HomeMy WebLinkAbout17411.ender's w~ittco agrccmcn~ or appl~rablc lew. Bor~owe~ shall pay ~hr amuunt of all mortgage inwrancc prcmiums in the
mann« p~uv~dr.l under paragraph 2 hcrcot.
Any amountc d~chNrcrd by~ Lrn~ler punuant ~ii ~his pa~agraph 7, wqh ~nterc~t thereon, shall 1-ecc-me addilianal
in.iebtednecc af B~-rmv-rr Kcund by rhn Nurlg~ge. tlnle~~ BorroKer anJ I.cnder ag~ee to ather te~m s ot paymeM, such
am~x~nt~ shall hc p~yahle uEx~n nuli~c tmm I cnder to Rorruwcr rcyueqing paymcnt tAcreuf.'ai-A i~ia~ll~ear intercst from ihe
da~e ot dicburumeM at the ra~c payable (mm time to ~ime ~~n autstanding principal under the Note unlecc payment of
interest at such tate woul~i he contrarv tn applicable law, in which event ~uch amounta shall hear interest at Ihe Aighest rate
permissibk under appticabk law. Nc~thinR r~mrained m ~hic paragraph 7 chal! requirc I.ender to ineur any expense or talce
any action hercunder.
a. lwspectioo. l.ende~ may makc i•~ ca~~~c to he madc rcaconable en~rits u~wn and inspections of the Property, pwvided
that l.e~de~ shall give &~rr~wer no~~cr priur ta :~ny luch inspection specifying rcasonabk cause thtrefor related to Lendei s
interest en Ihe Propeny.
9. Cosdemnatbn. The prcxeed~ at any award o~ claim for damaga, dircet or conxqupntial, in connection with any
coodemnation or wher Iaking of the Propeny, or pa~t thereof, o~ tor conveyance in lieu of condemoation. are he~+eby auiaeod
and shall be paid to Lende~.
in the tvent of a tot~l taking of the Prapeny. the proceeds shall be applied to the sums securcd by tfiis Mortaaae,
with the ezcess, it any, paid to Borrower. In Ihc event of a partial taking of the Property, unless Borrower and L~et~de~
aherwise agroe in writing. therc shall be applied to ~he ~ums secured by this Mongage such proporlion of the prooeods
as is equal to that proportio~ a•hich the amoun~ ~I thc sum~ scciired by this Mongag~ immediately priar to the date of
hking bean to the fair market value of thc Pro~r~v immediately preor to the date of taking, with the balance of the ptoceeds
paid to Bo~rower. .
lf the Propeny ic abandoned by $or~owcr..,r if. after ~o~ice by I.ende~ to Borrower that the condemnor of~ers to ntake
an award nr utN~ a claim for dama~~c.. S~~rr~wer ta~l. t~~ reti~nd !o I.ender wi~hin i0 days af~er the date such notice is
mailed. 1_endcr ic authorizrd to collec~ anJ appl~• the proceeds. at I.ender's optioo, either to restoration or repair ot the
Proptrty or to Iht sum~ ucured b}• Ihit MnnRa1ec.
Clnlesc [.ender and Borrov-er otherw~e~ agree in wriling. any such application of proceeds to principal shal) not extend
or poctpone the due daie o( the monthlv inc~~llmentc reterred to in paragraphc 1 and 2 hereof or change the amount of
such installmentc.
19. Bor~ower Not R~kzsed. Fatension of thc ~ime far payment or modificafioo ot amortization of the sums securcd
Gy this Mortgage granted by l.ender to any cuccasor in interect of 8orrawer shall not operate to rclease, in any manoer.
the liability of the original Borrower and Borrower'c succescor~ in intercst. I.ende~ chall not be required to commence
proceedings against such successc~r or refuse to ertend time for paymem or otherwice mndify amortizat~oo of the wms
ucured by thic Mortgage by rcason of any demand made b~• the orieinal Borrower and 8orrower s se~ecessors in interetl.
11. Forbesrance by I.rnder Nof s Waiver. Any fnrhearance by I.ender in e~ecrcicing any right or rcmedy hercunder, or
othenvise afiarded by applicahle law. shall nc-t be a waiver of or preclude the ezerciu of any such right or remedy.
T!:t Ysucurtr!r~! ef insu~a!±ce ;_•~ !hf ~+~yment ~f ta:ec or other liens or chargec by Lender chall not be a waiver of Lende~s
right to aecelerate the maturity of the indebtedness ~ecurcd hy thic Mortgage.
12. Ranedks Cnmulsti~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy undtr this Mortgage or afforded hy law or equity, and may be exerciud concurrcntly, independently or sucttuively_
~ 13. S~ccessors snd AssiRss Bound; .Joiwt aad Several ~.iaM'lity: CapHons. The covenants and agrtements herein
conuined shall hind, and thc riRhtt hereunder sha)1 inure to. the respective s~~ccecsnrx and assigns of Lender aod Borrower.
subject to ~he provisionc of paragraph 17 hereo(. /111 covenants and agreements of Borrower shall be joiry and sevenl.
'Ilx captions and headings of the paraRraphc of Ihis Mortgage are for convenience only and are not to be u~ed to
interprct or define the proviaionc hereot.
te. Notkt. Except for any nc~ti.e reqoired under applical+le law to be given in anolher manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given hy mailio~ tuch notice by cer~i8ed mail addresced to Bcxrower at
Ihe Propetty Addrcss or at such uther addres~ as Borrower mav decignate by noiice to I.ender as provided herein, and
(bi any notice [o Lender shall he given by certifieJ mail. return receipt requetted. ~o t ender c address stated herein or to
cuch other addnss as 1_ender may deai¢na~e by n~tice t~ B~rrower as pro~~ded hercin. Any notice provided for in this
Mortgage shall be deemed ta havc been Rn•cn to Bc-rrc.wer or I.cnd~r when given in the manner designated herein.
