HomeMy WebLinkAbout2710I.rndcr'~ wnurn agrecmcnt o~ apphcablc law. Borrower shall pay the amount of all moNgage inwrance prcmiums in the
manncr pr~-v~dr~l widcr parag~aph 2 hcreof.
A~y amuunt• di~hi~rsrd hy Lcn~lc~ pur~uaM Io this parag~aph 7, wi~h u~tcrcct thcrean, shal) becomc additional
inJcbt~dnc~~ uf B~~rruwr~ kcurcd by ~hie Nurl~age. Unle~c B~rruwer and I rnJer agree to other ternts of payme~t, such
ami~unt. ~h:dl Fx payaMc u~x~n nolirc from i rnder to Borrowrr requccting paymcM thcrcof; ancl sh~ll tu~r interest from the
date ot di~hurumenl a! the ratc pay~ble from time to lime cx~ oulstanding principal under the Note unlesc payment ot
interesl at s~Kh rate wou:J t+e contrarv to applicable law, in which event auch amounts chall t+ea~ interest at the hiahest rate
perrnissible under applicable law~. Nothin~ c~.ntaineJ in thi~ pa~aRraph 7 shall rcquire I.ender to ineur any eapense or talce
any act+on hcreunder.
S. laspectjoa. l.coJer may makc or rau.c ~o t+e made rcaconahk cntries upon and inspections of the Property. provided
that t enckr shall give Rurrowcr noUcr priur ~a any ~~Kh inspection spocitying reasonabk caux thercfor rclated to Le~der's
~ntcrc~t in 1hc Propehy. .
9. Coademnation. The pn,ceeds of any award or claim for damaga, dircet or consequential. in rnonection with any
condemnation or dher taking of the P~openy, or pa~t thercot, or far conveyance in lieu of condemnation. are he~+eby assianed
and shall be paid to [.ender.
in the event of a total taking of the Propehy. ~he proceeds thall be applied to the sums secured by this Mo~age.
wi~h the ezcess, if any, paid to BaROwe~. in the event af a panial taking of the Property, unlas Borrower and I.e~der
o~herwise agree in writing. there shall be applied to the xums secured by this Mortgage such pt~oportion of the proceods
as is equal to that proportion v-hich the amount of ~he sumc secured by this Mortgage immediately priar to the date o[
taking bcan to the fair market valuc of thc Prupcrty immediately prio~ to the date of taking, wilh the balance of the proceeds
paid to Bormwer. -
If the Prorer~y ic ahandoncd b~• Bor~ovvcr, or if. after no~ice bv 1_ender to Bormwer that the rnndemnor offets to make
an award or senle a claim for damag~~. Bc•~mwer fa~l. tn respond to I.ender within 30 days after the date such notice is
mailed. I.enJer i~ authocized to collecl and apply the proceeds, at I.ender's option, eithe~ to ratoration or repair of tbe
Proper~y or lo the cum~ secured hy Ihis ltortgage.
Unlesc l.ender and Borrow•er otherwice agree in vrrit~ne. any such application of prc~ceeds to principal shall not eztend
ar ~;tpone the due date of the monthlv installments rcferred to i~ paragraphc 1 and 2 hercof or change the amou~t of
tiuch installmenta.
10. $onower Nol Relezsed. Exlension of the time tor payment or modification of amottization of the sums socurcd
by thic Mort~age g~anted hy I_ender to any cuccecsor in interat of Borrower shall not operate to rclease, in any manner.
the liabili~y of the original Borrower and Bc+rrower'c soccessorc in intercst. I.ender shall not be rcquired to commenoe
prc.ceedings aRainct such successor or refux to e~~enJ time for payment or otherwice modify amortizat~on of the sums
ce~ured by thi~ Mortgage by rcason of any demand m'ade b~• the ori¢inal Borrower and Bo~rowers successors in interect.
11. Forbcannce by i.e~der Not a Wd~er. Any fort+earancc by l.ender in exercising any right or remedy hercunder, or
~~hervvise afforded by applicable law. shall nc~t be a waiver of or prcclude the exercise of any such right or remedy.
Thc procurement of insurance p~ the payment of taxes ar other liens or charges by I.ender shall not be a waiver of Lender's
right t~~ accelerate the maturity of the indehtednecs cecured hy thic Mortgage.
12. Remedies CumulsN~e. All remedies provided in this Mortgage arc distinct and cumulalive to any other right or
rcmeJy unde~ thic MortRage or aftorded hy law or equity, and may be exercixd cancurrently. independently or successively_
' 13. Successors and AssiRas Bound; Joint sad Several I.iabilitr; CapHons. The covenants and agreements hercin
comained shall hind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender ac~d Borrower.
subjecl to the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The caplions and headingc of the paragraphc of lhis Mortgage are for convenience only and are not to be uxed to
interpret or define the provicions hereof.
14. Nolice. Except for any notice required under applicable law• to be given in another manner, (a) any notice to
Rorrower provided for in Ihic Mortga¢e shall be given by mailing such notice by certifitd mail addresxd to Borrawer at
~he Property Address or at such othcr addres~ as Bc~rr~wer mav d~cignate by noiice to i.ender as provided herein. and
(h) any notice to Lender shall he given hy certifieJ mail. return receipt requested. to l.enders address stated hercin or to
such o~her addresc as I.ender may deci¢nate by n~tice to Borrower as provided hercin. Any notice provided for in this
Mor!gage shall be deemed ~o havc heen given to Bc~rrovver or l.ender when given in Ihe manner designated htrein.
