HomeMy WebLinkAbout1797. i ~ '~
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I.rnJer'c w~iue~ agreement or appGrable luw. Borrowe~ shal) pay ~hr rmuunt of ~II murtgage incurance premiums in the
m~nnr~ pruvidrd uqdcr pa~ag~aph 2 herea(.
Any amuun~~ di~hurcrd by 1 cnder punurn! tu ~his par.~gr~ph 7, w~ih uurrc~t tharrun, chall F+ecume adduianal
ind~Mcdnccc u( tiar~uwrr ~ccurcd by ihn ~1uri~;aFc Unlc.~ Burrawrc .-nd I rnJc~ aRr~~c to othcr tcrm~ ot payment, cuch
am~ninh ~hall tx pa~•ahlc u~x~n nutir~ f~am 1 rnJcr tu [3~~rruwrr rcyuc+ling paymcnt ~hcre~•f. :~nd shal~~esR in~rrcst fmm the
date of di~hursement at the ratc p:ryahlc fr~~m limc to time on ou~standinR principal under tht TVote unlac payment of
interest at such ~ate wouW t+e conlrarv Io :~~~i~~3t-i~ law~, io which event wch amountc ~hall hear interest at the highest ratt
permissible under applicable law. Nothing c~~n~ained ~n thic paragraph 7 chall rtq~ure I.ender to incur a~y ex~enu o~ take
any action hcreundcr.
S. Inspectioa. I.ende~ may male ar ::u~,c ~~~ 1x maJc rcaconahk r~triec u~wn and incpectiant ot Ihe Property. provided
that l.ender shall give B~~rrower n~~~icr p~i~~~ to any wch incpecti~~n cpeci(ying rrasonable cause thercfor related to I.ender's
interest in the Propetty.
9. Coademnation. The prexeedc of a~y award or claim for damages, dircet or consequential, in con~ection with any
condemnation ar other taking of the Property, or pan thereof, or tor conveyanc~ in lieu of condemnation, are hercby assigned
and shall be paid to Lender.
in Ihe event of a total taking of the P~operty_ the prcxeeds ~hall be applicd to the sums srcurcd by tfiis MoAgage,
with tht excess, if aoy, paid to Borrower. In thc cvent of a partial taking af ~he Propcrty, onles~ Borrower and Lender
otherwise agrce in writing. therc shall he applied t~ the cums secured by thi~ Mungage tuch pmporlian ot the proceeds
as is tqua) to that proportion w•hich ~he am~~~ui1 ~f Ihe sumc ucured by this T~lortgage immediately prior la the datt ot
taking bean ta the fair market value of Ihe Pr~.~x n~• ~mmediately prior to the date of ~aking, with the balance of the procoeds
paid to Bormwer.
If the Praperty ic ahand~neJ M~ Borr~wrr ~r if ,(ter nrnice hy l.ender to Rormwer that the condemnor offers to mate
an award or Settle a claim tor dam,~~r.. R~~rn~wrr f.~~l. t~. r~~~nd t~ 1 ender within zn d~ys after the dato such notice is
mailed. I_ender ic authori~ed ~o coUc, t and :-ppl~• thr prc-ceedc. at l.ender i ~~don. cither to tesloration ar repair of the
Praperty .~r to the wm~ ~ecared h~• ~hi~ M~r~Faec
Unlesc l.ender and Borrow~er Mherwicc agree in urihnc. am~ such applicati~n of prc~ceeds to principal shal) not extend
or ~clpone the due date o( thr momhlv inclallmentc referred to in pa~agraph~ I and 2 hercof or change the amoimt of
~uch installments.
