HomeMy WebLinkAbout1183l.ende~ s writcen agreement or applicable law. Borrower shall pay the amount of all mortgagc insurance premiums in the
ma~ner provided unde~ paragraph 2 hereof. .
Any amounts dishurud by I.e~der pursuant ~o this parag~aph 7, wi~h inlerest thereon, shall l+ecome additional
i~dehtednrss of Barrav-•e~ securcd by ~his Mar~gaRe. Unle.~ Borrower •rnd I.enJer agree to olher termc of payment, tuch
amoumc ~hall be payahle u~n notice fmm Lender ro B~~rmw•rr reyue+~ing payment there~~t, and ~haH hear interect fr~m the
date af dicbursement at the ratc payahlc tmm lime to ~ime on ainstanding principal under the Note unless payment of
iotercst at st~ch rate would be cantrar~~ to applicable I:iK•, in which event cuch amounts shall hear interecl at the highest rate
permissihle under applicable law. Nothing con~aineci in thic paragraph 7 shall requirc I.ender to i~cur any expense or take
any action hereunder.
8. Iaspectioa, l.ender may make ~~r cause to he maJe reaconablc rntric~ upun and incpeclionc of the Property, prrnided
that l.ender shall give Borrower natice prior to any such incpection ti~xcifying rcasonable rause therefor related to I.ender's
intcrecl in thr Prapehy.
4. Condemnatbn. The pmceed< <~f am• :~ward ~~r claim for damagec, direct or rn~~equential, in connection with any
randemnation ~ir Mher taking of Ihe Propeny, or part there~f. or for conveyance in lieu of condemnatian, are herchy ascigned
and .hall t+c paid to I_endcr.
ln the c~•ent of a total taking of thc Pr~pc~~y. thc pnkccda ~hall be ,~~r~~i ~~~ the .nmc secured by ~hic Mortgage.
w~th Ihe c~cca, if any. paid t~~ Bo~n•w•cr. In ~hc c~•rnt af a par~ial ~a{,ing of thc Propcr~y, unlc« Bnrrc~wcr and l.ender
olherwiw agrec in writin~. theR ~hall he applieJ ~o the .umc ~ecureJ M• thi. 111ort~age wch pro~+ortion ~.f ~he proceeds
as ic cqi~al to that pro~x~rtion whech thc am~~unt o/ thr sum< <crurcd h~• thi~ \tortga~;c immcdiatcl~• pri~r t~~ thc date o~
taking hears M the fair market valu~ of the Pru~xrn immrdiately prii~r to the ~ate ot t:~l.ing, wi~h Ihe balance of the pmceeds
paid t~- Bo~row~er.
If the Pmperly ic aband~ned h~ Rorrow~rr. ~r if. ~flrr nMicc M• 1 rnder t~ B~~rrow•er that the condemnor ofiers to make
an :~w•ard c.r ~ctllc a rlainl fc~r dam:~gc., R~~rmwcr fail. R~ rc~~x~nd li~ I endcr w~ilhin Z(1 da~•, aftcr Ihc da~c wch n~.ticc ic
mailed. Lender i~ authori7rd to collrct and apph• the pmreedc, at l.ender'~ opfinn, either M reatoration ~r rep~ir of the
ProFxrt~• or lo thc sum> >ccurcd h~• thi~ Mor~eagc.
l?nles~ Lender and Borrow•er aiherwi.~ agree in ~~ritine, am• ~urh applic:~ti~•n ~f prcxeeds t~ principal ~hall not e~tend
or ~~~IEx~ne the due Ja~e i~f thc monthl~• installmrnt+ refrrrcd lo in paragraphe 1 and 2 hereot or change thc amount of
~uch inctallments.
10. Borrower Nol Released. 1?~tencion ~f the timc f~~r pa~•ment cx modificali~n of amorti~ation of the ~um< <ecured
b~• lhis Mah~a¢c grantcd h~~ I.cn~cr t~~ am• tiurcc~wr in intcre~t of Borrow•cr ~hall nM o~xratc to rclcace. in any manner,
thc liahility ~.f ~he ariginal Hurrower :u~d B~~rmw•er'. cu~re.ti~•rc in interest. 1 e~der shall not he reyuircJ ti~ commence
pn-c~ee+iingc ag~intt c~ich succecsor or re(u~e- t~. ertend timr f~r pa~ment or otherKi.e mociif}~ ami.r~i~a~ian i~f the sums
serurrd M~ thi~ Mortgage h~~ rca~~•n uf ~m~ demand madr h~ thr orieinat Borrower and F3orruwer'c tuccea~~r, in interea~.
