HomeMy WebLinkAbout1272I.rnJ~r'c writtcn agrr~mcnt or applirabic I:IW. It~~(fONI'f ~hall pay thr am~~unt ut all mortgagr in~ur.~ncc premiums i~ thc
mam~cr pruvidc~l undcr pa~agraph 2 hereof.
Any amw~nt~ di~hursrd by I.cn~icr pu~~u•rnt tu th~s par:~graph 7. wuh io~cmct Ihercun, ch:+ll F+ec~~mc addilional
inJrhtednr+c of I~or~uNCr w:curt~l hy ~hi~ ~1urt~agc. t'nlc.~ B~.rruHCr anJ 1 cn.lcr agrcc tn othcr Icrmc ~~i paymcnt, wch
anuxinK ~hall hc pa}•ahlc uEx~n i~uti~ti from 1 cnJrr t~, 8~~rn~wrr feyuc~tinK pa}~mrnt Ihr~~~-L and ~h:~ll hcar intcrcct fmm the
Jate of Ji~burument at the rate payaMe f~am time tc. time ~~n outc~andinR principal under the Note unlec~ payment ot
interest at stKh rate w•ould he contrary ~~. applicable law, in which event ~uch am~unts chall 1x;a~ interecl at the highect rate
permissiMe under applirablc law. Nothing c~~n~ai~ed in thi~ paragraph ? thall reyuirc I.ende~ to incur any~expenu or take
any action hcrcunder.
S. inspe.tlon. l.ender may mak~ ur cau~e tc~ Fx maJe re:+conahle rn~rie~ u~x~n :~nd incpecticme of the Property. provided
that l.e~der chall give Borrower no~ic~ priur to any ~uifi im~ecti~~n ~{xcif~•ing nasonabie cauae therefor related to l.ender's
in~crcct in thc Property.
9. Condemnslion. The pr~~cecdt ~~f am• award or claim for damaees. direcl i~r a~ncequential, in connection with any
~ondemnation or c~thcr tuking oi ~hc Propcrty. or par~ Ihcreaf. ~~r for a~nvc~•an~c in licu of co~demnation, arc hcreby accigncd
:~nd .hall I+c paid to l.cndc~.
In ~he event of a tMal taking of ihe Pro~rt~~. the procee~lc ~hall he applied tc- ~he cums secured by thic Mortgage.
with the e+ceecs. if any, paid to Bormwcr. 1n Ihe event o( a partial taking ~~f ~he Pmperry, unleco Borrower and i.ender
~~thcrveik agree in writing. therc sh•rll hc applicd ~o the ~umc kcurrd h~• thi~ MortKage cuch pm~rtion of the proceeds
as is cqual to that pr~~x~rtion w•hich thc amoz~nt of thc sumt ucurcd h}• thic Mortga~c immcdiatel~• prior to the date of
i~kiog hears to the fair market value of ~he Pra~xrt~• immcdi:~Ich• prinr ro the Jate of ~ak~ng, with ~he balance of the pmceeds
paid to 8ormwer.
If the Propert~ ie abandoned hy RorroweT. ~r if. after nolice hy l.ender u~ BormN•er that 1he condemnor offers to make
an award or ~ctdc a claim for dam:~gr+. B~~rr~.wcr fail. t~~ rc.{x~nd t~• I endcr N~ithi~ 10 da~~~ attcr thc datc si~cfi noticc is
mailcd. Lendcr is authori7rd to rnllcct and an~iy ihc prcx-cedx. at 1_cndcr'. optian, either to restoration or repair of ihe
Pmpcr~~ or to tfic ~umti tirrured M• thi. Mortgagc.
Unles~ 1_ender and Ber~i~~eer Mherw~i.e agree in ~~ritini. anr such applicati+m nf pnxeedc to principai shafl not e+ctend
or Mxt{x~nc ~hc du~: dalc of thc manthl~~ inctallmcnts rcfcrrcd to in ~+aragraphc 1 and 2 hercof or changc thc amount of
~uch instaltmentc.
