HomeMy WebLinkAbout1024I.cnJcr's writle~ agrecmcnt ~~r applicahlc law. Bur~owe~ shall p•ry ~hr amount of all moAgagc insu~ance premiums in ihe
m•rnnr~ prrvidcd under pa~ag~aph 2 hcreof.
Any .amounts dichurscJ by Lcndcr pur~uanl t~~ this par:l~f:IF1F1 7, wi~h intcrcct Ihercon, thall t+rrnmc additi~nal
indchtcdnrs~ of 6i~rrowcr securcd h~• Ihi~ A1or~g:~gc lJnle~+ RormNr~ an~ Lcn~lcr agrcc to olhrr tcrm~ oi paymeot. ~uch
ami~u~tc ~hall he p:~yahlc u{x~n noticr frc~m I.cndcr ta B~~rr~~Hrr rcyuc.linR paymrnl Ihcrc~-f, and chall hcar intrrect fr~m thc
Jate of di~burscment a! the ratc payahlc fmm timc to time on outctandinR principa) under Ihc Notc unlc« payment of
intercct at such rate would he cont~an~ t~~ applicable law•, in which event cueh am~unts ~hall hear interest at the highe~l rate
permissihle under applicable la~•. Nothing contained in ~hic paragraph 7 shall requirc I.ende~ to incur any expenu or take
any actian hercunder.
8. Inspeetion. Lender may make or rauce to f+e made rea~onablr entrie~ u~x~n and incpecti~nc ~t the Property. prrnided
that 1 ender shali give Borrow~er nolice prie~r to any tiuch in~pcc~~oo .Exrif~•ing rcasonablc r.~uce thcrc(or relatcd to I.endei s
interect in the Praperty.
9. CondemnaHon. The pnxeed. of :~m• aHard ~~r claim for ~lamaee~. direct or a~mequential, in connection with any
~ondemnation or other taking ~~f thr Propcrty, or part ~herc~•f, i,r for ronveyanre in licu ot r~~nJcmnatiun, arc herehy ascigned
and chall t+c paid to [.endcr.
In ~hc cvent c~f a total IakinG of ~hc Pr~~xr~y. thc procccdc ~hall hc ~~~r~~~ ~~. thc ~umc sccured by thic Mortgagc.
w~ith Ihe e~cecs, if any, paid to Bixrowcr. In Ihe c~~cm ~~f a p:utia) laking i.f Ihe Property, unle~c Rorrow•er and I.ender
a~herw~icr agree in Writin~. Iherc shall he applicd 1~~ th~ ~umc ucurc.l hy Ihi. ]1~~rlgagc wch pmportion ~f thc proceedc
as ic cyual M that pmEx~hi~~n which ~hc amuunt o( thc ,um~ ~cc~:rcd h)~ thi~ ~1~+rtg;+~c immcdiatcl}• pri~.r t~~ thc date of
taking Fxar~ to the fair markct valuc of the Pro~xrl> immrdiatcl~• prior lo thc Jatc c-t ta~,ing_ wi~h thc halancc ~f the prc~ceeds
paid ~~~ Borrow~er.
If the P~upe~ty i~ abandoned M• Rorrc~w•cr. or if. after nMice M~ 1 rnder ti~ Born~wcr Ihat Ihe condemn~r ofien to makt
an aw;~rd ar ~ellle a claim f~r dam:~gr~, B~~rr~~w•er tail. t~~ rr.~xmd ti~ I ender H•ithin 10 da~. ai~er the date wch n~tice ic
m:~iled. LenJer i~ authori~ed to c~-llect and apph• ~hr proceed~. a~ 1 ender'~ opti~n. eilher to recloration <x repair of the
Pro~xrl~~ ~r ti- thc ~um~ ~~curcd h~ thic ~1orlFagc.
Unlcs. I.cndcr anJ Borrowcr olhcr.+iK agrcr in ~+rilinc. am• su~h applicali~~n ~f proccedc to princip~l thall not crtcnd
ur ~x.~t~~nc thc duc datc ~~f thc monthh inslallmrntc refcrrcd lo in p:uagraph~ 1 a~d 2 herc~f ~~r chanec thc am~unt of
cuch in.tallmcnts.
10. Borrower Nnt Released. 1=~~cnaion of thc timr f~+r pa~•mcnt c~r mndifiratiim iif amc~rti~ation .~f thc ~umc ucured
hp ~hi~ 11~•rt-a¢c granled hv I.cn.ier t~~ am• ~ucce+~~,r in intrre~t uf Borrower ~hall not o~x;rate tc- releace. in any manner,
thr liahilii~• ..f the original Barro~cr and R~•rrow~rr'. sucrc+«~r~ in iMCrect. 1 cnder chall not he reyuircd tr c~mmence
pn-~ceding~ against a~ch wccccsur ar rciu.r t~~ c~trnJ timr f~~r pa~mc~t or othcrv-~i~c mi.dif~• am~•rti~alion ~.( thc sumt
.rrurcJ t,~~ ihi. Mortgagc hy rca~~~n of .~m• dcmand madr M thr c~ricin~l Bixr~~w•cr :~nd R~~rr~wrr'< <uccc~«~r~ in intcrcct.
