HomeMy WebLinkAbout0544, jt~ ~ .~t
1-rndcr'c wnttcn agrccment or apphcahlc luw. Rarrowcr shaU pay thc amount oi all mortgage inwra~ce prcmium~ in the
mannr~ pnwidr~l unde~ p•riagraph 2 hereot. . .
Any amount~ ~Ji~hurccd by Lrn~kr purw•rnl ~u ~his par.~graph 7, with ~nlcrc~t thercon, shall I+e~-ome additiana)
~ndcMcdnr.~ of {i~~rruNCr Kcurcd hy Ih~. Mung~gc Unlc.~ Rorrowc~ and I.ro~ler aRrce to othc~ tttmc o( payment, tucA
am~~untti ~hall tx p;~vaMc u~xm n~~licc fn~m 1 cndcr 1~~ Bo~rowrr reyuc~ti~g paymcnt thcret-F. a~d sFul) bcar interest trom the
da~e of di~burc~me~t at the ratr payahle f~i~m timc to ~ime ~~n autstandinR principal unde~ Ihe Note unlecc paymeot of
inte~est al such rate would he contrarv io applicable law, in which event aich am~untc chall hear interect at the highest rate
permissible under applirable law. N~~thing c~+n~:~ineJ ~n thic paragraph 7 chall require l.ende~ la incur any expense o~ take
any aclion herounder.
S• laspectbo. I.ender may make ~.r rau.r lo F+c made reaMnahk enl~iec upan and inspections of the Property. provided
th:.t l.ender shall give Borr~wer no~~cr pri~~r t~~ a~y ~uch inspec:tion speci(ying reasonabk caust therefor rclated to Lender's
inlerest in the Property.
9. Condemnatbn. The praceedc o( any award or claim for damages, direel or consequential, in rnnt~oction with any
condemnation a~ other laking of the Property, or paM tAercof, or tor conveyance in litu of condemoation, are heteby sssianed
a~d shall be paid to l.ender.
in the event of a total taking of the Property. the proceeds shall be applieJ to ~he sums securcd by fhis Mo~taage,
with the excess, if a~y, paid to Bor~ower. In ~he evem of a partial taking of the Property, unlesc Borrower aod Lender
o~henvise agree in wriling. therc shall be applied to the sumc securcd Ay this Mortgage such proportion of the pr~oceeds
as is equal to that propaNion v-•hich the ami~~~nl o( the sumc secured by this Mortgage immediately prior to the date ot
taking hears to the fair market valuc af thc Pn~pcr~y immcdiately prior to the date of taking, with the balance of tht proceeds
paid to Borrower.
it the Prope~ty ic abandorted b~• B~.rrc.wer. or i( aftcr no~ice bv I.ender to Borrower that the condemnor offers to make
an award or xttle a claim fnr damaL~~_ B~~rr~wer fa~l. t~~ recpnnd to I.ender within 30 days atter the date such notice is
ma~led. I.enJer ic authori~ed to collect and apply ~he procceds. at 1_ender c option. eilher to restoration ar repair of the
Propeny or to the ~um~ ucured b~~ thic Mor~gagc.
Unlesc I.ender and Borrower otherw~u agree in w•ritmc. any s~ch application of proceeds to principa) shal) not extend
or pott~ne thc duc daie ot the monthlv inc~allmcn~s rcfcrrcd Io iR paragraphc 1 and 2 hercof or change the amount of
such installmentc.
10. Bonower 1Vot Releaxd. Extencion of the lime (or payment or madification of amortizatian of the sums securcd
by this INortgage granted by l.ender to any cuccecsnr in interett of Borrawer chall not operate to rciease, in any manner.
Ihe liabili~y of the original Borrower and Bc-rrower's succescor~ in interest 1_ender chall not be rcquired to commence
pn,ceedings against such successor or rcfuse to ertend lime for payme~t or othervvice modify amortizabon ot ~hr sums
ucured by thic Mortgage hy rcase~n of any demand made by ~he orieinal Borr~we~ and Borrower s successon in interect.
11. Fo~earance by i.ender Not s Waive~. Any f~rhearancc hy t.ender in exercitinq any right or remedy hercu~der, or
othervvix affardeci by applicahle law. shall not be a waiver af or preclude the exercise of any such right or remedy.
The proaireme~t of insurance or the payment of ta!ces or olher liens or chargec by I.ender chall not he a w•aiver ot Lenders
right ~o accelerate the maturity of Ihe indebtednecs ~ect~rcd hy this MortgaRe.
12. Remedies Cumulati~e. All remedits provided in this Mortgage arc distinct and cumulative to any o~her right or
remeJy unde~ thiS Mortgage or afiorded hy law or equity. and may he exerciud concurrcotly. independently or succetsivdy.
' 13. Snccessors a~ Assi~ss Bound; .Ioinl and Serersl I.iabilily: fapHons. The c9venants aod agreements hercin
con~ained shall bind, and the riRhts hereunder shall inare to. the rccpective succecson and assigns of I_ender aod Borrower.
subject to the provisionc of paraRraph 17 hereof_ All covenants and agrcements of Borrower shall be jar~ and severol.
The captions and headingt of the paragraphc of ~hic Mohgage are for convenience only and are not to be uced to
interprct or define the provisionc hereof.
14. Notke. Except for any no~icc required under applicable law• to be given in another manner, (a) any notice t~
Borrower provided (or ~n thic Mortgaee thall be given by mailinR cuch not~ce by certifitd mail addressed to Borrower at
the Property Address or at such other addresc as Bormwe~ mav dcaignate by notice to I.ender as p~ovided herein. and
(b) any notice to Lender shal! he given by crrtified mril. return rcce~pt requected. to l ender s address s~ated herein or to
cuch otHer address as I_ender ma~• deci¢nate b~• n~tice tc. Bormwer as pro~~ded hercin. Any notice provided for in this
Nor~gage shall Ix deemed ~o have heen giv~n to &-rm~cer ~x Lender v~hen g~ven in the manner decignated hertin.
