HomeMy WebLinkAbout0946 l.ender's wntte~ agrcemrn~ or appl~~able lav? BorroNer shall pay the amuunt uf all mohgage insura~ce prcmiums in the
mann~r prrv~deJ unde~ parag~aph 2 hercot.
Any amounts dichursed by LenJer pur.uanl t.. this parag~aph 7. N•uh mtercst thercon, shall become ~?dditional
indtbrcdnrs~ of BorroNtr securcd by th~c !1lortgage l'nlec+ Borrower anJ 1 ender agrct to other terms of payment, wch
amountc chall be payahk up~~o no~icc frc•m I rndtr to B~~rr.~v?rr reyuetting pa~~ment thercof, and c~all htar interect fmm the
da~e of dichursement at the rate payahle tn•m time ~o time on outstandi~g pri~cipal under the Note ur!*« ;+~~ment of
interesl at such rate w~ould be contrar~• ~o applicable law, in which cvent such amounts shall l+ear interctt at the highest rate
permissibte under applicable law. Nothing contained in thic paragraph 7 shall requirc I.ender to incur any e?cpense or take
any action hereunder.
8- laspeetba. t.ender ma}• make ~~r cause to be made reaconable entriec upon and inspectionc of the Properiy, provided
that Lender chall give Borrower notire prior to any such inspection s~cih~ing rcasonable cause thercfor related to l.ender's
~nterest in th~ Property.
9. Coademnafbn. The pr~xeedc o( any aKard or claim for damages, dirrct or concequential, in rnnnection with anp
rondemnation or other taking of the Property, c.r part there~f, or for conve}•ance in lieu of condemnation. are hereby assigntd
and shall he paid to l.ender.
In the e~•ent of a t~tal taki~g the Prc~pert~•. the , n.•eeels shs!! he ap~!ied t~ the s+rmc cecored by thic Mortgage.
w~ith the eticea, if any, paid to Borrov?•er. ln the cvent of a partial taking of the Property, unless Bormwer and Lender
ntherw•ice agree in w•riting. there shall be applied to the sumc securcd hy thia Mortgage such proportion nf the proceeds
(14 !4 C(~l~3I ?O lh3s ~±?o~rtion w•hich fht~ amn~~nt n! tF~r c~~mc crs_.~rr~i hv thic AlnrtoapP immediatelv prior to the date OF
taking bears to the fai; market valuc of the Prop~rt} immediately prior to the date of taling, w•ith the halance of the proceeds
paid to Borrow•er_
Tf the Property is abandoned b~• Borrow•cr, or if. after notice h~~ I cnder M Bormwer that the condemnor offers to make
an award or setNe a claim for damaGeti, Bormwer fails t~• respond to l.ender w•ithin Z~ days after the date cuch notice is
mailed. Lender is a~rthorized to rnllect and apply the proceeds. at I.ender's option, either to restoration or repair of the
Propert}~ or to the sums secured M• this Martgage.
Unlesc I.ender and Bormw~er otherwise agree in writinc. am• such application of proceeds to principal shall not extend
or Ex,slpone the due Jate af the monthl~• installmcnts referred to in paragraphs 1 and 2 hereof or change the amo~~nt of
such installments.
10. Borrovrer Not Released. E~tension of the time for payment or modification of amortization of the cums secured
by this 1lionga¢e granted by l.enJer te• am• cucce~sor in interetit of Borrower shall not operate to release. in any rnanner,
the liahilit)• of the original Borrower and Borrow•er'. surcesa?rc in interest. I.ender shall n~~t he mquired tc. cammence
pnx:eedings against such succetsor or refu.e to ertend time for payment or othen+•ise modif}• amortization of the siims
secured by thic Mortgage h~• reasc•n of an}• demand made b~ the oriQinal Borrow•er and Borrow•er's succescorc in interest.
11. Forbearance by I.ender Nat a Wai~~er. Am f~~rhearanre b~• I.ender in erercicinR am• right or remedy hereunder, or
otherwise afTorded b}~ applicahle law. shall not he a w~ai~~er of or preciude the e~ercise of am~ such right or remed~•.
The procurement qf insuranre or the payment of tarec or ~ther liens or chargec b}• I.ender ~fial! not be a~aiver ~f I_ender's
right t~~ accclcratc thc maturity of thc indehtcdncss ~ccured h}~ thi~ Morigage.
j 12. Remedies Cumulative. All reme~lies pro~~ided in thic Mortgage are distinct and cumulative to am~ other right or
remeJp imder this Mortgagr or afforded h~• lau• or equih•, and ma~~ be e~errited rnncurrenth•, independentl~~ or succeai~•el}~.
13. Successors and Assi~ns Bound: ]oint and Se~eral I.iability; Captions. The covenants and agrcements herein
contained shall bind, and thr riRhts hereunder shall inure to, the re~pective succeti~art and assigns of I_ender and Borro~~er.
subject to the pmvisiom of paragraph 17 hereof. All co~~en:~nts and agrermentc of Borrow•er shall be j~~int and several.
The captions and headings of the paragraphe c•f this ~iortgage are f~r ron~~enience i.nl)• and are not to be used to
interpret or define the provicion~ hercof.