11. Forbearance by I.ender !~ot a Wai.~er. Am f~~rFx:~ranrc h~ 1 rnder in c~ercicin~ am• ri~M ar rcmedy hrrcunder. ~r
i~thens•ice aBurJeJ by applirahle law, ~h:~ll nnt tk a waivrr ~~f ~~r preclude the r~erci~e ~~f am• cuch riFht ~r remed~•.
Thr prckurement of insurance or the pa~~ment i~f ta~c. ~~r ~~ther I~em ur chargrc h}- 1 ender ~hall nrn he :- aaiver e~f Lender's
right t~• a:celerate the maturi~y of thr indehlednea ~c~ureJ hc Ihi. !1lortga~e. '
12. Remedies Cumulative. All reme~lie~ pr~.cided in thi~ ~1~~rteage are dictinrt ;~nd rumulative to an}• Mher right ~r
rerncJ}• undcr thic M~rtgagr i~r atiatdeP ub• law ~v cyuitt, :ind mac Fx r~crciti~~l c~•nrurr~nth•. inJcpcndcmh• or succc.ci~•rl}•
13. Succecsors and Aui~nc Bound: Joint and Se~eral I.i•rbilih; ('~ptiom. Thr cc~vrnants and agrecment. Aerein
containcJ chall hind. ~nd ih~ riYht~ hcrrundcr tih:,ll ~nure tu. thc rc.~xrti~•c ~urcc~.~~r~ and a«ign~ of Lcn~irr ;~nd R~rrowcr_
cubject to the pro~~i~iom ~f paragr.~ph 17 hrreof 1U c~n~~n:~nt~ :~nJ :~~rerm~nt~ nf R~rmw•er ~hall tx j~iM :-nd ~e~•eral.
~I~e captions anJ hcadingti ~f 1h~ para~raph. c~f thi~ ,1i~rt~.~gr arr f~~r c~~m•rnicnrr ~~nl}• :~n~l arc not t~~ tk ukd to
interprct or define thc pro~~icionc heree~f. '
14, tiolice. Ezcept f~~r any nMicc rcyuired imdcr a~plir;~hlr la~. t~~ hc g~~~rn in ani~thcr manncr. (a1 :~m~ nc.ticc t~
B~~rruw•cr provided (or m ~hi~ A1c•rtga~c tihall F~ g~~•rn h~ mailinc wrh n~~hcc h~ crrlificd m:iil addre~~rd to B~~rmHCr at
thc Propert~ AJdre~c or af wch uthcr addrec. :~~ B~.rr~~wcr mec dc~ign:~tr h~~ nn~icr ta 1 cndcr as pm~•idcd hcrein. :md
lhl am notice M t.ender ~h•rli Fx: gi~~cn h~~ certifir~l mail. rcturn rrrr~~t reque~trd. a. 1 cnder's ad~lrec~ ctatrd hercin ~.r to
such i~ther add~csc as l.ender ma~ drtiienc~le hy ni~tire t~~ Rurr~~~.er at ~r,~~i:1e~l herein. Am• ni~tice pru~~ideJ f~~r in thic
11~~rtgage sh~ll he deemed t~• h.nc becn ~ei~en Ie~ B~rr~~w~r ~~r I rndcr ~+hen g~~en in ~hc manner de~ignaled hrrcin.
15. C;nitorm MortQa~e; Governin~: T.aw: Se.erabilitv. This form of mortgage combines uniform co.enants for national use
and non-uniform covenants w~th limited eariations by jurisdiction to constitute a uniform security instrument rnvering real property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in w~hich the Property is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such cor-llict sha!I nat afTect other pro~~sions of tnis Mortgage or the Note which can be given etTect
without the conilicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borroacr tihall h~ furn~~h~J ,~ c~~nf~~rmcd ci•pc ~~f th~ 'Vrnr anJ ~~f thi. ~lortcagc at thc time
~.f erccution or after rerardation herec~f.
