HomeMy WebLinkAbout0987 t.ender's H~ritten agreement or applicabie law. B~~rroHrr shall pay thr amuunl uf all mortgage insurance premiums in the
manner providcd under paragraph 2 hereof.
Any amounls disbursed by Lcndcr pursuant tu this paragr:~ph wiih [nterect the[e0n, shall l~o~om4 addidonal
in~iebtednes~ uf Borrow~r secured hy this M~xtgage. l'nlc~. Bor:uHCr atiJ Lrn~ier agree to other terms o~ payment, such
amountc shall be payable uFx~n nuti~e fmm 1_cnder t~~ Borruw~r reyue~ting paymcnt Iherei~f, and shall bear interest from thc
date of di;bu~sement at the rate payahle from time to time on outstanding principal under the Note unless payment of
interest at such rate w•ould t>e rnntrary to rpplicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in tfiis paragraph 7 shall require I.ender to incur any expense or take
any action hereunder.
8. (nspeclion. I.ender ma}~ make or cause to be made rea~onahle enlrieti upon and in~Fx:cti~mc of the Property, provided
that I_ender shall give Borrower natire prior to an}• such inspection sFxcif}'ing n:as~~nable cause thereior related to Lender's
interest in the Pmperty.
9. Condemnatlon. The pnkeedc e,f an~~ a~~•ard or rlaim for damaces, direct or con~equential, in connection with any
condemnation ar other taking of the Property, ~ir part there~•f, ~~r for convey~~nce in lieu of rondemnation, are hereby as~iRned
an~ shall be paid to I.ender.
Tn the eveit of a total taking of thc Pro~xrt~~. ~he pr~~ecds thall tx ~r~i~~d to the tums secured by lhis MortgaRe.
~~•ith the ercecs, if anV, paid to Born•H•rr. In thc event c~f a p~rtial t:~king of the Property, unle~s Borrower and I.ender
:~therwi~r agree in w•riting. there shall he applied tc. the wms ~ecurcJ b~~ thic MortKage tiuch proporti~n of the p~cxeeds ~
as ic equal to that pm~rtion ~•hich the am.~unt of the sum~ ~e~ured ht~ thic Mc~rtg:~ge immediately prior to the date of
taking bears ta thc fair market ~•alue of thc Pru~xrt~~ immcdiatel)~ pri~r Io thc ~late o( taking, with thc balance of the proceeds
paid to Borrower.
if the Property i~ abandoned b~~ B~rr~aer, or if. after nc~tice h}• I.ender to Rormw~er that the condemnor offers to make
~ :~n aw•ard or settle a claim fc.r damageti, B~~rrower fail, ti. rrtiExmd t<. Lender w•ithin :~0 daYl after the date such notice is
mailed. I.cnder ic authorizcd to colle~t and aprl}~ thr pn~xced~. at Lcnder'. option, either to restoration or repair of the
Pro~:rt~~ or to thc sums ~erurcd h~~ thiti Mortgagc.
Unles, I_ender and Borrower other«isr agree in ~critiric. am• such applir:itii~n of prckeedc to principal shall not eYtend
or post~~ne the due date of the monthl~ installmentti referr~d to in ~:iragrapht 1 and 2 hereof or change the amount of
.uch ins~allments.
10. Borrower Not ReleaSed. Extcnsi~n ~f thr ;ime f~~r pacmcnt or modifir.iti~n of amortizatian of the sums secured
h~• this Mortgage granted b~• I.ender t~~ am• tiucce.t.~r in intrre.t of B~rmHCr ~hall nM operate to release, in any manner.
the liahilit}~ of the original BorroHCr and B~•rrouir'. su~~e~.~,r~ in intcrest. [.ender thall not he rcyuircd tc, cammence
~roceedings against such sucressor ~r refu~c t~ e~trn.1 timc fi~r payment ~.r otherwice mcx3if~~ amortization of the sums
~ecured h}~ thic 11Tortgage b~• reason of :im• deman~i madr h~ the ~~ricina) Be~rr~~µ•er and B~~rmwer's successort in interest.
