HomeMy WebLinkAbout2610I.enJc~'s written agrccmcnt or appli~able low. Barruwe~ shall pay the amount ot all mohgage in~urance prcmiums in the
man~rr p~uv~dr~l under paragraph 2 hercof.
Any amounh di~h~i~~cd by I rn.ler pur~uant tu ~his paragraph 7, w~~h ui~crcct therea~, chall Aecame addNianal
indrhirdne~~ ut H~~rruNC~ Kcurcd by ~hi~ Mungage l)nle.~ Bor~uwer anJ I r~Jer agrce to athe~ tsrms c~t payment, such
am~~unt~ ~hall Fx payaMc u~x-n n~+tire f~~~m I cnder ~~~ &~rruwcr rcyut~ting paymrnl thcrcuf, and thall hear inlerest from the
~late M di~bur~ment at !he rale payaMe tmm Iime to time on outstanding principal under the Note unlecc paymrnt of
interest •rt such rale would he contrarv ~~• applicable law, in which event ~uch amounts ~hal) Fxa~ inlere~t at the hiahect rate
permissible u~der applicable law. Nulhing c~~n~ained in thic paragraph 7 chall require I.ender ~o incur any expense or take
any action hereunder.
a• laspectba. LenJer may ma{,c ~.~ cau.c to F,c made reaconahle en~ries upon and inspections of the Property, provided
that l.ender chall give &urower ni~hce pri~~r t~. any ~uch inspecUon cpecifying rcasonabk cause therefor relatod to Lender's
interest in Ihe Propchy.
9. Cosdemnstion. The prcxeedc of ~ny award or claim far damages, dircct or consequtotial, in tonoection with any
condemnalion or other taking ot Ihe Property, or part thercof, ar for conveyance in lieu of condemnation, arc hereby usianed
and shall be paid to Lender.
In iix event of i tai~i taking of the Proper~y. Ihe proceeSc ~hall be applied to the stims secured by this Mori~age,
with the excess, if any, paid to Borrow•cr. In the event of a parlial taking ot the Property, unlesc Borrower and Lender
othtrwise agree in wrilinR. therc shall he applied to Ihe sumc secured by this Mortgage such proportion of the prooeeds
as is equal to that propotlion w•hich Ihc ~mount c,( ~hc sum~ ucured by this Mortgage immediately prior to ihe date of
taking bears to Ihe fair market value of the Propeny immediately prior to the da~e of laking. with Ihe balance of the pr~oceeds
paid to Borrower_
If the Property i~ aband~ned bv Bo~rower. ~r if ~fter notice bv l.ender to Borrower that the condemnor olfen to make
an award ~r utUe a claim for dama~c~. Bi~rmwcr f~il. ~~ re~~nd lo l.ender within 30 days a(Ier the d~te such notice is
ma~led. I_ender ic authoriTrd to collec~ and apply the prcueeds. at I.ender i option, either to restontion or repair of the
Properly or t~ ;!u sum~ cccured M• Ihii M~rtRaec.
Unlesc I.ender and Borrow~er othen+•iK agree in writ~~c. any such application of preueeds to principal shall not extend
.~r pcxtpc~nt Ihe due da~e of Ihe monthh• installmentc rcferred to in paragraphc 1 a~d 2 hercof or change tht amount of
cuch installments.
10. Borrower Not Relea~ed. F.xtension of the time for payment or modification of amortization ot tht sums securcd
by this Mort~age gnnted by I.ender to any cuccecsor in intere~t of Borrawer ~hall oot o~+erate to rclease, in any maone~.
the liab~li~y of Ihe oriqinat Borrower and Bc-rrower'c succescora in intercsl l.ender chall oot be rcqoircd to eommence
proceeJings ag~intt cuch cuccessor or rofou Io eYtend lime for payment or olherwict modify amortizahon ot the sums
secured h~ thic Mortgage by rcason of any demand made by the ori¢ir.~l Bormwer and Borrower's successon in interect.
11. Forbeannce by i.ender Not s R-dver, llny f~rhearaoce hy l.ender in erercising any right or remedy hcrcunder, or
othenvise afforded by applicaAle law, shall ne~t be a waive~ of or preclude the txercix of any such right or remeQy.
The procorement of insurance p~ the payment ot taxes ar o~her liens o~ chargec by I.endcr shall nat he a waivtr ot Lender's
right to acrelerate the maturity of the indebtednecs cecurcd hy thic Mortgage.
12. Remedks Cumulatire. All rcmtdies provided in this Mortgage arc distinct and cumulative to any olher right or
remedy unde~ this Mortgage or afforded by law or equit~~. and may tx exerciud concurrently, independently or successively.
~ 13. Snccessors and Assi~as Bound; .7oint and Seve~al Lisbility; ('aptbns. The covenan~s and agreemeMs hercin
rnntained shall bind, and the riRhts hereunder shall inare to. the rcspective succccson and assigns of I_ender aod Borrower.
subject to the provision~ of paragraph 17 hereof. l~ll covenants and agreementc of Borrower shall be joiry and several.
