HomeMy WebLinkAbout14371 r~ulrr'~ wnucn a~;rrcmcnt a~r appbiablc luw. Hurrowrr shall pay thr amount o( all mortgage inwrance ptemiums in ihe
mamir~ piuv~dr~l undcr pr~agtaph 2 he~tof
Any am~~uni. ih.hunr~t by 1 rn~lcr purwanl t~- thix par.~graph 7. w~ih ~ntcrcc~ Iheru-o, s~all become additional
in~lrhrrdnr,~ ~~f Hu~r~~NCr .rcurrJ hy ih~. Nur~~;age lJnlr.~ Ri-rruwer a~d I rn~k~ agre~ M dhcr term~ ~f payment, such
am~uinh ~hall Fx pacaMc u~xm nuti.r fmm 1 rndcr tu &~rruwrr rcyuc~~ing paymcnt ~hcrcc-(, anJ chall hcar interett from fhe
~iatr ~~f di~hurkmcnl al Ihc ratr p.~vahlr (rum timc t~~ hme i~o oulst~nding principal under the Notc unlest payment o!
imcrect at such ratc would he conl~arv a~ applicahle law, i~ which evcnt ~uch amouMs shall hear interett at lhe hi6hest rate
pe~miscibk under appLcable law. N~-Ihin~; ci~Mained m ~h~~ p~raRraph 7 chall requirc 1_ender to incu~ any expenx or take
any action hcrcunde~.
d• laspectan. 1 enJer may make ur r.~~~.r t~~ he m:Kle rea~nahle enlriec u~n and inspections of the Property, provided
that 1 ender chall Rrvr Rorn.we~ nut~cr pri~-r tu any ~uch ~ospecl~on ~ptcifyins rcasonabk cause therofor related to I.ender's
~ntcrcat m ~he Pmpcrty.
9. Coademnafion. The pn-ceedc of any •rward or claim for damages, dircet or consequential, in eon~oction with any
condemna~ion or Mher ~aking of ~h~ Propehy, or paM thercot, or for conveyance in lieu of coodemoatioo. are hereby mia~ed
and shall bc paid to t.ender_
in Ihe event of a Iotal taking of the Pmper~y, the proceeds chall b~ applieJ to the s~~ms securcd by this Morttase.
with the exceu, if any, paid to Borrower. ln the event of a partial taking o( ~he Property, unless Bomower and I.ende~
otherwice agree in writing. thcrc shall he applied to the sums secured by this Ma~tgage tuch proportion ot the prooeods
as is equal to that pro~rtion w•hich ~he am~,i,nt ~~f the sumc ucured by this Morigage immediately priar to tht date Nf
taking liearc to the fair markel value of the Pro~xrly immedialety prior to the date of laking, with the balance ot the pr~ocetds
paid t~ Borrower. .
If the Property ic ahandoned bv Rorrower. ~x iL af~er nMict bv i.ender to Borrower that tht condtmnor oifen to mate
an award c-r cctlle a claim for d~macc~. R~~rr~.wcr fa~h to reti~x.nd t~ I.tnder within l0 days a(ter the date suth notitt is
maited. I_enJer i~ authorired to c~llect and apply the procecds, at I.enuer'c aption, either to restoration or tepai~ o[ the
Propcrt~• or 1~ the ~um~ +ccurcd b~• ~hi~ M~r~gage.
llnles~ 1 enJer and Borrower othenvicc agree in wrihnc, any such application of proceeds to principal shsll not extend
~,r ~xxlpi~ne Ihc due date .~t ~hc monthlv i~ctallmcntc rcferred to in paragraphs 1 and 2 hereof or change the amount of
cuch mstallmentc.
