HomeMy WebLinkAbout1810I.ender's writ~cn agicemcn~ or applicable law. F3or~uwer shall pay ~he amuunl of all mortgagc in~urance prcmiums in the
manncr pruvidrd undcr pa~aRraph 2 hercot.
Any am~~un~~ di.h~uccJ hy Len~lcr pu~~u~nt w ~his pa~,~g~aph 7, with intcm~t thereon, chall l+ecame addit~.nnal
inJeMednecc uf Horruwrr ucurrd hy ~h~. Nun~;~ge Unle.~ Burrower and I.en~er aR~ee lo other terms of payment, such
amountc shall tx payable u~x~n ni~ti~•r fmm 1 ende~ ~o &~rruwrr reyue.~i~g paymrnt there~-t, and cpall bes~ inlefest from the
date of Jicburu~ment at the rate payahle trom time to ~ime an oulstanding principal under the Note unlecc payment of
interat at such rate woulJ be contran~ n~ ~pplicable law, in whirh event ~uch amounlc chall hear interest at the highest nte
permissible under applicable law. Nuthing c~~ntaincJ ~n thi~ par~graph 7 shall rcquire t.cnder to ~ncur any espense or take
any action hcreunder.
S• lespection. I.endcr may make ~~r rau.e t~~ he made reaconahle e~triec upon and inspechonc of the Property. provided
that l.ender shall give Borrower no~~ce pri~-r t~~ any wch inspecUon cpecifying rcasonabk cause thercfor relatod to Lender's
interest in the Property.
9. Coademnation. The pnxeedc of any award o~ claim for dama~es, direcl or consequential, in connection with any
cor~demnation o~ other taking of the Propeny, or pan thercof, or tor conveyance i~ lieu ot condemnation, are hereby assigned
and shall be paid to Leoder.
in the eveot of a totil taking of the Propzrty, the proceeds chall be applied to the sums secured by Mis Mortaage,
with the ezcess, if any, paid to Borrower. In ~he event of a partial taking of ~he Property, unless Borrower and I.tnder
o~herwise agree i~ writing, therc shalt he applied to ~he tumc secured Ay this Mongage such proportion of the prooetds
as is equal to that proportion w•hich the am~unt of ~he sumc xcured by this MortgaRe immediately prior to the date of
taking bears to the fair market valuc of Ihe Pn-~xriv immediately prior to the date of taking, with the balance of the procteds
paid to Borrower.
lf the Property is abandoned b~~ Burn~N~cr. ~x iL after notice hv ! ender to Borrower that the condemnor ofiers to mate
an award or setNe a claim for dam;ice~. A~~rn.wer f:ul. to re,~nd t~ I.ender within i0 days after the date such notice is
mailed. Lender ic authorizcd lo coUec~ and appl~• ~he proceedc_ at I.ender i option, either to rcstontion or repai~ of tlu
Propcrty or lo the sum~ .ccurcd hy thic Mnrtgaec.
Unlesc l.ender and Borrower othrrv-•ik agree in ~riting. any such applica~ion of proceeds to principal shall not extend
or pcx~pone 1he due date of the monthiv ins~allments rcferrcd to in paragraphc 1 and 2 hereaf or change the amount ot
such installments.
10. Eorrower Nof Relezsed. Extension of the ~ime for payment or modification of amortiution of the sums securcd
by this Morlgagt granted by I.ender to any cuccecsnr in i~terect of Borrower ~hall not operate to rclease. in any manner.
the liabili~y ot the original Borrawer and Bc-rrower'c successor~ in intercst. 1_ender shall not be required to commence
proceedings against such successor or rcfuse to ertend time for payment or otherwice modify amor~izat~on of Ihr sums
urured by thic Mortgage by rcason ot any demand made by the ori¢inal Borrow~r and Borrower's suecesson in interccl.
11. Forbeannee by I.ender Nof a Wdver. Any forhearance by I.ender in erercicing any right or rem~dy herconde~, or
otherwise aBordeci by applicable law. sha11 not be a waiver ot or preclude the exercise of any such right or remedr.
The procurement ot insurance Qr the payment oi taxec or other liens or chargec by I.cnder ahall not t~e a waiver of Leode:'s
right to accelerate the maturity of the indehtedness cecurcd hy thic MongaRe.
12. Remedies Cnmulsthe. All rcrnedies provided in this Mortgage arc distinct and cumulative to any o~her right or
rcmedy under this Mortg~ge or aBorded hy law o~ equi~y. and may be eterciced concurrcntly. indeprndently or successively.
~ 13. Snecessors and AssiRas Bonnd; .]oief and Se~~eral i.iability; Csptbns. The covenants and agrceme~ts herein
conuined shall hind, and the riRhts hereunder shafl inure to. the respective succecsor~ and assigns of Lender at~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joiry and xvenl.
The captions and headings of ~he paragraphc of thic Mortgage are (cx cor.venience only and arc not to be o~ed to
interprct or define the provisions hereof.
14. NWke. Except for any noticc required under applicable law~ to be given in another manner. (a) any notice to
Borrower pr~ovided for in this Mor~gaee shall be given by mailing tuch notice by cer~ified mail addresstd to Borrowtr at
the Property Address'or at such other addresc as B~.rr~wer mav de~~gnate by no~ice to 1_ender as provid¢d herein, and
(b) any notice to Lender shall he given by ce~tificd mail. rclurn rece~pt reyuected. to- t ender t addrcss s~ated herein or to
such other address as 1_ender may deci¢nate by nrnice to Horn.wer as pro~~deJ hercin. Any nptice provided for in this
Mortgage shall be deemed to havc heen g~vert to Bormwe~ or (_ender w•hen grven in the manner detignated herein.
