HomeMy WebLinkAbout2483I.c~Jcr'c wr~~ten agrcrment or applicable law. Borrowe~ shall pay thr amount at all mortgage insuranc~ premiums in the
mannr~ p~uwdcd under par~g~aph 2 hercot.
Any amouo~c di~burccd hy 1 rn~lcr pur~uant tu this parrgraph 7, wi~h u~~rrect. thereon, thall becomc additia~al
indrh~cdncw o( Ri~rrqwrr ~ccurrd hy Ihi~ :4fur~~age Unlc~~ 8~rrower anJ Lrnder aRrec to othcr tc~[q~ ot payment, such
amount~ ~hall hc payaMc uFx~n nuticr R~•m 1 cnder to Horn-wcr rcqueaing paymenl thcrcol`. ~iJ shalLhtu interest fmm the
da~e of di~burtrment a1 the ratc payahle from Iimc to time on oulstanding priocipal under the Note unlea payment of
interest at such ~ate wauld be cantrarv lo applicahle law, in which event tuch amounls shall hear interest at the highest rate
permiuible under.applicabk law. No~hing c~m~aincd in thic paragraph 7~hall require I.ender to incur any eapenst or take
any action hereunder.
S• 1~pectbn. l.eoder may makc i.r ca~~,c to 1+r madc reacc~nabk co~ries upon aod inspectionc of lhe Property. pr•~vided
that I.ende~ shall give &irrower not~rr prior ~a any ti~~ch inspec~ion specifying trasa~abk cause thercfor relatod to Lender's
interesl io the Propetiy.
9. Cowdemnstioe, 'fhe proceedt of any award or claim for damages, dirccl or consequential, in connection with any
condemnation or other taking af the Propetiy, or pa~t thercof, or tor conveyance in lieu of coodemnation. arc heteby assiaood
and shall be paid to Lender.
In Ihe event of a tot~l taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mori~aae,
with the excess, if any, paid to Bo~rower. ln the event af a partial taking of the Property, unless Borrower and Le~der
aherwix agroe in writing. lherc shall he applicd to ~he cums securcd by this Mortgage such proportion of the prooeeds
as is equal to that proportion w•hich Ihe amount of the sumc secured by this Mortgage immediately priar to the date of
'laking bears to the fair market value of ~hc Propeny immediately prior ta the date of ~aki~g, with the balance of the proceeds
paid to Borrower.
if the Propeny is aF+andoned b~~ $or~ow~er. ~.r if after notice bv l.ender to Bormwer that the condtmnor of~en to ma:e
an award or cetlle a claim tor damage~. B~rr~wer tail. to recpond to 1_ender within i0 days after the date such notice is
ma~led. I.ender i~ authorized to collect and apply ~he procceds. at 1_ende~'s optio~, eithe~ to ratoration or .repair of the
ProFxrt~ or i.~ thc cum> >ccured b~• thic I11~n~agc -
Unlesc I.ender and Barrower othen~~ik agree in M•rit~ng, any such application of praceeds to principal shal) no1 extend
or pcxtpone the due da~e o( the manthlv in~~allments referred to in paragraphc 1 and 2 hereof or ehange the amount of
such installments.
10. eorrowe~ Not Relessed. Fxtension of the time for payment or mc~dification of amortization of the sums securcd
by this Mortgage gnnted by Lender to any cuccessor in intercct of Bc~rrower shall not operate to rclaase, in any manner.
the liability af the original Borrower and Bc~rrower'c si~ccescorc in interest_ i_ender ahall not be nquired to tommence
proceedings against such succescor or rcfuse to ecteod time for paymeM or otherwice modify amortizalion of Ihr surr.s
cerured hy thic Mortgage by rcasan of any demand made by the oriqinal Borrower aod Bcirrower s u~ccessors in inlera~.
11. Forbeannce by I.ender NM a Wdver. Any forhearance by I-ender in e+cercicing any right or remedy hercunder. or
otherwix aBorded hy applicaAle law_ shall nc~t be a waiver of or preclude the exercise of any such right or remedy.
The procuremeot of insurance pr the payment of taxes or other liens or charges by I.ender shall not be a Kaiver of Lender's
right to accelerate the maturity of the indehte~lnecs ~ecurcd hy this Mortgage.
12. Remedies Cnmulsfi~e. All remedia pravided in this T-lortgage arc distincl and cumulative to any other right or
rcmedy undet this Mor~gage ar afforded hy law or equity, and may be exerciud concurrently. independently or successively.
.~ 13. Srccessors snd Asai~ss Eound; .loht sad Sereral i.iabilily; Captbns. The coveoants and agreements herein
tontained shall bind, and the riRhts hereunder shall inurc to. the rccpective successors and assigns of Lender at1d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenams and agreements of Borrower shall be jaiN and several.
The captions and headings of ~he paragraphc of this Mortgage are for conveoie~ce only and are nat to be used to
interprct or define thc provicions hereof.
14. Notke. Except for any no~ice required unJer applicable law to be given in another manner, fa) any notice to
Borrower provided for in this Mortga¢e sball be given by mailing cuch no~ice by certi8ed mail addressed to Be~rrower at
the PropeAy Address or at such other addres~ as Rorr~~wer mav designate by noiice to I_ender as provided herein. and
~(t~l any notice to Lender shall he given by certificJ ma~l. return receipt requected. to I.endtr's address stated herein or to
cuch o~her addrcsc as Lender may deci¢na~e hy n~tire te. Borrower as provided hercin. Any notice provided for in this _
Mortgage shall be deemed ~o havc l+een gn•en to &-rrow•er or 1 ender when given in the manner designated herein.