I1. Forbearance by I.ender 1ot a Wai~~er. Am f~•rl.rar:~n.c h~ 1~ndrr in c~crci~ing :~m• rigM ~.r remeJy hrrcunJer. or
~~IFI~M'iK afTurded h}' applicahle law. ~h:~ll ni~t Fk ,~ K'dl\'~f ~~f ~v preclude Ihe r~erci~e c.f an~~ ~t~ch righl or remedp.
Thr prcxurcmem of insurance e.~ the payment i~f tarr, i~r i+then c~n~ ~~r chargrti b~• 1 endrr ~hall not Fxx :~ H:+iver of I.ender's
right t~~ acrclcratc ~he ma~uri~y of thr indcMrdnc~c .r_-urcd h~~ thic !11i.rtg~~tc. -
lI. Remedies Cumulati~•e. All remediec pra.~d~d ~n thi. \ti~rtgage arr ditilinrt :~r..t rum~dative to am~ c.ther ri~ht ~r
remeJ~ under thiti Mor~gag< <~r afT~~rdrJ h}• law ~~r eyui~~~. .~nJ ma~ tx r~erci,eJ runcurrrnth•. inJependentlc c-r succe.ti~•el}•
13. Successors and Atisi~nc Bound; Joint and Se~eral I.iabilih; ('aplionc. "fhc c~~~~Cnants and agrrement~ herein
con~aincd ~hall hind. anJ th~ richt~ hrr~undcr ,h:Jl ~nurr ti~. thc rc.pcctivc ~urrr..rr. ~nd accignc ~~f Lcndrr :~nd Aormwer.
~ubject lo thc pravitiiom c.f paragr:~ph 17 hcre~,f All c~~~•cnant• anJ atrrcmrnt~ i~f RnrmNCr th:dl ~ j„int and ~c~'cral.
Thc raplium ~nd headin~~ of thc paraer~~h~ i~f thi~ ~1~~rts;:~~r arr h~r rnm•cmcnrr ~~nh' an~l are m~t t~~ Fx i~~cd Io
interprct or define the pm~~~~i~~n~ herc~f.
14. '.Votice. E+ccept fc.r any nntice rryuireJ under a~+plirahlr law t~+ t+e givrn ~n an~~ther manner. ~a1 :~m• notire t~
Bormwcr providcd f~~r in thi~ ti1~•rtga~c tihall Fx givrn h~ m,i~lin~: ~urh n~~t~rr h} rrr~ificd mail ;iddre~ud t~~ A:~rr~wrr at
the Pro~rtY Addrec~ i~r at ~uch uihcr addrr., ac R~~rra•Hrr ma~ dc+icn:~t~ ht• rn~ticr tc. 1 cnJcr ac pra~~idrd hrrcin. and
(hl am notice t~~ LenJer ~hall tx given h} rertifieJ mail. return rece~~t rcyu~~.tr~l. a~ 1 ender', addrecc tlatrd .herein ~~r to
~ueh ~~ther addres~ :i~ Lender ma} dr~ienatc h~ n~~tice t~~ F3~~rn~wer as pr.~~~de~ herein. Am~ nc.tire ~r~~vided f~•r in thic
~lortgagc shall Fx: decmcd ~o ha~c txrn c~~rn to Kc.rr~w-cr ~~r 1 rnd~r ~hcn gi~cn in thr manncr dc~ign:-tcd hcrcin.
1 S. ['niform ~1orlRa~e: CoverninR t.a..: Se• erabilit~. This form of mortgage combines uniform co~~enants for national use
and non-uniform covenants with limited variations by jurisdiction toconstitute a uniform security instrument co~ering real property_ The
state and local laws applicable to this Mortgage shall be ihe laws of the jurisdiction in which the Property is located_ The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the e~~ent that any provision or claust of this Mortgage or the
hote conflicts with appiicable law, such conflict shall not afTect other provisions of this Mortgage or the Note which can be gi~~en eflect
without the conflicting provision, and to this end the pro~~sions of the Mortgage and the Note are declared to be se~•erable.
16. Borrower's Cop~•. Borruwrr ,h:~ll hr furn~.hc~l .~ :.~nf~~rmcd a~p}~ ~~t thr :`~~tc and ~~! Ihic \lorteagr at lhc timc
~-f erecution or after recordation here~~i.
