HomeMy WebLinkAbout1785l.eo~lc~'s written agrccme~t or applicahlc law. Borrawer shall pay the amuunt uf all mohgage insurance prcmiums ~n the
manne~ provideJ undo~ parag~aph 2 hcrcot.
Any amaunts dishurud by 1.e~Jer pu~suanl to this paragraph 7, with intere~t Ihereon, shall l+ccomc additional
i~Jebtednes~ ~f 8otrowcr securcd by ~hic Mortgagc. Unle.t Bormv-cr anJ I.c~Jer agrcc to other ternns of payment, cuch
amounts shall be payable upon no~ice from I.cnder tc~ B~~rn~wrr rcy~K~ting paymenl thcreot. and chall t+car intcrect from the
date af disbursement at the rdte p~yahle from timc to time on outslanding principal under thc Note unlesc payment of
interest at such rate would be cootrary to applicable law, in w~hich event cuch amou~ts chall I~ear intertst at the highect rate
permissible under applicable law. Nothing conlained in thic paragraph 7 thall requirc i.ender lo incur any expense or take
any action hcrcunder. .
8. IaspeeNoa. T.ender may make or cause to t+e made reaconable e~trie~ u~xm and inspectionc of the Propehy, provided
that l.ender shall give Borrower notice prior to any such inspection c~x:ci(ying masonable cauce theretar relaled to I.ender's
interesl in the Property.
9. Condemnatbn. The prcxeedc of any aw•ard or claim far damaga. direc~ nr con~equential, in connection with any
~ondemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation, are herchy assigned
anJ shall he paid to Lender. -
ln the event of a total taking of the Properly. the prcxeeJs chall he applieJ to Ihe ~ums secured b~ thic Mortgage.
vvith the erceu, if any, paid to Borrower. In ~hc cvcnt of a partial ta{.ing o( the Properly, unlec~ Ror~owcr and i.ender
~~therwicr agree in w•ritinF. therc shall he applied ~o the wmc securcd hy thic Mortgage cuch pm~+c~rtioo ot the proceeds
as ic equal to thal pro~rti~~n which the amount o( the sum~ cecured hy lhic Mortgage immedialdy prior to the date of
taking hears to the fair market valuc of the Pra~xrl~~ immediatel)• prio~ to the Jate o( taking. with-the bal•rnce of the proceeds
paid to Borrower.
Tf the Properly is abandoned M• Borrow•cr, or if. aftcr nalice hy Lender to Bormwer that the rnndemnor ofiers to make
an award or settle a claim for damage~, B~~rrower faih ti, res~nd Io 1 ender within 30 da~~s after the date ~uch notice is
mailed. I.ende~ i~ authorized to rnllect and apply the proceeds, at I.ender ~ optian. either to rectoration or repair of the
Propcrt}• or to the sum~ scrured h}• this Mortgagc.
Uolrs. I.ender and BorroWer olhen+-•ik agrec in writinc. any s-~ch application of proceedt to principal shall not ertend
or ~c~pc~ne the due Jate of the monthly inslallmems referred to in paragraphs 1 and 2 hereof or change ihe amount of
such installments.
10. Borrower Nol Releaced. Frtension of Ihe lime for payment or m.~difica~ion of amortization oi the ~umc ucured
bp lhis Mortgage granted by LenJer ta any cureecsor in interect of Borrawer shall no1 operate to rclease, in any manner.
the liahility of the original Borrower and Rormwer'~ succestiara in interecl. Lender shal) not he rcy~iired to rnmmence
proceeJings againct sisch successor or retuce to ertenJ timc for payment or otherv-•ice modify amortization ot the sums
cecured by thic Mortgage hy reacon of any demand mad~ bp the orieinal Bormwer anJ Aorrower s~uccet«~rc in intereat.
11. Forbtaranct by I.ender 1\of a Waiver. Anv h.rFxarancc hy I.cnder in e~cerci~inR any right ~r remedy hereunder. or
otherwise aRurdecl by applicable law. ~hall not he a waieer of or preclude the exercice of am~ such right or remedy.
The procurement of insurance o~ the payment of tare. or ~,ther lien~ or chargec by I.ender ~hall not be a v-~aiver of [.ender s
right to acrelerate the maturity of 1he indeh~ednecs ucurcd hy thic Mortgage.
12. Remedies Cumulative. All rcmedies prm•ided in thic Mortgage are distinct and cumulative to any other right ~r
remeJy under ~his Mortgage or aBordcd by law or eyuity. and ma~• be r~erciKJ rnncurrently_ independentl}• or succe~sivcl}•.
13. Succcssors and AssiRnc Bound; Joint and Se~erstl I.iability; ('apfions. Thc c~vcnants and agrccmcntc hcrcin
rnmained shall hind, and ~he riRhts hemunder shall inurc to. 1he rccpective s~~ccc~~orc and ac~ign~ of l.ender and Bormw~er,
subject to ~he provision~ of paragraph 17 hcreof. All a~~•enants •rnd agrecmcntc of Bormw•er shall be jc.int and ~everai.
The captions anJ headinR~ o( thr paragraphc of thic M~r~gage are f~~r r~-nvenience only anJ are not ~o t+e uced to
interpret or define the provi~ionc hereof.
