HomeMy WebLinkAbout28721 rnJrr'c wnttcn agr~emcnt or applicable low. Borrower shal) pay the ~muunl ot all mortgage incuranre prcmiums in the
mannrr pruv~dc.l under paraKraph 2 hercot.
Any amuunh Ji~hu~tcd hy Lrn~lcr pur~uanl ~u ~his par~graph 7, wi~h in~crrc~ Ih~er~a~ ~stNill ~ccome additianal
~nJch~cdnc~~ i~f Barruv-cr ~ccured hy Ih~~ Murteagc. l:nlc~~ Bi~rrower and 1 cndcr a~e~cc to t~thc~ fertnc of paymcnt, such
am~~untc chall tx pavaMc uM-n nuticr fmm 1 rnder to Bo-~owrr rcyuecting paymrnt thc~ruf. and chall hear interest from fhe
d•rtc o( dicburccmcm at Ihe ratc payahk fmm timr to lime ~~n ou~standing principal under Iht Notc unlesc payment of
interest at such ratc w~uld he rontrarv ~o applicablc law, in which evcnt cuch amnunts chall hear interest a1 the hiahest rate
permissible u~de~ applicable law. Nuthing r~~n~ained m thic paragraph 7.hall requirc I.ende~ to incu~ any expense or take
any action hereunder. -
s• Iwspection. I.ender may makc ..r ca~~.c to f+c m~~le reasonabk emriec upon and i~spoctions of the Property, provided
that Lender xhall give &urower nuh~c pri~u t~. any wch mspechc~n speci(ying rcuonabk cause therefor rela(~1 to Lendtr's
interest in the Prapehy.
9. Cowdemnation. Thc prcxeeds of any award or claim for damages, dircct cx eonsequential, i~ connection wath any
condemnation or other taking of the Property, or paA tAercof, or for conveyance i~ lieu of condemnation, are hertby a~tianod
a~d shall be paid to Lender.
in the event of a total taking of thc Proper~y, the prcxeeds chall be applied to the sums securcd by this Mortaa~e.
with the excess, if any, paid to Borrowc~. In ~hc event of a partial taking of the Prope~ty, unless Borrower and L~der
o~hervvise agrce in writing. therc shall t~e applied to ~he tums securcd by this Mortgage such proportioa ot the proooeds
as ic equal to that p~oporlion w~hich the amounl of ~he sumc secured by this Martgage immediately prior to the date of
taking bean to the fair market value of the Pn~Fxriy immediately prior to the date of takiog, with the balance of the proceeds
paid to Bormwer.
If the Propeny ic abandoncd hy Rormwcr. .~r if. af~er no~ic~ by I.ender to Borrower that the condemnor oBers to make
an award or uttle a claim for damax~~. R~~fn.wer fa~t. ~o re.~nd to ! ender within i0 days aNer the date such notitt is
mailed. 1_ender ic authorized to collect and apply ~he procreds, at 1_ender c option, either to restontion or ~spair of the
Property ar to the sum~ ~ecurcd b~• ~hi~ Mc-rt~age.
Unlesc l.enckr and Borr~wer othen+~ice agree in writ~ng. any such application of preceeds to principa) shal) not extrnd
or Exxtpone the due da~e of the mon~hly installmcnts rcferred to in paragrapha 1 and 2 he:eof or thange the amount of
cuch insiallments.
10. Borrower Not Rekued. Fxtensian c+f ~he time tor payment or modification of amortization of the sumi ucurcd
by this Mortgage granted by I.ender to any cuccecso~ in interect of Borrower ahall not opente to rcleax, in any manner.
the liability of the original Borrower and Borrower'c si~cesu~rc in interest. I.ender shall not be rcquired to commence
proceedings against such succeuor or rcfuse to er~enJ hme for payment or otherwiu modify amortization of ~he ~ums
ucurcd by this Mortgage hy rcason of •rny demand made by the ori¢inal Fiorrower and Bormwer's successors in iMercct.
11. Forbeuance 6y [.ender Not a Wdrer. Any f~rhearonce hy l.ender in etercising any right or remedy hercundtr, or
otherwise afforded by applicahle law. shall not be a waiver of or preclnde . the eaercise of any such' right or rernedy.
The procurement af insurance nr ihe payme~t of taxes or other liens or charges by I_ender shall not b~ a w•aiver of Lenders
right to accelerate the maturity of the indehtednets ~ecurcd hy thic Mortgage.
12. Remedies CumulaH~e. All remedies providcd in this Mortgage arc distinct and cumulativ~ to any other right or
remeJy under this Mor~gage or afiorded hy law or equity, and may be exercised concurrcntly, independeotly or successi~ely.
' 13. Snccessors and A~ss Bo~ind:.loinf sad Several i.iabiliry; Captbns. The covenants and agreements hercin
con~ained shall bind, and the riRhts hereunder shall inure to. the rcspective successors and assigns of Lender aod Bi+rrower.
subject to the p~ovisionc of para~traph 17 hereof. All covenants and agreementz of Borrower sha{I be joiry and sevenl.
The captions and headings of the paraRraphc of thic Mortgage are for convenience only and arc not to be u~ed to
interprct or define the pravisions herec~f. •
14. Notice. Except for any notice required under applicable lave to be given in another mannet, (a) any notice to
Borrower provided for in this Mortga¢e thall bt given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at sueh cxhe~ addresc as Borrow•er mav decignate by no~ice to I.ender as provided he~ein, and ~
(F-) any notice to Lender shall,Me given hy certified ma~l. return receipt requested. to I ender's address siated herein or to
wch other address as Lender may decienate by nrnice to Borr~wer as procided herein. Any notice provided for in this
Mortgage shall be deemed to havc heen R~ven to &-rrower ~~r Lcnder when g~ven in thte manner designated herein.
