HomeMy WebLinkAbout28961 en~lrr'c wnltrn agreement or applirable I~w. Eiorrc~wer shall pay Ihr amuunt o( sll mc.-tgage imu~aoce premiums in Ihe
mannr- pravidrd Nndc~ parag-aph 2 he~eof.
Any amuun~~ d~~hiu~rd by Lrn~ler pur~uant Io th~s par.~graph 7, wuh ui~rrc.~ Ihercon, ahall Ixcome additioml
indrb~rdnr.c ut Nurruwcr ucurcd by ~h~~ Mu~IgaRe l Inle.~ Rorruwe~ and 1 rn~lcr aRne lo olher Ier~c of psYq~eN. ~uch
amc.unt> >hall hc pryahk u~x~n nulirr fmm 1 rnder lu B~~rruwrr rcyuc~~ing paymrnt thcrri~t. and ~hall hear interesl trom Ihe
date o( dichurxment a1 the ralr pavehle frum timr lo Nme u~ oiqc~anding principal under Ihe Note unlecc payment of
interes~ at such rate wou1J Ae conlrarv t~ apphrablc law, ~n which evenl ~uch amoun~c ~hall F,car interest at the hi6hest rate
permissibk under applicabk law. Nu~hing runtained m Ihic paragraph 7 ehall require I.ender to incur any eapense or take
any aclion hcreundor. ~
S. laspetfiop. I.ender may ma{.r ur . auu to he made reau~nable entriec u~x-n and inspection~ of the Property. providtd
lhat 1 ende~ xhall give &~rrovver nohrr pri~-~ ti. any ~uch intpection cpecitying rcasonable caux thtre(or related to I.et~dS~ s
inlerest in the Pmperty.
9. Coedemnatioa. The pr~xeedc af any award or claim for damages. dirce~ or consequential, in conpoction with any
condemna~ion or dher taking ot the Property, or part thercot, or tor conveyance in lieu of condemnation, are heoeby usiaoed
and shall be paid to [.ende~.
In the event of a total taking of the Pmperty. the proceeds chall be applieJ to ~he ~ums securcd by Mis Mo~sage,
with the excess, if any, paid to Borrower. in thc event of a partial taking o( the Praperty, unlest Borrower and I.ender
otherwise agtee in writing. therc shall tx applied to ~hc cumc secured by this Mortgage such ploportian of the proc~eeds
as is equal to that prapottion w•hich thc amount ~( thc sumc ucurcd by this MortRage immediately prior to the date ot
taking txan to the fair market value af the Proper~v immedia~ely prior to the date of ~aking, wi~h the balance of the praceeds
paid to Borrower.
If the Propeny is ahandoned bv Borrower or if alter n~~ice by I.ender to Borr~wer that the condemnor offen to mate
an award or cetNe a claim for Jam~gew B~~rruwer ta~l. t~~ retipand to l.endcr within 30 days after the date such notict is
mailed. I.eoder ic authe~ri7ed to collect and apply the prcuecdc. at 1_ender'a ~ption, either to restoration or rcpair of the
Properry or lo Ihe cum~ cecured hy Ihi~ M~rtgaee.
" Unles~ 1 ender and Borrov-•er otherwice agree in v-ritinc. any cuch application of proceeds to principa) shall not extend
or Fxxtpone the due date of the monthlv installmcnts rcferred to in paraRraphc 1 and 2 hercof or change the amouot of
cuch installments.
1~. BoROw~er Nof Releaced. F.xtension of Ihe time for payment ~r modi8cation of amortization of the sums securcd
hy this Mortgage granted by I ender to any cucceccor in in~cre~t of Rorrower ~hall nat operate to rcteax, in any manner.
the I~aAili~y of tbe original Borrower and Bc+rrowe~ c succesu-rc in in~e~ec~ I.ender shall not be rcqoired to eommence
proceedings against such successor or rcfuse to ertend time for payment or otherv-•ice modify amortizat~on of thr wms
utured by thic MoAgage by rcason of any demand made by ~he ori¢inal Borrower and Borrower's successors in intercst.
' 11. Forbearance Ay I.ender Not a Waiver. Any f~rhearance hy l.ender in etiercicing any right or remedy hereunder, or
otherwise afTorded by applicahle law. shall not be a waiver of or preclude the exercise of any such right or remedy_
The procurement of insurance nr the payment of t~~es or other liens ~~r chargec by I.ender thall not he a waiver of L.enders
right to accelerate the maturity of the indehtednecs cecurcd hy th~~ MortgaRe.
12. Remedies Cumulafi~e. All rcmtdia pravided in this Mortgage a~e distinct and cumulative to any other right or
remedy under ~his Morlgage or afforded hy law or equi~y. and may be eterciced concurrtntiy. independently or successivtly.
~ 13. Successors and A~es eound; Joint sad Several I.iability; CapNons. The covenants and agreements hercin
contained shall bind, and the riRhts hercunder shall inurc to. the resp~etive succecsors and assigns of Lender and Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants' and~agreementc of Borrower shall be joiry and several.
The captions and headings of the paragraphe of thic Mortgage are f~r convenience only and are not to be tned to
~nterprct or define the Provisionc hereof.
14. Nolke. Except for any no~ice reyuired unJer applicable law• to be given in another manner. (a) any notire to
Borrawer provided for in this Mortga¢e shall be given by mailinR ~uch not~ce by certified mail addresud to Borrower at
the Property Address or at s~ch other addresc as Borr~wer mav decignate by nc,~ice to 1_ender as provided herein. and
Ib) any notice to Lender shall he given by cer~ificd mait_ return rece~pt requected. to I ender s address stated herein or to
cuch other address as Lender may deciqnate b~ nntice t~• Bormv-er as pro~~~deJ hercin. Any no~ice provided for in this
Morlgage shall he dtemed to havc l+ten q~~•cn to B~rn•wcr. ~~r Lcnder when grven in the manner decignated herein.
