HomeMy WebLinkAbout2581l.rnder's w•ritten agrcement or applirable Iaw. Borrower shall pay ~hc amount o( all morigage insurar~ce prcmiums in the
manner providcd under paragraph 2 fitreof. -
Any amaums dicbursed by l~e~de~ purcuant ta ~his parag~aph 7, v-i~h interest lhercon, sfialt btcome additional
indcb~ednr~s uf Borrawer securrd by Ihis Mor~gagc. Unks. 8orrawcr anJ l.enJu agree to athe~ terms of pavment, such
am~untc chall he pa~~ahle u{x~n n~•~ice from I.ender ta Borr~~wer reyue~ting payment thereof, and shal) hear interat from the
date of ~iicbtir~ement at the rate payafile from ~ime to time on auts~anding principal under the Note unless payment ot
interect at such rate wauld be contrary ~o applicable laN, in which eve~~ u~ch amouMs sfiaN hear interest at the highest rate
permissihle under applicable !3w. N~~thing contained in tt~ic paragraph 7 shall require i.ender to incur any expense or take
any action hercunder.
8. lospection. 1 cnder ma~• make or rause to he made rea~onable entriec u~x~n and inspectionc of the PropeAy, provided
th~~ 1 rnJer chall give Bu~rowe~ n~lice prior ta any ~uch incpection cpecitying reasanable eaust therefor related lo Len~ier's
mtcr~cl in thc Property.
9, Condemnation. The proceedc of any award ~~r cla~m (or damages, direc~ or concequential, in connecllon with any
~ondemnation or other taking af the Pf~perry, or part therrnf, or for convey~~~'r ~n titu of condemnation. ue heieby assigned
anJ ~hall F,c paid to I.endcr.
In the event of a total taking af ~he Propen~~, the pnkeeJs chall be applied to the ~umc secured by this 1-toAgage.
with the cuccs. if any. paid to Barmwrr. In ~he cvcM of ~ partial taking of the Pro{+erly, unless Borrower and I.ender
~~~herwicc agree in writin~. therr shall be applied to the ~umc securcd b~ thi~ Mortgage sucfi proporlior. ot ifit procetds
as ic eyual 10 1h~t proportion ahich the amount of ~he sum~ ~ecured hy this Mortgage immediately prior to Ihe date of
taking ~arc to the fair markel value of the ProFxrty immediately prinr ~o the Jate of ~.~king, with tke balance of the proceeds
paid t~. Borrower.
lf !he Proper~y ic ahandoned by Borrowe~, ~x if. after notice hy i_endcr to Bormwer that the condemnor offe~s to malte
an aw,~rd c.r SetUe a claim f~r damage~. Bormwer faih io re.~x~nd t~ l.ender within 30 days after the date such notice is
m:uled. i.ender ic authori7cd to collect and apply the pre~ceeds. at 1_ender'~ option. either to restoration or repair of the
Pro~rtt~ ~~r to ~he sumc sccurcd by this Morlgagc.
Unlrc. I enJer and Bo~rower otherwicc agree in ~~ ritine_ any turh application o[ procetds to principal shall not extend
ur pa~uMme ~hc due Jatc of thr monthly ins~allmentt rcferred to in paragraphc 1 and 2 hercof or change the amount of
.uch ~n~tallmentc.
10. Borrower Not Releaced. Ertencion of the time for paymeM or modification of amarlization of tfie sums securcd
b~• thi~ M~~rtFage granted M• [.enJer ti~ an~• auccessor in inte~ect of Borrower chall not operate to rclease, in any man~er.
thc liab~li~~• uf the original Borrower and Borrower'~ succcs«r~ in interest. I.ender shall not he required to commence
pn,ieedin~~ againct such ~urreccor or refuu to erte~J time for payment or otherwiu moa~ry amortization of the sums
~erurrd M ~hi. Mortgage by rcac~~n of ~n~ demand made by ~he orieinal Bormwer and Sorrower s cuccescors in int~tesl.
11. Forbearance bS I.ender !\ot a Waiver. Am~ f~.rhearance hy l.ender in erercising ~ny right o~ remedy hereunder, or
~~therK•~~e :stTurded b}• applicahle law. shall not be a waiver of ar preclude the exercist of any such right or remedy.
Thr prcx~~rrment of insuranee or Ihe payment oi ta~rc or uther liens or charges by l.ender ~hall not he a w~aiver of I.ender s
right t~. :lCil'ICfJiC the maturity of the indehtedaecs ~rcured hy thic Mortgage.
12. Remedies Cumulati~e. All remedie~ pm.~ided in this Mortgage are distinct and cumulative to any olher right or
reme~iy under thi+ ~1or~gage or afTordcd h}• law ~~r equit}•. and m•r}• he e+cerciced concurrently. indtpendenlly or successivdy.
13. Succe~sorx and AssiRos Bonnd: Joinl and Se~eral i.iabifit~; Captions. The covenants and agreements herein
rontameJ sh•rll hinJ. and the ritth~s hereunder shall ~nure ro. ~he rc~pectrve iuccessi~ra and ascigns of [_ender and Borrower.
,uhject to ~he provi~ionc ~f paragraph 17 hereot. All covrnants and agreementc of Borrower ~hall be joint and uveral.
The captu~n. .,nd heading~ of the paragraphe ot thic Mor~gage are for convenience only and are not to be used ro
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~nterpr~t or define the provicions hereof.
