HomeMy WebLinkAbout2413I.enJ~~'s wriltcn agrcemen~ ar applirable law. Bor~owe~ shall pay ~he amount ot all maNgago iocuraoce prcmiums in the
m•r~nrr providcJ under paragraph 2 hercof.
/1ny amo~lnts dich~uud by I.cn~le~ pur~uant ~.~ ~his paragraph 7, with ~nterest therc~~n, shall l+ccome additional
indcMedncsc ~f Nunowrr ~crurcd by ~h~~ Mungage Unlc.c Borrow~cr anJ I.enJer agrec to Mhu tenqs•ot paymcnt, such
amoumc shall he payahlc u~x~n n~~~i.r fri~m I.rndcr to Bo~row~r requtcling paymenl Ihereat, and shall lxar inlerest from the
date ot di~burscmcnt at ~he ratc payahle fr~m time ta ~ime cx~ outsta~ding principal under the Note unless payment of
interest at such rate wauld he contrarv ~o applicable law, in which evenl arch amounts chall l+ea~ interest at the hiahest nte
permissible under applicabk law. No~hing a~mainal in ~his parograph 7 chall requirc I.ender to incur any expeose o~ take
any action hereunder.
S• laspectioa. 1_ender may make or caine to he made reacn~abk eM~ic~s upon and inspections of the Property, provided
that t.e~der shall give Barr~wer ni~~~ce pri~~~ lo any cuch i~spection specifying rcasonabk cause therctor related to Le~der's
:~est in the Propeny.
9. Co~demaaKoa, The proceedc of any awaod o~ claim tor damages, dircet or consoquential, in connoetion with any
coodemnation or other taking of the Propeny, or part thercof, or for conveyance in lieu of condemnatio~. arc hereby sssigned
a~d shall be paid to Lender.
in the eveet of a total taking of the Propeny. the prceeeds shall be applied to the sums securcd by tfiis Mortaaae,
with the excess. if any, paid to Borrowe~. in ~he evenl ot a partial taking of ~he Property, unless Borrower and I.ender
aherwise agree in writing. therc shall be applied ~o Ihe sums securcd by this Mongage such proportion af the proooeds
as is equal to that proportion w~hich the amount of the sumc secured by fhis Mortgage immediately priar to /he date of
taking bear~ to the fair market value of the Propcr~y immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is ahandoneJ bp Borrow•cr. or if. afte~ notice hy l.ender to Bormwe~ that the condemnor oRers to md~e
an award or utlle a claim for damage+. Bc.rr~v-er fail. to recpc~nd to Lender within 30 days aUe~ the date such notice is
mailed. Cender ic authorized to collec~ and appiy the proceeds. at I.ende~'s option, either to restontion or repair ot the
Property ar to the sums ~ccured hy this Mor~Fajte.
Uoless l.ender and Borrower othenvice agree in w~~tm~, any such application of proceeds to principal shall not extend
or pcxtpone the due date af Ihe monthly inslallments. refe~red to in paragraphs 1 and 2 hercof or change the amouot of
such installments.
10. Borrowrer Nof Rek~ed. Extension of Ihe time for paymant or modification of amortization of tht sums socur+ed
by Ihis Mortgage grented by 1_e~er to any cuccecsor in interect of Borrower ~hall not operate to rclease, in any manner.
the liability o( the original Borrower and Horrower'c soccessorc in interest. I_ender shall not be rrquircd to commenoe
proceedings against such successor or rcfux to extend time for payment or olhenvice modify amortization of the sums
ucured by thic Mortgage hy rcason o! any demand made by ~he ori¢inal Borrower and Borrower s successors in interest.
11. Forbearsnce by i.ender NM a Wsiver. A~y f~rhearance by t.ender in exercising any right or remedy hercunder, or
otherwise afiorded hy applicabk law, shall nc+t be a waiver of or preclude tht exercise of any such right or remody.
The procurement of insurance Qr the payment of taxes ar other liens or charges by I_ender shal) not !~e a waiver of Lender's
right to accelerate the maturity of the indehtedness cecurcd hy this Mortgage. .
12. Remedies Cnmulatire. All rcmedia pmvided in this Mortgage are distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or aBorded hy law or equity, and may be exercised concurrcntly, independently or succc~ssively.
' 13. Sreceswn and Assi~as Bound; Jdat aad Sereral I.is6ilky: CsptioAS. The covenants a~d agreements herein
contsined shall bind, and the riRhts I-ercunder shall inurc to. the respective successors and assigns of Lender aod Borrower.
subject to the provisionc af paragraph 17 hercof. All covenants and agrtements of Borrower shall be joiry and several.
The captions and headings of the paragraphc of Ihis Mongage are for convenience only and are not to be used to
interprct or de6ne the provisions herec~f.
14. NWke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certifted mail addresud to Bnrrowe~ at
the Property Address or at such wher addresc as Borrower may designate by notice to 1.ender as provided hercin, and
(M) any notice to L~nder shall he given hy certificd mail. retum receipt requ~sted. to ! e~der s address stated hercin or to
~uch other addreu as Lender may decienate bv n~tice to Borrower as pro~•ided herein_ Any notice provided for in this .
