HomeMy WebLinkAbout28491 rn.lrr'~ v-nt~rn :~grecm~o~ or apphrrAle Ivw. Horrawer shall pay thr amuunt o( all mortgage incurance prcmiums in ihe
m:~nnrr piuvidc~l ~~ndct ~~-:~~~;,~h : hereo(.
An>~ amu~inn d~.h~~nrd by 1 rn~lcr pur~uaM tu this pa~a~:aph 7, w~~h rmcrect thercon, ~hall Aecomc addiliana)
~n~~rh~rdnr.. +~f B~~rru~~rr ~ccurcd b~• ~h~. M~~n~;agc Unlc.~ Burruwcr anJ 1 rnJer agrec to olhcr termc pt paymcnt, such
am~~unh ~hal) Fx pa~•aMc uMin n~~ti:r fn.m 1 cndrr 1~~ &~rrowir reyue~tinR paymcnt ihcrr~~f: and shall bearinterest from the
daie.of di~burumcnt a~ ~hc ratr p:ryaMr from timc 1~~ hme on outslandi~g principal under the Note unless payment of
interect at uKh rate would be a~nt~arv a- ;~pplirable I•rw. ~n whirh ivent ~ueh amounls chall hear interest at the highett ratt
permissihk u~der applrcablc law. N~i~hing c~~n~ained ~n thi~ par~graph T chall .~equ~rc I.ender lo incur aoy expense or take
any action hcreundcr.
s. laspection. I.ender may ma1,c ~•r can.c ~~~ F+e made reaconahle eM-iec i~~n and inspections of the Propetty. provided
Ihat I ender chall Rive Borrower nolicc pri~~r tu any wch inspcction specityinr, rcasonabk cause therefor rtlated to Leoder's
interrsl in thr Pro~x:rty. •
9. Condemn~tion. The procetdc of any award or claim tor damagcs, direct or consequential, io connoction with any
condemna~ian ar other taking ot Ihe Propeny, or paM tAereot, or tor conveyance in licu of condemnation. are hereby assigned
and shall be paid to [.ender.
1n ~he event of a tot~l taki~g of the Property. Ihe proceeds chall be applied to ~fie sums securcd by this Mo~taaae.
with the ezcess, if any, paid to 8orr~wer. In thc event ot a panial taking ot the Prope~ty, unless Borrower and Lender
otherwise agree in writing. therc shall he applied to ~he sumc secuttd by this Mortgage such proportion of the prooads
as is equa) to that proponion w•fiich ~he ami~unl ~~( ~he sumc sccured by this Mortgagt immediately prior to 1he date ot
taking hearc ta the fair market value of thc Prup~;rty immediately prior to the date of ~aking, with tht halance of the proceeds
paid to Borrower.
if the Properly i~ ahand~neJ hy B~~rrower. ~r iL atter no~ice bv I.ender to Borrower that the condemnor~ofters to make
an award or ~eUle a claim for d~maE~~, Ai~rmwer f:ul. tn re~pnnd to Lender within 30 days after the date such notice is
ma~~ed. I_e~der i~ authori7cd to c~llect and appl~• the proceeds. at I.ender't op~ion, either to restontion or repair of the
Pmpc~tp or u. thc sum..ccured h~• thiti M~r~~agc.
Unlesc l.tnder and Borrawer alherwicc agrce in writing. any such application of proceeds to principal shall not extend
or Fx.~~pone the due date of the mon~hly inctallmcnts rcferrcd ta in paragraphs 1 and 2 hereof or change tht amount o[
cuch installment~
10. Borrower Not Released. Extensi~a of the lime for payment or modification of amortization ai the sums socurcd
by Ihic Mort~age granted by I ender lo any cuccecso~ in intere~t of Borrower thall not operate to rclease. in any manner.
the liability of the ariginal Borrawer and Borrower'c succescor~ in intercst. l.ender shall oot be tequired to commence
pn,ceeding~ against ~uch successor or refuxe to eYlenJ time for ~+~yment or oth~rvvise modity amorliuhon of ~he sums
t~rure~l b~• thic Mortgage by rcau-n of any demand made b~• the ori¢inal Borrower and Borrower s successors in interett_
11. Forbtannce by [.ender Not a Waiver. Any f~rhearanCe by I.ender in e~ercising any right or remedy hercunder, or
~therwise aftorded hy applicahle law. shall not be a waiver of or preclude the exercise of any such right or remedy.
Thc procurement c.f insurance or the payment of tases or other liens or charget by I_ender shall not be a waiver of LendePs
right ~o aecelerate the maturity of the indehtednecs securcd hy thic Mottgage.
12. Remedies Cumulsfi~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under thic Mor~cage ar affordcd by law or equi~y, and may be exerciud concurrcntly, independently or successively_
~ 13. Successors and Assi~ns Bound; .Ioint snd Sereral i.iability; Capdons. The covenants and agreements herein
contained cha11 bind, and the riRhts hereunder shall inure to. the respective succecson and assigns of Lender at-d Bortower.
subject to ~he provisionc of paraRraph 17 hereof_ All covenants aod agreementc of Bor~ower shall be joirv and sevtnl.
The captions and head~ngs of the parag~aphc of thi~ Mortgage are for convenience only and arc not to be u~ed to
mterpret or define the proviaions herrnf.
lA. NWkr. Ezcept tor any notice rcquired under applicable law• to be given in another manner, fa) aoy notice to
Borrower prov~ded for m this Mortgaee shall be given hy mailing such notice by certified mail addresud to Borrower at
the Pmperty Address or at such aher addresc as Borrower mav designate by notice to T_ender as provided herein, and
(b) anr- notice to Lender shal) he given b~• cer~ificd mail. rcturn rcceipt reques~ed. to t enders address s~ated herein or to
~uch other address as l.ender ma>~ deai¢nate by n~ti:e t~ Bormwer as prov~ded herein. Any notice. provided for in this
N~.rtgage shall he deemed to havc t+een given to B~rr~wer or lender when grven in the manner designated hertin.