10. Borrower Not Refeased. Erten~ion ~f ~hc time ~or paymcn~ or modifiration of amortization of the tum~ secured
hy thi~ Mort~age granted by I.e~der t~~ am• ~uccecu~r in intcre~t uf Borrower ~ha{I not operate to release. in any manner.
the liabiliry e~f the ori¢inal BormKCr and B~~rrow•er'~ succrs«r~ in interect. I.enJe~ chall not he rcqoired t~ rnmmence
proceedings againct such succecsor ar refutie to ectend ~ime f~r paymeM or otherv-i.e mexlify amortiiation of the sums
tec~ired h~' thic Mortgage hy mav.n +~~f am• demand made M• Ihe ~•rie~~~a1 Borrower and Rorrou~er s succeccor~ in interect.
I1. Forbearance b~~ I.ender tiot a Waiver. An~• f~rtx:aranrr h~~ t.~ader in e~ercicing am right ar remedy hereunder, or
~~therwise aBorded h~~ applicable law. chall nc-t he a waiver of ~~r preclude the erercise of any such right or remedy.
The procuremenl oi insurance or ~he p•ryment c-f ta~e. e.r ~~~her lien~ i~r chargea hy Lender .hall nc-t he a w•aiver of Lender's
right t~ acrelerate the maturit~• of the indebtednc~s K:~urcd M• thi~ Mortgage.
12. Remedies Cumulative. Al) remedies prmided in thic Mortgage are distinct anJ cumulative to any other right or
reme~~~ under this Mortgage or afforded hy law~ ~~r eyuity. and m~~• he c~erci~ed concurrently. independen~l}~ or si~ececsively.
13. Successors and Assigns Boond; Ioint and Se~eral I.iabilih': Caplions. Tfie covcnants and agrcementc hcrein
rnntained shall hind, and the riRhtc heR«nder shaA inure to. the respect+~•e surceti~art and ataigns of I_ender and Borrow~er,
cubject ta the pr~vision~ of paragraph 17 hereof. All co~~enants and agreementt c-f Borrow•er shall be j~~int and, teveral_
"The captions anJ headingc of the paragraphc ~f thi~ Mi•r~gage are f~r convenience only :~nd arc not to be used to
inlerpret or define the prmi~ions hereof.
14. Notice. Except for any notice reyuired undcr applicable lave to be given io another manner. {al am notice to
Borrower pmvided for ~n Ihi~ Mortgage shall Fx~ given h~• mailin~ ~uch notice b}' eerti6ed mail addresced to Bormw~er at
the Property Address or at cuch other addreti~ as R~~rrr~rer ma}• decignate b~~ nu~ice t~ I.ender as provided hereirt. and
(bl am• notice to [.ender shal) he gicco h~• certificd m:iil. return reccipt reque~ted. t~ 1 ender c address stated herein or to
~uch other address as I.ender may deci¢nrte h~~ nc.tice t~• Re.rroNCr ac pmvide~l •herein. Am• notice pmvided for +n this
Aiorlgage shrl) be deemcd to ha~~c b~.~en gi~~cn to B~rr~~wcr ~~r I cndcr wi~en gi~~cn in thc manner designated herein.
15. Uniform MortRs~e; Covernin~ iaw; Se~erabilit~~. Thi~ f~~rm of mortgage c~mhines uniform rnvenants for nalional
use and non-uniform eovenant~ v-ith limite.l ~•ariationc M~ juriteliction t~, cc~nstitute a uniform security intUument covering
nal prapcrt~•_ Thic Morlgagc sFiall hc govcrncd h~~ thr I~N ~f thc juri~~icli~n in which thc Property i~ Icxatcd. l~ the
event that am~ provision ur clauce of thi~ ;1tc-rtgage ~~r the ?~~~le a~nflicl~ ~~ i~h applicab)e law, such conflict .hall not affect
~thcr provisionS of this Mortgagc or thc Notr whirh ~an tx givcn cticrt without the conflicting provicion. and ta this
cnd thc pr~~visions of ~he Mortgagc and thc ~c.tc src ~IccRarcd t~, hc scvcrafilc.
16. Borrower's Copy. BorroK~er ~hall fx furni~hed a r~mfi~rmed copti• of ~hr Note and ~f thic Mortgage at the time
o( e~ecution or after recordation hereof.