14. :~olice. Except for :+ny notice rey~~ired unJer applicahle lak t~ be given in anothe~ manne~. (a) any aotice to
Borrouer pr~~vidrd h~r in thic Mc~rtgage tihall he given hy mailinR wch r.ot~ce by certified mail addressed to Borrower at
the Pruperty Addre~~ or at cuch other actdrec~ ac Bnrr~~w~er ma~• detignate by notice to I.ender as provided hertin, and
Ih) am nrnirc to LenJer chall he give~ h} certifhd ma-1. re,urn rece~pt requetted. to 1 ender~~address s~ated herein or to
~urh ~~ther addrea :ic Lender mat c~~_~~¢nate by~ n~tice t~- Borr~~Ker as provided herein. Any notice provided for in this
~1.,rtgagr shall Ix deemed ti. h~~•e been gi~en to B~rr~~wer e~r I rnder when givcn in the manner designated herein.
1S. Uniform MorlRa~e; Governin~ I.aK: Se~erabilii~. Thi~ form o( mortgage comhines uniform covenants tor national
use anJ ni~n-uniform a•~•enantc w~ith limite.l var~atio~ti M• ~ur~cd~ctie,n to constit~rte a uniform security instrument covering
rcal prc.peny. Thi. Mortgage shall Fx guverneJ h~~ thc I~~ e~f the juri~diction in w•hieh the Propeny is located. in the
event ~hat any provision or clauk of thi~ Mnrtgag~ .~r ~hr !~i~te ronflictti with applicahle law, such conflic~ shall not aftect
uther pr~.~nion~ of thi~ Moregage or thc Notr ~h~ch c:,n be given eiiect ~•ithout ~he conflicting provision. and to this
end the pro~isi~~nc of thr :~torlgagc and Ihe tiale are .I~rlared to he seve~ahle.
16. Borrower's Cop~~. Borrowcr ~hall h~: furni~heJ a a~nf~~rmed ropy of Ihc Note and of thic Mortgagt al the timt
of etecution or after rrcordation hereof.
1~. T~nsfer of the Propert~: A~sumption. It all c~r anc part of tfie Proper» or an interest therein ic sold or trancferred
by Borrower with~~ut I.ender's pn~r wriurn con~ent. e«luding la1 thr creati~n of a lien or encumbrance sutwrdinate to
~hi~ Mortgage. (h1 Ihe creation c-f a pur~hau m~Tne~• ~ecurit~• ~nterest for houcehold appliances, (c) a transfer hy devise.
de~cent or by operation of law upcrn tfie death ~i a jomt tcnant or ld1 the grant of any leauhold interest of three years or less
nut containing an option to purchase. I ender may~. :a !_ender'< <.p~+on. declare at{ ~he sums secured by this Mortgagt to be
~mmed~ately due and payaMe. Lender shall ha~e NJIYCd surh op~ion tc accelerate if. prior to ~he ~ale or transfer, Lender
~nd the person to whom the Property iti to be solJ or t~ansferred reach agreemem in writing that the credit of such person
~t satisfactor~• t~ I.endcr ~~{~~~
shxi~-fey~st. If 1 ender has waiveJ the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in
mterest ha~ executed a written assumption agreement accepted in writing by Lender. I.ender shall retease Borrower from all
ohligations undcr this Mortgage and the Note.
If l.ender ererc+scc tuch ~-ption to accelerate. f.ender ~hall mail Borrower notice of accderation in accordance with
paragraph 14 hereof. Such notice ~hall provide a periixl <.f not Iess than 30 days from the date the natice is mailed within
wh~ch Borrawer may pay the sums declared due. If Borrower tailc ta pay such cums prior to the expiration ef such period.
Lender ma}•. without iurther n~tice or Jcmand on BormNCr. im•oke any remedies perm~Ued by paragraph IR hertof.
~ NON-IJNIFORM COVEVA~3TS Borrower and I.ender further cov~nant and agree as follows:
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s 18. Acceleration; Remedies. Fxcept as pro.ided in paraRraph 17 hereof. upon BonowePs bnach of sny coveaaat or
~ aqreement of Borrower in this ~-tortRa~e. includin~ the covenants fo pay when due any snms secured by th[t Mortta`e, i.e~der
a prior lo acceleration shall mail notice to Aorrower ac pro~ ided in pat~rsph f 4 hereot specifyius: (1) the bnsca; (2) tbs actfon
required to cure such breach; (3) a date. not less Ihan 30 dsys from the date the notice is mdled to dorrower. by wAk6 suc6
bresch must be cured: and (4) thst failu~e to cure such breach on or beforc the date specified in the notke msy radt ii
~ accetcration of the sums ucured by this Mortg~e. foreciosure by judicid procetding aad sak ot the Property. 'IUt notlce
~ shall further inform Borrower of the right to rein4tste after accelerstion stnd the right to assc~t in the forecbsure procttdio~
~he non-existence of a defpuN o~ any other defense of Borrowes to acceleration and fonclosure. If the ~eseb b nof cured os
or beforr Ihe date sperf6ed in the notice. I.ender at [.ender's option may declan sll of the w~ secered by thb Mortp~t to be
imrmcdistely duc and payablt wilfioat further demand and msy forcclose this Mortgate by judkW procttdiu~• I.eade~ shsli
be enlitled lo cotkcl in such proceedjn~ ali e:penses o[ tonclosure, includi~~. but not limited to. reasonabk ~ttorsey's tea. ,
and costs of documenlary evideace~ abstrlcts and titk repoKs.
19. Borrowe~'s Righl to Reiastate. Notwithstanding LenJer's accelerat~on of the sums securcd by this Mortgage,
~ Borrower shall have tMe ri~ht to have any proceedings hegun by (_ender to enforce this Mortgage disco~tinued at any time
Addesdr~ to P~rasr~pi 15. The state and loca) laws applicable to this mortgage shall be the laws ot the jurisdiction in
which the property is located. The toregoing sentence shall not limit the applitability o( feder ~~;ay~tq,~~ m~ort~
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