HomeMy WebLinkAbout0067Lcndcr'~ w~iucn agrccmcm or appli~aMc lav-~. Hi~rmNCr ~hall pay thr am~~unt ~~t all mortgagc in.uranrc prcmiums in thc
mannrr pmviJrd under parag~aph 2 hercaf.
Any amountc Jichurscd hy I.cnJcr punuanl ~~~ ~his par.~graph 7, w~~~h intcrccl Ihereun, chall F+ccc~mc additio~al
indrh~cdnrcti iif Ho~mwcr sccund h}' Ihic MurtgaK~. l!nlc~~ Hi~rr~-w~~ and 1 cndor agrcc to othtr temtc of paymcot, cuch
am~~unt< <hall hc pa~~ablc u~x~n nu~i« fr~m 1 rndcr t~~ BurroHrr rry~K.~ing paymcnt thcreaf, and ~h:dl hear intcrctt fmm thc
datc of dicburumtnt at Ihc ratc payahlc fr.~m timc to ~ime un ontstanding principal undcr Ihc Notc unlccc paymcnt ot
interest at si~ch ratc would hc conlrar~~ a. ;~pplirahlc law-, in which cvcnt cuch amoun~s chall hcar inlcrec~ al tfic highed rate
permissihle under applicable law~. Nothing contained in thi. paraFraph 7 ahall rcquirc I.ender to incur any expenu or take
any action hcreundcr.
8. Inspeclio~. LenJer may make or rau~e to he maJe rea~un~hle enlrie. u~x~n aod in~pectionc of 1he Aropehy. provided
that I.ende~ shall give Borrower nMire pri~~r to an~~ ~uch incExctiun ~pecifying «au~nahle cause theretor related lo l.ender's
iM~rrcl in thc Property.
9. Condemnatbn. Thc pn.~ccd~ uf an}• award <~r rlaim for dama~ct, dirert ar c.~nccyucnlial, in conncclion with an}•
~ondemna~ion i~r other taking of thc Property, or parl therei•f, or f~-r c~-nYryance in lieu of condemnati<-n, arr herchy accigned
and +halt F+c paid'to t.endcr.
In the evenl of a total Iaking of the Pr~pert}•. the pnkee~ic chall he ~~~i~~d ~o ~he cumc secured hp thic Mortgage.
w•ith the ercecs, it any, paid to BormHrc In ~he event ~~! a pa~~ial ~a{.ing o( the Property, unlecc Rorrower and i.ender
utherwicc agree in v-•ritin~t. Iherc SFIJII F1C :~rri~~a ~~ th~ .um~ cecurc~ M~ thi~ Mor~~age ~uch pro~x.-Non of Ihe prc~ceeds
as ic cqu~) to that pro~x~rtion w~hich Ihc amount o( ~hc cum~ ~rcurcd h~~ ~hie ~lortgagc immcdiatcly prior to thc date af
taking Ixarc t~ the fair market valur of thc Prc-~r1~• immrdiatel~• prior t~ the datc of taking, w•ith the balance of the pmcecdt
paid to Borrower.
If the Property ic aband~ned h~~ Born.HCr. ~r if. aftcr noticc h~• 1 encler t~~ Horr~~wcr ihat the condemnor oRers to make
an ;~w•ard i~r ~etdc a claim for dama~r~. Barr~~wcr (ail~ 1~+ rc~~x~nd t~~ I.~ndcr v-~ilhin i0 da)~s aftcr thc datc ~och noticc is
mailed. Lender ie authori7ed to collrrt anc! appl}~ ~hc pnkrcJ~, at 1 ender'c ~.ption. cither to re~toration or repair of thc
PmFxn~• o~ to the ~um~ ~~tiured h~• thi~ Mor~gagc.
Unlesc I.ender and Borruwrr otheru~i~e agree in -~ riline. am• surh applicati~.n ~f pr~ceedc to principal ~hall not ettend
ur pcxt~,nc thc duc .la~c i~f thc monthh• inqallm.nl~ rrfcrrcd to in p:~ragraph~ 1 and 2 hcreof or change thc amount of
cuch installmcntc.
