HomeMy WebLinkAbout2085I.rndcr'~ wnttcn agreemCn~ o~ appl~cable (~w. Born~wer shall pay the amuun~ o( all mangage in~urance prcmiums in the
mannr~ pruwdcJ under parag~aph 2 hereot.
Any amaun~~ di~hiuud by I cnJcr pur~uant 1~- this paragtaph 7, wuh~ ~ntcre~t ihe~ton, ihal) became additianal
in~kh~cdnc~c uf Ho~ruwc~ ~ccund by Ihn M~~rtgagt tJnle~c Born~wcr and I rndet agree to olhe~ lC~~ ~t payment, arch
am~~unt~ ~hal) he paYahlc u~x~n m~licr from 1 cnder t~~ &-rn~war reyucqing paymcnl Ihcrrnt, a~d shall 4sar interesl trom Ihe
date o( di~bur~emcnt at ~hc rat~ payahlc fmm time to time un outstanding principal uode~ ~he Note unla: paymeot ot
intercst a1 such rate would be contrarv ~i~ applicable law, in which event ~uch amouMs sha11 txar interest at Ihe hiahest nte
permiuible under applicabk (aw. N~~thing c~~nlained m Ihic pa~agraph 7 chal) requirc I.ender to iocur any ezpense or talc~
aoy action hereunde~.
s. I~specfioa. I.en~ier may make or ra~~+r to F+e made reaconahle ent~iec ~~pon and inspections o( the PropeAy. provided
thal I.e~der shall give Bo~rower no~~rr pri~~r a- any ~uch inspection specityina rcasonabk cawe therefor related to Lmdet's
inleresl in the Propehy. ~
9. Co~dem~wtba. The pmccedc of any award ar claim for damages, dircct or consequential, in coonectioo with any
condemoa~an or bther taking of the PropeNy, or part thercof, or for conveyanoe in lieu of condemnation. are hereby a~iaoed
and shall be paid to I.ender.
in the event of a Iot~l takina of the Propeny. ~he procccds shall be applied to the sums securcd by this Mortaaae,
with the eacess, it any, paid to Borrower. ln Ihe event o( a partial taking ot the Property. ~unkss Bomawe~ and I.ender
o~herwise agree in writinR, therc shall be applied ~o Ihe sums secured by thia Mortgage such proportion ot tht protoeds
as is equal to that propohion w•hich the amoun~ o( ~he sumc secured by this MoAga~t immediately prior to the date ot
taking bears to the fair market value of ~he Pmpcr~y immediately prior to the da/e o( Iaking, with the balance of the procetd:
paid to Bo~rower. ~
Tf the Properly ic abandoned by Borrow•cr. or if afler notice by I_ender to Rormvrtr that the condemnor oRers to mate
an award or uttle a claim for damace., R~~rmwer fa~l. to respand to l.eoder wi~hin t0 days a(Ier the date such notict is
mailed. I.enekr ic a~ithorized ta collect and apply ~he proceeds. al I.ender i option, either to ~estoration or ~spair ot the
Propeny or to Iht sum> >crured by thic M~r~~alte. •
Unlesc l.ender and Borrower olhenwi~e agree in w•ri1inF. any such application of proceeds to principal shali not extend
or poctpone the due date of thc manthlv inslallmcn~s rcferred ta in paragrapht 1 and 2 hereof or change the amount of
such installments. ~
10. Eorro~+er Not Rek~sed. Fxtension of ~he time (or payment or modifica~ion of amortiuteon of the sums securcd
by this Martgage granted by l.ender to any cuccecsor in interect of Bc~rrower chall not opente to rclease. in any manner,
the liabilily of the arigi~al Borrower and Borrower's succcssc~rc in int~rcst. I.ender shall. not b~ required to eommenoe
proceedings against such succecsor or refuse to ec~end time for payment or otherwice modify amortizat~on ot the s~~ms
ucured by Ihic Mortgage by rcascx~ of ~n~r demand made by ~the ori¢inal Bortower and Borrower s successon in inlercct.
11. Forbeannct by I.ender NM a R-aire~. Any forhearance by I.ender in exercising any right or remedy herctmder, or
otherwix aBorded hy applicahk law. shall nc~t be a waiver o( or preclude ~he exercise of any such right or remedy.
The procurement of insurance pr Ihe payment o( taxes or other liens.or charg~s by I.ender chall nat he a waiver of Lenders
right to accelerate the maturity of the indehtedness securcd hy this Mortgage.
12. Remedies CnmulaH~e. AH rcmedies provided in this Mortgage arc dislinct and cumulative to any other risht or_
remedy under this Mar~gage or aftorded hy law or equity. and may be exercised concurrcntly, independently or successively.
' 13. Soece~ors aad Assl~as eound: Jdal aad Seve~ /.isbility; ~spdons. The coveoants and agreemcnts herein
contained shall bind, and the riRhts hercunder shall inure to. the rcspective succecson and assigns of Lender aod BoROwer.
subject to the provisionc ot pa~agraph 17 hereof. All cavenant~ and agreements o! Borrower shall be joinj and sevenl.
The_ captions and headings of the paragraphc of thic Mongage are for conv4nience only and arc not to be osed to
interprct or define thc provicians here~f.
14. Notke. Except for any notice required under applicahle law to be g~ven in another manner, (a) any notice to
Borrawer provided for in this Mortga¢e shall be given by mailing such notice by ce~ti8ed mail addressed to Borrawer at
the Property Address or at such dher addresc as Borrower mav designate by notice to I.ender as provided herein, and
(b1 any notice to Lender shall he given by cerlified mail. return receipt reque~ted. ~o t ender's address stated hercin o~ to
cuch o~her addrcss as I.ender may deciQnate by n~tice ~o Born~wer as prov~efed hercin_ Any notice provided for in this
Mortgage shall be deemed ta havc been R~ve~ to Borrower or I.ender when g~ven in the manner designated herein.