10. BoROwer Nof Relessed. Exlension of thc timc tor payment or malification of amortization of tht sums xcurcd
by this Martgage graMeci by I.ender to any cuccecu~r in intere~t of Bc-rrovver ~hall not operate to rclease, in any manner.
the liability of ~he original Borrower and Bc-rrower'~ surcescorc in intercst. Lender shall not be rcqoired to commence
proceedings againct cuch succecsor or rcfuse Io ertenJ time for payment or othen+-~iee mc~dify amartizat~on of Ihr ~ums
serured by thic M~rtgage by rrason o( any demand made b~ the ori¢inal Rorrc~wer and Ao~rower s succes~ors in interecl.
' Il. Forbearance by i.ender Not a Wsirer. Any f~rhearance by l.cnde~ in crercisinR any right or remedy hereunder, or
othenvix afiorded by applicahle law. shall not he a waiver of or prerlude the erercise of any such right o medy
The procorcment of incurance or the payment ot tate~ or other liens or chargec b~~ I.ender chall not he a waiver o~~der's
right to accelerate the mawriry of the indeh~ednccs cecurcd M° thic Mohgage.
12. Remedies Cumulati~t. All remedies prov~ded ~n this Mortgage •rre distinct and cumulativt to any other right or
remeJy unde~ th~s Mortgage or afforded hy law• or equity. and may tx eYerciced concurrcntly. independentiy or soccecsively.
~ 13. Successors and A~as Bound: .Joinl and Several t.iabilitY; Csptbns. The cuvenants and agreements herein
contained shall bind, and the riRhts here~nder shall imire to. ~he re~peetive sucrecsorc and assigns of Lender ae~d Borrower.
subject to the provision~ of paragraph 17 hereof. All covenams and agreementa of Borrower shall be joiry and several.
The captions and headingc of the paraeraphc ~i thic Mohgage are for convenience oniy ~nJ are not to be uud to
interprct or define the provicionc hereof.
14. Nofice. Except for any notice reyuired under ~pplicable lav- to be given in another manner. (a) any notice to
Borrower provided for in this Mortgaee chall tx givrn by mailing auch not~ce by certified mail ad~tesud to Borrower at
the Property Address or at such other addre~+ as .Borr~-wer mav decignate by ~otice to I.ender as provided herein: and
Ib) any notice to Lender shall he given by cer~ified mail. return rece~pt requected. to t ender s address stated hercin or to
tuch other addrcst as [.ender may decignate h~ n~tire ta B~rn.Ker as provided 'nerei~. Any nolice provided for in ihis
Mortgage shall be deemed to ha.e been g~.cn to B~rn~NCr ar I ender ~hen given in the manner decignated herein.
1S. Uniform MortRa~e; GoverninR I.aw: Se.erabilil~. Th~~ (~rm of mortgage combines uniform covenants for national
use and non-uniform co~~ereamc w~ith limi:ed var~~tionti h~ ~nr~~d~ction to constitote a unitorm securiry instrument covering
real p~operty. This Mortgage ch•rll be go~•crned h~~ ~he law af the juritdiction in which Ihe Property is located. In the
event that any provision or clau~e of thic Mort~ace ~~r ~hr ~~te conflicts wi~h applicable law, sach conflict shall not aRect
other provisions of thic Mongage or the h~~tr which can t~e given eRe~t without the conflic~ing provicion, and to this
end the provisions of the Mortgage and the ~ic.~e are Jrclared to tx uverable.
16. dorrower's Copy. Borrower shall tx (urm~heJ a cont~rmed cop}• of the Note and of thic Mo~tgage at the time
of e~ecution or after recordation hereo(.
