HomeMy WebLinkAbout29141 rnJcr'~ w~it~cn agrrr~ncn~ o~ epplirable I~w f3urru~vrr shall pay ~hr am~~unt ~~( ~II mortgage in~urance prcm~ums io Ihe
tnann« ptuvidc~! under paragtaph 2 hera~t.
An~• amuunl~ ih~hiinrd by 1 r~~lcr pur~uant t~~ lhis p:u.~graph 7. w~th u~t~!r~l thrreun. ahall ~+ecume addilional
mJrhirdnr~~ u( I;~~r~~~wcr ~c~~ucd M• ~h~~ M~~ri~;agc U~dc.. BurrvKCr and I rn~irr ~Krrr to pth~r ftrtnc~ ~,f paymeM. cuch
amaum~ ~hall tx pa~'aMr u~m n.~~i:r tr~,rn 1~ndrr ~u Bi~nuwrr ~r.~uc~ling p.~~~mrn~ Iherr~~f. anJ ~f~all hear intrrecl from the
date ot di~buru:menl at ~he ratr pavahlr fmm ~imr t~~ i~mr un outstandinR principal under the Note unlecc paymenl of
interest at such ratr woul~! 1-e cc~nlrarY 1~~ apph.ahle law. in wh~ch event wch amoums ~hall 1x:ar interect at the highect rate
permissih)e under applicable law. NuthinK c~m~ained m thic par~graph 7 shall requ~re I.ender to incur any expense or take
any action hereunder.
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~. :-»ar.:c:::.:. :.:::.;.: i:i.i~ :~~ew~ ..i ~•~~..a i~• in n~a~ic ~ca~unriric cninc~ u~N~u auu u~~~ic~i~u~~~ vi ii~c r i~~cii f. ~+iv::.i~v
that I.e~der shall give &~rrowet n~~~~cr pri~~r ~u an~ wrh ~ncpec~~on ~pecifying rcasonabk caux thercfor related to l.ender's
interest in the Propcrty.
9. Coedemnation. The pn~eed~ o( any ~ward or claim for damages. direct or consequential, io connoction with any
condemoatiun or dher taking ot the Prapeny, or pan ~Aercof, or tor conveyance in lieu of condemnatioo, are haeby astigeed
and shall be paid ~o Lender.
In the event of a tola) taking of the Praperty. the proceeds chall be applieJ to ~he sums secured by fhis Mort~age,
with the tacess, if any, paid to Borrower. In Ihc cvent of a partial taking ot the Praperty, unless Anrrower and Lender
o~herwix ag~ee in writing. therc shall he apptied t~. ~he sums cecurcd b~• this Mortgage such proporti.~n of the proceeds
as is equa) to that propotti.i~ w•hich the am~.unt of ~he sumc cecurcd by thic Mortgage immediately prior fo the date of
taking bears to the fair market vah~e of ~he Prup,r~v immediately pric.r ~o the Jate o( taking, w~ith the halance of the proceeds
paid to Borrower.
if the Property is ahandnncJ M• B~.rmwcr..,r if atlrr n~tirt hy t cnder M Bormwer that the rnndemnor offers to make
an award o~ xtNe a rlaim for dam:~~r,. R~~rn~wer (a~l. tc~ rc.;xmd t~. I.enJer wi~hin t0 days af~er the da~e such notice is
mailed. I_ender it authorizcd lo ce-U~ct and appl~• ~he proceedc. at I.ender'~ option, either to restoration or repair of the
Pmpcny or to thc sum~ .ccured M• ~h~~ M~~rtRaFc ~
Ilnlesc 1 ender .~nd Bnrrower Mherw~ce aerce ~n wri~~nr anv 4~~ch annl~sa~i~+n nf nrnc~ds to prineipal shali not extend
or poctpone 1he duc dale nf the monthh• imtallmcnls referrcd to in paragraphc 1 and 2 hereof or change the amount of
such installmentc.