1S. Unitorm Mort~s~e; Gorernin~ Iaw; Se.erabilit~. Thic torm of mortgage combines uniform covenants for national
use and non-uniform cavenantc with IimiteJ variat~ons h~ ~uri~diction to constilute a uniform security instrumenl covering
rcal pr~perty. Thic Mor~gage shall be governed hv the laK of the jurisdiction in which the Propetty is located. In the
event that any provision or clau~e of thic Mortgage c.r the Note conP.icts with applicable law, such conflict shall not affect
other provisions of ~hit Mortgage or the Nnte wh~nc ~.:n be given effect without the conflicting provision, and to this
end the provisions o( ~he MortRagc and thc 'vute arc ~Icclared to tx xverabtt.
16. Eorrower's CopY. BorroK•er zhall tx (urni~hcJ a conformed copy ot ~he Note and of this Mortgage at the time
of execution or after recordation here.~f.
17. Trsasfer of the Properlv: Accumption. If all or an}• part ot the Pr~~perty or an interest therein ic sold or tnnsferrcd
by Borrower without Ixnder's pnor writ-cn ~unsent. etcluding la- the creation of a lien or encumbrance subordinatt to
this M~rtgagt. (bl the creahon of a pur~h~er m~~ne~• cecurily mterest f~r houuhold appliances. (cl a tranc(er hy devise,
descent or by operation of law upon thc Jcath o( a j~~mt tenant or W- the g~am of any leasehold intercst of lhrcc ycars or kss
not containing an op~ion to purchax. Lender m;~y. a~ I ender'e opUOn. derl.~re a!I the sums secured by this Mortgage to be
immed~ately dut and payable. l.ender ~hall have N.;;~~rd such option to a.c~lrrate ~t. prior to the cale or transfer. Lender
and the person ~o whom the Propeny ic i~. be .o1J or trans(erred reach agrrrment in wnting that the creJi~ c+t wch per~on
is satisfactory Io I_endcrand that 1he imcrr.l pa~able on Ihe sums cecured by this Mortgage shall be at such rate ac I_ender
shall request. lf I.enJer has waived the aption to accelerete provided in this paragraph 17, and if Borrower a~uceessot in
~nterest has executed a wrrtten assutr~puon agreemem accepted in wriung by t.ender, l.ender shall releau Borrower trom al)
obligat~ons under th~s Mortgage and the Nott. . ~ '
If Lender exercises such option ~~• accelerate. LenJer tihall ma~l Borrower notice of acceleration in aceordancr a~i~h
paragraph 14 hereof. Such no~ice chall provide a pericxi of not less than 30 days trom ~he date ~he no~ice is mailed within
which Borrower may pay the sumc declried duc If BorroNer tails to pay such sums prior to the expinhon ot wch per~od,
Lendcr may, wi~hout farther noticc or dcmand on Borrower. ~nvoke any remcdies permitted by paragraph IR hereo/.
NON-UNIfORM COVENANTS Borrower and l.ender tunher covenant and agrce u follows:
18. Accele~ios; Remedks. E:cep as provWed in para~nph 17 bereol, opos Sorrowe~'s brexA ot say covtna~t or
atreement of Borrower In this MortRsRt. lncludin~ Ihe corcnsnls to piy Mhen due awy sums secured by thk Mor1R~e. I.ender
prbr lo accekratbn sAdl mafl notke to Eorroaer as provWed In parairsph 14 Aerco[ spccityfoR:11) IAe bn~ch:121 the scfbw
required to core soch bresch; (3) ~ d~te. not kss than 30 dsys from tbe dMe the notke b a~~ikd fo do~or.er. by .rAkh src~
b~exh mwt be cered; aad (4) thst fdlure Io cure srch bresca ow ot be(ore the date specified ie tAe notke inay resrll i~
accckration ot tbe snn~s secund br Ihis MortRa~e. foreclo.wre by judkial proccedi~ ~nd sak ot tbe Propertr. 'ibc no/ke
sbdl turlher inforn~ Eorro~.er ot Ihe ri~At Io reinshte aftc- sccckMbn and the riRht to a~scrt ia the /oreclos~re poceed~
tbt non-ex4stence d a defsuk or sny other dctence of Sonower to acctkratioe and foreclosete. It ti~e brese~ is not cree~ ow
or betore Ihe date specifi~d ia tbe notice, l.ender ~t 1 ende~'s opiw~ ~ay declarc d~ d fhe s~ss sec~red bp tAls MortRaRe to be
immedistely due snd p~rsbk without further demand ~nd n~sy /oreebse M4 Mo~a~e by jndkW ~roeeedluR. I.ender chall
be eoKded to colleel b~ aucM proceedinR sfl t:pcn~es nf foreclosrre. Inclodin~. eut not Ymiled to. rta~onselt a~~~-rnev's ftes.
aad costs of doc~rwestary e~idence. abstrac~s snd li~k nports.
19. Sorrowe~'s RI`ht to RtinslMt. Nolwuh~~and~n~t I tnder't ~ccelerat~on ot Ihe iumc ucured by ~h~c Mortgage.
Borrowe~ shall have tfx ngM to ha.e an} prcxt~din~. hr~~m 1~~ Lender ~o en/~rct Ih~+ M~rtgaqe dnc~ntmueJ at an~ hme
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