HomeMy WebLinkAbout1019I.enJcr's w~rilten ~grcrment or app6rablc laW~. Burruwcr shall pa~~ thc amount of all mortgagc insurance premiums in the
manne~ pnwidcd unde~ paragraph 2 hereof.
Any amounts dichursed by Lender pur~uant ta ~his pa~agraph 7, w~~h -nterc~l thereon, chall t~ecome additional
indehtednrsc i~f Bur~ower secured bp ~hic 111~,ngage. l.'nle.. Borrower and I rnder agree lo ~Iher lennc of paymenl, cuch
amountc ~hall he payable u{x~n nu~ice from 1 cnder t~~ B~~rruwrr ~eyue.ling payment thereof, and ~hall hear intrrecl fmm the
date of dicbursement at the rate p~yaMe (r~m time to ~ime ~~n outstanding principal under the Note unle~c payment ot
interest at siKh rate would t+e con~rar}• ta applicahle I:~w•, in whirh event ~uch amounts shall hea~ interect at the highect r~te
permissihle under applicable law. Nothing cantained in thi~ paragraph 7 shall requirc I.ender to incur any eipenu or take
any action hereunder. ' '
8. laspection. l_enJer ma}• m;~ke ur cau~e to he m:-de rrac~nahk rnuie~ u~xm and incpeclione of Ihe Property, pmvided
that I.ender chall give Borrower n~~ti~e pri~r to an~• tiuch in~pecU~~n <<xcif}•ing rc:+s~~nable rauce theretor related ta I.ender's
intcre~l in 1he Pmpe~ty.
9. Condemnatbn. The pr~.ceed~ of am• a~ard or claim for ~lama~ec. direc~ i~r c~~mequential, in connection with any
randemnation ar other taking of the Property. ~~r part ~he~e~~f. ~~r for cunve~•ance in lieu of condem~ation, are herchy ascigned
an.l .hall hc p~id to I.cnder.
ln the event of a total ~akinG of tlx: Pre.~x~~~•. ~he pnxredc ~hall he applird t~~ ~he ~umc sec;ured b~• Ihic MortgaRe.
with the ercecs, if any, p:~id t~~ Ror~awcr. In thc c~•cnt ~.f a partial takirtg ~~f the Propert~•, unlecc Rormwer and i.endcr
p1F1CfM'I~l` agrer in writin~_ therr thall tk a~~i~~~ ~~. the ~umc cecumJ M~ ~hi. M~~r1~;aKe ~uch pro~+ortion of the proceeds
as i~ cyual to that proponi~•n which thr rmaunt o( ~h~ ~um~ .~curcd M• ~hi~ \1i•-t(tage immedia~eh• prior lo thc date of
takiog hcars to thc fair m•rrkct valuc of thc Pn~~xr~~ immrJiatrl~• pri~~r to thc Jate ot taking. Nith the h-rlancc of the proceed~
paid to Bormwer.
If thc Propert)• ie ahandoncd b~• Borr~~w•cr. ~~r if. af~cr n~~~icr M• ! cnd~r to Rormw•cr that thc condcmnor otTcrs to makt
an award ~~r ~e111c a claim for d:m~a~r.. B~~rr~~wcr fail. t~~ rc.{x~nd U~ 1 cndcr v-•i2hin Z(1 da~~ attcr ~he d:~t~ ~uch n~~icc i~
mailed. I_cnder i~ authorii~d to c~~Uect and appl~~ the pmceedc. al 1_ender'. option, either to re~toration o~ rcpair of the
Pro~x-t~• ~r Ii- thc wm~ .rcurcd h~• thi~ Mor~g~gc.
Unlcs~ I.endcr and Borrowcr othcrw•i+u aRrcc in «ritinz. am• ~urh applicati~m ~f prc-cccd~ to principal ~hall nM ettend
ur ~xxl~~ne the di~c da~e of Ihc monthh in~t:dlmrm~ referred t~- in paragraphs 1:~nd 2 hercof or change the amount af
~uch in~tallmcnt~.
10. Borrower Not Releaced. 1?~trncion ~~f the time fi~r pa} mcnt i~r modificatii.n of amorti-ration of the ~um~ cecured
by ~hi~ ~1i~~rt~~a¢c graMcd M• Ltn~lcr t~~ am• ~acrecwr in interc~t ~~f Bc-rrower ~hal) nol operate to rclcase, in any manner,
thr liahilil~• i~( Ihe oriein~l Borro~+cr and R~•rr~wcr'< <urrc.ti~~r~ in intere.t. I.ender ~hall not he rcyuired t~~ c~mmencc
pnxccJingti ag~~nct ~uch ~ucrc~~or ~.r retu.c ta rttcn.! timr f~r pay'ment ix othcn+i~r modif~• amarti~ation i~( thc xums
ccrurcd h~ thic Mortgagc M• rca.~.n of am• dcmand madr h~ thr c~ri~inal Hixr~~~•cr .~nJ R~~rr~~w•cr's ~uc:r~.~•r~ in int~re~l.
