HomeMy WebLinkAbout0939 LenJcr's written ~grcement or appli~able law Horrower shall pay thr amo?int of all mortgage insurao~e premiums in the
manner provide.l under paragraph 2 hereof.
Any~ amounts ditbursed by I.ender purcuant tr this paragraph 7, with in~rast ~thereon, s al~ become additional
indebtedne~s O~ BOffOK"Cf SZillf~d h)~ ~his Mortgage. Unle,s Borro~~er and Lendeniagt~n to other~s of payment, such
amounts shall t~e pa}~able upon notice from Lender to BorroH•er reyuesting payment thereof, and shall t~ear interest from the
date of disbursement at the rate payahle from time to timo on outstanding principa) under the Note unless payment of
interest at such rate would be contran~ to applicable law, in w~hich event such amounts shall hear interest at the highest rate
permissible under applicable lavv. Nothing contai~ed in this pa~agraph 7 shall require i_ender to incur any expense or take
any action hereunder.
8. Inspecteon. 1_ender may make or rause to t?e madc reasonable ~ntries upon and in,pections of the Property. provided
that I.ender shall give Borrower notice prior to an}~ such inspection cpecifying reasonabte cause therefor related to I~ender's
interest in the Property.
9. Condemnatbn. The proceed~ of an~~ award or rlaim for damages, direct or consequent+al, in connection with ant~
condemnation ar other taking ~~f the Property, or part thereof, or ~or ronveyance in lieu of condemnation, arP hereby assigned
~nd shall bc paid to I_ender.
In !he e~•ent of a total taking of the ProEx rt}~, the pro~ecJs shall he ap~+lie~i to the c~~ms sccured b}• thic I~iortgage. .
N•ith the e~cess, if any. paid ta Borrower. In the event of a partial taking of the Property, unless Borrow~er and I_ender
o~fierwise agree in wriung. there shall he applied to the sums secun;d by this Mortgage such proportion of the proceeds
~s is eyual to that pro~~nion ~~hich the ami~~tint of tfie suma secured bti~ this Mongage immediately prior ta the date of
taking bears to the fair market value of the Propert}• immediatel}~ prior to the Jate of taking, with the halance of the Qroceeds
paid to Borrower.
If the Property is aband~ned b~• Borrower. or it. after noticc b~~ I.ender to Bo~mwer that the condemnor offers to make
an aw~ard ~~r settle a claim for damagec. B<~rrc•W'er fail. to r~,pond to I_ender within 30 d3ys after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at i_ender's o4uion, either to rettoration or repair of the
Prop. rt~• ot to the sums secured hy this Mortgage.
Unless Lender and Sorrow•et otheru•ice agree in ~+ritine, ant~ such application of proceeds to Principal shall not extend
or postpune the due date of the monthl}~ installments referred to in para¢raphs 1 and 2 hemof os cfiange the amount oE
~uch insta?Iments.
10. Borrower Not Relessed. Estcnsion of thc time for paymcnt or modifiration of amortization of the sums secured
by this Mortgagc granted by Lender to am• ~uccessor i~ i~terect of Bormwer shall not operate to release, in any manner,
the liability of the original Borrower and Barmwcr'c sucrestore in interest. I.endec shall not be reau+red to commence
proceedings against such succecsor or refuce to extend time for payment or othen?~ise mcxiify amortization of the sums
secured b~• this Mortgage b~~ reason of an~• demand made b~ the ~ri¢inal ~iorre~w~er and Bormwer's successars in interest.
11. Forbearance by ixnder Not a Wai.~er. .~n~~ f~rtx:arance b~• i.ender in e~ercising an}~ right or remedy hereunder. o:
~therw•ise afforded b~• applirahle law•, shall not tx a wai~~cr ot or preclude the exercise of anv such right or remedy.
The procurement of insurance or the payment of t:~xe~ i~r other liens or chargce b}~ 1_ender shall not he a aaiver of I.ender's
rigfit t~ accelerate the maturit~• af the indebtedne~s ~ecured h~• thic Mongage.
12. Remedies Cumulati~e. All remedies pr~~~ided in thi~ Mortgage are distinct and cumulative to any other right or
remeJ~~ under this Mortgage or afi~~rded h}• lau~ ~~r ~quity. .~nd ma~• he e~erciticd roncurrenth•. independentl~~ or successivel}~.
l3. Successors and AssiRns Bound: Joint and Se~eral (.iabilih: C~ptions. The covenants and agreements herein
contained shall hind, and the riQhts hereunder shall inure to. :he retipective succeetors and assigns af Cender and Bormw'er.
subject to the p~oviciont of paragraph t', hcreof. All co~~en;~nt~ antl agreemenls ~f Borro~~~er shali bc. joint and se~~eral.
The captions and headingt of the paragri~,hc e~f this ~1~~rt~;a~~ are f~r com•enience only an~l are not to be used to
interpret or define the pro~ i;ionc hereof.
14. Notice. Except for any notire reyuired under arplicab!e la~~ t~~ he given in another manner, (a) ar+}~ notice to
Burro~cer provided ior in this !~Sortgage shall he gi~'rn h~• mai{inc `uch nc~ti~~ b~~ ccrtified riai{ addtessed to Bormwer at
the Propert~~ Addret, or at tuch other addre~t a: Burr~~~~~er ma~ de~i~nate b}• ~~otice to -i.ender as provided herein. and
(h) am notice to l.ender sh:~ll Fx gi~~en h)' certifi~d mail. r~turn rece:~t reque~ted, t~~ I ender'c address stated herein ~r to
sucfi other addrcss as Lend~r ma~ designate h~ notice t~~ Be~rr~~LCer as pm~ide~l herein. Am~ notire pr~videJ for in this
! ~lortgage shall hc deemrd to ha~~e bcen gi~•en to Bors<~wcr ~~r Lcndcr w-fien gi~en in tfie manncr designated herein.