10. Bonowe~ Nol Releaced. f~~tencion of the time for pavmem or mcxlificatii~n of amortization of the cum~ secured
by ~hiti Mohgagr granted by I.cnder t~~ am~ ~uccccwr in intcre.t of Borrow~er ~hall not operate to relcasr, in any manner.
the liabilily of the oricinal Borrov-er and B~~rrowrr'. cuccrcti~.r~ in interect. I.ender ~hall not he required t~- eommenee
pn~ceeJings againct ~uch ~ucressor ~,r rctuu t~ er~end timc fc-r payment or otheru•iK modif}• amortization ~~( the sums
cecured by ~hic Mortgage h}• rcacon of am• demand made bc the i~rieina) Rormw•er anJ Rorrnwer s succr~~orc in interest.
I1. Forbeamnce by I.ender 1ot a Waiver. :~m f~~rFkarancc b~ 1 endrr in e~ercicing any right or remedy hercuncler, or
olherwise af~arded hy applicahle law. ~hall nnt Fx a u~ai~~er ~f ~.r preclude thr exercice of am• such right or remedV.
Thr procurement of insuranre or the pa~•ment o( ta~c~ ~~r ~~1her lienti ur charg~c M• I.ender ~hall nM he a waiver of Lencfe~ s
right ti. accclcratc the malurih• of thc indchtrdnccs .ccurcd hv thi< <lortgaRc.
12. Remedicc Cumulatire. All rcme~lir~ pn-~ idrd in thi~ Mortgage arc distinct anJ cumulative to any ~~ther right ~r
remeJ~• under thi~ Mortgage ~.r aBorded h~~ law~ i~r cyui~~~. :~nJ ma~• he e~erci~ed ronce~rnml~•. independentl~• or succeccivel~•.
13. Suecrtsors and Assi~os Boond;'Joinl and Se~eral l.iability; ('Aptbn~. The co~•enants anJ agreemeMc herein
con~ained ~hall hind, and the riRhtc hercunder chall mure t~.. the re~pecti~~e succe.a.r~ and ac~ign~ of I_ender and Borrow•er.
cobject ta Ihe pro~•iciom of paragraph 17 hereof. All cov~nanls and aereementti of Borrow•er shal) he j~~int and uveral.
The captiuns anJ headingc of ~he par~graph~ of thi~ ~11c.ngagc arc f~r comenicnce ~nly and arc nM to hc used to
intcrprct or definc thc provicion~ hcrcof.
14. Ndice. Except for any notice reyuired under applicahlr law t~~ be gieen in an~~ther manner. fa) a~y nolice to
Bormveer providcd for in thic Mortga¢c tihall tx g~vcn h}~ mailinK wch noticc b~• rcrtified mail addresccd to Borrowcr at
Ihc Pmperty AJdrea or al ~uch uther add~r.~ as Burri~wer ma~~ de~iRnate-M~~ rn.lice to I.ender as pmvideJ herein. and
tbl an~• notice to Lender shall he given h}• cer~ificJ mail. re~um recr~pt reque~ted. tn 1 ender'ti adJrea stated herein or to
~ueh olher addresc ac Lender mav d~ciqnate b~ nc.tirc ti- Be~rrower_ as pr~~~•ided herein. :~m• n~~lice provideJ for in thic
~1~~r~gage sh:~ll be deemed t~. ha~•e I~een gi.•en to B~rmv-cr or 1 cnder whcn given ir~ the manner de~ignated herein.
I5. L,'niform 111oriRaRe; Gorernin~ Iaw; Se~erobilit~. ~"hi~ (c.rm .~f mortgaee combines uniform covenantc for national
uce and non-uniform c~~venant~ Hith IimitrJ ~ariati~~ns hc jun..lictii.n te-.,i~nstin~te a uniform secarit}• inslniment cm•ering
nal property. Thic Mortgagc shrll hc g~~vcrncd h~ thr law ~f IF-~ juri«iicti~n in which thc Pmpcrt}' i~ Icx:atcd. In thc
event thal •rnp provision or elautie ~~f thi~ Morlgagr ~•r the \~+te c~~ntlictc .cith applicahle law~. such conflict ~hall nM afiect
c~ther provi~ionc of Ihic Mortgage ar the Notc ~h~nc ~.~n he gi<<n efir~t with~iit the ronflicling pmvicion. and to this
end the provicionc of ihe Mortgagr and the `~~tr are Jrclared ~n he xverah)e.
