HomeMy WebLinkAbout1276l.rn~kr't Nnttert agrecmrnt or appli.abk Irw. Borrower shall pay the amuu~t at all mortgage incurance prcmiums in tAe
mannrr pruvidrJ under paragraph 2 hercot.
Any amount~ dnhurcrd by I.rmkr punuant ~u ~his paragraph 7, w~ih ~ntcrcct thetecx~, chali hecome additiom)
mdehtednr.c af Nurru.-c~ .rcund hy ih~~ Nur~g~ge Unic.c Rorruwrr anJ Lrn~fer agrec to Mher term~ of payment, such
am~~intc ~hall tw pa>abk u~x~n n..~icr fmm 1 rnder to &~rrowir rcy~uc~ing paymcnt thcrcoQ ~nd~sball beu interest from the
date ot dicb~~rtemtot al the ratc payablc fn.m timc to time cx~ outslanding principal under the Note unletc payment~ of
imercst at iuch ratc wouW he contran• io app6cablc law. in whirh evem cuch amounts thall F~ear interest at the highest nte
permiuibk u~der applicabk law Nuthing r~~n~ained in thic paragtaph 7 chal) requirc I.ender to i~cur any expense ot take
any action hereunder_
S. I~ectiow. 1_enJer may m~lc o- rau.~; ~o hc madc reaconabk rntries upon and inspections of the Property, provided
~hat I.eoder shall give Borrow•er noti.c priur to ro~ .och inspectio~ spccityin6 reasooabk cause therefor ~elated to Lender's
mteres~ in the Property.
9. Co~a~waKow. 'T?ie proceedc ot any aw•ard or claim for damages. dircct or co~quential. in connoction with any
coodemnation or dher uking of the Property. or part thereof, or for cc~veyance in lieu of condemnatioo, are heceby assiaood
and shall be paid to [.tnder.
ln the ev~ent of a tot~l Iakina of ~he Propeny. the p~oceeds thall be applied to the sums securcd by this Mo~a~e.
with the excess, if any, paid to Bonower. in ~he event oi a partial lakiog of the Property, onless Borrower and I.ender
otherwix agree in writing. therc shall b~ applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion w•hich the ama~nt nt ~hc sumc sen~red by this Mortgage immediattly priar to the date of
taking bears to the tair markd value o( ~he Pro~+crty immcdiately p~ior to the date of ~aking, with the balance of the proceeds
paid to Bo~rmrer_
If the Property it abando~eJ h~~ Borrower. ~r if atter ootice by 1 ender to Bormwer that ~he condemnor olfers to malte
an award or seltle a claim for dam~ec~_ &~rr~w•er ta~l. tc. .es~nd to 1_ender v~ithin i0 days after the date such notice is
ma~lyd. Lender ic autho~ized to rnllect arni apph• the prc~ceeds. at l~nder~ op~ian, either to restontion or rtpair ot the
Prapetty or t~ the cum~ ~ccured by thiz ~lort~rage ~
Unltsc l.ender and Borrower otherwiK agrte in ~-ril~nc. a~~ such application of procetds to principa) shall not extend
or pcxtpone Ibe due date of the montAl~ inst~llmcnts rcferred to io paragraphc 1 and 2 hereof or change the amount of
such ~nstallments.
10. ~errower Not Rek~sed. Extencion of the time for payment or modi6cation of amortiution of th~ sums secuted
by this Mortgage gnnted by I.ender to any c~xcec.wr m interect of BorroMer chall not operate to refcase, in aoy manner.
tMe liability of the oriqinal Borrower and Bc+rrower'c successorc in • intercst I.ender shall oot be rcquired ta commence
proceedings against tuch successor or refine to titend time for payment or dherv-iu mc~dify amortizat~on of Ihr sums
u~ured by thic Martgage by reascx~ ot any demand made by the ori¢inal Borrower and Borrowers successon in iMercct.
11. Forbearance by i.ender l~ot s R-airer. Any fc-rhearance hy 1_ende~ in etercicing any right or rcmedy hercunder, or
atherwix atTordeci by applicable law. shal! nc+t t~e a waiver of or preclude the exercise of any such right or remedy.
Thc procurement of insurance or tht payment of ta:es or other lir~s or charget by l.ender chall not be a waiver of Lender's
right to xcelerate ~he maturiry~of the indehtednecs ~ecurcd hy thii Mortgage_ '
12. Remedies Com~lali~e. All rcmedia ptovided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mor~gage ar afforded hy law or equity, and may !~e exerciud ccuicurrcntly. independently or succeuively.
~ 13. S~ccessors aed AssiRws-Eoaad: ,ioiwt ad Se•eral I.isbliry: Captions. The covenants and agreements hercin
contained shall bind, and the riRhts hercunder shall inurc to. the rcspective succecu-rs and assigns of Cender ac-d Bornower.
subject to the provisionc of parag~aph 17 hereof. All covenants and agrcementc of Borrower shall be joiN and sevenl.
The caption: and headings ot the paraeraphc ~f this Mortgage arc for convenience only and arc not to be oced to
interprct or de6ne Ihe provicionc hertof.
11. Nafice. E;cept for any nc-tKC rcy~~ired under applicable lav-• to be given in another manaer; (a) any notice to
Borrower provided for ~n thic Mort~ea¢e shall bt given hy mailing such not~ce by certifitd mail addresud to Borrower at
the Property Address or a~ such ahcr addrctc ~s Borrov-~er mav designate by notice to I.ender as provided herein, and
(b) any notice lo Lender shall he grven M• certificd ma~l. retum recapt requtcted. to t endtr s address stated herein or to
such o~her addresi as Lender may decienate b~ n~tice to Borrc.we~ as provided herein. Any notice provided for in this
Nortgage shall be dctmcd to ha~e hecn g~~en to Bc~rrower or l.ender when grven in the manner designated herein.
