HomeMy WebLinkAbout0867 I.eu.l: i'. ~vriUcn agrcunrm ur apj~li~ahlr la~. li~~rn~t~rr sh:iU ~h~• .~muunl uf :~11 m~rtga~;c imuranc~ pr~mium+ in Ihc
nianr.r pro~•i~ird undc~ par.i~~aph 2 hrrcu(. ~
A~?v am~~uiits di.bur.cJ hy L~n~l« pur.uant lo this par.~lt~:~ph 7. ~~•ith intrrc.t thcrr.~n. ~h:ill hccumc additiunal
in~l.•h!r~inr,t i?f liorro~~rr ~c.ur~d h}' Ihic Alurt?~aee. l'nlr~~ D~•rru~~c~ :~n~l ( rn~kr :~~;rrr ti• c?thc~ lcnm ~~f raymcnt. cuch
anu•unh.hall h~ payahl~ u~,rn n~tir~ frrm 1 rnd~r tr li~rrr~~~r rr.~uc.tin~; p:~~'mcnt thr~c.~L :~nd ch:~ll Ikar intrr~ct fr~m thc
datr ~~f ~li.hurscmcnt at thc ratr pa~~ahl. frrm tim~ tc• timc on outct:inding p~incir~) undcr thc Notc unlccc payment oE
intrrrst at such ratc ~~'oul~l hc contrary to ap~+li~ablc I:~~v. in ~~hich rvcnt ~urh am~unh .hall t?car intcrcct at Ihc highcct rate
permrscihle under applicaMe la~~. T~i~thing c~nr~i~ed in Ihic par:i~raph 7 shall requirc l.ender to incur an}• erpense or lake
any action hrrcundcr.
8. InspecNon. I.ender ma~• makr o~ ~au:e t~~ t+c madr rea~onahk cm~ie~ uFx?n and in.pe:ti.?n~ of thc l~m~xrt)•, pro~~i~led
lhat I rnJer shall gi~•c Born~~~•er notire prior to :~m• cuch inapecli~~n .peciO•ing rea.onable c:~u.e therc(or rrlated to l.endcr's
inlcr<<t in the Ampert)•.
9. Condemnation. Thr pnkccd~ of an~- a~+:~rd or claim for ~lamaccs, direc~ or co~iccqucntial_ in connection v~•ith any
candcmn:diun o~ othcr taking of thc Prop~:rty. ur part thcrcof, or for rn~tiv~yancc in li~u of rnnd~mnation, arn c~rchy ac~igncd
an.l .h:~ll bc paid to Lcndcr. -
ln the e~•ent of a tatal takinc of the Pro~rt~•, the proceedc ehall t~e applied to the ~ums secured h~• thic Mortgagc.
w•i1h thc c~cres, if an~~, paiJ to Borro~c~r. In Ihc cvent of a p~rtial ta{.ing uf the Proper~r. unlect Rorrc~~~•er and I_cnd~r
otherH i~r acree in writine. therc shall he applie.l m the cumc cecurc~l h~~ thic Mortcage ~i~ch proE+orti~n of the pro:.eeds
ac ic rqu:?I to that proporti.~n ~~hieh thr amount of the sumc ce~urcd hy thic ~tortgaLC immediatelp prior t~~ the date of
takin~ txars to the fair mark.~ raluc of thc Pr.•~rt~ immrdi:,tel~• prior to the datc of taking. ~~ith thc balancc of the prc?cccJs
paid ta BorrowCr. _
If the Property is abandaned b~ Borrow•cr. or if. after notice hy I_ender to Borrower that the condemnor ofters ta make
an award nr setNe a claim for damagc~, Rorrowe~ fail. to res~nd to l.ender within ?A da~•s after the date such notice is
mailed. Lender is authorizcd to coflect and apply the proceeds. at T.ender s option, either to restoration or repair of the
Pro~r~y i~r to the sum~ ~ccur~~f hy this 111ortga~c.
Unlesc l.ender and IIorro~~•er other~~~ice agrec in ~rritinc. an}• wch applicatian of prc~ceeds to principal chall not extend
or pc~st~ne the due datc of the monthl~• instatlmcnts r~ferrcd to in pa~agraphs 1 and 2 hereof or change the amount of
such installmc~ts. -
10. Borrower h'ot Released. Extension of the time for pa~ment or modification of.amortization of the sums secur~d
by this Mortgage granted b}~ I.ender to any successor in interest of B~rrower shall not optrate to release, in any manner,
the liability of the original Borrow•er and Borrower's succescors in i~terest. i_ender shall not be req~ii~ecl to commence
proceedings ~gainst such sua:essor or refuse to erteod timc for payment or other.vise mcxlify amortization of the sums
secured by this Mortgage b~• reason of an~ demand made b~ the or'sQinal Bonower and Borrower
s successors in interest.
11. Forbearance by i.ender l~ot a~Vai.er. An~~ forhearance by Lender in exercising ana~ right or remedy hereunder. or•
othentiise aBorded by applicable law, shall not he a waiver of or precludt the erercise of any such right or remedy.
The procurement of insuranee or the payment of ta~es or other liens or charg~-s by I_ender sh~ll not be a w~aiver of Lender's
right to accelerate the maturity of the indebtednecs cecured hy thic Mortgage. .
12. Remedies Cumulative. All remediec provided in this I~fortgsge are distinct and cumulative to any other right or
remcdy tmde~ this Mortgagc or afforded hy lau• or cquity. and ma)~ be exercised concurrentl}•. independently or successively.
