HomeMy WebLinkAbout2850l.ender's written agrcement ~r appli~~bte taw. 8ctirrc~s~~r shall pay the am:~nnt cti! afi marigage 'tn~urance prctniucs~s in tht
manner pmvided under paragraph 2 hereof.
Any amaunts disbursed by I.c~dcr purcuant to this paragraph 7, with intercst thereon, shall become additional
in~ich~edness of Borrower secured by this Mortgage. Unless Borrower and l.ender agree ta other tenns of payment, such
amounts ~hall be payable upan noUce (rom l.cnder_ ta Borrov-~rr requesting payment therenf, and thall t~ea~ interest from the
date of disburscment at the rate payahle from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, i~ which event cuch amounts shall hear interest at the highest rate
prrmissible under applicable law. Nothing contained in this paragraph 7 chall require I.ender to incur any expense or take
any action hereunder.
S. Inspectio~. LenJer may make or rause to t+e made reaconable entries u~n and inspectionc of the Propeny, provided
that Lender shall give Borrowcr notice prior ta any ~uch inspecti~n cpecitying reasonable cause therefor related to I.ender's
~nterest in the Property.
9. Condemnatbn. The prcxeed~ of an~• av-•ard or claim for damages, direct or concequential, in connectioo wilh any
~ondemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are herehy assigned
and shall be paid to !_ender.
In ~he event of a total taking of the Propeny, the proceeds chall tx applied to the cums securcd by thic Mortgage,
with the excess, if any, paid to Bormwer. In ~he cvent of a partial taking of the Praperty, unless Borrower and t_ender
utherwice agree in wri~ing. there shall be applied to the ~ums secured by this Mortgage such proportion of the proceeds
as ic equal to that proportion which Ihe amount ot the sumc secured by this Mortgage immediately prior to the date of
taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
lf the Prope~ty ic abandoned hy Bormwer, or if. after notice hy l.ender to Bormwer that the condemnor ofiers to make
:~n award ~r setNe a claim fnr dam;~ges, Bormwer fails tc~ res~nd to l.ender within 30 day~s a[ter !he date such notice is
mailed. l.ender ic authorized to collect and ap~ly ~he proceeds, at I_ender's option, either to resroration or rcpair of the
Property or to the sumc secured h}- this Mortgage.
Unlesc 1_ender and Borrower otherr~~ise agree in ~criting, an~• such appli~ation of proceeds to principal shall not extend
or poupone the due J~te of the monthh~ installmcnts reierrcd ta in paragraphs 1 and 2 hercof or change the amount of
such installments.
10. Borrowe~ Not Released. E!ctension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by i.ender to any cuccessi~r in interest of Borrower shall not operate to release, in any manner,
the liabilily of the original Borrower and Bo~rower'c sucressors in interest. T.ender ~hall not he required to commence
proceedings against ~uch successor or refuse to extend time for payment or other~~ise modify amortization of the s-ims
cecured by thic Mortgage hy rease.n of anp demand made b}• the oricinal Borrower and Borrower s succescors in interest.
11. Forbearance by i.ender 1\'ot a Waiver. An~• f~rt~earance by Lender in erercicing an}• right or remedy hercunder, or
otherwise afforded by ~pplicable law, shall not be a waiver af or preclude the exercise of an~• such right or remedy.
The procurement of insurance or the payment of taxes or other liens or chargec by I.ender shall nM be a waiver of [.ender's
right t~~ accelerate the maturity of the indebtednecs uceired h~• thi~ Mortgage.
12. Remedies Cumulative. Alt remedies prm~ided in this !1lortgage are distinct and cumulati~e to any other right or
remeJy under thit Mort~age or aff~rded hy law or equiry. and m:,}~ be exercised concurrendy. independendy or successively.
13. Successors ~nd Z~EMas Sot:nd: Sa:nt 3nd Sc:rr3t I.iats:ltt3~; Cspiiuns. T.:: ..... :ts ..r:d ~s:~~z::t^t~ her•±*~
containe~ shall bind, :,nd the riAhts hereunder shall inure to, the respective succetsors and`assigns of Cender and Borrower,
~ubject to thc pro~•i~ion~ of paragraph 17 hereof. All coven.+nts and agreementt of Borrower shal) be joint and several.
The captions and headings of the paragraph~ of thic blortgage are for convenience only and are not to be ased to
interpret or define the provi~ianc hereof.
I4. Notice. Except for any notice required under applicable law to t+e given in another manner, (a) any notice to
Borrower provided for in this Mortgace shall he given h}~ mailing cuch notice by certified mail addressed to Borrower at
the Property Addre~c or at such other 3ddrets as Borrower may decignate b}~ notice ro I.ender as provided herein, and
Ihl am~ notice to I.ender shall be given hy certified mail. return receipt requetted. to Lender s address stated herein or i~
~uch other addresc ac I.ender mar designate b}• notice t~ BorroKer as pro~•ided herein. Any notice provided for in this
~lartgage shall be deemed to have becn gi~•en to Rorr~w•er or I.ender ~•hen given in the manner designated herein.
