HomeMy WebLinkAbout2878I.enJtr's w~ittcn agrrcment ar applicable law. &~rrower ~hall pay the amuum of all mortgage in~urance prcmiums in the
mannrr pruvidr~l u~dcr paragraph 2 hercot.
Any ami~unl~ dishur~cd by 1 rn~lrr pur~uanl ~u this par.igraph 7, wi~h ui~crc~t ~hercon, thal) become additianal
indcMcdnc~c .~( Norruwcr ~ccured by ~h~. Niai~;agc Unlc.~ Borr~~wcr and 1 rnJe~ agrec tc~ dhe~ teims ot payment, tuch
amountt chall hc payaMc u~in nulicc h~-m 1 rndcr t~~ Bi,rmwr~ rcyucc~ing paymcm thcrcof, and chall I+c~u interett trom the
dale of dicburxment at the ratc payahlc tn.m time to ~ime c~n ou~standing principal under thc Note unlesc psymenl ot
intercst at such rate woulJ he contrarv to applicablc law, in which evenl a~ch amauntc ~h~ll hear interest at the higfiest rate
permissibk uade~ applicable law. Nu~hing c~-ntained ~n thi~ paragraph 7 shall require I.ende~ to incar any expense or take
any action hereunder.
s• Isspection. I.enckr may mrl;c ~r ca~~.c tu he madc rcaconable entriec upoo and inspections ot the Property, provided
that i_ender shall give Borrower nonce pri~-r to any ,uch ~nspection specifying rcasonabk cause thercfor relatod to Leader's
inlerest in tt-e Property.
9. Coademnation. The prcueeds of any award o~ claim for damages, direc~ or consequential, in conr~oction with a~y
condemnation or other taking of the Prapeny, or pan thercof, or for conveyance in lieu ot condemnation. are hereby assianed
a~d shall be paid to l.ender.
ln the event of a toi~l taking of the Pmperty, the proceeds chall be applicd to the s-ims secured by this Mort~age.
with the excess, if any, paid to Bormwer. In thc event of a panisl ~aking of the Prur,.-.rty, unless &-rrower and Lender
ahenvise agree in writing. Iherc shall be applied to the sums securcd by this Martgage such pmportio~ of the prooeeds
as is equa) to that proportioo w•hich ~he amount o( ~he sum~ xcured by this Mortgage immediately prior lo the datt of
taking bears to the fair market value ot the Pro~xr~y immcdiately prior ta the Jate o( taking, with the balance ot the pmceeds
paid to Borrower.
If thr Property ic ahandoned by Bc-rrower. ~r if_ after notice by 1_ender to Borrower that the condemnor offers to malte
an award or uttle a claim for d~m~ge~. Bc.rr~wer laih a~ re~pe-nd to I.ender within 30 days after the date such notice is
mailed. Lender ic authorized to collecl anJ ap~ly ~he proceedc, at I.ender'.s option, either to restoration or repair ot the
Properly or to the sum~ ~ccured hy thic Mon~a~c
Unless l.ender and Borrower otherwice agree in writ~nc. any such application of proceeds to principal shal) not exttnd
o: potlpont the due date of the monthlv inctallmenlc rete~red lo in paragraphc I and 2 hereof or change the amount o[
such installmentc.
10. dorrower IYot Rekzsed. Extension of ~he time for payment or modi6cation of amortization ot the sums securcd
Sy this M~rt~age g~anted by I.ender to any cuccecsor in in~e~ett of Borrower thall not operrte t~ rclease. in any manner.
1he liabilily of the original Borrower and Bc-rrower'c succescorc in interest. i.ender shall not be required to commence
proceedings against cuch sucressor or refus~ to ertend time for payment or otherwice modify amortizat~on of the sums
secured hy thic Mortgage by rcau-n of ~ny demand made b~• the oriqinal ~rrower and Borrawer s successors in iMercst.
11. Forbearance by I.ender NM a Wairer. Any fc-rhearance by I_ende~ in etercising any right or remedy hereunder, or
otherwix affordeci by applicahle law, shall not be a waiver of or preclude the exe~cise of any soch right or remody.
The procurement of insurance pr the paymem af taxes or other liens or charges by I_ender thall not be a waiver of l.ender's
right to accelerate the maturity of the indebtednecs securcd hy thic Mongage.
12. Remedies CumulaH~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy under ~his Mortgage or atiorded hy :aw or equity. and may be exerciced concurrently, independently or sutcessively.
~ 13. Soccessors and Assi~as Boond; .Ioint a~d Sereral i.iabiHty; Captions. The covenants and agreements hercin
contained shall bind, and the riRhtc hercunder shall inure to. the respective succecsors and assigns of Lender at~d Borrower.
subject to thc provisionc of paragraph 17 hereof_ All covcnants and agreements of Borrower shall be joirM and several.
Th~ captions and headings of ihe paragraphc of this Mortgage are for convtnience only and arc not to be uad to
interprct or de6ne tht provicions hertof.
14. Notiee. Except for any notice required under applicable law to b~ givtn in another manner, (a) any notice to
Borrower pPOVided for in this Mortga¢e chall be given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at soch aher addresc as Borrower mav designate by ~otice to T.ender as provided herein, and
R-) any notice to Lender shall he given hy certified mail. ~ea~rn rece~pt requcsted. to 1 ender s address stated herein or to
such other addrcss as Lender may deci¢nate by rx-~ice to Borrower as pro~ided hercin. Any notice provided for in this
Mortgage shall be deemed to have bcen gi.•en to Bc-rr~w•cr or I_ender when g~ven in the manner designated herein.
