HomeMy WebLinkAbout24951 rnder'c w•nttcn agntiment or appl~rable law. liorrower shall pay ~he amaunt of all mortgage incurance prcmiums i~ the
mann« prawdrd undcr paraR~aph 2 hereot.
Any amounh di~hunrd by Lrndc~ pur~uant tu ~his paragraph 7, wuh u~tcrcst thercon, chall f+ccome addiliom)
mdrMeJnr.c u( Burruwcr ~ccurcd hy ih~. Mort~;aRc Unlc.~ Ru~~uwcr anJ I rn~er a~rce~ tp oiber t~tm~ of paymenl, such
am~»~ntti ;halt F~c pa~~abk uMm nutirc f~~-m I rndcr ~o Burrowcr rcy~rcc~ing paymcnt Ihcrcot, anJ thalf hcar inte~est from the
d~-e of dicbursement at thc ratr payablc fn~m limc Ia ~ime on outttanding principal under ~hc Nate unlccs payment of
intcrest at such rate woulJ bc contrarv ~~- applicablc law, in which even~ such amountt shall hcar inte~est at Ihe highest rate
permissibk under applicablc law. N~-~hing coniained m thi~ paragraph T shall requirc I.ende~ ta incur any exnense o~ take
any action hercunder.
S. Isspectioa. I.enJer may mal~c ar c:i~~,c Io !+c made reacc~nabk enlriec u~n and inspections of the Prope~ty. provided
that I.ende~ shall give &~rrowcr not~cr pri~-r lu any curh inspcchon specity~ng reaso~abk caux thercfor rclatod to Lender's
~nlerest in the Property.
9. Coedeiwuatioa. Thc praceed~ ot any award or claim for damages, direct or consequential, in rnnnoctan with any
condemnation or other taki~g of the Propehy, a~ pan thercof, or far conveyaace in lieu of condemnation, are hereby astianod
and shall bt paid to I.e~der.
in ~he eveot of a ta~l taking of the Property, the proceeds ~hall bc applied to ~he sums secnrcd by this Mort~aae.
with the eacess, if any, paid to Bo~rower. to Ihe event ot a partial takina of the Property, unless Bomower and Len~kr
ahervrise agroe in wriling. therc shall be applied to the sums secured by this Mortgage such prop~rtion of the procx+eds
as is equal to thai propottion w•hich the amount of the sumc secured by this Morigage immediately, prior lo the date of
taking bean to the fai~ market value ot Ihc Pmpc~ty immediately priar to the date of ~aking, with the balance of fhe proceeds
paid to Borrower.
If the Propeny ic ahandoned h~• Borrow•er. ~r i( after notice hy l.ender to Bormwer that the condemnor offen to makt
an award or settle a claim for dam.,gc.. R~+rmwer f~il. to re,~+nnd to 1_ender wi~hin l0 days a(ter the date such notire is
mailcd. Lender i~ authorized to collect and appl~• the proceeds, at I.ender's option, either to rcstoration or rcpair of the
Property or !o the cum~ ~ecurcd M• thi~ Mortgage. ~
Unlesc l.enckr and Barrow~er alhenviu agree in K ril~ne. any such application of proceeds to principal shal) not exttnd
or pcxtpone Ihe due date of the momhly inclallmems rcferrcd la in paragraphc 1 and 2 hercof or change the amount of
such inslallmentc.
- 10. Eorrower Not Rekised. Extensian of the lime for payment or modification of amortization of the sums securcd
by this Mo~tgage gn~ted by I.ender to any cuccecsor in inlerect of Borrowcr chall not operate to releau, in any manner.
the liability of the original Borrower and Borrower'c succes~r~ in interest. I_ender shall not be reqoired to commence
proce~dings against cuch successor or rcfuse to ertend time for paYment or othenvice modify amortizal~on ot the sums
ucured by thic Mortgage by rcason of ~ny demand made by the oriqinal Borrower and Borrower s successon in intercct.
I1. Forbearaace by I.ender Not a Wairer. Any fnrhearance by I.ender i~ exercising any right or remedy het~eunde~, or
otherwix afTorded by applicahle law. shall not be a waiver ot or preclude the exercise of any such right or remedy_
The procurement of insurance or the payment of taxes or other liens or chargec by I.ender shall not be a waiver of I.ender's
right to accderate the maturity of the indehtedoeu cecurcd hy thic MortgaRe.
12. Remedies Cnmulati~e. All rcmedies provided in this Morlgage arc distinct and cumulativc to any other right or
rcmedy under this Mortgage or afforded hy law or equity. and may be exercised concurrcntly, independently or succeuively.
~ 13. Soccessoa and Assi~as Bound; Joint and Seversl I.hbilif~; Captbns. The covenants and agreements herein
comained shall bind, and the riRhts hereunder shall inare to. Ihe respective succecsorc and assigns of ~ender ~d Borrower.
subject to the provisionc of paragraph 17 hereot. All covenants and agreements of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be oced to
interpret or de6ne the provisiont hereof.
14. Notiee. Except for any notice required under applicable law to be given in another manner, (a) any nolice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addresced to Borrower at
the Property Addrcss or at such other addresc as B~~rrower mav designate by notice to T.end~r as provided hercin, and
(b) any notice to Lender shall he given hy certifkd mail. retum rece~pt requected. to t ender s addreu stat~d hercin or to
cuch other addrcsc as [.ender may deai¢nate by nc-tice tn Borrower as provided herein. Any noti~e provided for in this
:~tortgage shall be deemed to havc l+een ~t~vcn to Bc~rraacr or Lender when g~ven in the manner designated herein.