10. Borrower Nol Rekastd. Ex~en~ion of thc timc tor payment or m~~dification of amortiution of the sumc securcd
by thic Mort~age granted by 1 ender t~~ any cuccecu~r in interect of Ac-rrower shall not operate to rcleau. in any manner.
the 6ability of the original Bor~awer and Borrower'~ succescora in intercst I.ender shall not be required ta commence
pmceedingc againct such succecsor or rofuse t~~ ertenJ time (or payme~t or othervvi~e modify amortization of thr wms
ce~ured by thic Mortgage by rcau~n ot any demand made by the oriQinal Borr~wer and Borrowers t~~ccessors in iMere~t.
' 11. Forbearance by I.ender Nof a Wairer. l~1ny (r.thea~ance by I.ender in eterci~ing any right or remedy hercunder, or
othenaise afforded hy applicabl~ law. shall n~t t~e a waiver of or prcclude the exercise of any such right ar remedy.
The procurement of insurance pr the payment of tares or other liens or charges by Lender chall not he a waiver of Lender s
right to accelera~e the mawrity of the indehtedness tecorcd hy thic Mortgage.
12. Remedies Cumulatire. All rcmedies provided in thic Mongage are distinct and cumulative to any other right or
remeJy unde~ this Mortgage or aBorded by law or equity. :md may be eterc~sed concurrcntly. inde{+endently or succecsively.
~ 13. Successors s~d AssiRas Bound; Jojnt a~ Se~~enl I.iability; CapHons. The covenants and agreements herein
contained shali bind, and tAe riRhts hercunder shaii imire to. t~e respeetive succe~sorc artd assigns of i.endrr and Borr~~ver.
subject to the provisionc ot paraRraph 17 hereof. All covenants and agreementc of Borrawer shall be joiry and xveral.
The captions and headingc of the paragraphc of thic M~rtgage are for convenience only •rnd arc not to be used to
mterpret or define the provi~ionc hereof.
14. NWice. Except f~~r any n~lire reyuired under applicahle law to be given in another manner, (a) any notice to
Borrower pFOVided fo~ in this Mortga¢e shall he given hy ma~lin~ ~uch notice by certified mail addressed to Borrowe~ at
tht Property Address or at such .~her addrec. as Rc.rrc~w•er mav .decigna~e by notice to l ender as provided hercin, and
(b) any notice to Lender shall he given hy certificd mail. retum receipt requetted. to lenders addrccs stated herein or to
wch other address as i_ender may deci¢nate M~ n~•tice a. B~rr~~wer as pmv~ded herein. Any notice pmvided for in this
M~rtgage shall t~e deemed to ha~c t+een F-vcn to B~rmwcr ~.r I cnder u•hen given in ~he manne~ deiignated herein.
IS. Unitorm MorlRa~e: GorerninR law; Se~crabilih. Thi~ form o( mortgage combines uniform covenants for national
u;e and non-uniform ca~enant~ wilh limited variation: ht ~ur~.d~ction to c.~nsti~ute a uni(orm security instrument coveri~g
rcal properry. Thia Mongage shall be ~o~•crned h~~ the I:,w c~f the ;urisdic~ion in whirh the Property is located. in tht
event that eny provision or clauce of thi~ Murtbaec ~~r ~he '~ate rnnflictc with applicable law, such conflict shall not atfect
other proviset~ns of Ihis Mortgage or the EV~~tr wh~,h ran ~+e g~ven eBe~t vi~haut the conflicling provision, and to this
end the provisions of the Mortgagc and the ~i~,te arc dccl:,red to ~x uverable.
16. Eorrowe~'s Copy. Borrov-er thall fx furni~heJ a cnn(c.rmed copy of the Note and of this Mongage at the time
of execution or after recorda~iun htreof.
