HomeMy WebLinkAbout2610l~nder i written agrcemen~ o~ applicable law. BoRawer shall pay the amount ut all mortgage insurance prcmiums in the
mannr~ pn~vidcd undc~ ~-arag~aph 2 hertof. ' •
Any amounlc dichurscd by 1.cnJer punuant to ~his parag~aph 7, with in~crest thereo~, chall t+crnme addi~ional
indeMedncsc ~~f Hurruvver cecured by Ihie Mongage Unle.~ Borniwer anJ I.rnJe~ agrce to other tern-s pf payment, such
amountc shall he payable u~n n~~~ice fmm 1 ende~ to Bc~~~owr~ req~xcting payment thcrrnt. ~r1c) shsfl beaf interest trom the
date a( dicbu~sement at the re~e payable (rom time to ~ime ~ outstandtng principal under the Note unlesc payment of
interest at such rate would be contran to applicab4 law, in which event ~uch amounts shall t+ear interest at the hiahest rate
permiuible under applicabk law. Nothing containeJ in ~hic pa~agraph 7 shall require l.ender to incur any expense or uke
any action hercunder.
S. lespectio~. l.enckr may make ~r ca~~.e to be made rcaconabk eo~ries upo~ and inspections of the Property. provided
Ihat 1_ender shall give Borrower not~cr pri~r to any ~~~ch inspectian specitying rcasooabk cause therefor rclated to Lrnder's
interest in Ihe Propeny.
9. Cowdemmtioa. The prcueedc of any award or claim for damages, dircet or eoesequential. in connection with any
condemoation or dher ~aking of the Property, o~ pan thercof, or [or conveyance in lieu of condemnstioo. are hereby usianed
and shall be paid to Lender.
in the event of a total taking of ~he Properly. Ihe procoeds shall be applied to ~he sums securcd by Mis Mortaaae,
with the excess, if any, paid to Bonower. io Ihc eveot af a partial /aking of the Property, unlas Bomower and Lender
aherwise agree in writing. therc shall be applied to the sums secured by ihis Mongage such proportio~ ot the prooeeds
as is equal to that proportion w•hich the. amount of ~he sums secure~ by this MortgaRe immediately prior to the date of
takin6 bears to the fair market value of the Propcrtv immediately prior to the date ot Iaking, with the balance of ihe proc~eds
paid to Borrower.
if the Property is abandoneJ by Borrowcr. ~r if. atter notice by I.eode~ to Born-wer that the rnndemnor of~trs to make
an award or uttle a claim for dama¢es. Borr~wer fail. to recpe~nd to l.ender within 30 days af~er the date such notice is
mailed. Lender ic autharized to ce+llect and apply the proceeds. at t.ende~'s option, either to restoration or rcpair of the
Property or to the sums secured M• this Mortgage.
Uniesc Lender and Borrower olhenvise agree in w~~ting. any such application of proceeds to principal shall not exttnd
or postpone the due da~e ot the monthl~ installments referred to io paragraphs 1 and 2 hereof or chanse the amount of
such installments.
10. Borrower Not Rekased. Fxtension of the ~ime for payment or modiflcation of amonizatior of the sums socurcd
by this Mortgage grantcd by I.ender to a~y cuccecsor in interest of BoROwer chall nw opente to r+eieax, in any mann~r.
the liability of the original Borrower and Bc•rrower'c successon in intercst. I.ender shall not be required ta commence'
proccedings against such successor or reftue to extenJ time for payment or otherwiu modify amortizat~on of the sums
ucured by thic Martgage hy rcason of any demand made by the ori¢inal Borrawer and Borrower s successors in interect.
11.~ ForAesrance by Lender NM s Wd~er. Aoy f~thearance by [.ender in etercising any right or remedy heramder, or
otherwise aBorded by applicabk law. shall ~c+t be a waiver of or prcclude the exercise of any sueh right 'or remedy.
The procurement of insurance Qr tht payment of taxes or other liens or charges by I.ender shall not be a waiver of LendePs
right to accelerate th~ maturity of the indehtcdness cecurcd hy thic Mortgage.
12. Rcmedies Comulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy undc~ this Mortg~ge or atiorded hy law or equi~y, and may be ezercised cancurrcntly, independently o~ successivdy.
' 13. Srcce~o~s and Assi~ws lbund; Jdat aad Sereral i.iabilitf: CapHo~s. The covenants and agreements hercin
contained shall bind, and the rights hercunder shall imirc to. ~he respective successors and assigns of Lender ac-d Borrower.
subject to the provisionc af paragraph 17 hereof. All coveoants and agreements of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of this Mortgage arc for convenience only and are not to be u~ed to
interprct or define the provisions herec-f. -
14. NMke. Except for any n~+tic~ rcquircd under applicable law to be given in another manner, (a) any notice to
Borrower ptovided .(or in this Mortga¢e shall be given by mailing such notice by certifled mail addresxd to Borrower at
the Property Address or at such o~her addresc a~ Borrowtr mav designate by no~ice to i.ender as provided hercin. and
(b) any notice to Lender shall he given by ce~tified mail. return receipt rcquested. to [ ender s address stated hercin or to
such other address as Lender may deaiRnate by~ r-~-tice to Borrower as provided hercin. An~ notice provided for in this
Mongage shall be deemed to havc I+cen g~ven to Borrow~er or l.ender when given in the manner designated herein.
