HomeMy WebLinkAbout2087l.ender i v-~ritten agrcemcnt or appli:ablc law. Borrowc~ shall pay thc amou~t ot all mortgage insu~ance premiums i~ the
manner provideJ under pa~ag~aph 2 hercot.
Any amounts dishursed by I.ender pur+uant t~~ ~his paragraph 7, with intercct thereon. thall becamc additional
indeb~ednrsc of Bor~awc~ secured hy ~his Mar~gage. Unlecc 8o~rowcr and LcnJer agree to other tcrtns af payment, such
amounts shalt be payable u~o n~,tice from Lender ~o &~rmwrr reyuec~ing payment thereof, and ahall hear iMCrect from the
~~atc of dishtsrscmcnt at thc ratc patahlc ir~m time to i'sme :~n ~::isianding prin.~~.a! undcr ihc ~ase unlc~c ~aymcnt of
interest at such rate would be cont~ary to applicable law•, in which cvent cuch amounts shall hea~ interect at the highest rate
permissible under applicable law. Nothing con~ained in thic paragraph 7 shall requirc t.ender to incur any expense or take
any action t~crcu~der.
8. laspectioa. I.ende~ may make c~r cause !o he made reasonable enlriec u~n and inspectionc of the Property, provided
that I.ender shail give Borrawer notice prior to any such incpection cpecitying reasonable cauce therefor related to (.ender's
interect ~n the Property. .
9. Condemnatbn. The proceedc of any av-•ard or claim for dama¢es, direct or concequenlial, in connection with any
~ondemnation or other taking of ~he Praperty, or pan thereof. or far c.~nveyance in lieu of condemnation, are hercby assigned
and shall t+e paid to I.ender.
ln ~he event of a total taking of the Pm~xny. ~he pnxeedc chall he applied t~~ ~he ~umc secured by ~hic Mortgage.
N•itt~ Ihe ercecs, if any, paid to Borruwrr. In thc c~•ent of a partial taling ~f Ihe Prope~ty, unlccc Rorrov-~cr and I_ender
otherw~ce agree in writing_ therc shall he applied t~ ~he ~umc securc.l h~• Ihic Morlgage cuch pro~rtion of the proceeds
as ic equ:~l to that pro~rtion which ~he amount of ~he sum< <ecured hy ~hic Aturtgage immediately prior to thc date of
taking hearc to the fair market valuc of the PmEx:n}• immedia~ely prior lo the Jate of taking. vrith the t-alance of the proceeds
paid t~~ Borrower.
If the Properl~~ ic aha~doned by Borrow•er, or if. after notice by I.ender to Bormv-•er that the condem~o~ offers to make
an aw•ard ~r ~eUle a claim for damage~, Rormwer fail. t~~ re~~x~nd t~~ 1 ender wilhin i0 da~•s after the da~e ~uch notice is
mailed. I.ender i~ authoriied to collect and apply ~he prc~ceedc, at 1_ender c option. either to rectoration or repair of the
ProExny or to the sums sccurcd h~• this 111ortgage.
Unlesc 1_enJer and Borrow~er otherw•icr agree in writine. an~• cuch applicatian of proceeda to principal ~hall nM extend
or ~~tpone the duc Jatc of Ihc monthly installmcnts referred to in paragraphs I and 2 hereof or change thc amount of
~ucii i~»i~ii~ncnt~.
10. Borrower Nol Releaced. Fr~encion of the time for payment or modificati~n of amortization of the ~umc secured
by this M~.rtgagc granted by 1_cnder t~~ am• succecwr in intrrc+t of Borrowcr ~hall not operate to relcase. in any manncr.
the liabili~y iit Ihe original Borrower and R~•rrower's sucres«~r~ in in~erec~. 1.ender chall not he req~iirrd Io commenee
pmeeedingc against sueh sucrecsor ~~r refuce to extenJ time (or payment or othen~•ice modify amnrti~alion ~.t the sums
~ecured by thic Mortgage by rca~on of any dem:md made h~ ~hr orieinal B~rruw~er ~nd B~rrower s cucce~~on in interes~.
