HomeMy WebLinkAbout2975l.ender's written agreement or applicable I~w. Borrowe~ shall pay the amou~t o[ all mortgage insurance prcmiums in the
manner providcd under pa~agraph 2 hercof.
Any amounts dicbursed by LenJer purcuant t~- ~his paragraph 7, wi~h interest thereon, shall become additiona)
inJch~ednesc of Borrowcr zecurcd hy ~hic Na~tgage. Unle~s Bo~raw•er and I.ende~ agrce ta ather totms of payment, such
amounts shall t~e payahle upc~n n~~lice fr~~m I.rnder ro 8orrawer requecling payme~t therec~f, padRh~y bear intercst from the
da~c of diabursement at ~hc ratc payablc from timc to time on outstanding principal u~der the ~lote unlesx payme~t of
intercst at such ~ate wauld be cantrarv ~o applicable law, in which event such amounts shall hear inte~est at the hi~hest rate
permissibk under applicable law. Nothing contained ~n this paragraph 7 shall requirc [.ender to incur any expane or take
any action hercunder.
S. lwspecfion. Lender may make or c~uu to t+c made ~eaconable entries upo~ and inspections of the Property. provided
that l.ender shall give Borrower notice prior t~ any such inspectioo specifyina rcuonabk cause thersfo~ related to Lender's
inte~esl in the Property.
9. Co~demnation. The prc~ceeds af any awaod or claim for damaga, diroet or rnnseque~tial, in coonection ~rith any
condemnation or other taking of the Property, or pa~t tAereof, or for conveyance in lieu of condemnation. are hercby ~~ed
and shall be paid to Lender.
in the event of a total taking of ~he Pmpeny. the proceeds shall be applied to the sums secured by ehis Mortaaae,
with the eaceu, if any, paid to Borrower. 1n the eve~t af a partial taking of the Propeny, unless Borrower and Lender
othenwix agroe in writing. there shall be applied to ~he sums securcd by this Mongage such proportion of ihe proeeeds
as is equal to that proportian which ~he amount of ~he sumc secured by this Mongage immediately priar to the date of
iaking bears to the fair marke~ value of the Proper~y immedia~ely prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after natice by i.ender to Bormwer that the condemnor ofkrs to make
an award or uule a claim for damaQes. Bormwer f~il. to respond to 1_ender wilhin 30 days after the date such notice is
mailed, Lender ic authorized ta collec~ and apply the p~oceeds. at I_ender's option, either to ratontion or ~spair of tlfe
~roperty or to the sums sccured by this Mortgage.
Unless l.ender and BoFrower othenvice agree in w•ril~n~, any such application of praceeds to principal shall not extend
or pcxtpone the due date of the monthly installments rcferred to in paragraphc 1 and 2 hercof or change the amount of
such installments.
10. Eorrowe~ Not Rekased. Extension of the time for paymenl or madification of amoNization of the sums securcd
by this Mortgage granted by I_ender to any cuccecso~ in interest of Borrower ~hall na opente to releas~. in any man~er.
the liability of the original Borrower and Borrower'c successnrs in intercst. i_ender shall not be requircd to commence
proceedings against such successor or nfuse to extend time for payment or othenvise modify amortizat~on of the sums
xcured by this Mortgage by reason of any demand made by the oriqinal Bormwer and Borrowers successors in intercct.
11. Forbearance 6y Le~der Not a Waiver. Any fc+rbearance by I_ender in exercising any right or rcmedy hercunder, or
otherwise afiorded by applicable law, shap nc+t be a waivFr of or prcclude the exercise of any such right or rernedy.
The procurement of insurance pr the payment of taxes or other liens or charg~s by Lender shall not be a waiver of L.ender's
right to accelerate the maturity of the indebtedness cecurcd hy this Mortgage.
12. Remedies Comulati~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mor~gage or atforded by law or equity, and may be exercised concurr+ently, independently or successively.
' 13. Suecessors and Assi~as Qound; a~~~ ~a s~.~~ r.~~; Captb~u. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender and Bornower.
subject to the provisionc of paragraph 17 hereof. All covenants and agrce~nents of Borrower shall be joir~ and several.
77u captions and headings of the paragraphc of this Mortgage arc for convenienc~ only and are not to be uad to
interprct or define the provisions hereof_
14. NWke. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to
Borrower pPOVided for in this Mortga¢e shall be given by mailing such ootice by certifted mail addressed to Borrower at
the Propeny Addr~ss or at such dher addresc as Borrower may designate by no~ice to i.ender as provided herein, and
(b) any notice to Lender shall be given by certified mail_ retorn rece~pt requested. to I.ender s address stated hercin or to
such other address as Lender may decignate by notice ~o Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Bnrrower or Lender when given in the manner designated hercin.
