HomeMy WebLinkAbout2808I.eodcr's~wnttcn agrcemcnt or appGcaMe law. Borrawe~ shall pay the amuunt at all m~~rtgage inturan~e prcmiums m the
Nan~er piuvidcd under paragraph 2 he~eof.
Any am~~untc di~h~n,cJ hy I.rn~lc~ puni~am tu ~his par~graph 7, wuh u~trrc~l Ihereon, thall hec~~me addilional
in.lchtcdn«< ut B~~r~uw~r ~ccurcd by Ih~~ 41u~1gagt- llnlc~c B~~rrowcr a~J I enikr ag~lt~ O~lit~ ~ftnl~c ~~t paymcot, tuch
am~~um~ ~hall he payaMe u~x~n nalicr fmm 1~nder lu &-rruwrr rcyut:linR paymrn~ In.:rca(.~~~d ~hati hear intetest fmm i3x
date of dichurxment al the rate payable tram time to time on oi~tstanding principal under the Note unlecc payment ot
interest at such rate wou1J Me rontrarv ~o applicable law, in which event ~ueh amountc ch~ll hear intercct at the highect rate
permissible unde~ applicable law. Nuthing c~~ntained m Ihis paragraph 7~hal) requirc l.ender to incur any expenst or take
any action hereunder.
a• lnspeefion. 1_enckr may make ~.r cau.e t~. he mad~ rea~onahle entriec u~-c~n and inspectionc ot the Property, provided
that l.ende~ shall give Borrower not~ce pri~~r ~~~ any .uch inspection specifyiog rcasanabk caux thetefor related to Lender's
interest in the P~operty. . _
9. Cosdemnsfba. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part tAercof, or for conveyance in lieu of coodemnatioo, arc hereby usianed
and shall be paid to Lender. •
ln the event of a tot~) taking of the Prope~ly. the proceeds shall be applied to the sums secured by tfiis Mortaage,
with the exccss, if any, paid to Borrowe~. In Ihe event oi a partial Iaking u( the Property, unlecc Borrower and I.ender
otherwise agroe in writing. therc shall be applied to Ihe cums secured by this Mongage such p~oportion ot the proceeds
as is equal to that proportion which the amount of ~Ix sumc secarcd by ~his Mo-tgaRe immedia~ely prior to the date of
taking bears to the fair market vaioe of Ihe Pmpcr~y immediately prior to the date of taking, with the balance af the proceeds
paid to Borrower.
if the Prvperty ic ahandoneJ by Borrower. or if. af~er notic~ hy 1_ender to Borrow•er that ~he condemnor oRers to make
an award o~ settk a claim for dam~ecti. B~~rr~.wcr fail. to rc,pc-nd ~o I.ender within ~0 days a[rer the date such notice is
mailed. Lender i~ authoriaed to collect and appl~• ~he proceedc. at t.ender'c option, either to rcstorati~n or repair of the
Fropcrty or to th~ sum+ ~ccurcd hy thic M~r~ga~e.
Uni~sc t_ender and Borrower othervvicc agree in w•rit~ne. any such application of proceeds to principa) shall not extend
or pcxtpone the due da~e of Ihe momhly installmcnts rcferred to in paragraphc 1 and 2 hercof or change the amount ot
such instaltmenls.
10. B~:TOwe~ Nof Rekised. Fxtension of the lime for payment or modification of amortization of the sumt secaired
by this Morigage granted by l.eteder to anjr cuccecsor in interect af Aorrower ~hall not aperate to rcleau, in any manner.
the liability of the original Bonower and Bc-rrower'c succescorc in intercst. T_ender shall not be rcquired to commence
proceedings against such successor or rcfuse to e+etend time for paymen~ nr othen-•ice mndify amortirat~~~n of thr wms
ucured by ~hic'.Nortgage by rcason of any demand made b~• ~he oric~nal Borrower and Bnrrowers cucceszc-rs in imerect.
' 11. Forbeannce by I.ender Not a Wdver. Any f~rhearance by l.ender in eterciting any rigbt or remedy hercunder, or
othervvix affordeci by applicable law. shall not be a waiver of or preclude the exercise o( any such right or rcmedy.
The procurement of insurance Qr the payment af t~xes or other liens or charges by I.ender chall rot be a waiver of Lender's
right to accelerate the maturity of the i~dehtednecs cecorcd hy this Mortgage.
12. Remedies Cnmulati~e. AI{ remedies provid~d in thic Mortgage arc distinct and cumulative to any other right or
remedy unde~ this Mortgage or aBorded hy law or equi~y, anJ may tx ererciud concurrently, independently or succeaively.
~ 13. Succtssors and Assi~ws ionnd; Joinl and Several i.isM'lity; Captbns. The covenants and agreements herein
contained shall bind, and th~ riRhts hercunder sball inurc to. the respective succczson and assigns of l.ende~ and Borrower.
subject to the provisionc af paragraph 17 hereof. All covenants and aRreements of Bor~ower shall tx joiry and sevenl_
ThC captions and headings of the paragraphc of ~hic Mongage are f~r convenience ~nly and are not to be uced to
interprct or define the provisions herMf.
14. Notke. Except for any notict required uncier applicablt law• Io be givto in another manner. (a) any notict to
Borraxer pr+ovided for in this Mortga¢e shall bt given hy mailing such notice by certifitd mail addresced to Borrower at
the Property Address or at such olhcr addresa as Borrowcr mav designate by notice to 1 ender as provided herein, and
(h) any notice to Lender shall he given by certified mail. return rece~pt requetted. ~0 1 enders address stated herein or to
such other addrcss as I_ender may de~i¢nate by n~tice tc- B~rmwer as pro~ided here~n. Any ~~tice provided for in ihis
Nortgage shall be deemed to havc l~een gn•cn to Borrower or I.ender when g~ven in the manner de~ignat~d herein.
