HomeMy WebLinkAbout2861i rudr~'~ wn~tcn agrcrment iir appl~cahle lew. F3orrower shall pay thr amuunt of all mortgage incurance premiums in the
mannrr pruvidr.l ~mJcr para};~aph 2 hertot.
AnY :~nwunh ~li.hiu~ril by 1 cn~lc~ punuanl lu Ihis par.~graph 7, wuh uilcre~l thercon. chall Mecume additianal
~n~IrMrdnr.. „( I;,~~~~~H~r .rrurcd hy ih~~ Nur~~age I~nle.~ A~rruwer and LenJrr aRree to•dhlr Eefifs•of•payment, such
am~ainh ~h;~ll Fx pa~•ahlc up:en rn~~icr fmm 1 rnd~r t~~ Bor~uwr~ rcyuc~tin~ paymcnt ~hcrc~~(, anJ ihall t+ear intuett trom the
da~c ~f di~huruumcnl at thc ratc p:ryahlc t~~~m timc to ~ime un outstandinR principal under the Note unlesc payment ot
iMCrc~l ~I such rate v-•ould he cuntrarv t~~ applicahle law, in which event ~ueh am~unta chall heat interest at the highest nte
permissiblc under applicablc law. Nuthin~; r~~maincJ ~n thi~ paragraph 7 zhall require Lcnder to incur any ezpense or takt
any action hercunde~.
S. Inspection. I.cnde~ may ma~,c ar can.c ~u I+c made reaconable cntriec u~-on and inspections ot the Property. provided
that 1 ender ~hall ~ivr Ai-rrc.wer nut~rr pri~~r ~u any ~uch inspection specifying reasonabk caux thercfor rclatod to Lende~'s
interccl in thc Propcrty. ,
9. Coadem~aKon. The proceed~ ot any avvard or claim for damag~s, diroet or consequential, in eonnectioa with any
condemnation o~ othe~ taking of the Property, or part lhercof, or tor conveyance in litu of condemnation. ate heteby assianed
and shall be paid ta !_endc~.
1n the evet-t of a tat~l taking of the Pmper~y. Ihe proceeds chall be applied to Ihe sums securcd by tfiis Mortaage.
with the excess, if any, paid to Bo~rower. In the event of a panial taking af ~i~t Property, unless Borrower and I.ender
otherwice ag~ce in wriling. therc shall he applied t~ the cums secured by this Mortgage such proporiion ot the proceods
as is equal ta lhat p~oportion w•hich the amo~mt oi ~he sunt~ ucured by this Mortgage immediately priar Io the date ot
taking hearc to the fair market valise of thc ProFxr~y immediately prior to the date of ~aking, with the halance of the proceeds
paid to Sorfowet_
tf the Property ic ahandone~t b~• Ror~~wer. c-r if a(ter oo~ice by I.ender to Borrower that Iht condemnor offers to nfake
an aK~a~d or cet~le a cla+m f~r dama~r~. A~~rn.wer faJ. t~• re<<x-nd lo l.ender within i0 elays after the date such nc+titt is
ma~led. I.ender i~ authorimd to cnUcrl and apph• ~he proceeds, al 1_ender's option, either to rtstontion or rcpair of the
Pro,xrtv ~r t~ Ihc ~um~ ~ccurcd h~• ~hi~ Morlgagc
!-nles~ I ender and Borrovver olhenniu agree in ~ ritme. any such application of proceeds to principal shall not extend
or ~x~~1Fx~ne the due date c~f ihe monthlv installments refe~red to in paragraphc 1 and 2 hercof or ehange the amount of
c~ch installments
10. Borrower Nol Releaced. Ex~en~ion of the ~ime for paymenl or mc~dificatian of amortization of the sums secured
by this Mortgage granted by I.ender to any cuccecsor in inlerect of Borrowcr chall not optnte to rekase. in any manne~.
the liability of the original Borrower and Bc~rrovver'a succesu~r~ in interest. i.ender shall not be rcquired to commence
~n-ceeding~ ag~in~t ~uch cucressor or refose to ettenJ time for payment or otherwice modity amortizat~on of thr sums
~ecured hy~ thi. M~rtgage hy reacon of any demand made by the ori¢inal Horrower and Borrower's successon in inlercct_
11. Forbearance by t.ender Not s N+siver. Any fnrhearance by l.endrr in erercicing any right or remedy hereunder, or
~~thenvise afTorded hy applicable law. shall nc-1 t~e a waiver of or preclude the exercise of any such right or rcmedy.
Thr procurement ~f incurance or the paymem b( Iaxec or other liens or charges by t_ender chall not t~e a waive~ of Lender's
right ti. accelerate the maturity of the indehtedness secured hy thic Morlgage.
12. Remedies CumulsH~e. All rcmedies provided in thic Mortgage are distinct and cumulative to any other right or
remeJy under ~hi~ Mortg~ge or aftorded hy law or equity. and may be exerciud rnncurrcntly. independently or u~cceuively.
' 13. Successors and AssiRns Bound: Joint and Se.•eral i.iaM'lity; Csptbns. The covenants and agreements herein
contained shall bind, and the riRhts hercunder shall inure to. the respective successors and assigns of Lender ac~d Borrower.
subject to the provicionc o( paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headingc of the paraeraphc of thic Mortgage are for convenience only and arc not to be used to
~nterpret or define the prov~cions herenf.
14. NWice. E!ccept for any noiice required under applicabie law to be given in another manner, (a) any notict to
Borrow•er pr~vided for ~n this Mnrtga¢e chall be given b~• mailing such notice by certified mail addressed to Bo~rower at
the Property Addrccc or at such other addre« as Bormwer mav decignate by notice to 1_ender as provided herein. and
(b) am notice to Lender shall he given bvi certifieJ mail. reh~rn receipt requetted. to ! ender s add~ess stated herein or to
~uch otner addresa as Lender may deci¢nate by n~tire a• Borr<.wer as pro.~~ded herein. Any notice provided for in this
~ii~rtgage shall he dtemed to havc 1+een F~~•cn lo Bc-rroK~er or I ender when given in the manner designated hercin.