1S. Unitorm MohR~e: Governin~ [aw; Severabilil~. Thi~ form of mortgage combines uniform covenants for national
use and r~on-uniform covenanic u~ith IimiteJ varialiona M• juriuf~ction to constitutt a uniform security instrument rnverin~
rcal property. Th~s Mortgage shall be governed hv the I:,w of the jurisdiction in which Ihe Property is located. In the
event ihat any pmv~sion or clauce of thic MortFagc ~r ~he Note conflicts wi~h applicable law, such conflict chall not aflect
o~her provisions of this Morlgage or the N~~t~ wh~ch can he grven tliect wi~hoot the conflicting provicion, and to this
end the pro.~ici~nt of ~hc Mortgage and rhe NMe arc ~krlared to t~e severable.
16. Borrovrrr•s Copy. Borrower chall be (urni~hed a conformed copy of the Nott and of this Mortgage at the time
of execution or a(~er rrcordation hereo(. %
17. Traosfer of the Propertv: Assump~ion. If all or any pa-t o( the Property or an interest Iherein ic sold or tnnsferted
by Be~rrower v-rthout [.ender's pnor wrn~.n cunsem. e~cluding (al the creatioo of a lien or rncumbrance subordinate to
th~s Mortgage. Ib) the creahon of a ~urchak m~~nev ~ecunly ~nterest for housthold appliances, (c) a Irancfer hy devise,
descent or by operation of law ,~pon thc Jca1h c.f •r j~~~nt tenam or (d- the granl of eny leasehold iMercst oI Ihrcc years or kss
not containing an option to purchax. Lender may. rt 1 ender'~ oDtion, decl~re a4 ~ht sums secured by this Mortgagt to be
~mmed~ately due and Nayable. Lrnder ~hall h~~e M,,,~~ed such opuon ~o arrrlrratt if, prior to the cale or transfer. Lender
and the person to whom ~he Propeny i, ~~+ Mc .~•W cx Iransferred reach agrrrment in writing that the credit of ~uch per~on
is satisfacton io LenJe~ and that the imerr.t payabk on Iht sums ucured by this Mortgage shall be at soch rale ac 1_ender
shall request. It t.endtr ha~ waived the c~pt~on to accekr~te provided in this paragraph 17, and if Borrower a succeswr in
mterest has executed a wn~t~n assump~~on agretment accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
lf I.ender e~crcices such opUon i~ acreferate. LenJer ~hall mail Borrower notice of acceleration in actordancr ui~h
paragraph 14 hercof. Sach notice ~hall Prov~de a pericx3 of not less than 30 days from ~he date the no~ice is mailed within
which Borrowu may pay the sums declareJ due. If Borrower fails ro pay such sums prior to the expiration of wch penexl.
Lendcr may. w~~hout further not~cc or demand on Borrower, invoke any remedies permiued by paragraph IR here~f.
NOfs-UNIFORM COVENANTS Borrower and Lender (urther covenant and agree u tollows:
18. Accelerstan; Rcmedks. Except a~ provWed in paraRraph 17 bereol. upoe SoRO~+e~'s Meach of any co~t~t or
a~reement of eorrower in this MortRaRc. includlnR tbe co~cnsnts to psy whew due ~ny wms secund sy Ihk Morl~aRe. I.endcr
p~ior Io accelention sh~ll miil notice to doROrrer as provlded fo para~rsph 1~ he~eot sPecftyiut: (1) the Sre~ch:/211he actbw
required to cure snch breach;l3) a date. aot ksa than 30 days trom the date the notke b aulkd to dorrower. by ••hkh wcM
MeacA must be cured: and (1) Ihat tailurc fo cun srch breach ow or betore Ihe dNt specified In the eolke nuy resdt i~
accclerstion ot t6e sums sccured br ~hk MortRsRe. to~eclosurr by jndkid Proceedin~ and sak ot IAe Properry. 7be nolke
sbdl turther inform Dorro..er of Ihe riRht lo rei~hte atler sccekntioe and tbe riRhl fo as~ert i~ the ioreebwre proeeedY~
tbe non-etistence o1 a detauN or anr Mher de/ense ot Sorro~-tr to sccek~stioa awd ~oreclosoee. It tbt b~ticA is not ctred ow
or b~fore the date specified in the nofict. l.ender ~f I.ender's eptbw saay declm dl o( fbe s~rws tecsred by I~is MortRsRe fo be
immed'ul~ly due ~nd paysbk witla~ul furthe~ demand and insy toreclost M4 Mort=a~t by jodicW proteedi~. I.ender shall
be eatiHed to coUect in wcA procecdi~ all eipenses nf foreclacrrr. Includin~. bnt ~ot Ilinited lo. reasonsble sta~rneY's fees.
and costs of documeatary evideoce. sbstiacts snd li~k repoAs.
19. domoNer's RiRhl to Reinstde. Notwith~~and~nK 1 ender's accelerat~on of the sume xcurtd by ~h~s Mort~age.
Borrower shall have tht nght ~o have an- pnxecdme• Fx f~~n by Ltndtt ~o tnfotct ~hi~ M~ngage dncommued a~ an} nme
b~~'~3~9 r~~~F284~