11. Forbearance by I.ender hof a R'ai~•er. Anv f~~nc~arancr h~• I cnder in crercicing am• righl or remedy here~mdcr, or
otherw-ise afTorded b~• applirahle law. ~hall not tw; a waiver ~.f ~.r preclude the erercice of any such right or remedy.
The procurement of insurance or the p•r~•ment of ta~c~ ~~r ~-ther lirm or chargcc h}• Lender ~hall not he a waiver ~f l.ender's
right ~o acrelerate the maturiry of the indeb~edneca Kcured h~• ~hi~ Mortgage.
12. Remedies Cumulative. All remedies prrnided in thi. ~1or~gage are dictincl and cumulative to an}• other right or
remeJ}• unJer this M~~rlgagc ~~r atfordrd b~• law• or ryuily. and m:+~~ Fx ererci.cJ concurrenlh•_ independently or succecsivch•_
13. Successors and AcciRns Bound; ]oint ~nd Se~eral I.iabilih~; ('aptanc. The ca~~cnanls and agrccment~ herein
containcd chall bind, and thc riRht~ hcrcundcr shall inurc to. thc rc~Ex:rti~•c succc.~~~rc and as~ignc of I.cndcr and Bormwcr.
subject to the provisiom of paragraph 17 hereoL All ri~vcnants anil aereememc c.f Bormw~er shall be jc-inl and ae~•eral.
The captions anJ headingti of the para¢raph~ ~f thit M~.rtgagc arr f~~r re~nvenience ~~nly anJ •rre nc-t to Fx uced ta
interpret or define thc prori~ionc hereof.
14. Notice. Except for am~ nMirc rcyuircd undcr :~pplicahlc la~ !r bc givcn in an~~thcr manncr, lal an~• noticc to
Borrowcr pm~•ided for in thi~ Nortgage sh•rll he g~vrn b}~ mailin~ .uch nol~rc by ~crtified mail ~ddrecud tu Borrowcr at
the Properly Addrest or at cuch uther addre~, ac Born.~er ma~• de.i~:nate b} nutice t~ I.enJer as prrn~ided herein. and
(bl am• notire ta Lender shall be givrn by certifi~d mail, rcturn receipt reque~teJ. tc- 1 ender ~ adJrecs sla~ed hercin or to
cuch i~ther addres~ as Lender ma} designate b~ nc~tice t~~ Bi.rr~.Ner ac pr.n~ideJ herein. Any notice provided for in this
Mortgage shall he deemed to ha~c tx;cn gi~~cn to Bormwc~ <~r I.endcr ahcn gi~•cn in the manner de~ignated hcrein.
I5. t7niform MortRa~e; Governin~ I.aw; Se~ erabilih. This form of mortgage combines uniform oovenants for national ux
and non-uniform covenants with limited variations by jurisdiction to constiwte a uniform sec~uity insuument covering real property. The
state and local laws applicable to this Mortgage shall be the laws ot the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of foderal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conilicts with applicable law, such contlict shall not affect other provisions of this Mortgage or the Nou which can be given effect
without the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrowcr +hall I.c furni~hcJ ;~ ci~nf~~rmcd cop}• o( thc !vo~c and of thic Mortgagc at thc time
of execution or aRer recordation here~f.
