HomeMy WebLinkAbout2867I.cndr~'~ v-~~urn ~grermcM or eppli.abk I~w. Bu~rower shall pay thr amount ot all martgage inwrance prrmiums in the
m~nnrr pruviJr~l.undrr parag~aph 2 hereot.
/~ny aruuunh d~~h~~i~rd hy I cnJrr pur~uam ~u this par.~graph 7, w~th u~~rrcct the~eon, shall t+ecome addilianal
~n.IrMcJnr.. u( N~~rr~~wcr kcurrd h~• th~~ Mur~gagc Unle~~ Qorruwer and 1 rnJer agrce t~ Ot~ Itrtdt o(.payment, ,uch
am~~unt~ ~hall tx pa~aMc u~x~o nu~i:r fmm 1 rndcr ~o Burrowrr rty~rcqine paymcm thcrcc~f, anc~ ~all bear inlerest (rom the
date c~f di.burkme~l al ~hc ratc pavablc fn.m Iimc to t~rt-e un outstandin~ principal under ihc Note unless paymeot of
interest al such ratc w•ould t+e cc~ntrarv ti~ applicablc law, in wh~ch event tuch ami~unls shail l+tar inlerect al the hiahest nte
permissihlc under applrcablc law. N~~thing romained m ~hic parag~aph 7 shal) rcquirc I.ende~ to incur any expense or take
aoy action hercunder. .
s• laspection. I.enJer may mal,r ~•r cau,r to he made rcaccmabk entricc upon and inspections of the Propertp. provided
that Lender zhall give Burrower n~a~ce pri~~r 1~~ any ~uch inspect~on specifying teasonabk cause therefor relatod to Lender's
~nterrst in Ihe Pro~x:Ny.
9. Condemnatba. The proccedc of any awatd or claim for damages, dircet or consequeotial, in cooneetion writh any
condemoation ar dher taking of the Property, or pan tAercof, or tor ca-veyance i~ lieu ot condemnation, are heteb~- assi~ned
and shall be paid to I~nder.
ln Ihe event of a tot~l taking of Ihe Property, the proceeds shall be applied to the sums securod by ffiis Mort`aae.
with the excess, if ~ny, paid to Borrower. ln ~hc cvent of a partial takina of the Property, unkss Borrower and I.ender
aherwix agree in writing. thsrc shall he applieJ to the sums secu-rd by this Mongage such proportion ot the prooeeds
as is equal to that proportion vvhich ~he amount ~( ~he sumc sec~~red by this Mortga~tt immediately prior to the date of
taking bean ta the fair market 'value ot the Pr~~pcr~v immediately prior to the datt ot taking, wi~h the balance of the proceeds
paid to Borfower.
if the Properl}• ic ahandoned b~• Borr~v-er. ~r if. after no~ice hv I.ender to Borrower that the condemnor oRers to malte
an award or tenle a claim tor dama~c~. B~~~mwer f~~t. to retpc-nd to I.ender within i0 days aher the date such notice is
ma~ted. I.enJe~ ic authori7ed to collect anJ apply ~he prexeeds. at 1_ender s option, either to restoration or ~epair ot the
Propcrty or ~o the wm..ccured br ~hic Mc.rtg~~c.
t7nlesc 1_endcr and Borrov-er olhervvi~c agree in writ~nF. any such application of proceeds to principal shal) not extend
or ~x.:tp~~ne the due darc o( the monlhl~• inst~llmcnts rcferred lo in parag~aphc 1 and 2 hertof o~ chsn~e the amounf of
cuch installmentc.