I1. Forbearance by I.ender 1ot a R'~iver. Am f~~rFxaranci h~ 1 rnder in erer~ian~ am• rigM ~~r remcdy hcreunder, or
~~therwise ~tTordeJ h}~ applic~hle laa•. ~h:~ll nol tx :~ wai~~~r ~•f ~.r preclud~ the ~~erci~~ of am ~uch tigM i~c remed~•.
Thr procurrment of insuranee ~~r the payment o( ta~e~ ~~r ~~ther lien~ or charg~t b~~ 1 e~der tihal) not Fx~ a uaiver i~f I.ender c
righ~ t~~ ac~rlcrarc thc maturit~• of ~hc indchtrdnr~~ ~rrurrd h} thi. 1lortgagc
12. Remediec Cumulative. All reme~lies pm~ideJ in Ihi~ '~1~~rlgage are distinct and cum~~:alive t~ am• nther right ~r
reme.ip unJer thiti M~~rlgagr rr atTarJrd b~• law ~~r ryuity. anJ ma~ Fx r~erci.r~l runcurrentlt~. independenth• or succe~zi~•ch~.
13. Suce~ccors and A~~i~nc Bound: Joint and Se~eral i.iabilih: ('aplionc. The ce-.•enants :~nd aFr~emeM~ herein
crn~taincd thall hind, and ~h~ richt~ hcrcuzder ~h:dl murc t~~. thc rr~Exrti~•c ~nrrr~.~~r~ anJ a~cignc ~~f 1 cndcr :~nd Borrowcr.
cuhject to thr pn-vi+iom of paraKr.~ph 17 hcrco(. Ali i~~vrnanh ~nd aircrmcnt~ ~~f Rorroucr shall hc i~~~nt and cc~•cral.
Thr captium anJ hcaJing~ o( thc paragr~ph< <~f ~hi~ \1~~rtca~r arr f~~r c~~m~cmcncr ~~nh• :,nJ arc not tc. F-r u~cd to
interprcl or definc the prmicion~ hrrenf.
14. t~otict. Ftce~t f~~r any noti~c rcyuircd unJcr :ip~lirahlr lau t~~ t-~ gi~'cn in an~.lhcr manncr. (a1 am• ni~ticc t~
Bor~ower ~:roeided for in thi~ 4lnrtga~e ehall Fx g~crn h~ m.~~lin~ .uih n~.tice h~ cerhfieJ mail addrr«rd ta Rorr~~HCr at
thr Propcriy AJdrec~ i~r at .uch uthcr addre.. :~c Rvrm~cr m,iv dc.iinat~ h~• n~~ticc ti. 1 cndcr :~s pr~>vidcd hcrcin. and
Ihl am nutice to I ender sh~ll hr givrn h~• ccrtifir~i ma~l. rrturn rrcr~~t reque~te~!. a~ I cnder'ti addrr~t statrd herrin ~~r to
ctsch ~•ther addrec~ ~~ Lender ma~ drsi~nate M n~~tire tr Ni~rr~~HCr at pr.~~ideJ hrrein. :1nv ni~tire pr.n~idr~l f~~r in thit
,~t~.rtgage shall he decmed tc. h;n~e becn ~i~~n to Bc•rr~~Nrr ur 1 rndrr uhrn ge~~n in thc manner de~ignated hcrein.
15. Uniform :1torlR~e: Go~ernin~ La..; Se.rrabilih. This form of mortgage combines uniform covenants for national use
and noa-uniform co~•enants wi~h limited variations by jurisdiction to constitute a uniform security instrument co~•eringreal property. The
state and {ocal laws applicable to this Mortgage shall be the laws of ihe jurisdiction in which the Property is located. The foregoing
sentence shall rat limit the applicability of federal law to this mortgage. ln the event that any pro~~ision or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shall not afTect other provisions of this Mortgage or the Note which can be gi~~en etFect
without the conflicting provision, and to this end the pro~~sions of the Mortgage and the Note are declared to be severable. _
16. Borrower's Cop}. Borru~cr ~h:~ll Fn furm.hr.) a cun(urmed ri+p~' ut Ih~ N~~Ir and cd thi~ Aturl~age at thc time
af e~ecution or aRer recordation here~~f.
