HomeMy WebLinkAbout1779
I.cndcr's writtcn agrrcmcnl or appli~abic law. Borrower shall pay the amuunt at al) mangagc incurance premiums in the
manncr pruvidrd undc~ parag~aph 2 he~tof.
Any amount~ dicbiuse~l by I rnJe~ pur~ua~t w ~his pa~ag~aph 7. wuh interect thertoo. ~hall becoroe additianal
inilch~cJne+~ uf Hurruwcr ~crurcd by th~. MurlKage. Unlc~~ Borruwer a~d I rnJe~ agrce to Mher termc at payment, such
am~unts ~hall tx pavablc u~x~n n~~~irr fmm 1 cnde~ ~a Borruwcr reyuc~~ing payment thcre~~t, and 9ha11 bear nterest froc~~ the
date ot di~burumeM at Ihe rate payaM~ f~um time to time un o~ilslanding principal under the Note unfesc payment of
interest at such rate wauld E+e cont~arv ~i~ applicable law, in which evenl a~ch am~onts chall hea~ interest al the highest rate
permissible unde~ applicable lave. N~,Ihing r~~ntained in ~hic paragraph 7 zhall require Lender to incur any expense or take
any actioo hereunder.
8. laspecfioa, l.ender may m~kc ~~r .•a~~u: ~o br made rca~onablc entriec upon and i~spections of the Property. provided
that Lender shall Rivr Borrower ~o~~ce pri~~r ~u any ~urh inspect~on sp~cifying reasanabk cause therctor relatod to Lende~'s
interest in the Properly.
9. Coademnatio~. The pmceedc oi aoy award or claim fo~ damages, dirce~ or consequential, in connection with any
condemnation o~ other taking of the Property, or part thercof, or for conveyance in lieu of condemnation, arc hereby assiaoed
and shall be paid !o [~nder.
In the event of a tot~l taking of the Propeny, thr proceeds chall be applied to the sums secured by fhis Mortaage,
with the exress, if any, paid to Borrowcr. ln thc event of a pa~tial taking of the Property, unless Borrower and I.ender
a~herwise agree in writing. therr shall be applicd to the sums securcd by ihis Mortgage such proportion of the procteds
as is equal ta that proportion vehich the ~moun~ ~f the sumc secured by thii Morigage immediately prior to the date of
taking bear~ to the fair market value of the Pn-~rty immediately prior to the date o( taking, with the balanc~ of the proceeds
paid to Bor~ower.
if the Property ic ah~ndoned M• Rorrower. ..r if afte~ notice by I.ender to Aormwer that the condemnor o}fen to malte
an award or cetlle :~ claim (or damagc+, B~~rr~.wer f~il. a- re.~nd to 1_cnder within 30 days atter the date such natice is
mailed, Lender ic authorized to collect and apph• the ~roceed~_ at I.ender's option, either to restoration or repair of the
Propcr~y or to tht ~um. .ccured M~ ~hi. Mon~aer.
Unlesc I.ender and Bormwer othervvicr agree in Hrit~nc. any cuch application of proceeds to principa) shall not extend
~r ~.clpont the due date ot the monthlv insl~llmenlt referred to in paragraphc 1 and 2 hereof or change the amount of
~uch installments.
10. Bonovrer Not Released. Fxtension of the time for payment or m~diBcalion of amortiution of the sums setured
by thic Mortgage granted by t.ender lo any cuccecsor in intere~t of Borrower shall not operate to release, in any manner.
the liabili~y ot the original Borrower and Borrower'c succescorc in intercst I.ender chall not be nquired to commence
proceedings againct such soccessor or refuse to ettend time tor payment or otherwice modify amortizat~on ot ~hr ~~~ms
~eiured hy Ihi~ Mortgage hy reason of any demand made by the oriQinal Borrower and Borrowers successors in inlerect.
11. irorbearanee by I.eoder Nof a Waiver. Any fnrbearance hy l.ender in e~ercicing any right or remedy hercunder, or
o!herwise ~fforded hy applicable law, shall ne~t be a waiver o( or preclude the exercise of any such right or rcmedy.
The procurement of insurance nr the payment oi taxes or olhe~ liens or cha~gec by l.ender chall not tK a waiver of LendePs
right ~o accelerate the maturity~of the indehtedn~xs ucurcd hy thi~ Mongage.
12. Remedies Cumulati~e. All rcmedies provided in thic Mortgage arc distinct and c:imulative to any other right or
remedy under this Mortgage or afforded by law ar equi~y. and may tx eiercise~i concurrently. independently or successively.
~ 13. Snccessors and Acsi~ns Bonnd; Join1 aod Sererd i.isM7Fty; fapNons. The covenants and agreements hercin
contained shall bind, and the riRhts hereunder shall inure to. the recpective succecu+n and assigns of l.ender ac~d Borrower.
subject to the pravisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joinj and several.
The captions and headings of ~he paragraph~ of thia Mongage are for convenience only and arc not to be used to
intrrpret or define the provicionc hereof. ,
14. NMice. Except for any nolice reyuired under applicable law~ to be give~ in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at cuch other ~ddresc as Borrower mar decignate by no~ice to 1_ender as provided herein. and
(h) any notice to I~n~tr shall he Riven by cenified mail. returrs receipt reyuetted. to I ender s address stated hercin or to
such other address as Lender may decienate b~• n~~ice t~ Borr~wer as pro~ideJ hercin. Any notice pmvided for io this
Mortgage shall be deemed to havc bcen given to B~rmwcr or l.cnder w~hen given in tht manner designated hercin.