10. Bonower Nol Released. Extension of Ihe ~ime for payment or modifica~ion of amortization of the sums securcd
by th~c Mort~age qranted by l enJer ta any cuececsor in intere~t of Botrower chall not opente to rckax, in any manner.
the liah~liry of ~he original Borrower and &-rrower'c successorc in intercst. T.ender shall not !~e required to~ commenct
pmc~eJing~ aga~nat cuch u~cceuor or rcfuse to ettenJ time for payment or othenwiu modity amortization of thr wms
se: ured by thi+ Mortgage by rcacon of any demand made by the orieinal Borrower and Borrower s successors in ioterect.
11. Forbearance by (.eoder Not s Waiver. Any f~rhearance bv I.ender in exercising any right or remedy hercunde~, or
~~herwise aR~~rded hy applicable law. shall nM be a waiver of or preclude the exe~cise of any such right or remedy.
Thr procurement of insurance nr the payment o( taaes or other liens or chargcs by I.ender chall not be a waiver of I.ender's
right to accrlerate the ma~urity of the indeb~edn~cs cecurcd hy thic Mortgage.
12. Remedies Cumulati~e. All rcmedies p~ovided in thic Morigage arc distinct and cumulative to any othe~ right or
remeJy under thic MortR~ge or afforded hy law or equity, and may tx exerciud cancurrrnlly, independently or succtuively.
' 13. Successors and Assi~ns Bound; .loint and Serersl I.iability; CapNons. The covenants and agreements hercin
conlained shall bind, and the riRhts hereunder shall inurt to. the respective succetcon and assigns of Lender apd Borrowtr.
cubjcct to the provicions of paragraph 17 hereof. l~ll cavenants and agreementc of Borrower shal{ be joiry and sevenl.
The capti~~s and heaJingc of the para¢raphc of Ihic Martgage are (o~ convenience only and arc not to be ined to
~nterpret or definc the prav~aionc hereof. "
14. Nolice. Except h.r any notice rcquired under applicable law ro be given in another manner. (a) any notice to
B~~rn~wer provided for in this Mortgaee shall be given by mailing such notice by certified mail addresxd to Borrower at
the Property Address or at such cNher addres~ as B~rrower mav decignate by noiice Io i.ender as provided hereio, and
(hi anv notice to Lender shall he given hy certified mail. retum receipt requttted. to 1 ender s address s~ated herein or to
~uch v~her addrett as Lender may decienate by nrnire tc. Borrower as pm.,ded hercin. Any notice pmvided for in this
M~~rtg~ge shal) be deemed t~ havc lxen g~ven to &-rrovrcr or l.ender when grven in Iht manner de~ignaled herein.
15. Uniform MoAR~e; ~;overninR Iaw: Se.erabilit~•. Th~~ f~rm of mortgagf combines uniform covenanls for national
~~se and nan-unifarm covenam~ with IimiteJ vanal~onc h} ~uricd~c~ion to constitute a uniform security instrument eoverinE
rcal property Thic ;~torlgage chall be governed h~• Ihc law of the juriuliction in which the ProptAy is located. In the
event ihat any provis~on or claute of thi. Mortgage i~r the N~~~e conflicts wi~h applicable law, such conflict shal) not aBect
other prov~sions of Ihic Mortgage i~r the N~.tr which can t~e given efTect withoul the conflicling provi~ion, and to this
end Ihe provici~.ns i~f ~he M~rtgage and the '~iote are Jeclared to t+e uverable_
16. Borrower's Copv. Borraw•er shall be turni~hed a con(ormed copy of the Nott and of this MortRage ai the time
of execution or aher recordation hereaf_
17. Tnnsfer o/ the Ptopert~: Assumption. 1t all nr any pan of ~he Property or an intercst thcrein ic sold or tnnsferced
by Borrowcr ..nh~~ut [_ender't pnor wrn~.-n ~„n~cnt. culuding (at ~he creation of a lien or encumbnnce subordinate to
this Mortgage. (b- Ihe creahon of a purch.,.r m~~nevi cecurity ~nterest for household appliances. (t) a Irancfer hy devise,
descent or by~ opcration uf law uMm the Jca~h ~f r jo~n~ tenam or (d~ the gram of any leasehold intercst of thrcc years or less
not containing an optiun to purchase. 1 ender may. at I.ender'~ opt~on. declare aU ~he sums xcured by this Mortgage to be
immeJiately due ~nd pay~ahle. Lrndcr ~hall h~.e w,~~.~ed ~uch opUOn to :+rrrlerate if, prior lo the cale or Iransfer. Ltader
and the peru~r, to whom ~he Proper~y i. a~ he .ol.I i~r transferred reach agrerment in writing that 1ht credi~ of euch perwn
~s satisfacton• to I.enJer and tha~ the intcrr.~ pe~abte on the sums ucured by Ihis Mortgage shall be at such rale ac l.ender
shall reyues~. If I.enJer has waived thc opuc~n to accelerete provided ~n this paragraph I7, and if Borrower'a auccessor in
interest hac executed a wntten ascumption agreement accepted in writing by I_enJer, [.ender shal) reltase Borrower from al)
obligat~ons under th~s Mortgage and the ti'ote.