11. Forbearance b~~ Ixnder ~ot a Wai~er. •~m f«rtkaranr~ h~ I.rndcr in c~crcisinK am~ right ~r remedy hcreunder, or
rtherwise aftorded hy applicaMe law, shall n~t tx: a wai~er ~~f ~~r preclude the e~ercise of am• wch right or remedy.
The procurement of insurance or the p~~~ment c~f ta~r~ ~~r nthir li~nti ur charg~a b}• I.ender shall not he a Haiver of I.ender's
right ti~ accekratc the maturit}• of the indehtrdnetit ~e;urrd h~~ thi. ~tartga~e.
12. Remedies Cumulative. All remedies ~,m~ idrd in thi~ \t~~rtgage are dictinct and cumulative to any ~ther right or
reme~lp under this Mortgage or afTard~d h~• lan ~v eyu~tt•. an~ ma~ Fx r~erci~e~l r~ncurrenth•. independently or succeai~•ely.
~ l3. Successors and Assi~ns Bound; Joinl and Se~eral t.iabilit}; ('aptions_ The cc~~~cnants and agreement~ herein
~ ~ontaine.l chall bind, and the riehtc hereunder tihsll innre ti,, the retprcti~e succe.u~rti and at~igns of I.ender and Barrower,
~ ,~ibject to the provision~ of paragraph 17 herei.f. All r~~~~en:ints anJ agrecmrnh ~~f BorruH~er shall bc jnint and scveral.
The captiunti an~1 headingti of Ihe paragra~h. ~.f thi, 11~~; ~gagc are f~~r a•nvcnicnre i~nl~~ and arc ni~t to he used to
`s interpret or define thc procisions hereof. ~
~ 14. Nofice. Except for an}• noti~e reyuired un~ler :~r~ilicahle la.+ t~~ F+e gi~•en in anc~ther manner. (a) an}~ notice to
E3urruu~er provided for in thic ~1orteage ,hall }k gi~~rn h~ m;~ilir.ti .ti~h n~~tice h~ ~~rtified m:+il addretsed t~ Bormwe~ at
j the Propertp Addres~ i~r ~t tiuch ather addre,~ ;it B~~rr~~~cr m.~~ detii~natc h~~ nc~tire tc. I.ender as pro~•ided herein. and
i (hl an~ notire to t.ender sh:ill he gi~en h}~ certifie~l mail. r~turn recri~t reque~ted, t~~ 1 en~ier'c ad~lresc stated herein ~r to
~ ~uch ~~ther addres~ a~ t.ender ma~ desiknate M n~.tice t~~ B~~rru~~er as ~m.•idei) herrin. .Anp notic~ pmvided for in this
~iurtgage shall he deemed t~ ha~c b~en ei~~~n tc~ B~rm~ccr ~~r I.rndcr Hhcn eivcn in Ihe manncr detignated hcrein.
~ 15. L'niform !11ortRage: Go~•ernin~ i.aw; Se~erabilit}. Thi~ f~~rm <.f morteage r~mbines uniform covenants f~r national
u`c and rn,n-unifurm covenantt ~~ith limite~l ~~ariatii~m h~ juri~~hrti~.n t~~ c~nstitute a unif~rm serurih~ inttrument covering
real propert}'. Thi~ !~tortgage shall h~ e~~~crned h~ th~ I.+~ c~f th~ iuriti~iirtinn in u~hich the Propen}' i` Icxated. In the
c~~cnt that any provision ~r clautic of thiti 'ltcirte~ge ~~r thc \~,tr c~~nflictti «ith J~1FlI1lJF~IC law, s~ich c~nflict chall n~t affcct
~~ther pm~isiont af thi~ M~rtgage i~r thc N~tc ~~hi~h ~:,n Fe ci~en c(fect ~.ith~~ut the ~onflirling prm•i~ion, and to this
end the pro~~icionc of the Mortgage and the \~,tr am ~fe~lar~d t~~ he ~c~~erahlc.
