HomeMy WebLinkAbout1270I.endrr'c writtcn ap~ccmcnt or appl~rable law. Borrower shall pay the am~~unt ot all mongage incurance prcmiums io the
m•rnnrr pruvidcd undcr paragraph 2 hcreof.
Any ami~untc ditihurscii by I.cn~lc~ pur:uant Iu ihis pa~agraph 7, wuh ~ntcrccl theteon, shall I+ecome additional
indch~ednccc uf B~-rruwcr ~ccurcd hy 1hi~ Mongage Unlc.c Borruwer anJ I.rnJcr agrce to Mher ternls,of paymenl, such
amoum~ shall he payablc u~x~n nalirr fn-m L~nder lo &-rruwrr rcyuec~ing payment thereof, and cha1) hea~ inlercst from the
date of dicbu~sement at the ratc payablc from time ta time ~~n a~dstanding p~incipa) under the Na1e unlesc paymeet of
interesl at such ~ate would he contrarv i~~ applicahle law, in which event such amounts shall l~ear interest at the high~st rate
permiuible under applicable law. Nothing cuntained ~n Ihic paragraph 7 chall rCquirc I.ende~ to incur any eapense or take
any action hcreunder. "
S, laspectioa, l.ernier may makr ~~r cau,c to he made reau-nable enlriec u{wn and inspections of the Property. provided
that l.ender shall give Borrower n~~t~ce pri~~r to any ~uch inspection specifyina rcaso~abk catne therefor rclated to Lender's
interest in the P~aperty.
9. Coademnafioa. The proceeds of any award o~ claim for damaga, direct or consequential, in conoectio~ with any
condemnation or aher taking of the Propeny, or pan thercot, or for conveyance in lieu of condemnatio», are hereby auigned
and shall be paid to L.ender.
In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mo~taage,
with the excess, if any, paid to Borrower. ln thc event of a partial Iaking of the Property, unless Bomower and i.ender
otherwise agree in writin~t. therc shall be appli~d to the sums secured by this Mortgage such proponion of the proaeds
as is equal to that proportio~ w•hich ~hc amounl of thc sumc sea~red by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the procetds
paid to Borrowe~.
if the Propeny ic abandoned by Borrovvcr, or if. at~er notice hy l.eoder to Bormwer that the condemnor oRers to mate
a~ award or uttle a claim for dama¢e~. Ri~rrc~Ner fail. t~ ~es~nd to I.ender within 30 days after the date such notice is
m~iled. l_ender ic authorized ta collect and ~pply the proceeds. at l.ender'c ap!ion, either to restoration or repair of the
Pro,xrty or to the sumti sccured M• thi~ Mortgage.
Unlest l.ender and Borrower otherwicc agree in v-•ri~~nF. any such application of proceeds to principal shall not extend
or poctpone the due datc of Ihe mon~hly ins~allmcnts rcferred to in paragraphc 1 and 2 hereot or change the amount of
such installments.
10. Borrowcr Not Released. Fxtension of the time for payment or modification of amortization af the sums socurcd
by this Mortgage g~anted by [.ender to any cuccecsor in in~erect of Borrower ~hall not opente to rcleau, in a~y manner.
the liabilily of the original Borrower and Borrower'c succesu~rc ~in intercst. i:endtr shall not be rcquired to commence
proccedings against such succcssor or reft~se to extend time for payment or otherwiu modify amortization of ~he sums
ucured by thic Mortgage by rcason of any demand made by the original Borrower and Borrawer s successon in iMerctt.
11. Forbeannce by I.ender Not a Wsiver. Any fc-rhearance by i_ender in exercising any right or remedy hercunder, or
otherwise afiorded by applicable law. shall not be a waiver of ar preclude the exercise of any such right or rcmedy_
The procurement af insurance ur the paymtnt of taxes ar other liens or charges by I_ender ~hall not tx a waiver of Ltnder's
right to accelerate the maturity of ihe indebtedness cccarcd hy thic Mortgage.
12. Remedies Cumulafi~e. All remedies pravidcd in Ihis Mortgage arc distinct and cumulative to any other right or
remedy unde~ this Mortgage or afforded by law or equity. and may he exercised concurrcntly. independently or successively.
' 13. Srecessors and Assi~as Bound: Joiet aad Several I.isbility; CspHons. The covenants and agreements hercin
contained shall hind, and the riRhts hereunder shall inurc to. the respective successors and assigns of Lender at~d Borrowtr.
subject to the provisions ot paragraph 17 hereof. All covenams and agre~mentc of Borrower shall be joi~y and several.
The captions and headings of the .paragraphc of thic Mortgage are for convenience only and arc not to be uced to
interpret or define the provi~ians hereof.
14. NMke. Except for any notice reqaircd under applicable law to be given in another manner, (a) any notice to
Borrower provided tor in this Mortga¢e shall be given by mailing such notice by certified mail addressed ~o Borrower at
the PropeAy Addreu or at such other addresc as Bc~rrower mav decignate by no~ice to T_ender as provided herein, and
(bl any notice to Le~der shall he given by certificJ mail. re~um rece~pt requcsted. to I ender s address stated herein or to
such other addresc as Lender may deci¢nate h~• n~tice tn Borrower as provided herein. Any notice provided for in this
Mor!gage shall be deemed to havc txc~ g~ven to Bc-rrower or i_ender v-•hen given in the manner designated herein.
