HomeMy WebLinkAbout26281 rndrr'~ N~wcn agrcrmcn~ „~ appli.ablc law. liorn-wet Shall pay ihe amuunt ot all mc-rtgag~ in~urance prcmiums in the
mannr~ pt~~vid~•~t undcr pa-ag~aph 2 hereo(
Any am~~uu~~ ~h~hin.r~l hy 1 cn~lc~ pur~iiam t~~ this p:~taRraph 7, w~~h ui~crccl therean, xhall b~comt add~tiona)
~n~lrh~cilnr,~ ~+f H~~r~uHCr ~rcurrd hv thi~ M~~rigaRc l Ink~~ B~~rrowcr •rnd 1 r~der aRrce to Mher terms of paymcnt, tuCh
anuninh ~h;dl t~~ ~.avaMc u~x~n n~+ticr fmm 1 cndc~ 1~~ Rur~uwcr rcyue~ling p:~ymrnt Ihcrcof, and chall F+ta~ intercst from tht
d:~te ~-f ~ti~hi~rkmrnt at ~he ralr pavahle fmm time ti- Ume c-n oulstanding principa) under !he Nole unlect payment of
intereu at uKh rale wiiuld he r,~nlrarv tn :~ppficahle law, in w~hich evenl cnch ami~unts chall hear interest at the hi6hest nte
permiteiMc undrr appLrahle law N~~thing ciaitaincd ~n Ih~~ pa~aRraph 7 chall req~~ire 1 endtr to incur any eapente oT takt
any action hc~cundcr.
S. laspeclion. 1 rnder may m:~l,e or rau.e ti~ he maJe reaconable entriec o{xin and incpeefions of tht Property. providtd
that (.cn~fer ~fiall g~ve Dui~uwr~ n~~~~cc p~i,a 1„ any wrh incpection specifying reasonabk cause thetefor related to I.enders
mtereq in Ihc Pro~xrlv.
9. Coademoation. The pnxeedc af ariY aN•atd or claim for Jamages, direcl or consequential, in tonnoctio~ with a~y
condemnation or Mher taki~R of Ihe Property, or part thereot, ar tor ecx~veysnce in lieu of condemnaticx~, are hereby usianed
and chall be paid to I.ender.
In the eveM o~ a tol~l taking of the Pmperty. Ihe prcxreds chall be applied to tfie sums secured by ffiis Mortaa~e.
wilh the errecs, if any, paid to Bormwer In thc event o( a partial taking af Ihe Property, unless Borrower and Lender
otherv-ice agrce in writing. therr shall he applied 1~ 1he wmc cecurrd by this Mongage such proportion of the prooetds
as ic equal to Ihat proFx,tti~n w~hich ~he amuum at ~he sumc ucured hy this Mortgage immediatefy prior to the date of
taking Mears lo the fais market value uf the Pro~xnv ~mmediately prior to the date of laking, wilh the halaoce of the proceeds
paid tr Bormwer. ' ~ "
ii the Propect~~ ic ahand~~ned hv fl~~rrnwcr. ~r it ~f~er n~~ice hy 1 ender to Bo~r~wer that the condemnor oiien to m~ite ~'
an 1N'ard ~r ce~~le a claim t~.r d;~m.~~r.. R~~rr~~wer f:ul. tn re~~nd to 1 ender within 30 days a(~er the date such notice is
ma~led. LenJe~ i~ auth~~rind to collrc~ and :~~~iv ~he proceedc. a~ I.ender'c option, either to restoration or repair ot the
Pro~rty ~r t~ thc wm~ ,rcurcd hv thi~ M~~rIR:~ec
l!nlesc 1 e~ider and Borrov-cr Mhen+•~cc agree in wrihnc. any cuch applicati~n of proceeds b principal shail not exttnd
or ~.ct~x„~e Ihc dur clate o( ~hc m~~mhlt~ inctallmemc rcterrcd to in para~traphc 1 and 2 hercof or change the amount of
cuch mctallment~
10. Bocrower Not Relezsed. Ex~en~ian of the lime for pavment or mr-diflcation ot amortization of the sumt securrd
b) Ih~c MoNFage qranteel by 1 enJer to any cucetator in interect ot Bonower chall not o~+erate to rcltase. in any manner.
the liahility ~~t ~he ori¢inal Aorrower and B~rrower'c cuccescorc in interest I.ender shall not be rcquired ro commence
pr..ctedinRc aga~nct ~uch «errecsor or retuce t~ e~lend time /or payment or otherwice modify amortizahon of ~he ~ums
~c: ured h} thi~ 111~~rtgage h~• rcacan af any demand made b~• the oriqinal Rorr~wer and Rorr~wer s succe~on in interctt.