17. Transter of fhe Pmperfc; Astumption. If all ~~r an~ ~~,~rt ~.f thc Prr~xr~~• ~~r :~n intcrc~t thcrcm i~ .rld <~r trancferred
hy Borrow•cr wrthout I_ender'~ pri~r Kf111CI1 c~,ment. r~cludin- ~.~- thr irr.iti~~n .~( :~ lien ~r encumhranre ~uFx~rdm:~te t~~
thi~ Nortgage. Ihl the creati~.n ~~f a purrh:~~e m~~nrc ~r~unh im~re~t f~~r h~~ukh~+IJ appli.~ncr~. ~cl :~ ~ran~fer h~~ devise.
de.cent or h)• c.peration of I.iu up~m 1he dra~h ~~f .i juint tenam ~+r ~~I~ the ~rarit ~~f ~nc Irauh~ld ~ntrrest i~( thrr< <•c~r~ e~r )e~c
n~~t rnntaining an option ti~ purrhasc. I cndcr m;~c. :~~ 1 cnJcr'. ~~pn~~n, drelarc all thr tium, ~ccurcd h~ th~c R1~.rtgacc 1~ f-c
~mmcdiatcl}~ duc and payahlc. 1 rndcr thall ha~r ~.u~rd ~urh uph~~n t~~ accclcr.~tc i(. ~ri~.r tu thc ~.~Ic ~~r Iransfcr. 1 rndcr
anJ the percon ~~ wh~~m the Pm~xrty iti t~~ br s~~l~t ~~r tr.~n~f~rr~J rrarh :~Ererment ~n writi~~g thai thr cre~ht c.f .uch ~en~~n
ic satisfacton~ t~ I.cnJrr and that thc intcrc~~ pa}ahlr ~~n thc ~~~m..rcurcJ h~• thi. 11i,rtK:+gc ~hall F+c at snrh ra~c :~c I.rnder
ahall rcyucsl. If 1 enJcr ha~ waivcd thc c~ptii~n tn acrcfrr.~t~ pm~•iJrJ in thi~ par:,Lraph 17. and if B~~rrc~w•cr'~ tiuccctis~•r in
interest ha~ ececuted a w•riurn ass-~mption agreement acrep~rd in wrihng M• Lrnder. 1 ender ~hall releace B~.rn,wer from all
ubligati~n~ under this Mortgage and Ihe N~te.
If Lendcr ctcr~iK:ti cuch ~.pti~~n t~. accclcr.rtc. ( rn~l~r .h.~ll mail H~rr~~wcr ni~hce ~~f ac~clcrati~.n in acc~irdanrc wilh
paragraph ld hcrcof. Such noticc ~hall pruvidc ;~ F+xn~•~1 „f m~t I~~~ Ihan ;n d:~c~ (mm thc datc thc ni~tic~ iti mailcd Kithin
~hi~h B~~rn~wer may pa~• the tiumti decf:~red dur If N~~rr.~~.er t.ul~ ti. pa~ ~uch .nm~ pri~~r t~~ the rxpir~ti~~n ~~f ~uch peri~xf.
I.ender ma~~, w~~huut (urther nMicc ~v ~icmand un It~~rr~~wrr. ~n«~I.r :~n~ rrmedies E.crmiuc:i h~• raragraph I R hereof.
NOti-U:~itFORM CO~'FN~NTS Horrow~er and 1 rnder (urther a~~cnant ~nd agrce at follows:
18. Acceleration: Remedies. Fxcept as pro~~ided in paraRr~ph 17 hereof, upon Borrowe~s bre9ch of any co~•enan/ or
aRreement of Borrower in this ~tort~~e, includi~ the co~en~nls lo pay when due am~ sums secured b~• this :41orfRa~e. i.ender
prior to acctleration shall mail notice to Bnrrower as pro~ided in para~raph 14 hereof specifYinR: (1) Ihe b~each; (21 the action
required fo cure such breach; (31 a date. not lecs Ihan 30 da~~ from the date the notice ic maited to Borrower. by which such
breach must be cured: and 14) th~t tailure to cure +uch Areach on or before the dale specified in Ihe notice may resulf in
~cceleralion of the sums secured by Ihis ~tortR~e. foreclocure b}~ judic~al proceedin~ and ~ale of the Property. 'll~e nolice
shall further inform Bormwer of the riRht to rein~tate after accelerotion ~nd the riRhl to acserl in the foreclosure proceedin~
the non-existence ot a default or anv Mher deteme of Bormwer to accelerafion and foreclosure. If Ihe breach ic nof cured on
or Ixfore Ihe d~te speci6ed in Ihe nofice. I.ender at I.ender'c option ma~ declare ~II of the sums secured b~ this MortRa~e to be
immediately due and pa~able withou~ furiher demand and ma~ foreclose Ibis 11ort~a~e by judici~l proceedinR. Lender shall
be entitled to collectin such proceedinR ~II expenses ~f foreclMUre. includinA, but not limited to. reaconable ~Iforney's fces.
and costs of documentary e~idence. at•stractc and ~ille reports.
19. BorroNer s Ri~hl to Reinstate. ti~,tw ith~tand~ng I.cnJcr . a~crlcr.ih~~n ~~f thc ~um+ Kcured h~ th~~ :~i~rtg:~gc.
Horruwcr tihall ha~'c thc right tu h:~~c .~m ~r~krcdint. t.~l~~m h~ 1 rnJcr t~+ cnt~~r~~ thi~ ~1c.~lgagc dnront~nucd at ~nt t~mc
~;K ~~
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