17. Traasfer of the Property: Acsumption. If all ~r an~• pan of the Pmperty or an interest therein ic sold or tronsferrtd
by Borrower without L.cnder's pn~r wnnrn ~~~mem. c~cluding lal Iht creation of a litn or encumbrance subordinate to
this Mortgagt. (b1 the creahon of ~ ~urch.~~r m~~:~r~ tiecurity ~ntertst f~r household appliances, (cl a tranc(er hy devise.
descent or by operation af law upon the dcath ~f a u~~n~ lenant or ld- the grant of an~• leaschold interest of Ihrec years or less
not c~ntaining an option to purchase. Lender may. ,~ I ender'~ opt~on, derl.,rc all the sums secured by this Mortgage to be
~mmediately due and payable l cnder ~hall ha.c ~.~~~~rd cuch opuon to :+~.clrrate if, prior to the ~al~ or tra~skr. [_ender
~nd the person to whom the Property i. ~~~ tx .~~IJ ~.r tran;lerred reach agrrrmem in wnting that the credi~ ~[ wch persot:
is satisfactory• lo l.ender and Ihat the inlrr~.~ pa~able on the sums secured by Ihit Mortgage shall be at snch rate ac 1_e~der
shall request. If 1_ender has waiveJ the opuon tu accelerate provided ~n this parag~aph 17, and if Borrower i~uccessor in
mterest hac executed a wntten assump~~on agreement ucepted in writ~ng by I.ender, l_ender shall ydeau Borrower from all
obligations under this Mortgage and thc Not~
If Lender eaercises such opi~on u~ accelerale. l.ender ~hall mail Borrower not~ce of acceleration in accordancr H~~h
paragraph 14 hereof. Such no~ice chall pn~v,de a pericxt of not less than 30 days from ~he date the notirt is mailed wiih~n
wh~ch Borrower may pay the sumc de.l~red due If Borrower faile to pay such sums pnor to the expirahon of wch peru~d.
Lender may. Without further notice or dcmand on Borruv-er. ~nvoke an~~ remedies permuted by paragraph IR hercof.
NON-UNIFOAM COVENANTS Borrawer and t.ender further covenan: and agree as follows:
18. Accelerstan; Remedks. Excepl as prorided io •psra:npA 1~ bereof, upoa eorrowtPs breach of ssy coveuant or
asreemeet of Borrower in ihis Mortgr~e. includin~ Ihe co~enanls lo p~y when due any sums secured 5r thfs MortRa~e, I.ender
prior /o ~ccekntbn sbdl mail notice to EoRO..er as provided In parasraph 14 hereof specltyi~: (1) the breacfi: /21 the setbw
required to core such bresch;l3) s date. not less lhsn 30 days trom the dste the notice b mdkd fo Eo~o~+er, by ~+hich sucM
b~each must be cared; aad (~) Ihat ~ailurc lo cure sech bre~ch oa or betore ~he dMe speci6ed in Ihe notice msy result i~
sccekntion ot 1be sums secund by Ihis MortRq~e. tonclosure by judkid procetdin~ snd sdt ot the Properry. The nolke
shdl further inform Eorroaer of the ri~ht to reinstafe iiler scceleration and Ihe ~ht fo asserl ia tht foreclowre Nneeedl~
tbe aon-existence of a detsuh or any other detence o~ eonower lo sccekration and forecbsurr. If tbe bnscA is wof cered ou
or 6efore Ihe date specil'ied in the ratice, l.cnde~ ~~ I rnder't optbn nay declart all ot tbe s~ms sterred by tAis Mort~a~t fo be
immediately due snd psysblt without turlh~r dem~nd and msy torttbst thLs Mo~a~t by judicW proe~ediaR. I.~n~ler chaU
be eotitled lo cdleet in such procetdir~ all e:pences ~~t toreclosure. IncludinR. but sot limiltd to. teasonabk att.~rnev's fees.
~ and costs ot docuw~entary e~ideece. abstrac~s and ~itle rcpo~tc. •
19. dorro~+ers RiRhf to Reinstsle. Volwuh.tandm~ 1 ender's accelerauon ot the wmc ucured by ih~c Mortgage.
Borrower shall havt the right to ha~c am ~-t~~cC~dinC~ h~'un h~ Lcnder ~~. cnt~rce th~+ M~ngagc dncontinued a~ an~ hmt
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~'K~349 P~UEi7~7
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