HomeMy WebLinkAbout1803I.C~tJCf's writtcn :~grccmcnt or appli~ahlc law. Borrawer shall pay the amount ot al) mnrtgage in~urance premiums in the
manncr prov~dc.l under pafagraph 2 hcreot.
Arty am~~un~c di~hurzcd by 1 cn~lc~ pur~uanl ~u ~his par.igraph 7, with -ntrtccl thcrcon, chall btcomc addilianal
milcMedne~< <~( ~;i~r~nHCr ~ecurcd hy ~hi~ ~lurtgage Unle~~ Borruwer and I.cnder ~gree to Mher termc of •paymenl, tuch
amc-untc ~hall he payahle u~x~n n~~lirr fmm I.cnder ta Hor~owrr reyutc~ing paymcn~ Ihereu(, and chall hear interest trom the
date ot ditihurcement al Ihe ratr payahle fmm time to Ume on outstanding principal under the Note unletc payment ot
interesl at such rate would t+e conlrarv ~~~ applicabir law, in vvhich event cuch amounls chall hear interc~t at the higlxst rate
permissible u~der applicable law. N~~thing cumained ~n thic parag~aph 7 chall require Lender to incur any eapense or take
any action hereunder.
8. Iaspection. [.ender may make ~~r cau,c to tx made reaconahle eMries u~n and inspectionc of the Property. providtd
that t.ender shall give Bur-ower nu~icr pri~~r to any wch mspeclion specitying reasonsbk caux therefor related to Lender's
interest in the Propcrty.
9. Coodemnation. The pnxeedc of any award or cla~m for damaga, direct ar conseque~tial, in connection with any
condemnation or othcr iaking of the Property, ar part tAe~eof, o~ for conveyance in lieu of candemnatioo, arc he[tby assig~ed
and shall be paid to Lende~. ,
In Ihe event of a tot~l tak:r.g of the Pmperty. 1he prckeeds chall be applied to the sums securcd by this Morigage.
with the excess, if any, paid to Bo~rower. in ~he event of a partial taking ot the Property, unless Borrower and Le~der
olherwise agroe in writinR. Ihere shall be applied to ~he cums securcd by this Mortgage such proporiion of the procoeds
as is equal to that propohion w•hich the amoun~ of ~he sumc secured by this Mortgagt immediately prior lo the date of
taking bears to the fair market valuc of the Pro~xr~y immediately prior to the date of laking, wilh the balance of the proceeds
paid to Borrower.
Tf the Propeny ic ahandoned h~~ 8~rrow•er. or if :ifter notice~bv l.ender to Borrower that the condemnor offen to malce
an award or utlle a claim for dama~r~. R~~rr~.wc- tail. ~~. re.~-c~nd ta I.ender within i0 days after the date such notice is
mailed. [.ender i~ authorized to collec~ and applv ~he proceedc. ~t 1_ender's,option, either to restontion or repair of !he
Propert~• or to the ~um~ ~ccured h~• thic Mor~~age. ,_ ,, .
Unles~ l.ender and Borrower otherwicc agrec in uritinc. an~• su~ sQpliCatiRn of~p[ocec~~Q pEincipal shall not extend
or F+nctpone the duc datc of the manthlv inctallments rcferrcd to in paragrap~ 1 and.~,,hereof or change the amount of
cuch installments. ~
10. $orrow~er Not Released. Eztension of the time for payment or modification of amortitation of the sums securcd
by this ~lartgage granted by I.ender to any cuccecsor in interect of Borrower ~hall not operate to rclease, in any manner,
the liahility at the ariginal Borrower and Borrower'c succescnr~ in interest. I.ender shall not ~be rcqoired to commence
proceedingc against such succecsor or refuxe to ertenJ lime (or payment or otherwice modify amortizat~on of Ihr sums
~e~ured hy thic Mc.rigage by reau~n of any demand made b~• the ori¢inal Borrower and Borrowers successors in interect.
11. Forbearance by l.ender Not a Waiver. Any f~rhearanre hy I.endcr in e~ercising any right or remedy hercunder, or
otherwise a(forded by applicable law, shall not be a waiver ot or preclude the exercise of any such right or rcmedy.
The p~ocorement of insurance Qr the payment of taxes or other tiens or charges by 1_ender ~hall not t~e a waiver of I.ender's
right to accelerate the maturity of the indebtednecs ~ecured hy ~hit Mortgage.
12. Remedies CnmulaB~e. All rcmedies provided in this Mortgage are distinct and cumulative to any o~her right or
remeJy ~~nde~ Ihic Mortg~ge or afforded by law or equity. :md may be exercised concurrcntly. independently or successnrely.
~ 13. Snccessors snd Assi~ns Bound:.loinl and Several I.iabiNty; CspHons. The covenants and agreements h~rci~
contained shall bind, and the riRhtc hereunder shall inure to. the respective successors and assigns of Lender ac~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and -agrecmentc of Borrower shall be j~iry and sev~ral_
The captions and headings of the paragraphc of ~his Mongage are for convenience only and arc not to be ~:aed to
interpret or define the provicienc hereof.
14. Notice. Except for any notirc required under applicahle lav-• to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee chall be given hy mailing tuch notice by certified mail addresud to Borrower at
the Property Address or at such other addres~ as Borrower mav detignate by no~ice to I_ender as provided herein, and
(t+l any notice to Lender shall he given by certified mail. return receipt requected. io [ ender s address stated herein or to
cuch other addrcss as I_ender may decienate by n~tice ~o Bc-rrower as pro~•ided herein. Any rtotice provided for in this
Mortgage shall tx deemed to have l+een R~~•en to B~rr~~~+er or t_ender when grven in the manner detignated herein.
