HomeMy WebLinkAbout29211 cndrr'c wntKn ag~c~mcn~ or applirabic low. Borrower shall pay the amouot ot ali moNgage inwrance prcmiums in the
mannrr pn~v:Jr~l undcr paraFraph 2 hcrtof.
Any amuunh ~li~hu~~~~l by ( rnikr pu-~aant lu Ihis par.~graph 7. w~lh u~terctt Ihert~m. thall become addilional
uulrh~cdnc,~ ~~f R~~rn~w~r ~rcund hY th~. Murtgagc Unlc~~ R~xr~~wcr and I.rnJ~t agree lo Mher terms ~~f payment, SuCh
am~~unh .hall Fx p.~vahlc uM~~~ nutirr fmm 1 rnder to &xn~wrr rtyi~ccting paymrnt Iherc~~L•aad tftall hear inlerest from fhe
date ~t di~hurcrmcnt al thc ratc pavahlc fmm limc to ~ime ort outxtanding principa) u~der~ the Note unlesc payment of
interesl at such rate v-ould he contrarv tn applicahlc law, in vrhich event ctich amountc chall hear ioterest at the highest rate
permissibk under applicable law•. Nuthi~~g ci-n~ained ~n th~c paragraph 7~hall requirc I.ender to ineur any espet-se or take
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~ 8• lospectioe. 'I.ender may mal,c ~•r cau.e ti~ he madc rea~onahk emries upon and inspections of the Prdperty. provided
that I ender shall give Burn~wer not~ce pri~,r tu ~ny ~uch ~nspcct~an cpecitying rcasonabk cause thercfor rclatod to Lender's
interest in Ihe P~operty.
9. Coademnation. The prcueedc of any award or claim tor damagcs, direct or consequeatial, in rn~nection ~-ith any
condcmna~ion or dher taking of the Properiy, w part thercot, ar for cooveyance i~ lieu of coodemnatioe. are heteby assianod
and shall be paid to l~nder.
1~ the event of a tot~l taking of the Proper~y. the procceJs chall be applied to the sums securcd by this Mortsaae.
with the ~xctss, if any, paid to Borr~wer. ln Ihc evem of a partia) taking o( the Property, unkss Borrowe~ and Lender
otherwise ag~ce in writing. Ihere shall be applitd to the sums securcd by this Mortgage such propoNion of the preooeds
as is cqual to that proportion w•hich the amount of the sumc ucu~ed by this Mortgagt immediately prior to the date of
taking bears to the fair market vatue of ~he Property immediately prior to the date o( laking, with the balance of tht proceeds
paid to Bormwer_
it the Property ic ahandi~ned h~• B~.rrower. ~r if after nMice bv i_endt~ to Borrower that the condemnor oflt~s to make
an award c-r cetlle a claim for d~maee~. B~•rn•wer fa~l. to re~~nd to I_ender within 30 days a(~er the'datt such notice is
mailed. I.ender i~ authori7ed to c~llec~ and apply ~he procecds. at 1_e~der's optioo, either to restoration or repair of the
Pmperty or to the tium~ ~ccured bv ~hi~ Mor~eaec
Unlcsti I endcr and Borrower othen+•ik agrec in wrihng. any such application of proceeds to principal shall not exttnd
or poclp~,ne Ihc duc Jatc of thc monthlv installmcnts rcferrcd to in paragraphc 1 and 2 hereot or change the amount of
a~ch ~r.stalimtntc.
10. Borrower Not Released. Extension of the time for payment or mc~dification of amortiution of the sums socurcd
by this Mart~age granted by I ender te any cucc~csor in interect of Borrower ~hall nat apente to rckase, in any manner.
the liability of ~he ori¢inal Bo~rawtr and Borrower'c succescorc in interat. T_ender shall not be required to commence
pmceeJingt againtt ~uch successor or rcfuse to ertenJ time for paym~nt o~ othenvice modify amortizaUOn of the sums
u~ured by thiti M~rtgage by reau~n of ary demand made by the ori¢inal Horrower and Barrowers successors in inlercct.
11. Forbearance by I.ender Not a Waive~. Any f~rhearanre by i.end~r in erercising any right or remedy hercunder, or
othenvisc aHarded by applicabk law. shall not ~+e a waiver of or preclude ~he exercise of any such right _ or rtmedy.
The procurement ot insurance nr the payment of taxes e~r other liens or chargei by l.ender chall not he a vvaiver of Lende~'s
right to accelerate the matority of the indebtednecs secured hy this Mongage.
12. Remedirs Cumulati~e. All rcmedies provided in this Mortgage are distinct and cumulative to any other ri~ht or
rcmeJy under thic Mortgage or aRordcd by law or equity, and may be ecercised concurrently, independenlly or sutceuively.
' i3. Successors an3 Asi~ns Bound:.3ani sad ~ererai i.iaomiy; i.aptions. Tne cuvenanis and agreemenis ncrcin
contained ~hall bind, aod the riRhtc hereunder shall inure to. the recpective successors and assigns of Lender aod Borrower.
subjcct to the provisionc of paragraph I T hereo(. All covenants and agreements of Borrower shall bt joiry and sevenl.
The captions and headingc of ~he paragraphc of thic Mongage are for convenience only and arc not to be u~ to
~nterpret or define the prmicionc hercof.
Id. Notice. Except tor any ~otice reyuired unJer applicable !aw to F-e given in anolher manner. (a) any ootice to
Borrower provided for ~n thic Mortgaee shall be g~ven by mailing such notice by certified mail addresxd to Borrower at
the Property Address or at such othcr addres~ as Borrower mav dea~gnate by no~ice to f_ender as provided herein, and
(bl any notice to Lender shall he g~ven by certificd ma~l. return receipt requected. ~o I enders address suted herFin or to
cuch other addresc as 1_ender may deci¢nate~br n~tice a. Borr~wer as, pro~•~ded herein. Any notice provided for in this
Mortgage shall be detmed to havc t+een Rivcn to Bc~rmKer <~r I_endtrifihen given in the manner designated herein.
