HomeMy WebLinkAbout2884I.cndcr'~ wnitcn agrermcnt o~ appl~cabic I~w. l3iir~awe~ shall pay Ihr amuunt of all mortgage i~~u~an:•e ptemiums in the
mannrt pruviJril untlcr para~;~aph 2 hercp(.
Any amuunh ~h.FL~rcr~1 by 1 rnJr~ puni~ant ~u this par.~graph 7. w~~h ~ntcre~~ therc~~n. chali I+ecome add~tiona)
~mkb~cdnc.c uf krr-uNr~ ~rcurcJ hy Ih~. M~-rlgage linlc.. B~lrruwrr and 1 rn~er agrcc tn otherlctms ~~f payment, tuch
am~~uM~ ~hall hc pa~•aMc up:-n m-licc fr~.ro 1 rndcr ~o Iii~rruwrr rcyue~ting p;~ymcnl Ihcrcof, and cha0 hc.~. iMcrest from the
datc o( di~hurKmcnl al ~he ~atc pavahlc tr~~m timr to time on autstandinR principal under Ihe Note unlec~ payment of
interest •rt such ~atc wauld I,c c~~ntrarv t~~ applicablc law, in which cvcnt ~uch amounts chall F+car interect at the hi6hest nte
permissible under applicable law. N~~Ihing c~-nt:~ineJ i~ this parapraph 7 chall require 1_ende~ to incur any eapense or take
any action hereunder.
~• Isspecfioo. 1.e~Jer may ma~.r ~.r cau,e ti~ he made rcacc~nable enlries upon and inspettions ot the Ptoperty, provided
that l.e~der shall give Bo~mwer nu~~rr pri~~r N~ any ~uch inspectioo cpeci(y~na reasonabk cause thercfor related to I.eoder's
~nteresl in the Property.
9. Coademnatbn. The prcxecdc o( any award or claim for damages, dircct o~ consequrntial, in connection with any
condemnalion or other taking of the Property, or paN thercot, or tor conveyance in lieu ot condemnation, arc he~eby usianed
and shall be paid to l.ender.
In the event of a tot~l taking of the Property. the procceds chall be applieJ to the sums securcd by it~i~ Mort6ase,
with the e~cess, it any, paid to Borrower. In the event ot a parti~l taking ot the Property, unless Barrower and I.ender
atherwise agree in writing. therr shall he applied to the cumt secured by this Mongage such pmportion of the prooeods
as is equal to that proportion v-•hich the ami~uM ~t Ihe sumc ucured by thic Mongage immediately prior to the date ot
taking bean to the fair market valuc of thc ProFxriy ~mmediately prior ta the Ja~e of taking, with the balanct of the proceeds
paid to Bor~ower. ~ . •
If the Properly ec aband~ned M• Bnrrower. ~r iL ;iiter nc-~ice bv 1 ender to Borr~wer that the condemnar oBen to make
an award or uttle a claim tor Jam.~ee~. R~~rrc.wer (a~h ~~ reti~+c~nd to Lender within 30 days after the date such notitt is
mailed. i_ender ie authori~ed t~ c~llecl and applv ~he proceeds_ at I.ender's option, either to restontion or tepair of the
Propcrty~ or t~ the sum~ ,ccured M• thi~ M~ngaec.
Unlesc i.ender and Borrower othervvier agree in wril~ng. any such application of prc~ceeds to principal shal) not tstend
or Exxtpone the due date of the momhlv intt~llmcnts rcferrcd to in paragraphc 1 and 2 herrnf or chaoge the amoont o(
cuch iostallments
10. Borrower Not Rekased. Extension of the ~~me (or payment or modifica~ion of amortizstion of the sums socurcd
by this MortRage granted by I endcr lo any cuccecsor in intere~t of Borraw•er chall not operate to rclease, in any manner.
the liability of the oriqinal Borrawer and Borrower'c sucresu~rc in intercs~. I.ender chall not be reqoired to commence
proceedings against cuch successor or rcfuse to e~~end ~ime for paymem or otherwice modify amortizat~on of ~he wms
ucured hy thic Mortgage hy rcason of any demand made b~• the ori¢inal Horrower and Borrower s successors in intercct.
11. Forbearance by I.ender Nof s Waive~. Any (orhearance hy I.ender in e+cercisinR any right or rem~dy hercunder, or
othenvise afforded by applicable law. shall not' Ix a waive~ of or preclude the exercise pf aoy sueh. ri&ht or remedy_
The procurement o( insurance or the payment of taxes or other liens or charges by Lender chall not he' vhair~r of Lender's
right lo accelerate the mawrity of the indehtednecs cecurcd hy thic Mortgage.
12. Remedirs Cumulati~e. All rcmedies providtd in this Mortgage arc distinct and cumulati~e to any other rig6t or
remedy under this M.~rtgage ar afiorded by law or equity_ and may Ix exerciud concurrcntly. independently c~ suttessively.
' 13. Snccessors and Assi~ns Bo~~nd: Joint and Se~•ersl I.ial~iliry; Csptbns. The covenants and agreem~nts herein
contained shall bind, and the riRhts hereunder shall imirc to. the recpective succecsors and assigqs of I_ender at~d Borrower.
subject to the provisionc of paragraph 17 hereof: All covenants and agreements of Borrower shall be jan- aad seversl.
