HomeMy WebLinkAbout0767 Lrndrr'< writl~n :igrr~n~~nl ur ap~~lirabl~ la~v. U~,rru~~r~ ~h:~l) p.~y th~ atnuunt uf all m~~tga~;r in~urancc prcmiunts ~n ih~
m.innrr p~uvidrJ undc~ para~;~aph 2 hcrcof.
Any aniounts di~hunrd by 1 rnJcr ~urs~~,,nt to ~hi~ p:ua~:r.~ph 7. ~~•~ih intcresl thcreon. ~hall bccamc addi~inn:?1
in~l~Mrdnrcc uf I3~uruwrr sccurcd hy ~hi~ ~I~~rtgag~. llnl~» Ruic.~~~ir :inJ I.en~l~r arrec tct othcr tc~tnc uf paymcnt. ~uch
:+nu~untc ~h:~ll hc payaMc u{k~n mairc fn~m I_cnJcr t.+ Harn~~~rr r~yu~~tin~ paymint Ihcrcuf, and shall tkar intcrctt fmm thc
~i;~ie of di~burscmcnt at the ratc payahk ir.~m iimr tu time ~n ouis~anding princi~y:~l un~irr ~he Nui~ iiiilCi5 payme~t of ,
intcrcu at such ratc ~~•ou1J hc rontrar~ to :~pplirablc L•i~v, in ~~hich evcnt ~uch am~~unts ~hall txar intcrest ~t thc highc~t ratc
pcrmissiblc undcr ap~licablr la~v. N~~thing r~~nlaincd in thic parabraph 7 shall rcquirc i.cnder to incu~ any expcnsc or taS:e
anv action hercunder.
~ 8. G~sprctio~. Lcndcr may makc or raucc to tx: mc~de rea;onahle cn~ricc u~ti and inspectiana of the Properry, pro~~ideJ
that I_ende~ ~h,+ll givc Borrawe~ n~~tice prior to ~ny tiuch impection ~{xcif~•ing r~a~unable cause therrf~~r related to 1_ender's
intcrc~t in thc Pm(k:tty. '
9. Condcmn~lfon. 'Thc pr~xecdc of any :?ward ur claim for damages, dirccl or a~nccqucntial, in amncction with any
condcmnation or othcr taking of thc Ampcrty, or part thrrcof, or for convcyancc in licu of rnndcnu~ation, arc hcrehy assigncd
and chall he paid to I.endcr.
Tn the event of a total t:~king of the Fropcny. ~he ~+roceeJc shall tx; applied to Ihe sums secured by this Mortgage.
with thc cr~ess, it any. paid tu Borm~vcr. ln ~hc cvcnt ~~f a partia) t:ikin~ ~.f ~hc Aroperry, unlcts Borrawer and i.cndt~
~~thcrw•icc aSrcc in w~iting. thcre sh~ll lx: applicd to thc .umc ~ccurcd hy thic 1liortgagc s~~ch proportian of thc procecds
as is cqual to that proponion ~~hich thc amount of thc sum~ crcurcd by thic ~tortgagc immcdiatcly priar to thc datc of
tah:ng hears to thc fair markct ~•alue of thc Pru~xrt)~ immcdiately prior to thc date of taking, with the balancc of the procceds
paid to Borro~•er. -
Tf the Property is ahandnned by R~noN•er, or iF. after notice hy i.ender to Burrower that the condemnor oRers to make
an award or scttlc a claim for daroagcc. Iiorro~•c~ failt to res~wnd to l.endcr ~vithin i0 da~•s aftcr thc datc such nohcc is
mailed, i.enJer is authorized to collect and apply the prcxecds, at i_ender i option,'cither to restoration or repair of the
Propcrty or to the sums sccured by this Mortgagc.
Unlrss l.cndcr and Rorrowcr othcn~•isc agrce in ritinc. an~~ such application of prc~ceeds to principal shal) not cxtend
or pos~pr?ne the due Ja~c of the monthly installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amouot of
such installments.
l0. Bor~ower Z~ot Releaced. Iixtension of ~he time for papment or modific:+tion of amortization of the sums secured
b~ this l~tortgagr gran~ed by [_ender to any wcces4or in in~~re~t of BorroW~er ~hall not operate to relcase, in any manner,
the liabitity o( thc ori~inal Boc:auer and B~•rroWer'c successorc in interest. i_ender shall not be required to commence
proceedings againct such succescor or refuce to e~ten~ time for payment or otherwice modi(y amoriization of the sums
secured hy thic Mortgage by rea~on of any dern:~nci madc b~~ the orieinal Qorrower and Borrower s successors in interest.
11. Forbraranee by i.ender Not a Wai~•er. /1ny f~rt~aranre hy t.ender in cxercising any right or remedy hereunder, or
othenvise affordeci by applicahle law. shall not he a w~ai~•er of or precludt the exercise of any such right or remedy.
The procurement of insurance or the payment of ta~c~ o~ other liens ur charges by I.cnder shall not be a.vaiver of Lender's
right to accelerate the maturity of thc indebtcdnecs tecurrd h}- thic Morlgage.
l2. Remedies Cumulati~•e. All remedies pro~•idcd in this ?~tortgage are distinct anJ cumulative to any othe~ right or
remedy under this Martg:~~e or aQorded hy la~~~ or equisy. :~nd ma~ be exercised concurrenUy, independenUy or succe~si~•ely.