11. Forbearance by I.ender Nof a Waive~. Any f~rhearanre by I ender in ererci~inq any rigM ~r remedy hercunder, or
t.sh~nvise affi~rdeit h~• applicable law. shal! nrt tie a waiver of or preclo8t the exereist of any such righ! or rtmedp.
The proc~~rement <.f incurance n~ the payment of tatec or othe~ tiens or chargec by I.ender chall not he a waiver of Lender's
right t~~ ac:eleratr ~he malurity af Ihe indeblednecs ~ecurcd hy thic tilortgaRe.
12. Remedics ('umulatire. All remedies provided in thic Mortgage are distinct and cumulativc to any other right or
remeJ~• under Ihi~ Mc-rtgage or aBo~ded hy law or equity, and may tx ererciud concurrcnUy, independtnUy or. succeuively.
' 13. Successors and Atsi~es Bound: .Ioint ~nd Sereral T.isbilify: Csptbns. The covenants and agrtements herein
contained chall bind, and the riRht~ hereunder shall inore to, tht retpective succetcon and assigM nf [.ender a~-d Borrower_
~ubject to ~he pmvieionc of paragraph 17 hereoL All cavenants and agreementc of Borrower shall be joiry and several.
~-e captions and heading~ of Ihe paragraphc of Ihic Mortgage are t~r convenience only and are not to be used to
~nterprct or define thc provicion~ herrnf.
14. Nolice. Fxcept fc.r any n~~~cc reyuired under applicahle (aw to be given in another manner. (a) any notice to
Borrower provided fer m ~hic M~rtgaee ~hall Ix given by mailing wch notice by certified mail addtetced to Be-rrower at
the Pruperty Addrec~ ~r at cuch olher addresc as Barrc~wer mav designatt by notice ro f_ender as provided herein, and
(hl any nolice to 1_ender chall he g~ven hvi cerhficJ ma~l. re~um rerc~pt requected. to t ender s addrett stated herein or to
such i~~he: addretc as Lender may de~ienate by nMict tt~ R~rrowtr as prov~ded herein. Any notice provided for in this
N~~rtgagc shall he deemed t~ ha~•c F+cen Riven to fic~rr~~wcr or 1 ender when g~ven in the manner dt~ignated hertin.
1S. Unitorm MortRa~e; GoverninR l.aw: Severabilil~•. Th~c (orm of mortgage combines uniform cover~ants for nationa)
use and nc~n-unifi~rm a~venanl~ w~ilh IimiteJ vanat~onc hy ~uriui~ction to constitute a uniform xcurity inttrument corerina
real proper~y. Thic Martgage thall be governed hv the law of the juritdiction ~n which the Property is locsted. In the ~
event that any prov~sion or clau~c of thic Mortgage ~r the Note conflicts with applicable law, such conAict shall not affeet
~~ther provniunc of thic Morlgage or ~he TV~+te wh~nc ~an ~-e grven effect without the cantii.^sing provicion, and to this
end the pro~icion~ af the M~rtgage and the 'Vote are ~kclar~d to Fx uvenble.
16. Sorsower's Copy. Borrower thall 1ie (urn~~hed a c~nformed copy of ~he Note and of thic Mortgage at the time
of ececution or after *ecordation hereof.
