HomeMy WebLinkAbout26221 cnJcr'c wntirn agrrcmcu~ o~ applieahle Ivw. f3~rrowrr ihall pay ~hr a~r~~~un~ ut all mongagc in~urance premiums in Ihe
m~n~rr pruvidril under para~;~aph 2 herea(.
Any amuu~t~~~ ~I~,hi~nrd hy 1 rn~lcr puraianl ~u Ihi: p•rreg~~ph 7. v-~th u~tcrc.~ ~hcreon. ~hall hccume addilio~a)
in~IrMcdnc.~ uf tt~aruwrr .rcund hy th~~ MungaRc Unlt~~ B~~rruwe~ and I cnJcr .~Rnc t~ othcr lcrma of payment, tuch
am,,unh ~Aall tx pa~aMe u~x,n nulicr ft„m I rndrr Iu Rotr~nrrr rcyue~linR paymi•n1 thrre~-f. rnJ thall hear intertsl trom tl~
d.~te c~f di~burkmcnt at thc ratc payaMr tmm limc to tinx un ou~ctanding pnncipal undcr 1he NMt unlt~c payment of
interrcl at wch ralc would he rontrarv ~a applirable law, in which evcnt }uch amou~~c ~h~ll txar interest al Ihc highest nte
permissible uoder applicable taw•. Nu~hing c~~n~aine~l in ~h~~ paragraph 'l ~h~il rey-nrc 1 enJer ta incur any expense or uke
any actio~ hereunder.
S. laspection. I.enJer may malc i.r rau.c t~. ~x madt rtactx~a~hk ratric~ n~xm and inspcclionc of the Property, provided
Ihat l.ender shall give Borrov-•er nutirr pri~~r a. anY ~uch in~~tion specifying reasonabk cause therefor rclatod to Lende~'s
interest in thc Propeny.
9. Coademnafioe. The pn-~eedc ~if any rward or claim tor damages, direct or consequential, in connection with any
condemnation or dher taking of the Propeny, Of ~if1 IACfM~, cx tor cunveyance in lieu of condemnation, are het~by a:signod
and shall be paid to Lender.
in the tvent of a total taking of the Properly. the prcxeecls chall be applieJ to ~he sums securcd by fhis Mortaage,
with the eticess, it any, paid to Borr~wer. ln thc evcnl of a partial taking at the P~operty, unless Borrower and Lender
o~herwise ag~ee in writing. therc shall he applied t~ the cumc secnrcd hy thic Mortgag~ such pml+c~Mion of the procetds
as is rquaf to that proporti~~n which the amuunf of ~he sumc xcured hy Ihic Morigage immedialeiy prior io iht 3ate a~f
taking bears to the fair market value of Ihc Pro{xr~~• ~mmedia~cly pnor to the Jate of taking, with ihe balance of the proceeds
paid t~~ Bormwer. •
If the Property ic abandoneJ by BurruN~er. or if afltr nolicc hv l ender to R~~rower Ihai ~he condemnar offers to make
an award ol Se~Ue a claim for dama¢ci. H~•rr~wer fail. t~~ rcc~x.nd t~ 1 ender vvi~hin ~O days a(te~ the date such notice is
ma~led. I.ender ic authoriacd to collect and appl~• the pr~ceedc. at I.ender'e c-ption, either to restoration or tepair of the
Proper~y or lo the cum~ ~ecured hy thic Mi~rtRaee
Unlesc l_ender and Borrovrer otherwi~c agree in Krihn~, any cuch appGca~i~n nf prxeeds to principa) shall not extend
or Exxtponc Ihe dur datc of thc mon~hl~~ inslallmcMs ~cferrcd to i~ paragraphc 1 and 2 hercof or change the amount o[
~uch installmenta.
10. Eorrower Nol Released. Extension of the time tor pavment o~ mi.dification of amortization of the sums seturcd
by thic Mon~age qranted by 1 enJer to any cucce~car in imere~t oi Bo~rower ~hall n~~t ope~ate to rclease. in any man~er.
