HomeMy WebLinkAbout1139Lcndcr's written agn;ement or applicahle law. IiurruHCr ch:ill psy thr amuum of ai) mortgagr incurance prrmiums in the
manner providcd under parag~aph 2 hercof.
Any amaunts disburscd by Lcn~cr pur.uant ti~ ~his , aragraph 7, H•~th u~tcrect thcreun, chall t+ccomc addnional
in~ebtednrsc ~~f Borrower securcd by this Mc~rtgage. l.'nte~~ RormHer an~i l eniler .~grec t~ othcr termc of payment, cuch
amounts shall he payable upon notice fmm I.rnder to BorroNrr reyue~ling pay~mrnt thereuf. and ~hall tx~r interect irom the
Jate of dicbursement at the ratc payahle from time to time an outstanding prinripal under the Note unlesc payment af
ioterest at such rate would he contrar~~ to applicable la~~•, in Hhich event cuch amounts shall hear intere~t at the highest rate
permissible under applicahle law~. N~ithing coMaine<I in thi~ paragraph 7 shall require I.ende~ to incur any erpense or take
any action hereunder.
8. InspecHo~. i_enJer ma~• make u~ cause to F,e maJe rea~onahle cnlrie~ upon and incpertionc af the Property, pmvided
~hat I.ende~ shall gi~•e Burrow~er notice prior to an~• wch ins~cti~~n c~xcifvine reac~in~hlr .•~~.~.. •ti.....r... ..,i......, .,. .__.,_ ._
..-.,.cc,~ ~~~ iiir rtv~irr~y - --.._.__ ... .._....;.. ~
9. Condemn~fion. The pn~-eed~ of ;,ny a.:c~;d ~•r claim for damagcs. direci ~~r c~~n~equential, in rnnnecti~n w•ith any
rondemnation or other taking of the Property, or part therrof, or for conve~~an~e in lieu of condemnati~m. are herehy astigned
and shall Me paid to I.ender.
in the event of a tot~~iakinC.of the Pr~~xn~•. ~he pnkee~ls chall be applied to the cums secured b~• thi~ Martgage.
with the ercess, if an~~, paid t Bormwer. In the evrnt o( a partial taki~g af the Propert~~, unlecc Bormwer and l.ender
utherwice agree in writing. there shall be applird to the ~umc secumd by thic MortKage ~uch proportion of the proceeds
as i~ equal to that proportion w hic h t he amiiun! ~~f ~he sum~ tiecured M• ~hi~ ~1ortRage immediateh• prior to ~he date of
taking bears to the fair market ~~alue of the ProEx rt~• immediateh• priur to the ~late of tak~ng, with the balance of the proceeds
paid to Borrower.
if the Property ic abandoned b~~ B~rmwer. ~r if. after nc~tice hy Lender to Rormwer that the condemnor offers to make
an aw•ard or cettle a rlaim for dam:~Qe~. B,~rr~~acr fail. ti. re~pcmd t~~ I ender w~ithi~ 3n da~~s after the date turh notice is
maited. 1_ender i~ author:zed to collect and apph~ the prc~ceeds, at 1_e:+~ler', option, rither to rectoration ur repair of tht
Proprrty or to the sums securcd b~~ this Mortgage.
Ilnlest l.ender and Barrower athen+i~c agree in ~~ritine. am~ tiurh applicati~n ~f prc-ceedc ro principal shall not ertend
or poc~pone the due da~e of the monthh• installmcnt, referred to in ~aragraph~ 1 and 2 hercof or chanee the amount of
tuch insta!lments.
10. Bonower Not Released. Erten~ion of the time for pa~•ment or modificatii~n of amortization of the sumc cecured
b~~ this Mortgage granted by I.ender to am• wcces~~r in interect of Bormwer .hall not o~raie to release. in any manner.
the liability of the original BorroNer and Rorrowir'c surcesu.rti in in;erest. I.ender chall not he reyuired t~ commence
proceedings against such succecs~r or ~efuce to e~len~l t+me for payment or otherWite modif~~ amortization e~f the sums
secured M• ~hic Mortgage h~• macon of ~m• demand made M the orieinal R~~rrow•er ~nd Bormwer's SIICCCStOfS in interest.