15. i~'niform ;lfort~aRe; Governin~ i.aw~; Se~•erabilit~~. Thi~ form ot mortgage combines uniform covenants for national
u~e and non-uniform rovenantti w~ith limited vanatfons h}~ juricdirtion t~ c~nstitute a uniform security instrument rnvering
real propert}•. Thic ;1lortgage shall be giwerned h~~ the law c~f the juri~Jiction in wh6ch the Property is located. in the
event that ~n~~ pro~~ision or clau« of thi~ !~tortga¢e ~r the tiote rnnflictc W ith applicable law. such conflic~ shall not affect
other priwi~ion~ of ihis Martgage or the N~tr whinc ~~n be given efiect w•ithout the conflicting provi~ion, and to this
end the pro~•i~ions of the Mortgage and the tic,te ~re Jeclared t~~ he ceverable.
16. Borrower's Copy. Borrower shall he f:~rni~hed a ce~nf.~rmed cop}• of the Note and of thic ~lortgage at the timc
~~f execution or after recardation hereof.
17. Transfer of the Propert~•; Assumplion. If all nr am~ part ~f the Propertt• or an iMe-est therein ic sold or trantferred
b}• Borrower without I.ender's prior writtrn a~ncent, e+ecluding lal the creation of a lien ar encumbrance suhordinate to
th~c Mortgage. (:~1 the creatio~~ of a purcha~e m~ne}• ~ecurit~~ interest f~r household appliances, fe) a transfer by devise,
dcuent or by o~eration of !aw upon the death ~f a j~~int tenant ~r (d~ the grant of an}~ Ieasehold interest of three ~•ears or less
not zontaining an option t~ purchase, Le~der may, at !_ender'. option, declare all the sum~ secured by this Mortgage to be
~mmediatel~• due and payablc. Lender thall ha~•e wa~~cd wch option ~~ accelerate if, prior to the ca~e ar transfer, 1_ender
anJ the person to whom the Praperiy i~ to be ~oIJ ur tr:+nsfcrred reach agreement in wriling that the credit of such person
i~ sati~factor}• to Leniler and that the intrretit payahle ~~n the wmc ~ecured b~~ tfiis :ltortgage chall be at such rate as Lender
shall request. If Lender has •xaived the opti~~n t~ accrlerate pm~~ided in thic paragraph 17, and if Borrower's s~ecessor in
~nterest ha~ executed a w~rilten assumption agreement a~cepted in Kriting by I_ender. LenJer chall releace Borrow•er from all
ubligat~onc under thic Mortgage and the tiote.
If Le~ider erercitet such uptic~n t~~ accelrrate. LrnJer .hall mail Rorrower nrnice n; acceleration in accordance with
paragr~ph 14 here~f. Such notice ~hall E~ruvide :+ periu~l ~~f rn~t Ietti th~n 1~ Ja~~ fre~m the date the n~tice is mailed v~•ithin
~hich B~rruuer ma~• pa}• the ~ums derlereJ due If RurmHC~ f:~il~ vi. p:+)' such sum~ prior t~ the erpitati~n c•f ~uch period.
LenJer ma~•. ~ich~~ut further nonce ~~r drmand <.n Fiorr~~~er. ~n.c.ke am r~medies ~rmitted hc paragraph 1R hereof_
tiow-(;ti~FOte~~ CovFti.~~.-ts Borrower and I.ender further ca~~enant and agree as follow•s:
18. Acceleration: Remedies. Except a6 pro.ided in para~raph 17 hereof. upon Borrower's breach of any covenant or
aRreement of Borro.ser in this 11ortRa~e, includinR the co~enants to par• when due an~• sums secured by fhis Nortgage. I,ender
prior to acceleralion shall mail notice lo Borrower as pro~•ided in p~ra~raph 14 hereof specifying: (1) the breach: (I) t6e aetion
required to cure such bresch; (3) a date, not less than 30 da~t from the date the notice is mailed to Borrower. by vrhich such
breach musl be cured; and (4) that failure lo cure such breach on or before the d~le specified in the notice may nsdt in
acceleration of the sums secured b~ this ~tortRaRe. foreclocure b~ judicial proceedir.g and salt of the Pmperty. The notice
shall turther inform BorroNer of the riRht to reiactate af~er acceleration and the right to assert in ihe foreclosurt proceeding
the non-existence of ~ def~ult or any other defense of Borrower to ncceleration and foreclosure. Ii tht breach is oot cured on
or :xfore the date specified in the notice. I.ender at I,ender's option may declarc all of the sums secured by this Mortgage to be
immediately due and payable without further demand and ma} foreclose thts 4fortgsgc by~ judicial proceeding. Lender sl~all
be enlilled to collect in such proceedinR all expenses of foreclosure. including. but not limilcd fo, reasonable ~ttoroey't fees.
and ^osts ot documentary evidence, abstracts and titk reports.
19. Rorrower's RiRht to Reinstate. tiotaithttanding 1_ender'c acceleration of the sums ucured by this Mortgage.
Borrower shall have the right to have an} proceedings hc:~un hy l.ender to enforce Ihis Mortgage discontinued at any time
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