HomeMy WebLinkAbout0927 I rnder't wntien ~grrrmrn~ or ~p~l~.:+ble I.,u ti~~rroNer shall pay thr amuunt uf all mortgage insuranCt prcmiums in th4
manner pru~•~dr.i under paragraph hereof.
Am amounls di~hursed b}• Len~1~r pur~ .<<r ~~is p:?ragraph 7, w~th ~nterest Iherzon, shail become additional
in•I~hrednr:t 8orrower secured by th~c Mort~.~,r l.,le.c B~rrower anJ l.rnJer agrec to other temts of ~ayment, such
am~~.:nt. ,hal) t~ pa}ahlc u{k~n notirr from l rnd:r BrrroHrr reyueuing paymem thereof. and thall bear interest from the
datc• ~~f ~i:,hurcement at tFe rate papshk from timc to time on oulstanding principal under the Note unlesc payment of
interr.! :it such rate would t+e contrar~• tc. applicable L«<. in ~~hich event such amoun~s chall bear interest at the highest rate
perm taible under applicable taw. Nothing contained ~n thi~ paraKraph 7 shall require l.ender to incur any expenu or take
a~~~ :,:tion hereunder.
8. Inspection. i ender ma}• make or cause to be made reaconable entries upon and inspectionc of the Prooerty, provided
th:~t i ender shall g~ve Borrower rtotice prior to any such ins~ction specifying reasonable cause therefor related to Lender's
interest in the Property. -
9. Condemnation. The pn.ceedc of am• aM ard or ~-laim for damaees, direct or con ;equential, in connection with any
cond~mna~ion ~r other taking of the Propeny, or part thereof, or for com•eyance in lieu of condemnation, are hereby assigned
and shall be paid to 1_ender.
In the event of a total takinq of the Propert}•, the prcxeeds ,hall be app!ied to the ~umc secured by this 1ltortgage.
with the ercecs. if any. ~aid to Burmwer. In the event ~f a partial taking uf !he Property, unlecc Aorrower and I_ender
o~herwi~e agree in writing. there shall t~ app{ied to the tums secured b}' thic Mortgage ~uch proportion of the proceeds
as is equal to h.at proporti~~n which the amaunt of the sum< <ecured h~~ this Mortgaee immediatelp prior to the date of
taking hears to the fair market value of the Property ~mmeJ~at~ly prior to the Jate ~f taking. with the t~alance of the proceeds
paid to Borrower.
if the Property is abandoned bp Borrow•er, or if, aftcr n~tice hy i.ender to Bormwer that the condemnor ofiers to makt
an award or settle a claim for damages. Bormwer faih t~~ re~~~nd to l ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the prckeeds. at I ender'c o~tion. either to restoration or repair of the
Proper~y or to the sums secured b~~ this. Morteage.
tJnlesc 1_ender and Borroµer otherui~e agree in uritinc am~ surh applicatic•n of proceeds to principal shall not e~tend
or postpone the due date of thc monthlti inslallments referred to in paragraphs 1 and 2 heieof or change the amount of
such instsllments.
10. Borrower No! Released. E~te~sion ~f the timc for payment or modificati~n ~f amortization of the cume secured
by this ~fohgage Rranted b~~ Lender t~~ am~ ~uccets~~r in intere~t of Bc•rrower ~hall not opc rate to release, in any manner,
the liability .~i ihe oriCinal Borrower and R~~rmwer'~ su~res~~~rc in intere,t. [.ender thall not he required t~~ commence
pr.,ceed:ngs against such success~r c•r refu~c t~~ etitend t~me f~r parment ~~r otherWise modify amortiaati~n of the sums
secured h~ this Mortgage h~• reawn of ant~ demand made b~ the e~rieinal Borrower and AorroK~er's successorc in interest.
11. Forbearance by I.ender \ot a Wai~~rr. ,~n} f~~rhearanrr M• I ender in erercising any right or remedy hereunder, or
othenvise afTorded h}• applicable law~. shall n~~t he a wai~~er of i~r preclude the erercise of any such right or remedy.
T:~e procurement of insurance or the payment i~f ta~ec ~.r ather liens ~r charge~ b~• I.ender shal) not he a Haiver c•f l.ender's
right to accelerate the maturity of thr indeh~rdne~s ~c:;ired h} thi~ Mortgage.
12. Remedies Cumulative. All remediec prrn•~drd in thi, Mortgage are distinct and cumulative to any ~ther right c•r ~
remeJ}~ under thit Mortg~ge ~r afi.~rded h~~ law or equi~~~. :ind ma~ he e~ercitrd ro~currentl~~, independentl}~ or sliccetsive!}~.
13. Successors and AssiRns ~uund; Joint and Se~eral I.iabilih; CapNons. The covenants and agreements hcrein ~
contained ~hall hind. and the riQMs hereunder shall inurc t~. the rc~pective succe.sorc and as~ignt ~f Lender and Borrower.
subject to the provi,ionc nf pa~a¢raph 17 hercof. All ce~venants an~t agreemem~ of Borrow•er shall he j<~int and ce~~eral
"T~e captiuns an~ heaJin¢, of the paragraph~ c~f thiti Mortgagc are f~~r c~~n~•enience onl}' ~nd are ni~t t~ be used to
interpret or define the prrn~isions here~f. '
l4. Notice. Except for any ni~tice rcquired under applicahle law t~~ be gi~•en in another manner, (a) an~~ notice to ~
Borrower pmvided for in this !~lcxtgace shall he girrn h~ maili~g ~uch notice by certified mail addressed to Bormu~er at
the Pmperty Addre~. ~~r at wch other addre~~ a~ B~~rr~~wcr ma~ designa;c hy ni~tice tc~ Lender as pnwided herein, and
(b) am~ notice to Lender shall ht g~~'en h~~ certiSr~i mait. ~~turn receipt requeued. m t ender't addrest stated herein ~r to
wch ather address as Lender ma~ de~ienate h~ n~~tice t~~ Borrc.Her as provided herein. Any noti~e pmvided for in thic
; M~rtgage shall hc deemed to h~ve becn gi~rn to B~rrowcr ~~r I cndcr µhen g~~cn in the manner designated hcrein.
