HomeMy WebLinkAbout2460Lender's written agreement or applicable law. Borrower shall pay the amount of all mort~a~e insurance premiurru in the
manner provided unde~ paragraph 2 hereof.
Any amounts disbursed by l.encier punuaM ~o this paragraph ~, wi~h intercst thercon, shall become additiona)
inJcb~odness of Borrower securcd by Ihis Mohgage. Unlecs Ba~rower anJ t.ender agrec to other terms of payment, such
amounts shall be payable upon nolice f~om I.ender ta Borrower ~eques~ing payment thercof, and ~hal) bear intcrest from the
date of disbunement at the nte payahle from time ta time on outstanding principal under the Note unless payment of
intercst at such rate would be contrary ta applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in Ihis paragraph 7 shall rcquire ~ender to incur any expense or take
any action hercunder.
8. iaspectbo. Lender may make or ca~~se ta be made rcasanable entries u~+on and inspectiont of the Praperty, provided
tnat i.enuet shail g~ve esorrower ~c-uce pnor ~o any such mspecuun ~prc~iy~ng iraavu,.u~c ~+~ux i~~t~civi ~a:~oi~u i~ -.~..uGi~a
interest in the Property.
9. CondemnsHon. The proceeds o( any award ar claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu o[ co~demnation, are hereby assigned
and shall be paid ta Lender.
in Ihe event of a total taking of the Property. the proceeds shall be applied to ~he sums securcd by this Mortgage.
with the excess, it any, paid to Borrower. In the evenl of a pariial taking of the Propeny, unless Borrower and Lender
otherwise agree in writing, there shall be applied to ~he sums secured by this Mortgage such proportion of ihe proceeds
as is equal to that proportion which the amount af the sumc urured by this Mortgage immediately priar to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Properry is abandoned by Borrower, or if. after notice by l.ender to Borrower that the condemnor otfers to make
an award or uttle a claim for damages, Borrawer fails to respond M l.ender within 30 days after Ihe date such notice is
mailed. Lender is suthorized to collect and apply tfie proceeds, at i_ender's option, either to restoration or repair of the
Property or to the sums secured by this Martgage.
Unless Lender and Borrower othenvise agree in writing, an~~ such application of proceeds to principal shall not ettend
a~ j,--st~-~ti ~~ ~ c#~~ 3ate ~i it~ m~nthty° t~s:a:l:nents r:.t~rre~3 tc :~ p~:a~:aphs ! ar.c! 2~rH+f er chaROt ~h~ ~mn~~nt of
such inctallments.
10. Borrower Nof Rek~sed. Exteosion of Ihe time for payment or modiflcation of amortization of the sums secured
by this Mortgage granted by I.ender ta an}~ cuccessor in interest of Borrower shall not operate to rclease. in any manner.
the liability of ihe original Borrower and Borrower'c successors in interest_ I_ender shall not be required ta commence .
proceedings against such successor or rofux to extenJ time for payment or otherwise modify amortization of ihe sums
stcured by this Mortgage by reason oi any demand made by the ori¢inal Borrower and Borrower s succestors in intercst_
ll. Forbeannce by I.ender Nof a Waiver. Any forhearance by I_ender in exercising any right or remedy herconder, or
othenvise afTorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment af taxes or other liens or charges by I.ender shall not be a waiver of Le~der's
right to accelerate the maturity of the indebtedness cecured hy thic Mortgage.
l2. Remedks Cnmulsti~e. All rcmedies pro~•ided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded hy IaK~ or equity. •rnd may be exercised concurrently. independently or succeuively.
13. Snccessors and Assigns Bound; Joint and Se~~ero! I.iability: CapHons. The covenants and agreements herein
~-nnt~i.vrl c6~11 hind and thr rioh~e Fu~raunde~r chall innre to. the recnective successorc and assi¢ns of Lender and Bomower.
