HomeMy WebLinkAbout1751I.cndr~'t wnucn agre~mcnt or applirablc lew. Rorrowu shall pay thc am~~unt ot all moNgagc imurance prrmiums in the
mannr~ pruvidr~l iu~der paragraph 2 hereo(.
Any amoun~~ di~hun~d by I.endrr punuan~ ~~. ~his par.~~raph 7, wi~h uitrm~t thcreon, thall Mecome addrtional
iu~lrhicdnr~~ t~f I;ur~uwrr Kcurrd hy Ih~~ MurtgaKc l~nlc.~ R,~rruwc~ anJ 1 rnJcr a~tcc to other tcrmc ~f paymcnt, cuch
amuunt> >i~aN Fx pa~•aMr uMm nu~i~•c fr~~m I cnder t~~ fk~rtowrr rey~KVin~ p;~yment lhete~•f. and chall hear interect fmm the
date of di~hurcement at the rate payahle f~~~m ~ime to t~me on oulslandinR principal under t1~e~Ndk' unksc payment ot
interest .~t such rate would t+e con~rarv ~~~ applicable law, in wh~ch rvent ~uc~ amounlo ~hall hear intercsl at the hiRhect ratt
permissible under applicable law. Nu~hing runr~incd m thi~ paraRraph 7 chall require I.ender to incur any ezpen~e or take
any actio~ hereunder.
8• laspeetion. 1 ender may ma{,e ur . au.e t~~ be m:,Je reaconable rnltiec u~x~n and incpectionc of the Property, provided
that l.ende~ shall give Borrowe~ n~~~~ce ~~„~~ ~~~ ;,~y ~uch mspecU~,n ~pecify~ng nasonable cause therefor rtlatod to Lender's
~nteresl in the Property.
9. Coademnation. The prcxeedc of any awa~d o~ claim for damages, direc~ or con~equential, in canneclion with any
condemnation or other taking of the Prapeny, or pan thereof, or tar conveya~ce in lieu of condemnation, aro hereby assigned
and shall be paid to l.ender.
1n the event of a total taking of ~he Proper~y. ~he proceeJs chall be applied to the sums secured by fhis Mortaage,
with the excess, if 'any, paid to Borrawer. In ~hc cvcnt o( a partial lai,ing of ihe Propertv, unlesc Borrower and [.ender
o~herwix agrce in writing. therc shall he applied t~ the cums Secured by thic MortRage iuch proportion of the proceeds
as is equal to that proportion w~hich ~hc amount o( ~hc sumc ~cc~ired by ~his MortgaR~ immediately prior ta the date of
taking bears to the fair market value of rhe ProMr~y ~mmediately prior to the da~e of taking. wi~h the balance of tht proceeds
paid to Bormwer.
If tht Property ic ahandoned hv Bc-rmwer. ~~r if :~fter n~tire hv 1 ender t~ B~rr~wer ~hat the rnndemnor offe-s to make
an aw•rrd or xttle a claim for d~maer~_ R~~rr~wer (a~l. t~. rr~{+c~nd tc. 1 end~~ wi~hin 20 dayc after the date such notice is
mailed. I.enJer i~ authoriz~d to colleci and ap~h• the prc~ceed~. at 1_ender's option, either to r~storation or repair of the
Pmper~y or t~ the cum. ~ccured b~• this M~ri~:~gc.
Unlest 1 ender and Borrower othen+•icr agree in W rihnc. any ~urh applicatic+n ~f pr~ceeds to principal shall not extend
or FxKtpone Ihe due date c~f the monthh~ intitallmenls referred t~ in paragrapht 1 and 2 htreof cir change tht amrnmt of
~uch installments.