14. Notice. Except for any notice reyuired under applicahle law t~~ tn given in another manner, (al an}• notice to
Borrower pmvided for in thic Morteaee shall he ¢ivcn h~~ mailinr ~uch nntice by certified mail addresccd to Bormw~er at
~ thc Property Address or at such uther addreti~ as Borr~~wer ma}• de~ignatc b~~ noticc to I.ender as provided herein, and
' (hl an~• notice to [_ender shall he gi~•en h}~ certifieJ mail. retum recript requeued. ~o I.ender's address s~ated herein or to
~ such ~.ther address as I_ender ma~• decignate b~ notice ti• Borrower as pr.~~~ide~ herein. Any notice pmvided for in thic
Mortgage shall be deemcd to havc been give~ to Borrow•er ~~r l_ender wfien gi~•cn in the manner designated herein.
! 15. Uniform 1?torl~aRe; Governin~: I.aw: Se.~erabilit~•. This fam of mortgage combines uniform covenants for national use
k and ncu~-u~ifnrm cnvenants with limited variaticx~s by jurisdiction to constitute a uniform security instrument covering real property. The
~ state and local laws applicable to this Mortgage shall be the Iaws of the jurisdiction in which the PropeRy is located. 'The foregoing
E sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause oEthis Mortgage or the
f Note conflicts with applicable law, such conflict shall not af'Fect other provisions of this Mortgage or the Note which can be given effect
e w~thout the conflicting provision. and to this end the pror~sions of the Mortgage and the Note are declared [o be severable.
I
16. Borrower's Copy. Borrower shall be furni~he~ a c~nformed copy ot thr Note and of thic rtortgage at the time
~ of execution or after recordation hereof.
~ 17. Transfer of fhe Propert~~; Assumption. if all e~r am• part of the Prc~perty or an interest therein ic sold ~r trancferred
~ h~• Borrower without Lender's prior w~ritten con~e~t, e~rluding lal the creation of a lien or encumhranre sutx~rdinare m
; thit Mortgage. (bl the creation c•f a purchace mone}• securit~• interest f~r h~ucehold appliancea. (c) a trancfer b}• devise.
~ descent or hy operation of law upon the death of a j~int tenant or fd? the grant of an~~ leaschold interest of threc years or less
~ not containing an option to purchase. Lender ma~•, at [.ender't ~~ption, declare all the sums secured b}• this htortgage to be
~ immediately due and payable. Lender shal) ha~~e w•aived such option to accelerate i(, prior to the cale or transfer. l.ender
3 and the person to whom the Proper!y ic to be solJ or transferred reach agreement in Kriting that the credit of such person
~ is satisfacton' to LenJer and that the intere~t payable ~~n the sum~ secured hp thic Mortgage shall be at such rate as I.ender
' shall request. If 1_ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in
£
~ interest has executed a written assumption agreement accepted in writing by [_ender, l.ender shall relea~e Borrower from all
~ obligations under this Mortgage and the Note.
~ If I.ender exercises such option t~ accelerate. I.ender chall mail BorroHer notice of acceleration in accordance with
a paragraph i4 hereof. Such notice shall provide a period of not Iess than ?0 day~s from the date the notice is mailed within
~ which Borrower may pay the sums declared due. If Borro~~er fail~ to pay such sums prior t~ the e<piration ~•f wch period.
; I.ender may. without further notice or demand on Borrower. imoke an}~ remedies permitted h~• paragraph 1R hereof.
;
Norv-UtviFORM CoveH~NTS. Borrower and [_ender further cmenant and agree as follows:
; 18. Acceleration; Remedies. Except as provided in paraRraph 17 hereof. upon Borrower's breach of any covenant or
' agreement of Borrower in this Mortgage. includinR the co~•enants to pay w~hen due any sums secured by th~s Morlgage, Leoder
3 Prior to acceleration shall mail notice to Bonrower as pro~ided in par~raph 14 hereof specifying: (1) the b[each; (2) the action
required to cure such bre~ch; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cured; and (4) that tailure to cure such breach on or before the dafe specified in Ihe notice may result in
~ acceleration of the swns secured by this MorfRage, fareclosure by judicial proceeding and sale of the Property. 'Il~e nMice
shall further inform Borrower of the right to reiastate afler acceleration and the right to assert in the foreclosnrr proceeding
~ the non-exiStence of a defauk or anv other defense of Borrow•er to acceleration and foreclosure. If the breach is not cnred on
- or before the date specified in the notice, Lender at Lender's option may decl9re all of the sums secured by this Mortgs~e to be
immediately due and payaWe without further demand and m~y foreclose this MortRage by judicial proceeding. Lender shall
~ be entitled to collect in such proceeding all eapenses of foreclosure, including, but not iimited to. reuonable attorney's fees.
and costs of documentary evidence. abstractc and title rcports.
19. BorroMer's Right to Reinstate. Notw~ithstanding (.enJer ~ acceleration of the sums tecured by this Mortgage,
, Borrower shall have the right to have am~ proceedings hegun hy Lender to enforce this Mortgage discontinued at any time
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