15. Unitorm MortRa~r. GorerninR Ia..; Se.erabilil~•. Thi~ brm of mortgage combines nniform covenants for iatie:~al
use and non-uniform cm•enantc with IimiteJ vanahon~ h~• junufiction to constitute a uniform security instrumeni coverag
rcal property. This Mortgage shall be governed h~~ the lavv of the juricdiction in which the Property is located. In tht
event that any provision or clau~c of thic Mortgagc ~~r ~he TVote conflicts with applicable law, such tonflict shall not alfeet
other provisions of thic Mortgage or the N~tr wh~ch ca~ be g~ven eBect without the conflicling provicion, and to this
end the pravisions of the Martgage and the Note arc drelared to tx severable.
16. Rormwer's Copy. Borrower ~hall bc furni.hed a rnnformed copy of the Notc and of, this Mortgage tt the time
of execution or af~er recordation hereof.
17. Transfer of the Propettv: Accumption. If all or an}• part ot ~he Praperty or an intercst therein ic sold or trs~sfernd
by Borrower without 1_ender's prior wntr~n ~~~ncen~. e~cluding (al the crcation of a lien or encumbrance subordinate to
this Mortgage. Ibl the creation of :- purcha.c m~~ne~• cecurily m~eresl f~~r household appliances. (cl a ~rancfer hy devise,
descent or by operation of law upon the Jca~h ~f a j~~~nt tenant or ld~ the grant of any Icasehold interest of thrcc years or Itu
not containing an oai'son to purchase. LenJer may, at Lender'~ opt~on, declare all the sums secured by this Mortgage to be
~mmediately due and payaMc. l.rndcr shall h.,~c N,uved such option to :+r~~terate if, prior to Iht wk or transfer. Lender
and the person eo whom ~he Properiy i. ~n F.c .oW or tr-rnsferred reach ag~r~ment in writing Ihat the credit ~f wch person
is satisfacrory ~o l.ender and that the imrrr.t pa~able on the sums secured by this Mortgage shall be at such nte ac Lender
shall request. If l.ender has warved the op~~~~n to accelerate provided ~n this paragraph 17, and if Borrower'> >ucceswr in
interest has executed a wntten ascump~ion agreement accepted in writing by l.ender, i_ender shall releax Borrower from all
obligatrons undcr this Mortgage and thc Notr. '
If Ltnder exercites such opt~on 1~• ac~eterate. (.enJe~ ~hall mail Borrower notice of acceleralion in accordanc~ u~~h
paragraph 14 hereof. Such noiice chall prov~de a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sumc de~lareJ due. Ii Borrower (ails to pay such sums prior to the eapintion of cuch pericxl,
Lendcr may. wi:hvut (urther natice c-r dcmand on Hortower. ~nvokt any remedia permitled by p~r~graph IR hercof_
NON-UNIFORM COVENANTS Borrower and t_ender (urther covcnant and agree u follows:
18. Acceleralion; Remcdies. E:cep as provWed ia para~npw 1~ bueot, .~. so~.o..er: ~.~w or .~r ~o.~~~ o~
q~eemeot of Borroro+tr in this MortRaRe. includi~ the covenanls fo pay ~-hen due ~ny snms stcured by this MortRs~e. i.ender
prbr lo sccekrstion shall ms~l notice lo Borro~.er as provfded fa para~rsph l4 hereot specftyie~: (1) IAe Me~ch: 12) ~he sclbw
required to cun such brrsch;l3) a date, nol less Ihsn 30 dsys from Ihe dNe thc notice is maikd to dorror.er. er w~kh wcM
b~esch must be cnred: and (I) Ihst failuee to cure wch breub on ot btfore the dNe specified in the notke msy nsuh i~
•ccekration ot the snms secured by Ibts MortRa~e. forecbsure by judkid proceedl~ and sak of Ihe Prope~. Thc nolkt
shall further inform Borrower of the riRh1 ta reinslate dler sccekratbn snd tbe ri~hl to assert ia tAt fortclosnre ~ottedl~
tbe non-eiictence of ~ detauH or any ofhe~ defense of eorro~+er to ~ecflcrstbn sed toreclosort. It the bre~cA b not curtA or
or betore ~he dite specified ia the notice, l.ender ~1 t.ender's opliow a~ay declart ~p ot tht sarns stc~red dy this Mort~s~e fo be
immedisltly due and payable wilAout fuNher dem:,nd and msr torcclose tbfs Mwt=~e 6y jddicW proeetdiu~. f.~nder shall
be eatitled to colltet fn such proceedi~ all e:penses o( foreclosrre. Includinj. brt not UmiteA to. reasonsbk st~.,rneti's fees,
and costs of docuinenhry e~idence. abstncts and ~i~le reports.
19. Eortower's Ri`ht to Rtinslatt. Notw~ih~trnd~nK I ender's accelerat~on of ~he suma ucured by ih~s Mortgage.
Borrower shall have the right ~o havt am prcxerd~ne< hr~nn b~ Lender to en(orct Ihn M~ngaqe dnc~nlinutJ at an} ume
a~~K349 PacE~ ~ r •~
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