I1. Forbearance b~• Lender'.~iot a Wai~•er. :~m f~•rtkarancr h~~ Lrnder in c~ercising am~ right or remedt~ hereunder, or
~~~herwise atTarded h~• applicable law, tihall n~t F-e a w~ai~•er uf ~~r preclude the rrercise of am• tiuch right o~ remedv_
The procurement of insurance or the pa~~mem af ta~et ~•r i~ther liem ..r chargrc M• I.ender .hall not he a~aiver of I.ender's
right to accelerate the maturity ef the indehtedness .~cured hc thiti :4lortgaee.
12. Remedies Cumulative. All reme~liec pn•~ided in thic ~lortgage arc dic~inct anel cumulative to an}• other right or
remed~~ under this Mortg~ge or afforded h~• law• ~,r eyuit}•. :ind ma~~ he r~erciced rnncurrenth•. independentlt• or sucrecsi~•el~•.
13. Successors and Assi~ns Bound; Joint and Se~eral Liabilih•; ('aptions. The co~~enants and agrcementc herein
contained shall hind, and thc riqhts hercunder tiFall inure ti~. the rc~pective succe.~orc and recig~c ~f I.ender and Borrow•er_
cubject to Ihe pm~•ision~ of paragraph 17 hereof. All co~•enantc ~nd :~¢reemenl~ c.f Borrou•er thall be j~~ine and ~everal.
The captions an~ headingc ~f Ihe paraerapli: ; f thiti Mortcage are f~r rnnvenience ~nls and are not to be uced to
interpret or define the procisinns hereof.
14. \otice. Ezcept for any norce reyuired i~nder :~ppli~:ibl~ la~ ti~ be gi~•en in another manner. (al any notice to
Borrower pmyided for in thic liort¢aee shall he given h~ m~ilin¢ ,uch n~~tice hc rertified mail addre~kd to Borro~er at
the Property Addrets or at such other addre,~ ~s R~~rr~n~~er ma~ detii¢nale M• noiice t~ I_enJe~ :,s provided herein. and
(hl am- notice to Lender shall h. gi~~rn h~~ certified mail. rcturn recei~t reque~ted. tn 1 ender'c addrea stated herein or to
cuch other addrest 15 I.ender ma~ deciqnate h~ nc~li;e t~~ B~~rr~~Her as ~ro~ide~i hcrein. Ans notice pn~vided for in thic
~tortgage shall be deemed tc- ha~c been ei~en to B~.rruw~r or Lender ~+hen gi~en in thc manner decignated hcrein.
1S. Uniform ?~torl~aRe; Co~~ernin~ I.aK; Se~erabilih. Thi~ fc~rm of morteage r<~mbines uniform ci~~•enanh f~r nati~inal
use and non-uniform co~~enant~ Hith limite.i .ariatiom f~~ juric.licti~~n t~~ cnnstitute a uniform securit~• instmment covering
rcal propertc. Thi~ ~tortg~ge shall he ¢«~•ern~d hc thr I:~w ~~f the iurit~iiction in K•hieh the Propem• it I~~cated In the
event that am• provision ~~r clauce of thi. ~tortgace ~•r the \~~te conflictc .-ith ap~+licahle la~, such conflict thall n~t affect
other pm~icions of this Mort¢age or the ~c•tc wh~rh ~,~n he E~v~n efTert ui!hrn~t the conllicting pr~~icion, and t~ this
end the prociseons of the tilortgage and thr ti~,~~ arc ~kcl.,red t~~ he ~e~~erahle.
16. Borrower's Cop~•. Borro~~er ~,hall be furnisheJ :~ c~mfi~rmed cop~• ~.f thr \c,te and ~f th6~ ~torteage at the time
uf exerution or after recordation he~eof. .