13. Successors and AssiRns Bound: Joint and Se~~eral i.iability; Captions. The co~~enants and agreements herein
comained shall bind, and the richts hercunder sha11 inure to. the respective successorc and assigns of Lender and Borrov?er,
subject to the provisionc of paragraph 17 hereof. All co~•enants and agrcements of Borro~+~er shall he joint and several.
The captiuns and heading~ of the para~raphc of this l~iortgagr are for convenience onh and are not ta be used to
intcrprct oc define the provisions hereof.
14. Notice. Except for any notice required under applicable la~~ to be given in another manner, (a) any notice to
Borrow~er pravided for in thic Mortgage shall hc given h~• mailin; such notice by certified mail addresced to Borrow•er at
the Praperty Address or at such other addrecs as Borrow•er ma~• designate b~ notice to T_ender as pro~ided herein, and
(b) an~• notice to Lender shall he given b~, certified mail, return receipt requested. to l.ender s address stated herein or to
such other address as I.ender ma~~ desigoate by notice to Borrow•er as provided herein. Any notice provided for in this
Mortgagc shall be deemcd to ha~~e been given to Borrow~er or Lender ~~~hen given in ihe manner designated herein.
15. Uniform MortgaRe; Co~ernin~ I.aw; Se~•erability. This form of mortgage combines uniform covenanic for national
use-and non-uniform ca~~enantc w•ith limited variations b~~ jurisdiction to constitute a uniform security instrument covering
rea! property. This 111ortgagc shall be governed b~• the law~ af thc jurisJiction in w•hich the Property is located. in the
~ evcnt that a~y provision or clause of this Mortgage or the \c~te conflicts with applicable law•, such conflict shall not affect
other provisions of this l~tongage or the Note Which can be gi~en effect without the conflicting provision. and to this
~ end the pmvisions of the l~tortgage and the ~otc are drelared to be severable.
16. Bormvre~s Cop~•. Borro«•er shall t~ furnished a conformed copy of the I~ote and of this I~lortgage at the time
of ezecution or a(ter recordation hereof.
17. Transfer of thr Property: Assumption. Tf all or an}~ part of the Property or an interest therein is sold or transferred
by Borrow•er wiihout Lender's prior written concent. excluding (al the creation of a lien or encumbrance subordinate to
thi~ Mortgage. (b) the creation of a purchase mone}• security interest for household appliances, (c) a transfer by devise,
~ dcsccnt or by operation of la~• opon the death of •r joint tenant or (d? the grant of an}- leasehotd interest of threc years or less
not containing an option to purchase, I_ender m~y, at Lender's option, declare all the sums secured by this 1~lortgage to be
immediately due and payahle. Lender shall ha~e ~.~ai~•ed such option to accelerate if. prior to the sale or transfer, I.ender
and the person to whom the Property is to be sold or transferred reach agreement in w~riting that the credit of such person
is satisfartory to LenJer and that the intcre~t payable on the sums secured by this Mortgage shall be at such rate as Lender ;I
sh:,ll request. If Cender has waived the option to accelerate providcd in this paragraph 17. and if Borrower's successor in
inter~ct ha~ executed a written assumption agreement accepted in w•riting by i_enJer, LenJer shall release Barrower from all ~
obligations under this Mortgage and the Note. ' ~
If [.ender exercises such option to accelerate. Lendcr shall mail Borro~+~er notice ~f acceleration in accordance ~•ith ~
paragraph 14 hercof. Such notice shall provide a perioci of not Iess than i0 days from the date the notice is mailed within
which Bo~row•er may pr}• the sums declared due_ If Borrower fails to pay such sumc prior to the expiration of su~h period. ~
Lcndcr ma}•, without forther notice or demand on Borrower, invoke any rcmedies permitted by paragraph 13 hercof.
No:v-UNiFOS!?t CovEnn;~TS_ Borrower and I.cnder further covenant and agrre as foDows:
18. Acceleration; Remedies. Except as pro.~ided in para~;raph 17 hereof. upon Borrower's breach of an~ co~enant or
agrcrmrnt of Borrower in this ~Iort~a~e, including Ihe co~enanl~ to pay when due any sums secured by this ~tortgaRe, I.ender
prior to acceleration shall mail notice to Borrower as provided in paraRraph 14 hereaf specify~ing: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 day-s fram the date the notice is mailed to Borrower, b~• Nhich such
breach must be cured; and (4) that faiiure to cure such breach on or before Ihe date specified io the notice m~y rault in
acceleration of Ihe sums secured by t6is ltortRa~e, fonclosure by judicial proceedioR ~nd sale of fhe Prop~rty. The nMice
shaU furiher inform Borruwer of the right to reinctate after acceteration and the riRht to ~ssert in the foreclosure pmceeding
Ihe nnn-exititenee of a deiault or any other defense of Rorrower tn acceleration aod foreclusure. If the breach is not cured on
or beiorc the dafe specified in the notice. Ixnder ~t I.ender's option oiay declare all of the sums secured by this tiiortgage to be
immedi•rtel~• due and pa~able withouf further demand ~nd may foreclose this Mort~a~e b~• judicial proceedin~. Lender sha11
be entitled to collect in such proceedinR all expenses of forecloaire. includin~. but not limited to~ reasonable attorney's fees.
and cosls of documentary e~~iJence. ab+tracts and litle reports.
19. Borrower's RiRht to Reinsl~tr. tic?tKithuanding 1 cnJer'. acceleration of the tiums securcd b}• this Mortgage.
Ilorn~wcr shall havc thc ri~ht to havc an~ pmcc.:dines h~};un h}' I.~nJcr tv cnforcc thi~ ~t~~rtg~gc discontinued at any timc
gooK 268 ~ac~ 86fi