HomeMy WebLinkAbout2981I.ender's writtcn agnc~nent or applirabk law. Bo~rower shall pay the am~unt ot all m~~hgage insurance prcmiums in the
manncr pruv~dcJ unde~ paragraph 2 hercof.
Any amounlc dichurxd by I.cndc~ purwant to Ihis paragraph 7 with in~crest thereon,. hall ,become additional
indrMcdnesc ~~f H~~rrowr~ ~ccurcd by thic Mongagc Unle~c Bormw~cr and LcnJer agrce b~ OI}I~'f ~ertns of paymcnt, mch
amcx~ntc chall hc payabk u{xm naticc fmm 1 cndcr to &~rrowcr rcyuc~ling paymcnl thcrco(, a~d chall bear interest from the
date af dichorsement at ~he rate ~ay?hIe fmm time ta ~ime i~n autsta~ding p~incipal under the Note unlesc p~yment of
interest at such rate would be ca~trarv ~o applicable law, in which event a~ch amounts shall hear interest at the high~st rate
permissibk unde~ applicable law. Nothing cuntaincJ in thic paragraph 7 shall require Leoder to it~cur any expense or take
any action hereunder.
a. laspectioa. I.ender may make or cau~e to he made rcax~nabk enlries upon and inspections of the Property. provided
that I_ender shall give Bor~ower notice pri~•r to any such inspectio~ spccitying rcasonabk cause therofor rclated to Lender's
imerest in the Propeny.
9. Co~dcmwstion. The prcueeds of any award or claim for damages, dircct or co~uequential. in rn~nection with any
coodemnalion or other taking of the Prop~rty, or part thercof, or tor conveyance in lieu of condemnatio~. are hereby assianed
xnd shall be paid to I~nder.
In Ihe eveM of a total taking of the Propehy. the proceedc shaq be applied to ~he sums securcd by this Mortgage,
' with the ezcess, it any, paid to Bonower. !r. ~!:r evtnt of a partial taking of the Property, unless Borrower and Leader
otherwise agroe in writinR. therr shall be appli~d to Ihe sums secured by this Mortgage such proportion of the pmceeds
as is equal to that proportion w•hich the amount o( ~he sumc secured by this Mortgage immediatcly prior lo Ihe date of
taking bears to the fair market value of ~hc Pro~xrty immediately p~ior to the dete of taking, with the balance of the proceeds
paid to Borrower.
if the Prope~ty is ahandoned by Borrower, or if. after notice hy i_ender to Barn+wer that the condemnor oflen to make
an awa~d or utlk a claim for dam~ecs. Borr~.wer fail. to res~nd to 1_ender wi~hin 30 days after the date such notice is
mailed. Lender ic authorized ta collect and a~ply the prc~ceeds, at l.ender's option, either to rtstotation or ttpair of tif~
Properry or to tht sums sccured by thic Mor~ga1¢e.
Unlesc i_ender and Borrower otherwi~c agrce in K ritin~. aoy such application af proceeds to principal shall not extend
or postpone the due date of Ihe monthly installmcnts rcferred to in paragraphs 1 and 2 herrof or change the amount of
such installmenis.
10. Borrower Not Rek~sed. Extension of the time for payment o~ modification of amortization of the sums socurtd
by this Mortgage gnnted by [.rnder to any cuccecsor in interect of Borrower shali not opente to rckase, in a~y manner.
the liabilily of the original Borrower and Bc~rrowcr'c successorc in intercst. i_ender shall not be requircd to commence
proceedings against such successor or rctuse to extend time for payment or othervvise modify amortization of the sums
secured by this Mortgage hy rcason of any demand made by the oriQinal Borrower and Borrnwer s successors in intercst.
11. For6earance by I.ender Not a R+drer. Any fortuarance by I.ender in ezercising any right or remedy hercunder, or
otherwise afforded hy applicable law. shall nM be a waiver of or preclude the exerciu of aoy such right or remedy.
The procurement of insurance pr the payment of taxes or other liens or charges by I.ender shall not be a waiver of Leoders
right to accelerate the maturity of the indebtedness securcd hy this Mortgage. •
12. Remedies Cnmulsti~e. All rcmtdies provided io this Mo~tgage arc distinct and cumutative to any o~her right or
rcmedy unde~ this Mortgage or affordcd by law or equity, and may be exercised concurrcntly, independently or successively.
~ 13. 3rccessors and Assi~es Eoe~: Joinf and Several i.iab~'lilp; Capdons. The covenants ana agreements hercin
contai~ed shall bind, and the riRhts hercunder shall inurc to. the rcspective successon and assigns of Lender at~d Borrower.
subject to the provisionc of paraRraph 17 hereof. All covenants and agreements of Borrower shall be joinj and sevenl.