' 15. Uniform Mortgage; Govetning Law; Sevetability. This f~~nn uf murtgage rumbines ~inif~~nn cc~~~enai~ts ti~r natiunal
i
G use and n~~n-uniturm r~~venants with limited ~ariatiuns h} jurisdi~t:cm to ~unstitute a unifurm securin• instrument cuve~ing
E real prupert~•. The st;ite an~l loral la~cs applirable t~~ this :11t~rtgaee shall be the law> oti the iuri~dirtiun in which the Pn,pert} is
~ I~~~ates. The ti,reguing senten~e shall nut Gmit the :Ip~l~ll':1h1IlIy ut federal law t~~ this !~1i~rtgage. In the event that any
~ pru~isiun or rlause ~~t this ~1~~rtgage ur the \~~te ~~~ntli~ts with appii~able law, such contlict shall not affe~t ~~ther pru~~isiuns
E ~~f this :~t~~rtg~ge ur the ti~,te ~+•hirh ra~i he gi~en effe~t ~cithuut the i~mt~irtu~g prc~~isicm. and this end the pruvisi~ms vf the
~1c~rtgage and the tic~te are derlared t~~ he se~er~hle.
f 16. Borrower's Copy. Bocrower shzll bc fumuhcd a conformed copy of the Notc and of this Mortgagc at thc timc of
~ acccution or aftcr rccordauon hcrcof.
~ 17. Transftr of thr Propccry; Assumpaon. If all or a~y put of thc ProPctty or an intcrest chcrcin is sold or ctansfcrrcd by
~ Borrower without Lendti s pnor written constnt, excluding (a) the crcauon of a lien or encumbrznce subordinate to this
~ Mortgage, (b) the crezeion of a purchue money security ~nterest for household applianca, (c) ~ transfer by devise,
~ detcent or b~ operation of lci~ iipc~n the ~leath of j~~int tenant c~r i~1~ the grant of an} leaseh~ld intere~t c~f three year~ or less
not containing an option to purchase. Lender ma~. at I~nder', rpnrn. declare all the tum~ secur~d ht~ this ~tortgage tn he
~ imme~iiatel}' due ana payable. I ender ~hall ha~r wa~v~d w.h e~pt~~~n t~~ acc~ler~te if. ~ri~r t~ the ~ale or transfer. I.ender
~ and the person to wh~~m the Property i, t~~ he sul~ ~~r tr,~mterred reach ~grcement in ~nt~ng that the cre~iit c~f tiuch persan
~ i~ satisfactorv to I.en~ier and that the interetit pa}ahle +~n t!~r ~i~m~ tiecured b}~ this Morigage shall be at such rate a: I.ender
~ shall reyuest. If I ender has wai~~ed the opti~m t~~ arcefer.~tr pm~•ided in this para¢raph 17, and if Borrower'ti successor in
interest hat executed a written assumption agrrement a~cep~ed in ~vriting h}~ Lcn~er. Lender shal~ releate Borrower from all
obligations under this Mortgage and the Note.
If t.ender exercices such option to ac~elerate. LenJer ~h.~ll mail Borrouer notice of accelerat~on ~n accordance with
paragraph 14 hereof. Such notice ~hall provide a period of rn~t less than 10 da}c ~rom the date the notice is mailed within
.?hich Borruwer may pa}• the sums declared due. (f BurroHer f~ils to pa} such sums prior t~~ the expirati~.n c~f wch periad.
[_ender may. ~+ith~~ut further notice or ~lemand ~n kiorroHer. ~n~~c~ke an} remcdies permitte:i by paragraph IR hereof.
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Noti-U~~FOR~t CovEN~NTS. Borrower and Lender further cc~venant and agree as follows:
I S. Accelerotion; Remedies. Except as provided in para~raph 17 hereof, upon Borrower's breach of any coveaant or
agreement of Bonuwer in thic ~lortgage, includinq the co~enants to pay when due any sums secured by lhis Mortg~e, Lendtr
r prior lo acceleration shall mail notice to Borrower as provided in parag~aph 14 hereof specifying: (1) the breych; (2) the action
required to cure such brcach; (3) a date. not less ths~n 30 days from the date the notice is mailed to Borrower. by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified ia ths notice may resnlt in
accekrs~tion of the soms secured by this Mort~age. forccFosure by judicial proceeding and sak of the Property. 'i~e ndice
~ shall further inform Borrower of the right to reinstate after accelention and the right to asser! in the forccbsure proceedin=
g thc non-existence of a drfault or any other defenx of Bonower to acccleration and forecloaurc. if the breach is not cund on
~ or before the date specified in the notice, Lender at I,ender's option may decltre all of the sums secured by this Mortgsq~e to be
~ immediately due and payabk without further demand and may foreclose thtt Mortgs~e by judicial proceedi~. Lender shaU
~ be entitled to collect in such proceeding a!1 e:penses of foreclosurc, including. but not Iimited to, reasonsble adornty's fees.
and costs of documentary evidence, abstracts and titk rcports.
19. Borrower's Riqht to Reinstate. Notwithstanding Lender's acceleration of the surt~s secured by this Mortgage.
Borrower shali have the right to have any proceedings hegun by I.ender to enforce this Mottgage discontinued at any tim~
i ~~~';K 409 ~~~E 927
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