HomeMy WebLinkAbout17941_eo~ler's written agrecme~t or applicable law. 8~rrawer shall pay Ihc amuunt of all mohgage insura~cc prcmiums in thc
manner pr~vided under parag~aph 2 hercof.
Any amounts dishursed by I.ende~ pursuant tc~ this p~rag~aph 7. with intercst Ihereon, shall became additional
inJebiedness of Bor~owe~ securcd by Ihis Marlgagc. Uniccc Bormwcr and I.enJer agrec to other tertns of payment, ~uch
amounts shall be payabk upon no~ice fmm Lender ~o Borrowrr reyue.~ing payment thereot, and ~hall t~ear inte~cKt (mm the
date af disbursement at the rate payablc from timc to time on oulslanding principal under the Note unlec~ payment of
intercst at such raie would be cant~ary to ~pplicable law~, in w~hich event ~uch amountS shall hear interest at the highest rate
permissible u~der applicable law. Nothing contained in thic paragraph 7 chall requirc l.ender to incur any expense or take
any action hercunder.
8. IaspecHon. [.ender may make or cause to t~e made reaconahle en~riec u~x~n and in~pectionc of the Propeny, provided
that I.ender shall give Borrower natice prior to any such inspeclion ~{xcifying rcasonable cause therefor related to I.ender s
i~terest in the Property.
9. Condemnatbn. The proceedc of any aN~ard ~~r claim for damaRes. direct or con~equential, in connection with a~y
condemnation ar other taking of the Propeny, o~ part thercof, or for a~nveyance in lieu of condemnation, are herchy ascigned
anJ shall he paid ta I_ender.
In the event of a total taking of the Property, the proceeJs zhall be applied lo ~he aims secured by thic Mortgage.
w•ith the eucess, if any, paid to Borrowcr. ln Ihc cvent of a partial taking ~f Ihc Properly, unless Bormw•er and i.ender
otherw~ice agree in writing. there shall be applied m Ihe .umc cecurcJ h~ thi~ Mortgage cuch pmpartion of the proceeds
as is equal to that pm~rtion whieh the amount of ~he sumc cecured hy this Mortgage immediately prior to the date of
laking bears to thc fair market valuc of ~hc Pra~xr~y immediatcly prior to the Jate of taking. with ~he balancc of the prc~..eeds
paid to Bcurawer.
if the Properly is abandoned b~• Borrower, or if. after notice by I.ender to Borrower that the condemnor offers to make
~n aw•ard or settle a claim for damages, Borrower faik to respnnd to Lender within 30 days aher the dale cuch notice is
mailed, I.enelrr ic authorized to collect and apply the prc~ceedc, at I.ender'c option, either to rectoratian or repair of the
Proper~y c~r to the sums secured M~ this Mortgage.
Unless I.ender and Bo~rower olherw•ice agree in ~•riling, anp such application of proceeds to principal shall not ertend
or pcxtpone thc duc date of thc monthly ins1a11menls rcfcrrcd to in paragraphs 1 and 2 hereof or change thc amount of
such installments.
10. Borrower Not Reteased. Fxtencion of the time for payment or mc-dification of amorlization of the aimc secured
by this Mort~age granted by l.ender to am• tucceccor in intere+t of Borrower chall not oEierate to release, in any manner,
the liabili~}~ of the origina) Borrbw~er and Rorrower'c sucrescorc in interesl. i.ender shall not he requireJ to cammence
pmceeJings against such sucressor or refuce to extenJ time for payment or otherv-•ice modify amortiiation ~,f the sums
secured hy thic Mortgage hy reacon of an}• demand made hy the oricinal 8orrourer and B~~rrower s cuccrs~c~r~ in interest.
11. Forbearance by I.ende~ Nof a Waiver. Am• fi•rtxarance M• I.ender in erercising am right or remedy hereunder, or
othenvise af~urded hy applicahle law, shall not fx a waiver ot or preclude the exercise of an~• such right or remedp.
The procurement of insuranrc or thc paymrnt of tazc~ or Mher lien~ or chargec by I.ender chall nat he a w~aiver of l.ender's
right t~. acrelerate the maturily af the indebtednecs cerured h}~ thi~ Morlgage.
12. Remedies Cumulative. All remedies provided in thic 111ortgage are distinct and cumulative to anv other right or
remeJy unJer this Mortgage or afTordcd h~• law ar eyuit~~. ~nd m~y be exerciseJ concurrenN~•, independenUy or succecsivel}•.
13. Successors and Assi~ns Bo~md: Joint and Se~•eral i.iabilify; Captions. "i~c rnvenants and agrecments herein
contained shall hind, and the riRhts hereunder shall inure to. the rcspective surceti~ors and accignc of 1_ender and BorroK•er,
subject to the pmvisianc of paragr•rph 17 hercof. All co~•cnants anJ agrccmrnt~ of Borrow•cr shall he j~im and ceveral.
The captions anJ headingc of the paragraph~ of thic Mortg:-ge are f~•r conveni¢nce i~nlq anJ are not ti~ be «ced to
interpret or define the provisions hereof.
