HomeMy WebLinkAbout11191 rnJr~'~ wnttrn agrccmcnt or apphcahlc law. liorrc-wer shall pay Ihe amount of all mortgage in~urame prcmiums in the
mannrr prunilrJ uqdcr par~graph 2 hereof.
An; an-uu~~n ilnhunrd Ay I rnJr~ punurnl tu ~his par.~graph 7, w~~h u~tcrcd lhereon. ~hal) lxcomc additianal
in~lrhicd~k.~ ut RurruHrr ~ccumd by ih~. Mur~gagc Unlc.~ B~-rruwe~ and I cnJrr aRrce to other le~mc ~f payment. such
am~~unt~ ~h~ll Fx ~~avahle up„n n~-ti~•r frum I rnder 1~~ [iorruwrr reyueeling payment Ihc~eo~, and shall btar interest trom the
Ja~e ~t dicburumenl at the rale payablc fmm time to ~~me ~~n outqanding principal unde~ the Note unlesc payment ot
interest at surh rate wiiul~l be ci-nlrarv ~~~ applirable law, in which event cuch amounts ~hal) hear iMertst at the hiahest rate
permissit-Ie under applicable law. N~~~hing c„n~aineJ m thic paragraph ~ chall requirc I.ender to incur any expense or take
any action hcrcunder.
8• Inspecfion. l.endc~ may malr ar c•ru,r to he madc rea~onable rnlries upon and inspections of the Property. provided
Ihal I.cnder chall Rivc Bur~owcr n~~Urr pri~,r t~~ any ~uch inspcction ~pecifying rcasonabk cause therefor relatod to I.ende~'s
mte~es~ io the Prapc:rty.
9. Coademeation. The pr~xeed~ of any award or claim tor damages, dircct or coosoquential, in con~ection with aey
co~demnuion or dher laking ot the Propeny, or part thcrcof, ar tor conveyance i~ lieu of condemnatioo, an hereby assigned
and sh~ll bc paid to Lender.
in the event of a tot~l taking of the Pmperly. the proceecfs chall be applied to Ihe sums seci~rcd by this Mort6aae,
with the excess, if any, paid to Borrowcr. In the event of a partial taking of the Property, unless Borrower and Lender
o~herwice agree in writing. Iherc shall he applied to Ihe cums securcd by this Mortgage such proportion of the prooeeds
as is equal to that propc-rtion w•hich Ihe ami~unt ot ~he sum~ secured by this Mortgage immediately prior to the date of
taking heart to the fair market valuc of the Pro~xny immedialely prior to the date of taking, with the balance of the pmceeds
paid to Borrower.
If the Property ic ahandoned hv Borrower. or if after nolice by I.ender 1n Borrower that the condemnor ofters to mate
an award c.r tettle a claim fnr dama~e~. Ba~n.wer taih to ~e~~+c~nd to l.ender within 30 days after the date such noticE is
ma~led. I.enJer ic authoriacd !o rnUect arx! appl~~ the prc~ceedc. at l~nder's option. tither to resrontion or repair of the
propcny or tc- the wm~ ,ccurcd h~• this M~rtgaFc. . .
, l inlec~ 1 ender and Borrower otherw~ik agree in w~ritmg, an~~ soch application of proceeds to principal shall not extend
or Ex~ttpone thc du~: daic ot the monthl~• installmcnts rcfe~rcd ta in paragraphc 1 and 2 hercof or change the amount of
cuch installmentc.
10. Borrower Nof Rekzsed. Fxtensian of Ihe ~ime for payment or mcdification of amortiution of the sums sxured
by thic Me,rtgage granted by Lender to any cuccecsor in interect of Bnrrower shall not opente to rclease, in any manner.
the liabili~y o( the ariginal Borrower and Bc~rrower i successc-rc in interest. {_ender shall not be rcquired to commence
proceeJing~ againtit auch successor or retuse to e!ctenJ time (o~ payment o- othervvi~e modify amortizatwn of the sums
tie~ured by thi~ Mortgage by rcason of any demand made b~• ihe ori¢inal Borrow~r and Borrowers successors in interect.
11. Forbea~nce by i.eader 1Vof a Wdver. Any f~rhearance by I.ender in etercising any right ar rcmedy hercunder, or
otherwise affurd~d by applicable law, shall nc+t be a waiver of or preclude 1he exerciu of any such right or remody.
The procurement of inw~ance or the payment of taxes or other liens or chargec by l.ender shall not tx a waive~ of I.ende~'s
right to accele~ate the maturity of the indebtednecs cecured hy thic Mortgage.
12. Remedies Cumulsti~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
reme~iy under ~hic Mortgage or aftordcd hy law or equi~y. and may be eaercised concurrcntly, independently or successivdy.
' 13. Succcssors snd AssiRns Bonnd; ,,1oin1 and Several I.iabilify; CapHons. The covenants and agreements hercin
comaineJ shall hind, and the riRhts hereunder shall inure to. the respective succesu-rs and assigns of Lender ac~d Borrower.
cubjecl to the pravisionc of paragraph 17 hereof. All covenants and agretments of Borrower shall be joiry and several.
The captions and headings of the pa~agraphc of ~hic Mongage are for convenience only and are not to be ~ned to
~nterpret or define the provicionc hereof.