~ 1S. Unitorn~ MoN~a~e: CoverninR I.a..; Severabilily. Thit form of mortgage combines uniform covenants for national
use and non-uniform covenante wilh IimiteJ varialionc hy juricd~c~icx~ to consti~ute a uniform security inslrument rnvering
rea) xoperty. Thic Mortgage shall be Roverned hy tF~e law of Ihe juricdiction in which the Property is locattd. In the
event ~hal any provision or cl~~ne of thic Mortgage c.r ~~he Note conflic~s vai~h applicable law, such conflic~ shall not afiect
olher provisions of this Mortgage or ~hc N~~te wh~ch can be given eBect wiihout the conflicting provicion, and to this
end Ihe provisionx of ~he Mortgage and ~he '~tote arc declared to t+e sevtnble.
16. dorrower's Copy. Borrow•er thall t+c (urni~hed a conformed copy of ~he Note and ot this Mort~tage at the limt
of ezecution or after recordation hercof.
17. Transfer ot tbe Propertv: Accump~ion. It all or any part of the Pn~perty or an intercst therein ic sold or tnnsferred
by Borrower wi~hout I.e~der's pri~r wrat:n ~unecnt. eticluding lal Ihe creation of a lien or encumbnnce subordinate to
this Mortgage. Ib) the creatinn of a pur~hae~ m~~nc~• cecurity mterest tor hooxhold appliances, (c) a trancfer hv devist.
descent or by operation of law upon Ihc Jca~h of a ja~~~ tenam or (dl the grant of any Itasehold interest of Ihrcc ycars or Itss
not containing an option to purchase. I.ender may. ~i l ender'~ op~~on. declare all ~he sums secured by ~his Mortgage to be
immediately due and payable. Lrnder ~hall h~ve w,uved sucfi opsion ~o arc~le-ate if, prior to the calt or transfer. Lender
and the person to whom the Property i. i~~ tx .i~W or trans(erred reach agrerment in wnting ~hat the credit ~f wch per~on
is satisfactory to LenJer and that the in~crr.t pa~able on the sums ucured by Ihis Morlgagt shal) be at such rate ac 1_ender
shall request. If [.ender has waived the opt~on to accelere~e provided in this paragraph 17, and if Borrower'~ successor in
interest hac ezecuted a wnt~en ascumpiion agreement accep~ed in writing by t~nder, l_ender shall release Bor~ower from all
obligat~ons under th~s Mor~gage and the Note.
lf I.ender e+eercius siech option u. acctlera~e. (_ender chall mail Borrower notice ot acedera~ion in accordanc~ ~~~h
paragraph 14 hereof. Such no~ice ~hall prov~de a peric~d of no~ less Ihan 30 days from ~he date the notice is mailed within
which Borrower may pay the sumc derlareJ due. If Borrov-er fails to pay such sams prior to ~he eapiration ~f ~uch penod.
Lender may, without lurther notice or dcmand on Barrower. ~nvoke any remedies permitted by paragraph IA hercof.
NON-UNIFORM CO~'ENANTS Borrower and l.ender further covenant and asree u follows:
18. AcccknNan; Remedks. Eicept as provided io par~npb 17 beno/. ~. so~.,o»~r: enK~ ot .ay ~o.~pa+~~ or
a=reemeat ot Qorro~-er in this Mori~a~e. includin~ 1he co~eaanls to psy w~bes duc any soms sec~red sy thts MorlRa~e. ~,ende~
prbr lo ~ccekratioo shdl maif notice lo sorrower as prorided la Pars=raph 14 hereo~ specNyfu~: (1) the Are~cA: (21 the setbn
requirrd to core such breach; 13) a date. not less than 30 dsys imm tbt dMe the notke b maikd lo Eon~orrer. br whkh sucb
Meach mwt be cond; ind (1) IAat t~ilurc to crn srch brt~cw ow or betwr Ihe dNe specVied ie IAe no~ke may result iw
•ccekrstion ot the sums secured Sy Ibis MortRa~e. /oreeiosure by jndkial proceediw~ ~nd sak ot Ibc Pwpeet~. The notice
sAdl tuAhrr inform Borm~.er ot the ri~h~ to refnstate stle- sccelentbn ~ad tbe riRAt to assert iw tl~e /orcclosrne'roeeedi~
tbt non-existence ot ~ defiuM or any other defen~e o/ eorrower fo ~eceleratbn ~nd foreclosoee. If tl~e b-ticA is not corea o~
or Aelore Ihe dste speci6ed in thc notice, l.ender al I.ender's Mtios anr deelare aN ot tbe s»u~ ~enred 6y tAb MoA~aRe to be
immediately dut and p~yable withoul fuNher demand and rnsy forcclost th4 Mort~a~e ~ jndkW procetdinR. I.~n~fer shall
be eotitled to colket M sucb proccedinR itl e:penses ~~f forcctosure. Includin~. bit *ot ~a~itcd lo. reasonibk an•.rneY's fees.
aud costs ot docu~atat~ry evideece. abstracls and ti~le repoAs. '
19. donowers RiRht to Reinslate. Notw~th~tanding I tndets acceleralion ot ~Me sums,ucured by ~h~c Mon~age.
Borrower shal) havt Ihe nghl ~o have am proce~d~ne• hr'un b~ Lender to entorce ~hn til~ngaqe dncontmued at an~ hme
Bti~K 34s P~E ~4z
~
,
S
_ "~ r'ha*'~`c~.~ - ~r~,y'.;
_ . ~j'r