17. Tnnsfer uf the Propertr; Accumplian. It all ~r a~y part of the Pmperty or an interest therein~ic sold or tnnsferred
by Borrower .vilhout Lrnder's pnor unt~~n ~unum. excluding la- tht creation of a lien or entumbrance subordinate to
this Morlgage. Ibl the creat~on of ~ ~ur~n~ce m~~nev ~ecurity mterest t~r househald appliances. (cl a trancfet hv devist,
deuen~ or by operation of la~ upon the dcath of a jc~m~ tenant or (d~ the grant of any kasehold intercst of threc yc.rs or kss
not containing an option to purchase. [ ender ma~. at ( ender'~ opt~on. decf,re all Ihe tums secured by this MoAgage to be ~
immediately~ due and pa}•able. (.rnder chall h:,.e M,~~ved s~~ch opt~on to a.~clerate if, prior to Ihe cale or transfer. Leoder
and the peru~n u. whc.m the Proper~y i. ~~~ be .c~IJ i~r Irans(erred reach agrrcment in writing that the credit of cuch per~on
~s sahshcton to LenJer and that Ihe imrrr.i pa~able on ~ht sums ucured by thit Mortgage thall be at such n1e ac Lender
shall request. If 1 ender has wa~ved 1he uptn,n to acceler~te provided ~n this paragraph 17. and if Borrower'~ successor in
~nterest hac etiecuted a wntte~ ascump~~on agreemem aceepted in writing by I_ender, t_ender shall release Borrower from all
obhgations under this Mortgage and the'.~~tt
!f Lender exercises such option t~• accelerate. I_enJer chall mail Borrower notiee of aeceleration in aeco~danc~ u~ih
paragraph IS hereof. Such notice ~hall prov~de a penod of not less th~n 30 days from the date the notice is mailed within
wh~ch Borrower may pay the sume deci~reJ due if Borrower f~iis to pay su~h sums prior to the eapirat~on of ~uch penesd,
LenJcr may, w~~h~~ut further nor~ce or dcmand on Korruwer. ~nvoke any remediu perm~t~ed by puagraph I R hereof.
NOW-UNtFORM COVEVANTS Borrower and Lender further covenant and a6ne u fol~ows:
la. Accelentan; Remedies. Excep/ as provided iw para~rspr 17 i~ered. rpo~ Sorrowtr's breac~ ot swy co~eaaw/ or•
atreement ot Borror.er in /Ais !-tortRsRe. includi~ tbe co.cwawts to par whew due aar sams ~ece~cd br thk Mo~tR~e. [.ewder
prior lo acceleratbn shdl mail notice to doROwer as prorided in Para~rspA 14 herco[ specHyius: (1~ ti~e bresch: IZ- the acilw~
requlrcd to cure such breich;l3- ~ date. not Ics tban 30 days trom tbe dMe the notke b naikd to ~orrower, hY whicb sreb
b~each mwt be cu~ed: aad (4) IAst (ailert to cere src~ Areac~ o~ or ~eiore tbe dMe speci6ed i~ tAc notke m~r resolt i~
accekntwn ot Ihe sems secured by th~s MortRaRt. (aecbwre br j~dkial rwcceedlui a~d srt ot ~Ae rroVe-fp• 71~e naliee
shdl furiher intorm Qo~rower of Iht ri~ht to rei~stsle ~tet ~ccekrsKow s~ tbe ~b1 to arsetf iw tUe toreclos~rt /eoeee~
tht non-e~Ktence o/ ~ defsuN or sny other de(ense of dorrower te ~ctekratiow ~wd foreclosrre. H tAe b`escA is nof cwe> ow
or be(ore the date specified in tAe aotice, l.ender at t ender's oltbw ~ aeclare a~ ot the s~uK secrre~ by thb MoARaRe to be
immediatelY due ind psYable wiHMUt turther ders~;nd aod aay fwrclose tA4 Mo~a~e by jndkW ~eceedlsR. .I.~nde- cAall
be entitled lo coUect iw sucw proctedi~ ~N etpencts ~~( foreclosrre. iwclodi~. brt ~wt liw~itad to. rc~son~ble sn•~rnev's fees.
~11A tOSLS OI dOfY111tAf~ tvldt~lft. abstrscts and Ii1k reports.
19. sorrorrer's R4h1 to ReinstNe. ~:utw~~h~tand~ng 1 ender's, accelerat~on o/ the sum~ cecured by th~c Nor~gage.
Hurruwcr shali havt ~he ng~t t.~ na.c ~m pr~•.rrJ~n;. hc~:~~n b> Le~der to cnf~~r:e thi~ ~1~rtga~e dncuntmucd a~ ~nj hme
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