16. BorroNer's Copy~. Borro«er thall hc furni.he~1 .i ~~~nf.~ff11C(I rc~~~ ~~f thr ti~tr and nf thi~ LlortgaFc at the time
~~f esecution ~r aftrr recordation hereof.
17. Transfer of the Propert~; Ass~~mption. tf all nr an~ ~,~rt ~~f the Pru~xrt~~ c~r an interest therein is s~,Id ~r tra~~ferreci
h~ Borro~+~er Hithout Lender's pri~~r written c~~nscnt. e~~liiding l;i1 thr creati~~n i~f a lirn ~~r encumbranre sutx~rJinate t~
this Mortgage. Ih1 the creation ~f a purcha~e mi~ne~• `~curit~ interest f~~; h~;u~eh~~1J appliances. Ic) a transfer h}~ devise.
descent or by c~peration of law upon the ~leath c~f j;~int tenant ~~r f~1~ the crant i~f an~ Ieasehold interest of three }•ears or Iecs
no? containing an option to purchase. Lender m:,~, at Lender'~ ~~pti~m. declare all the sums sec~ired h}• this ':1i~rtgage to be
immediatel}~ due and paqahle. I ender shall ha~e ~:~i~•rd tiuch option accelerate if. prior to the sale or transfer, I.ender
and the person t~ whom thc Propert}• ie tu be sol.l or tran~f~r~~d rearh agrecment in writing that th~ credit of such pers~n
fti satisfacton to Len~ier and that the inter~,t ~a~~c+hlr ~m the ~!im. serured 'n~ thit tii~~rteage shall be at such rate ac I.ender
shall reyuest. if i ender has w~aived the ~ptie~n t~ acrelerate pr<~~~i.led in this p;uagraph 17. and if Borrower's successor in
interest has esecuted a w•ritten assumption agreement accepted in writing h} I.enJer. Len~ier snal) relea~e Borrower from at!
obligations under this Mortgage and the Note.
If I_ender exercises such option t~ acrelerate. l en~fer ~hall mail Bi~rroHCr n.~ticc c.f acceleration in accordance w•ith
naragraph !4 hereof. Such notice thall ~rovide a p~riu~l ~,f n~~t les, than 3~ ~a~~~ fr~m the date the notice ic mailed within
ti~hich Borrc~wer ma}• pa}~ the sums declared due. If Brrro~tier f:iil; ~o p:,~• tiurh ~uma pri~r t~ the expirati~n ~f wch peric~d,
[.encler may, uithout further notice or ~lemand .~n Bormwer. in~~~~ke am remedies rermitte:i by paragraph 1R hereof.
NO!v-UNIFOR~1 COVE~~~TS. Borrower and Lender further co~~enant and agree as follows:
18. Acceleration: Remedies. Except as pro~ided in para~raph 17 hereof, upon Borrower's breach of any co~enant or
a~reement of Borrower in this Mortgage, includinA the co~enants to pa~• when due any sums secured by this Mortgage, Lender
prior to acceleration sball mail notice to Borrower as provided in para~{raph 14 hereof specifying: (1) thr brcach; (2) the action
required to cure such breach; (3) a date. not less than 30 da}~s from the date the notice is mailed to Borrower, by whirh such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the ootke may resolt in
acceleration of the sums secured by this Mortgaf;e, foreclosure by judicial proceedin~ and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and tht right to assert in the forcclosure prnceedir~
the non-existence of a default or any other defense of Borrower to acceleration and foreclosum. If the breach is nof cored on
or txfore t6e date specified in the notice. Lender at Lender's option may declare all of the sums secured by thi~ Mortgage to be
immediately due and payable without further demand and ma~• foreclose this Mortgage by judicial proceedi~;. Ltader shall
be entiUed to collect in such proceeding all expenses of foreclosure, includinq, but not limited to. reasonable attorney's fees.
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding I.ender'. acceleration of the sums secured by this Mortgage,
Borrower shall nave the right to havc an} proceedingc heeun hy i.ender t~ enf.~rce this Mortgage discontinued at any time
ot'~K ~ P1Gf J~~
- - ~ :
a~~." ~ Fj~~~'~~~~ ~tx~,""~~~~,~