HomeMy WebLinkAbout2716I.rnder's w~itten agrecmc~t or applirablc law. Bo~rowe~ shall p~cy the amount o( atl mahgage in~urance prcmiums i~ the
mrnn~r pruvidrd undc~ paragraph 2 hercot.
Any amauntc dichursrd hy LrnJer pur~uanl tu ~his paragraph 7, wi~h interest thercan, shall become additional
indrbiedne~c of Borruwc~ ~ecumd by ~hie Mur~gage. Unlec~ Borruwe~ anJ I.rnder agree tq other.tecros ot payment, such
am~unlc ~hall t~c pryablc upc.n n~~ticc fmm 1 rndcr lo Bortawc~ rcquecling paymcnt thcrec~f.:and s~all bea~ intcrest from ihe
dale of dicbursemcnt al ~he ratc payahlc fmm timc to time c~n outstanding p~incipal under the Notc unlexc payment of
interest at such rate wauld be contrary ~o applicable law, in which event cuch amoun~s shal! t~ear interost at the highest rate
permissibk unde~ applicablc law. No~hink rontained io this plrag~aph 7 shall rcquirc I.ende~ to incur any expe~~e or talce
any action hercunder.
s. Isspectioa. I.ender may male a~ ca~~.c ~o he made ~eaconable entriec upon and inspections of the Property. provided
that I ende~ shall give Barrower ncu~ce prii~r tu any wch inspection speeifyina rcasonabk cause therefor related to Lender's
interest in the Propeny.
9. Coademnatbn. The prc~ceedc of any award ar claim for damages, dircet or consoquential, in conr~ection with any
condemnation or other taking of the Property, or pa~t thercof, or for conveya~ce in lieu of condemnation. are hercby sssianed
and shall be paid to I.ender.
in the event of a total taking of the Propeny, the procecds shall be appli~d to the sums sccurcd by tfiis MoMgage.
with the excess. if any, paid to Bonower. ln the eveot of a panial taking of the Property, onless Borrowe~ and I.t~-der
olherwise agroe in writing, therc shall be applied to the sums secured by this Mortgage such proportion ot the pmoeeds.
as is equal to that propohian w•hich the amount of Ihe sumc secnred by this Mortgage immediately priar to the date of
taking bears to the fair market valuc o( ~hc P~aper~y immediately priar to the date of taking, with the balance of the proceeds
paid to Bc~rrower.
If the Praperty is ahandoned by Borrow•cr, of if. after notict bv i.ender to Borrower that the condemnor ol~en to make
an award ar setlle a claim tor damage.. Borr~wer (ail. ta re~~nd to I.ender wilhin 10 days a(ter the date such notice is
mailed. Lender ic authorized ta colle~t and appl~• the proceeds, at I.ender i option, either to rcstontion or repair of the
Propeny or to the sum~ ~ccured by ~his M~rtgaitc.
Unless I_ender and Borrowe~ othenwice agree in w•ritm~e, any such application of proceeds to principal shall not extend
or pcxtpone th~ due date of the monthly insl~llments rcfe~rcd to in paragraphc 1 and 2 hercof or change the amount of
such installments.
10. Eormwer Not Released. Exte~sion of Ihe time for paymen/ or modi6cation of amortization of the sums socurcd
by this Mortgage granted by I.ender to any cuccecsor in interect of Borrowe~ shall nat opente to release, in any manner,
the liability of the original Borrower and Bo~rower i succcssorc in interest. I_ender shall not be required ta commence
proceedings against such successor or rcfuse to extend time for payment or otherwise modify amortizat~on of the si~ms
secured by Ihis Mortgage by rcason of any demand made by the oriRinal Bonowe~ and Borrower s successors in iMerect.
11. Forbearance by i.ender Not a Wairer. Any forhearance by 1_ende~ in exercising any right or remedy hereunder, or
othenvise afiorded hy applicahle law, shall nc+t be a waiver at or preclude the exercise of any such right or remedy.
The procurement of insurance pr the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness cecured hy thic Morlgage. -
12. Remedies Cnmulathe. All nemedies provided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently. independently or successiKly.
' 13. Soccessors and Assi~as Bound; ,Joiat and Sereral i.isbilhy; Csptbns. The covenants and agreements hercin
comained shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender ac~d Borrower.
subject to the provisionc ot paragraph 17 hereof. All covenants and agreemen~s of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of this Mortgage are for convenience only and arc not to be uscd to
interprct or define the provisionc hereof.
14. NMke. Except for any ncNice requircd under applicable law to be given in another manner, (a) any notice to
Borrower provided for in ~his Mortga¢e shall be given by mailing such notice by certi8ed mail addressed to Borrower at
the Property Address or at such dhcr addresc as Borrower may designate by noiice to i.ender as provided herein, and
(l+) any notice to Lender shall ix given hy certificd mail. return receipt reqoested. to I ender s address s~ated hercin or to
such other addrcss as Lender may deci¢nate by ru-tice to Bormwer as pro~ided hercin. Any notice provided for in ihis
Mortgage shall be deemed to havc t-een g~~~en to Borrower or l.ender when given in the manner designattd herein.
