HomeMy WebLinkAbout2931Lender's written aareetpent or applicable law. Bo~row~e~ shall pay the amount ot all mortgage insurance premiums in the
manner providcd under parag~aph 2 hereof.
Any amaints disbursed by l.ender pursuaot to this pa~agraph 7, witA intercst thereon, shall becomc additiooal
i~cicb~edness oi Borrow•er securcd by this Mongage. Unless Borrower and Lender agrce to other tertns of payment, such
amc+unts shall be payabk upon notice from ~ender to Borrowe~ rcques~ing payment ihereof, aod shall bear interest fmm the
da~e of disburxment at the rate payabk trom time to ~imr on outstanding principal under the Note unless payment of
intercst at such nle would be cantrary to applicable law, in w~hich event such amounts shall bear intercst at the highest rate
permissible under applicable law. Nothing contained in this parag~aph 7 shall rcquirc Lender to incur any eapense or take
any action hereunder.
S• las~eclb~. l.eoder may make or cause to t+e made reaso~able entriec upon and inspections of Ihe Property, provided
that I_ender shall give Borrowe~ notice prior to a~y such inspection specifying rcasonabk caux therefor related to Lender's
interest in the Property.
9. Condemestion. The procee~c of any aw•ard or claim for dama¢es. direet or conuquential, in connection with a~y
condemnation or other taking of the P~operty. or pah thereof, or for conveyance in lieu of condemnation, arc hercby auigned
arsJ shall be paid to [.ender_
In ~he eveot of a total taking of the Praper~y. the prcxeeds chall be applied to the tums xcurod by this Mortgage.
w•ith ~he ercess, if any, paid to Borrower. In ~he event of a partial taking of the Property, unless Borrower and Lender
otherwi~e agrce in writ~ng_ there shall be applied ta the sums secured by this Martgage such proportion of the proceeds
as ic equal to that proportion w~hich the amount ot tt~e sumc cec~~red by this Mongage immediately prior to the date of
taking bearS to the fair market valuc of the Propert~• immediately prio~ to th~ date of taking, with the balance of the proceeds
paid to Borrowe~.
lf tht Property is abandoned by Sorrovver. or it_ afte~ n~tice bv I.ender to Borrower that the condemnor otfers to make
an award or cet~le a claim far damagec. Bc~rrower fails to respnnd t~ 1 ender within 30 day~s afte~ the date such notice is
ma~led. LenJer ic authorized ~o colkct and apply the proceeds, at I_ender's option. either to restoration or npair of the
Propeny or to the sums secured by this MortRage.
Unlest 1_ende~ and Borrower othen~•ice agree in Nriting. any such application of proceeds to principal shall not extend
or pcxtpone the due daie of the monthl~• installments referred to in paragraphs I and 2 hercof o~ change the amount of
cuch installrritnts_
10. eoRO..e~ Na Rekased. E~tension of the time for payment or modification of amortization of the sums securcd
by this Mort~age granted by (_ende~ to any cucccssor ~n interest of Borrower shall not operate to releau, in any mannsr,
the liab~li~y ~.f the original Borrower and Borrower'c successorc in interest. 1_ender shall not he requircd to commence
procecJings againu such succecsor or re(use to eti~end time for payment or otherwise modify amortization of ihe sums
cecured b~• thic ~Nortgage hy rcason of an~• demand made by ~he ori¢inal Borrower and Borrower s successors in interest.
11. Forbearsnce by I.ender 1Vot a Wairer. An~• forhearance Ay 1_ender in erercising any right or rcmedy hereunde~, or
.~therwise afTurdtrl by applicable law: shall not t~e a waiver of or preclude the exerciu of any such right or remedy_
The procureme~t of insurance or the ~yment of ~aYe4 nr n~F~rr ~:,•.!4 ~~ f~3~g~s ~sy I~ns3tr s.h~!1 nr! ~ s:~sives ~f Lt^dtc's
right a• accelerate ~he maturity of the indebtednees ~erared hy thic Mortgage.
12. Remedies Cn~nulati~e. All remedies pro.~ided in this lllortgage arc distinct and cumulative to any othtr right or
remeJ}• under this Mor~gage or afforded M law or equi~y. •rnd may be exerciud concurrcntly. independendy or succtssively.
13. Successors and Assigus Bound: Jaet and Se~eral I.iaM'lity; Csptions. The covenants and agreemtnts herein
conta~ned chall hind, and the riRhts hereunder shall inure to_ ~he ~espective soccecsors and assigns of Lender and Borrower,
subject to the provicionc of paragraph 17 hereof. All covenants a~d agreements of Borrower ~hal) be joint and several.
The captions anJ headings of the paragraphc of thic Mortgage are for convenience only and are not to be used to
interpret or define the proviaionc hereof.
14. ~wice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower pro~ided for in thic Mortgage shall t+e given b~~ mailing wch notice by certified mail addressed to Borrower at
the Property Addrecs or at such other addrecc as Bormwer ma~• designate by notice to i.ender as provided herein, and
ib) an~ notice to Lender shall he gi~•en b~• certified mail. return receipt requected. to I.ender s address stated herein or to
~uch other address as [.ender ma~~ designate by notice ta ,Borrow~er as provided herein. Any notice provided for in this
itor~gage shall hc deemed to have been given to Borrow•er or Lcnder when given in Ihe manner designat~d herein.
