HomeMy WebLinkAbout2408l.ender's written agrcemen~ or applicablc law. Borrower shall pay thc amounl ot sll mortgage insurance prcmiums in the
manner prov~ded u~de~ paragraph 2 hereof.
Any amounts disbursed by I.ender pursuant ~o this parag~aph 7, wi~h interest thereon, shall become additional
inJebtednesc of Borrowcr securcd by this Mar~gage. Unlccc Borrowe~ anJ I.ende~ agree to other tcrnts of payment, such
amcHmts xhall be payable upon ~o~ice from l.ender to Bormw•cr reyue~ting paymcot thereof, and shall hcar intrrecl f~om the
dale af disbursemcnt at the rate payahlc trom timc to time on a~ls~anding principa) under the Note unlecs payment of
interest at such rate wauld be cantrary ~o applicable law, in which event such amaunts shall I~ear int¢rest at the highest rate
permissibk u~der applicable law. Nathing contained in ~his paragraph 7 shall require l.ender to incur any expense or take
any action hcrcunder.
8. iaspectbn. i_ender may make or cause to t+e made reaconable entriec u~x~n and inspeclionc of the PropeNy, provided
that I.ender chall give Borrawe~ natice prior to any such inspection ~pecifying rcasonable cause therefor related to 1_ender's
interect in the Propc~ty.
9. Condemnatbn. The proceedc of any aw•ard .~r claim for damages, Jirecl ~~r consequential, in conneclion with any
condemnation or other taking of the Praperty, or pan thercof, o~ for ronveyance in lieu of condemnatioo, are herchy assigned
anJ shall he paid ~o [.ende~.
In ~he event of a tolal ~aking of the Pmpe~ly~. the prc~ceedc chall be applied to the cums secured by ~hic Mortgage.
with the erccss, if any, paid to Borrawer. In ~he cvcnt of a partial taking of thc Pmperly, unlecc Bormwer and I.ender
otherwice agree in writing. therc shall he applicd ~~~ the ~ums securcJ hy thi~ Mortgage ~uch pmpartion ot the praceeds
as is equal to that pm{x~rtii~n which the amount o( the sum~ ucu~ed by thic !1lortgage immediately~ prior Io the date af
~aking hears to the fair market value of the Proper~~~ immrdiatel~• prior ta the Jate of taking. with the balance of the proceeds
paid to Borrower. ~
Tf the Property is abandoned b~• Borrov-•er, or if. after notice hy l.ender to Borrower that the condemnor offers to make
an awarJ or settle a claim for Jamacec. Borrower faih t~~ re+~x~nd to I.ender within 30 Jayc afte~ the date such notice is
mailed. I.ender is authorized to collerl and apply the proceeds, at I.ender'c option, either to rectoration or repair of the
Propen}• or to the sums secured M• this Morlgage.
Unlesc 1_ender and Borrow•er othen~~ice agree in Hritine. any curh application of proceeds to principal chall not ertend
or p~xtpone Ihe due Jate of the monthlp inslallmcnts referred to in paragraphc 1 and 2 hereof or change the amou~t of
such installments.
10. Bonower Not Released. F.rlension of the time for pa~•me~t ar modification of amortization of the se~:nc sec~:red
by this Mortgage granted M• Lender t~. an~• ~uccetiu~r in interect of Borroa•er chall not operate to release. in any manr.er,
the liahility of the original Borrowe~ •rnd Bormwer'c success<~rc in interest. Lender shall not he required ta comme~ce
pmceedingc against such sucretsor ar refuce to ertenJ time for payment or othen~•ice mc~dity amortization of the sums
serured by Ihic Mortgage hy rcacon of any demand madr b~• ~he orieinal Borrow~er and Borrower's succeccorc in interest.
11. Farbearance by I.ender Nof a Wai~~er. Am~ h.nc~arancr br I.cnder in ererriaing am• right c~r remedy hcrcuncier, or
otherwise •rfTorded hy applicahle law, chall not he a K;llver of or preclude Ihe erercice of ant• surh ri~ht or remedy.
The procurement of insurance or the payment of ~aret c.r ~~thcr lienc o~ chargr~ b}• Lender ~hall not he a waiver of I.ender s
right t~~ accelerate the maturiry of Ihe indehtednecs ~curcd hy thic Morlgage.
12. Remedies Cumulative. All rcmedies pmvided in thi~ Martgage arc distinct anJ cumulative to :~ny ~1her right c-r
remeJy under this Mortgage or afiorded b}• law• or equity. anJ ma~• he e~erciuJ roncurmM[y. inJependentl~• or succe~sivel~~.
13. Successors and Assi~ns Bonnd; loiM and Se~eral i.iabilify; ('aptions. Thc co~•cnants and agrecmentc hercin
eomained shall hind. and ~he riRht~ hercunder shall inure M. the re~pecti~~e cucee~~~~r~ and accignc of I.ender and Borrow~er.