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~ I5. Cniform !11ort~a~e: Go~~erninR I.aw: Se~erabilit~~. Thi~ form of mortga~e combines uniform covenants for national
i use and non-Unif~~rm c~,~~enant< ~~ith limite~i variation> h~• jiiri,:iictic•n to constitute a unifo:m seeunt}• instrument covering
real propert}•. Thi~ Mortg~gc shali he go~'~rned h~ th~ ta.+ oi the iuri~diction ~n which the Pmperty i~ lncated. In the
e~•ent that an~ p:ovision or clati~c uf thi~ ~tort~age :~r th~ \~~te c~~ntlict. uith applic~hle ia~, such conflict ~hall not afTect
~~ther prc~~isi~~n~ uf thi~ Mortgage ~~r the ~ot~ ~~hirh ran hr ei~~n efTr.t «ithnut ihe conflicting pro~~i~ion. and t~ this
`i end the ~m~i~iuns of the ~1rrt~agc and thc 1u~~ .~n ~i~:lared tr he severahle.
l6. Borrower's Copy. Borroti.cr shaif hr furn~.tie.f a ~~~nf~~rmed ~c~E~~~ of thc tiotc and of thit ?t'fortgagc; at the time
uf cxecution ur a(trr r«.~rdatiUn her~~~f.
17. Transfer of the Propert}: A~sumpfion. if ~II nr .~n~ E~art of th~ Pr~~pert} or an interc~t thercin i~ s~td or transferred
; h}' Borr.n~er with~~ut I-ender's pn~~r ~srittcn c~m~ei~t. r~cludin~ Ial the cr~a~ion of a lien or enci~mhrance suhor~inate t~
~ thit Mortgag.. (b3 the creation ~~f a purcha~e mone} ~eci~rit} int~rest f~~r hausehold appliances, fr) a tran~fer b)~ devise.
descent ~~r b}~ operatic~n of ~.i~~ up~n thc ~icath ~~f a j~~int tensnt ~~r thc cram ~if am teasehold intcres[ ~f threc ~~cars or lcss
`j rt.~t eontaining an opti~m t~ purchase, I.endrr ma~. .it L~nder'~ ~,pU~~n. declarc ail thc ,ums seciired h)• this Mortgage to be
~ immc.liatelt' due and payahle. Lender shall ha~e ~s,~i~ed wrh e~ption t~~ accelerate if. prior to the ~ale or transfer. Lender
E and the pertion t~~ whom the Prorert~• i~ s:~ be a~~hi nr transferred r~ach :~grerrnrnt in uriting that the credit o( such person
€ i~ satisfa~tor~~ tu i.endcr and th:,t thc inter~,t ~a}ahl~ un thr ,um~ ~e,~iccd h~• thi5 ~tortgage shall be at such rate as Lender
I shall reyu.st If Lender has wai~~e~ the c~ptior. t~ acceler,~tr providcd in this paragr~ph 1i. and if Borrower's successor ~n
~ interest has execuied a~~~ritren ~stiumptian agreement acce~tcd in writin~ hy Lender. Lenuer shall releate Borrower from all
~ .~hligatiom under this hlortgage and the Note.
If l.ender exerciset such o~ti~~n tu acceleratr. 1 en,~er .tr.~ll mail B~~rro~~er nutice ~f accelerat~~n in accordance ~'ith
~ ~aragraph la hereof. Such n~•tice thall ~rovide a peri~+~I E~f n:~~t 1cs, than 3~ day~ fmm tr~e dace the n<,tice i; mailed within
~ Hhich B.~rr~~~tier ma}• p.i}~ the tium~ decl:irecl du~. tf Bc~rru~;~r (:~il. t~~ pa~~ su~h .~im~ prior t~~ the expirati~n e~f ~u~h peri~~d.
s Lrn~ier ma}'. aith~~ut fi~cther notice or iles»and nn B.~rr~~~+er. ~m:~~}.e an~~ remedi~s permitte~l h~~ ~aragraph 1R hereof.
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E NON-L!~IFOR~t COYev~~7s. Borrnw~er and Lender turther co~enant and agree as follows:
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' 18. Acceteratioo; Remedies. Ercept as pro~~ided in para~;raph 17 hereof, upon Borrower's breach of any~ covenant or
agreement of Borrower in this'~tortga~e, includin~ the co~enanls to pa~ ~~1~en due an}' sums secured by lhis Mortgage, Lender
prior to acceleration shall mail notice to BorroKer ac pro~idrd in paragraph l4 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3j a date, not less than 30 da~s from the date the notice is mailed to Borrower, by Khich such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secused by this ~tort~;a~e, foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the riKht to reinstate after acceleration and the right to acsert in the foreclosure proceeding
the nun-existence of a default or any other defense of Borrovver to acceleration and foreclosure. If the breach is not cured on
or before Ihe date specified in the notice, l.ender at I.ender's option may declare all of the sums secured bS this Mortg~e to be
immediately~ due and payable w~ithout further demand and may forectose this MorlRat;e by judicial procteding. Lender shall
be entiUe~i to collect in such proceedin~; all expenses of foreclosure, including, but not iimited to, reasonable attorney's fees,
~ and costs of documentary e~•idence. abstractti and title reports.
~ l9. Borrower's Right to Reinstate. Notw~ithstandmg l.enJer~s ac~eleraU~>n of the sums securcd by this Mortgage.
~ $orrow~er shall 'nave the right to have sm prc~ceedings h~gt~n h~ l.ender to enforce this ~'fortgage discontinued at anti~ time
o~}Oi~( `tUJ PA~E JJ~
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