HomeMy WebLinkAbout2417i.eodcr's w~itte~ agrcement or appiirable law. Bor~ow~cr shall pay thc amuunt of all mongage insurancc prcmiums in ihe
manner pruvidecl undcr pa~ag~aph 2 hercot.
Any amounts disbursed by I.endcr pursuant to this paragraph 7, with intercsl thercon, shall becamc additiona)
inJebtedness ot Borrawc~ securcd by ~his Mor~gage. Unle.c Borrovrcr anJ I.ender agree to Mher terms of payment, such
amounts shal) be payabk u~n no~ice from Lender li~ Borrowrr rcyuec~ing paymcnt thcrcof. and chall hea~ iMerest fmm the
datc af disbursement at thc rate payablc from time ta time ~n autslanding principal uoder the Note untess payment of
intercst at such rate would be cantra~~ to applicable law, in w~hich event ~uch amoun~s shall bear interext at the highest rate
permiuible under applicable law. Nathing can~ained in thic paragraph 7 shal) requirc l.ender to incur any expense or take
any action hereu~der. .
8. Iaspectbn. Lender may make ar cause ta l+e made reaconable emriec upon and inspectionc of the Pmperty, provided
that I.ender shall give Borrower notice priar ro any such inspection speci(ying rcasonable cause ~herefar related ta I.ender's
inter~sl in the Propetty.
9. Condemaatbn. The proceedc of any a~•ard or claim for damagec, direct or concequential, in cannection with any
condemnation or other taking of the Propeny, or part thereof, or for a~nveyance in lieu ot candemnation, are herchy ascigned
a~J shall t+c paid ta I.ender.
in ~he event of a total taking of the Pr~per~~~, the prc~ceeds ~hall he applied to the c~ims securcd by thic Mortgage:
with the ercess, if any, paid to Barmwer. 1~ the evenl of a par~ial taking of the Propcrty, imlccs Bormw•er and Lender
rnherwice ag~ee in writing. Ihere shall he applied to Ihe +um~ ucurcd hp Ihic Morlgage cuch praportion ot the procetds
as ic equal to that proportion which Ihe amount of ~he sumc ~ecured h~ thic Mortgage immediatel}~ prior to Ihe date of
taki~g hears to the fair market value af the PmFx:rty immcdiately prior to the Jate of ~aking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if. after noticr by I.ender to Barmwer that the condemnor ofiers to make
an award i~r seUle a claim for damagec, Borrower fail. to re~~nd to 1 ender within 30 da~~s af~er the date such nMice is
mailed, i.ender ic authorized ta collect and apply the prc.ceeds, at I.ender ~ optian, either to ~ectoration or repair of the
Propen}~ or to Ihe sums secured hy this Mor~gage.
Unlesti 1_ender and Borrower othen~•ik agrcc in writine, any surh application o! prc~ceeds to principal shall not etitend
or pcxtpone the duc Jate of thc manthl}~ inslallmrn~s refcrrcd to .in paragraphs I and 2 hercof or change thc am~:mt of
such installments.
10. Borrower Not Releaced. Frtension of Ihe ~ime for payment or modifica~ion o( amortizatioo of Ihe cuma ~e:ured
b~ this Mort~eage granted by LenJer M any ~occe~t~~r in intrre~t of Borrow•er chall not operate to release, in any manner,
the liahility of the original Borrow•er and R~-rmwer's surcescorc in interett. l.ender shall not he rcqi~ired t~~ commenee
proceeJings against such succeaor or refu,e to ertend ~ime for paymeot or otherwice modify amortization of Ihe sums
serured hy thic Mortgage hy rcax.n of am• dcmand madc b~~ thc orie~nal Rorrower and Borrowcr s cucccx~.rc in interes~.
11. Forbearance by I.ende~ Not a Waiver. Am• f~~rtxaranrr h}• Lendcr in crcrci~ing am• right ar remeJy hcreunder, or
othenvise •rfT~irded hy applicablr law, sh~ll not he a waiver of or preclude the exercice of am• iuch right or remtdy.
The procurement of insurance o~ the p•ryment of ta~e. ar other lienc i•r chargec by l.ender thall not he a waiver c~f i.ender's
right to accelerate. the ma~urity of the indehtednecs ~ecured h~~ thit Mortgage.
12. Remediec Cumulative. All rcmediec ~Smvided in thic Mortgage arc distinct anJ cumulatiee to ant• other right or
remeJy under ~his Mortgage or affordeJ b~ law• or rqui~y, and may he exerciud concurrcntl}•. independenth• or succecsivel}•.
13. Successors and AssiRns Bound; ]oinl and Se~eral f.iabilih•; Captions. The covenants and agreemeM~ herein
contained shall binJ, and the riRhtc hercunder shall inure to. the re~peclive wrre+a.r~ and ascignc of I.ender and Aorrow~er.
tubject to the provisionc of paragraph 17 hereo(. All coeenants anJ aRreement~ of AorroK~er shall he joint and ~e~eral.