10. Borrower Nof Rekased. Fxlencion of thc t:rne for pavment ~r m~ctificati~n ~f amo~tization of the cur-:c sece:~d
by thic Mortgage ¢ranted by I ender to any cucce~u~r m imerrct c.f R~rr~wer chall n~~ operate Io rclease. in any manner.
the liability of the original Borrower and Borrower'~ succrsc~~r~ in interest I.e~der chall not be reqoired te- commence
proceedings against such successor or rc(use t~ ertenJ limr for payment or o~herv-i~e m~xiify am~rUzahon o/ thr ~~~ms
cerured h~• thic Mortgage hy reason of any demand made hy the oriq~nal Rorn~wrr and N.~rro~er's cucce~t~rc in inlert~t
' 11. Forbearance by I.ender Not a Wdver. Any f~rhearance M• 1 ender in e+ccrci~inR any right nr remedy hereunder, or
otherwise 3RMl~~IJ ~-Y applicahle law, shall not tie a waiver of ~r precl~~de Ihe ererciu of any such right or remedy.
The procurement of insurance or the payment of tarec or other lienc ~~r cha~gec hy 1 ender tihall not he a warver of Lender s
right t~~ accelerate the maturity of the indehtednecs cecurcd hy th~c M~rtgaRe
12. Remedies ('umulati~e. All remedies provided ~n thic Mc-rtRage arc dictinct and cum~itativ~ to any ~ther right or
remedy unde~ ~his Martg~ge or afforded hy law or eyui~y, a~d may he eterc~ced concarrcntly. ~ndependently or v~ececsively
~ 13. Succeswrs and Assi~M Bouod: ,lolnt and Se~eral (.iabilit~; ('aptbns. Thc covenantc and agreemtnts herein
contained shall bind, and the riRhtc hereunder shal! imire to. Ih~ retpective s~~ccecc~rc and ac~igns ~f I_ender ~d Borrower.
sabject !o tht prc~visionc o( paragraph 17 hereot. A!I covenants and aRreementc o( R~~rrower'shall tx joiry and uveral.
The eaptions and headings of the paragraphc of Ihic Mortgage are f~r convenience only and arc not t~ !~e uced to
interpret or define the provicians hereof.
14. Noliee. Except for any notice req~iired unJer applicahle law to be given ~n an~~ther manner. (a) any notice to
Borrower Provided for in this Mortga¢e ~hall tx given hy mailin~ wch n~tice hvi cerhfted mail addrecced to BRrrnwer ai
~he Praperty Addrcsc or at weh other addrecc as R~+rn.~~er mav de~ignate hY n~~tice t~ 1 ender ac pr~vidcd herein, and
(b) an}• notice to !_ender shall he given hvi certified mail. return rece~pt reyue~ted ~~ 1 encler's addrect stated herein or to
cuch other addrest as l.ender may decienate b~ ~~~i~e ti. B~rra.wer ac pr~nided here~n Any ~otice provided for in this
Mortgage shap be deemed ~o ha~•c hccn g~vcn to Bc-rmaer ~.r I rnd~r r.hen gwen in ~he manner decignated herein.
1S. [.'nitorm MorlRa~r, GoverninR L~w; Se~erat~ililc. ~fhi. (~~rm o( m~rt~tage combines umform covenantc for national
use and non-uniform cove~an~~ with limite~ vanah~~ns h~ iun«f~ct~on t~ c~nst~t~~te a unifortn secunty instrument rnvering
real property. Thic Mortgage shall be governed hv the IJA' (~f (Flf ju!itdic~i~n in which the Property ~c loc~ted. in iht
event that any provision or clau~e of thi. M~rtgagc ~~r the N~HC a~nflicls wi~h applicable law, such conflic~ ~hall not affect
other prov~sionc of thic Mongage ar the N~~te .-tnch can he given efiect wi~hout the ~onflicting prm~icion, and to this
e~d 1he provicions of the M~rtgage and Ihe 'yc.te are Jrcl~red t~~ he ceverable
16. Qorrower's Copy. Borrower ~hall !x furni~hcJ a c~nf~•rmed copy of the Note and of thic Mortgage at tht time
af e~ecauion or after recordation hereof.
