HomeMy WebLinkAbout2091I.endrr'c written agnrmcm nr appl~cablc law. Borrower shall pay Ihe amounl ot all martgage iowrance prrmiums in the
mannrr pruv~dc~l under paragraph 2 hereof. ~
Any amuun~c di~hur~rd by ( r~~lc~ pun~iant tu ~his paragraph 7, w~th inlrrcct theteon. chall become additianal
~n~lcMednrc~ uf B~~~ruwrr ~ccund by ~h~~ M~~ng•rgc l)nle~c BorroNCr anJ I.rnJe~ agrse.to..olhK teXmc of payment, such
am~~unl~ thall hc p•ryahlc u~x-n nu~irc fn~m 1 cnde~ tu Borrowrr req~~ling paymcnt thercof. anA cKall hcar interest trom the
date of di~burscmcnt at ~hc ratc payablc (rc~m timc ta ~ime on oulstanding p~incipal under thc Note unless payment ot
intercst at such rale v-ould t+e c~n~rarv ~o appl~rable law, in which event cuch amounts shall hear i~terest at the hiahest rate
permiuible under applicable law. Nathing a.ntained i~ Ihic paragraph 7 shall rcquirc I.ende~ to incu~ any expenst o~ take
any sctioo hercuader.
S. Inxreetbo. (.enJer may make ~r ca~~.e lo he made reaconabk ent~icc upon and i~spections of the Property. providtd
that I.ender shall give Borrower nMicr pri~~r to any euch inspection specifying rcasooabk cause therefor relaled to Lender's
interest in the Property.
9. Coademwstio~. The p~oceedc of any award or claim for damages, dircct or co~sequential. in connection with any
condemnation o~ other taking of the P~openy, or pan thercot, or for conveysnce in lieu of condemnation. are hereby sssi6ned
and shall be paid to I.ender.
in Ihe event of a totil taking of the Property. 1he procoeds thall be applied to the sums secured by this Mortsa~e,
with the tacess, if any, paid to Borrower. in the evcnt of a panial taking of the Property. unless Borrower and Lende~
aherwise agrce in writinR, therc shall be applied to ~he sums secured by this MoMgage such propoMion ot tl~e proeaeds
as is equal to that proportion w•hich ~he amo~~nt of the sumc secured by this Mortga~te immediately priar to the d~te of
taking bears to the fair market value of the Pn~pc~ty immed;ately prior to the date of taki~g, wilh the balance ot the procteds
paid to Bor~awer.
if the Propeny is ahandoneJ by Aarrower. ~r if. after notice by l.ender to Bormw~r that the condemnor oQers to make
pr~~r~{~,+p ~ma¢es. Ac.rn.wrr fa~t. ~c. rec~+c~nd to I_ender within 3~ days a(ter the date such nolice is
m f q auR~a~ ct and apply ~he prc~ce~ds, at Lende[:; Optip~ ~~~~r~o ,aCStoratioo or repair ot the
pe~~,Or to tht~t~9~~~~his Mor~Rage. ~If
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l fn ess~ar~,~~rower olhenviu agrer in writin~_ any suc~-,~ ' ~ncipal shall not extend
or postpone the duc da~e of the mon~hly installments rcfcrrcd ta in parag(~~ r~~~}ere~ or changt the amouot of
such installments.
16. Eorrower Not Rek~sed. Extension of the time for payment or modification of amortization of the sums socured
by this Mortgage granted by t.ender to any cuccecsor in interect of Bc~rrowe~ ~hall. no~ opente to rclease, in any manner.
th~ liability ot the original Bonower and Bc~r~ower'c successc~n in intercst. T_ender shall not be requircd to-commenoe
proceedings against such successor or refux to extend time tor payment o~ othenviu modify amortizat~on of the sums
urured by Ihic Mortgage by rcason of any demand made by the oriR~nal Bormwer and Borrower s u~ccessors in intercst.
11. Forbearance by I.ender NM s Wsi~er. llny fofiearance b~ l.ender in exercising any right or rcmedy hereunder, ot
otherwiu afforded hy applicable law. shalf nc~t be a waiver of or prtclude the ezerciu of a~y such right or remedr.
The procurement of insurance pr the payment of taxes or other liens or charges by 1_ender shall not be a waiver of I.ender's
right ta accelerate the maturity of the indebtedness securcd hy thic Mohgage. .
12. Remedies Cnmulati~e. All rcmedia provided in ~his Mortgage arc distinct and cumulative to any other right or
rcmtdy unde~ this Mortgage or afforded hy law or equi~y, and may be exe~cixd concurrently, independently or succ~sslvely.
' 13. Saccessors and AssiRm Bonad; Joint aad Seve~al f.iabi~ry: Captbns. The covcnams and agreements heroin
contained shall bind, and the riRhts hercunder shall inurc to. ~he rcspective successors and assigns of Lende~ aod Borrower.
subject to the provisionc of paragraph 17 hereot. All covenants and_ agreements of Borrower shall be jairy and sevenl.
