HomeMy WebLinkAbout2463Lendcr i written agrceme~t or spplirable law. Borrower shall pay the unouot of all moNtaae iosutance ptemiums in the
manner p~ovided under puagraph 2 hercot.
Any amounts disbu~xd by t.ender pursuao't ~o this parag~aph 7, wi~h intercst thercon, shall become additional
inJebtedness of Borrowet sccurcd by this Mortgage. Unless Bortower and l.ende~ agrce to other temu ot payment, such
amountc shall bc payable u~+c~n no~ice from I.ender to Borrawer requcsling payment thereot, and shall lxar interest trom the
date of disbursement at the ratc payahle from time ta time on outstanding p~i~cipal u~der the Note unleu payment ot
intercst at such rate would be contrary to applicable law, in which event such amounts shall bea~ i~terost at the hightst nte
permissible u~der applicable law. Nathing c~+n~ained in this parag~aph 7 shall rcquire i.ender to i~cur any expense or talte
any action hereunder. ~
8. laspeetion. l.ender may make or cause fo be made rea~onable entriec u~+on and inspections of the Propeny. provided
that l.ender shall give Bor~owe~ notice prior to any such inspection specifying rcasonable cause theretor related to Lende~'s
interest in the Property.
A. Condemnatbn. The proceedc of any avvard or claim for damages, dircct or consequential, in connectioe with any
conde-nnatian or other taking of the Property, or part thereof, ar for conveyance in lieu of condem~ation, are hercby assigned
and shall be paid to i_ender.
in ~he event of a Iotal taking of the Property. ~he proceeds chall be applied to the sums xcurcd by this Mortgage.
w~ith the ercess. if any, paid to Borrower. ln ~he event of a partial ~aking ot the Property, unless Borrower and Lender
o~herwice agree in writing. therc shall be applied to the cums secured by thic Mortgage such proponion of the proceeds
as ic equal to that proportion which ~he amount af the sumc cecured by this Mortgage immediately prior to the date of
takiog hears to the fair market value of the Property immediately prior to Ihe date of taking, with the balance of the proceeds
paid t~ Borrower.
Tf the Property is abandoned by Borrowe~. or if_ atter nolice by i.eode~ lo Bo~rower that the condemnor oBen to malce
an aw~ard ~~ settle a claim for damages. Borrower (ails to respond to 1_ender within 30 days after the date such notice is
m.~iled. I.ender ic authorized to collect and apply ~he p~ocecds. at 1_ender's option. either to restontion or repair of the
Proper~y or to the sums sccured by this Mortgage.
Unlesc [.ender and Borrower athervvise agree in N~ritinc. any such application of proceeds to principal shal) oot extend
or po~tpone ~he due da~e of the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of
~uch ins~allments.
10. Borro~ver Not Released. Fxtension af the time for payment or moditication of amortization of the sums secured
by thic Mon~age granted by I.enJer to any successc~r in interect of Borrower shall not operate to rclease, in any manoer,
the liabilit~~ ~~f the original Borrower and &~rrawer'c successorc in interest. t_ender shall not he required to commence
proccedings against such successor or refuse to extenJ time for payment or othenvice modify amonization of ihe sums
cerured hy thi~ Mattgage hy reason of any demand made by the ori¢inal Borrower and Barrower s successors in interest.
11. Forbeannce by i.ender Not a Walver. Any torhearance by i.ender in exercising any right or rcmedy hercunder, or
o~herwise afforded hy applicable law. shall not be a waiver af or preclude the exercix of any such right or rcmedy.
The procurement of insurance or the payment of tares or other liens or charges by I.tnder shal) not be a waiver of Lender's
right ~~~ accelerate the maturity of the indebtedness ~ecured hy thic Mortgage.
12. Remedies Cumulati~e. All remedies provided in this Mortgage are distinct and cumulative to any othtr right or
remedy under this Mortgage or afforded hy law or equity. and map be exercised concurrently. independently or successively_
13. Successors and Assigns Bound: loint and Se~eral I.iability; Csptbns. The covenants and agreements hercin
contained cfiall bind, and the riRhtt hereundtr shall imire to. the respeetive succecsors and assig~s of Lender and Borrower,
subject to the provisionc of paragraph 1'7 herrof. All covenants and agreeme~tc of Borrower~hall be joint and several.
The captions anJ headings o( the paragraphc of thic Mortgage are for convenience only and arc not to be used to
intevpret or define the provicions hereof.
14. Notiee. Except for any notice required unJer applicable lav~ to be given in another manner, (a) any notice to
Borrawer provided for in thic Martga¢e shall he given by mailing wch notice by certified mail addressed to Borrower at
~hc Property Address or at such other addre+c as Bormwer may decignate by notice to 1.ender as provided herein, and
Ib) an}• notice to Lender shall be given by certificd mail, retum receipt requested. to 1 ender s address s~ated herein or to
~uch other address as Lender may designate hy notice to Borrov-•er as provided herein. Any notice provided for in this
Mortgagc shall be deemed to havc been given to Borrower or I.ender w•hen given in the manner designated herein.
