HomeMy WebLinkAbout1761l.cndcr'c wnttcn agncmcm or applirablc luw. &irrower shall pay Ihr amount o( all mortgagc in~urancc premiums in the
mannr~• p~uvidril unJcr paraKraph 2 hertot
Any amuunt~ di~hu~~r~l b~• I cn~icr punuanl 1~~ ~his par.~g~aph 7, wuh inlrnct Ihere~~n, thall 1~cc~me additiona)
iqd~Mcdnc~~ uf B~~~ruNrr ~rcurrd hy ~h~. Mur~~;agc Unlc.~ 8orruNrr an~l I rnJr~ aRrcc lo othcr Icrtn~ ~t payment. cuch
am~~untc thall tx pa~•aMc u~x~n n~uirr in~m 1 rndcr t~~ H~~rruwrr r~yucctinR paymcn~ Ihcrrut, anJ.~hall.bcaniMercKt fmm the
datc of di~hurkmcnt al Ihc ratr pav:~hlc fmm timc to time ~~n outctandinR principal under Ihc Note unlesc paymt~t o~
interc~st at such rate would t,e con~rarv 1~. applicahle law, in which event ~uch am~untc ~hall hcar i~terect at the highe~t rate
permissible under applicablc law. N~~thing ~~mtaincd ~n Ihiti paragraph 7~haU requirc I.endcr ta incur any expense or hke
any action hcrcunder.
S• Isspection. l.ender may make ~•r ~;u~.c ti• he made rea~onahle e~trie~ upon and incpections of the Property, provided
thal Lendet shall give Rurrower niN~ce prinr t~~ any +uch mspec~ii~n cpeci(y~ng reasaoable cause thercfor relatod to l.e~der s
interes~ in the Propchy. ~
9. Coedemnatbo. The pnxcedc of any award o~ claim for damages. dirca or consequential, in connoctian with any
condemnation or olher taking of the Prapehy, a~ part ~hereof, or for conveyance in lieu of condemnation, arc hereby sssigrnd
and shaH be paid lo Le~der.
In ihe event of a tol~l laking of thr Property. Iho prckceds chall be applied to the aims sec~~red by this Mortaage.
with the excess, if any, paid to Borrowe~. ln the event ot a panial taking of the Property, unl~ss Borrowcr and I.ender
o~herwix agree in writing. therc shall he applied tn ~he ~umc securcd by Ihic Morlgage tuch pn~portian of the proeeeds
as is equa) to Ihat proportion which the amo~r.it o( ~he sums cecured by this Mortgage immediately prior !o the datt ot
taking bearc to the~ fair market value of thc Pro~rtv ~mmcdiately prior to the date ot ~aking, with the balance of the proceeds
paid to Bormwe~.
Tf tht Propert~~ ic ahand~~ne~l M• A~~rn.w•cr. ~.r ~t :ifter notice bv Lender to Iiorrc-wer tF~at the condemnor oRets to matt
an awa~d or teHl~ a ctaim f~r J;~neaer.. fl~~rmwrr t.~~l. t~~ rr~~nd t~ I.ender within i0 days aher the date such notice isi
mailed. f.enJer ic aulhori~ed to a•llcrt and ,pph• ihe procecdc. at l.ender'c option. either to rtstontion or repair ot fhc
Propctty~ or to the wnn .ccurcd h~• ~hic Mi~r~~taFc
Unlesc I.ender and BorroWCr othen+~ne agree in ~.rihne. am~ cuch appliration oi proceeds to principal s~all not extend
or E-oclpont Ihe duc da~c at Ihc monlhlv inttallmcntc rcferred to in paragraphc 1 and 2 hercof or thangt ihe amount of
cuch installmentc
10. Borrower Not Released. f?xtension of Ihe time tor payment or m~dification ot amortization o~ the sums securcd
by this Mort~age ¢rantrd by 1 ender to aoy cuccecx~r in iRtcre~t of Aorrower chall not o~-erate to rclease. in any manner.
the liabilily o( the ori¢inal Barrower and &~rsawer'~ su:cescorc in interect I.ender chal) nat F~e required tn eommenct
~roceedingc againct cuch succecsor or refuce to ettenJ time for paymenl ar Mhervvi.e modify am~rlizat~on of the wms
cecured by thic MortRage hy rcasc~n of •rny demanJ made M• ~he ori¢inal Borrower a~d Borrow•er's successors in imerect.