The captions and headings of the paraRraphc of thic Martgagt are for convenience only and arc nnt to be used to
~nterpret or define the provi~ians hereof.
l4. NMice. Except tor any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing cuch notict by certifled mail addresced to Borrower at
the Property Address or at such othcr addresc as Borrower mav decignate by notict to f.ender as provided hertin, and
(bl any notice to Lender shall he given by certified mail. return receipt requected. to 1 ender'c address sta~ed he~ein or to
wch other addrcss as Lender ma~• deci¢nate h~• n~.tire t~ Bnrmw•er as prov~ded herein. Any notice pmvided for in this
Mortgage shall be ~eemed to havc been g~~•en to Bc~rm~•cr or l.ender when grven in the manne~ de~ignated herei~.•
16. Uaitonn Mori~a~e; Governin~e Iaw: Se.erabilit}. This form of mortgage combines uniform covenants for national
uu and non-uniform covenantc vrith IimiteJ varialionc hy~ juncd~ction to consthute a uniform security instrument covering
rcal property. This Mortgage shall be ~tove~ned h~~ the law of ~he jurisdiction in which Ihe Property is located. in the
event that any provision or clauce of thic M~rtgage ~r the t~inte conflicts wi~h appli~able law, such cooflict chall not atfect
olher Provisions of lhis Mongage or the Ne.te wh~ch can be g~ven effect without the conflicting provicion, and ro this
end the provitions of the Mc~rtgage and the '~ote are declared to tx uverable.
16. Eorrowe~'s Copy. Borrower shall be h~rniched a conformed copy of ~he Note and of thic Mortgage at the time
of execution o~ after recorda~ion hereof. ,,
17. Tnnster of the Propert~: Assumption. If all or any part of ~he Propeny or an interest therein ic sold or tnnsferred
by Bo~rower wrthaut [.ender's pr~or wn~~~n .unsent. etcluding ta) the creation of a lien or encumbnnce subordinate to
this Mortgagt. (bl the creahon of a~urch~cr m~~nev eecurity interest for household appliances. (el a tranc(er hy devise,
descent or by operation of law upon the Jcath nf a j~ant tenant or ld- the grant ot any Itasehold inttrcst of thrcc ycars or kss
not containing an option to purchase. Lendtr ma~~. at I ender'~ opt~on, decl~re aU ~he sums xcured by this Mortgage ta be
~mmed~ately due and payable. I.ender chall h;,~e N,u~rd surh opuon to acc~leratt if, prior to Ihe cak or ~ransfer. Lender
and the person to whom tht ProFxr~y i. tu tn .~~IJ or transterred reach agrr~men~ in writing that ~he credit ~t cuch perco~
is satisfactory to I.enJer and Iha~ 1he inlrr~.t pa~able on the sums secured by~ this Mortgage shall be at such ratt ac Lender
shall request. If 1_enJer has waived the opuon to accderate provided m this paragraph 17, and if Bonower'> >uccessor in
interest has executed a wnt~en assurtip~~on agreement accepted in writing by Lcnder. Lender shall release Borrower trom all
obligations unJer this Mortgage and the Note.
if I.ender exercixs such opUun 1~• acceierate, l.ender shall mail Borrower notice of accelenlion in accordenc~ u~~h
paragraph 14 hereo(. Such no~ice ~hall prov~de a period o( not less than 30 days from the date the notice is mailed vaith~n
which Barrower may pay the sumc declereJ due I( Borrower tails to pay such sums prior to the expiration of cuch pene~d.
Lender may, wilhout (urthcr notice or dcmand on Horrower. ~nvoke any remedies perm~tted by pangraph IR hercof.
NON-UNIFORM COVENANTS Borrower and i.ender further covenant and agrce u foilows:
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18. Accekratan: Remedies. Eacept as provided i~ psn~rapb 17 hereo~, ~. so.ro..~r: e~M ot .py ~o.~~~ o.
a~reeeneot of Borro~+er in this'.Norfga~e. includin~ Ihe corensafs to pay whta dne auy snms secund by thls MortRa~e. Lende~
pvior Io accek~aNon shdl mail nolice to dorrower as provided In pars~rapA 14 hereot specifyiot: (1) tbe brsach: 121 the actbw
e~equirc~ to cun such bnach;l3) a date. aot ks than 30 days from Ihe date the notice b rnsiled to eorroaer. ~y •+hich src~
M~esch mu~t be cnrcd: sad (4) Ihat hilure to c~re srch A~esch oa or before the dste speci6ed in the notke rnar resuM i~
~ccekntion of ~be sumt secured by this MortRaRe. tw~ectosure A~ judicid procesdin~ sed ssk ot tbe P-ooe~. 'il~e iatlce
shdl further in(orm eormwer of the riRht to rci~tate dle~ ~ccekratbn snd tbe ~ht fo as:trt i~ tht toreclosrre Noceedf~
tbe non-existence ot s detsuN or sny Mher defen~e ot eonower to aceckntion awd foreclosore. It Ihe brc~cw is not crted o~
or betore /he date sPecified ia the notice, 1_ende~ ~t I.ender's eptiow ~wsy declare ~II o1 tbe s~u~s xcrred by tAis MortRaRe to be
immedistely duc snd p~Ysble without (urther dem:,nd and msy /oreclose th[s Mo~a~e by ~udkW ~oeeedfat. f.eo~ler chall
bt eotitled lo collett in wch procttdie~ ifl espensts ~~f toreclosurr. Includins. brt o01 Umi~d 10. reasonabk att.~rnrti•s fees.
and costs ot documentary evidence. abstrat~t ind ti11e rtportt.
19. Borroart's Ri`ht to Reinstate. 'Votwi~h~Iandin~t 1 enJer's accelerat~on ot th*, sum~ ucured by ~h~c ylongage.
Borrower shall havt the nghl to ha~e am pnwecd~~~c~ h-}un by Lender t~ enf~rct thi, !N~rtgaqe d~scnnhnutJ at am timt
~ ~;:~ 3~9 ~~,~f?~~.9