HomeMy WebLinkAbout11131 cndcr'~ wnuco agrecmrnt or appl~cablc lew. Horrower shal) pay Ihr amuunt ot all mortgage incurance premiums in the
mann~r piuv~dc~t undcr ~ar.ig~aph 2 hercoL ,
Any aima~nl~ ~~i.hiu~rd by I rn~lcr punu'rnt t~~ Ihis pa~~gtaph 7, w~lh u~lcrcct Iheteon. shall become addilional
~n~IrMcdrn~~ u( ~;~atuNrr .rcurcd hy th~~ Mur~g•rRe U~~Ie~~ B~~rrowe~ anJ LrnJer agrce to Mher tertnc a( payment, cuch
am~~unl~ ~hall Fx p;~~•aMc u~x~n nulicr fn~m 1 cader li. Bo~rc-wrr rcyuecting paymrnt thcrc~t~ aqJ shaii hdsr intcrest from Ihe
~I.~~c ~~t di~hu~Kmenl at the ~alr paVahk tmm timc to time iu- nutsta~ding princip:,l i~nder 11ic Nofe• unlecs ~-syment et
intere~~ ~t such rale would he cc-ntrar~ ~~~ applirable law, in which event ~uch amounts shal) hear inlerat al the highest rate
{-ermissihle under apphcable law. N~~thing canl.~ined in thi~ paragraph 7 chall requirc I.ende~ to incur any expense or take
any action hcrcunder. -
8. laspection. I.ender may ma1,c u~.•a~~.r to t+c made reaconahk entriec upon and inspectio~s of the Property. provided
thal 1 ender ~h~ll givc Borrower n~-I~ce pri~~r ~i~ any +uch ~nspeclion specitying reasooabk cause theretor rclated to Ltoder's
inle~rat in Ihe Propcrty.
9. Coademnation. The p«~ceeds of any award or claim for damages. dirccl or consequential, in connectio~ ~vith any
condemnatian or other ~aking of the Propeny, or pan thercof, or for conveyance in lieu of condemnation. are he~+eby assigned
and shall be paid ta l.ender.
In Ihe event of a tal~l taking of thc Property. 1he proceeds shall be applicd to ~he sums securcd by Mis Mo~age.
with the excess, if any, paid to Botmwe~. ln ~he event ot a panial ~aking ot the Property, unless Borrower and Lender
o~herwise agrce io wriling. therc shall he applied to the cums secured by this Mortgage iuch proportion of !he proceeds
as is equa) to that propohion w•hich ~he amoun~ o( ~he sums secured by this Morigage immediately priar to the dtte ot
taking bears to the fair market value of Ihe Pruper~y immediately prior to the Jate ot ~aking, with the balance of th~ pmcetds
paid to Bormwer. _
If the Prope~ty ic ahando~eJ hv B~~rr~wer. ~r if after notice by I.endrr to Borrower that the condemnor o}fers to ma1[e
an award or tet~le a claim for d~ma~c~. R~~rr~.wcr fa~l. t~. rcti~~d tc- 1 ender within i0 days afler Ihe datt such notice is
mailtd. 1.enJer i~ aothorizcd lo collecl and applv the proceeds. at I.ender's option. either to restontion or r+epair of the
Pro~erty nr tc. the sam~ ~rrured hr this ~1~rt~ta~c.
Uelesc I endrr and Borrower othervvice agree in writmg. any such application of proceeds to principa) shall not estend
c.r ~c,t~pc,ne the due date o( the monthlv initallments referred t~ in paragraphs 1 and 2 hertof or change the amount of
cuch inttallment~.
t0. Borrower iVof Released. Extension of the time for payment or modificatioo of amortitation of tirt surrts ~ocurtd
by this MortRage granted by 1 ender to any ~ucc~csor in intere~t of Borrower chall nat opente to rckase, in any manner.
the liab~lity of ~he ori¢inal Borrower aod Be~rrower'c succesu-rs in interest. t.ender shall not be rcyuired to commence
pn-ceedingc ag~inct cuch succeuor or rcfuse Io e~etenJ time tor payment or otherwise modify amortizahon of thr sums
~e~ured b~~ thi~ M~rtgage hy rcason of ~ny demand made b~• the orieinal Horrower and Borrowers succeswrs in in~erett.