15. tJniform Mort~a~e; GorerninR [.a~-; Se~•ersM'li1v. Thic form of mortgage combines uniform covenants for national
c~se and non-uniform co~•enamc w~ith limited variations h}~ j~iricd~ction to constitute a uniform security instrument covering
real propert~•. Thic '.Nortgage shall be governed h~• the law of the jurisdiction in which the Property is located. In the
event tha~ an~• provision or clauce of thic Mortgagc or ~he N~He conflic~c with applicable law, such conflict shall not atTect
other pn.~•isionc of thic Mortgage or the Note v-hich can br given efiect without the conflicting provision. and to this
end the orovicions of the Mortgagc and the \ote are declared to be severable.
16. dorrowePs Copy. Borro~-~er shatl be furnicheJ a conformed copy ef Ihe Note and of this Mortgage at the time
uf exec~qion o~ after recordation hereof_
17. Tnnsfer ot tbe Propert~: Assumplion. If all or an}• part of Ihe Property or an interest therein is sold or transferred
hy Borrower wi~hout I_ender's prior w•ritten conu~t. e~cluding la1 the creation of a lien or encumbrance subordinate to
th~c Mortgage. (b) the creation of a purchase money securit}• interest for household appliances, (c) a Iransfer by devise,
deuent or by operation of law upon the Jeath of a joim tenam or (d1 the grant of any leasehold interat of thrce years or less
r~ot containing an option to purchase. 1_ender ma~~, at Lender'~ option, declare all the sums secured by this MoRgage to be
;mmediately due and payable. I_ender shail have wai~•ed such option te accelerate if, prior to the sale or transfer. Lender
and the person to whom Ihe Property is to be sold or transferred reach a ree ep) ~g P~ that the credit of such cson
~c saiisiacior~• to i_encier a~i~~f.y(~f~j(~'qf~,l~y~b%pi~~~y(~yE~~Ed~~Aif~i~/~t~i(~a~~f~)/~fy/~/~j{jfj~yE/~/~p/~~~q~
s)f~Ij~~;L If l.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in
interest hac executed a wntten assumption agrcement accepted in writing by Lender. Cender shall release Borrower from all
obligations under this Mortgage and the Note.
If I_ender exercixs such option to accelerate. [.ender chall mail Borrower notice of acceleratian in accordance with
paragraph l4 hereof. Such notice chall provide a periai o( not less than 30 days from the date the notice is mailed within
v-hich Borrowtr may pay the sums declared due. If Borrower fails to pay such sums prior to the eapiration of such period,
Lender ma}, without further noiice or demand on Horrower. ~m•oke any~ remedia permitted by paragraph 18 hereof_
Nox-UrviFOa~-t CoveN~xTS. Borrower and I_ender funher covenant and agrce as follows:
18. Acceleratios; Remcdies. E:cep as pro.~ided in para~rapb 17 hereot. npon Sorrowe~'s breac6 ot any coveoaat or
~reen~est of Eorrower in t6is ?ltortSsge. includin~ tbe covenants to pay w~hen due any soms secored by t6is Mortaqt, Lswder
prior to sccekration sball mail notice to Borrower as provided in para~nph 14 hereof specif~ios: (1) t6e brescb; (2) tbe sctiow
required to core src6 bresch; (3) s date. not kss than 30 days from tbe dde tbe notke is mdled to eornower, by whic~ s~c~
breacl~ mu6t be cered: and (4) that failurr to curc such breach o0 or before the date speci6ed ia the ootice auy rewlt ie
scceleration of tbe sn~ securcd by this Mort~sae. forecbwre br judkial proceedina aod sale of tbe Prope~. 'Il~e notke
shaq f~rtber iaform Borrower of the right to reinstate afler sccekration and tbe ~bt to assert ia tbe tortclosere proeeedi~
t6e noe-existence of a de(aok or any Mher defe~e of Borrov-er to acceknlioo and foretlosnre. If t~e breac6 is not coe~ea oe
or before the date specibcd io tbe wotice. Leuder at Leoder's optioe may declane sN of tbe soms secored by tris Morqa~t b be
imrnediately are aad payabie withoot furiher demand and may forecbse tbls Mat~a`e by jodicial proctedi~. Leeder sra^
be e~titkd to colkct ie src6 proceediu` aY e:peases ot forec{osure. iacl~diu~. brt not limited to, reasona6le attorseYs i~a.
asd casts of docomeatary evideace, s6stracts and tiUe rcports.
19. dorrower's RtR6t to Redstate. Nawithstanding Lender s acceleration of the sums securcd by this Mortgage.
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mongage discontinued at any time
Aadeadu to P~ra~ra~` 15. The state and local laws applicable to this mortgage st~all be the laM,s ot the jurisdiction in
whkh the property is located. The foregoing sentence shall not limit the applicability of tederal law to this mortgage.
BOOK J~ PAGE ~~i~9