arccierate if, prior to ~he cale or transfer. Lender
and the person to whom the Proper~y i~ ~n tx .oIJ ix tr-rnsferred reach agrerment in writing that the credil of cuch per~on
is satisfactory to l.enJer and that the intcrr.[ payable on the sums secured by this Mortgage shall be at such nte ac Lender
shall request. If Lender has waived the op~ion to accele~a~e provided in ~his paragraph 17, and if Borrower s~ucceswr in
interut has exceuted a written assump~ion agreement accepted in writing by LenJer. Lende~ shall release Borrower from all
obligations under this Mortgage and the No~e.
Tf Lender exercises such option to accelerate. I.enekr chall mail Borrower notiee ot acceleration in aceordanc~ M•i~h
paragnph 14 hereof. Such notice shall prov~de a period of not less than 30 days from 1ht date the notice is mailed within
which Borrower may pay the sums declared due If Borrower fails ~o pay such sur!~s prior to ~he expira~ion of cuch peric~d.
[.endcr may, wilhout further no~ice or dcmand on 13orrower, mvoke any remedies permitled by paragraph IR hereof.
NON-UTI1FOIlM COVENANTS Borrower and Lender turther covenant and aaree as follows:
ls. Aecekntion: Remedks. Except as provWed in pa~nph 1~ htnof. ~po~ fo~owers breacM ot asy covew~wt or
a~reemeet of dorrower !n /his MortRaRe. lncludlnR Iht coreasnts to pay wben due ~wy snn~s secured Ay tAis MorlRa~e. I.en~
prbr to accekratbn shdl mafl notke to dorrowcr as provlded in parsinpb 14 hereot specityias: (1) tAe bresch:121 the setiow
requhed to co~e soch bresch; (3) s date. not kss lhan 30 dsys fmn~ the dale tAe notke b mailed to Eo~ro..er. bf whkb sech
b~eacb moA be cored: and (4) that tailure to enre srcM breacM o0 or betore Ibe dsfe specY'ied in the notke rnay resok i~
sccekrstio~ ot tbe s~ms secnred by th[s MorlRaRe. fo~cclowrc br judki~! proctedfn~ snd sde ot IAe hop~rtr. The eotke
shaq further inform dorro~+er of Ibc riRh/ to reinsfNe Ntet ~cttkrstbs and tl~e ~bt b a~e~f iw tl~e /wrclosrre Nocee~
tbe won-ezktewce ot a dcfauk or sny other defen~e ot donow~r to accekratbn swd /oreclosrre. It the Sre~c~ is nof eat~e> o~
or befote tAe date specified ia the nofice. Lender a1 t.endt~'s aptfow mar declart all o~ tbe w~n tecrred by tl~b MortRaRe to be
immtdhttly dut and paysbk withoul lunAer demand ~nd n~sy forccbst tAk Morl=a~e by jrdkW proceedlnR. I.ender sAap
se tatitled to colleet i~e wc6 Proceedin~ aR expenses ~~f foreclosdte. Includin~. su1 sot Ya~ilcd to. reasonsele stturnev's fees.
asd eost~ at doc~rseAtary eridente. sbstACls ind Ii1k reports.
19. dorrowtrs Rl~ht to Rei~1Nt. Nolwqh~~anding I endtr's accelerat~on o/ ~he sums secured by iA~s Mortgage.
Borrower shall have the ngh~ to have any prcxecdmc• br'iin by Lt~der ~o entorce thi~ Mongage d~scont•nueJ at an~ ~~me
3~~~ 350 ~~ 1~5
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