13. Successors and AssiRns Bound; Joinl and Se~eral I.iability; ('aptions. The covenants and agreements herein
contained shall hind, and the riRhts hereunder shall im~re to. the respecti~~e succeccors and assigns of Lender and Borrow•er.
subject to the pruvisions of paragraph 17 hereof. .All co~•enants and agreementc of Borro~cer shall be joint and se~•eral.
The captions and headings of the paragraphs of thi~ '.lfongagc arc for convenience only and are not to bc uscd to
intcrpret or define the provisians hereof.
14. 2\otice. Except for any rtotice required under applicablc law to be given in another manner, (a) any notice to
Borrower providcd for in this `tortgage shall he gi~~en hy mailing such noticc by certified mail addressed to Borro~+~er at
the Property Address or at ~urh uthcr add~<<s as l3orr~~«~cr may design~tc by noticc to T.cnder as providcd hcrcin, and
~I (b) any notice to Lender sh~ll he gi~en hy certified maiL return receipt requested, to i.ender s address stated herein or to
such other address as Lender may de~i~nate b~• notice ta B~rmwer as provided herein. Any notice provided for in this
~iortgage shall tn: decmed to ha~~c brcn gi.•cn to I3ormwer or 1_rnder ~chen givcn in the manner designated herein.
1S. Uniform 11ortKage; Co~•ernin~ i,aN; Secerabililt•. This f~rm of mortgage combines uniform covenants for national
use and non-unifurm co~~enants ~eith IimiteJ variatians h}• jurisJiction to constitute a uniform security instrument co~~ering
real property. This Atortgage shall be gov~rned b~• the I1~+• of the jurisJiction in which ihe Property is located. in lhe
e~•ent that any provision or clause of thic ~fortgage .•r the \ute conflicts with applicable law, cuch conflict shall not affect
other pro~~isions of this Iliortgage or the Note .?hich can t~t oiven e(Tect ~vithout the contlicting provision, and to this
end the pro~•isions af the 1?tortgagc and the ~1ote are d~clarcd to t~e s~:verable.
16. BoROwer's Copy. Borro~~~er shall be furni~hed a conformed cop)~ of the Note and of Ihis Mortgage at the time
of execution or after recordation hereof.
17. Transfer of Ihe Property; Acsumplion. If all ~~r am• part of the Property or an interest therein is sold or transferrcd
by Borrower w~ithout Lender's prior wrinen consent, excluding (a) the creatiun of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by operation of law~ upon the death of a joint ten:+nt or (d1 the graot of any leasehold interest of three years or less
not containing ~n option to purchase. I.ender ma~•, at 1_ender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. f.ender shall ha~•e .~•ai~•ed tii~ch option to accelerate if, prior to the sale or Iransfer. I_ender
and the pcrson to whom the Propeny ic t~ Ex: solJ or irans(crrcd reach agreement in writing that the credit of such person
is satisfactory to i.ender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Lender has ~vai~•ed the option ~o accelerate provided in ~his paragraph 17, and if Borrower's successor in
inicrest has e~ecuted a~~~ritten assumption agreement accepted in writing hy Lender. Lender shall release Borrow•er from a11
obligations under tfiis Mortga~e and the Note.
tf I_ender erercises such .iption to acceler~~e. I.ender shall mail Aorrow•er notice of acceleratien in accordance H•ith
paragraph 14 hereof. Such notict shall provide a pc:rioJ of nc.t Icss Ihan 30 days from thc date thc notice is mailed within
which Borrower may pa}• the sums declared d~~e. )f t~orroHCr f:+ils to pay such sums prior to the expiration of such period.
Lendcr may, w~ithuut funhcr notice or Jcmand ~n Borruwer. invokc an)• remedies permiltcd by paragraph 13 hereof.
No~r-U~n-oR*t Covev.~r~TS. Borrower and Lcndcr further covenant and agree as follows:
l8. Acceleration; iternedies. Fxcept as procided in paraRraph 17 hereof. upon BorrowePs breach of any coa~enant or
agrecment of Borrow•er in thic ~iortga~e. includinR the co~enanls to pay when due any sums secured by this NtorlRage~ Lender
prior fo acceleration shall mail nulice to Borro~ser as pro~•ided in p~raRraph 14 hereof specifying: (i) Ihe breach: (2) ihe aciion
required lo cure such brcach; (3) a date. not Iess Ihan 30 da~s from the dale the notice is mailed to Borroker, 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 result in
acceleration of fhe sums ~ecureA by Ihis ~Iort~aRe. foreclosure by judicial procetding and sale of the Property. 'il~e notice
shall further inform Borro+~cr of the ri~ht lo reinstate afler accelerafion and the righf to usert in the foreclosure proceedinR
the non-exisfence of a defanlt or anv othrr defense of Rorrower to ~cceleration and foreclusure. If the breach is not cured on
~r ti~~~•~ !hr siasr s~ae6!i~~! i~ !he notece. Lendrr a! I ps!dss's ~~teo~ m?~• •~p~rlare all of Ihe c~~mc secared 6y lhis htotfga~e to be
imrnediately due and pa~•abie Kithout further demand and ma~~ forecluse this ~1ort~age by judicial proceeding. I.ender shall
be entitled to collect in such proceedin~ all expences oi forecl~~ure. including, bat not limited to, ressonable atforney's fees.
and costs oi documentary~ e~•idence, alnlracts and litle reporls.
19. BorroN•e~'s Righl to Reinsfate. \otNi~hstanding Lcn~lrr'~ accel~rati<~n of the sums cecureJ by this ~tortga~e.
R~rrower shall havr the right to ha~-~r am procerJinec hc~~un hv Lrnder to cnforce this :~tortgage di~coMinuccl at any time
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