Ihe liah~lity of the original Borrower and Borrower c cuccesu•rc in inierest I.ender shall not he rcquired ta rnmmenct
pn.ceedingc againtt ~uch c~~~reaar or rcfu~e to t+ctenJ time for payme~l or Mher~•i~e modify amnrtizatw~ ot ihe sums
~e:ured hy ~hic Mortgage by reau-n of any demand made by ~hr ori¢inal Bc~rrower and Borrowers successors in imercst.
' 11. Forbearance by I.endt~ NM s Waive~. Any f~rhea~ao~e by 1 ender in erercising anV right or remedy hereondtr, or
~~thenvise afT~,rded by applicable law. shall nc~t be a waiver o( or preciude the e~ercise of any such right or remedy.
The procurement c-f iniurance nr Ihe payment ot tares ~r other liens or cha~g~c hy t ender thall not he a waiver of Lender's
right to accelerate the maturily of the indehtednecs secored hy thic Mortgage.
12. Remedies Cumulsfi~e. All rcmedies provided ~n thic Mortgage are distinct and cumi:lativc to any olher riaht or
remeJy under th~c Mortgage or aBorded by law or equity. ;~nd may tx e~erciced c~ncurrently. independently or succeuivcly.
' 13. Successors and AssiRns Bonnd; Joinl and Se~~eral I.isbiliry; ('apNons. The covenants and agreements herein
comaineJ shall bind, and the riRhts hercunder shall inure to_ the recpeclive succecu~n and assigns of I_ender and Borrower.
subject to ~he provisionc of paragraph 17 hereoL All cavenams and agreememc of Borrowtr shall be jniry and several.
The captions and headinga af the paraRraphc of lhic Mortgage arc f~r rnnvenience only and are not to be uted to
inlerprci ar define the provi~ionc hereof.
1~. No1ke. Except fer any not~ce reyuired unJer applicable law to be given in anolher manner. (a) any notice to
Borrower provided (or m thic ~lortgaee ~hafl he grven hy~ mailing tuch nauce by certified mail addresud to Borrower at
the Property Address or a~ such o~hcr addrecc as Ai~rmwer mav dcs~gnate by n~-iice to I.endcr as provided he~ein. and
(h) any notice to Lender shall he given hy cer~ifieJ mail. return rcceipt reyuected. t~ 1 ender's address shted herein or to
~uch other address as I_endtr may deci¢nate hy~ n~•tire t~• Borr~w•er as pru~~ided hercm. Any notice provided for in this
Mortgage shall be deemed to havc heen R~~•cr. to B~rr~~wcr ~~r I rnder Nhen g~ven in the manner decignated he~tin.
1S. Unitarm MorlRa~e: GoverninR i.aw; Serer~bilih. Th~~ f~rm ot mortgage combines uniform covenants for natiooa)
ux and non-uniform covenantc with limited variat~onc M jun~J~~tion tc• constnute a uniform security instrument coverina
real property. This Mongage shall be governed h~• thr I~w of the juricdict~on in which the Property is located. In the
event that any provision ar clauce of thic Mortgage ~~r the Nc~~e conflic~c with applicable law, such confliet shall not affeet
other provisions of Ihis Mortgage or thc N~.tr ..h~cF ran be grven effect w•i~hout tht conflicling provicion. and to this
end the provisians o( thc Mortgage and the 'Vole are Jcclarcd m hc ccverable.
16. dorrowels Copy. Borrower chall tx furn~.heJ ~ conformed rnpy~ of the Note and of ~his Mortgage at the timt
of execution or after recordation hereof.
