HomeMy WebLinkAbout0960 l.ender's w~itten agrcemcnt c~r applirahle law. 43o~ruwe~ shall pa}~ the amount of nlM tnbrtgage i~sur~nce prcmiums in the
manner provided under paragraph 2 hereof.
Any amouMS di~hursed by l.cndcr punuaM ~o this parag~aph 9, with u~trrest thercon, shall bccome ~dditional
in~lcbtednes~ ~,f Horrower secured by ~hic Mc.ngage. llnle~t NorroHCr and I ender agr~Y to other tertnc of pa)ment, such
amounts shall he payaMe upon notice fr~m I.endcr to RorruH•~~ reyuec~ing p;~yment thercof, and ~hal) hear interest from the
datc of dicbursement at Ihc rate payahlc from ~imc to time on outstanding principal under thc Note unless payment of
interest at such rate w~ould t+e contrarv to applicable law, in which cvent such amounts shall bear interest at the highect rate
permissihle imder applicable law. Nothing contained in this paragraph 7 shall require l.ender ta incur any expense or take
:~~y action hereunder. •
8. lnspection. l.ender may make or cause to t+e made rea~onahle rntriec u~x~n and incpectionc of the Property, provided
that l.ender shal) give Borrower notice prior to any wrh •inspe:ction ~~xcifying reasonable cauce therc(or rrlated to I.ender's
intcrcct in thc Propc:rty.
9. Condemnatbn. The prc.~eedc of an~' :1N'ard or claim for damages, direct or concequential, in rnnnec~ioo with any
condemnation or o~her taking of the Property, or pa~t there~~f, or for cunvc}~;inrc in liet? of rnndemnation, are hercb} as~igned
an~l ~hall ~ paid to Lcnder.
in thc event of a tMal taking of the Pm~xrt)•. thc pmreeds chall bc applird to the ~umc sccurcd by thic Mortgagc.
with thc ercess, if any, paid to Bormw~cr. ln the e~~ent c~f a partial takin~e uf ~he Property. unlesc Rorrower and l_ender
otherwi.~ agree in wriling. therc shall be applied to the ~um~ ~erureJ hy thiti Mor~~;age tuch pro~rtion of the prc~ceeds
as i~ eyual to that pro~x~ni~~n w~hich the ami~wit thr sumc .ecured hy thi, '.Nortgage immediately prior to the date of
taking hearc to the fair market value of the Pru~x~h• immed~a~ch• pri~~r ~o the Jate of tal;ing, w•i~h ~he halance of the proceeds
paid t~~ Barrow~er.
If the Property ic ahandoned h~• BorroN~cr, or if. after ni~ticc h}~ l.endrr lo Borrawcr that thc condemnor oPfcrs to make
:~n award ~r setlle a claim for damag~~, B~~rrower faih ti~ rr~{w~nd t~~ l ender w•ithin 30 da}'~ after the date such notice is
mailed. I_ender i~ aothorized to collert and apph• thr pn•ceeds, at l.ender's aptian. either to restoration or repair of the
Pr.~Fx-tc ur to thc ~tims ~ccurcd M• this Mortgagc.
l,'nlesc Lender a:~d Borro~~er othen~•icr agree in writine. am~ ~urh :~r~r~:~ti~~n ~~f proceedc t~ principal shall not ertend
i~r ~xiclponc thc duc date of thc monthl~• inslallmcntc rcfcrr~d to in paragraph~ 1 and 2 hcrcof or changc thc amount of
~uch imlallmentr.
10. Borrower Nof Relea~ed. Extension ~f the Iime f~r pa~~ment or modific~tion of amortization of the sumc secured
by thic At.~?t~.~~,r t;raMed by Len~lrr ti. am• ~u~ce~~or in intrrctit of B~rrower tihall no1 operate to rclease, in any manner.
the liabilit)~ af thc original Bormwer and R~~rrow~er'. surrcc«~rc in iMCrett. I.cnder shall not he required ta commence
pnkeedingti against wch cucre,s~r or rcfuu ta r~~c~d time for paymem c~r o:hen+~ik mcxiif~~ amorlizati~~n of the sums
securcd b}~ this Mortgage h~• reasc~n uf am• demanJ made b~ thc oricinal BorroWer and Borrow•er s cuccescors in interect.
