HomeMy WebLinkAbout2826I.rndcr's wnttcn agrcement or apphcable law. Borrower shall pay ~he amuuM ~it all m~~Ngage inwrance prcmiums in the
mannrr pruvidcd under parag~aph 2 hertof.
Any am~~~intc di~hurse~l by I.emle~ pur~uant t~i ~his par.~graph 7, w~th intere~t Ihereon, ehall Ixcome additianal
indcblednec~ uf BurruvrcP kcured hy thic Morigage Unle~c BorruK•er and I en~er aRrce to other. tepu3 d•payment, cuch
am~,~mtc ~hall hc payahlc u~-o n~~~icc fr~~m 1 rnder ti~ &~rrow~- reyue~~ing paymcM lhcreuf. anJ ~hall hear inlerect trom the
date ot eli~bursement at the rate payahlr (mm time to time un outstanding principal under ~he Note unlecc payment of
interest at tuch rate would he contrarv to ~pplicable law, in which event a~ch amounts chall hear interest at the highest rate
permissiblc under applicable law. Ni~~hing c~~~~aincd ~n Ihis parag~aph 7 chall rcquirc l.endcr to incur any eapense or take
a~y action hercunder.
s• laspeetion. I.ender may make ~~r ca~~~c to F+e made reau~nabk enlriec u~n and inspections of the Property. provided
thal I ender shall give Borrower no~~rr pri~~r to any ~uch inspectian specitying reawnabk caux therctor relatod to Lender'a
interesl io the Propehy.
9. Condemnation. The prc~ceedc of any award or claim for damages, diroct or consequential, in connoction with any
coodemnation or dher taking of the Property, or pan thercof, or for conveyance in lieu of condemnation, are he~+eby assignod
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds chall be applied to the sutns secured by lhis Mort~age,
with the excess, if aoy, paid to Borrowe~. ln ~he event ot a partial taking of the Propeny, unless Borrower and Lender
olherwix agree in wriling. therc shall be appli~d to the sums securcd by this Martgage such proporticx~ of ihe prooceds
as is equa) to that praportion which ihe amount of the sum~ secured by this MortgaRe immediately p~ior to the date ot
taking bears M Ihe fair market value of the Property immediately prior to the date ot ~aking, with the balance of the proceeds
paid to Borrower.
If the Proper/y is abandoned by~ Borrowcr. ~r if. afte~ notice by 1_ender to Borrower Ihat the condemnor oBea to mate
an aaard or uule a claim for damace~. B~~rr~.wer fail. tc. rec{x-nd to l_ender within .10 days af~er the date such notice is
mailed. Lender ic authorized ~o collec~ and apply the proceeds. at 1_ender'c option, either to restontion or repair of the
Properry or to the sum~ ~ccured h~• thic M~nFage.
Unless I.e~der and Borrow•er otherw•i~c agree in w•ritm~e. any such application of proceeds to principal shall not extend
or poctpc~ne the duc date of the monthlv ins~allmcnts referred to i~ paragraphs 1 and 2 hercof or chan~e the amount of
such insta~lmentx.
10. Eorrow~er Nof Released. Extension of Ihe time for payment o~ modification of amortization of the sums securcd
by this Mortgagr granted by I.ender to any cuccecsor in interect of Borrovver chall not operate to rclease. in any manner.
the liability ~f the original Borrower and Borrower'c succesu.rc in intercst. I_ender shall not be rrquired to eommence
proce~dings againu such succeuor or refose to ertend time for payment or othenvice modify amortizat~on of thr ~ums
ucured by thic Motlgage by rcason ot any demand made by ~he ori¢inal Borrower and Borrower s successors in interect.
11. Forbeanoce by I.cnder l~iot a Wairer. Any forhearance hy l.ender in e+cercicing any right or remedy hercunder, or
nthenvix aBorded hy applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance Qr the payment of taxes or other liens or chargrc by l_ender chall not be a waiver of Lender's
right to accelerate the maturity of the indebteainess cecurcd hy this Mortgage.
12. Remedies Cumulati~e. All rcmedies pravided in this Mortgage are distinct ~nd cumulative to any other right or
remedy unde~ this Mortgage or afforded hy law or equity, and may be exerciud concurrcntly. independently or successively.
' 13. Soccestors and AssiRns aound; Joint sad Severd i.isMKij; ~':ptbns. The covenants and agreements herein
contained shall bind, and the riRhts hercunder shall inure to. Ihe rcspective succecsc~rs and assigns of Lender at~d Borrower.
subject to ~he provisionc of paraRraph 17 hereof. All covenants and agreementc of Borrower shall be joiry and several.
TlK captions and headings of ~he paragraphc of Ihis Mortgage are for convenience only and arc not to be uced to
interpret or de6ne the pravisions herrnf.
14. Notke. Except for any notice req~iired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgaee shall be given by mailing such notice by certi}ied mail addresced to Borr~wer at
the Property Addrcss or at such wher addrcsc as Bormwer mav designate by no~ice to Lender as provided herein, and
~h) any notice to Lender shall he given by cer~ified mail. ren~rn receipt requected. to 1 ender s addrest stated herein or to
such other address as Lender may deci¢nate by n~tice ti~ BorroKe~ as pro~•~ded herein. Any notice provid~d for in this
Mortgage shall be deemed la havc heen g~.•en to B~rro~er or I ender when given in Ihe manner designated hertin.
