HomeMy WebLinkAbout0982 Lender's written agreement or applicable !aw•. H~rrower shall pay ihe amount of all mortgage insu~ance premiums in the
manner p~ovided under paragraph 2 hereot.
Any amo~mts dishursed by l.ender pur~uant to this paragraph 7, with interest thereon, shall become add+tional
in~icMednest ot Rorrower secured hy this Mortgage. l`nlec~ Borrow~e~ and l.ender agree to other terms nf payment, such
amount~ shall be payahte i~{x~n notice from l ender to 8orrower requec~ing payment thereof, and ~hall hear iMerest from the
date ~f di~bi~rsement at the rate pa}~ahle (mm time to time on outstanding principal under the Note unles~ payment of
interest at such rate would F+e contrary to applicable law, in ~vhich event such am~unts shall hear interest at the highest rate
permissible under applicable taw. Nothing contained in thic paragraph 7 shalt require 1_ender to ineur any expense or take
:+ny action hereunder.
8. InspecHon. 1-emler mav m:+ke or rause to be made reaconable entriec u~?on and inspections of the Property, provided
that I ender shall give Borrower notice prior to an}~ such inspecti~n cpecifying reasonable cause therefor related to I.ender's
interest in the Property.
9, CondemnaNon. T'he procred~ of an~~ au~ard or claim for damages, direct or consequential, in conn~ction with any
~ondemnalion or other taking of the Property, or part thereof, or for convepance in lieu of condemnation, are hereby assigned
:~nd shall he paid to I.ender.
In the e~•ent of a total taking of the Pmpert}•, the proceeds chal! he applied to she sums secured by this Mortgage,
«ith the e+ccecs, if anp, paid to Bormwer. In the event of a partial taking of the Property, unlecs Bormwer and l.ender
~~therw•ice agree in wriling. there shall he applied to the sums secured by thic Mortgage such proportion of the proceeds
a~ ic equal to that pm~rtion w~hich the amount of the sumc cecured hy thic Mortgage immediately prior to the date of
taking bears to the fair market value af the Property~ immediately prior ta the date of taking, with tht balance of the procreds
raid tc~ Bormw•er. ~
If the Properly ic abandoned b~• Borrrn~•er, or if. a~ter n~tice by i ender to $orrower that the rnndemnor offers to make
:~n a~•ard or cettle a claim f~r damages, Aormaer fails tc. respond to Lender within 30 days after the date soch notice is
mailed, [.ender ic authorized to coltect and apply the pre~ceedc. at I.ender's option. either to restoratian or repair of the
Property or to the sums serured by~ this rl~rtgage.
Unlesc Cender and Borro«•er otherw ise agree in ritin~e, any such application of proceeds to principal shatl not extend
, r postpone the due date of the m~nthl~• installmcnts referred to in paragraphs 1 and 2 hereoF or change the amount of
~uch instaltmentc.
10. Borrow•er Not Rdeased. Ertension of the time for payment or modification of amortization of the sumc secured
M• this MortRage granted hy Lender t~~ am~ cuccessor in interect of Bortow~er shall not operate to release, in any manner,
the liahilit~• of the origin~l Borrow~er and Borroa•er's successorc in interest. Lender shall not be required to commence
~n•ceedings against cuch success~r or refuce to eYtend time f~r payment or othen+•ice modify amorlizatinn of Ihe sums
.erured b~• this M~rtgage h~• reacon of any demand made M• the ori¢inal Rormwer and Rorrower s succestors in interest.
I1. Forbearance by I.ender Not a R'ai~~er. An~• f~rhearance b}• 1_ende~ in erercising am• right or remed~~ hereonder, or
~~therw•ice a1T~~rded hy ~pplicahle law, shall not be a waiver of or ~?reclude the exercise of an}• such right ar remedy.
The procurement of insurance or the payment of tasec ~r other liens ~r chargec by l.ender ~hall not he a w~aiver of I.ender's
rikht t~• acceleratc the maturity of the indeMedne~s ~ecured M• thit htortgage.
12. R~medies Cnmulative. All remedies p~m•ided in thi~ Mortgage are distinct and cumulative to any ~ther right or
~ remed~• under thit Me.rtgage or afforded hy (aw c.r equitp. and mat~ he eYerciced rnncurrendy, independend,v or succecsively.
€ i3. Successors and Assi~ns $ound: Joint and Se~eral i.iability: ('aptions. The rnvenants and agreements herein
~ ~~~ntained ~hall hind, and the riQh~s hereunder shall inure to. the recpective succe5~ors and astigns of ~.ender and Barrower,
t ~ubject to thc prm•iaiant of paragraph 17 hercot. A!I rnvenants and agrcements of Bormu-er shall be joint and several.
~ The captions and headings of the paragraphs ~f this Mc.r~gage are fnr comenience only and are not to he used to
' ~nterprct or define the pro~~isinnc hereof. "
~ 14. Nolice. Except for any notice required under applic:?ble la~~• m be given in another manner. (a) any notice to
f R~~rmw•er pri•vided fnr in this Mortgage shal) he given h}• mailinR cuch notice hy certified mai! addreaed ta Bormwer at
F the Pr~~xrt~• Addrece ~~r :~t such other addrecs as B~~rrc~u~er ma~• de~ignate b}• notice tn Lender as pmvided herein, and
z ih) am notice to Lender chall he gi~•en hy certified mail. return receipt requested, to [ ender'e addrest stated herein or to
~ .urh ~~ther address as {.ender ma~~ designate b}~ notice t~~ B~rr~wer as prm•ided herein. Any notice provided for in this
` \t.~rtgage shall he deerred tc• ha~~e been gi~~en to Bormuer c.r i ender uhen gi~•en in the manner decignated herein.