11. Forbesnnce hy I.ender Not s Wairer. /1ny fc•rhearancc by 1 ender in e~ercicinR any right or remedy hereunder, or
~thenviu a(fordeJ hy applicable law. shall not he a waiver of or preclude ~he e+eercice of any cuch right or rcmedy.
The procarement of insurance pr the paymem of taties or other lienc or chargec by l.ender chall not F+e a waiver of Lender s
right to accelera~e the maturity of the indebtednecs ucurcd hy lhic MortgaRe.
12. Remedies ('umulaH~t. All remedies prov~ded in thic Morlgagt are dislinet and cum~~lative to any othet right or
rcmtsly under thic Mortgage or aHorded hV law or equity, and may tx eterciced concurrcntiy. independently or sucetcsively.
~ 13. Soccessors and Assi~ns Bonnd: Joint and Serc~! LiabiHry; Captbnx. The cme~ants and agreements herein
contained shall bind; and the riRhtc hereunder shall im~re to. Ihe respective succecsorc and assignt of I.ender at~d Borrower.
subptct to tht ptovision~ ot paragraph 17 hereof. /111 covenants and agreement~ of Borrower shall tx joiry and xveral.
The captions and headinRs ot the paragraphc of thic Mo~tgage are f~r convenience only and arc not to be uted to
interprct or ckSne the provicionc hereof.
1~. NMice. Except for any notice required under applicable 1aw• t.~ be given in another manner. (a) any notice to
Borrower provided far m Ihis Mort~ta¢e chall tx given hy mailinR ~uch not~ce by certified mail addrecud to Borrower at
the PropeRy Address or at such other addrec~ as Aorrc~wer may decignate by notec~ to 1 ende~ a, provided herein, and
(t~) any notice to Lender shall he given hy certified ma~l. reti~~.~ .-:ce~pt requetted. to 1 ender s addrecc s~ated herein or to
cuch othet addresc as I_ender mav decienate b~~ n~tice t~. B~rmwer as prov~ded here~n. Any notice pmvided for in this
Mortgage shall be ckemed to havc t-cen ~~vcn to Born.vvcr ~~r Lcnder ~~hen g~ven in the manner decignated herein.
1S. Unitorm MoriRaRt: Corernin~ I.aw; Se.e-aMlily. Thi~ (~rm of mortgage combines uniform covenants for naiional
use and nan-uniform rnvenantc with iimiieJ vanation~ hv ~uncdiction to rnns~itute a uniform securiry instrument eovering
real property. This Mortgage shall be ~eoverned hv the laK• ~f the ~unsd~ction in which the Property is located. in the
event ~hat any prov~sion or clauce af ~hic M~rtgage ~~r the Note c~nflictc w•i~h applicable law, such conflict shall not aBeet
other prmisions of thrs Mortgage or the N~ur v-h~ch can he grven efiect without the conflicling provicion, and to this
end the provicions o! the Mortgage a~~ she '~1ote are ~Iecl:-red to tx uverable.
16. EorrowePs Copy. Borrower chall be turn~~heJ a conlormed copy of the Note and of thic Mortg~ge at the time
of execution or after recordation hercof.