The captions and headingc of the paraRraphc of this Mortgage are for convenience only and are not to be uced to
interprct or define the provicion~ •hereof. ~
1~. ~IMice: Except for any ni~tice reqiiired under applicable law~ to"be given in another manner. (a) any notice to
Borrower provided tor in this Mortga¢e chall be given hy mailing such notice by certifitd mail addresud to Borrower at
the Property Address or at such wher addrcs~ as Borrower mav decignate by notice to T.ender as provided herein, and
(bl any notice to [.ender shall he given by cer~ified ma~l. return receipt rcquected. ~0 1 ender's addr~ss stated herein or to
wch other addrcss as I_ender.may de~i¢nate b~• n~tice tc. Bormwer as pro~ided herein. Any notice pmvided for in this
Mc.rtgage shall be deemed to have i+een R~~•en to Bc-rrower or LPnder when given in the manner designa~ed herein.
1S. Unitorm MortR~e; Governin~ I.aw; Se~erobilitr•. Thic form of mortgage combines uniform covenants for national
uu and non-uniform co~•enanic with IimiteJ variati~~ns M~ junsd~clion to conslitute a uniform securiry instrument rnverina
real property. Thic Mortgage shall tx ~toverned hv ~he laa• of the juricdiction in which the Property is located. Tn the
event that any pr~viseon or claute of thi. M'ortdace c~r the Note conflic~s with applicable law, such conflict shall not affeet
other provisions of this Martgage or the N~tr wh~nc ~an be g~ven eBect without ihe conflicling provicion, and to lhis
end the provisions of the 111ortgage and thc '~lote are .kcl~red to he uverable.
16. dorrower's Copy. Borrower shall t-c furni~heJ a conformed copy of tht Note and of Ihis Mortgagt at the time
o( execution or atter recordation hereof.
17. Transter ot the Property: Ascumption. If all ~r any pan of ~he Pniperty or an interest therein ic sold or transferrcd
by Borrow•e~ w~thout I.ender's pnor wr~~r~•n ~~.ment. euluding (al the creation of a lien or encumbrance subordinatt to
this Mortgage. (bl the creahon of a pur~h,,.r m~•ne~• cecurity mtercst for household appliances, (cl a transfer hy devise.
dexent or by operation of law~ upon thc Jca~h c-( a j~~~nt tenan~ or (d- the gram of any leasehold interest of Ihrcc ycars or kss
not containing an oplion Io purchase. i ender may. al I.ender'~ option, declare all ~he sums secured by this Martgage to be
immed~ately due and payable. 1 rndcr chall ha~c N,,~~•ed iuch option tn a~rrlerate if, prior to the cale or transfe~. .Lende~
and the person to whom the Proper~v i. ~~~ !n .oIJ or ~ransferred reach agre~ment in writing that the credit c.f wch perwn
is satisfactory to LenJer and that the inlrrr•~ payab~e on 1he sums secured by thic biortgage shall be at such rate ac Lender
shall requu~. If I.ender has waived the npt~on to ~ccelerate providcd in this paragraph 17, and if Borrower'~ succeswr in
interest hac executed a Krrtten as~sump~wn agreement accepted in writing by t_ender. Lende~ shall ydease Borrower from all
obhgat~ons under this Mortgage and the Nrne.
)f Lender eaercises such opt~on ~~• ac~elerate. I.enJer ~hall mail Borrower notice ot accderation in accordancr u~th
parograph 14 hereof. Such not~ce ehall prov~de a per~od of not less than 30 days trom the date the notice is mailed within
which Borrower may pa~ the sumc dectrred due. If Borrower fails to pay such sums prior to the e;pira~ion ot wch penod.
Lender may. wdhoW (urther nohce c-r dcmand on ~o~rower. mvoke any remedia permit~ed by paragraph IR herc~f.
NON-UNIFORM COVENANTS Borrower and I_ender (urther covenant and ag~ee as follows:
18. Accekwtion; Rcmedks. Excep as provided in psra~npb 17 Aereof. npoe Eorroaet's breacA o~ iay co~ewaM or
a~reemeot ot Borrower in this MorlgaRe. includin~ Ibe corcnanls lo par whtn dae sny su~ns secured by thts MortRaRe. I.e~der
prior lo ucekratioo sh~ll msil nolke to sorrovrt~ n provided Ia psn~nph 14 hercot specHyfn~: (1) the brr~ch: f21 the sctbw
required to core snch brcscb; (3) a date. not kss than 30 days trom tbe dMe the notke b mdkd lo sorror.er. Dr .tAkh src~
b~each mwt be cured; sad (4) /hat fsilure Io cure stich brescA ow or betore ~be dNe sPeclfied in the nolke msy resuk is
•ccekrstion of ~Ibe soms mured by ~Ais MorlRaRe. taeclos~re by jodkial rroceedi~ snd sak o1 the Properry. 'iUe notke
shall tuNher inform Eorrower ot the ri~h~ to reiwstare dler sccckratba aed Ibe ~A1 to asscrt ie the foreclosnre ~eeedi~
tbe non-existence ot a dctsuk or any other dettnse of eorroaer to sccckrstios ~ad (oreclosnrc. If tbe brescA b wot c~ed e~
or before the dste specificd ia the notice. I.ender ~t I.rnder~s ~b. ~a.y declare aa ot ~he s.a~s see.r+ed br ~hb MoetRaRe ro be
immediately due and psrsbk wifhout tuNher demand and n~sy toreelost Mi~ Mort~a~e br jddkW ~roceediwR. i.ender chap
bt totided lo colktt in wch proctedinR dl espenses n( tareclosort. Inc~u~in~. eut eot Iin~ilea to. reasonsbk ala,rner's fees.
•11d COSLf Of dOCYlI1tAIL~ t~'Mt11tt. sbstracts and ~itk npoAS.
19. donower's itiRA1 to Reinstste. lVotwi~h~trnding I endei s acceleral~on o1 the sumi secured by th~s Mortgage.
Borrower shall havt the ngh~ to havc am prcxe~d~ne. brti~m b~ Lcndet to cnforct thn Morlgaqe discc-Mmued a~ an~ hme
. :',~349 s ~~sE288~