11. Forbearance by I.ender Not a Waiver. Any f~rhearance by I.ender in erercising any right or remedy hercunder, or
+,therw~se affurded hy applicahle law. shall nc-t t+e a waiver of or preclude the exercise of any such right or rcmedy.
The procurement ~f insurance o~ the paymtnt of taxes or other liens or chargec by I.ender thal) not he a waiver of Lender's
right te~ accelerate ~he ma~uriry of the indehted~xts cecurcd hy thic Mortgage.
12. Remedics Cumulafi~e. All rcmedies pmvided in this Mortgage arc distinct and cumulative to any othe~ riaht or
remedy under thic Mortgage or afiorded by law or equity, and may be exerciud concurremly. independen~ly or suceessively.
~ 13. Successors snd AssiRns Bound:.Ioint and Sere~l i.iabiliry: Ciptbns. The covenants and agreements herein
containe<i chall bind, and the riRhtc hereunder shall imirc to, the recpective succetsnn and assignc of [.ender ae~d Borrower.
subject to the provision~ of paragraph 17 hereof. All covenants and agrcements of Borrower shall be joiry and severai.
"i?-e captions and headingc of ~he paraeraphc of ~hic Mortgage are for convenience only and art not to be used to
interpret or dtfine the provi~ionc hercof.
14. Notice. Except for any noiice required under applicablt law to bt given in another manner, (a) any notice to
Be.rrower prov~ded (or ~n thic ~tortgaee shall he g+ven hy mailing wch notice by certified mail addressed to Bo~mwer at
the Pruperty Addrcs~ or at such o~her addresc as Borrov-~er mav decignate by ootice to T.ender as provided herein, and
Ih) a~v notice to [.ender shall he given hy ctr~ifnJ mril. retum receipt rcquected. to l ender't address sta~ed hercin or to
.uch other addresc as i_ender may de~ienate by n~tire 1~. Borrnwer as pro~~~ded hertin. Any notice provided for in this
N~~rtgage shall he deemed lo havc lxen Ri.~cn to &.rr~we~ or I.rnder when given in the manner decignated herein.
15. Clniform NortRa~e: Governin~ [av-; Se.erabilit~. Thi~ torm of mortgage cnmbines uniform covenants for national
use and non-unif~•rm rn~•enamc with IimiteJ vanatwnc h~ juncJ~clion to constitute a uniform security instrument coverina
real properly. Tnic Mortgage shall be governed hv ~he law of the jurisdiction in which the Property is locattd. In the
event Ihat any provision or cla~~cr of thic M~rtga¢c ~•r ~he Note rnnflic~s N~i~h applicable law, such tonflict shall not alFeet
other prov~siooc of Ihi~ Mor~gage or the N~~tr wh~ch can be grven effect wi~hout the eonflicling provicion, snd b this
end the provitions of the Morlgagc and the 'Vrne arc ~Icclared lo he severable.
16. Borrower's Copy. _ Borrower zhall be (urni~hed a conformed copy o( the Note and of this Mortgage at the time
of etecwion or after recardation hereof.