17. Transfer of tht Properly: Acsumplion. 1( all ~.r any pert of Ihe Pmperty or an interest therein ic cold or troncferrtd
by Borrowe~ w~thout Ltnder's pnor wr~1~:n concent e~cludiog (a- the creation of a lien or enc~,mbnnce cut~ordinate to
thi~ Mortgagt. Ib~ the creahnn ~f a ~ur.Aa.r m~~nr~• ~ecurit~~ mterest f~r huuuhotd appliancec. !c1 a trancter hv ekvise,
deuent or by u~+cration of IaM upon 1hc dcath c~( ,, n~~nt lenant or td~ the grant ot an}• leauhc+ld intcrest ~( thrcc years or lets
not containing an option to purchase. ( ender ma~. at I ender'~ ophon, derl.~re all the cums ucured hy th~s Mortgagt to be
immediateh• due and payable 1 rndcr chall ha.c~w,~~~rd siich opt~on t~~ :~:.~trrate if. prior to the ~ale or transfer. Lender
and the person to w•hom the Properiv i. ~~~ t-e .~I.1 .~r ~rancferred reach eKrecrnent in wnang that the cred~t ~~f euch perton
is satisfac~ory t~ 1 ender and Ihat the intrrr.t payehle on the sums ucured b} Ihic Mortgage ahall br at such rate a~ I.ender
shall request. If Lender has waivtd ~he optron to accelera~e provided in ~hiti paragraph 17, and if Borrower'~ -uccasor in
~nterest hac executed a written assumpi~on aRreemen~ accepted in v-ri~ing hy I.enJer. I.ender shal) releaa Borrower from all
obligations unJer thic Mor~gage and ~he No~e.
(t I.tnder exercises such option ~~ accelerate. I.ender ~hall ma~l Borrower notice of accderat~on in accordancr .. ~ih
paragraph 14 hereof. Such nohce ~hall provide a p+_ncxl of not Iess than l0 dayc from the date the notice is maded within
which Borrower may pay the sums declrreJ due I( Borrower fails ~o pay such sums pnor to the uperation of w.h per~od.
Lendcr may, w~lhout further nonce ~~r dcmand on Horrower. mvole any remediu permrtted by paragraph IR htrcof.
NON-UNIFORM CO~'ENANTS Borrowcr and l.endtr further covenant and agret as follows:
I8. Accele~stan; Remedia. Excep as pravWed in Para~nph 17 Aereof, dpos Bo~ower's ~xl~ ot a~y co~ewH or
a~reemeat ot Borrorrer in Ihis MortRa~e. includin~ Ihe corensnts fo pay wAea due any sun-s securcd 9x Ihis MortRs~e, I.ender
prb~ to sccekntbn shdl m~il notice 1o dorror-er u pro~ided ia pars~rsph Id htteof specityins: (l) the bre~cA: t21 the sciiow
rcquired fo cdre such bnsch; (3) ~ d~te. nol kss 1Aan 30 days from the dste tAc notice b maikd to dorror.cr, by whicA suc~
bnach m~st se cured; sad (1) Ihst Iailure to cure sYCI~ sreich on or betore Ihe dNe specified in IAe no~kc m~~ resuh i~
acctkration ot th~e snms secund by /his Mort~a~e. foeecbsure by judlcid proceedi~ and sak ot the Pmperry. Thc notke
shdl turther inform dorrower of the ri~ht to ninstafc atlcr accekntion and tAe ri~ht fo asserl ia tAt forec{os~rt proceedi~
tbe non-ezitlence ot a detauh or any Mht~ de(ense ot donower fo ~ccekrstion and torecbwre. It Ihe bnacA is not ewred o~
or betore the dale speci6ed ie Ihe notice, l.ender at t rnde-'s optbn ~nay declare ~q ot the suras xcrrcd by tAis No~tRaRe b be
immediately due and psysble wilhoul tuNher demand ~nd msv forecbst tAis MortRatt Oy judicW proceedln~. I.endtr chdl
be eotitkd to collecl in such proctedin~ all e~pentiec ~~t foreclosurc, iecludin~. M~t wot timited to. nasonaAk a~t•~rn. ;'s fees,
and cosls ot doc~menlary eviaence. ~bslrscLc ind Ii11e reportc.
19. soRON~rs Rkh1 to Rtlnstaft. Notwilh~l.~nd~n' 1 ender's accelerah~n of the tium~ ucured by th~~ ~1:~rtgagt.
Borrower shall havt ~he ngh~ to havt am pnxerJu~c. t~'~rn h~ Lender Ic~ tn(i.r~c IM~ \1~r~g.-¢t d~u~nhnutd at am hme
''K 349 f~~~E 1~51
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