17. Traesfer of the Propert~•: Accumplion. f( all ~•r any pan of the Pmpenv or an interest therein ic sold or transferred
by Borrower without Lender's prior ~vnt~~n ~un,rni. r~cluding ia1 ihe creation of a fien or encumbrance subordinate to
this Mortgage. Ib) the creat~on of :- punh~~c m~~ncc ~ecur~ty ~nterrst f~r household appliances. (cl a ~rancter hy devise.
descent or by operation o! law upan thc ilcath ~I ~ j~+~n~ tenant or ldi Iht gram of any leauhold inlerest o( thrcc years or less
not contain~ng an option to purchase. I ender m~y. at I ender'~ opt~on, decl.uc all ~he sums secured by ~his MoAgagt to be
~mmediately due and payable I cnder ~h~ll h:,.e N,~~.ed wch apuon to .+~c~lcrate ~f, pr~or to ~he cale or transfer. Lender
and the person to whom the Property i. t~~ tx .al.l ~~r tr:,nsferred reach agrrrment in wri~ing that the credit of wch person
~s satisfactory to 1.enJer and tha~ ~hr inicrr.t pay~ble on the sums secured by ~his Mo~tgage shaU be at such rate ac l.ender
shall rcquest. I( I.enJer has waiveJ the op~~on to accelerate pro.ided m ~his paragraph 17, and if Borrower'> >uccessor in
interest hac executed a wnt~en astumpi~on agrrement accepted in writing by l.ender, 1_ender shail releax Borrower from all
obligat~ons under th~s Mortgage and the Not~. ,
If Lender exercises such opt~on t~~ acrelerate. LenJer ~hall mail Borr~wtr notice of accderation in acrnrdanc~ u~~h
paragraph 14 hereo(. Such notice ~h:+ll prov~de a pc~i~xi of no~ less than 30 days (rom Ihe date ~he notice is mailed withiq
wh~ch Borrower may pay the sumc declared due I( Borrower lailc to pay such sums prior to ~he expiration of wch pen~d.
l.ender may_ wilhuut (urther not~cc or dcmand ~~n Bc~rrower. mvokc any rcmediu permiUed by parograph IR hereof.
NON-UNIFORM CO~ENANTS Borrower and l.tndtr further covenant and agrte as follows:
18. Accderstioo; Remedia. E:cept as p:o~idcd in pa~nph 17 heno(. upoa Sorrower's MeacA o1 aay co•en~nt or
a~reea~tat ot eorrower ia this MortRaRe. includin~ the co~ensnls lo pay ~+bee duc any snn~s secured by thfs MorlRs~e. I.endcr
prbr to ~ccekrstba shdl mail notict to do~ror.er as prov-ded fa psrs~nph 14 hcreot specifYin=: (1) the Areach: f21 the sctbw
requlred to crre socb bresch; (3) s d~te. not ks A~an 30 dsys (rom tbe dMe Ibe notke is mailed to dono~.er. by •thkh suc~
bnach mwt be cored; sOd (I) lh~t ~SIIYR t0 ~YK fIKA btlK~ 011 Of bt~Of't 1he dNe spccified fe Ihe nolke msy ~ult i~
accckration of tbe soms xcurcd br tha Mort~a~e. to-eclosure by judicial proceedi~ snd sak oi tAe ProPerry. The ealice
shall furihe~ ieform dorro~-er of Ihe ri~hl to reinstate afltr sccckrsibn and Ibe ri~ht to a~seH in the toreclosure ~roteedM~
t6e non-e:i+tencc ot s detsult or sny other deten~e o/ dorror-~r fo ~ccekrstioe snd torecbsure• It IAe breach k not cerea ow
or btfon thc dile specificd in the notice, l.ender ~t l ender's oplioA mar dttlar+t aA o/ tbe son~ setartd by thb MortRaRe fo be
imn~tdisttly due ~nd payabk without tuAber demand ~nd n~sr forrclast tAls MotiRa~t by jnditW ~roteedfuR. T.ender shall
be totitkd to cdleet iw sncl~ procted~~ aH exPenus of toreclosurc, Includin~. bnt aot Urnited to. teasonabk stt.~rneti's fees,
and eosts ot docun~entary eviAence. sbstracls and Iille reports.
19. dorrnr-er's Ri`ht to Reinslste. Nolw~lh~tand~n' I ender'~ accdt•ation of ~he sumt ucuted by ~h~c ~4lortgage.
Borrower shall have the r~ght to havc am pnxc~:linc• `x'un t~) Lcnder m enf~rct Ihi- M~r~gaqc .1nc~ntinutd ai ~n~ hmt
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