1S. Uniform MoN~a~e; GovernioR I.aw; Severabilit~. Th~. form of mortgage combines uniform covenanls for national
use and non-uniform covenant~ with IimiteJ variations hy ~urisd~ction to constitute a uniform seciiriry instrument covering
rcal property. Thic Mor~gage shall be governed hv the law~ of the ~urisdictiore in which the Properiy is located. In the
event ~hat any provision or cla:s~e of Ihi. Mnrtgage ~r the Nc,te conflic~s wi~h applicable law, such conflict shall not affect
other prov~sions of th~s Mongage or the N~tr wh~ch can be given efTect without the conflicting provicion, and to this
end the provicions of the Mortgagc and ~he '~l.~te are .Icrlared to be severable.
16. dorrower's Copy. Borrow•er chall ~x furni~hed a conformed copy of the Note and of this Mongage at the time
of execution or after recordation hereof.
17. Transfer of the Properly; Assumplion. If all c~r any part of the Pmperty or an intercst therein ic sold qr transferrtd
by Borrower w~thout Lender's prior wrin.•n ~on~ent. e~cluding (al ~he creation of a lien or encumbronct suhordinate to
this Mortgage. (bl the creat~on ,of a pur. hacc m~~nevi cecuriry interest f~r houxhold appliances, (cl a trancfer hv devise,
dcscent ~r by operation of la~+ upon ~he death of a j~~mt tenant or (di the grant of any leasehold interest o( Ihrcc ycars or ltss
not containing an option to purchase. l enJer ma~. at I ender'~ opt~on. declare all ~he sums sscured by this Mortgage to be
~mmediately due and payable. 1 rnder chall ha.e w,u~ed such apdon to acc~lerate if. prior to the calt or transfer. Lender
and the person to whom the Properrv ~. i~~ tx .ol.l ~,r trans(errcd reach agrrcment in wnting that the credit ~( wch percon
is satisfutory to l.e~der and that the in~rn.t pay~ble on the sums secured by this Mortgage shall be at such n~e ae Lender
shaU request. If l.ender has waived the ~p~i~n to acctlerate provided in ~his p~ragraph 17, and if Borrower'a wcceswr in
interest has executed a wntten assump~ion rgrcement accepted in wri~~ng by Len~fer. Lender shal) release Borrower from all
obligat~ons under this Mortgage and the Note.
If [_ender ezercius such option t~• accelerate. I.enJer ~hall mail Borrower notice of acctleration in accordanc. ~.~th
paragraph 14 hereo(. Such notice shall prov}de a pericxi of no~ Iess than 30 days trom the date the notice is mailed v~ithin
which Borrower may pay the sumc declareJ due. I( Borrower lails to pay such sums prior to the expiration of wch penod.
Lendcr may, without further not~ce c.r dcmand on Borrow~er. invoke any remediu permiued by paragraph IR hereot.
NON-UNIFORM COVENANTS Borrower and Lender (urther covenant and agree as follows:
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18. Acccleratan; Remedia. E:cept as provlded in pa~rapb !7 hcreo(. upos eorrowers breach of aey co•enawl or
afreemeat of Borrower in this MorlRa~e.lncludinR Ihe covcninfs lo psr wl~en due sny soens secured by this MorlRa~e. I.ender
prior lo accekrstion shdl mail notice to do~ror.er as provfded in pars~nph 14 hereo[ specHyin`: (1) the bre~ch: 1211be actbs
rcquind fo cure such bnsch; 13) a date. no1 kss tban 30 days irom the dNe the notice Ls mdled fo dorrower. by ~.AkA suc~
b~cach mwt Se cnred: and (~) thst f~ilure to cure snch breatA oa or betore Ihe dale specified in the notke msr result i~
secckrstion of t6t snms secund by tAis MortRaRe. twrclosurc by judicid proceedin~ and sak oi the Properry. 71~e noliee
shall turther inform dormwer of the ri~ht to nfnstate after ~ccekntbn and tbe ~l~I to asscrt is the toreclosnre ~roceedl~
t6e non-ezistence of a detauk or anr ofhe~ detense of eorro~-=r !o ~crekrafion snd fortclosore. If thc brescM is not curtd os
or betore the date specified in thc notice, l.ender a1 I.ender•s tMtiow w~ay dechre a11 ot the sun~s sec~rrd by thb MoA~~t to be
immediately due snd psyaMe without furtber demand and may foreclose thk•Mo~~e by judicW proeeedinR. f.ender chdl
be eofitted lo tolleef in such proceedinR all t:penses ot ~oreclosure. Includin=. btt not Umited to, rcasonibk st~•rrnev's fees.
•pd tOSIS O~ dOtY111tAlifr lr~dtflCt. abstracts ind ~i~k nports.
19, dorru~+er's Ri~bt to Rtinstaft. Notwith~l~ndinK 1 ender's accelernion ot the sumz ucured by th~s Mortgage.
Bottower shall havt Iht right to ha~t am pr~ke~d~ne• hr~~~n b~ Lcnder ~o cn(~rce thi+ Mor~gaqc d~uc-ntinued a~ an} Ume
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