Mortgage shall be deemed to havc been g~ven to Borrawer or I.ender when given in ~he manner designated heroin.
IS. Uwitonn Mort~a~e: Gorernin~ Ia~r; Severabilily. Thit form of mortgage combi~es uniform covenants for national
ux and non-uniform covenant~ with IimiteJ variations hy jurisdiclion to constitule a uniform security inslrument coverin~
rcal property. This Mortgage shall be governed by the lavv of the jurisdiction in which the Property is locattd. in the
event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affeet
othcr provisions of this Mortgage or the Nnte which can be given eliect withoot the conflicting provicion, and to this
end the provisions of the Mortgage and the Note are declared to he severable.
16. Eorr+ower's Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the lime
of ezecution or after rccordation hereaf.
17. Transfer of t6e Propeuty: Assumplion. If all or any part of the Property or an intenst tFurein is sold or tnnsferred
by Borrowe~ without Ixnder's prior wri~t~ n consem. excluding (al the crcation of a lien or encumbrance subordinate to
Ihis Mortgage. (b1 the crcatu+n of a purcha.r mc.nevi cecuri~y mterest for household appliances, (c) a tnncfer hy devise,
dtscent or by operation of law• upon the Jcath of a j~in~ tenant or (dl the grant of any leaxhold intercst of thrcc ycars or kss
not containing an option to purchax. Lender may. at [_ender'c op~ux-. declare all ~he sums secured by this Mortgage to be
immediately due and payable. (_ender chall hav~ w.~~ved such oplion to accrlerate if, prior to the cale or transfer. Lender
and tht person to whom the Proper~y ic tu be .oIJ ~~r transferred rcach agrerment in writiog that the creJit of ~uch perxon
is satisfactory to [_ender and that ~he intcr~.~ pa~~able on the sums xcured by this Mortgage shall bt at soch rate ac I_ender
shall request. If Lender has waived the opt~on to accelerate provided in this paragraph 17, and if Borrower i successor in
interest has executed a written assumption agreement accepted in writing by Lender, [.ender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option ~o accelerate. LenJer ~hall mail Borrower notice of acceleration in accordanc~ u•i~h
paragraph 14 hereo(. Such notice chall provide a period of no~ less than 30 days trom Ihe date the notice is mailed wi~hin
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the eapira~ion of cuch peric~d.
Lender may, withoul further notice or dcmand on liorrower. mvoke any remedia permitted by pangraph IR hercot_
NON-UNIFORM COVENANTS Borrower and Lender further covenant and a~ree u follows:
18. Accelerstion; Rcmcdks. E:cep as provWed in p~~rapl~ 1~ hereot. ~. so~o»ers en,~w ot .^r ~o.e~~ or
a~rameet of Qorrower ie fbis MortRa~e. includi~ Ihe corenanls fo p~y wbes dne say soms secered by tAis MortR~e. Leader
prior lo sccekntioo shall mail notice to dorrower as provided iA parairaph 11 he~eof specf(yia~: (1) IAe Mr~cA:/21 ~he sefiow
eeq~ired to cere such brtach;l3) s dste. not fess t1~sn 30 dsys trorn tbe date tAe iwlke b maNed to Eorror-er. by ..hkh sac~
b~escb mnst be cored: aad (~) Ihst tailure lo core s~ch breacA o~ or se/ore the date specWed h the aotke nuy resrlt iw
accckrstion o[ tbe sams secund by Ihis Mort~aRe. to~eaiosure ~ jndkial proceediu~ ana sak ot tbe Properfr. The notke
sbali further intorm Dorror-er of Ihe ri~ht to reiwstNe aflcr accekrNbs aad tAe rishl b assert ia t6e toreclosrre ~cee~
tbt aon-existence ot a detiuM or ~nr olbcr detensc o/ Eorrowet to ~ccekratiow awd toreelostirt. It tAe ~e~c- is nM c~etd ow
or betore the dste speci6ed is 1be notice. Lende~ at I.ender's uptfo~ ~ aeclm aN o1 tUt sseu ucrred ~ tAis Mort~aRe to re
ima~ediately due and psr~ble witlx-ut turther demand and msy /orecbse tl~is MoA=a~e bp jrrdicW potee~. 1.ender shap
be eotiHed fo colleet ~ socb Proceedi~ all espenses o( foreclosrre. lacludiu~. brf ~ot lia~ifd to. rrawnsbk s~a,reer's fees.
illd tOflS O~ dOtYllltlli~ tr~dllKY, abstrscts ind ~ilk rtports.
19. sononer's RI`At to Reiastate. Notwi~h.trnd~ng 1 ender's accelention o/ the sums secured by th~s Mongage.
Borrower shall havt the right ~o have am prcxe~dme~ t~e~un by lender to entorct thn Mortgage dncoM~nued a~ any t~me
~ afl x345 P~~t24~.2
= _._~ } ~-~ ~ ~.._ _ .. __ _ . - ~ - - -
~
: ~. ~.~