If I.ender exercixc such opt~on 1~~ ac~elerate. I.ender chall mail Borrower notice of acceleration in acrnrdancc W ith
parag~aph 14 hercof. Such nolice ~hall pmv~de a pencxi ot not lesc than 3Q days from the date the notice is ma~led within
which Borrvwer may paf the sumc derlrred due. If Borrawet (ails to pay such sums prior to the expiration ot wch penc~d.
Lender may, wi~hc~ut further not~ce ~r Jemand on Barrower. ~nvoke any remedies permitted by paragraph IA hereof.
NON-UNIFORM C()VENANTS Borrower and Lender (urther covenam and agree u follows:
18. Acctlenlion: Remedks. Ezceq as provided ia para~raph 1~ Aeno/. upo~ dorrowers MeacA o/ any co~esset or
agreemeat of Borroatr in Ihis'.Nortga~~. includin~ the toreaants fo p~y ~+hes due sny surns secured br thfs Moti~s~e, I.tndtr
prior to accelentba shall mail notice lo dorro~+er as provided la para~raph 14 hereof specifyi~: (1) the bre~ch: (21 tAe aelbw
requfnd to con such brrach; (3) a date. not kss tAan 30 days from the dMe the noticc k mailcd to eorroner. by whkb wcA
M~each must be cured: snd (1) lhat /ailure lo cure srcA bre~ch oa or before /be dMe specified in the aotke m~r resdf is
~ccekntion ot tbe snms secund by tAis MortRa~t. ~wecbsure by judlcial proceedi~ ~nd sak ot the PmPe~. The nolkt
shdl furthcr inform Borrowcr ot the riRh1 to reinstste atler ~ccckrstba and Ibe riRht to ~erl in tAe /oreclosrrt'e~oceedl~
t6t non-eiistence of a dehuN or any Ml~er deteeKe ot Eorro~+er !o acctkrstion awd toreclosort. It tAe bre~c~ is not cerea ow
or befor~ the dste spccifitd in the notice. I.ende~ ~t 1 ender's oplion may dtclsre sq ot tht soau sea~rea by thfs Mort~aRe M be
immedialely due and payiDle wifhoul (urtber demand ~nd msr Ioreclose fAk Morf~a~e by judkW proceedinR. I.ender cAall
be eotitled to collett in wcb proceedinR sll e:penties ~~( toreclosrre. Inclndin~, bnt not Ymited to. teasoni~le stt~.rneY's fees.
and costs of documen/ary evidence. abstrscls and Iille nports.
19, dorrowers RIRht to ReiMtate. Nolw~th~tanJin~ I ender's accelerat~on of ~he sumc ucured by th~c Mongage.
Borrower shall have ~he nght u. have am prcke~d~n~. t,r~~~n b~ Lender to ~nl~rce Ihi~ !-i~rtgaqe dnc~nhnueJ at an~ nme
~,:.'~350 ~b~~1~36
~