13. Unitorm 11~ioriR~e; Governiu~ Law; Severabiiity. This form of mortgage combines uniform covenants for naiionai
use and non-uniform covenantc wilh limited variations hy jurisdiction to consti~ute a uniform sscurity instrument rnvering
re~l property. This Mortgage shall be gove~ned hy the law of ihe jurisdiction in which the Property is located. tn the
event that any provision or clause of thic Mortgagc or the Note conflicts with applicabk law, such conflict shsll not alfoet
o~her provisions of this Mortgage or the Note which can t+e given eBect without the conflicting provican, and to this
end the provisions of ~he Mortgage and the Note arc Jeclared to tx xverable_
16. Eorrower's Copy. Borrower shall he furniched a conformed copy of the Note and of this MoNgage at the time
of execution or after rccordation hereof.
lT. Tnosfer of the Properiy; Assumption. If all or any part of the Property or an intercst ihercin is sold or tnnsferred
by Borrower without Lender's prior wrinrn consent_ excluding lal the crcation of a lien or encumbrance subordinate to
this Mortgage. (bl the creat~on of a purchace money cecurity interest for household applianees, (el a transter hy devise.
descent or by operation of law upon the Jea~h of a j~~nt tenant or (dl the grant of any leaxhald intercst of thrcc ycars or kss
not containing an option to purchase, l.ender may. a~ l.ende~ c option, declare all the sums secured by ~his Morigage to be
~mmediately due and payable. t_ender chall h~ve wa~ved such option to accelerate if, prior to the wle or ~ransFer. Lender
and the person to whom the Proper~y ic ~a be colJ or trans(erred rcach agrerment in writing that the credit of such petson
is satisfactory to I_ender and ~hat the imcrc.t p~yable on the sums secured by this Mortgage shall be at soch rale ac Lender
shall request. If Lender has waived the option ~o accelerale provided in Ihis paragraph 17, and if Borrower ~ successor in
interest has executed a writtcn assumpiion agreement acceptcd in wri~ing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
1f Lender ezercises such op~ion t~ accelerate. (_ender chall mail Borrower notice of acceleration in accordanc~ W ith
paragraPh 14 hereof. Such no~ice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower (ails to pay such sums prior to the eapiration of cuch period.
Lender may, without (uriher ootice or dcmand on 13orrower. invoke any remedia permitteA by pangnph 1 R hercof.
NoN-Ut+~FOa~t CoveN~NTS. Borrower and Lender further covenant and agree u follows:
la. Accekratioo; Remedia. Excep as provided in pars~rapb 19 he~eol. npo~ iorrowers brc+Kl~ of any co~e~ant or
a~reement ot eorrower in this MortRsRe. includi~ tbe co~enanls to psy wbew d~e sny wms securcd br tbis Mort~a~e. I.cnder
prbr to ~cceleraHon shall mail notke to dorrower as provfded Iw parqrsph 14 hereot specltylu=: (1) tAe brracA:121 tAt setiow
reqnired to core socb brt~ch;13) a date. not kss than 30 days from tbe dale the notice b auiled to ~rower. by rrhkb srcM
b~esch mwt be cored; snd (4) thst failure to cure srch A~e~cl~ ow or letore the dNe specified i~ the notke m~y recoM b
accekration ot tbc sums secured by Ibis MortRaRe. /o~ecbwre br judicial proeeedh~ a~ ssk of tl~e rrape~ry. 71~e notlce
shaN turthcr intorn~ Eorro~+er of tbe riRM to reinstNe dfa ~ccekrMba s~d the ~at Io a~erl is tl~e torrclosrre ~r~oeeedl^~
tbe aon-esislence ot ~ detauN or anr olber dcten~e o~ Eorrorret fo accektation asd toe~sclos~re. It tbe bescM is oot nred o~
or beton the dsle speciRed ia the notice. Lender at I.ender's optfo~ nuy dtclm aN of the stiwt sennd 6r tAb MortRaRe b be
immedisttly due snd psyaWe r-ithout turther demand and msy ~onclost thk Morl~a~e 6y jndkW proeeedinR. I.endcr shall
be eotitkd to coqeet iu wch proceediaR sq espe~ses of forecbs~re. includin=. brt wot Iia~ileA to. rtason~bk atl•~rneY's fets.
and costs ot doc~mcetary eridence. sbstracls snd ~itk reports.
19. sornor-er's Ri~hf to Rtinstste. ' Notwi~h~t~nd~ng I ender's acctle~at~on of the sums secured by ~h~s 'Mongage.
Borrower shall have the right to have am prcxecd~ncc hr~;~~n by L~nder to enforce this Mortgage d~scont~nueJ a~ any ~imt
b~~350 p~2!~'1`3