17. Tnnster o/ the Propcrtv: Ascumption. I( all or any part o( ~he Pmperty or an intercst therein ic sold or transferred
by Borrower v~~thout I_ender's pri~r wr~n~~ ~un~en~. e~cluding (al tht crtation of a litn or encumbnnct subordinate to
this Mortgage. (bl ~he creat~on of a pur.h~.c mnne~• ~ecurily interest for household appliances, /c) a transter hy devise,
deccent or by o{xration ot law upon ~hc ~ca~h .~t a j~~~nt tenant or (d1 the gnnt of any Itasehold intercst of Ihrcc ycars or leis
nol containmg an option to purchax. I.enJer may. at I.ender'~ option. declare all ~he sums secured by this Mortgage to be
~mmed~ately duc and payable I.cnder ~hall h~.c N.vved such opt~on to a~cclerate i(, prior to ~he cale or transfer. Lender
and ~he persc~n to whum the ProFxrty i~ t~~ tx .oW ur transferred reach agrrrment in writing that the creJi~ ot euch penon
~s saticfactor} to Len~ler and that the imcr..~ pa~able on Ihe sums securtd by this Mortgage shal) be at such rate ac Lender
shall request. It I.enJer has waiveJ the apiu~n to accelerate provided in this paragraph 17, and if Borrower i suceessor in
~ntcrest ha~ executed a v-ntten assumpuon agrecment acccpted in writing by I.ender. Lender shall releax Borrower trom all
obligat~ons unJer th~s Mor~gage and thc Note.
1~ 1_ender e~ercicc4 4~-ch ~~-tinn t~- a=.•eler~~e. l.enJer shall mail BorroK•er notice of acederation in accordanc~ ui~h
paragraph 14 hereof. Such nolice ~hall prov~de a period of not less than 30 days trom the date the notice is mailed within
which Borrower may pay the sumc decl~red due. I( Borrower fails to pay such sums prior to the expiration of cuch peric~d.
LenJer may, w~th~~ut further nohce or dcmand on liorrower. ~nvoke any remediu permitteA by paragraph IR hereof.
NON-UNIfORM COVfNANTS Borrower and Lender further covenant and agree u follows:
18. Accelerstan; Remcdks. E:cept as pro~•Wed in par~npb 17 berto/. upos Eorrorre~'s breacl~ ot a~y core~anl or
a~reement of Borrowe~ in fhis MortRa~e. includinR the corensnts to p~y wbee due aay sums secured by thk Mort~a~e. l.eeder
prior Io accelentbn shdl mail notice to dorror.er as provided In psrs~rapA 14 hereof specHyiu~: (1) the bre~ch: 121 the ~etbw
required to cun such Snach;l3) a dste. not kss th~n 30 days trom tbe dNe the notke b mdkd to donower. by ..Akh we~
b~each must be cnred; and (~1 ~hat fajlure lo cur: snch bresch os o~ betore the dde specfGed in the no~ke msy resnlt 1w
accekration ot tbe snnu secured by Ihis MorlRaRe. Io~ccbsun ~ judkial procetdi~ ~nd sde of Ibe Prope~ry. The notke
shall futther inform Eormwer ot Ihe ~h1 lo ninstste stttr accektstbn snd the riRhl to astert in tUe torrclos~rt ~rocee~li~
tbe non-e~istence ot a defauk or any Mber de(ence of ~orronet fo ~ecekration ind foreclosore. If the ~t~ch is nol co~+ed o~
or betore the date speci~ied in Ihc notice. I.ender ~t I.ender's eptios a~sy declare aN ot fht stms sta~red br 1Als Mort~aRe M be
immediately due snd paysMe witbout tunlKr dem:,nd and mar foreclost Mts Mort~a~e bY ~dkW procttAlaR. i.er.4er chall
be eotitled to col{eet (n such proceedin~ ~II e=penses nf foreclosoro. Includin~. pnt nof Umited lo. nason~bk sta-rn~r's fees.
and costt oi documentary evidenct. sbstracts ~nd lille repoAs.
19. So~o.rer's Ri~hl to Reinstate. Nolw~~h~landing 1 ender's acceleration ot the sums ucured by th~s Mort6age.
Borrower shall have the nght to have am prcxe~d~ne• hrE~~n b~ Lender ~~ en(orct Ih~+ M~rtgagt dnconlmutd a~ any t~me
~-'~~ 350 e~~E 1112
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