HomeMy WebLinkAbout2902I.cndet's wntten agreement ar appl~rable law. &xrawer shall ~-ay the amuunt uf ail mortgage inwrarKe prcmiums in the
manner pruvidcd under paragr~h 2 hcrcof.
Any amoun~~ ditbur~rd by I.endr~ pur~uant tu this paregraph 7, wi~h mtcrc~t Ihereon, thall l+ecome additianal
inJeb~ednecc i~f Hurruw~c~ Kcund by ihi. Mun~age Unlc.c B/)ffl)MCf and I.rnder aRree to Qthet tS~ms ot paymeot, such
amountc ,hall hc payablc u~xm' nutirr f~~•m 1 cndcr ~a E3ormwrr rey~rc~ling paymr~l thcreuf. and shall bear imferest from the
datt at di~burscmcM 3i the ratc p:~yahlc f-am timc to lime on oulstanding principa) under the Nate unles~ payment ot
interest a~ such rate would t,e cont~arv ti. applicable law. in which event'~och am~unls chall hear interest at the hi~hest rate
permissible unckr applicable law. Nalhing contained ~n ~hi~ paragraph 7~hall reyuirc l.ender to incur any expense or take
any action hercunder.
s. laspectba, l.ender may ma1,r ~.r cau.e to Me made reaconabk emriec u~n and inspections of the Property, pwvided
Ihat l.tnder shall give Borrower nc~hrr pri~~r ta any ruch inspection specitying rcasonabk caust therefor rdatod to Lendet's
interesl in Ihe Pmperty.
9. Coodemnation. The proceedc of any award or claim for damages, dircct or consequential, in connxtian with any
condemnation o~ other taking of the Property, or part thercof, o~ tor conveyance in lieu ot condemnatioo, are het+eby assianod
and shall be paid to Lender.
in the event of a total taking of the Proper~y. the proceeds shall be applied to the sums secured by ehis Mortaa6e.
with the ezcess, if any, paid to Borrowe~. In Ihe event of a partial taking ot the Property, uoless Borrower and Leeder
aherwix agroe in wriling. there shall ht applied to ~he sums secured by thii Mongage such proportion ot the procoeds
as is equal to that proporticin w•hich thc am~-un~ of ~he sumc secured by this MartgaRe immediately prior to the date of
taking be3rs to the fair market vaiue of ~he Pn.Ex:r~y immediately prior to the Ja~c of ~aking, wi~h the balance of the proceeds
paid to Borrov-r~r.
if the Property it abandoned b~• Borrov-•er ~r if. at~er no~ict by I_ender to arrower that the rnndemnor of[ets to malct
an award or settle a claim for d~magr~. B~~rmwer fa~l. t~ recpond m l.ender ithin ~0 days atter the date such notice is
mailed. Lender ic autharized to collect and ~~rh• ~he proceeds. at I.ender'c op } n, either to restotation or repair of the
Propeny ar to the sum. ~ccured by thic M~r~gage.
Unlesc 1_ender and Borrower otherv-•ice agree in wril~nc. any such application of prc~ceeds to principal sh~ll not extend
or pcxtpone the due date ot the monthl}• installmcnts reterrcd to in pangraphc 1 and 2 hereof or change the amount of
xuch installmentc.
10. Borrower Nof Rekased. Extensian of the time for payment o~ mc~dification of amortization of the sums socurcd
by this Mortgage granted by I.ender to any cuccecsex in inte~ect of Bc+rrowcr shaq not operate to rekase, in any manner,
the liability ot the original Borrawer and Bc~rrower e succesu~rc in intercst. I.ender shall not be rcqoired to commence
proc~edings against such successor o~ refuse to etlend time for payment or o~herwise modify amortization of the sums
ucured by Ihic Mortgage by rcascx~ ot any demand made by the oriqinal Borrower and Ro~rower s succ~ssors in intercct.
11.• Forbeannce by l.ender Nof s Waiver. Any forhearance by l.end~r in eiercising any nght ot remedy hereundtr, or
othenvise aBorded by applicahle law. shall ~c+t be a waiver ot or preclude the exercise of any such right or remedy.
The procurement of insurance {~r the payrtxnt of taxts or other liens or charges by I_ender shall not be a waiver of Lender s
right to accelerate ~hr maturity of the indehtednecs cecurcd hv thic Moctgag~_
12. Remedies Cnmulati~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy unde~ this Mortgage ar afiordcd by law or equity. and may be exercised concurrcntly. independently or successively.
' 13. Saccessors snd AssiRns eound:.7oi~t aad Several i.iaMliry; Captbns. The covenants and agreements hercin
contain~d shall bind, and the riRhts hereunder shall imue to. the rccpective successon and assigns of Lender a~d Borrower.
subject to the provisionc of pa~agraph 17 hereof. All covenants and agreeanents of Borrower shall be jary and several_
The eaptions and beadings ot the par~graphc of ~his Mongage are for convenience only and arc not to be ~ned to
interprct or define the provicions hereof. '
!4. Notka Except far any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given hy mailing such notice by certi8ed mai! addressed to Borrower at
the Property Addrcss or at such other addresc as Borrower mav detignate by no~ice to l.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. retum receipt reqaetted. to 1 ender s address staled hercin or to
such other address as Lender may decienate Ky n~tice t~ Borr~.vver as provided herein. Any notice pmvided for in this
Mortgage shall be dtemed to have t+een R~.•rn to Bc~rrc.w•er or l.ender when given in the manner dtsignated herein.