10. Bonower Not Rekased. Extension of Ihe time for payme~t or m~+dification of amortization of the wms secured
by thit MoAgage granted by I ender to any cuccetsc~r ~n interect of Borrower ~hall not opente to rclease, in any manner.
the liah~li~y of ~he original Borrower and Bc-rrower'c successorc in intercst. 1_ender shall not be trquired to commence
pre.ceedings againct tuch succecst~r or rcfust to etitenJ lime for payment or otherw•ict modify amortizaUOn of Ihe sums
ce~ured b~~ thi~ Mortgage Ny reascx~ of ~ny demand made by the oriqinal Borrower and Borrowers successon in intercs!_
11. Forbearsnce by E.ender Not a Wdver. Any fe-thearance by I.ender in e+cercicing•any right or remedy hercunder, ot
~therwix aBorded by applicahlt law. shall not be a waiver of~or preclude the ezercise ot any such right or remedy.
The procurement of insurance or the payment ot taxes ar other liens or charges by 1_ender shall ~ot tx a waiver of l.ender's
right to accelerate ~he maturity of Ihe indebledness cect~rcd hy this Mortgage.
12. Remedies Comulati~e. All rcmedia provided in this Mortgage arc distinct and cumulative to any olher right or
remedy imder thic Mor~Rage or aHorded hy law or equity, and may be eterciced concurrendy, independendy or suceessively_
' 13. Snecessors and Assi~~s dound: Join! sad Several I.iab~lty: Captbns. The covenants and agreements hercin
~conta~ned chall bind, and ~ht riRhts hercunder shall inure to. thc rcspectiv~ succecson and assigns of Lender aod Borrower.
tubject to Ihe provisionc of paragraph 17 hereof. All covenants and agrcemeots of Borrower shall.be joi~y and sevenl.
The captions and Fieadings of tht paragraphc of lhit Mortgage are for conitnience only and arc not to be used to
mtcrprct or define the prov~cionc hereof.
14. NMice. Except for any notice required under applicable law to be Riven in anolher manner, (a) any notict to
Borrower provided tor m thic Mortgaee shall be given by mailing cuch notice by certified mail addressed to $orrower at
the Propert) .~ddress or at such aher addres~ as Borrower mav designate by no~ice to I.ender as provided herein, aN!
Ih- anq notice to lender shall he given by certified ma~l. return rece~pt requected_ to 1 ender s address stated hercin or to
~uch other addresc as I_ender ma}~ decicnate b~ n~tire t~ Borrc.wer as pro~•~ded herein. Any notice provided tor in this
Mortgage shall he deemed to ha~•c F+een g~ven to &-rrov-er or I.ender when given in the manner decignated hertin.
IS. Unitorm Mort~~r. Governin~ Iaw: Se.ersbilit~~. Thic form of mort~age combines uniform covenants for national
usc and non-unilorm rns•cnantc with IimiteJ variations h~ ~uriul~ction to constitute a uniform seturity instrument ooverins.
rca) property. Thi~ Mortgage shall be governed hv the law~ o( the jurisdiction in which the Propetty is located. in tlfe
event that any prov~s~on or ciaine of thic Monga¢c e.r the No~e conAicts wi~h applitabk law, such conflict shall nol alfoet
olhef provisions of thic Mortgage or the Ni.tr wh~ch can t+e given efiect without tht conflicting provican, snd to /his
end the provisionc of Ihe Mo~tRage and the 'Vote are .kclared to be tevenble_
16. norro.ter's Cupy. Borrower zhall be furn~~hed a con(ormed cop~ of tht Note and of this Mortgagt at tbe time
of execution or a(ter recordation hereof_
17. Tn~ufer of tbe Propertv: Assumplion. If all or an~• part of the Pmpeny or an interest therein is sold or tnnsferted
by Borrower w~~thout l~ender's pnor wrni~ n~onunt_ etcluding (al tht crcarion of a litn or encumbranct subordinate to
this Mortgage. tb1 ~he creat~c-n of a pur.h~k m~~ne~• ~ecuriry mterest for household applimces. (cl a tnncfer hy devise.
