HomeMy WebLinkAbout2477I.cndr~'c wriltcn •rgreemcn~ or apph~~ablc lew. l3o~rawer shall pay thr amuunt of all mottgage inw~anre premiums in the
mannrr pr.-v~Jc.l' unde~ paragcaph 2 hertot.
Any am~-um~ ditihn~crd hy I rn~lcr punuant w ~his par.~graph 7. wnh intcr~cl ~hercon, chall hecume additional
indehteJn~'cc o( Nixruwc~ ucur~d hy Ihis \1un~;age. Unle~~ B~xruwer :~nd 1 rnJer agree to Mher Iermc,Qf paymenl, cuch
amuun~c ~hall tx prvable upcm nu~icr fn~m 1 rndcr t~~ Borruwrr rcyuc~ling paymeM lhetcuf, aihd <h~l b~ar inte~ext from the
da~e of dichursemem at Ihe ralr payahle trum time tn time on autslanding principa) u~der tht Note unletc payment of
interest at such rate wauld he rnntrarv ~n applicahle law, in which event cuch amoun~s ~ha~l hear interect a~ the highest nte
permissible unde~ applicable law. Nuthing cunr.~ined m thic paragraph 7 chall requirc I.ender to incur any eapense or take
any action hereunder.
S. laspection. I.ender may makc ~.r ca~~.r to he made rcacc~nable en~~irc upon and inspections of the Property, provided
thal l.ender chall give Borrower n~~~~ce pri~~r tu any ~uch inspection specifying reasanabk caux theretor rclated to E.ender's
~nte~esl in the Pmpetty.
9. Coademnation. The prc~ceeda of any award or claim for damages, dircct or consequential, in connection with any
condemnation or other taking of the P~operty, or part thercat, cu tor co~veyance in lieu of condemnatioo. arc hereby assiantd
aod shall be paid to I.ender.
In Ihe event of a tatal taking of thc Proper~y, the proceeds shall be appli~J ta ~he sums securcd by Mis Mataaae.
with the ezcess, if any, paid lo Borrower. ln thc even~ of a panial takina ot the Property, unless Borrower and Le~der
alherwise agree i~ writing. there shall t+e applied to ~he sums secured by this Mongage such proportion of the procteds
as is equal to that p~oporlion w~hich the am~unt ot ~he sumc secured 6y this Morigage immediately priar to the date of
taking bears to ~he fair market value of ~he Pmperly immediately prior to the date of taking, with the balance of the proceeds
paid ro Bormwer_
If the Prpperty is ahandoned by Borrow•er. ~r if. after notice by I.ender to Bormwer that the condemnor oHers to maite
an ywat~or slttle a claim for damace.. Borrower fa~l. t~~ re.~+c~nd tc. I.ender within i0 d~ys after the date wch notice is
. mai~~~f~er. is authori7ed to collect and applr the prc~ceeds. at I.ender'c option, either to rcstontion or repai~ of the
_ , Pk-periyo !o {h~~umti ~ecurcd M• this M~r~galec.
•• ~~i~s, J.edde~ and Barrov-•er otherwice agree in w•rit~ng. any such application of proceeds to principa) shall nol extend
~:c~f~~+~~~R Shl~due date of the monthly ins~allmcnts referrcd to in paragrapht 1 and 2 hereof or change the amount ot
~uc~ j~s t ~ne~ts. , --
,/ •'10. ~ohower Not Relea~ed. Fxten:ion of the time for payment or modification of amortization of the cums securcd
b~thit I~oHgage granted by I.ender lo any cuccecsor in interect of Borrower shall no1 ope~ate to rclease. in any manner.
the liability ot the ori¢inal Bonower and Bc~~rowcr'~ successorc in interest. 1_ender shall not be rcquircd to commence
proceedings against such successor or rcfuxe to erteoJ time for payment or otherwice modify amortizaUon ot the sums
tecured by thic Morigage by rcason ot any demand made by the ari¢inal Bor~ower and Bor~owers successors in interctt_
11. Forbeannce by i.ender NM a Wdver. Any forhearance by l.e~der in ~xercising any right or remedy hercunder, or
othenvise afiordeci by applicable law, shall not be a waiver af or preclude the exercise of any such right or remedy.
The procurement of insurance or tht payment ot taxes ar other liens or charget by I.ender shall not be a waiver of l.ender s
right to accelerate the maturity of the indebtedness cecurcd hy this Morigage.
12. Remedies Cumulstire. All rcmedies provided in this Mortgage are distinct and cumidative to any other right or
remeJy under thic Martgage or afforded by law or equily, and may be exercised concurrcnNy, independently or successively.
' 13. Suecessors and AssiRas Boued: Joint aad Sereral i.iability; Captbns. The covenants and agreements hetein
,contained shall bind, and the ~iahts hereunder shall inure to. ~he respeciive successon and assigns of Lender aod Borrower.
subject to the provision~ of paragraph 17 hereof_ All covenants and agreements of Borrawer shall be joiry and sevenl_
The captions and headings of ~he paragraphc of thic Mortgage are for convenience only and are not to be u~td to
interprct or tkfine the provicions hereof. ~
14. Nolice. Except for any.aotice required under applicahle law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given hy mailing tuch notice by certifled mail addressed to Borrower at
the Property Address or at such othcr addresc as Borrower mav decignate by noticc to t.ender as provided herein. and
(1~) any natice to Lender shall Fie given by certificJ mail. return receipt rcqu~sted. to l.ender s address stated herein or to
such olher addrest as I_ender may deci¢nate b~~ n~tice tc• Borrower as proti•ided hercin. Any notice provided for in this
Mortgage shall bt deemed to havc hecn g~vcn to Borrow•cr or I_ender when give~ in the manner dtsignated herein.