17. Tr~nster of the Propertc: A~~umption. If all ~~r an~ ~..~n ~~( the_ Pr~~~+rr1c or an intere~t thrrein i~ ,~~Id i~r tran~ferred
hy Bo~rou•rr Nrthout l.cnder's pn~~r writtrn ~umcn~. r~iluding 1:~~ thc cr~:~ti~~n i+f a lien ~~r enriimhranrr ~uh~~riiinalC t~~
Ih~~ Mortgage. 161 the creati~~n ~.f .~ purrh:~se m~~ne~• ~rrurit~ imrrect fi~r h~~uxh~~ld a~~+liancrc_ Icl :~ tr•rntifrr h~• devise
de~~ent ~~r by o~ration of law upun thc ~icath ~~f :~ i~~~~N trnam c~r I~li the grant ~•f am Ira~ch~~ld interesl ~~f thrrr ~'l':lf~ ltt IC~t
nc~t containing an option t~ purchasc. I end~r m:n. a~ 1 rndcr'. ~~ptinn. drel:-rr all thc wm. ~crurcd h~ this ~lortga¢c tc- hc
~mmcdi:~tcl~• duc and pa~~ahlc. t rnJcr ~hall ha~c H:n.~rd ,vch ~~phc~n t~~ accclcr.~tc if. ~+ric,r t~. thr ~alc ~~r ~ranafcr. 1 cnder
~nd the penon to whi~m the Proper~y i~ t~~ he ~i~IJ ~~r tr.~n~frrr~d rrach agreemrnl in ~nt~ng that the credit c.f .iech per~~n
i~ saticfactan~ to LenJcr and tha~ ~he interr.l pa~ahle ~m thr .um. urured hc thil \1i•rtcage chall he at cu.h rate a~ 1 ender
sh:,ll reyue~t. If 1 ender has wai~ed the opti~~n ~~~ ;~ccelrr.~tr pra~•ided in ~hi1 pera~raph 17, and if B~~rrc~w•er'~ ,ucces«.r in
mterest has ciecuted a wri~tcn astumption aKrecmrnt arcr~trd in v-ri~~ng h~• I.en~lcr. I.ender thall relca~c B~•rmv-•er fmm all
ohligations unJer thic Mortgage and the N~~~c.
If 1 ender eYCrcicet such ~~p!ion t~~ accrlrr:ur. I enJer .h.~ll ma~l Bnrmwrr rn-tice ~.f acreleratiim in arrnrJance Ki~h
paraKraph I-i hereof. Such notice ~h:~ll pr~~vidr .~ Exn~ui ~~f n~a Irc. than ~(1 J:n~ h~~m the datc the natic~ ic m~iled w~ithin
~hi~h B~•rmwcr ma~~ pa~~ thc ~um~ dcrl.~red dur- If B~~rmucr (:ul~ ti. pac ~u~h .~~mc pri~~r t~~ thc cYpirati~~n ~~f ~uch pcriixl.
I.cnJcr ma~•. withuut turther noticc <~r drmand ~~n Ii~~rr~~Hrr. inc~~l,~ an: rrmrdics Fxrmrttc:i M• paragraph 1~ hcrcof.
N~~-l':~i1FOR~i COYF1~~rTS Bormwcr and 1 ender [urther an•enanl anJ agrce as follows:
18. Accelerat'an: Remedies. Fxcepl as provided in para~r~ph 17 hereof. upon Borrower's brcach of any covenant or
a~reement of Borrower in this !~tort~a~e. includin~ the co~enants to pay~ when due an~ sums secured by this ~tortRa~e. [.ender
prior lo acceleration shall m~il nolice lo Borrower a~ pro~ided in par~Rraph 14 hereof specif~•in~: (1) fhe b~each; (2) Ihe action
required to eure such breach; (3) a date. not lecc Ihan 30 da~c from Ihe d9te the notice is mailed to Borrower. by which such
breach must be cured; and 14) that failure to cure ~uch breacb on or before Ihe date speci6ed in the notice msy resolt in
acceleralion of the sums secured by thic ~1ortR~e, forcclacare b} judicial proceedin~ and sale of the Property. 77se ndice
sh~ll further inform Borrower of Ihe riRhl to reinsl~te af~e~ acceleration and Ihe riRht to assert in the foreclosurc proctedin~
the non-exictence of ~ defaull or anv olher defense of Rorrow•er to acceleralion and foreclosure. lf the breach is not cured on
or before the dalc specified in the notice. I.ender a~ I.ender's option ma} decl~re ~U of Ihe sumc secured by this NortRs~e to be
immediatd~• due and payaWe without further demand and m~~ foreclose thic ~tortRa~e br~ judicial proceedinR. Lender shall
be entitled lo callect in such proceedinR all expences of foreclo~ure, includinR, but not limited to. reasonable attorney's fees.
and costs o( documentary e.idence. aMtnctc ~nd ~itle reporls.
19. Borrowers RiRht lo Reinsl~le. V,~twith.tandm~ 1 en~kr'. .ucrlerat~~~n ~~f the ~um. .ecured M ~hi~ 4lortg~ge.
H.~rrowcr ~h~ll havc thc righl t~~ ha~c :~m pnKrrdini. t+~iu~i h~ 1 rndcr tr cn(~~rcr Ihn ~i~~rtg.igc di~conUnucd rI am~ Umc
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`;R 346 Pa~E 1017