15. Unitorm MoriRa~e; Gorernin~ Iaw: Severabilily. Thi~ form oi mortgage combincs uniform covenants for•national
use and non-unifarm covenant~ v-•ith limiteJ vanation~. M• juriuiiction to canstitu~e a uniform xcurity instrument rnvering
real property. This Mortgage shall be governed hv the lav-• of the jurisdiction in which the Propeny is located. In the
event that any provision .~r clauce of Ihic Mortgage ~~r ihe Nnte conflicts K~i~h applicable law, such conflict shall not aftect
other provisions of this Mortgage or thr N~te wh~ch can t-e grven eBect wi~h~ut the conflicting provicion, and to this
end the provisions o( the Mortgage and Ihe ~lote are dcclared ro t~t uvtrable.
16. Eorrower's Copy. Borrower chall tx furni~hed a conformed copy of ~he Note and of this Mortgag~ at the time
of execution or after recordation htreof.
17. Traasfer of the Property: Ascump~ion. If a!! or any pan o( thc Pmperty or an intercst therein ic sold or tnnsferted
by Borrower without Lender's prior wnn.•m ~uncen~. e~cluding lal Iht crca~ion of a lien or encumbnnce, subordinate to
this Mortgage, (bl Ihe creahon of a purch,,ce m~~nevi cecurily mterest fcu household appliances. /e) a ~ranc(er hy devise.
dexent or by operation of law upon Ihe Jcath of a j~.~m temnt or (d~ the graM o( any leasehold interest of thrcc yca~s or kss
not containing an option to purchau. I ender may~. at Lender'~ option. declarr all the sums secured 64 this Mortgage to be
~mmediately due and payable. Lender thall h:,ve v-,~~~•ed such option ~o acr~lerate if, prior to the cale or ~ransfer. Lender
and tht person to whom tht Proper~y ic t~~ be +ol.l or trans(erred rtach agrcrment ~n wriling that the credi~ of auch person
is satisfactory• to I.enJer and thai ~he in~crc.~ pa~•able on the sums secured by this Mortgage shall be at such rate as i_ender
shall request. If I_ender has waived the opuon to accder~tt provided in this paragraph 1', and if Borrower'~ wccessor in
interest hac execwed a wr~tten assump~ion agreeme~t accepted in writing by Lender, Lender shall releast Borrower (rom all
obligaaons under this Mortgage and thc Notr
lf Lender exercises such option tn ac~eiera~e. I.ender ~hall mail Borrower notice of acceleration in accordanc~ Ni~h
paragraph 14 hereof. Such no~iFe chall prov~de a period ot no~ less than 30 days from the date the notice is mailed within
which Borrower may pay the sum~ declared due. It ~orrower tails ~o pay such sums prior to the ezpintion of cuch penod,
Lendcr may, withoW further nohce or dcmand ~n Borrower, mvoke any remediu permuted by paragraph 1R hereof.
NON-UNIFORM COVENANTS Borrower and Lender furthcr covenant and agree u follows:
18. Accckrstion: Remcdks. Exce~t as providcd ia para~npA t7 Aereot. vpos Sorrowe~s brssch o! aey co~cwl or
a~reemeat of Borrower in this Mort~a~e. includin~ tht covensats to pay whew d~e auy sums secured by Ihts MortRa~e, I.ender
prior to aceekratbo shdl mail notice to Qorrower ~s Prorlded in psn~rspA 11 herto[ specHria~: (1) the bn~ch:121 tAe aetba
rtqulrid to care such bresch;l3) s date. not Ics tAan 30 days irom tbe dNe the notke b aailed to ~ro..er. ~.•Akb wcM
b~each ~aust bc cored: aad (1) Ihat /ailure lo cure soch OresSl~ ow or before the dale speci6ed fs the notke msr resuN iw
secekration ot tbe sums ~ecurcd by this MortRsRe. toreclos~re ~ judicial proceedi~ ana sde of 1Ac Propertr. 'il~e ~atke
sh~U further infore~ dorro..er ot Ihe ri~ht to niRState a(ter accekrstbn and the ri~Al b as~ert h the toreclosrre Noetedi~
tbt non-esistence ot ~ de(~uk or sny Mher detemt of eorroaer fo stcekrstbw ~wd toreclosure. It fht bre~cA is wot c~rea o~
or befon Ihe dite specificd in the notice. l.ender at [.rnder's optbw au~ declare dl o~ the stiias tec~rcd by tAis MortRaRe fo be
immediately due and psyable wilhaul further demand ~nd miy fortelose ~hk Mo~a~e by jadkW ~roteedinR. /.en~Jer chap
be eotitled to cdieei M wca proceedin~ afl e:penses of toreclosnre. incledi~. but eot Uinjled to. reatonibk a~~•~rner's fees.
•nd costs o( documeatary eridence. abstrscts and Ii1k reports.
19. 8orrower'~ Ri`ht lo Reiest~te. Nolwuh~tand~ng 1 ender's acceleration ot Ihe sums sacured by ih~s Mortgage.
Borrower shall have the nght to have an~ prcxe~d~ne• he}~~n b~ L~nder to enfc-rce th~~ Mortgage d~xonhnucd a~ an} t~me
g~~x3~9 F~~~,E28z5