16. Borrower's Cop~•. Borrowcr tihall t+r fu:ni.hed a«~nf~•rmed cop~• ~-f the Note and of thic Mortgage at the time
~-f execution or a(trr rcrordation herei,f.
17. Tra~ufer of the Propeut~•: Acsumption. If all ~~r am part nf thc Pri~pe~t~• or an intercct thercin i~ sald or tranaferred
by Borrower ~sithout icnder's pric~r wriurn ci~ncem. e~~ludinR ~a- the rrea~i~~n of a lien or encumhrance sutx~rJinate to
thic Mortgage. Ibl the creation of a purrhace mnne~• .crieri~~ ~nterest f~r househal~! appliances. Icl ~ trancfer b}• devise.
descent or hy opcration of laN upon the ~Irath ~( a juint tenant or (~I~ Ihe grant ~.f an~• Ieasehold interest ~-f three yearc or lesc
not containing an option to purchase, I enJer ma}•. at Lender'~ „pt,on. decl~re all the cum~ seciired M• this Mortgage to I~e
~mmediatPh~ due and payable. I.rnder ahall have w:n.•ed wrh option a. accelerate iL prior to the sale or transfer. T.ender
and the peru~n to wh~m the Property ic ta be col~l or tr~mfrrred reach agreement in writing that the credit of such person
ie saticfacton~ to Lender and ~hat the intere~t pa•;ahle c-n the wntc ucured b~• thic Mortgage chall t+e at such rate as I.ender
shall reyuest. If I.enJer has wai~•ed the op~ion to accrlerate provideJ in this ~ragraph 17, and if Borrower's successor in
interest hac executed a written astumption agreement accep~ed in K~riting b~• Lender. l.ender chall releace Borrcnver from all
obligations undcr thic Mortgage and thc Note.
If I.ender exercicec arch option t~~ acreler~lr. Lender .hall mail B~rrower notice of acceleration in arcordanee wilh
paragraph 14 hereof. Such notice ~hall provide :~ ~+eri~k! ~.f not Iesc than i0 Ja)•S from the date the nolice is mailed wilhin
wh~ch B~~rn.w•:r may pa}• the tums declared di~r. If B~rruHrr faik to pa~• cuch ~umc prior to the erpiration ~~f cuch penud.
I.ender may~. without further nolice ~r demand ~~n ti~rruwer, mvc.ke anc rrmedies permiued by paragraph IR hcreof.
Nonr-UxiFOR~t CovF~r~tv-rs. Barrower and I.ender further covenant and agree as follows:
18. Aceelerafbn: Remedks. E:cept as pro~ided in p'ragrapb 17 hereof. upon M-rrower's breach of any covenant or
agreement of Borrower fo tbls Nort~~e. includlnR Ihe corenants to pay when due any snms secund by this Mo~aRe, I.eader
prbr to Acceleratioh s6a11 mail notice to Borro~.er as provided in paraRraph 14 hereof specifyinR: (1) the breacb; (2) t6e actbn
required to cure sncb bresch; (3) a date. not less than 30 dAys fmm the date the notlce Ls mailed to Borro~+er, by whkb such
breach must be cnred; and (4) tlwt f~lure to cure such bresch on or betore thc date apecified in tbr notice may resWt ia
accekratan of the snms secnred by this Mort~~e. foreclowre by judicial proceeding and sale of the Propcrty. 7be notke
shall turther inform aorrower of the riRht to reinstate after acceleratan and Ihe right to acseirt in the foreclosure proceedinq
the non-e:~stence of a defauk or any wher detense of Borrower to sccelentan and Eonclosure. If the bresch is oot c~md on
or before the date spccified in the notke. I.emkr ~t Lender's option m'y declare all of the wins secored by this Mortga~e to 6e
immediatdy dne and payabk without turther demand and may fonclose thts Mortgage by judicial pmceedln~. Lender sball
be eotitkd to collect in wch proceedi~ all e:penses of forecbsurc. includin~, but not limited fo. rcasonaWe attorney's tees.
and costs of documenlary e~•idence. abstract~s snd titk rrports.
19. Borrower's Righl to Reinstate. NMwithclanding I.enJer'c rccelerat~on of Ihe sums secured by th~s Mortgage.
Borrower shall have the right to have am• proceedingti he~un hy I.ender to enforce Ihis 111ortgage discontinued at 9ny time
~~~x 348 par,E 67
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