11. ForMearance by ixnder \ot a Wai~•er. Aii~• f~~rFxaranrr h~ l.rnder in c~ercising any righl or remedy hereunder, o:
e~thenuise aiTurdeJ h~~ applicable law, ch:~ll n~a ix wai~•cr <:f ~~r prcclude the exercise of am~ siich right ~r remedt~.
The prckurement of incu~anrc ~~r the pa~~mem ~~f ta~c~ ~~r Mher lienti ur chargr~ hy L~nder tihall not hc a uaiver ~f l.ender's
righl ti~ acrclcr~tc thc maturit~• of thc indehtcdne.< <rcurrd h~• thi~ \lurlgagc.
12. Remedies Cumulative. All rcmcdicc pm~ idcd in thi, \lortgagc arc distinct and rumulativc to an~~ ~Iher right ~r
rem~~h• under thiti Mortgagc or afi~,rded h}• la~ ~.r ryuit~•. :~nd ma~~ Fx c~erci.rJ c~~ncurrrntl~•. independenth• or succetsi~•ely.
13. Successors and Assi~nc Bound: Joinl and Se~eral I.iabilih; ('aptions. Thr co~~enants and agreementti herein
c~n~aincd chall hind, and thc ri~hte hcrcundcr ~hall inurr to. thc rr.~~ti~•r +urcc~c~~rt and accign~ of Lcndcr :ind Borrow~er.
tiuhj~ct to thr pr~witiiom ~f paraeraph 17 hcre~~(. Ali ~o~~rn:~nlc and agrcrmcnl. of Borrow~cr sh:~~l hc j~~int and tcvcral.
Thc ca~tionc anil hca~ing~ of thc par.~graph. c~f thic ~t<~rtgag~ arc f~r a~nvcnicncc ~nly and arc n~,t t~~ tx; uccd to
intcrpr~t i~r dcfinc thc pmvieion~ hcrcof_
14. 1Totice. Exccpt for any notirc rcyuir~d unclcr ~~plir:~hlc I:~~+ t~~ bc given in am~thcr manncr. (a) an~• notirc to
Burmw~er provided for in thic ;1lortgaLC shall Fx givrn hc maiiine tiurh n~~ti:r hy certified mail addret~d to Borr~wer at
thr Prapcrty Addreti. or at ~uch othcr addreti. aa B~~rrnwcr m:n~ dc~icn:~tc h~~ n~~ti~c ti~ i cndcr :~s pnn-i~cd hcrcin. and
(hl an~• noticr to [.ender shall he given h}• certifir~l m:ul. return rrrei~t reyueited. ti~ t ender'ti addrec~ stated herein ~r to
~uch i.thcr addresc ac Lcndcr may dc~ignatc b~ n~.ticr t~~ B~~rr~~wcr as pm~idr~l hcrcin. Any noticc pmvidcJ f~~r in this '
~i~•rtgage shall Ix deemrd tu h:i~~ txen gi~•en to Borr~.wcr ~~r 1 rnder ~+hen gi~cn in thc manner de~ignated hercin.
15. Uniform Tiort~;a~e: Co~~erninR I.a~s; Se~erabilih•. Thi. fc~rni of mortgage ~~mbines uniform crn•enants for national
~ u,c and n~m-unif~~rm a•~cnant. with limitr~l ~:iri:iti~~m h~ juric~Gcti~~n tc~ rnnslitutc a unifo:m tccurit~• inctrumcnt c~?vering
E real pmpert}~. Thi, Mortgage ~hall tx gc~vcrnrd h~ thr L~H ~~f the juritidi~iion in w•hi.h the Property i~ Icxxated. In the
~ event that an} provision ~~r rla:i~e u( thi. \t~rtga~r ~~r thr \,~t~ r~~nfli~t~ ~.ith :~pplicahle law~, ~uch conflict ~hall not affect
; ~~ther pm~itii~~m of thi~ Mortg~gc ~?r thc ti~.tc ~~h~rh ~an hr g~~cn cffrct ~~ith~ut thc contli~ting pro~~i~i~~n. and to this
f cnd thr prc~~i~i~,nc c.( ~hc L1~~rtg3gc and thr \i~t~ .~r~ ~Irrl.~red t~~ F.t .rvcrahlc.
16. Borrower's Copc. Borrower tihall hr furni~he~i a c~~nf~~nnrd re~p}' ~~t thr ti~te ;md ~•f Ihic Mortgage at the time
~~t ceerution or aftcr rrr.~rdation hcrrof.