cubject to ~he provisionz of paragraph 17 hereof. AI! a~venants anJ agreementc of Borrower shall he joint and ce~~eral_
The captions anJ heaJings of the paragraphc of thi~ Mi~rtgage are for rnnveriience only and arc not 1o be uced to
interpre~ or de6ne the pro~~icions hereof_ ,
14. Nofict. Except for any nolice rcyuired ~inJer applicahle IaN to be given in another manner. (al an}• notice to
Born~wer provided for in ~hic MortRage shall hc givcn h}• m~ilink ~urh n~.ticc by rcrtified mail addreckd to Bormw~er at
the Property Addresti or at such other addre~~ as Burr~~wcr ma~• dccignalc b~~ no~icc to l.endcr as pm~~ided herein, and
~hl an}• notice Io Lender shall he given by certifnJ mail. return receipt reque~ted. ti. 1 ender c address stated herein ~r tn
cuch other addresc as I.ender ma}• decienate b}• notice ~~~ Bormwer as pr.~~•ided hercin. Any notice pr.,vided for in this
Mortgage shall hc deemed to ha.•c been givcn to Borrowcr or 1 ender when given in thc manner de~ignated hcrcin. ~
" IS. Uniform Mort~~e: Gorernin~ iaw; Se.erabilih•. This form of mortgage cambines unifam covenants for national ux
and non-unifortn eavenants with limited variations by jurisdiction w constitute a uniform security iQstrument corering r~al property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is bcated. The foregoing
sentence shall not limit the appGcability of federal law to this mortgage. In ~he event that any provision or clause of this Mortgage or the
Note conflicts with applicable Iaw, such conflict shall not aflect other provisions of this Mortg,age or the Note which can be given etTect
without the conflicting provision. and to this end the prorisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower tihall Fn furn~~hed :~ conformed cop~• ot thr Notc and of thic Morlgage at the time
of executian or afler recordalion hereof.
V. Transfer of the Propert~•; Assumplion. I( all ~~r am• p:ut of thc Propcr~y or an interest thcrcin ic s~~ld or trancferrcd
hy Borrower without I.ender's prior wriltcn concent. e~cluding lal thr creati~m of a lien ~r encumhrancr suhor~linatg to
~hi~ Mortgage_ (b) the creation of a purchate me.ne~~ cecurit~• inlereN f~.r h~aiceh~~ld appliance~. Icl a ~ran~fer M•~devise.
de~cent or by operation af 1•rw upc~n the ~leath c-f a j~~int tenanl ~r (J- the g~ant of •rnt le~seh~ld interest of three yrarc or Iecc
not containing an option lo purchase, I.enJcr ma~~, at I.rndcr', opt~un, dcrlarc ~11 thc sum~ scrurcd M• this Mortgagc to bc
immediately due and payable. Lender shall ha~~e wai~•cd ~uch ~-ption t~. accelerate if, prior to the ~•r[e or transfer. I.ender
and the peru~n to whom the Pmper~y ic to Me colJ ~~r trans(crred rrach agreement in v-•riting that the crcdit ~f tuch pcrs~n
ic satisfactory to [_ender and that Ihe interc.t payahle an the tum. ucured hy thiti hlortqage ~hall be at such rate ac 1_ender
shall request. if I.ender has waiveJ 1he option ~o acceleratc pmviJed in ~hic p•rraFraph 17. and if Bi•rrower'c successor in
interest has exeeuted a wntten ass~mption agreement accepted in writing by 1_cnder. I_enJer chall releace Borrower (rom all
obligations under this Mortgage and the Nate.
If I.ender exercises such option to acreler~te. I rndrr ~h~ll m•ril Bormwcr notice of acceleration in accordance with
paragraph 14 hercof. Such notice ~hall proviJe a~xric.J ~-f not Iesc than ?0 Ja~•~ from the date the noticr ic mailed within
which Borrower may pay the ~ums declared Juc. If Rorrowrr faik ~o pay ~urh tiumc pri~.r t~, the expiratinn ~~f wch peri~xi.
I.ender may, without (urther noticc or demand ~•n H~~rr~~wer, invol,e am remedies perm~lted ht• paragraph 1 R hereof.
NoN-UNIFORM COVEY~NTS. BMrowCr and I.cnder ~ufther covenant and agrce as follews:
18. Acceleratlon; Remedies. Except as pro~ided in par~raph 17 hercof. upon Borrower's breach of any corenant or
ag~eement of Borrower in this Mort~aRe. includinR the co~enaots to pay when due any sums secured by this Mortga~e. I.ender
prior to accekrat'an shall mafl notice to Borrower as provided in paraRrapb 14 hereof specifying: (1) the bceach: (2) Ibe ad'wn
required to cure snch bresch; (3) a date. nof less than 30 da~~s from Ihe date the notice is mailed to Borrower, by which such
breach musf be cured: and (4) that failure to cure such breach on or beforc Ihe d9tt specified in the notke msy nsult in
acceleration of the sums secund by this Morl~a~e, foreclocure b~ judicial proceedinR and sale of the Propertr. 'I7~e notice
shall further inform Borrowe~ of the ri~ht to reinstate after acceleration and the right lo assert in the foreclosure proceeding
Ihe non-existence,of a default or any other defense of Borrower l0 9cceleratan and foreclosurc. If Ihe breach is not cyred on
or 6efore the date s~eci6ed in the notice. I.ender al l.ender's option ma~• declarc all of the sums secured by fhis MortR~e to be
immediately due and payable withouf further demand and m~y foreclose Ihtc M11ortRa~e by judicial proceedin~. I.ende~ shall
be entitled to collect in such proceedinR all expenses of foreclocure. includinR. but not limifed fo. reasonabk attorney's feec.
and costs of documentary evidence. ~bstracts and Iitk reports.
19. Borrower's Right to Reinstate. Notwith~t~ndin~ I.ender', acrrlerat~un of the sumc ~ecureJ by ~his Mortgage.
Borrower shatl h•rve the right to havc an~ prcxccJink~ tx~un hy I.cnJcr t~~ rnfarce thi~ Mortgage discontinued a~ an}~ time
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