14. Notice. Excep~ for any notice required unJer applicable law ta be given in ano~her manner. (a) any notice to
Bc~rrower provided for in thic Mortgaee chall t~e grven by mailing such notice by certifled mai) addressed to Borrower al
the Pn~Fxrty AJdress or at such o~her addresc as Borrowe~ mav designate by notice to T.cnder as provided herein, and
It~l any notice to Lender shall he given by certified mail. return receipt reqoected. ~o t enders addrecs sta~ed herein or to
cuch other addres~ as [.ender ma~• decignate by n~tice to Borrower as pro~~ided herein. Any notice provided for in this
Mnr~gage shall be detmed to havc I+cen F~ven to Rorn.wer or I.ender w•hen given in the manner decignated hercin.
1S. l?aitorm MariRa~~; Governin~ Ian: Se~erabilit~•. This form of mortgage combin~s uniform covenants for nationa)
use and non-uniform rnvenantc with IimiteJ variat~ont h}- juncdiction to constitute a uniform securiry instrument eoverina
rcal proper~y. Thic Mor~gage shall 6e ge-verned h~• ~he laa of Ihe juricdiction in which the Property is located. In the
event ~ha~ any provis~on or clauae of thi~ Mongage c.r Ihe Nole conflictc vvith applicable law, such conflict shati not affect
other provisions of Ihic Mortgage or thc N~tr wh~ch can be gi~•rn effect wilhout the conflicting provicion, and to this
end Ihe pro+itiunc of Ihe Mortgage and ~he 'Vii1e are ~kclared to Fx severablt.
16. BorrowePs Copy. Borrower chall be (urni~hed ~ contormed copy of the Note and of this Mortgage at the time
of execution or -r(ter recorda~ion hercof.
17. Tnnsfer of the Property: Accump~ion. I( all or any paft of ~he Property or an interest therein is sald or transferred
by Borrower w~~hout [~~der's prior wnn.•n r~~nce~t. c~cluding Ial the creation of a lien or encumbrance subordinate to
this Mortgage. (bi the creahon of a pur.h~.c m~~nevi cecurity mtercsl f~r household apptiances. (c) a Iranc(er hy devist.
descent ur by operation of IaN upon Ihe Jcath ~f a j~ant tenam or (d~ tht grsm of any leasehold inttrcst of thrcc ycars or less
not containing an option to purchase. ! enJer may, a~ Lender'~ opUon, declare all the sums setured by Ihis Mortgagt to bt
immed~ately duc and payable. 1 rn~er ~hall h~ve N.,,ved such ophon to arcrlerale if, prior to the cale or transfer. Lender
and ~he person to whom the Propert~• i. i~. tx .ol.l ur ~ransferred reach agre~ment in writing that the credi~ of cuch penon
ic salisfa.tor~ to I.ender and that thc intrr~.t pa~able on the sums tecured by Ihit Mortgage shall be at such ralt ac l.ender
shall «ques~. ![ Lender has waiveJ the e~pti~n to accelerate provided ~n ~his paragraph 17, and if Borrower'a ~uceeswr in
interest hac executed a wntten ascumpi~on agreement accepted in writing by l.tnder, Lender shal) releace Borrower from all
nbligat~~ns unJer th~s Mortgage and the Nnte.
If i.ender eaercius such ophon ~~~ accelrra~e. Lender chall mail Borrower notice of uceleralion in accordanc~ w~th
pangraph 14 hercof. Such notice ~hall prov~de a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower faik io pay such sums prior to the expira~ion of ~uch peric~d.
Lender may, withaut further noiice ar Jcmand an Horrower. :nvoke any remediu permitted by parograph 18 hereof.
NON-UNIFORAI C()YENANTS Borrower and l_ender turther covenam and a~rree u follows:
18. Accclent'an; Remcdies. Except as provided in pa~rapM 17 I~ereof. upoa ~orrower's breac~ ot ~ay corenawt or
agreement of Borrower in this MortRs~e. includinR tbt corenanfs to p~r ~+hes dut aay sums setured by tAls MorlRa~t. l.ender
prior Io accekralba shdl mail notice to dorrower as provided ia pan~raph 1! hereo! sptcffriu~: (1) Iht ~each: (211Ae stfb~
requlnd to cnre such breach; (3) a date. not less ~han 30 dsys fmm Ihe date Ihe notke b maikd to Eorrower. by ..hicb wcli
b~cach musi be cnred; snd (4) that tailure lo cure soch brexA oa or bctore the dMe speel6ed in the xotke may rrsWt h
•ccckntion of t6e sun~s secured by Ihis Mort~aRe. foncbsu-e bp jndicld proceedln~ n~d sde o1 /be Property. The nofiee
shall further inform Borrowe~ of tbc ri~ht to refnslate after sccckrslbn swd IAe ri~h1 lo asiert is tbe forecbwre ~ocetdi~
tbe non-eiistence ot a detauN o~ any other detense of eonower to accekrstbn and torttlosore. If IAe bn~cl~ is eM coreA o~
or before Ihe date sPecified ia the notict, l.~nder ~1/.ender's nplio~ a~ay decWe ap ot the aa~s stt~red br tAb MortRaRt fo bt
immediately due and payable wilhaut further dem~nd ~nd rnsy /oreclost thk Mort~a~e br jodicW proteedinR. I.ender shall
be totitled to colktt ia sutb proccedi~ all e:penses of to~eclosure. inclndlns. bnf sot Bmited to. reasonasle s~~•~rnrv's fees.
and cosis of docunxalary eridee~ct. abstracts and ~itle reportc.
19. eono..er's RiRht Io Reinst~tt. No1w~Ih~~rndinK 1 ender's accelention of the sumi ~ecured by th~s Mongage.
Borrower shall have the nght ~o have rm pr~xccdmc. tx~un b~ Lcnder ro enf~rct thi~ M~rlgaQt dncontinutJ a~ any hmt
_,~~';~ 350 f~:G~1118
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