~ 17. Transier of the Propert~• Actiurnption. If all ~~r an~ r.~rt c~f the Pr~~pertc ~•r an interest therein ic s~~ld or tranderred
~ h~• Borrowrr withuut I.cndcr's pri~~r wriu~n c~m~cnt. r~:liiding i.~i thr crc:~ti~~n af licn ~r cncumhrancc suhor~linate t~
,~V thi~ M~rtgage. (hl the ~reation ~f a purcha~~ nu~ne~~ ~rruritc interc,t f~~r h~~u~ehul~ appliancet. Ic? a tran.fer h~~ devise.
dr~cent i~r b}~ o~xration of law upc~n the ~Ieath ~~f i~~~nt tenant ~~r ~~1~ the ~:rant ~~f ant Ie.~~ehold interest ~f three yrar~ or lec~
n~~t rontaining an option ti~ purchase. I cndcr mac, at Lcnder'~ ~~pn~~n. dccL•ur c~tl thr tium~ sc~urcd h~• this ]1c~rtgagc ti~ bc
immr~liatrh• due and payahle. Lendcr shall ha~e ~:u~~d .u:h aphun ~i~ acccler.~te if. ~+rior tn the wle or transfer. Lrnder
an:l thc person Io v~fiom thc Pro~xrt}' i, t~~ bc sol~t ~~r Ir.~ns(rrrr~l rcach agsrcmrnt in writine that thr crcdit of wch pcr.on
iti catitfact~•n to Lender and that thc intere,t pa}•ahle un the ~nm. .ccured h~ thi. ~tortKage ~hall be at such rate ac I.ender .
shall reyuetit. If Lender has w~aiveel the ~ptie,n to ;~ccelerate prrn•ief~d in this paragraph 17. an:1 if H~rrowcr'ti successor in
~ intcrest hati executed a written assumption agreemcnt arccptrd in ~+riting h~• I.rnJcr. I.cn~lcr ~hal) relcac~: Borrower from all
~ oMigahons unJer thiti Mortg:~ge and the N~te..
~ If Lendcr c~crciccti ,uch oph~n ta arrckral~. I.cn~lrr .h:Jl mail B~rrowcr nc~ticc ~~f ac~clcrati~n in arcordancc with
k paragraph 14 hereof. Such natice ~hall pravide a~xri~~~l ~~f n~a les~ than 30 da)t (n~m the date the notice ic mailed within
~ which Rormw~er ma} pa}' the sumc decl:~rCd duC. 1~ B~~rm~~er (ail~ to p:+~• ~uch .nm~ pri~,r t~~ the ~~pir.~ti~~n ~~f wrh pericxl.
LrnJ~r may. ~~ith~~ut further notice or Ucmand on 13~~rm~er, imc~~,r am rrmedies permrttc:i h}• paragraph 1R hereof.
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- Nov-U*~~FOR~t Crn~EV~vTS Borrower and Lender further cmenant and agree as follows:
t; 18. Acceleration; Remedies. Except as pro~~ided in para~raph 17 hereof. upon Borrower's breach of any covenant or
~ agreement of Borrovicer in this ~tortga~e. includinR the covenants to pay when due any sums secured by this Mortg~e, I.ender
prior lo acceleration shall mail nutice to Borrower as provided in paragraph 14 hcreof specifying: (1) the breach; (2) the action
3 required to cure such breach; (3) a date, not less than 30 days from the date the notice i5 mailed to Borrower, by which such
~ breach must be cured; and (4) that failurc fo cure such breach on or before the date specified in the notke may result in
~ acceleration of the sums secund by this Mortga~e. foreclosure by judicial proceeding and sale of the Property. 7Le notice
~ shall further inform Borrower of the right to reinstate after acceleralion and the right to assert in the foreclosurc proceeding
~ the non•existence of a default or any other defense of Borrower to acceleration and foreclosurc. If the brtach is oot cured on
~ or betore the date speci6ed in the notice. Lender at [.eoder's option may declarc all of Ihe snms securcd by this Mortgage to be
immediately due and payable without further demand and may forcclose thic MortRage by judicial proceeding. Lender shall
~ be entitled to collect in such proceeding all expenses of foreclosure. includinq, but nof limited to, reasonable attorney's fees.
~ and costs of documentary evidence, abstracls and title rcports. _
19. Borrower's Right to Reinstate. Notwithstanding [.ender'c acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an}• proceedings hegun hy Lender to entorce thi~ Mortgage discontinued at any time
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