IS. Uwifone MoN~a~e; Gorerniu~ I.an; Se.erabilil~. This form of mongage combines uniform covenants for national
use and non-uniform covenantc with limited vanat~ons h}- ~uzicdiction to consbtute a uniform seCU~ity instrument.coverin6
real property. This Mortgage shall be governed h~~ the law of the jurisdiction in which the Property is located. in the
evcnt ~hat any prov~s~on or claust of thic Mortgaec nr ~he No~e conflicts with applicabk law, such conflict shall not aftect
otF~er provisions of this Mortgage or the \~-tr which can be g~ven eHect vrithout the conflicting provicion, and to this
end the pro-isions of the Mortgage and ~hc ~Me are Jeclared to .be sevtnble. -
1~. =orrowe~s Copy. Borrower shall be furm~hed a conformed cop} of the Note and of this Mortgage at the time
o( execution or afte~ record~tion hereof.
1T. Trs~sfer ot tre PropM~: AssYmpliow. 1( all or any part ot the Pr~.perty or an interest therein ic sold or transferrtd
by Borrower w~thout Lender's pr~or wntt:n ~onxnt_ t~cluding lal Ihe creation of a lien or encumbnnce sobordinate to
th~s Mongage. (bl ~he creatu-n of a pur~ha.r m~~nr. ~ecurity ~nteres~ f~r household appliances, fe) a ~ranc(er hy devise.
descent or by operat~on of law upon the Jeath of r j~ant tenant or ld~ the grant of any leasehold intercst of thrcc ycars or kss
not containing an option to purchase. l.ender ma~. at t_ender'~ opaon. decl~re all Ihe sums secured by this MoAgage to be
~mmedutcly due and payable. l.ender chall h.,~e N~~.•ed such opuon to accrlerate if, prior to the wle or trans(er. Lender
and the person to whcxn the Propert~ i. tu ~.o1J ur trans(errcd rcach agrrement in writing that the creJit ot ~uch percon
is satis[actory' to l.enJer and tha~ Ihe imerc.t pa~abk on the sums secured by Ihis Mortgage shall bt at such rale aa Lender
shail requcst. If 1_ender has waival the opt~on to acceler~~e provided ~n ~his paragnph 17, and if Borrower'a ~uccessor in
imerat hac ext~wed a ~vntten assumpt~on agretment acceptcd in wriung by Lender. Lender shall rclease Borrower from all
obligat~ons under th~s Mortgage and the Nott
if Lender e~ercixs such opt,on tn acceterate. t.enJer ~hail mail Borrower not~ce of acceleralion in accordancr w~~h
pangnph 14 hereof. Such naice ~hall prov~de a period of not less than 30 daYs tiom ~he date the notice is mailed within
which Borrower may pay the sumc derlared due If Borrower fails to psy such sums prior to tht espiration o( ~uch penod.
Lender may. w~thout furthcr not~ce nr demand on liorrower. ~nvoke any remedies permitted by paragraph IR hercof.
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NON-IilVIFORM COVE~IAYTS Borrower and Le~er turthe~ covenant and a6ree u fdlows:
ls. Accdedior. Remedies. E=cep~ a~ provided iw pa~~ 17 I~creo~. .p. s~.~o..~r: e.~,~~ or ..r ~o.~~~ or
a~rce~est o/ ~rower i~ tlus No~t~aaRe. hcludin~ ti~e co~ewNs to py whew Are suy s~ms sec~rcd by tAis MoN~ta~e. l.ewder
p~io~ to ~ccelerstio~ srall mail notice to dorrowe~ as prorWed iw para~rsph 1~ hertot specNrie~: (1) tAe ~r~cA:12) the setbw
req~ired to nre src~ breac~: (3) a date. wot less traw 30 days ft~ow~ tbe dale fbe notice b maikd to Eorrowcr. br •rhkh sncM
b~eac~ sa~t ee c~red: a~d le) tl~at tail~re 1o c~e s~cA brescM o~ or ~efore 1Ue dale spec~ed in tAe notke a~ay resdt i~
accekr~tiow of tre s~ies sec~ued by tAis MoA~aRe. /o~cclosrre Yf jodicial'roceedi~ aod sale of tAe rwPerry. The notke
shall hrHe~ iwfonw eorrowt~ o~ tUe ~M 1o reiwstalt attet aeceltratiow swa IUc riRl~t to asseA iw tUt /ortclosrre'roctedi~
Ife ~ow-eiistewce ot s def~dt o~ aoy ofber detcase oI eoeroaer to sccekratioe a~d tortclosore. lt tbe bnacl~ b ~ot cend o~
• or Defore tl~e ds~e s~ecificA i~ thc wotice. I_eader at I.ewdr~'s o/tiow ~ aselare sN o1 the s~ws secrrsd by tbis MortRaRe to be
iw~w~ediately dre s~i pYsble without f~nl~ dem~nd ~nd a~ar /o~eclost tl~ Mo~tiate ep jddkW N'oceed~uR. I.endcr shdl
be eetitkd Io co~eet i~ src~ proceedi~ sll etpenses of foreclosrrr. t~clydiw~. b~t ~ot da~ild to. ressoesMe sta~rnev's fees.
a~d tosts d ~ocr~eM~r7' evidesce. sbstrscts ~nd litlt reporls-
19. /orrowe~'s R~Mt te Reiastste. No1w~lh~Irnd~nK 1 ender's accelerat~on of the sume ucured by ~h~s Mongage.
Borrower shall have Ihe nght to havt am prcxc~d~n-~ hr~~~n b) Lendtr ~o co(o:cc th~s M~rtgaqe d~lcontinutJ at am t~me
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