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subject to the provisions of paragraph 17 hereof. All covenants and agreementt of Borrower shall be joint and several.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
l4. Notire. Except for any notice required under applicable law• to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing cuch notice by certified mail addressed to Borrower at
the Property Address or at soch other address as Borrow~er may designate by notice to T_ender as provided herein, and
(b) any notice to Lender shall tx given by certified mail, retom receipt requested. ta I.ender s address stated herein or to
cuch other address as Lender may designate b}• notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein.
iS. Uniform MortgaRe; Governin~ I.aw: Severability. Thic (orm of mortgage combina uniform covenants for national
use and non-uniform covenams with IimiteJ variations by juriuiiction to constitute a uniform ucurity instniment tovering
real property. This Mortgage shall be governed hy the law• of the jurisdiction in which the Propeny is located. In the
event ~hat any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shal) not affect
other provisions of this Mohgage or the Nate which can be given efTect without the conflicling provision, and to this
end the provisions of ~he Mortgage and the Note arc cieclared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execirtion or after recordation hereof.
17. Transfer of tbe Pmperty: Assumption. Tf all or an}• part of the Property or an interest therein is sold or transferred
by Borrower without Lender s prior written cansent, excluding (a1 the creatinn of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money cecuritp interest for household appliances. (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d- the grant of any leasehold interest of three years or less
not containing an option to purchase. 1_ender may, at l.ender'~ optiun, declare all ihe sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. I.ender
and the person to whom the Propeny ic to be sold or transferred reach agreement in writing that the credit of such person
is satisFactory to Lender and that the interes~ payable on the sums secured by this Mortgage shall be at such rate as I_ender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's saccessor in
interest has executed a written assumption agreement accepted in writing by Lender. [_ender shall release Borrower from all
obligations under this Mortgage and the Note.
Jf I.ender exercises such option to accelerate. I.ender ~hall mail Borrow•er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the date the notice is mailed within
which Borrov-•er may pay the sums declared due. 1f Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice or dcmand on Borrower, invoke an}• remedies permitted by paragraph 18 hereof.
Nox-Urv~FOtet-t CavEtv~rrrs. Borrower and I_ender further covenant and agree as follows:
18. Acceleratioa; Remedks. Excep as provided In psragrapb 1~ hereof~ upon Borrowe~'s breach of aay covewat or
agreemtnt of Borrower in t6k Mortgage. inclading the coveaants to pay when due any sa~ns ~ecored by t6ts Mortga6e, Lender
prbr to acceleratbn sball mail ootke to Borrower as provlded in paragraph 14 hereof specifyioa: (1) the breacb; (2) tbe sction
requfred to cure such brescb; (3) s date. not las than 30 days from the dste tbe notice is mdkd to Eomower, by whk6 sneb
breach mw~t be cnred; and (4) that fdlure fo cure wch breach on or before t6e dde spec~ed ia fhe notke may radt in
accekratlon oE t6e aums xcured by tbis Mortgs`e, foreclosure by judicial proceedln~ aad sak of tbe Property. 7be notlce
shall further inform Borrawer of the right to refnstate afler scceleratbn snd tbe ri6bt to a~ert in the fortclowre proceedia~
the aon-e:isteace ot a defank or nny other detense of Borrower to accekration and foreclowre. t[ We brescb b oot cored oe
or betore the date specUied in tbe notke. Le~er at Lender's optlon msy declue all of the snuas secnred by this Mortaa6e to be
immedistely doe and payabk r-itlant furtl~er demand and may foreclose thk Mortga~e by jndkW proceediu~. Lender shall
be entitled to collert in wcb proceedfog aU espeasts of foreclosurc. includf~. but not limited to, re~eonabk atton~e7's fees.
and cosb of documentary evidence, sbstracb and tltk reporb.
l9. Borrov-er's Right to Reia:tste. Notwithstanding LenJer s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by t_ender to enforce this Mongage discontinued at any time
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