15. Uniform MorlRa~e; Governin~ Iaw: Severabilify. Thit form of mortgage combines unifonn covenants for national
ute and non-uniform rnvenants w•ith limited variations h~ junuiiction to constihUe a uniform security instroment covering
real property. Thic Mortgage shall be governed hy the ~:lK' Of I~IC juricdiction in whieh the Property is located. In the
evenl that an) provision or clau~e of lhic Marigage or ~he Note rnnflicts ~i~h applicable law, such conflict shal) not afTect
olher pra~-i~ionc of thic Mongage or the Note which can be giveo eBect wi~hout the conflic~ing provision, and to this
end ~hc provisions of thc Mortgage and the Notc are declarcd to be severable_
~ 16. Borrower's Copy. Borrower shall be furni~hed ~ c~nformed copy qj the Note and of this Mortgage at the time
of execution or atter recordation he~eof.
17. Transfer af tl~e Pmperty; Assumption. Tf all or any part of thS Property or an intercst therein is sold or transferred
by Borrower withow I_ender's prior wrinrn consent. excluding lal the cre3tion ot a licn or encumbrance subordinate to
thi~ Mortgage. (b) the creation of a purchace money ~ecurity ~nterest for household appliances. (c) a trans(er by devise.
descent. or by operation of lavr upnn the Jeath of a joint tenant or /JI the grant of any leasehold interest of thrce years or less
not containing an option to purchase. I:ender may, at ~ender'c option, declare all the sums secured by this Mortgage to be
immcdiately duc and payable. Lender shall have waived such option ~c accelerate if, prior to the sale or transfer. Lender
anJ the person ta whom the Property is to be sold or transterred reach agreement in writing that the credit of such person
is satisfactory to I.enJer ~fjg/~S~j/yl'yE~yli~y~f~/~j(jtyE~(yS/1~{f jlyh~tjl fqFj6j~jA/4'S'fj~fyi~/~bJ~,~~q~/~y6}~/~~/~1'~9~~9~~1~~~~
~~1~tT~t~/ If l.ender has waived the option to accelerate p:ovided en th~s paragraph 17, and it rrowers sutcessor m
mterest hac executed a written assuhnption agreement accepted in writing by Leoder, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if I.ender exercises si~ch option to accelerate. I_ender chall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall providt a period of not less than 30 days from the date the notice is mailtd within
..hich Borrower may pay the sums declared due. If Borrov-er fails to pay such sums prior to the expiration of such period,
Lender may, without furiher notice or clemand on Horrower. invoke any rtmedia pcrmitted by paragrap~ 18 hereoE.
Norv-IJN~FOR~-t Covex~nsTS. Borrower and I_ender further covenant and agree as follows: ,
18. Accelenfan; Remedies. E:cepf as provWed in par~raph 1~ hereof. upon dorrower's breacb of awy coveoa~t ar
agreement of Borrov-er ia tbis Mortga~e. Includirq~ Ihe covenants to pay r-hen due aay sua~s secnred by this Mortta~e, I.e~dcr
prbr to acceleratan shall mail notice to Borro~.er as provided in paraRnph 14 hereof specifyia~: (l) tLe breacb; (2) tbe actiow
rcquired fo cun such breac6; (3) a date. not less than 30 days from the date the notice k ma~ed to Eoaower, br wbic6 soc~
bresch must be cnred: aad (4) that fdlun to cun such breach on or beEore the date spcci6ed is tbe ootke reay resrk h
accekratan of tbe wms secured by this Mortgaae. foreclosure by judicial proceedi~ snd sak of tbe Property. 7Le eotke
sball further inform Borrower of the right to rei~lste after accckration and the ri~ht b~ert ie tbe foreclo~ore ~oetedi~
the non-t:istcnce of a default or any other defense of Borrower to accekntioa and foreclos~re. If the breacb fs oot emd os
or before the date specified in the notice. Lendrr at I.cade~'s option msy declare all of tbe soms sec~red by t6is Mort~a~e N be
immedlstdy due and payabk witfaut furtber demsnd and may toreclose ti~ts MortEa6e by j~dkfal'roeeedfo~. Lesder srar
be eatided to collect ia such proctedi~ ap e:pensa of foreclosure. includioa. bst oot limited jto, reatoaabk atfoAe~s tea.
and costs of documentary evidence, a6stracts aad titk repo~ls.
19. Borrowe~'s RfRht to Reiastate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage.
Borrower sh~ll have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
Adde~d~~ to P~ri=rapr 1S. The state and local laws applicable to this mortgage shall be the laws ot the jurisdiction in
whkh the propertv is located. The toregoing sentence shall not limit the applicability of tederal law to this morigage.
8~7K3~8 P,~2461
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