1S. Unitorm Mort~a~e; Governin~ Iaw; Se.erability. Thi~ form of mortgage combines uniform covenants for national
use and non-uniform rnve~am~ with IimitcJ variations hy juriaiiction to constitute a uniform security instrument covering
rcal property. This Mortgage shall be governed hv ~he lavv of the jurisdiction in which the Property is located. In tht
event ~ha~ any provision or clau~e of thic Mortgage ~~r the N~.te conflicts wi~h applicable law, such conflict shall not affect
o~her provisions of ~his Mortgage or ~he N~~tr wh~ch can be g~ven efiect wi~hout the conflicting provicion, and to this
end the provisions of the Mortgage and the Note arc declared to ht uverable.
16. Somorrer's Copy. Borrower chall be furni.hed a contormed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Traaste~ of fbe Propertr; Assumplion. li all or any part of the Propeny ar an interest therein is sold or tronsterred
by Borrower wilh~~ut I.ender's p~ior wnn~n .uncem. c~cluding (al the creation of a lien or encumbnnce subordinate to
this Mortgage. (bl tbe creat~on ot a ~urcha.c m~~ne~~ cecurity +nterest for household apPliances. (c) a transfer hv devise.
descent or by operation of law upon the Jeath o( a ja~m tenan~ or (d- the gnnt of any Itasehold i~tertst of thrcc years or Itss
not containing an option to parchase. l.ender may. at (.ender'~ opt~on, declare all tht sUms secured by this Mortgage to be
~mmediately due and payable. l.cnder chall h~.c w.~~vcd such option tu arcrlerate if, prior to ~he ~ale or transfer. Lender
and the person to whom the Property i~ ~u tx .i~l.l ~~r tr•rnsferred reach agre~ment in wri~ing that the credit of cuch petcon
is satisfactory to I.enJer and thal the interr.t pa~abl~ on the sums secured by this Mortgage shall be at sucN ra~e ac I.ender
shall req~est. lf 1_ender has waived the opt~on ~o accelerate provided ~n this paragraph 17, and it Borrower a~uccessor in
interest hat exuuted a written ascumpt~on agreemem accepted in writ~ng by I_emier. Lende~ shal) release Borrower (rom all
obligations under this Mortgage and ~he Note.
1f I.ender exercises such option u~ acrekrate. I_enJer ~hall mail Borrower notice of accelention in accordancr w iih
paragraph 14 hereof. Such notice ~hall prov~de a period of not less than 30 days from the date the notice is mailed wi~hin
which Borrower may pay the sums declareJ due. I( Borrower fails to pay such sums prior to the expira~ion of ~uch period.
I.ender may, without further no~ice or demand on Borrower. ~nvoke any remediu pumitted by paragnph IR hercof.
NON-UNIFORM CO~'ENANTS Borrower and Lender further covenant and agrce as follows:
18. Aceekrataa; Remedies. E:cept as prnvided in paraRraph 1~ hereof~ Yp00 dORONtt~t M~t~tI1 O~ ~Ay co~ena~t or
qrccment ot aorrower in this MortRs~t. includir~ Ihe corenanls to pay r-bew due aay sua~s secured by thfs Mort~a~e. [.eader
prior lo sccekraNon shdl mail notice to lbrruwer as provided la para~nph 11 hereo/ specltyin~: (1) the bn~cA: 121 ~he sctbw
r+cquired to cnre snch bnsch;l3) ~ date. not kss Ibsn 30 dsys twm tbe dMe the notke b m~iled to do~ror-er. er wAkh wcl~
b~cach must be cored: and (4) Ihst f~ilure Io cure sach brescb on or betorc ~he dale specU'ied in Ihe notkc inay resolt iw
accekration ot ~be snms secund by Ihis MortRsRe, tosecbsure A~ judicid proceedlu= snd ssle ot the Property. The notlct
shall further intorm Eorrower ot the riRh~ to rcinstate sf~er secek~stbn sed the riRhl to astert iw tbe toreclosrre ~toceedf~
t6e non-existence ot s defauk or sny other defense of Eonor-er to accekrstion awd (ortclosore. It Ihe bre~cl~ is not cored al
or bcfort the date specified in the notice. I.ender at t.ender•s eptioa ~uay declare all ot the mms secrred by thts M°NRa~e ~° be
immediately due and payable withput turther demand ~nd n~ay torecbse fhk Morlsa~t by judkW ~ocetdlu~. I.ender chap
be eotitkd to colket fn wch proceedin~ a0 expcnses .~( toreclosure. Ineludin~. brt wot U~niled to. rcasonsbk ~I~~~tnev's ftts.
slld ~OSfS O~ AOtY111t11f~ tYidllKt. abstrsc~s and Iilk reports. ~
19. dono~-ers Ri~hl lo Reinstste. Nolwith~~rnd~ng I endet s accelerat~on of ~he sumt ucured by th~s Mohgage.
Borrower shall havt the right to have an} prexe~d~nec tx~~~n by Lender to enforce thi. M~r~gaqe drscnnUnued a~ any hme
BO~K 346 Par,E 2473