1S. UnitonA MortRa~e; Governin~ Law; Se.erability. Thi~ torm ot mortgage combines uniform covenants for national
use and non-uniform coven~ntt with IimiteJ variationt h}• ~uricJiclion to canstitirte a unitorm security instrument covering
rcal p~openy_ This Mortgage shall be governed h~~ ~he law of the jurisdiction in which the Property is located. in the
event ~hat any provision or clauu of thi~ Mortgage ~r ~he Note conflicts with applicable law, such conflict shall not aHect
other provisions of ~his Mortgage ~r the Notc wh~ch can t+e given eflect wi~hout Ihe conflicting provicion, and to
end the provisions ot thc Mortgage and the 'dote are Jeclared to he severable.
I6. dorrowe~s Copy. Borrower thall be furni.hed a con(ormed copy of the Note and of Ihis Mortgage at the time
of execution or after recordation hereaf.
17. Traasfer ot tbe Prope~tv: Ascumption. It all ~r any part of ~he Pn-perty or an intertst therein ic sold or trsnsterred
by Borrower without Lender's prior wntr~n ~oncem. e~cluding lal the crea~ion of a lien or encumbranct sulwrdinate to
this Morigagt. (b) the creaiion of a purch:ice m~~ney ~ecurity mterest for household appliances. (c) a Irancfer hy devise.
descent or by operation of law upon the Jcath o( •r j~nn~ tenant or (d~ the grant of any leaxhold intercst ot ~hrcc ycars or kss
ex-t coMaining an option to purchase. Lender may. a~ 1 ender'c opt~on, declare all the sums secured by ~his Mortgage to be
immed~ately due and payable. t.cnde~ ~hall have w.~~~•ed such option to acc~lerate if, prior to Ihe calt or transfer. Lender
and the person to whom the Property i~ a~ tn .~.W ~~r transferred reach agrrrmen~ in writing that the credit ot .uch percon
is satisfactory to I.enJer and that the ~n~crc.t pa~:+bl~ on the sums ucured by this Morlgage shall be ~t such rate ac 1_ender
shall request_ If l.ender has waived the option to acceterate provided in ~his pa~agraph 17, and if Borrower i successor in
interest hac executed a written ascump~ion agrcement accepted in writing by t.ender. Lender shall release Borrower from ail
obligations under this Mortgage and thc Note.
If Lender exercises such opt~on t~~ accelerate. l.enJer ehall mail Borrower notice of acceleration in accordancr ui~h
paragnph 14 hereof. Such notice ahall prov~de a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums derlared doe. It Borrov-er tails to pay such sums prior to the expiration af ~uch penexi.
Lender may. wilhout further notice ~r dcmand on liorrower. invoke-aoy remedies permit~ed by paragraph IR herc~f.
NON-UNIFOIIM COVE:YANTS Borrower and l.tnder turther covenant and agree u tollows:
18. - Aceekrstion: Remcdies. Excep as providcd ia p~~raph 17 hereof. opo~ Sorrower's brescM o1 asy co~ewant or
a~reemeat ot eorrower In tbts MortRs~e. includinR tbe corenanls to psy wbea due any snms sec~red by thk MortRa~e. I.ender
prior to accekratba sbdl mail nolke lo Eorrower as Provided fa pua~rapb t4 hereot spccitrln~: (1) IAt brrach:121 ~he actbw
required to core snch bre~ch:13) s d~te. xot kss thsn 30 days twm tbe date tbe notke b n~dkd to dormr.cr. by whkh wc~
~each mmt be cared; sad (4) that fail~rr to co-e srch bre~ci~ ow or refore tbe date specNied M Ihe notke m~r resWt {~
secekratbn ot tbe soms sccurcd by this. MortRaRe. /o~eclowre br judkitl ~ocesdiwR aua sde ot tbe hope~. '~e notkt
shall turtber inforn~ dono.-er of ~bc ri~ht to refsstsle af~e- accekMioe aad tbe ~Mt to ~ert iw tAe /ortic{osnre ~octedf~
t1e non-e:isteece o/ s defsuM or any Wher defense ol dono~+er to ~cctkrstiow snd to~tcbsrre. If the brescl~ is aot crred ow
or betore the date sPecificd in the notke. l.ender al I.ender's opio~ a~ar detlsre sN ot thes~~ws seesred bf~ tAls MoA~aRe fo be
immcdi~tdy duc snd psyable witM-ut fuNhe~ dem~nd ~od n~sy foreclose tAh Matsa~t by jodkW ~oceedfeR• t.ender cAall
be enHNed lo colket in snch ProceedinR all expenscs ot foreElosurr. facl~diu~. brt wot Yad/td to. nasonabk stt.~rn~r's fees.
and costs ot docaiwsMary eridence. sbstrac~s and Iitk reports.
19. dorru~+ers Ri~ht to Rti~tste. No~w~~h~~and~ng 1 ender's accelera~~on of the sums xcured by th~c Mortgage.
Borrower shall have Iht nght to have am prcxe~d~ne: hrfun b~ Lcnder to en(~rce Ih~s M~rlgaqt dnconhnucJ a~ an~ ~~mt
Br1~iK 346 P~rE 24 19