HomeMy WebLinkAbout2691I.endcr c wtittcn agtccmem or applicablc law. Bo~rower shall pay the amount at all mongage in~urance prcmiums in the
mannrr providc~l under pa~aRraph 2 hereof.
~ •Any amou~ts dich~u~rd hy 1 cn~lcr pur~uant lu Ihis ~1AfJ&f~~-I1 7, wi~h intrncl thereon, shall become addilional
indch~rdnesc uf &~~raN•cr ucumd hy ~hi~ Mor~~;age. Unle.c Borrower anJ 1_enJer agree to other terms ot paymenl, such
amounts chall hc payahlc u~x~n naticr fr~m I.rnder t~~ Bo~mw~r requtrting paymrnt thcre~~(, and shall hear iotcrest fmm the
date ot dicburseme~t at the rale payable (~om time ta time on oulstanding principal undtr` the Note. uolesc payment of
interest at such rate wauld l+e cantrarv to applicahle law, in which event tiuch amoun~s chall hcar interest at thF highest rate
permissible under applicable law. N~~thing cantaineJ in thic pa~agraph 7~shall require l_ender to incur a~y expense or talce
any action hercunder.
a. lospectioa. 1_e~der may makc or cau,c to t+e made reacanabk entriec upon and inspectiont of the Property. provided
that i.ender shall give Barr~wer nohce prii.r tc~ any wch inspection specifying rcasonabk cause thercfor rclated to LendePs
interest in the Propeny.
9. Condemnatbn. The proccedc of any award o~ claim for damages, dircc~ or consequential. in connoctan with any
co~demnation or othe~ taking of tht Property, or paR thercof, o~ for conveyance in lieu ot condemnation, are heeeby aasigneA
and shall be paid to Lender.
in the event of a tot~l taking of ~he Pmpeny. ~he proceeds shall be applied to the sums securcd by Mis MoNgage,
with the excess, if a~y, paid to Borrower. In the event of a partial taking of the Property, unless Bomower and Let~der
othenvise agret in writing, therc shall lx applied to the sums secut~ed by this Mortgage such proporlion of the proceeds
as is equal to that proportion w•hich the amount ~f ~he sumc secured by this Mortgage immediately prior to the date ot
taking bears to the fair market value of the Proper~y immediately prior to the date ot taki~g, v-•ith 1he balance of the proceeds
paid to Borrower.
If the Property is abandoneJ hy Borrower, or if. after natece by l.ender to Borrowtr that the condemoor offta to make
an award or utNe a claim (or d~magct, B~~rmwer fa~l. to respond to 1_ender within ~0 days aher the date such notice is
mailed. Lender i~ airthorired to collec~ and appl~• the proceeds. at l.ender s optio~, either to restoration or t+epair of the
Property-ar !o the sum. ~ccured by this T~lorigagc.
U~lesc l.ender and Borrawer otherwice agree in writine. any such application of proceeds to principal shall not extend
or pcxtpone ~he due date of the momhly installments rcferred to in paragraphs 1 and 2 hercof or change the amou~t of
cuch installments_
10. Borrower Not Rek~sed. Extension of the time for payment or mc~dification of amortiution of the sums savrcd
by this Mortgage gnnted by I.ender to any cuccecsor in interect of Borrower ~hall not operate to rel~ase, in any mar..~er.
the liability of the original Bonower and Be-rrower'c successorc in interest. I.ender shall not be rcquired to eommence
proceedings against such successor or rcfuse to eztend Iime for paymenl or othenvi~e modi(y amortizat~on of the s~~r..s
ucured by this Mortgage hy rcason of any demand made by the orieinal Borrower and Borrower s successors in iMerect.
11. Forbearance by i.ende~ NM a R+dve~. Any forhearance by 1_ender in etercising any right or remedy hercunder, or
otherwise afforded by applicable law. shall not !~e a waive~ ot or prtclude the exercise of any such right or remedy.
The procurement af insurance or the payment of tazes or other liens or charges by I.ender chal) not he a waiver of Lender's
right to accelerate ~he matu~ity of the indehtedness cecurcd hy thic Morlgage.
12. Remedies Comulatire. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or afiordcd hy law or equi~y. and may be exercised concurrently. independently or successively.
~ 13. Successors and Assi~as Bound; Joint and Seversl I.iabiHty; CspHons. The covenants and agreements herein
conuined shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Leade~ aod Borrower.
subject to tF-~ provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
'11~e captions and headings of the par~Rraphc of this Mortgage are far convenience only and are not to be u~ed to
interprct or define the provisions herrnf. ~
14. Nofiee. Excep~ for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower pr+ovided for in this Mortga¢e shall be given by mailing such ootice by certifled mail addressed to Borrower at
the Propetty Address or at such o~her address as Bor~ower mav designate by notice to I.ender as provided herein. and
(b) any notice to Lender shall he given by certified mail. retum receipt requested. to I ender s address stated herein or to
cuch other addrcss as Lender may deciqnate by iu-tice to Borrower as provided hercin. Any notice provided for in this
Mortgage shall be deemed io havc t+een g~ven to Borrower or l.ender when given in the manner designated herein.