17. Transfer of the Properf}: Actiumption. If all ~~r :,n~ ~ert ~~f thc Pr~~Fxrt}• c~r ~n imcrc~t thrrcin i~ .~~ld ~.r tran~fcrred
h~• Borrc~wer w~thaut I_ender'~ pri~~r wriucn ~~~n~cnt. e~r~udin~ i.~~ thr crc;~ti~~n ~~f :~ lien ~r enc~imhranre tiuhor.linate t~~
thi, Mortgage. (bl the creati~n ~~f ,a pur~ha,r m~nec .erurit~ :ntere~t f~~r h~~u.ehuld ;~ppliance., fcl ;~ tran~frr h~• devise.
de~ceM or h~• aperation o( l.~« uFxm the death ~~f a j~~int tenant e~r !J~ the grant of an~ I~aceh~ld interest ~~f threr ~•rarti <~r Iec~
no~ containing an oplion ti~ purchasr. 1 endrr m:~~•. ,~t 1 endrr'. ~~rtu~n, drelare ~II Ihr tumti secured h~~ th~~ !11~~rtgaee tc- he
~mmediateh• due and payahle. I ender ~hall hace ~a~ved tiuch i~phi•n r~~ acrelerate if. pri~r to thr ~ale ~~r transfer. I.enJer
anJ Ihe person to whnm the Pmpcrty i~ ~~~ hr ~ol~l ~~r tran~fcrred rea.h .~~:recmcnt in wnting th:it the crrJit ~~f ~uch ren~.n
i~ saticfactor}• to 1 enJer and that the imrre.t pa~aMr ~~n thr wm~ .rcured h~ thi. :11~,rtkage ehall tx at snch rase :+c Lender
chall reyuest. If I ender hac w•aived ~he i~pU~~n t~~ a~crleretr prrn~ideJ in ~hi~ par.~~raph 17. and i( Rrrrc~w•er'~ ~ucccti~~~r in
imerest has ececuted a wriuen ascur~ptio:i agreemena arre~ted in w•rihng h}• Lrniler. Lender shall r~lesce B~~rmw~er from all
i~bligations unJer thic Mc~rtg~ge and ~he !`'c•te.
If Len~er erercice~ ~uch opti~n ti• ac.elerate. I enekr .h.~ll mail R~~rnn~rr nutice ~~f acrelerat~nn in accordancc with
{~aragraph 14 hereof. Such n~.~ice .hall pruvide a~xri~~il ~~f n~,~ Ies, th~n ?(1 .1a~•~ fmm the elatr the ne~ticr ic mailed v-~ithin
whirh B~rr~~Ner ma}• pa~ the wm~ decL~re~l du~ If B~~rr~~~~er.f:ult t~~ pa~ wih tinm~ pri~~r t~~ the c~pir~ti~~n ~~f wrh peri:~c1.
I.rndcr ma}•, wi!huut furthcr nohcc c~r dcmand ~~n Ft~~rrru~r. im•~~~.c am rrmedics ~xrmrttr.l hc paragraph IR hcrcaf.
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~VO~-~~NIFORM CO\'E~~NTS Borrov-~cr and Lender (urthcr crn~enant and aRrce ati foUows:
18. Accderntion; Remcdies. Except as provided in para~raph 17 hereof. upon Borrower's bre~ch of an~• covenant or
aRreement of Borrower in this ~tortRa~e. includin~ the~cu~enants to pay when due ~ny sums secured b~ this :Nort~a~e. i.ender
prior to acceler~tion shall mail notice to Borrow~er ac pro~ided in pa~a~raph 14 hereof specifyin~: (1) Ihe b~each; (2) tbe action
required to cure such breach; (3- a date. not less Ih~n 30 da}s from the date the notice is mailed to Borrower. by which such
breach musi be cured; and (4) Ihat failure to cure such breach on or betore Ihe date specified in the notice msy result in
acceleration of the sums secured by Ihis ~1ort~a~e. foreclocure by judicial proceedin~ and safe of the Prope~ty. The notice
sh~ll further info~m Borrower of Ihe ri~ht to reinclate ~f1er ~cceteration ~nd the riRht to assert in the foreclosure proceeding
the non-ezistence of a default or ~ny other defence nf BorroNer tn acceleration ~nd toreclosurc. if the breach is not cund on
or before the date speci6ed in the notice, Lender al [.ender c option ma~ declare all of the cums secu~ed by lhis MortRa~e to be
immedi~tely due and payaMe without further demand and ma~~ foreclose this ~tortRaRe b~ judicial proceedin~. Lender sh~ll
be entitled to collect in such proceedin~; all expensec of foreclotiure, includin~, but not limited to, reasonabk attorney's fees.
~nd costs of dceumentary e~~idence, atxtracts ~nd litle reports.
19. Borrower's Ri~ht lo Reinslafe. ti~~tKitMtanding Lrn.lrr~. ,icceter.~tu~n i~f the sums ~ecure.l b~ thi~ Nortgage,
Borruwer shall have the right t~~ have .~m pre~crrJin~~ hrgun h~ I rnder t~~ rnfe+r~r th~. ~ic.rtgage discontinueJ at an~ t~me
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"``349 PaGE1184
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