15. Uniform MoAR~e; Governin~e i.aw; Sc.erabili~y. Thic form of mortgage combines uniform covenanis for national
use and non-uniform rn~enantc with IimiteJ vanations M juncJiclion to constitute a uniform security instrument coverina
real property. Thi~ Mortgage shall be governed hr the law of the jurisdiction in which the Property is located. in the
event ~hat any provis~on or rla:iu of thic Martgaec ~•r the N~~~e conflicts vaith applicable law, such conflict shall not alfeet
c~ther prov~siuns of thic Mortgage or Ihe N~~tr wh~ch can be given eBect wnhout the conflicting provicion, and to this
end the ~nnitiant of the ylixtgage and the 'Vote arc Jeclared to tx uverable.
l6. 8orrower's Copy. Borrower shall tn lorm.hed a con(ormed copy of tht Note and of this Mortgagt at the tinft
of etecution or after recordation hereof. .
17. Tnnster of the Propertv: Accump~ion. 1f all or any part ot the Property or an intercst therein ic sald or transferred
by Bar~ow~-r w~thc~ut l.ender's pn~r wrn~rn ~un~en~. ercluding fal the creation of a lien or encumbrance snbordinate to
th~s Mortgage. Ibl tht creahon of a purchacc m~~ne~~ tecuril}• mteresl f~r household applianees. (e) a trancter hy devise.
descent or by operahon o( law upon the Jcath of a j~~~nt tenant or (di the gran~ of any leasehold intercst of thrcc years or ltss
not containing an oplion to porchase. t enJer may. a~ Lender't opU~~n. deciare atl Iht sums secureA by Ihis Mortgage to be
~mmed~atrly duc ~nd papable. 1 ender shall h~~c u.uved such op~~on to arc~lerate i(, prior to the cale or transfe~. Lender
and the person ~~~ w~hom ~he Property i. t~~ Fn .i~W ~~r Irans(erred reach agrr~mem in wriling that the credit of ~uch perwn
ic sat~sfactor} to 1 enJer and ~hat the in~crr.t pa}eble on the sums secured by Ihit Morlgage shall be at such nte ac Lender
shall reyuest. If I_ender has waiveJ the opuun ~o accelerate prov~ded m ~his paragraph 17, and if Borrower'a ~uccessor in
interest ha~ executed a wrnten assum~~~on agreement accepted in writ~ng by Lender. Lender shal) release Borrower from all
obLgations under th~s Mor~gage and the No~e.
If l.ender exercisec ~uch opt~on tc. acreler~te. I.enJer ;hall rr~ail Borrower notice of accderation in accordanc~ u i~h
paragraph 14 hereof. Such no~~ce chall provsde a pencxi ot not less than 30 days (rom the date the no~ice is mailed within
which Borrower may pay the sumc Jeclared due. I( Borrower faik to pay such sums prior to the expirat~on of wch peric~d.
l.endcr ~na~. without furthcr notice ~~r drmand on !l~rrower. invokt any remedia pe~miued by paragraph. IR hercof.
NON•UNIFORM COVFNANTS Borrowcr and Lender turther covenant and agree u follows:
18. Acceleralion; Remcdies. E:cep as providcd in para~rapA 1~ htreol. ~poo so..~o»~r: ~K~ or .~y ~o•~~•i or
a~reemcat of Borrower in this MortRa~e. includinR Ihe corenanls to p~y r-hen dut ~ny snms secured by tAB MorlRa~e. t.lnder
prior lo acctleratbe shdl msil notice to dorror-er as provlded In psrs=raph 14 hereot specltyia~: (1) the M~tich: 1211he sttbw
rrquired lo cure sucA bresch; (~- s date. not less Ihan 30 dsys troen tbe dNe tAe notke b mdled fo dorrower. by whkh sucb
b~each musi be cured; ind (~) lhat f~ilure Io c~re snch bresrb oa or beforo Ihe dMe speci6ed in the notke rn~y readt i~
scceleration of 1bc snms secured by thk MortRaRe. forecfosurr A~ judlcial proctedin~ aad sde of tbe Properry. 'il~e wolkt
shall furiher info~m sorro~+er of Ihe riRht to rei~bfe sfler accekMbn•and !he ~hl lo ~stert iA Ibe tortclosnee ~roeeedi~
the non-existence ot a defauk or anr Wher dcfense ot eorror.er fo ~ccckrstbn awd torpebsore. /t tAe brescA b aM cned ew
or bciore the d~1e speci6ed in the notice. l.endt~ at t.ender's oplioa +nay decWe dl ot ti~t stms secrrea by tl~b MwtR~t M 6e
immediately due snd p~ysDle with~-u1 turthe~ demand ~nd msy tortclast thls A'lo~t[~!~ M' ~kW P~KdiuR. I.~nAe- shaN
be eotitied lo coqect in such procecdin~ all e:penxs ot foreclosure, tncludin~. bot sof U~nileA to. reason~bk st~~-rnev's fees:
and costs ot docurnen/ary evidence. abstracls snd ~ille nports.
19. Sorro~+ers Ri~ht fo Reinststt. No~wi~h~trndinK I ender's accduat~on of the sumc ucured by ~h~s Mortgage.
Botrower shall havt tht nghl to have am pro~e~din~. tx fun b~ Lender ~o en(nrce thi~ Mortgaqe dnconUnutJ a~ any timt
^~t,~~~ ~'~~~~~~