IS. Uniform MortR~e: Governin~ Iaw: Se.•erability. This form of mortgage combina uniform covenants tor national
use and non-uniform covenantc with IimiteJ variations h}• juricdiction to constitute a uniform securi~y instrument covering
rcal property. This Mongage shall be governed hy ~he law of the jurisdiction in which the Property is located. in the
event ~hat any provision or clauce of thic Mortgage or ~he No~c conflicts with applicable law, such conflict shall not affeet
other provisions of this Mortgage or the N~te which can be given effect ~xiihout the conflic~ing pmvi~ion, and to this
end the provisions of the Mortgage and the Nae arc declared to be severable.
16. dormwe~'s Copy. Borrnw•er shall t+e fur~i~hed a conformed copy of ~he Note and of this Mortgage at the time
of eaecution or after recordation hereof.
17. Transfer of the Propertv: Assumplion. If all or any part of the Property or an interest tht~ein ic sold or tnnsferrcd
by Borrowe~ without i_ender's prior writi~•n ~oncent_ excluding (al the crcation of a lien or encumbrance subordinate to
this Mortgage. (b) the crtation of a purchace m~•nev aecurity intercst for household appliances. /c) a ~ransfer hy deviu,
descent or by operation of law upon 1he Jcath of a j~ant tenant or ldl ~ht gram o( any leasehald intercst o( lhrcc years or kss
no~ containing an option to purchase. (.ender may. at l.ender'~ opt~on, dtclare all the sums xcured by this MoAgage ta be
immediately due and payable. I.ender ~hall have ..arved such opt~on to arcrlerate if, prior to the cale or transfer. Lender
and the person ~o whom the Property ic t~~ t+c :oW or ~ransferred reach agrcrment in writing that the credit of wch per~on
is satisfactory to I.enckr and Ihat Ihe in~err.t pa~~able on Ihe sums secured by this Mortgage shall bt at such ntt ac I.ender
shall request. If Lender has waived the opt~on to accelerate provided in this paragraph 17, and if Borrower ~ wcceswr in
interest has executed a wntten assump~ion agreement accepted in writing by l.ender. Lender shall releax Borrower fram all
obligat~ons under this Mortgage and the Note.
If Lender exercises such option to ac~elerate, I.enJer chall mail Borrower notice ot acceleration in aceordancr u ith
paragraph 14 hereof. Such notice chall prov~de a pericx! of not Icss Ihan 30 days trom ~he date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expira~ion ot cuch pericd.
Lender may, without furthcr notice or dcmand on Borrower. mvoke any remtdia permitted by paragraph 1 A hereof.
NoH-UHiFORtN CoveN~Nrs _ Borrower and Lender turther covenant and agree u follows:
18. Accelerstioo; Remedks. Etcept as prorided in p~ra~nph 17 hereot, npo. Eorrowers breacb of any co~enaAt or
a~reemcat of eono~+cr in tbis MortRaRe. includi~ Ibe corenanls to psy wbea dnt ~wy snms secured by thB MortRs~e. I.endcr
prior lo ~ctekntba shdl mail notke to QoROr-er as provided Iw pssa~caph 1~ hereot specf(yin~: (1) the breach:/211he actbw
rcquired to cnre such 6resch; (3) s d~te. ao1 ks than 30 days from tbe date the notice b ma[kd to do~owcr. by whkh socb
beach mnst be cnrcd: snd (4) thst failure to cure s~rch brcach on or betore tAc date specibed iw tAc notke miy rasoN f~
aceekration ot t6e sun~s secnrcd by ~bts MortRaRe. /oncbsurt 6~ judicfal ptocetdin~ sed sak o1 IAr Prope~. The aotke
sbal! further inforn~ Eorro..er of the ~h1 to nlnstNe a(ler accckntbn snd the riRhl to bsert in tbe torecbsnre proceedi~
t6t non-e:istence ot ~ defaulf or sny olher detense ot eorrower to aecelcrstbn snd tartclosrre• lt the brescA is sot cnrtd o~
or 6etore the date speei6ed in the notice. l.ender al t.ender's aptfo~ msy declare ~R ot the srms ~red by this MortR~e to be
immediately due snd psyable wilhout ~unher demand and may torecbse Mk Mo~a~e br jnaicW proceedlnR. i.ender shall
be eotitltd lo tdkel in sutb proceedir~ dl expenses of torecbsort. Includin~. brt iwt limited to. rtason~bk sn•~rnrv's fees.
and eosts ot docernestiry e~idence, abstracls snd ~ilk reports.
19. dortower's Ri`Af fo Rtinstate. Nolwilh~landinK I ender's accderabon of ~ht sums ucured by ~h~s Mongage.
Botrower shal) have the right ~o have am prcxerd~ne~ hr~~~n by Lender ro ent~rce thi~ Mortgaqe dnconUnucd at any Nmt
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