IS. Unitorm Mor1R~e: Gorernin~ Iaw; Se.erability. This form of mongage combines uniform covenants for national
ust and non-uniform covenantc with IimiteJ varialionc hy juricdiction to constitute a uniform security instrument covering
rcal property. This Mortgage shall be governed hv the law• o~ the juricdiction in which the Properly is located. In the
event that any provision or clauce ot ~hic Mortga¢e <.r the Note conflicts with applicable law, such confliet shal) not afFect
other provisions of this Mortgage or the Nntr wh~ch can be given eficct without the conflicting provicion, and to lhis
end the provisions of the Mortgagc and the Note arc ~kclared to be severable.
16. aorrower's Copy. Borrower sh~ll be furni~hed a cantormed copy of the Note and of this Mortgage at the time
of execution or after rcrnrdation herrnf_
17. Transfer of the Propertv: Assump~ion. lf all or any part ot ~he Pmperty or an intercst therein is sold or tnnsferred
by Borrower wdhout [_ender's prior writ+~n ~uncem. excluding lal Ihe creation of a lirn or encumbrance subordinate to
this Mortgage. (b) the creation of a purchacr m~nevi cecuri~y m~erest for household appliances, (cl a ~ranc(er hy devise,
desceM or by operation of law upon thc dcath of a j~~:nt tenant or (d1 the granl of any leasehold interest of thrcc ycars or less
not containing an option to purchase. I.enJer may. a~ Lender'~ op~~on. declare all ~he sums secured by this Morigage to be
~mmediately due and Payable. Lcnder chall h;-.c w,uved such option to accrlerate i(, prior to the cale or transkr. Lender
and:the person ~o whom Ihe Proper~y i. ~u tx .old or transferred reach agrermem in writing that the credit of euch per~on
is satisfactory• to I.enJer and that the imerr.t payable on the sums secured by this Mortgagt shall be at such rate ac I_ender
shall rtqutst If I_ender has waived the opt~on to accelerate provided in this paragraph 17, and if Borrower a~uccasor in
interest has executed a wntten ascump~ion agreement accepted in wri~ing by Lender, Lende~ shall release Borrower from all
obligat~ons under this Mo~tgage and the Note.
If I_ender txercixs such option tc. ac~elerate. I.enJer ~hall mail Borrower notice of acceleration in accordanc~ ui~h
paragraph i4 hereof. Such notice ~hall prov~de a period ot not Iess than 30 days from the date Ihe nolice is mailed within
which Borrower may pay the sumc decla~ed due. I( Borrower faits to pay such sums prior to the eapiration of ~uch period.
L.ender may. withou+ further notict c-r ckmand on Bo~rower. ~nvoke any ~emediu permitted by paragroph IR here~f.
NoN-UNtFORnt CovE:v~r-TS .Borrower and Lender funher covenant and agree as follows:
la. ACftltfaliOA; Rcmedia. E:ceq ~ p~OYWtd IA ~~f~Il I7 IltfMf, upo~ sorrowtjs brexb of sny to~ena~t or
a~reemeat ot aorrower ln this MortRa~c. includi~ tbe covcnsMs fo psy ~+hea due sny smns securcd by Ihis MortRa~e. I.ender
prior to sccekraHon sbtll mail notice 1o eorrower as provided la psra~n~pb 14 hertot specKyin~: (1) tUe brr~ch; 121 Ihe actbe
t~cqnircd to c~re socb brcach;l3) a dste. no1 kss ~han 30 dars irom the dste the notke b in~iled to Eomo.-er, by .-Akh suc~
b~eac6 st~st be cored; aad (1) thst failure lo cure soch bresch on or eeto~e Ihe date spteified ie tAc notke may ns~dt 1~
scceleration of tbe son~s secured by this MorlRsRe. forccbsure by judkial proetedin` snd sak ot /be Pwpe~ry. The notke
shaN tnrther intorm eorrower of the rq~ht to reinstafe d~er ~ccekntbn snd Ihe riRht to ~acA is tbe /oreclosrre proeecdl~
t~e ~on-txistence ot s dct~uM or any Mher dtfenie of Eorrower to ~ccekrstba ~nd totecbsnee. li the breacA is Aot n~ ow
or 6efore the dste specificd in the notice, t_ende~ ~t I.ender's optiw~ a~a~ declart Mq ot tUe sane secrnd by thk Mort~aRt to be
immediately due and psysbk .ritbou/ further demand ~nd msy torecbse Mk Mwt~a~e br jodkW proteedinR. I.endcr shall
bt teliNed to collett in wtA procttdinR s0 expenses nf (oreclosure. inclndi~. bnt nol dmited to. reasoniAk a~a,rnrr's fees.
and eosts ut ducrisewtary e~idence. abstrsc~s and ti~le nports.
19. Eorrower's Ri~h1 to RtiRStatt. Notw~th~trnd~n~t I endti s acceterat~on ot ~he ~ume ~ecured by ~h~c Mortgage.
Borrower shall have the nght to have an~ prcxerdmec h~F~~n b~ Lendtr lo enlorce Ihn M~rlgaqe dncontinueJ a~ an~ lime
Bn~K 346 PM~E 2491