1S. Unitorm MoriRa~e; Governin~ Iaw; Seserabilil~. Thi~ form o( mort~gage combines uniform covenants for n.tional
use and non-uniform co.•enantc with IimiteJ variations ht juricdiction to rnnshtute a uniform security instrument eoverin6
rcal property. This Mortgage shall be g~verned hv the laK~ of the juritdicticx~ in which the Property is located. Tn the
event that any provision or clauce of thic Miirtgage or the hote conflic~c with applicable law, such conRict shall not atfect
olher provisions of this Mortgage or the N~.te wh~ch can be given efiect without the conflicting provicion, and to this
end 1he provisions of ~he Mortgage and the '~to~e arc ~kclared to he xverable.
16. Eorrower's Copy. Borrower th~ll bc furni.fieJ a conformed copy of tht Note and of this Mongage at the time
of execution or af~er recordation hereaf.
17. Tnasfer ot the Praperty: Assump~ion. It all or any part ot the Pn~perty or an interest thereio ic sold or tnnsferred
by Borrower without I.ender's pri~r wnn.•n ~uncent. etcluding (a- the crcation of a lien or encumbrance subordinate to
this Mortgage. (b1 the creahon of a purchak m~~ne~• cecurity mterest tor househald applianees, fe) a trantfer hy deviu.
deseent or by operation of law• upon the Jea1h c-f ;, j~.~n1 tenant or (d~ the grant of any leasehold intercst c.f Ihree years or kss
not containing an oplion to purchase. Lender may. a~ Lender'~ opt~o~, decl,,re all the sums secured by this Mortgage ro be
~mmediately due and payable. l_cnder Sf1JII FI:I~C w,,~~ed such opuon to :~c.rlerate it, prior to ~he aak or transfer. Lender
and the person to whom thc Propeny i. a+ tx .ol.l ~~r ~rans(erred reach agrerment in wri~ing that the creJit of cuch person
is satisfactory to l.enJer and that the imrrc.~ pa~abie an ~he sums secured by this Mortgage shall be at such rate ac Lender
shaQ request. If I_ender has waived the opurn to acctlerrte provided m ~his paragraph 17, and if Borrower i wcceswr in
interest has executed a vvritten assumpi~on agreement accep~ed in wri~~ng by [_ender, I_ender shall releau Borrower from all
obligat~ons under this Mortgrge and the No~r.
It Cender ezercises such opt~on 1~, accelerale. I.tnJe~ chall mail Borrower notice of accderation in accordanc~ u~~h
paragraph 14 hereof. Such notice ~hall pro.~de a period of no~ less than 30 days from the date the notice is mailed within
which Borrower may pay the sumc dec!ared due. If Borro~er fa~{s to pay such sums prior to the expiration of wch peric~d.
Lender may, without further notice c.r demand on 13orrower. invoke any rcmediu perm~ued by paragraph IR herc~(.
NON-UNIFOIIM COVENANTS Borrower and Lender (urther covenant and agree as follows:
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18. Accekration; Remedies. E:tept as provided is pan~raph 1~ hereot. upos Somower's M~cach ot any cov:nawl or
a~reemeot ot Eorrower in this MorlRa~e. inciudin~ Ihe corensnts to psy ~+11en dut ~ny sums stcured Sy thls MortR~e. I.ender
Prior to ~ccekntbn shdl mail notice to eorrower as prorided fn parqraph 14 htreol specHyin=: (1) Ihe brrich:121~~Ae setiow
required to cure snch bresch;131 a date. not less ~hsn 30 days iro~n the dNe the notke is mdkd to Eorrower. br wAkh sucA
b~each must be cnred; aad (4) Ihat (ailure fo cure s~ch bttach ow or bcfore Il~e date specified in the notke auy resdt i~
accekration ot 16e snms secured by this MortRa~e. to~eclosurr sy judlcid proceedin= ~nd ssk o/ the Properry. The notlee
shal! turther inform Qorro..er of thc riRht to refnstate stter accekntbn and Ibe riRhl lo as~eN in the tora~c{osure proceedl~
tbe non-existence ot ~ defauN or anr olh~r defence of QorroMer to accekration and (orecbsure. If the 6re~cA is not crred o~
or before Ihe dste specified in the notice, l.ender ~1 I.endt~'s optbw iw~y declare ap ot the wms setnred by this NortR~t to be
ima~ediattly due ~nd psysble withoul fuMhe~ dem~nd and mar torecbse thk Mort~att 6r judkW protetdinR. I.enAtr sh~11
be eotiNed to colleet in wch pmceedin~ sll expenses o( foreclosurr. lecludin~. but aof 1lmited to. reasonabk st~.rrnev's fces.
i}Id ~OtLS Of dO~Y111tO~ify t~~AlIICt. abstrac~s ~nd ~ille repoAs.
19. Sonowet's RI`ht fo Reinstste. Notw~th~tandin~t 1 t~dtr's accelerat~on of ~he sumc ucured by th~s Mongage.
Borrower shall have tt~e nght to have am prexe~d~ne. t,r-un b~ Ltndtr ~o tnf~rct thiti M~r~ga¢e d~sc~nbnueJ a~ an~ timt
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