HomeMy WebLinkAbout0925 l endrr's written agreement or applicable law. BorroHer shall piy thc amount of.alt mortgage insurance prcmiums in the
mannrr provided under paragraph 2 hereof.
An}• amounts disbursed by Lender pursuant to this paragraph 7, with intercs! thereon, shall become additiona)
in~~btednesc of Borrower secured hy this Mortgage. Unle~c BorroKer and l.ender agree to other ttrms of payment, such
am~~unts shall be pa}•ahle u~n notice from [.ender to Burruwe~ requesting payment thereof, and shall bear interest from the
~iate of di~bursement at the rate payahle fr~m time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary~ to applicable law, in wfiich event such amounts shall bear interest at the highest rate
permissible under applicable law•. Nothing contained in thie paragraph ? shatl requise [.ender to incur any expense or take
:im• action hcreunder.
8. Inspection. I.enJcr ma}• make or c~use to he made reasonahle entrie~ upon and inspections of the Property, provided
that I.ender ~halt gi~~e Burrowec noticc prior to any such insExction tpecifying reasonable cause therefor related to Lender's
intcrcct in thc Property.
9. Condemnalion. The pr.tieed. of an}• aH ~rd o~ claim for ~lamaees, direct or consequential, in connection with any
~o~demnation ~r other taking of the Pro~+erry. or part thereof, or for c+~m•eyance in lieu of condemnation, are hereby assigned
.~nd ~hall he paid to Lende~.
In ~he event of a total taking of ~he Pm~xrt}~. the prckeeds shall be applied to the tums secured by this Mortgage.
Nith the e~cea. if an~~, paid to Burr.~wer. In Ihe event c~f a partial taking of the Property. unless Borrower and I_ender
>>ther..ite agrec in writing. ~here shall h~e applied to the ~ums secured hy thic Mortgage ~ach proportion of the proceeds
as ic equal tc• that proFx~rtion which thc antou+~i of ~fie sum. ~ecured b}• this '~fortgage immediately prior to the date of
taking hears to the fair market value uf th~ Propert~ immediatel~~ prior ro the date af taking. with the balance of the proceeds
paid t~~ BorroK~er.
1f the Property is ahand~ne.t h~• BorroNCr. or if. aft~r notice h)~ Lender to Bormwer that the condemnor ofTers to make
:in .~Ha;d nr settle a claim for dama~;c,, Barrow•cr fail~ t~• r~~~nd to I.ender witfiin 10 da)~s after the date such notice is
mailed. Lende: is authorized to collect and appl~~ the proceeds. at I.ender's option. either to restoration or repair of the
Pro~xrt~• ~r to thc sums sc~urcd h~• this ;1lortgage.
Unles~ 1_ende~ and BorroWer otherwi~e agree in ~+rit;ne. an}• such application of proceedc to principal shall not extend
~~r p~~~tpane ~he due daie of the monthh installmrnts referred to in paragraphs 1 and 2 hereof or change the amount of
;uch in~tallments.
10. Burrower Nof Released. F.~tension of the time for payment or modification of amortization af the sums secured
b~• th~t Mi~rteage granted by I.ender t~~ am~ successor in interect ~~t Borrnwer chall not operate ta release, in any manner,
the liabili~}• ~~f the ori¢ina) Borro~tier and B~~rr.~a~e~'~ su~cess~~rt in interest. i.ender sh311 not Fie reqoired to commence
~r~wee.iin~s against such succe~sor or refuce t~ e~ten~ time for payment or otherwice modify amortization ot the sums
te;ured h~~ thie Mortgage h~• reason of am~ demand made b~ ttic ori¢inal Sormwer and Borrower's successors in interest.
11. Forbearance by Lender \ot a W'ai~er. Am~ f~rhearance hv l.~nder in erercicing an}~ right or remedy hereunder, or
~~thrrw•ise :~fTurded h~~ applicahlc law. shaN not be a wai~~cr of or preclude tfie exercise of any such right or remedy~.
The procurement ~f insurance or the payment of ta~.s ~.r other liens or chargec by l.ender shall not be a w•aiver of I_ender's
rignt accclerate the maturit~• of the indehtednea ~ccured h}• thi~ Mortgage.
l2. Remedies Camutative. All remedies prm idrd in thic I~fortgage are distinct and rumulative to any other right or
remeily~ under this MortRage or afTarded h~• law or equin•. and mac he e~ercised concurrentl~•, independently or succecsivei}~.
t3. Successors and AssiRns Bound; Joint and Se~eral (.iability; Capdons. The covenants and agreements herein
c~nt~ined shall hind. and the riQhts hereunder shall inure t~. the retipective succecsort and assigns of [_ender and Borrower.
~ubject to the provi~ionc o( paragraph 17 hereof. A11 covenants ~nd agreements of Borrower~hall be jcint and several.
The captions anJ heaJings of the paragr~~+h~ ~f thie Mortgage are fe~r convenience ~nlt• and are not to be i~sed to
~n~erpret or define the pro~~isions hereof.