14. Notice. Except for any notice reyiiired under applicahlr la~ t.~ Me given in an~ther manner. (al an} notice to
&~rruwer providcd for in thic MortRage ~hall he g~ven hy mailink ~uch niHice by :erlified mail addreskd to Aormw•er at
the Property Addrec~ or a~ such uther addre~~ ac A~~rmwer ma~• de~ignate by naiice t~ ~.ender as provided herein, and
(b) an}~ notice to Lender shall be givcn hy cerlifieJ mail. re~urn receipl reque~teJ. t~ 1 enJer a addrecs statcd herein or to
such othe~ addresc as l.ender ma}• dreignate by notice ~~• Borraw•er as pr.»•ideJ herein. Any notice pr~~vided for in this
Nortgage shal) bc deemcd to havc becn gi~•en to Born•acr ar Lcnder whcn givcn in thc manner decignated hercin.
1S. Uniform Mort~aRe; CoverninR Iaw; Se.erabilit~•. This form of mortgagt combines unifam covenants for national use
anci non-uniform covenants with Gmited variations by jurisdiction to constiwte a uniform security instrument covering real property. The
state and local laws applicabk to this_Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with app6cable law. such conflict shall not af'Fect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrowcr shall Fx: f~uni~hc~l a r~~nformrd copy u( thr Notc and of thi~ Mortgage at the time
of execution or af~er recordation hereof. -
17. Trar~sfer of f6e Propert~; Acsumplion. I! all ~~r am p.~rt of thc Prrpcrty ur an intcrest thcrein ie a~ld ~r trancferrcd
by Borrowcr without Lcnder's prior w•riurn conccnt. c~cluding ~i~ thr rrrati~~n of a licn ~r cncumbranre suFx~rdinatc 1~-
thit Morigage. (b) the creation ~f a purcha~e money Kcurii~• interest f~~r h~~ucehoW _appliances. Icl a tran~fer h~• devise.
de~cent or bp operation of law upc.n the Jeath c.f a ji-int tenant ar ldi the grant of an~• I~asehold interest of three year~ or lecc
not containing an option to purchase. I.ender ma~~. :,t I.rnder'~ i~pU~~n, declare all the cum~ secured hy this Mortgage to be
~mmediately due and payablc. I.cnder shall ha~~e K'J1~'l'(I ~urh uption ~~- acrclerate if. prior lo the ~ale or transfer. l.cnder
anJ the pe~son to whnm the Proper~y i~ to be sold or trans(~rred reach a~reement in wriUng that the credit ~~f wch per~on
ic satistactory~ to I.enJcr and tha~ the intere.~ payable ~-n the ~um~ ucured b}• ~hi~ Murteage ~hall be at such rate ac I.ender
shall reyuest. If Lend~r has waived the op~ion Io accrlerate provideJ in thi~ paragraph 17, and if Borrower's succes~or in
~nterest hac executed a written assumption •rgreement accep~ed in writing by I.ender. I.ender shall releace Borrower from all
abligations under this Mortgage and the Note.
If [.ender exercices such optian ti~ accelerate. LcnJer ,haU mail Borrowrr notire of acceleration in accordance wi~h
paragraph Id hereof. Such notice ~hall provide a period of ni~t Iest than 30 Ja}~a from the date the notice is mailed within
which Borruwer may pay the sums declareJ due. It B~~rruwer (ailc to p•ry cu~h wms prii~r tc. the expiration ~~f ~urh pericxl.
LcnJer may, without furtfier notice ~r demand ~~n B~rruwcr. im~~{.er am rrmedics permiucd b~• paragraph 1R hcreof.
Noy-UN~FOR+t CovFx~tvTS. Borrower and Lender furthe~ covenam and agrce as follows:
l8. Accelentan; Remedia. Excepf as provided in pars~~aph 17 hereof. upon Borrorrer's breach of an~• covenaat or
agreement of Borrower in this MortRa~e. includin~ the co.enants to pay when due any sums secured by this Mortgage. Lender
prior to acceleralion shall mail notice fo Borrower as provided in pa~roph 14 hereof specifyin~: (1) the b~each; (2) lhe action
rcquind to cun such breach; (3) a date. not less Ihan 30 days (rom the date the notice is mailed to Borrower. by whlch such
breach m~st be cured; and (4) that failurc to cure such breach on or before the date speciRed ia lhe notice msy result in
accekralion of the sums secured by this Mort~a~e. foreclocure b~• judicial proceedinR and sale of the Property. 'Ibe notice
shall further intorm Borrower of Ihe ri~ht to reinstate after acceleration and the right to acsert in the foreclosure proceedin~
the non-e:istence of a default or anv other defense of Borro~+er fo accelerrfion and foreclosurc. if the breach ~c not cnred on
or before the dste specified in the notice. l.ender a1 lxnder's oplion ma~ declare all of the sums secured by this MortRa~e to be
immediately due and payable without further demand and ma~~ fonclose Ihic 41ort~aRe by judicial proceedin~. Lender shall;
be entitled to collecf in wch proceedi~ all expenses of foreclosure, includin~. but not limiled to. reawnable attorney's fees.
and costs of documentary evidenct. abstracts and litle rcports.
19. Borrorrer's Ri~ht lo Reinstale. NotwithUanding LenJ~r. arccleraUon of the sum~ .ecured by~ ~h~s Mor~gage.
Borrower shall have the right t~~ have am pr<weeding. F.c~un by Lci~Jer t~ enforre Ihis ~tortgage discontinue.l a~ any time
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