1S. Uniform Mort~~e; Governin~ IaN: Sevenbilify. Thi~ form of mortgage combines uniform covenants for national
use and non-uniform cove~antc with limited variations hy juriaiiction to constitute a uniform security- instrument rnvering
rcal property. This Mortgage shall be governed hv the law• of the jurisdiction in which the Property is located. In the
event thal any provision or clauae of ~hic Mortgagc or ~he Note conflicts wi~t. applicable law, such conflict shal) not affect
other provisions of this Mortgage or the Note which can be given effect without the cooflicting provicion, and to this
end the provisions of the Mortgage and the Note arc Jeclared to be sevtnble.
~ 16. domorrer's Copy. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time
~ execution or afler recordation hereof.
~ 17. Tradster of tbe Properlv: Assumplion. Tf all or any part of Ihe Pmpeny or an intercst thercin ix sold or tnnsterred
by Borrower without Lender's prior writ-~ n c~~n~en~. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) Iho creat~on of a purchace m~ne< <ecuri~y mterest for household appliances. (e) a trancfer hy devix.
descent or by operation of law opon the Jeath of a j~•~m tenan~ or (d~ the gran~ of any leaxhald interest of ~hrcc ycars or kss
not containing an option to purchase. Lender map. at l.ende~ c opt~on, declare all the sums secured hy this Mortgage to be
immediately due and payable_ Lender chall h~.e N~~ved such option ~o accrlerate if, prior to the cale or transfer. Lender
and the person to whom the Property ic a. be .c-W or transferred rcach agrccment in writing that the credit ot cuch person
is satisfactory to I.enJer and tha~ the interr.t pa~~able on the sums secured by Ihis Mortgage shall be at such rate ac Lender
shall request. If Lender• has waived the, op~~on ~o acceleratt provided in ~his paragraph 17, and if Borrower ~ successor in
i~terut has exuuted a written assumpt~on agrecment accepted in writing by Lender. I.ender shall release Borrower trom all
obligations under this Mortgage and the No~C.
if Lender exercises such option to ac~etera~e. I_ender chall mail Borrower notice ot acceleration in accordancr W~i~h
paragraph 14 hereof. Such notice shall prov~de a period of no~ less than 30 days from ~he due the notice is mailed wi~hin
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expintion of cuch peric~d,
Lender may, without further notice or demand on t3orrower. ~nvoke any rcmedits permit~eA by paragraph IR hereof_
NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree u follows:
18. AcceleMioa; Remedks. E:ceq as providcd is para~raph 17 hereof. upon dorr+owe~s brescM o~ aay co~ensul or
qreemcat of Eorrowcr in tbk MortRa~e. lncludin~ the co~enants to p~y whe~ due ~ey snrns securcd by thts Mort~s~~. Lcndcr
prbr to scetkntbo shdl mail notke to dorror-er as provided in p~~raph 11 hereof specHyin~: (1) the brt~ch:121 ~he setbn
requfred to eon snch breach; (3) a dste. not k~ /han 30 days trom the date the notke b mafkd to Eon~or.er. by ~+hkh sueU
b~each must be cored: ~ad (~) ~hat tailur+e to core srch bre~cb os or before tbe date speclfied is thc aotke m~r resWt i~
accekntion of Ibc srais secund by Ibfs MoN~aRe. to~ecbs~re iy judkial proceedln~ snd sale o/ tbe hooc~. 71+e nolkt
shaq turther inform Sormwer of tbe ri~h/ to reinstsle af/er scctlcrstbw aad tbe ri~t lo as~crt i~ the /oreclosrre ~roceedl~
tbe aon-e:istence ot ~ detauM or sny Mhtr dcfense o~ eorroKer to secektstion ~nd loreclos~re. tf thc bre~c~ is wot awt~ed ow
or before Ihe date sPecificd ia the notke. Lender at I.ender's epliow ~ detlsre ~M o~ the m~as ~rc~ b~' ~~IS MortRaRe fo be
imanediattly due and Pay~blt without turther demand and msy forttlost tbk Maisa~e br jodkid proeeedi~R. I.ender sbap
be entided to cdleet M wcb proceedi~ all espenses of foreclosnre. lacludin~. ~t aot limiled to. nasonabk sti•,rneY's fees.
aod easts ot doe~n~eutary e~iAeece. sbstrscts and Ii~le reports.
19. dorrower's Ri6bt fo Reinstste. No~with~~anding 1 ender's accelention of the sums ucured by ~h~s Mortgage.
Borrowet shall have lhe right 1o havt am pnxt~dme~ hr~.~~n by Lender ~o enforce this Mongaqe dncon~mueJ at an~ umt
Br,JK•,~6 PaGf~ 1~1