17. Transfer of tbe Propertv: Assump~ion. tf all or any pan ot the Pmperty ar an interest therein ic sold or tnnsferrtd
by Borrower without l.ender's pnor wnt~~ n c~•nunt. euluding lal the crration o( a l~en or encumbranct suMrdinatt to
this Mortgage. (b- tht creation of ~ punh~~ mnnct eccutily ~nterest f~r household appliances, fc) a tranc(er hv devist,
descent or by operation of law upc~n Ihe Jealh ~( ~ j~~m~ tenani or (di the grant of any leasehold interest of lhrec years or kss
not containing an oPtion to purchau. Lender may. at Lender'~ ~ption, decfere all the sums ucured hy lhis Mortgagt to bt
~mmediately due and payable. l_cnder ~hall ha~c N.~~ved such opt~on tu n:cclrr~te if, prior to the ~ale or transte~. Lender
and the person to whom the Property i. t~~ tx .ol.l ~-r transkrred reach ~grerment in writing thai the credil ~f wch person
is satis:a.^i~r; :~ l.:r.•{.r ~:d :hat the intcrr.t ps;s~le e~n the sums secured hy thii Mor~gage shail be at s~~ch ~ate ac l.ender
shall requtst. If l.ender has waived the opti~~n to accelerete provided ~n ~his paragraph 17, and if Borrower'> >uccasor in
~nterest hac executeJ a wri(ten assump~ion agreemen~ accepted in writing by l.enJer. I_enckr shall releace Borrower from all
obligat~ons under th~s Mortgage and the No~e. ~
If Ltnder exercises such option t~ acceterate. I.enJer ~halt mai! Borrower notice of acceieratiun in accordanc. N~~h
paragraph 14 hcreof. Such notice shall provide a peru-d of not less Ihan 30 days from ~he date the notice is mailed vvithin
which Borrower may pay the sums declared due II Borrower fa~ls to pay such sums prior to the expiraUOn ~t wch penod,
Ltndcr may, wilhout further notice or drmand on H~xrower. ~nvoke any remediu permrtted by pangraph IR hereot.
NON-UNIFOIIM COVFNANTS Borrower and Lender (unher covenant and agrce as follows:
18. Acceltrslion; Rcmcdks. Ezcept as provided in par~rspb 17 btreot. upoa dorrowt~s Aresch of sny co~e~swt or
a=rcemeat ot dorrower in this Mort~~e. IncludinR the covensnfs to pay wl-en dne anp snn-s secured yy thfs Mort~s~e, I.ender
prbr to sccelentbn shdl mail notice to dorror.er ~s provided In parssrsph 11 he~eo( specftyi~: (1) tAe ~e~cA: 1211Ae scliow
rcquind to cnre soch bnxh;l3) a date. not kss than 30 ds}~s trom tAe dste the notke b m~ilea to dorr~wer. by wAich we~
~each mwt be cnred; snd (4) thst failure lo cure such breacl~ on or Actore the date specified in the wotice m~y result ia
~ccckration of 1be soms sccured Dy Ibis MortRa~e. foncbsure Sy judicial proceedin~ ~ad sdt ot the Pwpe~. The nMice
shall turther inforn~ dorm..er of the rq~M /o reinstsfe ailer accckrslion awd Ihe riRAt to asseA i~ tAe toreclosnrt p~oceedf~
the non-eaistence ot a detiuN or sny other detenst o/ donower to sccrkration aed forecloson. It Ibe ~tscA is not crreA ae
or before the date specil'ied in the notice, l:ender ~t I.ender's Mtbw may deelsre ~M ot Me s~a~s seetired by tl~is MoA~a~e b be
imn~ed'utely due snd pay~bk ~-itlaut tuAher dem~nd and may forecbst thts Mo~a~e `y j~icW proceedluR• i.ender cAall
be estiNed to cdleet in wcM Proceedi~ ap e:ptnscs ~~f foreclos~re. laciudieq. but eot lia+ited to. reasonsbk sn~-rnrti's fees.
and costs ot 6oc~n~enfary evidence. abstracts ind 1i1k reporls.
19. sorrowers Rf~ht lo Reinstatt. Nc~tw,th~~~ndin~; 1 ender'z accelerat~on o/ the sums ~ecured by th~s Mortgage.
Borrower shall havt Iht nght ~o have am pr~~rerd~ne. hrlun h~ Lrnder tc. en(~~rce Ih~ti ~t~r~gape d~sconUnued a~ an~ timt
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y ~ ,' :; 349 ~a~f 2621
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