1S. Unito~ MortRa~e; Governin~ I.aw: Serersbility. Thic form o( mortgage combines uniform covenants for nationa)
use and non-unif~rm covenamc with limited variations hy juriuliction to constitute a uniform security instrument ooverina
rca) property. This Mor~gage shall be governed hv ~he law of Ihe jurisdiction in which the Property is locsted. In the
event that any provision or clau~e of thic Mortgage ~r the No~e conflicts with applicable law, such conflict shall not aRtet
dhtr provisions of this Mortgage or the Nnte which can be g~ven efiect without the conflicting provicion, and to this
end the provisions of the Mor~gage and ~he Note ~re declared to be xverable_
l6. so~.~o»~r: eoPy. Borrower tihal! bc furnicheJ a conformed copy of the Nate and of this Mortgage at the time
of execulion or af~er rerorda~ion hereof.
17. Trsasfer ot tbe Propertv: Ascumplion. If all or any pan of the Pmperty or an interest therein ic sold or trsnsferred
by Borrower wi~hout Lender's prior wriu~n «.nsent. excluding (al the crea~ion of a lito or encumbrance subordinate to
this Mortgage. fb) ~he creation c+f a pur~haee m~~nev aecurily mterest (or household appliances. (cl ~ trancter hy devise.
descent or by opesalion of law upon Ihe death o( a jnmt tenant or (d- the gnn~ of any leasehold iMercst of ~hrcc years or kss
not containing an option to purchax. I.enJer may. ai I.ender'c opt~on. declare all the sums secured by this MoAgage to be
immedutely due and payable. Lender ~hall hrve M;nved such opt~on to accelerate if, prior to ~he cale or transfer. Lender
and the person ~o whom the Proper~y i~ ~~. bc :o1J or ~ranste-red reach agre~ment in writina that Ihe credil of cuch pet~on
is satisfactory to I.ender and tha~ the interr.i pa~~able on the sums secured by this Mortgage shal) be at such rate ac I_ender
shall request. If I.ender has waived the op~~on to accelerate provided in ~his paragraph 17, and if Borrawer> >uccasor in
interest hac ex~cuted a wr~tten assumpuon agreemcnt accep~ed in writing by l~nder, I_ender shal) release Bozrower from all
obligations under this Mortgage and the No~e.
If Lender exercius such op~ion ~~ ac~elerate. I.enJer ~hall mail Borrower nWice ot aceeleration in aceordancc ~i~h
paragraph 14 hereot. Such noiice shall prov~de a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay ~he sumc decla~ed due. If Borrower (ails to pay such s~ims prior to the ezpiration of ~uch peric~d,
Lender may, withou~ turther no~ice or dcmand on liorrower. ~nvoke any remediss permilted by paragraph IR hereof.
NON-UNIfORM COVENANTS Borrower and l.ender (urther covenant and a~ee u(ollows:
ls. Accekrstbn: Rcmedia. E:cept as Provlded ia parsirapM i7 IKnof. r~. ~.~o..~r: enxw or ,~y ~o.~.~+ ~or
a~reemeot of Borrower iw tl~is MorlRsRe. includin~ ~he co•ensMs to p~y wbcn dne s~y wms ucured by tl~k MortRsRe. I.ender
prbr to sccekntbs sbdl mail notke to dorrower as Provlded f~ pan~rapb 11 htreot speclirin~: (1) tAe breicA:/211he acfbw
. requlred to erre socb breacb;l3) a d~e. ao1 kss thae 30 dsys trom the date the notke b a~aNed to ~ror.er. br wAkb stlcM
breach mwt be csnd: sud (1) Ilut /dl~re lo core srch bre~cA o~ or betorc tAe dale speciliea fw the notke rnir resolt h
xcelcrstbn ot t~e senas ~ecared by this MortRaRe. r~~n sy ~e~w ~~ain~ ~nd stle o/ 1be rroperry. 71~e solke
shall tuAher intonn dorrower o/ tbe ~M to niwstate at~er sccekMiow awd tl~e ~At b a~c~1 i~ the toreclosrte ~oetedi~
tbt aoa-e:istence ot a def~uN or ~ny dAer def~nK o~ eorro»n fo scctkrstioe ~d foreclosrre. tf thr bn~cA h wot errea o~
or before 1he dste specifkd i~ tbe notke. [.ender at I.ender's a~lis~ ~ dsclare sM ot the wa~ ~tcreea by N~b Mort~s~e b be
ima~edlstely dre snd Psrabk r-ilAoul tuNher demand ~nd msy lorrclose tAi~ Maita~e ~ jrdkW ~e+oceediw~. /.ender ahap
be eatitkd to edkcf M srch ~roceediuR sli espenses of furecbwre. Inclodin~. b~M wot YmileA !o. re~onsbk s~t•,rneY's fees.
and casts o1 doc~~tary e~idcace. abstrscts ~nd ~i~k reports.
19. dorrowers RkAt lo Reinstate. Notwilhurnding 1 tmler's accelerat~nn of the sumt ucured by ~h~s Mortgage.
Borrowu shall have the ngh~ io have any prcx~rdme. hr~~m b~ Lcnder to cnforce Ihi~ M~rtgaRe d~scont~noed a~ an~ ~~me
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