1S. Uaitonn MortRa~e: Governin~ I.a++; Se.erability. Thic form of mortgage combines uniform covenants for national
use and non-uniform covenantc with IimiteJ variations hy- ~un~diction to constitute a uniform security instrument covtrins
rcal property. This Mortgage shall be governed hy the I~w~ of the juricdiction in which Ihe Property is located. In the
event that any provision or clauce of thic M~rtgaec c.r the No~e conflicts w•i~h applicable law, such conflict shall not aBect
other provisions of this Mortgage or ~he N~.tr wh~ch can !+e given eflect without Ihe conflicting provicion, and to this
end the provisions of the Mortgagc and the tiote arc declared to t+e severable.
16. Eormwer's Copy. Borrower chall bc furni.hed a conformed copy of the Note and of this Mortgage at the time
of execulion or atter recordation hercaf.
17. Transter ot the Propertv; Ascu tion. If all nr any pan o( ~he Pmperty or an intercst therein is sold or tnnsferred
by Borrower without Lender's pn~r wr~ «~num. etcluding (al Iht creation of a lien or encumbnnce subordinatt to
this Mortgagt. (bl the crtat~on of a purch~c~ m~~nevi cecurity mterest (or houxhold appliances, (c) a trantfer hy devist.
descent or by operation of law upon the Jcath ~f a j~~mt tenant or (dl the grant of any leasehold imercst of Ihree ycars or less
no1 containing an option to purchase. I.enJer may, a~ I.ender'~ oplion, decl~re all the sums secured by this Mortgage to be
immediateiy due and payahle. I.ender chall h~ve N.~~ved such oplion to a~crlerate if, prior to the cale or Iranster. Lender
and the pe:son to whom the Property i. ~~~ t,c .~•W ~~r ~rans(errcd reach agrerment in writing that the credi~ of cuch pcrco~
is satisfactory to 1_en.ler and that the intcrr.~ pa~~able on Iht sums secured by Ihis Mortgage shall be at such rate ac Lender
shall request. tf !_ender has waiveJ the opt~~n to accelera~e provided in this paragraph 1~, and if Borroweri wccessor in
interest hac executed a written assumpiion agreement accepted in writing by Lender. Lender shal) release Borrower from all
obligations under this Mortgage and the No~e.
If Cender exercius such opt~on ~~ accelerate. I.enJer chall mail Borrower notice ot acceleralion in acrnrdanc. Nhh
paragraph 14 hereof. Such no~ice shall pro~~de a peric~d of no~ less than 30 days from the date tht notice is mailed wi~hin
which Borrower nnay pay Ihe sumc declared due. I( Borrower fails to pay such sums prior to the expiration of ~uch period.
Lender may, without further noticc ~r Jcmand o~ tior~ower. ~nvoke any remedia permit~ed by paragraph lA hereof_
NON-UNiFORM COVENANTS Borrower and t_ender tunher covenant and agrce as follows: ' .
la. Accekntion; Remcdks. Except as provWed iw psra~r'spA 17 bcreo/~ {tPOp jOROM~rf bf'!KA O~ ~Ilr CO~'lO~w~ Of
a~reemeat of dorroNer In this Mortgy~e. includin~ Ihe corensnts to psy wAen due spy sums secnred by tbis MortRaRe. i.ender
prior lo acedentbn shall mail notice to dorro~.er as provlded In psrs~rsph 14 hereot speclfyin=: (1) IAe bre~ch:121 ~he actiow
rcquired to core soch brcsch; (3) a datc. aot less tban 30 days trom the date the notke b maikd to dorror.er. ~ Mhkh wcl~
bcscb mmt be cored: snd (4) ~A~t tdlure to crre socA breacw on or betorc the dNe specN'ied fa /Ae notke n~sr resdlt h
accekntion of tbe snms secured by thts Mort~aRe. to~ecbsure 6r judkitl pwceedin~ a~d sak o/ Ihe Propertr. The nolice
shall further inform Eorrowcr ot Ibe ~M lo reinstate af/e~ ~ccckntb~ sed Ihe ri`bt lo astcrt ie tlie toreclosree ~roeee~
tbe non-e:istence ot a debuM or any Mher defense of ecrrowtr to secekrstion aad toreelosore. 1/ tbe bte~cA is nM en~+td o~
or beforc the date speciBed ia thc notice. l.ender at I.ender's oplloe ~ay decWs sM ot the se~ iec~red ~ tAls MortRaRe M be
immediattly due and paysbk without tuNher demand ~nd may toreclose tAk Moei~a~e by judicW ~roteedfnR. i.~n~Jer sAaN
be entided lo colleet in wch proceedi~ all ezpenses of toreclosuro. Inclndin~. but ~ot Umittd to. reasonaAk su•~rnev's fees.
and costs of doeurueMary e~idence. abstrscls and li~le nportc.
19, dornnwe~s Ri6ht to Reinst~e. No1w~1h~l~ndiny, 1 ender's acctlerat~on o! the sums ucured by th~c Mortgage.
Borrowet shall havt tht nght to have am pnxecdmc. tx fiin b~ Lendtr to cnfor~t th~• Mc-ngaqe dnconUnued at an} hmt
b'!OtK( 3~;J P!GE~877