HomeMy WebLinkAbout28431 ender's written agnemer-t o~ applicabk law. Borrower shal) pay the smuun~ o( all mongage insurance prcmiums in the
mannrr pruv~dcd und~r paragraph 2 hercot.
Any am~,un~~ di~hurud hy I.cn~ier pur~uanl 1~. this paragr~ph 7, wilh u~Irrc~t thercon, thall become additional
indcbtcdnc+ti i~f Burruwrr ~ccund by ~h~c Mi~r~gage l)nle.. A~~rruwcr and LrnJrr aRrec to othcr Icrmc ~~f paymeM, suth
am~unl> >hal! ;±c p~vahlr u~xin n~~licc tr~m I cnder a~ Bur~owr~ reyucc~ing paymc~t ~hcreuf, and phptl be:~r interett trom the
date ~f cli~bursemem at the rate payable from time to hme un ou~standing principal under ~he NMe unlecc paymenf of
interest at such ~ate wauld be coMrarv 1~~ applicable law, in w~hich event ~uch am~untt chall hear interest at the highest rate
permissible under applicable law. Nothing c~~n~aineJ m thic paragraph 7 chal! require Lender to incur any expense o~ take
any action hereunder.
S. laspection, I.enJer may ma1,e ~•r ca~~.r t~~ he made rea~onable entne~ i~~n and inspectio~s of the Property, pro~ided
that I.ender shall give Borrower notice pri~~r tu anY wch in~pecUon ~pecify~ng « asonabk cause lherctor relatod to I.toder's
in~erest in Ihe Propehy.
9, Condemoatbw. Tht pnxeed~ of any award or claim for damaqes, direc~ or consequential, in connection with any
condemnation or other taking of the Praperty, or patt therec~t, or tor cex~veyance in lieu of condemnation. arc hereby assigoed
and shall be paid to Lender.
Tn Ihe event of a total taking of the Propeny. Ihe proreeds chall be applieJ to ~he sums securcd by this Mort6age,
with the eacess, if any, paid to Borrowe~. In thc ev~n1 ot a partial taking ot the Property, unless Borrower and I.ender -
otherwix agret in writing. therc shall be applied to Ihe ~umi securcd by thic Mortgage such pmportion ot the proceeds
as is equal to Ihat propotiion w•hich Ihe amount of the sumc ~ecurcd by this Mortgage immediately prior to the date ot
taking bean to the fair market vahrc ot the Property immediately prior to the date ot taking, wi~h the balance of the proceeds
paid to Borrower.
If the PropeNy is ahandoned b~• Rorrow~e~. ~r if ~f~er notice bv 1 ender tc- Borrower that the condemnor offers to make
a~ aw•rrd or Settle a claim (or d~maee~. R~•rr~N~er f~~l. t~ rec~nd t~ I.ender wi~hin l0 Jays af~er the date such notice is
mailed. I_ender ic auiharized to collecl and appl~• the proceedc, at I.ender'c option, either to ratontion or repair ot the
Propcrry or to ~he xumti ~ecured b~• thi~ At~ngage.
Unles~ t ~nder and Borrowe~ othenaice agree in w•rit~ne. any such applica~ion ~f pre~ceeds to principa) shall not extend
or pcxtpone Ihe due date of the monthlv inst~llmcnts rcferred lo in paraRraphc 1 and 2 hercof or change the amount ot
cuCh installmtnt~.
10. Borrower Nof Rekised. Extension of the time for paymcnt or modification of amoriization of Ihe sums securcd
by tGis Mortgage granteJ by I.ende~ ta any cuccecsor in intere~t of Bonower chall not operate te rcleax, in any manner.
~he liability of the original Borrower and Borrower i succesu~rc in interest. 1_ender shall not be required ta commence
proceedings agamst such succecsor or rcfust to e~1enJ time far payment or otherv-•i~e modify amorlizat~on of thr wms
tecured by thic Mortgage by rcason o( any demand made b~ the ori¢inal Bormwer and Horrow~er's successors i~ interect.
' 11. Forbearance by i.ewder Not a Wairer. Any f~rhearance by Lender in ctiercising any right or remedy herconder, or
otherwise afiorded hy applicable law. shall not be a waiv~r of or preclude the eiercise of any such right or remedy_
The procurement of insurance Qr the paymenl of taiec or otAer liens or charget by I.ender thall not tx a v-~aiver of Lende~s
right to accelerate the mawrity of the indebtednea securcd h~ thic 1liortgaRe.
12. Remedies Comubfi~e. All rcmedies provided in thic Mortgage are distinrt and cumulative to an}• othtr right or
remedy unde~ this Mortgage or aftorded hy law or eqoity. and may be e+cerciced cancurrcntly, independently or success'wely_
' 13. Successors and AssiRns Bound; .7oin1 sad Seve~al I.isMliry; faptbns. The ccwenants and agreements herein
contained shall bind, and the riRhts htreunder shall inurc to. the rccpective uecctcsorc and assigns of Ltnder at-d Borrower.
subject to the provisionc of paraRraph 17 hereoG All covenanls anJ agreememc of Borrower chall be joiry and xveral_
The captions and headings of the paraRraphc of thic Mortgage are t~~ convenience only and ar~c not to be u~ed to
interprct or de6ne the provisions herec-t.
14. Notke. Excep~ for any notice required under applicable law to be given in ano~her rnanner. (a) any notice to
Borrower pr+ovided for in this MonRaee shall he given b~~ mailing tuch notice by certified mail addresced to Bo~rower at
the Property Address or at such o~her addresa as Borrower mav de~ignate b}• noiice m 1_ender as provided herein, and
Ih) any notice to Lender shalt he given by cer~ifieJ ma~l. re~um rece~pt req~~ected. to 1 ender'c addres.s stated Pierein or to
cuch other addrcss as Leoder may decignate b~~ n~tice t~• Bormwer as pro~ided hercin. Any notice provided for in this
Mortgage shatl bt deemed to have been g:ven Io Borrov-cr c.r 1 ender when given in the manner designated herein.
