HomeMy WebLinkAbout2471I.cndr~'c wriuen agreement or appl~cable law. Bo~rowe~ shaU pay the amuu~t ot all •mc~Ngage incurance prcmiums in the
m~nnrr pruv~drJ under paragraph 2 hercot.
Any amaunlc di~hi~rccd hy I.c~.le~ pu~~uaM tu Ihis parag~~ph 7, wuh intcrc~t Iheteon, shall become additiona)
i~il~btcdnr~c uf Rur~uwrr ~rcund by th~~ Murtgage L~nlc.c R~~rruwer and I enJer agrcc to othcr tertnc ot payment, such
am~~unt~ ~hall Fx payaMc uM~n n~~ti~c fmm I cnde~ li~ &-rrowrr reque~~ing p~yment thcreot, and shall hear interest from the
da~e of dicbur~mem a1 the ratc payahle fram timc to time on oulstanding principal under the Nate unlesc payment of
inte~est at such ratr wauld he rontrarv t~~ applicable law, in which evcnt aich amounts ~hal) txar interest at the hiah~st rate
pe~missible under applicable law. Nuthi~g cuntained in Ihit paragraph 7 shal) requirc l.ender to incur aoy expense or take
any action he~euader.
8. laspection. I.ender may makc or rau.r t~~ hc o~ade reaconable enlriet upoo and inspections of the Property. provided
thal t.ender shall give Borrower nc~nce pri~~~ ~~~ any wch inspect~on speci(ying reasonabk cause thercfor rclatod to Leoder's
~meres! in the Pr~peny.
9. Condrmnation. The prc~ceedc of any award a~ claim tor damaga, direct or oonsequential, in connection with any
condemnation or dhe~ laki~g of the Property, or part thercof, or tor conveyaoce in lieu'of condomnation. are hertby assianed
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeds shall be applied lo Ihe sumi aecured bY this Mottgaae,
with the ezcess, if any, paid to Bor~ower. In the event ~f a partial taking of th~ Property, unkss Borrowe~ and Ixnder
ahervvisc agret in writinR. therc shall be applied to the sums secured by this MonRage such propoNion of the proa~eds
as is equal to that proporiion w•hich thc amounl ot ~hc sums stcs~red by Ihis Martgage immcdiately prior to the date of
taking bears to the tair ma~ket valuc uf thc PmFxrty immediately priar to the date of taking. K•ith the balance of the prnceeds
paid to Borrower.
If the Propeny is aband~~ned bv Borrovver. or if. a(ter notict hy l.ender to Bormwer that the condemnor oQers to makt
an aw~rd or utlle a claim for damage~. Born.wer f~ih ~~ rec~nd to I.ender within 30 days after the date such nolitt is
mailed. Lender ic authorizrd to collec~ anJ apply ~he prc-ceeds. at I.ender i option. either to restoration ar repair of the
Properry or to the sumti ticcured M• this Mort~age.
ttnlesc I.ender and Borrower otherwice agree in writ~nF, any such application of procetds to principal shall not extend
or ~xxt~ne the duc date of thc monihly ins~allmcnts rcferred to in parag~aphc. 1 and 2 hereof or change the amount ot
such installments.
10. Borrower Nof Rekased. Fxtension of Ihe time for payment or modiflcation of amortization of the sums securcd
by thes Morigage granted by t.ender to any cuccecsor in interect of Borrower ~hall not opente to release, in a~y manner.
the liability of the original Borrower and Borrower'a succescorc in intercst. l.ender shall not be required to commence
proceedings against such succcssar or rcfuse to e+clenJ time (or payment or olhervviu modify amortizaUOn of the sums
ucured by thic Mortgage by rcason of any demand made b~• the orieinal Borrower and Borrower s succ~sson in inlercct.
11. Forbearance by~i.ender Not a Wdrer. Any forhearance by 1_ender in e~ercising any right or remedy hercunder, or
o~herwix afforded by applicahle law, shall n~+t be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance Qr the payment of taxes or ather liens or charges by I.ender shall not he a waiver of Lender's
right to accelerate the maturity of the indehledness cecurcd hy thic Mortgage. .
12. Remedies Cumulafi~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Martgage or af~orded hy law or equity, and may be exercised concurrcntly, independently or successively.
~ 13. Soccessors snd AssiRes Bound:.loinf and Sereral i.isbility; CapNons. The covenants and agreements hercin
contained shall bind, and the riRhts hercunder shall im~rc ta. the respective successors and assigns of Lender aod Borrower.
subject to the provisiona of paragraph 17 hereof. All covcnants and agrc~mentc of Borrower shall be jar~ and sevtnl.
The captions and headings of the paragraphc of ~hic Mortgage are for canvenience only and are not to be uced to
intcrprct or define the provi~ionc hereo(.
14. NMke. Except for any notice rcquired under applicable la~• to be given in another manner. (a) any natice to
Borrower provided for in this Mortgaee shall be given t~y m3iling Such notice by certified mail addressed to Bc-rrower at
the Property Address or at such other address as Borr~wer mav decignate by notice to T.ender as provided herein, and
(b) any notice to Lender shall t~e given by tt~tificd maiL return receipt requested. to Lenders addrcss s~ated herein or to
such other address as I_ender may decienate h~~ notice ~~. Bormwer as provided herein. Any notice pmvided for in this
Mortgage shall be deemed to havc l+een g~~•en to Borrow•cr ar Lender when given in ~he mann~r designated herein.