IS. Uniform MortRa~e: Governin~ Iaw; Se.enbilily. This torm of mortgage combines uniform covenanfs for national
use and non-uniform cm~enam~ with )imited vanationc hy j~iricdichon to eonstilute a uniform security instrument Coverin~
real proper~y. Th~c Morlgage chal) be gove~ned hv the law• of the jurisdiction i~ which the Propetty is located. In the
event thal any provision or clau~c of thic M~rtga¢e ~r ~he Note conflicts with applicabk law, such conflict shall not affoct
o~htr prov~sions uf this Mortgage or Ihe Ni.te which can t-e given tl~ect wilhout the conflicting provican, and to ihis
end the proviciom of ~he M~rtRage and the 'vMe arc ~kclared to t+e xverable.
16. Eorrower's Copy. Borrower shall be turni.heJ a conformed coP1• of Iht Note and of this Mortgage at the time
of ececution or a(ter recordation herrnf.
1T. Transfe~ ot the Property: Assumption. If alt or any pari of tht Propc~sy or an intcrcst thtrein is sold or tnnsterted
by Borrowe~ without I.ender's pnor wnn.n ~unum. etcluding (a1 the creation of a lien or encumbnnce subordinate to
this Mortgage. (b) the creation of a purch.,.r rn~•nev cccuri~y ~nterest (~r household appliances. (c) a trancfer hy devise,
descent or by operation of law upon thc Jca~h of a j~am tenant or fd- the g~ant of any leasehold intercst oI Ihrcc ycars or Iess
not containing an optivn to purchase. Lender may. a1 I ender'ti opi~on. decl:,re all ~he sums secured by this Mortgage to be
~mmeJiately due and payable. 1_rnder ~hall h~ve w.~~ved such op~ion to ~~c~lerate if, prior to the cale or transfe~. Lender
and the persan to whom the Property i. a~ tx .oW cx transterred reach agrecment in writing lhat Ihe credil ~f euch percon
is satis(actory to I.ender and that the in~crr.~ pa~able on Ihe sums u:ured by thic Morlgage shall bt at such ralt ac Lender
shall request. I( I ender has waiveJ ~he option ~o accelerate provided in this paragraph 17, and if Borrower'> >uccasor in
intercst hac executed a wntten ascumpuon ~greement accepted in writ~ng by I_ender. Lender sha0 releace Borrower from all
obligat~ons undcr this Mortgage and the Note.
If 1_e~der exercius wch apt~an to acceterate. I.enJer ~hall mail Borrow~r notice of aLedention in accordanc~ N~th
paragraph 14 hereof. Such no~ice shall prov,de a pericxi o( not less than )0 days from the date the notice is mailed wi~hin
wh~ch $orrower may pay the suma de~IdlCl~ dOt. I~ BOffOK~f faik to pay such s~~ms prior to the expintion of wch pericxl.
Ltnder may, w~ihi~ut further notice or Jemand on Ho~rower. ~nvokt any remediu permitled by paragraph IR hertof.
NON-UNIFORM COVENANTS Borrower and ~ender funher covenant and agree u tollows: .
18. Accelerstan; Remedks. E:cep as provfded ia pa~nph 17 hereo~, ~~ so..~o..~r: en,~w or ,~y ~o•~~swt or
agreement ot Borrower in this MortRa~e. includlnR the corctisats fo psy r-hea due sny sna~s secured by tbis Mort~~e. I.esder
prior to icetlerstion shdl majl notice to dorro~+er as p~ov{ded in para~raph 14 bereot specKyins: (1) Iht ~escA:1211Ae setbw
rcquired to cure such brcach; (3) a dstc. not less than 30 days irom the dstc the nofke b mailed fo eorror-er. by wAkh we~
breach must De cnred; snd {I) Ihat failure lo cure st~ch breach oa or before the dMe specN'itd in tAe notke mar reselt h
•ccekrstan ot 16e snms secund by this Mo-tRa~t. foreclosure br judkial procetdi~ snd sdt of tbe P~ootrfy. '1Ue eolkt
sAall further inform dorro..cr of the ri~h1 to ninstafe sflcr ~ccelcrstbn snd the rigAl to as~ert iw tbe toreclosrrt poctedi~
tse non-exictence ot s defauk or any Mher defcnse o/ dorro~-e~ to ~tcekratbn s~d toreclosrrr. It the bnscM is nof cre~d ow
or bcfore the date specified ia the notice, l.ender a~ i ender's optbw n~sy declm aq o1 tbe srias secrted by Ihb Mort~aRt fo be
immediately due and p~yable withoul further demand ~nd may /otrclost M[s Mo~a~e by judiclal Proteedin~. f.enAer shap
be cotiNed lo colleet in wch procecdin~ i0 expcnses .-f (orecbstire. inclndin~. out sot Bmittd to. reasonabk stt•~rner's fees.
and cosis ot documentary e~idcnce. sbstracts and ~itle npo~ts.
19. dorror.e~'s RiRht to ReiMlstt. Nc~wi~htilanding I ender's accelerat~on of ~he sume secured by tA~s Mort~a~e.
Bo+rower shall have Ihe ngh~ to have am prixe~dine< Fx~!~n b> Lender to en(orce ~hiti M~ngaqe d~scont~nued at an~ t~me
~~»K •~~9 P~Gf ~,~7~