1S. Uniform Mort~~e; Corernin~ i.aw; Severabilit~•. This torm oi mortgage combines uniform covenants for nationa)
use and non-uniform rn~~enant~ with limited variatians b~• juriadiction to constitute a unifornn security instrument covering
rcal property. This Morlgage shall be gaverned b~• the law• of the jurisdiction in which the Property is located. In the
event that any provision or clau~e of thic Mortgage o~ ~he Note conflicls wi~h applicable law, such conflict shall not affect
other prov~sions of thic Mortgage or the N~te which can be given efiect without Ihe conflicting provicion, and to thia
end tF~e provisions of thc Mortgage and ~he ~lote arc Jeclared to tx severabie.
16. aomower's Copy. Borrower chall be fiirniched a conformed copy of the Note and of this Mortgage at the time
of execution or after rerorda~ion hereot.
17. Tnnsfer ot fhe Propertv; Assumption. If all or any part of the Prop~rty or an intercst therein ix sold or tnnsferred
by Borrower without I.ender's prior wnnrn conunt. excluding (al Ihe creation of a lien or encumbnnce subordinatt to
th~s Mortgage. (b1 the creanon of a ~urrha~e m~nevi cecurity m~erest for household appliances, (c) a tranafer hy devise,
descem or by operation of law upon the Jca~h ot •r jamt tenant or (d~ the grant of any leasehold intercst of thrce ycan or kss
not containing an option t~~ purchase. Lender may. at I_ender'c oplion, declare all the sums secured by this Mort~age to be
immediately due and payable. l.rnder chall have w.~~ved such option to accrlerate it, prior to Ihe cale or Iransfer. Lender
and the person to whom the Proper~y ie tu br .oIJ or transferred reach ag~rrment in writing that the credit of cuch person
is satisfactory to LenJer and Ihat the intcr~.t pa~-able on 1he sums secured by this Mortgage shall be at such nle ac Lender
shall requesl. I( l.enJer has waived the opt~on to accelerate provided in ~his paragraph 17, and if Borrower i successor in
interest ha~ eaecutcd a written assum~+uon agreement accepted in writing by Lender. Lender shal) release Borrower trom all
obligat~ons under this Mortgage and the Note.
. If !_ender exercius such opt~on to aceelerate. 1_enJer chall mail Borrower notiee of acceleration in accordanc~ u•ith
paragraph 14 hercof. Such notice shall prov~de a period of no~ las than 30 days (rom ~he date Ihe notice is mailed wi~hin
which Borrower may pay the sum~ declared due. It Borrower fails to pay such soms prior to Ihe expintion of wch period,
Lcnder may, w~~hout further notice or dcmand on F3orrower. ~nvoke any remedies permitted by p~ngnph IR herrnf.
NON-UNIFORM COVEKANTS Borrower and Lender turther covcnant and agree as follows:
18. Acceleration: Remcdks. E:ceq as providcd ia para~npa 1~ bereot. ~pos So~rower's 6Racb ot ~wr co~e~t or
agrcement of Borrower in this Mortgage.lncludin~ the corenanls to pay ~+hea due any snms secnrcd by thfs MoNRs~e. Ltndet
prbr to accekntbn shdl mail notict to Eorro~+er as provided In pars~raph 14 htreot specNyiu~: (1) the breach: 121 tAe attb~
required to cnre soch bresch; (3) a date. aollcss thsn 30 days trom tht dite the eotke B mdkd to Dorrower, by rrAkh sucU
b~each mu~t be cnred: and (~) ~bat failure to cure srch bre~cl~ ou or ocfore tbe dMe speci6ed in /he aolke rnsy result i~
accekration of ~6e snms xcured by this MortRaRe. Io~ccbsun by juAkial proeeedln~ snd sNe ot the ProPerry. 71~e notke
shdl turlher inform eorrower of tAe ri~M to ninstNe atler ~ccekrstbs ~nd the ~At to asart i~ the toretlosrrt ~oceedl~
t6e non-existence of a defauh or any otbe~ defense of dorrower to aeteknKon and toretlo~ore. ii t6e brtacA k Aof cutrd o~
or be~ore the date speciBed ia the notice. Lender a~ I,endt~'s aptloe msy declare aM ot the s~ns sta~red by thb MortRaRe b be
immediately due and payable without turiher demand and msy tortcbse tbk Mo~a~e ~ jodicW proeeedi~. I.ender shap
be eotiNcd to colleet ie wch proceedinR all expenses nt foreclosu~r. lecladin~. Mit vo1 Y~nitd to. reasonsbk ara,rnev's fees.
and costs ot documentary evidence. abstracts and ~i~k reports.
19. eorrower's RiRht to ReiastNe. Notwith~trnding 1 emler s accelerat~on ot ~he sums ucured by th~s Mortgage.
Borrower shall havt the nght to have am prcxerdme• tx~,un b~ Lendt~ Io entorct thn Mor~gaqe discont~nued ~t any time
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