1S. Unifonn MoARaRe: Governin~ Iaw; Se~er~bilit~. Th~~ (nrm o( mostgage combines uniform covenants tor national
use and non-uniiorm cm~enantc with timited :•ariatiunc h}• junsd~rtion to rnnstitutt a uniform stcuriry instrument covering
rcal property. Th;s Mortgage shall he governed hv the law~ of the jurisdiction in which the Property is located. in the
event ~hat any provision or claase of thic Mortga¢e ~~r ~he N~.te conflicts v-•ith applicable law, such conflict shall not afftet
o~her provisions of this Mortgage or the Note ..h~nc ~a~ tx grven efiect wi~hout Ihe conflicting pmvicion, and to ihis
end the provisions of ~he Mortgage and the Vote arc ikclared to fx uverahle
16. dorrovrer's Copr. Borrower thall be furm~hed a cnnf~rmed copy ot ~he Note and ot this Mortgage at the time
of execution or atter recordation he~eof.
17. Tramfer of t6e Propertv: Ascump~ioe. If alI or an}• part of the Pruperty or an int~rest therein ic sold or trantterred
by Borrower without Lender's prior wntirn conunt. excluding la) the crratioB of a l~en or encumbrance subordinate to
this Mongage. (bl the creat~on ot a ~urch.,:r m~~ncv ~ecurity~ ~nterrst f~r household appliances. (cl a tPancfer hy devise. ~
dexent or by operation of law upnn the Jcalh of ~ µant tenant or (d- ~he grant af any Icasehold interest o( Ihrec ycars ar Itss
not containing an option to purchase. l.ender ma~. at I.ender'e opt~on. decl.sre all ~he sums xcured by this Martgag~ to be
~mmediately due and payable. [.rnder chall h~~e w.nvrd such opl~on ~o a:~rlrrate it, prior to ~he cale or trarssfer. Lender
and the person to wh: m the Properry i. i~~ he .~I.1 ~r transferred reach ~grrrment in writing Ihat the credit ~f .uch person
is satisfactory to LenJer and th~t ~ht~ in~crr.i pa~able on the sums ucured by this Mortgagt shall be at such n~t ac I.ender
shall request. It I.ender has waive~he op~ion to accelerete provided in ~his paragraph 17, and if Borrower'> >uccessor in
interest has executed a wntten assumpt~on agreement ~ccepted in writ~ng by l.ende~, I.ender shall releast Borrower (rom all
obligations under this Mor~gage .nd ~he Note.
~' If 1_ender ezercises such opt~on tc- acrclere~e. I.enJer chall mail liorrower notice of acceleration in accordancc w~~h
paragraph 14 hereof. Such no~ice shall prov~de a penoJ of not less than 30 dayc from the da~e the notice is mailed within
wh~ch Borrower may pay the sumc decl~red due If Borrower (a~ls to pay such "sums ptior ~o ~he expirat~on of auch penud.
Lender may, without further notice ~r ciema'nd on Horrower. mvoke any remedies perm~tted by paragraph IR here~(.
NON-UNIFORM COVENANTS Borrower and Lender (unhcr covenant and agret u tollows:
lA. Acceknlfon: Remedks. L:eept a~ prorided ie pa~rapw 17 Aeno(. upw sorr~uwers Meac~ of a~y co~ewa~l or
qreemeat o! eorrower fa this MortRa~e. fncludinR Ibe cove~ls to psy ~-bcn duc ~ny soms sccurcd ~ tbk Mo-tRaRe. I.tadc-
prior Io ~ccekraNoo shdl m~il notke lo dorrowtr as p~orWed la psra~rspU 14 htrco[ specityins: (1) IAe brc~cA: 121 ~Ae sctioe
required to cnre sucA bnsch; (3) i date. not kss tluw 30 days Imm Ihe dMe tbe nolke b s~aikd Io eorrower. br which snc~
breach rnmt be. cured: and (~) thst tdln~+e to c~re s~cl~ brescA ow or before ~he date specil'ied ie thc nolke m~y resolt i~
accekrstion ot the sams secund Sy tbis Mort~aRe. loreclosun A~ judkid proceedlw~ ssd sde of the Prope-ry. 71ie noNce
shall turther intorm eormwer ot Ihe riRh~ fo reiwstate dler sccekrstbe and tbe ri~ht to assert fs ti~e foreclosrrc ~csedl~
tbe aon-existence o~ a defauN or any other dctense o1 Qorrower lo accekrstbn iwd foreclosd~+e. It tbe OreacM is not cwred o~
or Se/ore the date specifi~d in Ibe notice. I.ender a~ I.rnder's opiow iuaY declare afl d the s~ws sea~rrd by tAis MortR~e fo be
immediately due sad ptrible withouf further demand ~nd n~sY forttlost thb Morfs~e by j~dkW'roceed{nR. I.ender shap
be eatitled to collect M sYCb ProceedinR sll e:penses of toreclosrrc. Includin~. but nof li~nited to. rc~son~bk stt.~rneti•s fees.
and eosts ot doc~mealary e~ldrnce. abstracls and ti~k nports. ~
19, dornowers Ri~ht to Reinstste. No~wilh~t~nd~nK I tnder's accelerat~on of the sums cecured by ~h~s Mongage.
8orrower shall have ~he nght to have an~ prexe~dmec hr~;un b~ Lendt~ 1o en(~rce Ihn !~1~rtgaqe dnc~m~nued a~ an~ ~~mt
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