15. Unitorm MortRa~e: Co~ernin~ t.aw; Se~erabilily. This form of mortgag~ combines uniform covenants for nstiona)
use and non-uniform covenantc with IimiteJ variahons hy ~~inal~ction to canstitute a uniform xcurity instrument rnverina
rcal property. This Mortgage shrll be governed hv thc la.. of the jurisdiction in which the Property is Iocated. in the
event that any provision or clauu of thic Mortgage ~r the No~e conflicts with applicabk taw, such conflict shaD not aBtel
o~her provisions of ~his Mortgage or the N~~tr wh~ch can be given eBect without the eonflicting provicion, and to this
end the provisians of the Mortgage and thr Note arc ~kclared to he sevenble.
16. Borrower's Copy. Bo~rower shal! be furm~hed a con(ormed copy of the Note and of this Mortgage at the time
of extcution or after recorda~ion hercof.
17. Transter of the PropeAv: Assumplion. If all or any pan of ~h~ Pmpeny or an intercst thercin ic sold or tnnsferred
by Aorrowe~ wi~hout l.ender's pn~r wnn~ n<<~ncen~. e~cluding (a) the creation of a lien or encumbn~ce sutwrdinate to
this Mortgage. (b) the crtahon of a purch~k m~~ner ticcurily ~nterest fc-r houxhold appliances. (e) a transfer hy devise.
descent or by operation of lav- upon tht Jeath of a j~~im tenant or (dl the grant of any leasehold intercst of thrcc ycars or kss
not containing an op~ion to purchase. l.ender may~. at l.ender'c opt~on. decl~re all the sums secured by this Mortgage to be
immed~ately dae and pa}•able. Lender thall h~ve .-,uved such opt~on to aci~leratt if. prior to Ihe cale or uanskr. Lender
and the person to whom Ihe Propeny i. t~. tx .oW or ~ransterrcd rtach agre~ment in wnting that the credi~ ~f wch penon
is satisfa~tory to I.ender and that the intcrr.t pa~able on the sums seconed by this Mortgage shall be at such rate ac Lender
shall request. lf I_ender has waived ~he op~~on tc~ acceler~te provided in this paragraph 17, and if Borrower ~ succasor in
interest has exuuted a wntten assump~~on agreement accepted in wri~ing by I.eneier, I_ende~ shall release Borrower from al)
obligahons under this Mortgage and Ihe Note. • ,
If I_ender exercises such opt~on t~ acrelerate. (_enJer ~h~ll mail Borrovver notice of acceteralion in accordanr~ u i~h
paragraph 14 hereof- Such no~ice s~all prov,de a period of not less than 30 days from Ihe date the notice is mailed within
which Bofrower may pay the sums declrreJ due. I( Borrower ta~ls to pay such sums prior to the expiration of cuch pene~d.
Lender may, without further no~ice ~r dcmand on Horrower. ~nvoke any remedia perm~t~ed by paragroph IR he~eof.
NON-UNIFURM COVENANTS Bor~ower and Lender tunher covenint and a`ret u follows:
18. Acceleration; Rcmedies. Excep as provldcd i~ pa~npb 17 bereol. upoe sorrowtr's breac6 ot ~ey cortnsa! or
a~rtcmeat of Borrower la this l-tortRs~e. iwcludinR IAe coren~nls fo pay wbew due a~y soa~s secured ~ this MortRa~e. t.ender
prior /o sctekntba shdl mail nolkt to aorrowtr as Prorided fA para~rsph 11 btreof spetftyias: (1) tAe brescA: 121 ~he setlo~
required to eure soch brescb;l3) s date. not less ~han 30 days irom the date tAe notke is maflea !o Eorro.rer. by whkh wcM
A~cach must be cand: aad (4) Ihst tailure lo core stich bresc~ on ot ~etarc Ihc dNe specibed iu the notkc mar resdt i~
sccekration o[ tbe son~s secercd by Ihis MortRaRc. forecbsurr br j~dkid proceedln~ aed sde of tAe rrope~. 7Uc nollce
shall turlhcr intonn EorroMer ot the riRM to reinstate dter ~ccck~stiow sad the ri~At Io astcrl iw the foreclosnre Noeeedl~
t6e non-t:istence ot a detauN or any Mber defewse o/ donower to ~ccekrstioo awd Ioreclosrre. It the bre~cA b sM need o~
or before the date specified ia tbe notice. Lender at I.ender's op11o~ ~ aeclm sM o1 tAe w~ secertd bq tbk Mort~~e to be
immedialely due and psYabk without turther dem~nd ~nd msy foreclost Ih4 Mo~a~e br jrdkW pocetdiwR. f.ender shaN
be entitled to colleef in sncb procttdi~ a0 espenses nf forecloawre. includin~. bnl ~of Ila~ild fo. re~son~bk st~~-rnev's ftes.
•IId [OSLS Of dOCY111tAf~ tr~AtlKt. sbstrscts and titk npoAs.
19. dorrower's Rf`bt to Reiastate. Notwuhuand~nK I ender's accelerat~un of ~he sums ucured by ~h~s Mongage.
Borrowet shall havt Iht righ~ ~o have am pnKC~d~ne. hr~un b~ Lender to entorct th~~ M~rtgaqe dnconhnutd a~ an~ t~me
h~~~~ ~
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