1S. Unifortn Mort~s~e; Gorernin~ Iaw: Sere~abilitr•. Th~~ form of mortgage combines isniform covenants for national
use and non-uniform covenantc with IimiteJ vanationc h~• ~uricd~ction to constitute a unifortn security instrument covering
rcal p~operty. This Mortgage sball be governed hy !he {aw• of the jurisdiction in which the Propeny is located. In the
event that any provision or clauu of thic Mongage c.r ~he tVote conflicts with applicabk law, such conflic~ shall not affeet
other provisions of this Mortgage ur the Nn1r v-h~ch can be g~ven tlfect without the conflicting provician, and to this
end the provisions o( ~he Mortgage and ~he 'Vae arc .leclared to be uverablt.
16. Eorrower's Copy. Borrower ~hall be furni~heJ a conformed copy af the Note and of thic Mortgag~ at the time
of execution or a(ter recordation hereof_
17. Trarafer of the Propertv: Assumplion. If all or any Qan of ~he Prnperty or an interest therein ic sold or transfetred
by Borrower without l.ender i prior wrinrn ~ontent. euluding tal the crca~ion of a hen or encumbrance suhordinate to
this Mortgage. (b) the creation of a ~ur~~h~k mi~ne~• ~ecurily mterest for household appliances. (cl a trantfer hy devise,
descent o~ by operation of law• upon the Jcath of a jc~~nt ~enant or (d~ the gnnt of any leasehold interest ot thrcc ~~cars or less
not containing an ~ption to purchase. I.ender may. at 1 ender'e opt~on, dt~l~re al~ ~he sums ucured by this Mortgage to be
~mmediately due and payable. Lcnder ~hall h~~c M.~~.•ed such opuon to ac.rlerate if, prior ~o :he wle or transfer. Lender
and the persc~n Io whom the Properly ic ~i~ be .oIJ or Iranskrred reach agrrrment in wridng that the cred~t of wch person
is salisfactory ~o Lenekr and that the imcrr.~ pa~able on the sums secured by this Mo-tgage shall be at such rate ac Lender
shall request. If Lender has waived ~he op~~on ~o accelera~e provided in ~his paragraph 17, and if Borrower'~ wccessor in
interest has executed a wr~t~en assumpt~oo agreemenl accep~ed in writing by [_ender. I_ender shall release Borrower from all
obl~gations under this Mortgage and thc Note.
I( Lender exerci~es such option ~~ accelera~e. 1_ender chall mail Borrower notice of accelera~ion in accordanc~ u~~h
paragraph 14 hereof Such no~ice chall prov~de a period ot no~ less than 30 days from the date the notice is mailed within
which Borrov-er may pay Ihe sumc derla~ed due. If Borrower fails to pay such sums prior to ~he expiration c•f cuch pencxl,
Lender may, w~lhout (urther notice or demand on Borrower. ~nvokt any remedia permuted by paragraph 1 R herc~f.
NON-UNIFOIIM COVENANTS Aorrowcr and Lender further covenant and agree as follows:
18. Accekrstion: Remedies. Escept as provided in Pan~rapb 17 Ucnot. upoe Dorrowe~s Msac~ of any co~ensAt or
a~reemeat of Eorro~+er iw th~s MortRaRe. lncludin~ tbe coreeants fo par wAta due ~ny soms securcd ~y tbis MottR~e. I.ender
prior to ~cceleratbn shall mail notice to dorrower as provided Iw psra~rsph 14 hereot specityin~: (1) tAe Mrsch: 121 tAe acliow
required to core soch breach:l3) a dste. no1 kss than 30 days tm~a Ii~e dste Ihe notice b mNled to dorrower. by whkh s~ai
~each must be cond; ~sd (~) Ihat f~ilure to core srcM preacM on or bctore tbe datt spec{6ed in IAe nolkt ~n~y resWl b~
accckntion ot the wms secured by Ihk Mort~aRe. toreclosure by judkid proceedi~ tnd ssk ot the Properry. The nolke
shall (uNher inform Eorra.rer ot the riRM to rciAStste attcr accekntbn and the ~bt to asseA is tAe forecbsYrt ~nuceedMK
tbe noe-exislence of s defauN or ~ny other dcfcn~e ot eorrower to iccekration snd torcelosrrr. It Ihe bre~cA b sM ce~ o~
or bctore the date s~ecified iu tbe notke. Lender ~1(.endes's aplio~ ~ dcchre ~ d tbe s~e~s secrred by tAis MortR~e ~o be
immediatciy due snd paribk wilhout tnrther demand ~nd msy torecbse thk Mo~~e by judicW proeeediaR. I.enAer shall
D! t011fltd 10 ~OII!!I M fYC` pf0~ltd~11R aQ t;P~nStS n< <OfKIOSYf'!. includin~. dot ~ot Iimiled to. nawnabk att•~rnrv's fees.
slld ~OSft O~ dO~YIAtAf~ tY~Atfltt. abstracts and ~i1k nports. . ..
19. don+ower's RI`hf to Rcinst~te. Nolwith~t~ndin¢ 1 enekr's accelerat~on o/ ~bt sume ucured by th~c M~~rtgagt.
Botrower shal) havt the right to have an} prcxerdine. ~x fun b~ Lcnder 1~ cnf~rct th~~ Mc-rtgaqe d~u~~nUnucJ ~t any hme
f~K
~n~x~ ~ PaGE~7