The captions and headings of the paragraphc of this M~ngage arc for convenience only and arc not to be uced to
interprct or define the provisions hcreof_ -
14. NWice. Except for any nc+tice rcquired uoekr applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Martgaee shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Addrcss or at such dhcr address as Borrower mav dcsignate by notice to T_ender as provided hercin, and
(b) any notice to Lender shap he given hy certi6ed mail. reuim receipt requested. to [.enckr s address stated hercm or to
such o~her addrcss as Lender may de~i¢nate by notice to Borrower as prov~ded herein. Any notice provided for in this
Mortgage shaU be dtemed to havc t+een given to Bc~rrower or l.ender when given in the manne~ designated hercin.
1S. Unifora~ MortRaRe; Govemin~ Law; Se•~erability. This torm of mortgage combines uniform covenants tor national
use and non-uniform covenamc with IimiteJ varia~ions h~• juricdicti~n to constitute a uniform security instrument covering
rcal property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
event that any provision or clauce of thic Mohgagc ~r the Note conflic~s with applicable law, such conflict shall not affect
other provisions of this Mortgagc or the Note which can be given effect without the conflicling provision, and to tha
end Ihe provisions of ihe Mortgage and the 'Vote arc Jcclared to he xvenble.
16. Eomnwe~'s Copy. Borrower shall bc furniched a conformed copy of the Note ao~ of this Mortgage at the time
of execulion or atter recordation hereaf_
1T. Tnasfer of t6e Property: Auumplion. If all or any part o/ the Pruperty or an intercst therein is sold or transfened
by Borrower without Lender's prior wri~irn c~~ncent_ excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (bl tht creat~on of a purchaec mnney ~ecurity mterest for household appliances. (c) a tnncfer hy devise,
dexent or by operation of law upon the Jea~h o! a j~~m tenant or (d- the grant of any leasehald intercst of Ihrcc ycars or kss
not containing an option to purchase, Lender may, at 1_ender'c op~ion, declare all the sums secured by this Morigage to be
immediately due and payable. I_ender ahall ha~c Ma~~•ed s~~ch option to accrlerate if, prior to the ~ale or transfer. Lender
and the person to whom the Property ic to be co1J or trans(erred reach agrerment in writing that the credi~ ot such person
is satisfactory to Lender and that the intcrr.~ pa~•able on the sums secured by this Mortgage shall be at such ra~e ac Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in
z• interest has executed a written assumpiion agreement accepted in writing by Lcnder. Lende~ sha11 release Borrower trom all
obligations under this Mortgage and the Note.
if Lender ezercises such op~ron t~ accelerate. 1_enJe~ chall mail Borrower notice of accelention in accordancc with
paragraph 14 hereof_ Such nol~ce chall prov~de a period of no~ less than 30 days trom the date the notice is mailed within
which Borrower may pay the sumc declareJ due. II Borrower fails to pay such s:~ms prior to the expiralion ot cuch pericd.
I.ender may, without (urther notice or demand on t3or~ower. ~nvoke any remedies permitted by paragraph IR hereof.
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NON-UNIFORM COVENANTS Borrower and Lender (urlher covenant and agree u follows:
18. Accekrstfoa; Remedies. Except s Provided ia psra~apA 17 bereot. npos dorrowe~s ercacM of aey co~caawt or
a~reea~t of Borrower in tbis MorlRaRe. iacludin~ tbe torenanfs to pay wbea doe sap wn~s securtd by this Mort~s~e. I.endcr
prior lo accekrsNoo s6a11 mafl notice to Eorrower as provWed Ia psrs~rspA 11 Aertot specityin`: (1) tbe bresch;121 the sctios
reqnir+ed fo c~re wch brrach; (3) a dde. aot kss than 30 days irom tbe date the notice b msiled to ~orror-er. br wbkb sncM
6~each mnst be crrcd: sad (q that tailuro lo cnre srch ~c~ch ou or setwe tbe date specified in the aotkc rosy resuk i~
accekration ot the wats secured by thts Mo~aRe. fo.ecfowre by judkid proceedieK snd sale ot ~be hoperry. The nofkt
sha{t tuAbc~ inforn~ dorror.er of tbe ~M lo reinstsfe stler sccekrstio~ and U~e ri`bl to assert f~ fhe Ioreclos~re pvicecdi~~
t~e uon-e:isleacc ot s det~uN or any Mher defea~e of dorrower to ~ccekratbn ~ud torecbstire. /t tbe brescM is nM ewred o~
or betore the dste specified ia the notice. Lewder at t.ender•s a~tba ~ deelare ap of the s~a+ sta~rcd 6p this MortRa~e to be
ienmediately d~e aad psysbk without (~~ther demand and may toreclose this Mo~a~e by jedkW poeeedia~. i.ender sbap
6e eatiNed to colkct in wc4 proceedir~ i0 esPenses nf foreclos~~r. ii~lndi~. bdt not limiled to. rcawusbk att•-rnev's fces.
asd cosfs ot doe~rueMary eridence. abstracls and Ii~R reports.
19. domower's Rl~bt to Reinstate. Notwi~h~tand~ng 1 ender's accelerat~on of the sums secured by ~h~s Mortgage.
Borrower shall have the righ~ ~o have an~ pn.ccrd~ne< hrF~~n b~ L~nder to entorce th~~ Mor~gage d~scaMmutd a~ any nme
fill~f(~~ .P3t~~~