descent ar by operation of law• upon the Jcath o( a•j~.~nt tenan~ or (di the grant of any leasehold intercst of thrce ycars or ks~
not containing an option tn purchax, I ender may. ~~ Lender't opt~on. declere all tht sums secured by this Mort6age to be
immediately due and pa}'able i.ender ~hall h:,.c M,u~ed such opUOn to arcrlerate if, prior to the cale ot trans(er. Lender
and the pcrson to whom thc Pro~-erly i. ~~~ t+r .otJ or Irans(erred reach agrermeM in writing that the credit c+f cuc4~ percon
is satis(actory to I.ender and that the intrrc.t pa}able on the sums secured by this Mortgage shall be at such ratt ac Lender
shaU request. It Lendcr has wairveJ ~hc opUnn to acctleratt provided ~n this paragraph 17, and if Borrower'a ~uccessor in
~nterest hae executed a v-ritten astump~~on agreement acceptcd in writing by I_ender. Lender shall release Borrower frc~m all
obGgat~ons unJer Ihis Mortgage and the Note.
If l.ender exercius such opt~on 1~~ acce!era~e. Lender ~h~ll mail Borrower notice of accderotion in acrnrd~nc~ w~~h
paragraph 14 hercof Such not~ce ~hall prov~de a penod of not Itss than 30 days (~om 1Fie date the notice is mailed wi~hin
which Borrower may pay the sum~ derlered due. I( Borrower fails to pay such sums prior to ~he eapir~tion of cuch pene~d.
LenJer may, without torthcr non:c c-r dcmand on liorrower. ~nvoke aoy remedia permit~ed by paragraph IA hereol.
NON•UNIFOIIM COVENANTS Borrower and Lender turther covenanl and agree u follows:
18. Acceleration: Remedia. Escept s prorided io p~ra~ra~b 17 Uereol. ~ s«*~..~r: e~~ or ,~r ~o.~~t °r
~rccmcnt ot Bonower is this MaiRa~t. includi~ tbe corcnaMs to p~y whew dnc sny wms secered by this Mo~a~ee, i.ender
prior lo sccekration shall mail no~ice to dorro~+cr as provided iw para~~aph 14 l~ereo[ specHyin~: (1) the bnscA:/21 ~he setiow
required to curc snch bresch;l3) a dNe. wolless ~Aan 30 dsys iro~w the dMe the sotke M ~n~ed to don~oner. by wAkh src~
bseach must be cn~ed: aad (4) that faiiure to core srcb bresch os or betwe the dale specified ie the notiee iusy readf h
acceleration ot 16e soms secured by tbls MortRaRe. [oreclosure -y judkial poceedhK awi ssle ot ~Ac rropcrh• 'i~e wotke
sAall turther infonn do~o..cr of the riRM to ni~state af~e- sccekrstbw awa 1be ri~Mt b a~tcA fw tbe toreclos~re ~nncte~
tbe ran-eiistence o( s dcf~uh or any olher dctenst of eonower~fo ~ccelc~stios a~d toKClos~ee• ~t tl~e ~exb ~s ~of ~~i o~
or bctore ~he dite specificd ia the notice, t_ende~ a~ 1_rwde~'s apbw ~ declane aM of M~e sr~s ~ecu+ed b~' tl~fs MoA~aRe lo be
immediattly due sQd paraDk wittaut further demand ~nd n~ay tortclose thit Ma1~a~e ~ jrdkW NoteedMR• ~•~~~~ ~
be entitled to cdleet in sncw proceedin~ aQ e:penses of foreclosrrr. fecludia~. M~t ~ot Bmitd to. nasonasie sn.~reer's fees.
and costs of doc~n~eMary e.ldence. sbstncts and lilk rrports.
19. don~ower's R~ht lo Reinstst~. lvotw~Ih~tand~ng 1 ender's acceteralio~ of ~he sums xcured by ~h~s Mortaage.
Borrower shall havt ~he ngM to have am procerdinec hrNin b~ Lender Io tnf~rct Ihn M~r~gaqe d~scont~nued a~ any t~mt
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