. 17. Transfer of the Propert}~: Acsumplion. If all ~~r a~~~ part of thc ProFxr~t• or an intercu therein is t,~ld o: tran~ferrcd
h}~ Borrower w•ithout I.ender's prii~r v-•ri~trn concent, c~cluding ~:~- ~he creati~.n ot :+ licn ~r encumhranre SuhorJmate to
thi~ Mortgage. (b) the creation i~f a purchace m~ney kcurit~~ ~nterect f~~r hoe~seh~ld appliancec. (c1 a Iran~fer h~• devise.
de~cent or by operation of law uFxm the death c.( a j~~~nt tenant or (~1~ ~he erant i-f an~~ Ieaceh~ld interest of thrrr ~•earc or Ieac
not containing an option t~~ purchase. I ender ma}•, at I.enJer'. ~~pti~~n, deciare all the tumt secured h}• this Alorigage tc- t-e
~mmeJiately due and payable. i.ender ~hall ha.•e .-ai~~rd ~uch ~~p~ion t~~ acrelerate if. prior to the ~ale ~~r transfer. I.enJer
and the person to whi~m the Propern• i~ ti~ f-e sol~l ~~r trancfrrred r~arh .~greement in arit~ng that the creJit ~f wch percc.n
ic satisfac~on~ to l.ender and that the interr,t pa~~aMe ~~n ~he sum. tiecured h~• ~hi~ !~iorteage thall be at such rate ac I.ender
shal! reyuest. If I.ender has waived the optic~n to acceleratr pm~•ideJ in thi~ paragraph 17. and if B~rmwer'~ successor in
mterest ha~ executed a wriuen ascumption agreement accepted in w•riting bv Lender. I.ender shall relea~e Borrower from all
obligations unde~ this Mongage and the Note.
If Lender exerciaec ~uch aption t~~ arcelerate. I ender ~hall mail Borrower notice i~f acceleration in accordancc w•ith
paragraph 14 hereof. Such notice .hall provide ~ Exn~~d ~~f n~.t les. than 3~ ~a}~c (rom the date the notice is mailed within
which Borrower ma}~ pa}~ the cumc declared due. If B~~rro~er faik to pa~• cu~h wmc prior t~~ Ihe erpirali~n ~~f tuch pericxl.
Lendcr ma~•. w~ithout further noticc ~~r Jemand on B~~rrawrr. i~.~•oke am rrmedies permitte:l hp paragraph IR hereof.
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No!v-I;NiFOR~t CovE~,-!v-rs. Borrouer and I.ender (urther cm•enant and agrce ai follows:
18. Accelerafan; Remedies. Fz~ept as pro~•ided in para~raph 17 hereof. upon Borro~+er's brcach of aey co~enant or
aRreement of Borrower in this :~tortRs~e. includinR Ihe co~enants to pay when due an~• sums secured by th~s Mortgage. Leader
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof sptcifying: (1) the bceach; (2) the ad'an
required to cnrc suc6 breach; (3) a date. not less Ihan 30 days from the date the notice is mailed to Bormwer. by r-hk6 such
breach must be cured; and (4~ that failure to cure such brearh on or beforc Ihe date specified in the notice may result in
acceleration of the surnc xcured by Ihic ~1ortRaRe, fonclocure b}• judici~l proceedin~ and sale of the Properfy. The notice
shall further inform Borrower of Ihe ri~ht to reinctate afler acceleration ~nd the right to usert in the toreclosurt proceeding
the ~on•existence of a default or ~nv other defense of Borrow~er to accelerolion and foreclosurc. If the breach is not cured on
or before the date specified in the notice. I,ender al I.ender s option may declare all of Ihe sums secured by this Mortgagt to be
immediately dne and payable without further demand and ma~~ foreclose this ~tortRa~e by judicial proceediuR. I.ender shall
be entitled to collect in such proceedinR all expenses of foreclosure. includinR, but not limifed to. reisonable atlornep's fees.
~nd costs of documentary e~~ideoce. ~bstraclc and litle reports.
19. Borrower's Ri~ht to Reinstate. Vc.Iwith~tanJing LenJer~~ accelerati~~n c~f the tums .ecured by this Mongage.
Borrower shall have the right ~o ha~•e an~ pnxredingti h:•~;un h~ 1 cnJer tc~ enf~~r~c thi~ !~tortg~ge discontinued at any time
a~:~ ~~ r~c~2~J
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