17. Trs-nsfer oE the Properf~: Accumption. If a11 ~.r am part of ~he Pmperty ~r an interest therein i~ c~~ld or irancferred
by Barrower without I_cnder's prior u~riurn a~n~ent. r~cluding !a- thc crcation ot a licn ar encumbrance suhordinate to
thi. Mortgage. fbl the creation of a purchace mone}~ ~ecuri~~ +nterest f~r hou~ehold appliancec. (c) a trancfer b}~ devise.
deticent or hy operation of law upnn the death c-f a jaint tenant c~r (~U the grant of an~• Ieasehold in~erest of three yearc or less
not co~taining an option tw purchase. I.enJer ma}~. at f.cnder'ti i.ptiim. declare a11 the sums secured hy this :Nortgage ~o be
immediately due and payahle. Lender shall ha~~e K~aived wch e-ption to acrelerate if. prio~ to thc ~ale or transfer. I_enckr
and the person to whnm the Property ic ~c~ be solJ or transferred reach ~greement in w~riting that the creJit of such F-erson
i~ satisfactory to Lender and that the intere.t pa~~able on the cum~ xcured by thiti Mortgage shall be at such rate as l.ender
shall request. If l.e~~ler has waived the opti<~n t~ accelcratc prc.~ided in this paragra}~fi I7, and if Borrower's wccessor in
interest ha~ executed a w~ritten assumption agreement acrep~rd in writing hy I.ender. Lender shall release Barrower from all
obliga~i~ns unJer this Mortgage and the Note.
If Lender erercises such option In accelrr~te. I.ender ~hall mail Bormwer notice of arcelerahon in arcordance wilh
paragraph 14 hereof. Such notice shall provide a per+~kl .~f no~ Iess ~han ~O da)~s fr~m the date tfie notice ic maited witfiin
whieh Bc~rr~wer may pay the sums declared due. If Rormuer (ail~ ro pay surh ~umc prior tc- the e~pirati~n i-f cuch period.
Lendcr may. without further nnlice ~-r ~lemand e~n K~~rn.Ker, invo~.e am~ rcmedies permitled b~~ paragraph IR hereof.
Norv-1,1N~FOei-t C~vF~r~HTS. Borrower and I.ender further covenant and agrce as follows:
18. Acceleratan: Remedies. F.xcept ns providcd in pa~roph 17 hereof. upon Borrower's breach of any covtoaat or
a~reement of Borrower In !hk MortgaRt. iocludi~ Ihe corenants to psy when due any snms secored by this Mortgsge, i.eode~
prio~ to accekrotion sball mai{ notice to Borrower as pro~ided in pnr~mph 14 hereof specifyin~: (1) the bnach: (2) ibe aciion
required fo cure soch breach; (3) a date. not less thsn 30 days from the dsUe the eotice is mailed to Borrower, by whkh such
breach musi be cnred; and (4) that failure lo cure such breach on or betorc the date specified io the notke msy result in
accekmtion of tbe snms secured by Ihis Morlg~e. torcclosurc by judicial proceedinq snd sale of the Propertr. The notke
shall turther in[orm Borrowef of tht riRht to ninstate s-fler acceleratan pnd tht right to s~ssert in tht foreclosurt proceedirq~
the noa-existence of a defauN or anv other defe~e of Borrower to acceleration and fore~losure. If the b~each is not cnred an
or before the date specified in the notkt. [.ender at I.ender's option may declan a0 of tht snrns secnred by thls Mortgase to be
immediately doe and payable without furiher demand and may foreclox this Mortgs~e by judicial pmceedinR. Gender shall
be eatitled to collect in sneh proceedin~ all expenses oE foreclosure. including. bnt nof limited to, reasonaMe srioraty's fets.
and costs of documentary evidence. abstracts and Iitk reports.
19. Borrovrer's RiRhl to Reinstate. NMwithstanding t.ender's accelerat~on of the sums secured by this Mortgage.
fsorr~wer shaN have ihe right to have anc proceedings hegun hy l.ender to enforce this Martgage discontinued at any time
6~~K3~o P~E~z-~1