17. Trnnsfer of the Prupert~: Assumption. If all ~~r :~m ~+,irt of the Pr~~pcrt}• ~r an intcrcct the~ein is s~.)d :~r tran~ferred
b~~ Borrourr w~ithout Lender's prii~r wriurn cuncent. ~~r;uding ~a+ thr crcatic.n of a lien ~r encumhrance ~uh.irdinate to
thi~ Vlortgage. (h) the creation of a purcha<< mc~nrt .ccurit~ ~ntercst f~r he~uteh~~ld appliancec. (cl :~ tramfer ht• devise.
de.cent or hy~ operation of la~~ upc,r~ the ~Icath ~~t :~ j~~int tenant ~~r (~i: the grant c.f :im Iracehold interest c~f three ~~rart or lecs
no~ containing an option t~~ purchasc. 1 ender m:,~~. :~t 1 ender~~ up~i~,n. declare all the sumc ~ecured h~- this \iortgage tc~ he
~mmeJiately due and pa~~aMe. Lender ~hal! h~~e ~+:~i~rd .u~h ~~ptiun tc~ acc~ler.~te if. pri~r to the .ale or transfer. Lender
and the percon to wfi~~m the Propert~~ i. tc~ be Sol.i ~~r tr.~nctrrrrd reach agreement ~~ writing tFat the credit ~f tiuch ~ers~n
~~ satisfacti.n~ to I.enJer and thal the in~ere.t pa~ahle ~~n the ti~~m~ ucured h~ thi. ~iortkage shall be at such rate a~ Lender
~hall reyuest. If 1_ender has w•ai~•e.! the optic~n t<. acceler,~te pr~.~•iJed in this p~ra~raph 17. and if B~rmw•er'~ success~r in
~nterest ha~ executed a written ascomption agreement accepted in ..ritin~ h~~ (.en~ier. Len~ier shall releate B~~rruwer from all
c~bligations under this Mortgage and the :vc,te.
If Lender exerciccs such option tc~ ar~cler,~te. Len,ler tihall mail Borr<~Her ne~tire ~~f accelerati~~n in arcordance ~~ith
paragraph 14 hereof. Such no~ice .hall prov~de ;~ E~~ni,~} ,,f n~~t les. than 3f) da~s fr~~m the datr the notice i~ mailed within
uhich Bc.rmwer ma}• pa~ the tiumti declareJ Ju~ If B~rru~.rr f.iik ~e~ pa~ ~~~ch ,um~ pri~~r tc~ the ~epir.~ti~n ~~f ~uch peri~~d.
I.enJer m:.t•, without further notice ~r ~icmand ~~n Itcrrruurr. im~le am rrmedies ~erm~tte:i h~ paragraah I'~ hereof.
~'°v-LtiiFOre~+ Co~'EV.{~;TS. Borrower and I.ender further rnvenant and agree as follows:
18. Acceleration; Remedies. Eacept a~s pro~ided in paraRraph 17 he~eof, upon Borrower's breach of any~ covereant or
aqreement of BorroNer in Ihis ~tortga~e, includinR the co.enants to pa~- when due an} sums secured by this Mortga~e. i_ender
prior to arceleration shall mail notice to Borrower as pro~•ided in pars~raph 14 hereof specifying: (1) the breach: (2) the action
rcquired to cure such breach; (3) a date. not less than 30 days from the date the notice ic mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specF6ed in the notice may result in
acceleration of the sums xcured by this liort~ap,e, foreclosure by judicial proceedinR and sale of the Property. The notice
shall further inform Borrow•er of the ri~ht to reinstate after acceleration and the riRht to assert in ihe foreclosure proccedin~;
the non-ezislence of a defauk or an~• other defense of liorrower to acceteration and foreclosure. If the breach is not cured on
or before the date specified in the notice. I.ender ai [xnder's option ma}~ declare all of the sums secured by this :Nortgage to be
immediately due and payable withoul further demand and ma~~ foreclose this tilortRaRe by judicial proceedinR. Lender shall
be entitled to collect in such proceedin~ all expenses of foreclosure, includin~, but nut limited to, reasonable attorney's tees,
and costs of documentary evidence. abstracts s~nd litle reports.
19. Bor~oNer's Right to Reinstate. tiotuithstanding I.en~ler'~ accelerahrm uf the sum~ cecured by th~s Mortgage.
Borrower shall have the right to ha~•e .+m prckerd~ng~ hegun h~ I.ender tc~ enf~r~e thi. ~i~rtgage discontinued at any time
ni.:~~ t J~~ PAGE~JV