HomeMy WebLinkAbout2820~ cndrr'c wr~ticn agrecmcnt ~~r applirable law. Borrawer shall pay thr amuunt ot all mahgage inwranre premiums in the
mannrr p~~-v~Je~l under parag~aph 2 hercof.
Any arnaunt~ di~hunrd bv I cn~lcr pun~ian~ to this pa~.~graph 7, wqh u~lcrcct ~hera~~, shall become additiaoal
in~kb~rdnr,~ u( liu~~uwrr ucund t+y thi. Mungage Unlc~~ Bortowcr ani{ 1 rn~kr agrce ~o olhe- Ierms of payment, tuch
anu~unt~ ~hall tn pa~~aMr u~x~n n~Nirc h~~m 1~nder 1~~ &~rruwrr rcyuecting paymcn! therr~~f, and chall hcar interest ~rom the
dale i~( di~burkment a! thc rat~ payaMr f~am lime to time un outstanding principa) undlr the Natt tinlecs payment ot
intereq at surh rate Nould ~+e c<~ntrarv ti~ applicaMe law, in whirh event cuch amountc shall hear interest at the highest nte
permissihle under applicable law. Ni~thing ri~ntained m Ihic paragr~~+h 7 chall requirc I.ender to incur any expense or talce
any action hercu~der.
S. lospectio~. I.ender ma~ ma~,c ~.r rau,e to he made reaconable entries upan and inspections of the Property, provided
thal I.ender ~hall givr BurruNCr nut~rr prinr tu any wrh mspect~on specifymg rcasanabk catue therctor relatod to Leodtr's
~nteres~ ~n Ihe Propcrty.
9. Condemnatioa. The pnxced~ o( any award or claim tor damages, dircct or consoque~tial, in eonnoction rvith any
condemnation or othe~ taking of the Property, or psn thercof, or for conveyance in lieu of condemnatioo, are hereby assianed
and shall be paid to Lender.
in the event of a tot~l taking of the Property_ ~he proceeds chall be applieJ to the sums seaircd by Mis Mottaage,
with the eticess, if any, paid to Bo~rower. In the event of a partial taking of the Property, unless Borrower and 1.ende~
otherwise agree in writing. therc shall he applied to the sums securcd by this Mortgage such proportiot~ ot tht pt~oceods
as -c equal ta that proportion vvhich the amounl o( ~he sumc ucurcd by this Mortgage immediately prior to the date ot
taliing txarc to the fai~ market value o( the Pro~xnv immediately prior to the date of ~aking, with the Aalance of the proceeds
paid lo $orrower.
If the Property it ahand~ncd hv Bormwer. ~r if after notice bv i.ender to Bormwer that the condemnor oflers to make
an aw•ard or cettle a claim for dam.~~r+. Ri~rr~wer fa~l~ to re~{x~nd to I_ender within i0 days aher the date such notitt is
ma~lcd. [_cnder ic authoria~d to rnllcct and applr ~he proceeds, at 1_ender i option, tilher to restontion or repair of tht
Pr~pcrt} or t~- Ihc tiam~ ~ccurcd b)' thi~ Mor~~age.
Unlesc (.encler and Borrowcr otherwik agree in wri~~ng, any such applicati~n of prcxeeds to principal shall not extend
or ~at~ne the duc date o( thc monthly installmcnls rcfcrrcd to in paragraph~ 1 and 2 hereof or change the amount of
~ucn inctaiimentc
10. Borrower No1 Released. Extension of Ihe limt for payment or modiBcation of amortization of the sums socurcd
by th~s Mortgage granted by I ender to any cuccecsor in in~erect of Borro.~er shall no~ opente to rckase, in any ma~ner.
the I~ability of the original Borrower and Borrower'c successorc in intercst. I_ender shall not be rcquired to eommence
, rocceding~ against ~uch wccecsar or retuse to e+ctend time for payment or otherw•iu modify amortizal~on of the ~~~ms
ce: urrd by~ thic M~~rtgage by rcacon of any demand madt by the oriQinal Bonawer and Borrower s successors in iMercst.
11. Forbearance by I.ender Not a Wdver. Any forhearance by I.ender in eterrising any right or rcmedy hercunder, or
Rtherwise aBurdcd by applicable law. shall ne~t~ be a waiver o( or preclude the exercise of any such right or remedy.
The pracurement c.f insurance nr the payment o( taxes or other liens or charges by I.ender chall not be a waiver of Lender's
right ta acrelera~e the matu~ity of the indebledness securcd hy thic Mortgage. .
12. RemediK Cumulati~e. All rcm~dies provided in lhis Mortgage arc distinct and cumulativc to any other right or
remedy under thic Mortgage or afiorded by law or equity. •rnd may be uerriced rnncurrcntly. independendy or successively.
~ 13. Successors and Assi~es Bound:.Joint and Sererd I.iability: C.apNons. The covenants and agreements hercin
contained shall bind, and the riRhts hercunder shall im~re Io. the rcspective succeccon and assigns of Lender aod Borrower.
subject to the provitiona of paraRraph 17 hereof. All covenants and agreemeots of Borrower shall be joiry and sevenl.
The captions and hcadings of the par~graphc of Ihii Mortgage are for convenience only and art not ta be used to
~nterpret or define the proviciona hereof. ,
14. Notice. Ex~ept for any notice required under applicable law to be given in anolher manner, (a) any notice to
Borrower provided for in this Mortga¢~ shal) be g~ven by mailing such notict by certifitd mail addressed to Barr~wer at
~he Pruperty AJdretit or at such other addresa as B~rrnw•er mav decignate by notice to I.ender as provided herein, and
(bl any notice to Lcncler shall he given by cerlifieJ mail, retum receipt requtued. to I ender s address stated hertin or to
~uch other addresc as ~ender may de~ienate by n~tire t~ Borr~wer as provided hercin. Any notice provided for in this
~li~rtgage shall be dcemed to have heen g~~~en to B~rr~.wer or Lcnder w~hen.g-ven in the manner designated hercin.