17. Transfer of the Properiv: Acsumplion. 1( all ~r any part o( Ihe Pmperty or an interest thertin ic sold or transferred
by Borrower without l_ender's pnor wn~i;n ~.+ment. etcluding fal tht crcation of a lien or encumb~ance iuf~ordinate to
this Mortgagt. (bl the creahon of ~ rurchak m~~nrvi cecurily interest f~r houtehold appliances. Ic) a trancfer hv de~ix.
descent or by operation of law upon the Jca~h ~f a i~~~n~ tenant or (di ~he gram ot any leasehold intercst of Ihrcc yca~s or kss
not containing an oplion to purchase. t ender ma~. at 1 ender'c aption. decl.~re all ~he tums cecured by this Morigage io be
~mmediattly due and payable. t~nder chall h.,.e N.uved tucn opt~on to a.crlerate ~f, prior to the calt or transfer. Lender
and the person to wh~~m Ihe Pro[~ertq i. t~• hr .~IJ nr transferred reach agrr~ment ~n wnt~ng that the credil ~f wch per~on
is satisfactory to LenJer and tha~ ~he intrrc.~ pa~~ble on the sums secuted by this Mortgage shall be at such rate ac l.ender
shall request. If Lender has waived the op~~on ~~- accelerete ~sovided ~n this paragraph 17. and if Borrower'~ successor in
interut has executed a wntten ascump~~on agreemen~ accepted in w•riung by~ Lender. Lender shall reltau Borrower from all
obligaUons under th~s Mortgage and the Note.
If Ltnder exercius such opti~n t~. acielerate. I_enJtr ~hall mail Borrower notice of acceleration in accordancr ~ iih
paragraph 14 hereof. Suci~ notice ~hall prov~de a perioci of not less than 30 days from the date tht no~ice is mailed wi~hin
which Borrower may pay Ihe sums de:l~red due I( BorroNer fails ~o pay cuch sums prior to the expira~~on of wch per~od,
Lender may, withuut (urther nouce c~r Jcmand vn Horruwer. ~nvoke any rcmcdies permiued hy paragraph IR hercot.
NON-UNIFORM COVENANTS Borrower and Lcnder turther covenant and agree as follows:
IS. Acceknlbn; Remcdks. E:ceq as provMed in para~npA 17 btreot. upoo dorrowers breacA of ~nv co•cnapt or
a~reement o/ dorrower ln Ihis !-iortga~t. includinR Ihe covensnls to pay whea due sny sums securcd Dy this MoriR~e, I.ender
prior to accekntion shdl mail notice to Eor-ower as provided In para~nph 14 hereot spcci(yin=: (1) tAe bre~ch: i21 tAe scfbw
required lo cun such broach; (3) s dste. nW kss ~hin 30 days irom tbe dale Ihe notice is m~iled to dorco~+er. br r•Aich sticA
breach n~mt bc cnred; and (1) thst /ailure lo cere sYCh bre~ch oa o~ Aetore the dMe speci6ed iw the notke m~y result is
sccekration ot Ibe sums secured Dy Ihk MortRaRe. /o~rcbsurr Sr judicid proceedin~ and sde of Ihc Pmperry. 77~e notfce
shall futlher inform dorrower of IAe rq~hl to nfastNe afler ~ccekrstbs snd tbt riRhl to asiert iw the toreclosurt ~eocetdi~
tbe aoa-exislence ot ~ def~uN or sny olAtr defense ot ~orrower to ~tcekrstion and foreclosore. It the brtacw is eof cerea o~
or bctore Ihe date specified in the isotice, l_ender ~~ 1 ender's op~ios a~~ declare all d the sr~ sectired by tAis Mort~~e to be
imtnediafely due and psYable wilhout funher d~mand and msy foreclost thk Mo~a~e Sr jYdicW -roceeAluR• 1•ender shall
be eoHtkd lo colleel in wch proceedi~ afl expenus ~~( (orecbcure. inSludin~. Mrt wot Umited to. ra~asonsMe att~~rne:'s fees,
andeosts ot docurae~lary evidence. sbstrscts snd ~i~le reports.
19. Sorrowtr's i-.~ht to ReinslNe. Ne~~wuh~t.~nd~r~K 1 en~kr's accelerat~on of the sum~ ~ecured by th~~ :4longage.
Borrower shall havt Iht nghl tn ha~e am pnkccd~r.., twFUn b> Lende~ ~~~ cr~forie th~+ M~rtKaqe d~u~nl~nueJ at am timt
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