1S. Unitorm Mor1R~e; GoverninR [.aw: Se.erabilily. Thi~ form at mortgage combines uniform coven~nts for nationa)
use and non-uniform rnvcnant~ with lemited variations M• juricd~ction to rnnstitute a uniform security instrument covering
rcal property_ This Mortgage shall be governed hv the law of the juriuiiction in which Ihe Property is Iocated. In the
event ~hat any provision or clau~e of thic Mohgace ~.r the Note conflicts with applicabtt taw, such conflict shall not atftrt
other provisions of lhis Mortgage or the N«te wh~ch can f-e geven efiect without tht conflicting provicion, and to this
end the provisions of the Mortgage a~d the 'Vo1c arc ~leclarcd to t~e uverable.
16. ltorro~+er's Copy. Borrow•er chall be furn~~hed ~ conformed copy of the Note and of this Mongage at the timt
of exceution ar after recordation hereof.
17. Trausfer of tht Propertv: Acsump~ion. It alI or any part of the Property or an intercst therein ic sald or transferred
by Borrower without Lender's prior wru~.•n ~untient. e~cluding lal ~he creation of ~ lien or encumbrance subordinate to
this Mortgagt. (bl Ihe creation of :- purch~~c m~~nrv ~ecuri~y meeres~ for houuhold appliances. (c) a trancfer hy devist.
descent o~ by opcration of lav-• upon Ihe Jca~h of a j~~~nt tenanl or (d! the grant of any leasehold interest of Ihrcc ycars or kss
not containing an oplion to purchase. t.ender may. at I.ender'~ option, decl:,re all tht sums secured by ~his Mortgage to be
~mmediately due and payable. i_rnder ~hall h~ve w.uved such option to accekrate it, prior to th~ ~alt or transfer. Ltnder
and ~he person to whom the Property i. tu bc .o1J or ~ransterred reach agrcrment in writing that the credit ~f ~uch percor~
is satisfactory to I.enJer and that the interr,t pa~ablt on the sums secured by this Morlgage shall be at such ratt ac l.ender
shal! requtsl. 1f !_ender has waived Ihe op~ion ~o accelerate provided in this paragraph 17, and if Borrowe~ a successor in
interest has txecuted a wntten assumption agretmem accepted in w~i~ing by I.endtr. Lendtr shalt releate Borrower from all
obligations unJer this Mortgage and the Note.
If Lender exercises such opUOn ti~ ac~elera~e. !_ender thall mail Borrower notice of acceleration in accordanc~ wi~h
paragraph 14 hereof. Such nonce ~hall proM~de a period of ~o~ less than 30 days from ~he date the notice is mailed wi~hin
which Borrower may pay Ihe sum~ declrred dut I( Borrowe~ fails to pay such sums prior to the txpirat~on of cuch pericxl.
Lender may, without furthcr no~~cc or Jemand on Borrower. ~nvokt any remediu permitteA by puagraph IR hercof.
NON-UNIFORM COVENANTS Borrowu and l.cnder (urther covenaot and agree as (ollows:
la. Accekntan: Remedies. Except as pravided ia pan~raph 17 bereof. upoo aorrowets beach ot ~nr co~awl or
a~rceau~t of Sorrowe~ in this MortRaRe. includ+n~ Ibe torenanls lo pay whto dut ~ny sunts tecurtd by thk Morf~a~e. Lendcr
prbr to accekr~Non shdl majl notice to dorrower as prorWed In para~nph 14 hereot specliyln~: (1) tbe brescb; ltl tAe actios
teqnired fo cere socA breach; 13) a dste. not less ~han 30 dsrs from the date Iht aotke 6 m~ikd to Ibrrowcr. br •.hkh snc~
b~each mwt se cnnd: and (1) ~hat tailurr Io cure srch breac6 ow or bdoi+e the d~e speelfied in Ihe notke msr resWt h
accekntioa ot t~e sna~s secund by this Mort~a,~e. foreclosun by judicial proceedi~ aad sale o1 tbe Propeery. 7be nolkt
sball furtAer intorn~ Sorrower ot Ibe riRh1 lo ni~tNe Nter accekrstbn aad the ~bt to asrtA is tbe toreelos~re'roceedi~
tre son-e:istenct ot a defauh or any Wber detense ot QoROwer to sccekration and foeeclostoc. It tAe bn~ch is sot cored ow
w before thc date speciBed in fbc notice, t.ender at I.ender's aptiow aisy dcclare aq ot the snn~s sect~ted br tbis MortRaRt to ee
imraediattly dut and Payable wi1lMUt tunber dem~od ~nd may foreclose thls Mort~a~e by judicfd ptoceedlnR. f.ender chap
be estitkd ~u co1{ecl in wt~ proccedi~ all c=pcnscs ni foreclosure. Includinj, bnt ~of IimiteA to. reasonabk st~•~rnev's ftes.
•Ild tOfft O~ dOtY111tlll~t'y lrlatlltt. abslncts and ~itk reports.
19. Dorrower~ Ri~bt to ReiMtste. Nolwithti~~ndin~ I ender's acceleration of the sumt ucuTed by ~h~t Mertgage.
Porrower shall havt tht nght to have am prcxe~dinc: hr~~~n b~ Lc~der ~~ entorce ~h~~ M~ngaqe d~xon~~nueJ a~ an~ umt
8'lOK ~cJU Pd~E ~ ~ ~.1~