14. ':~otice. Except ior any notice required under applicable law to be glven in another manner. (a) any notice to
' 8orn~w•er provided for in thic R4ortgage tihall he gi~•en h~• mailing ~uch notice by certified mai) addressed to Borrower at
~ the Prc~pertp Addrec, or at such «ther addr~t~ as B~~rruwer ma~~ de~ienatc b}~ not+ce to Lender as provided herein, and
(h) an} notice to Lender shall he gi~~en M~ certifird mail, return receipt reque~ted. to I ender's address stated herein or to
j wch ~.ther addres~ as I.ender ma)~ drsignate b~ n~tice t~ Borroµer as pro~~ided herein. Any notice provided for in this
! ~trrtgage sh:~ll Fx deemed to ha~e been gi~~cn to B~rrower ~~r Lrnder ~.hen given in the manner designated herein.
15. Uniform ?~1oriRaRe; Gocernin~ I.aK: Se~erabilit}-. Thic f~rm of mortgage cambines i+niform covenants for national
use and n~•munif~~rm ec~~enams tiith limite~i ~•ariationc h~~ juris~iirti~n t~ constitute a uniform security instrument cove*ing
real propest}•. Thi~ Atongage shall bc go~erned h~~ thr ~aw ~f the juricdicti~n in which the Property~ is located. In the
~~•ent that anp provisic,n or clau~e of th+. ~tortgaee ~~r th~ \„te conflict~ ~aitfi applicahle law•. such conflict shall not affect
~~ther ~re~~ ftiions of thi~ Mortgage or the ~Ic,tr «hi~h ran ne gi~•en efiect without the conflicting provi~ion, and to this ~
cnd the ~ro.itiic,ns ~f the Aiortgage and the \ute are' ii~clared to he Severablc.
16. Borrower's Cop~. Borro~er ~hall be fiirnishecl a ce~nf~~rmed copy nf the Note and of this Mortgage at the time
~~f e~ecution ~r after rerordation hereof.
17. Transfer of the Propert~: Assumplion. If all ~~r an~ part of thc Pmperty o~ an inte~est therein it so4d or transferred
h}~ Borrower wfthout I.ender's prior writtrn ~c~ntent, e~cluding ial the creati~n of a lien or encumbrance sut~ordinate to
thic Martgage. (b} the creatian of a purcha~e mone)~ ~ecurit} interest f~r hoiisehold appliance~, (c) a transfer by devise.
de5cent or by operation of la~+ upon the death af a jc~int tcnant or f~i? the grant of any leasefiold interest of three years or less
not rontaining an option t~ purchase. Lender ma~~, at Lender'~ c,piion. declare al! the wms secured b}~ this Mortgage to be
immediateh• due and payable. Lender ~hai! ha~e ~saived snch option te accelerate if, prior to the sale or transfer. Lender
an~i the person to whom the Propert~~ is t~~ be sol~ or transferred reach agreement in writing that the credit of such person
i~ satisfactar~~ to I_en~ier and that the intere~t paqable on the sums secured by thi~ Mort¢age sfia11 be at such rate as Lender
shali request. If I.ender has wai~•ed the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest ha~ executed a written assUmption agreement accepted in writing by Lender. [.ender shail release Borrower from all
obligations under this Mortgage and the Note.
If I.ender exercises such option to accelerate. [.en~irr shall ma+! Borrouer notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a peri~d c~f n~~t Iess than 30 da}~s from the date the notice is mailed within
~h~ch Borr~~w•er may pa~~ the sums declared due. lf Borrc,wer failc to pa}~ such sums prior to the expiration of such period.
I.ender ma}•, without further notice or demand on Horrower. invoke an}~ remedies permitted by paragraph 1R hereof.
;
NON-UNIFORVt CovEV~rvTS. Borrower and Lender further covenani and agree as follows:
l8. Acceleration; Remedies. Except as pro~•ided iri paragraph 17 hereof, upon Borrower's breach of any covenant or ~
agreement of Borrower in this hlortga~e. including the co~enants to p~y when due any sums secured by thk Mortsage, I,Ender
prior to acceleration shall mail aotice to Borrower as pra~•ided in paragraph 14 hereof specifying: (1) iht bnacfi; (2) the action
required to cure such breach; (3) ~ date. not less than 30 days from the date the notice is rnailed fo Bormwer, by which such
breach must be cured; and (4) that failure to cure such breach on or beforc the date specified in the notke may resdt in
acceleration of the sums secured by this 1lortgage, foreclosure by judicial proceeding and sale of the Property. The notict
shall further inform Borrower ot the right to reinstate after acceteration and the right to ~ssert in tt~e foreclosure procteding
the non-existence of a default or anv other deferue of BoROwer to acceleration pnd foreclosurc. If the breach is not curtd on
or before the date specifled in the notice, Lender at Lender's option msy declarc all of the sums secured by this Mortgagt to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial procteding. Lender sl~all
be entitled to collect in such proceeding all expeases of forectosure. includi~. but not limittd to, na~onabk attorney's fees.
and costs of documentary evidence. abstracts and title reporis.
l4. Borrowe~s Right to Reinstate. Notwithstanding Lencler's acceleration of the sums secured by this MoRgage,
Borrower shal! have the right to have an}~ proceedings hegun by Lender to enforce this Mortgage discontinued at any time
Ua 408 p~ ~4
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