The captions and headings of the paragraphc of thic Mongage are for convenience only and are not ta be u~ed to
interprct or define the provisions here~t. ~
14. NMke. Except for any noticc rcquired under applicable law to be given in another manner, (a) any notice to
Borrower pwvided for in this Mortga¢e chall be given by mailing such notice by cerlified. mail addressed to 8orrower at
the Property Address or at such cuhcr addresc as Borrower mav dezignate by naice to I.ender as provided herein, and
(b~ any notice to Lender shall t~e given hy cer~ificd m•ril. return receipt rcquested. to [ ender s address stated herein or to
cuch other address as Cender may deci¢nate bp n~tice tc- Borrower as provided herein. Any notice provided for in this
Mongage shall be deemed to havc been g~ven to Borrov-•er or t_ender when given in Ihe manner desigoated hercin.
IS. Uaitorm MorlRa~e; Governin~ I.aw; Severability. This form ot mortgage combines uniform covenants tor national
use and non-uniform covenan~t with limited variations hy jur~sdiction to constitute a uniform security inslrument rnvering
rcal properly. This Mortgage shall be governed hv ~he law of the jurisdiction in which Ihe Property is located. in the
event Ihat any provision or clauce of thi~ Mortgage or ~he Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mongage or ~he N~te wh~ch can be given effect wi~hout the conflic~ing provicion, and to iha
end the p~ovisions of ~he Mortgage and the Note are .leclared to be severable.
16. dorrower's Copy. Bo[rower shall be furni~hcd a contormed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Trassfer ot the PropeAy: Assump~ion. If all ar any part of ~ht Property or an intercst thercin is sold or transferttd
by Borrower without Lender's pnor wnn.n ~oncent excluding (al the crcation of a lien or encumbrance subordinate to
this Mortgage. (bl Ihe creat~on of a pur~hace m~~ney crcurity mterest for household appliances. (c) a tnnskr hy devise,
descent or by operation of law upon Ihe Jcath of a j~~~nt tenan~ or (d~ the grant ot any leasehold intercst of ~hrcc yca~s or kss
not cont~ining an option to purchax, I_enJer may. at Lender i optux~, declare all ~he sums secured by this Mortgage to be
immed~ately due and payable. l.ender shall ha~e w.~~ved sucb option ~o arcelerate if, prior to tht wk or transfer. Lender
and the person to whom the Properry ic iu t-e ~oW i~r ~~ans(erted rcach agrecmeM in writing that Ihe credit of cuch persa~
is satis(actory to I~nder and tha~ the intcrr.t payabte on ~he sums secured by this Mongage shall be a1 soch ra~e ac Lender
shall rcquest. If Lender has waived the opt~on ~o acc~lerate provided io this paragnph 17, and if Borrower i auceessor in
interest has executed a writ~en assumpuon agreemem accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
It [_eoder exercises such oplion to accekra~e. 1_ender chall mail Borrower notice of accelerotion in accordanc~ u iih
paragraph 14 hereof. Such no~ice chall prov~de a period of not Iess than 30 days from the date ihe notice is mailed within
which Borrower may pay the sums derlarcd due. It Borrower fails to pay such sums prior to the expira~ion of eu:h period.
Lender may, witheut further notice or dcmand on l3orrower. ~nvoke any rcmedies permitted by pa~agraph 1R hercof.
NON-UNIFORM COVENANTS Borrower and Lender further covenant and a~rce u tollows:
18. Acceknlion; Remcdies. Escept as pmv{dcd in pa~rapl~ 17 hereol. ~o. so~to..~r: en,~s or ..r ~o.~...~ o~
asreement of dorroaer in tbk MortRa~e, i~ct~d~~ ~be co.ena~~s ~o Pay ..hes dYe .uy san~s m.~ed by ~~[s MoNR.~e. l.endcr
prior to accekntbn shall mail notke to dorror-er as providcd fp psra~rsp6 14 bereof specifyin=: (1) the Me~cA:12/ the aetiow
~+cquired fo c~re socb breach; (3) s dstc. not kss th~ 30 days (tom tbe date t6e wotke b a~~ fo sorrorrc~. by ~.hkh socb
b~esch musl be cnred: snd (1) Ihat tailurr Io cme srcM bre~cl~ ow or eetore ~bc dMe sOecised M the aMke mar resrlf h
aceekration ot tbe s~n~s seco-ed by this Mort~aRe. to~eclosrre by j+eAicial ~roceediw~ awa sale o/ tAe Properry. 7be notiee
shatl turther into~ eorrower of Ihe riRM to rrfastde sfler accekrstiow ~wd tbe ri~N 1o aaeA iw tl~e toreclosrre Noesedl~
t6e aon-existence o~ a de~~uN or any Mher defcnse o/ eor*or.er to ~ccekrNios aAd toreelas~re. It tbe brc~cM b wof c~rt+ o~
or beton the dste spetified in tbe eotice. i.end~r al l.ender's apbw ~/eehre aN e~ tbe s~~s tee~ra~ bp fhis MortRaRe 1o be
immedistely due and psr~bk withoul fuNher demand nnd msy foreclose Ibk Mo~a~e by j~dkW proeeedfuR• /.~nder shail
be entitled lo colket iw sucb proceedinR sN e:pensts of foreclosert. Iwcludi~. A~t ~wf Iimitd to. n~onsble sn~~rnev's fees.
aud costs of ducrsewhry eridencc. sbstracts and Iilk rcports.
19. dorrower's Ri`At to Reinstste. No~w~lhetrnd~n~ I endet s accelerat~on ot the sumc secured by ~h~s Mortgage.
Borrower shall havt the nght to have any prcxecdine: FxN~n b~ Lender to enforct this Mongage dnconUnued at any time
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