1S. Unitorm MortRs~e; Governin~ I.aw; Sererabitity. Thic form of mortgage combina uniform covenants for national
use anJ non-uniform covenamc with IimiteJ variations h}• juricdiclion to conslitute a uniform security iostrument rnvering
rcal property. This Mortaage shall be governed hy the law of the jurisdiction in which the Property is located. ln th~
event that any provision or clauce of thic Mortgaue ~r the Note conflicts with applicable law, such conflict shall not aBect
other provisions of this Mortgage or the Nnte which can be given efTect without the conflic~ing provicion, and to this
end Ihe provitions of rhe Mortgagc and ~he ^lote arc decla~ed to be severabla
16. EoROrrePs Copy. Borrower shall be furni~heJ a contormed copy ot the Note and of this Mortgage at tht time
of execirtion or after rccordation hereof.
17. Trsasfer ot the Propeirtv: Assumption. If all o~ any part of ~he Property or an intercst therein ic sold or tnnsferred
by Borrower without 1_ender's pnor w-incn ~onunt_ eticluding (al the crcation of a lien or encumbnnce subordinate to
this Mortgage. (b) the creahon of a purch:,ci; money cecurity mterest (or household appliances. (c) a tranc(er hy devix.
d~scent or by operation of law• upon the Jca~h o( •r ja~nt tenant or ld- the grant of any leasehold intercst of thrcc ycars or ku
not containing an option to purchase. Lender may, a~ I.ender'c opt~on, declare all ~he sums secured by this Mortgagt to be
immed~ately due and payable. Lender chall h~ve w;uved such option ~o accelerate it, prior to the wk or Iransfer. Lender
and the person to whom the Prope~ty ic i~. be .o1J or trans(erred reach agre.ment in writing that the creJi~ o( ~uch person
is satisfactory to I.ender and that the intc~r.~ pa~•abte on ~he sums secured by ~his Mortgage shall be at soch rate ac Lender
shall request. lf I ender has waived the opuon to accderate pro+ided in this paragraph 17, and if Borrower i wccessor in
interest has txecuted a wri~ten assump~~on agreement accepted in writing by t~nder. Lender shall release Borrower (rom all
obligations under Ihis Mortgage and the Nota:.
If Lender ezercises such option tc- accelera~e. !_enJer chall mail Borrower notice ot acttleration in accordancr w ith
paragraph 14 hereof. Such notice chall prov~de a period of not less than 30 days trom the date the notice is mailed within
which Borrower may pay the sums declared due. f f Bonower fails to pay such sums prior to Ihe eapint~on of ~uch pericd.
Lender may, without turther notice or cicmand on Borrower. ~nvoke any remcdia permitted by paragraph 1R hereof.
NON-UNIFORM COVENANTS Borrower and Lender further covenam and a~rree u follows:
l8. Acceler~tion; Remedks. E:cept as Provided ia pa~rapb 17 henot. upos dorro~+ee's beacw of aay co~ewt or
a~rcemcat of norro~+er in tbis Mo~tR~e. includl~ the eorcnants to psy wben due say sums securcd 6y tbk MortRs~c. i.ender
prior Io ~ccekratbo shdl matl notke to dorrowe~ as prorided In pars~taph 14 herto~ specHyie~: (t) the Me~ch;121 tAe sctim~
required lo cure sucb bnscb;l3) s dste. not less Ihan 30 dsys trom ibe dNe tl~e notke b maikd to dorro~*er. by Nhkh wc~
bnach mmt be cured; sad (4) Ihat fsilure to curt srch brc~ch oe or actore tbc dMe speci6ed in the notke msy reselt i~
secekratioa ot tbc snms secured by thts MoNRaRe. to~eclowrr by judkid proceEdin~ n+d sale ot IAe Propeei~• 'il~e wolke
shall furthcr inform dorror.er ot the ri~hl to reinstNe dtcr ~ccekrNba snd the riahl to ~ert iw tbe /oreciosore ~ceedM~
t6e aoa-exastenct ot a defauN or sny otAtr defense o/ Sorrower to sctekrstbn snd to~etlosnre. tf li~e bre~cw b wot crnd o~
or 6efore tbe date specified in the notke, i.ender ~t I.ender's optio~ ~ declare aq of Me s~n~s x~~d ~' ~~ MO~R~ rO ~
imtnediattly due snd psysbk r-ilhoul further demand ~nA msy foretlose ibis Mo~a~e by jodicW ~roceed~uR• ~•~nder sAall
bt totitled to tditet in sucb procetd~t~ all etpensts ot forecbs~re, inclodiu=. brt nof Umited to. rtason~bk s~~~~rney's fets.
and costs ot doc~n~tnlary evidence. sbstracts and lille nports.
19. donor-et's RIRh1 to Reinstde. Notwilh~l~nding I ender's acceleration ot ~he sumc ucured by ~h~c Mongage.
Borsower shall havt Ihe nght to havt an~ prcxecdine• hr'un b) Lender to t~(~-ct thi~ Mor~~taRe dncontinueJ a~ an~ Umt
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