IS. Uniform MortR~e: Governing Iaw; Sererability. This form o( mongage combines oniform covenants for national
use and non-uniform covenan~c with IimiteJ variationc h~• jun~diction to tonstitute a uniform security instrument cove~na
rcal property. This Mor~gage shall be gove~ned hv the law• of the jurisdiction in.which the Property is located. In the
event that any provision or clauce of thi~ Mortgage ~r ~he Note conflicts wi~h applicable law, such conflict shall not atfect
other provisions of this Mortgage or the Note wh~ch can be given efiect without the conflic~ing proviaion, and 1o this
end the provisions of the Mortgagc and the tiote arc decl~red to be severable.
16. dorrower's Copy. Borrower ~hall be (urni~heJ a conformed copy of tht Note and of this Mortgage at the time
of execotion or a(ter recordalien hereof.
1~. Trs~ter ot the Proptrtv; Assump~ion. I( all or any part of the Pn~perty or an interest therein ic sold or tnnsferred
by Borrowe~ wilhout I_ender's prior wrmrn ~nnun~. e~cluding la1 the creation of a lien or encumbronce subordinate to
this Mortgage. (b) the creat~on of a purch~k m~~ne< <ecurity mterest (or household appliances. (c) a ~rancter hv devise,
descent o~ by operation of law ~ipon ~he ~Ieath o( a ja~nt tenanl ar (d~ tht grant of any leasehold intercsl c-( three yean or kss
not containing an oplion to purchase. Lender may. a~ I.ender'~ opt~on. declare a0 the sums secured by this Mortgage to bt
~mmediately due and payahle. I.ender ~hall h~vc N,~~ved such option to a~r~lrrate if, prior to the cale or transfer. Lender
and the person to whom ~he Propeny i~ a~ tx .c-I.I or transterred rtach agrr~ment in v-ri~ing Ihat the crcJi~ of wch per~on
is satisfactory ~o I.enJer and ~hat the interr.t pa~able on the sums secured by this Mortgage shall be at soch rate ac I_ender
shall request. If I_ender has waived the option to arcelerate provided in this paragraph 1~, and if Borrowera ~uccesior in
~nlerest has executed a wn~~en assumpuon agreement accepted in writing by I.ender. 1_ender shal) releax Borrower trom all
obligations under this Mor~gage and thc Note.
If Lender exercius such opt~on to acrelera~e. (.enJer chall mail Borrower notice of acceleration in accordanc~ uith
paragraph 14 hereo(. Such notice ~hall provide a pe~iod of no~ less than 30 days from ~he date the notice is mailed within
which Borrower may pay the sums declarcJ due. It Borrower fails to pay such sums prior to the eapiration of cuch penod.
Lender may, without further notice o~ demand on Horrower. invoke any rcmedia permitted by paragraph IR hercof_
NON-UNIFORM COVENANTS Borrower and Lender tunher covenant and agrce as follows:
18. Acceleratan; Remedies. E:cept as pro~idcd io-para~nph 17 Aereot. npoe foRO~*ers breacb ot ~ny coveaawt or
a~reemeat of Borrowcr in Ihis I-tort~s~e. includin~ the eorensnls to psy ~+hen due aay wms securcd br Ibis MorlRs~e. I.ender
Prior lo acctkratbn shdl mafi notite to EoROwer as provided in~para~raph 14 heno( specltyiu~: (1) the ere~ch:121 IAe aetbs
required to con snch bresch; 13) s dste. not less lhan 30 days imm tbe date the notke b mailed to dorrower. by .-hir6 sucM
b~each mmf be cored: and (4) Ihat failure to core such breacb oa or betore Ibe dNe specU'ied is tbe nolkt rnsr resuN i~
accekration of 1be sams secured Ay tbis MortRa~e. toreclosare by judkfd ProcttdieL aad sak o~ tbc Propc~ry. 'Il~e notke
shall turthcs infonn Eo~rower of tht rq~h~ to ninstNe af~cr xcckrstbn snd the ri~ht to asseN is the (oreclosrre proeeedl~
tbe non-exisienct of s dcf~uN or any olhtr detense of eorrower to sctdention and tortcbsore. /i the eresch is not cnreA o~
or 6efore Ihe dsle specified ia the notice, l.ender at I.ender's oplios nny dtelare ap ot tbe ma~s seesred by thk MoA~~t to 6e
immedistely due snd pay+ble without furtber demand and msr toreclose M4 Mo~a~e by jodkW procetdinR. I.ender shtll
be entifled lo collttt i~ such proceed~n~ an e:penses of toreclos~re. Includi~. 6n1 ~of limiled to. nasonibk stt.~rneti's fees.
and casts of doc~n~cnlary e~idence. abstracts ~nd lilk rcports.
19. dorro~+er's Rl~ht to Reinstste. Nolwilh~t~nd~nh I ender's accelent~on of the sums ucured by th~s Mortgage.
Borrowei shall havt 1he right to have am prcxerri~ne• hr'~~n by Lender to entorct Ihn Mor~gaqe d~sconhnueJ at an~ Ume
~ " 80~K346 PAGE2467
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