1S. Unitorm MoriRa~e: Covernin~ Iaw; SeYerabilily. 'T?~ic form of mortgage cembines uniform covenants for nationa)
uu and non-uniform co~enam~ with IimiteJ variationc M~ juncd~ction to constitute a uniform security instrument covering
rcal property. Thiz Mongage shall be governed h~~ ~he law• of the jurisdiction in which the Property is locattd. In the
event ~hat any provision or clauce of ~hic Mortgage ~r the hote conflicts with applicable law, such confliet shall not affoet
othtr provisions ot this Mortgage or 1he N~~te which can be given efiect without the conflicting proviaion, and to this
end the proviciens ~( ~he Mortgage and ~he Note arc ~kclared to tx severablt.
16. eorrower's Copy. Borrow~er thall be furniched a conformed copy of tht Nole and of Ihis Mortgage at the timt
of exec+ition or after re~ordaiion hereof.
17. Transfer of the Property; Assump~ioe. If all or any part of the Pn~peny or an intercst thercin ic sold or transferred
by Borrow•er w-thout I.ender's pnor wn~~.•n ~onum. eticluding (al the creation ot a lien or encambrance subordinate to
this Mortgage, Ib1 the creation of a ~ureh~cr m~~nev ~ecurity mterest for household applianc~s, fc) a ~ransfer hy devise,.
descent or by operation ot law upon Ihe Jcath ~( a jianl te~~~ii: nr (d~ tht gront o( any leasehold intercst of threc ycars or less
not containing an uption'to purchase. I.ender ma~. a~ l ender'~ opt~on. declare all the sums secured by this Mortgage to bt
~mmed~ately due and pay~ahle. I rnder ~hall h~.c ..,u~•ed surh opUOn to arcrlerate it, prior to the calt or transfer. Lender
and the perx~n io whom Ihe Propeny i~ t~• t+r .o1J ~~r trans(erred reach agrerment in writing that the credit of wch person
~s satitfactory to [_ender and that ~he imer~.~ p~~abk on tht sums secured by this Mortgage shall be at such rate ac 1_ender
shall request. If I.ender has waived Ihe op~i~n to accelerate provided ~n ~his paragnph 1'I, and if Borrower i succasor in
interest ha~ executed a w•ntten ascump~~on agreemem accep~ed in writ~ng by !_ender. Lender shal) releau Borrower from al)
abligat~ons under this Mortgage and the Note.
If I.ender exercicec such option t~ ac~elerale. I.enJer ehall mail Borrower notice of accderation in accordancr uhh
paragraph 14 hereof. Such nol~ce chall pr,ovide a pencxi ot no~ less than 30 days from the date the no~ice is mailed wi~hin
which Borrower may pay the sums declared due. I( Borrower fa~ls to pay such sums prior to the eapintion of wch period,
Lendcr may, without (urlher not~ce ~r dcmand on Borrow~r. mvoke any remediu permit~e~1 by paragraph IR hercof.
NON-UNIFORM COVENANTS Borrower and Lender further covenant and agrce u follows:
18. Acceleratan; Remedies. E:cept as provided in ps~wpb 17 bereol. upon dorrowers breacM ot ~ey co~eas~t ot
agrcemeat of Borrower in this Moelga~e. includinR the corenants fo psy wheo due any snms stturtd by thts MorlRqt. I.ender
prior 1o accelewtbn shdl mail notict fo dorro~-e~ as provlded In para~rapA 14 hereot speclfyint: (1) the bre~ch; 121 the selba
crquircd to cnre such bresch;l3) s date. not kss Ibsn 30 dsys fm~u tbe date the notke ts maikd to Sorrower. by ••Aich sueM
brach must be cu~ed: and (~) Ihat tailure to cnre sdcA brtach ow or betore tAe dNe sPecffied Is the notice msy readt i~
sccekration of ~be sums secund by Ihis Mort~a~e. torecfosure by judlcial proeetdln~ ana sak ot the ProPerty. 71~e wolkt
shall furthcr intorm dorrower of Ihe rq~M to rei~tate afttr xcekrNion snd tbe ~ht fo atttrt ia tl~e tor~eclosrre ~teedi~
thc non-e:ictence ot a detiuk or any othe~ dcteese of eorrower fo sccclerstion and tortclosrre. If tbe bre~el~ b nof certa o~
or before tbe d~te speci6ed in the notice. I.ender at {.endcr's ~tbw ~ dtclare sM d the sr~us secrred br Mb MortRaRe M be
immediately due snd payable without further d~mand ~nd may foreclose Mk Mo~a~e by jrdicW ~oeeedlnR. I.~nder shall
be eotitltd to collecl M sucb ptoceedinR sll expenccs .~f foreclosdre. fnclndin~. brt ~of liinifed to. reasonabk s~~~rrnrv's ftes.
snd cosls ot docuraentary evidence. sbstncts and ~i~le nports.
19. aornower's RiRhl lo Reiesute. No~wnhtitrndin~ I endtr's accelerat~on of the sums ucured by ~h~~ Mottgage.
Borrower shall have tt~e nght to have am prcxe~dme. hr~i~n b~ Lender to en(orct thi+ M~n~eaqe dncoM~nueJ at an} ~~me
:.~~~.
`~~349 Q~~E2819