"Tlte captions anJ heaJing~ of the paragraph~ of Ihic Morlgagc are for cc-nvenience ~nly anJ are n~.t t~~ he uced lo
interpret or define the pro~•iaionc hereo(_ ~
14. Notice. Except far any notice reyuired unJer applicahle la~ to t-e Riven in another manner. (al ant• notice to
Borrower pr.~vided for in thic Mortgaee shall Fk giv~n hy mailing w~h n~~tice hy certified mail addresccd t~ Bc-rmwer a1
the Property Addrecc or at such uther addrec~ as B~~rr~wer mar de.ignate bp n~~tice to 1_enJer as provided herein, and
(bl any notice to [.enJer shal) he given hy cerlifi~d mail. retum receipt reque~ted. tc- 1 ender'~ adJress slated herein or to
cuch other address as I_rnder may dc~ignate b~~ nMirc t~~ Borrawcr ac pr.~vided hcrcin. Any notice prc.vidcJ f~~r in this
Mortgage shall he deemcd to ha~~e been Riven Io Borrower ~~r 1 cnder when given in the manner de~iRnated herein.
15. Uniform hiurtRa~;e; Governin~ Iav~; Se.•erabilit~~. This form of mortgage combines uniform covenants for national use
and non-uniform oovenants with limitod variations by jurisdiction to constiwte a uniform security instrument covering real property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is k~cated. The foregoing
sentence shall not limit the applicability of foderal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such contlict shall not atfect other provisions of this Mortgage or the Note which can be given effect
v-~thout the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrow•er shsll Fx: furni~heJ a r~~nf~~rmed copc o( the No~c ~n~l ~f thic Mortgage at the time
of c~ecution or after recordation hercof.
17. Transfer of the Property: /lcsumplion. If all ~.r am~ ~art of thc Prupcrt}• or an intere~t thcrcin i~ s~.ld or tranderrcd
by Borrower without I.ender's prior writtrn ran~em. r~cluding (al thr cre~tion ~~f a iien c-r enrumhrance sohordinale tn
th~c Mortgage. (h) the creation of a purcha~e mi~ne}• ~cu~itc intcrest for he-ucehold appliancec_ (e) a trancfer h~• devise.
deticent or by operation of law u~n the Jeath ~.f a j~~int tcnant or IJ~ Ihc gran~ ~~f ~am~ Ieaseh~ld interest of thsec ycars or Jecs
not containing an option ta purchase. I.enJer may~. at Lender'. aphun, declare •rll the ~umc serurcd hy this Alortgage to F~e
~mmediately due and payable. Lender tihall hace wai~•ed ~uch oplion t~. accclera~e it, prior to the ~ale or transfer. Lender
and the person to whom Ihe Property i~ to t+e solJ ur trancterred reach agreemenl in w~riting that thr crcdil of ~uch pen~n
it satisfactory to Lender and that the iMerr~t pa~•able on the sumti Kcured hy thic Mortgage ~hall be at such rate ac I_ender
shall request. If 1_ender has waiveJ the option te. acrelerate provided in ~hic paragraph t7, and if Bc-rmwer't successor in
interest hac executed a written assumpiion agreement accepred in writing b} t.ender, l.ender chall releace Borrower from all
obligations under this Mortgage and the Note.
If 1_ender e~ercises such option lo accelerate. 1 rnder ~hall mail B~~ro~+er nutice of acceleration in acrnrdance with
paragraph 14 hereof. Such notice tihall provide :~ periaJ ~.f nu~ Iess than z0 Ja~~~ frc~m the date the notice is mailed within
vehich Borrow~er may pay the sumc declared due. If Borruwer failc to pay airh ~nmc prior tc. the erpiration af tuch period.
I.endcr may. w~ithout further noticc ~r demand ~•n Borruw•er, im•~ke an~ remedies permiUetl M• paragraph 1 R hereof.
NoN-UytFOR!-t CovF~~x-rs. Borrower and l.ender turthcr rnvenant and agrce as follows=
18. Acceleratio~; Remedies. Exceq ~s pro.~ided in par~raph 1~ hercaf. upon Borrower's breach of any covenant or
aRreement of Borrower in this Mort~a~e. includin~ Ihe co~enants to pay when due any snms secured by this Mortgage. I.ender
prior to acceler~tion shall mail notice to Borrower ac provided in par~raph 14 hereof specifying: (1) the bceach; (2) the actan
~equired to curc such breach; (3) a date. not less than 30 dayc from the date the notice is mailed to Borrower. by whkb such
breach must be cured; and (4) that failure Io core such breach on or 6eforc the d~t specified in the notice may resalt in
accekration of Ihe sums secund by this Nort~~e, foreclocure by judicial proceedin~ and sale of the Property. 'i1~e notice
shall further inform Borrower of the riRht lo reinslate after acceleration and Ihe ri~ht to assert in the foreclosure proctedi~
the non-exislence ot a defauN or anv other defense of Borrower to acceler~tion and forcclosurc. If Ihe breach it oot cured on
or before the date speci6cd in the notice. I.ender al I.ender's oplion may declarc ~11 of the sums secured by this MortRs~e to 6e
immediately due and payable wilhoul further deman~l and ma~• forcclou thtc tilort~aRe b~~ judicial proceedin~. I.ender shall
be entitled to collect i~ such proceedin~ all expenses of toreclosure. includin~. but not limited to. reasonable atforeey's fees.
and cosfs af documentarv e~~idenct. abstractc and titk reports.
19. Borrower's Ri~ht to Reiactate. Notwith~tanding Lendcr ~ acceleration ~f the sum< <ecured by this Mortgage.
Borruwer shall have the right to have am prcxeeding~ ixgun hy Lrnder t~~ cn(orre Ih~ti ~tortgage disconlinueJ at any time
~
~ `k`.-. '_' `. _. _. ..
8~1K•
`,"34$ r~~E2415
I
. , _~. .x~'~