1S. Unitonn MortR~e; CoverninA Iaw: Se.erabilily. Thic (orm of mongage combines uniform covenants for national
use and non-uniform covenantc with limited vana~ionc h~• ji~na:iction to constitote a uniform xcurity instrument covering
rca) property. This Mortgage shall be governed hv the lavv of the jurisdiction in which the Property is Iceated. In the
event ~hat any provision or clau~e of thic Mongagc ~r the Note conflic~s .vi~h applicabl~ law, such conflict shal) not aftect
other provisions of this Mortgage or the N~tc v-hich can be g~ven efiect wiihout the conflicting provicion, and to this
end the provisions of Ihe Mortgage and ~he ~7ote arc dcclared to t~e sevtrable.
16. dorr+or-er's Copr. Borrow~er shall Fx furni~hed a conformed copy of ~he Note and of this MortRage at the time
of execiUion or after recorda~ion hereof.
t7. Tnaster ot the Propertv: Ascump~ion. 1( all or any part ot ~he Pmperty or an intercst therein is sold or tnnsferred
by Borrower without Lender's pnor v-r~~~.•n ~untenl. eticludir.g fal the crcation of a lien or encombn~ce subordinate to
-this Mortgage. Ib) the creat~on of a pur~h.,.~ m~•nev ~rcuri~y mtercs~ for household appliances. (cl a ~ranz(er hv devise,
descent or by operation of law upon the Jca1h of a irnm tenant pr ~d~ the grant of any leasehold intercst of thrcc ycars or kss
not containing an oPlion to purchax, t ender may. at Lender'~ opt~on. declare all ~he sums secured by this Mortgage to be
~mmediately due and payahle. lcnder chall fi~tie M.u.~rd such oplwn to acctlera[e if, prior to the wle or Uanster. Lender
and the person to whom the Proper~y i. t~. 1x .ol.l or transferred reach agrcrme~t in writing that Ihe credi~ ot cuch per~on
is satisfactory lo I.enJer and th~t the interc.t pa}•able on Ihe sums secured by ~his Mor~gage shall be at such rate ac I_ender
shall requcst. If Lender has waived the option ta accderete pro~ided m ~his paragraph 17, anJ if Bonower'> >uccasor in
interest has executed a w~itten assumpuon agreemen~ accepted in writing by LenJer, Lender shall ydease Borrower from al)
obligat~ons under this Mortgage ~nd the Nc-te.
lf Lender exercises such opt~on t~ ac~e(erate. (_ender ~hall mail Borrower notice of acceleration in accordanr. wi~h
paragraph 14 hereof. Such not~ce cball prov~de a pericxi of not less than 30 days from the date the notice is mailed v-ithin
which Borrower may pay the sums derl.-red doe. if Borrower fails to pay such sums prior to Ihe ~xpiration of wch period.
Lender may, without furthcr noiice :-r dcmand on Borrower. ~nvoke any remedies permitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree u follows: •
ls. Accekrstioa: Remedies. Excep as providcd ia PsnKrsPh 17 hereot. opw~ dorrowers beacl~ 0/ s~y coreaaal or
a~reemeet ot dorrower in this MortRa~e. includin~ Ihe corenants to psy wbew dut awy soms secund by tbfs MoriRa~t. I.ender
prior to'~ccekratbn shdl mail notke to dorrower as prorided In parasraph 10 Aereo~ specHyin~: (1) the bre~ch; /=1 the aefbw
required to cort socb brrach; 13) a dNe. not kss than 30 days trom tbe dMe the notke b a~afkd to ~e~ower. by ~+hkh soc~
b~csch romt be cured; aad (1) Ihat fail~re !o cure srch bn~cM ow or before /he date specfficd iA Ibe eotke may resdf i~
accekration ot tbe sdms secured by Ihis MoARsRe. -oreclosurr ~ jodkial proceedi~ snd sde o/ the Properry. 7be wotke
shaq furthcr intorm Eorror.er of the ~hl to ninstste ~t~er scctkrstba and ~I~e riRh1 b asseA i~ tbe /orec{os~re ~e~oeeedl~
t~t non-e:istence d i def~uk or any.Mher defense o1 dorrower to actekrstiow awd toteclosere• It the breacA is aol crrer ow
or betore the dale specified ia the nofice. l.ender at l.ender's opfio~ way detlm all oI tbt sra~s sec~rcd bp tAk MortR~e to be
imn~ediately due aed pirsblt ~itlaut tuAhcr demand and may foreclose M!s Mo~a~e br j~dkW rroee~dfn~. I.eoder cAaN
be eotitkd lo colleet in socM procetdi~ ~R t=pensts o( (oreclotnre. includi~. Mit wot Iirnilea to. reasonsele st~~~rney's ftes.
afld tpf(f O( dOCY111tAf~ tr~dllKt. sbsttsc~s snd Iille reports.
19. Eonower's Rt~ht to ReinstNt. Notwilh~trnding 1 tn~ler's accelerat~on of the sumc ucured by ih~s Mongaae.
Borrower shall havt Iht righl ta have any pnxerdm~: hr'~~n b~ Ltnder to enforce Ihis Mor~gaqe d~scommutJ a~ an} t~rtx
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