1S. Uaitorm Mort~a~e: Governi~ Law: Se.~enbilily. Thic form of mortgage combines imiform covenaots for national
use and non-uniform covenan~c with limited variations h}• juricdiction to constitute a uniform saurity instrument rnvering
rcal property. This Mortgage shall be ~eoverned by the law• of the jurisdiction in which the Property is located. Tn the
event that any provision or clause of thic Morigace or the No~e conflicts with applicabk law, such conflict shall not atfect
other provisions of Ihis Morlgage or the Nntc which can be given efTect wi~hout the conflicling provicion, and to this
end the provisions ot the Mortgage and the ~ote are Jcclared to be severable.
16. dorrowe~'s Copy. Borrower chall be furni~hed a conformed copy of the Note and of this Mortgage at the time
of eaecution or after recordation hereof.
17. Traasfer ot tbe Propertv; Assumplion. If ali or any part of ~he Property or an intercst thercin ic sold or tn~sferred
by Borrower without Lender's p~ior writirn consent. eticluding (al the creation of a lien or encumbnnce subordioate to
this Mongage. (b) the creation ot a purcha.r m~•nevi cecuri~y mterest for household appliances. (c) a trantfer hy devise,
descent or by operation of la.L upon the Jeath of r jo~nt tenant or (d~ tht grant of any ieasehold intercst of ~hrec ycars o~ Iess
not containing an option to purchase. I_ender may. at t_ender'c opt~on. declare all ~he sums secured by ~his Mortgage to be
immediately due and payable. Lender ~hall ha~•e Na~ved such option to acc~lerate if, prior to the cale or tronsfer. l.ender
and the person to whom the Propeny ic i~. t-c ~oW .~r transferred reach agre~ment in writing that the credit ~t cuch perwn
is satisfactory to [_enJer and that the imerc.t payable on the sums secured by this Mortgage shall be at sucb rate ac I.ender
shall rcquest_ If Lender has waived the op~ion to accelerate provided in this paragraph 17, and if Borrower ~ succasor in
interat has executed a wrilten assump~ion agreement accepled in writing by LenJer. Lender shall release Bor~ower from all
obligations under this Mortgage and the Nc~te_
If LendeF exercises such opt~dn tci acceferate. I_emicr chall mail Borrower notice of acceleration in accordancc H i~h
paragraph 14 hereof. Such notice shall provide a period o( not less than 30 days from the date the no~ice is mailed within
which Borrower may pay the sums declared due. I( Borrower fails to pay s~~ch sums prior to the expintion af such period.
Lender may. without fuAt-er no~ice or dcmand on Horrower. ~nvoke any remedies permitted by paragraph 1R hereof.
Norv-Ur~FORM CoveN~rvTS. Borrower and Lender funher covenant and a~ree u follows: .
IS. Accekntios: Remedks. Except as provided i~ ps~~ 1~ IKreot. uPo~ 1o~rowers 6Rx~ ot a~r coreaaM or
a~reemeat of Eorrower ia tbis MortRa~e. includin~ tbe corensMs to p~y wbes due ~sy soms steured by fhk Mo~1R~e. Lender
prior fo acctleratbo shap mail notice fo ~orrower as prorided la pin~rtpb 14 Aereot speclfyiui: (1) tbe Mesch: (21 the scliow
rcquired to c~re sdch brescb;l3) a d~e. no1 kss than 30 days ~rom tbe dMe the notict h w~ailed to eorrower. ~~+hkh wel~
b~each mast be c~rcd: a^d (~) ~As~ failure ~o c~re s.cb bre.ccb ow or beiore UK dae speciGed ie thc ao~ke msy resuM h
sccekntion ot tbe wms secund Sy thk Mort~aRe. toaclowrr by judkial proceediw~ sad sale ot tbe rroperty. The notice
shall f~rther infonn ~orrower ot tbr riRM 1o rei~tste stler accek~stio~ s~ tbe ri~l~t M asreA iw the torsclosrre /roeeedl~
tbe noa-etistence of s detauk or aay otber detense ot Eorrowet to atcek~stiow a~d tortcbs~re. It the ~eseM is wof c~rcd ow
or btlore tbe dsh speci('ied ia the notice. l.ewder ~t i.endtt's opbw wsy ~ecls~ d of tbe s~ss sees~ed by Mb MortR~e M 6e
imaiedistcly due snd pay~We without t~~tber dem~nd ~nd a~sr fotecbst tAk Mortsa~e by jrdkW proeeedlaR. I.ender chall
be eatiNtd to colket h sreb proceediu~ aN e:penses o( toreclosoro. iaclodiu~. bd ~ot Umile~ to. reasonsbk a1t~~rneti's fees.
aad eosis of doc~~aeMary t•idence. abstrscts and li~k ~epo~ts.
19. Dorrnwer's Rt~bt lo Reiestste. Notwith~t~nd~ng 1 ender s acceleration of the sumc secured by ~h~s Mongage.
8orrower shall have Ihe right to have an} prcxecdmc• ~x~!~n b) Leader to entorce ~h~s M~rlgaqe duconhnueJ at an~ time
~~'~3~6 ~~~E21~05