14. Notice. Ezcept for any notice rcyuired under applicahlc la~~ t~~ be given in another manner. (a) any n.~tice to
Borr~~wer pmvided for in this Morlgace tihal) t+e givcn h}• mailing ~urh nutice by certified mail addresced to Borrow~er a!
the Property AJdress or at sach uthcr addrcs~ as Burniwcr ntav de~ignatc b}~ noticc to I.enJer as pmvided hcrcin. and
(hl any notice to Leoder shall he given by certifirJ mail. return receipt reque~~ed. t~. l.ender c address s~ated herein or to
such ~Iher addresc as 1_ender ma~• decignate M• notire t~• Rormwer as pr,~~~ided herein. Any notice provided for in this
Murtgage sh~ll he deemed to ha~~e been Riven to Bormwcr ~~r I.ender when given in ~he manner decignated herein.
15. Uniform Morf~a~t; Covernin~; iaw; Se~erabilit}•. This form of mortgage combines unifam covenants for national use
and non-uniform covenants with 6mited variations by jurisdiction W constitute a uniform security insvument ~rovering real property. The
state and local Iaws applicable to this Mortgage shall be the Iaws of the jurisdiction in which the Property is located_ The foregoing
sentence shall not limit the applicability of federal law W this mortgage. ln the event that any provision or clause of this Mortgage or the
Note conflicu with applicable law, such conllict shall not afl'ect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision. and to this end the provisiens of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall Fx: furni~heJ :~ cunfi~rmed copy ot thr Note and of this Mortgage at the time
of c~ecution or after recordation hereof.
17. Transfer of the Propert~•; Acsumption. If all ~.r am part of thc Pro~r~}• i.r an intcrest thcrcin i~ a~ld ~r trancferrei~
by Borrower withaut I.ender's prior w•ritten concent. escluding lal th~ crcati~n o( a lien ~r encumbrance suhorJinate to
thic Mortgage. (bl the ereation of a purchace m~ney x:curit~~ interest f~r househoW applianee~. (c1 a trancier bp devise.
descent or by operation of laa s~pon the death of a ji~int'tcnant ..r IJ~ the grant of am• Ic,~sehold interest of three yearc or Iecs
not containing an option to purchase. I.ender may. at Lender'c aption. declare all the sumc secured h}~ Ihis Mortgage to Me
immediately due and payable. I.ender chall ha~•e ~•ai~ed cuch ~~ptinn t~. accelerate if, prior ta the ~ale or transfer. I.ender
anJ the peru~n to whom the Property ic tc~ be coW or tr.~nsferred rearh agrcement in u•riung tha~ the crrdit of cuch percon
is satisfactory to [.enJer and that Ihe interest pa~~able ~~n the ~um. ucured b}• thi~ Mort~age ~hall be at such ra~e ac I.ender
shali request. tf l.ender has waived the option to accclerate provided in this paragraph 17, and ii Borrower e successor in
interest has ezecuted a wriuen assumption agreement acrepted in wri~ing by t.ender. LenJer chall releace Borrower from all
obligations under this Mortgage and Ihe Note.
If (.ender exercises such option to acrelerate. I.enJer ~hall mail Borrower notice of acceleration in arcordance w•ith
paragrapti 14 hercof_ Such notice chall provide a peri~.d ~~f not Ics~ than 30 Jayc from Ihe date the notic~ is mailed within
which Borrower may pay the sums declared due. If Re.rrower f:iilc to pay cuch wms prior te. the erpiratinn ~.f ~uch period.
I.ender may. w~ithout further noticc or demand on B~~rn~w•cr. ~m•oke •rn} rcmedies permitte:l b~• paragraph IR hereof.
Nurv-Utv~FOR~t CovF~~[vTS. Borrower and t_ender further rnvenant and agree as follows:
18. Accelention; Remedies. F.xcept as pro~~ided in para~raph 17 hereof, upon Borrower's breach of any covenant or
af;reement of Borrower in Ihis Mort~~e, includin~ the co~~enanfs to pay when due anr sums secured by this Mortgage. i.ender
prior to accekr~tion shall mail notice to Borrower as pro~•ided in par~raph 14 hereof specifying: (1) fhe b~each; (2) tl~t action
rcquired to curc such breach; (3) a date. not less than 30 day~s from the date the notice is mailed to Borrower. by whkh such
breach musf be cured; and (4) Ihat failure to cure such breach on or before the date specified in the notice may resdf in
accekrotion of the sums xcured by this ~tortgage. foreclosure by judicial proceeding and sale of the Properfy. 'il~e notice
shall further inform Borrower of the ri~ht to reinstate after accelenfion and fhe ri~ht to usert in the foreelosun proceedir~
the non-existence of a defauN or any other defense of Borrow•er to ~cceleration and foreclosun. If the breach is not cured on
or before Ihe date specifled in the notice, l.ender a~ Ixnder's option ma~• declarc all of the su~s secured by this Mortga~e to be
immediattly due and p~yable wifhout further demand and ma~• foreclose thLs ~tort~a~e by judicial proceedin~. Leade~ shall
be entitled to co11eM in such proceedinR all expenses of foreclosure, including. but not limited fo, reasonabtt Atforney's fees.
and costs of documentary evidence. abstr~cts and litle rirports.
19. Borrower's Right to Reinstata h`Mvrith~tanding LenJer'. arcelerati~~n of the wms ~ecureJ b~ ~h~s Martgage.
Borrower shall have Ihe nght to have an~ prcxeeding~ Ixgun hv Lrnder t~~ enf~rcc this !-lortgage discontinued at any time
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b~~K348 P~~~1793
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