~
15. L'niform l~Tnrt~a~e; Gm•ernin~: i.aw~; Se.erabelit~•. Th;ti f~rm of mortgage comhines uniform covenaMt for national
~~~e and ni~n-unif~.rm ci~ven~nt~ ~ ith limited rariation~ h}• jurisdiction t~ constitiite a uniform security instrument covering
real properlc. Thic At~rtgage shall he ce~~~erned h}~ the law nf the jurisdicti~n in which the Pmperty is focated. In the
r~•ent that am~ ~rovisiim i~r clau~e c~f thic !4t~rtgage ~r the :`<~te c<~nflict< <aith applicahle !aw•, such conflict sha11 not aHect
~ ~~ther rr~ni~ii~n~ ~f this Mortgage <~r the Nc~te which can he given etTect «•~th<~ut the conflicting provicion, and to this
end the ~mvi~iont ~f the ?11~rt¢age and the `e~te are ~leclared tc• he SeveraMe.
16. Borraw~ers Cop~~. Borrrn~er shalt he fi~rni;he~t c~~nfrnned rop~• c.f the Note and ~f thi~ Mort¢age at the time
rf c~eciition ~~r after recordation herec~f.
17. Transfer oF tt~e Property: Assumplion. If all i~r anc ~+:irt ~f the Prc~perty ~r an interest therein i~ s~ld or tranaferred
- h~ Borr~~wer ~ithout I.ender's prii,r written cnn~ent. e~.luding !a? the creation ~f a lien ~r encumhrance suhordinate to
thic M~~rtgage. (hl the creaUon of a purcha~e mc~nec ~ecurit~~ interest fi~r h~uteh~ld appliance~. fc) ~ tran~fer bv devise,
detcent ur hy aperatian c~f taw u~on the ~leath ~~f a{c~!nt tenant c~r /<f~ the era~t ~f am• Ieasehold interest of three ~ears or less
rn~t rontaining an c~ptinn 1~ purchase. I ender mac. at I ender'~ ~ruc~n, declare all the sums secured hy this Mortgage to bP
irnmr~iiateh• dur :+nd pa}~ahle l cnder ahall ha~•e ua~~~cd ~!!rh ~~rt~~~n t~~ accelerate if. prior to the ~ale or transfer. [_ender
and the person t~ w~h~m the Pr~perty i~ tc~ he :i~l~i c~r trantiferred reach agreement in w•riting that the credit of Such person
ie saU~facti~r~ tc• I.en~ter and that the intere.t ~atahle c~n the s~~m~ ~cr~~red h}' thit ltarteage shall be at such rate as I_ender
chali reyue~t lf I ender has wai~~ed the e~~tic~n t~~ acceler~te ~rc~vided in thit par:i¢raph 17, and if B~rrower's suceessor in
~ntrrest ha~ e~ecute~l a written astumpti~n agreement acce~ted in uritine hy Leneier. I.ender tihali relea~e B~rrow•er from aN
~~bligati~n~ undcr thic M~rtgaee and thc N~tc.
If t e~ider e~erci~e~ such nptic.n t~ a«elerate. I en,ler ~hall m.+il B~rrm~er nnt~ce c.f acceleration in accordance with
paragraph 14 herenf. Such notice ~hall pmv~de peri~~~i ~~f ni~t let~ th.i;~ Zfl ~la~. frnm the dare the n~tice ic mailed within
«hirh Rorm~~er ma)~ ~a} the ~um~ decl.ireci due if Re~rr:~•..cr fe~lc to pa~• s,ich ~sims prier t~ the er~+irati~n ~~f tuch period.
Len~ler mac. withe~ut further n~tice ~~r dcmand e.n R~rrc~~~er. ~m'~ke .+n} remedies ~crmitte:l ti}~ paragraph 14 herenf.
NoH-UNIf 0RM C~OVFV!?vTS Borrower and 1 ender further rnvenant and agrce as foUows:
18. Acceleration; Remedies. Facept as pro~•ided in paraRr~ph 17 hereof, opon Borrowers breach of any covenant or
aRrrement of Borrower in thic'~tort~a„e, includin~ the co.~enants to pa}• when due any sums secured by thLs Mortgage. Lender
prior lo acceleration shal! msil notice to Borrower ac pro~•ided in para~raph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not lecs than 30 davs from the date the notice is msiled to Borrower. by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may rcsalt in
acceleration of t6e sums secured by this ~'IortRaRe, foreclosure b}• judicial proceeding and sale of ihe Property. '[T~e notice
shall (urther inform Borrower of the ri~ht to reinstate after accelention and the right to assert in the foreclosurt proceeding
the non-rxistence of ~ default or anv other defense of Borrower to ~cceleraNon and foreclosure. If the breach is not cured on
or before the date specified in the notice. [_ender al [.ender's option may declare a8 of the sums secured by this Mortgagt to be
immediately due and pa~•able without further demand and may~ foreclose this 1~SortRage by judicial proceediog. Lender shall
be entitled to cotfect in such proceeding all expenses of foreclosure, including, but not timited to, reasonable attorney's fees.
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. ti~tw ithstanding l.ender's acceteration of the sum5 secared by this Mortgage,
Sorrower shall have the right to have am pr~:eedingc hcgun hy Lender to enforce this Mortgage discontinued at any time
'.t?f;K ~J7 P3CE i~C7C.
- ~
.....a,., - _ v..~