HomeMy WebLinkAbout1747I.enJrr's w~~ttcn agrrement or appl~rahie law. Borrowe~ shall pay Ihr amuunt of alf mortgage incurance prcmiums in the
mannrr prov~Jrd undcr paragraph 2 hercot.
Any amoun~~ di~hurs~d hy I.cndcr pur~uanl ~u Ihis paraRraph 7, wuh u~tcrc~t Ihcreon, chall I~ccomc additional
in~leh~rdnr.c ut Ha~r~~v-rr .rcurrd by ih~. Murt~age. Unle~~ HormMCr and I en~ler aRree t~ other Iennc of paymenl, such
amountc shall hc payahlc u~x~n nu~irr fr~-m I rnder p~ &-rruwrr reyuc~~ing paymcnl thc~u~~~,aiµl,=h:~ll~ ar intcresl from the
dale of dicburument at ~hc ratc payahlc f~om timc to ~ime un oulstanding principal under ~the Notd unlest payment of
interest at such rate wauld be cont~anr ~o applicable 1•rw, in which event cuch amounts chall hca~ interest at the highest rate
permiuibk under applicabk law•. N~Hhin~; r<~ntaincd m thic p:~ragraph 7 chall rcquire I.cndcr to incur any expcns~e or take
any action hercunder.
a. laspection. I.ender may ma1;c or rau.c to t+c maJe reau-nable ent~iec u~n aod inspections af the Property. provided
that l.ender shall give Borrower nu~~~~ pri~~r u~ any wch iospec:tion specifying rcasonabk cause thereto~ rclated to L.tnder's
interesl in the Praperty.
9. Coademaation. The prcxeedc of any award or claim for damages, direc~ or consequential, in connectio~ with aoy
condem~ation or other taking of 1he Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigoed
and sfiall be paid to Lender.
~ in Ihe event of a tMal taking of the Propeny, the procceds chall be applied to ~he sums securcd by tfiis Mort6age.
with the eacess, if any, paid to Borrower. In ~he event of a partial taking of the Aropeny, unless Borrower and Lende~
o~herwise agroe in writing. therc shall t~e applied to Ihe sums securcd by Ihis Mortgage such proportion of the pr+ooeeds
as is equal to that proportion vehich thc smounl of ~he sumc sec~~red by this Mortgage immediately pri~r ta the datt of
taking bears to the fair market valuc of ~hc Pro~xr~v immediately prior to the date ot taking, with the balance of the proceeds
paid to Bormwer.
if the Property ic abandoned hv Borrower. or if atter nntice hy l.ender tn Borrower that fhe condemnor otiers to matt
an award or uttk a ctaim for damagc~. R~~rn.wer f~~l. t~. recpond to l.ender wi~hin 30 days alter the date such ~tice is
mailed. Lender ic authorized to collect and apply ~he prcueedc. at l.ender i oplion, either to restontion or repair of the
rrupeny u~ ~o tn~ sum~_ucured 'n~• tni~ ivi~,n~agr.
Unlesc I.ender and Borrow~e~ othen-•i~c agree in writ~nc, any such application of proceeds to principal shall not extend
or pcxtpone the due date of the monlhlv inctallments referred to in paragraphc 1 and 2 hereof or change the amount of
cuch installments.
10. Borrower Not Released. Fxtension of the time for payment or modification of amonization of the sums securcd
by this Matlgage granted by I.ender to any cuccecsor in interect of Borrower shall not aperat~ to rekase, in any manr-er.
the liability of the ori¢inal Borrower and Ba~rower'~ succesu~rc in intercst. I.ender ~hall not be rcquired to commence
proceedings against ~uch successor or refuse to erlenJ time far payment or otherwiu madify amonizat~on of thr sums
urured hy thic Mortgage by rcason of ~ny demand made b~• ~he ori¢inal Borrower and Barrawer s successors in interect.
11. Forbearance br I.ender Nof a Wai~er. Any f~rhearance hy I.ender in etercising any right or remedy hercunder, or
othenvise aBorded by applicable law. shall nc.t be a waiver of or preclude the eaercise of any such right or remedy_
The procurement of insurance or the payment of taxec or ather liens or charges by 1_ender ~hall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness ~ecurcd hy thic MortgaRe.
12. Remedies Comulali~e. All rcmedies provided in this Mortgage arr disti~ct and cumulative to any other right or
remedy unde~ this Mort~age or aftorded hy law or equily. :~nd may be exerciud concurrcotly, independently or succeuively.
' 13. Secceswrs and A~ns Bound: Joint sad Several I.iaM7ity: CapHons. The coveoants and agreements hercin
contained shall bind, and the riRhtc hereunder shall inure to. the rc~pective succecsorc and assigns a( Lender ae-d Borrow~r.
subject to the provisionc of paragraph 17 hereof. All covenanls and agreements of Borrower shall be joiry and several.
Th~ eaptions and headings of the par~graphc of thic Mor~gage are for convenience only and are not to be uced to
intcrprct or define the provi~ions hereof.
14. NMice. Except for any noticc required un~er applicable law to be given in anothtr manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailinR such notice by certified mail addressed to Borrower at
the Property Address or at such o~her addres~ as Borrow~er mav deagnate by notice to I.ender as providcd herein, and
(b) any notice to [_eoder shall he Riven by certified mail. retum receipt rcqucsted. l0 1 ender s address stated herein or to
such o~her addrcss as I.ender may deciena~e by n~tice to Bo~rc.wer as pro~~ded herein. Any notice provided for in this
Mortgage shaq be deemed. to havc heen g~ven to Bc~rmwcr or I.ender w~hen given in the manner designated herein.
1S. Unifonn MortRa~e: Governin~ taw: Severobililr~. Thic form of mortgage combines uniform covenants for national
use and non-uniform covenantc with limited vanationti h~ juricJiction to con~titute a uniform security instrument covering
rcal property. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. in tht
event ~hat any provision or clauce of thi~ 141ortgage ~r ~he N~te conflicts wi~h applicable law, such conflict shall not aifect
other provisions of this Mohgage or the N~~tc which can be given efiect withoi~t the conflicting provicion, and to this
end the pro~isions of the Mortgage and ~he '~tote arc declared to t~e sev~nble.
16. dorrovrer's Copy. Bor~ower shall bc furn~~hed a conformed copy of the Note and of this Mortgage at the time
of execution or aftcr recorda~ion hereof.
17. Tn~ter of tbe Property; Assump~ion. If all or any part of the Prnpehy or an~nterest therein is sold or transferrcd
by Borrower without Lender's prior writt.•n ~unsent. ercluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. (bl the creat~on of a purch:,er m~~ne~~ ~ecurity intertst f~r household appliances, (c) a trancfer hy deviit,
descent or by operation of law upon the dcath .~f a j~~~nt tenant or (dl the granl of any teaschold intercst o( lhrec ycars or kss
not containing an option to purchase. l.ender ma~~. at ! ender'~ option. derlare all ~he sums secured hy Ihis Mortgage to be
immediattly due and payablc. Lcndcr ~hall ha.c w,u.~cd such opuon to a:crl~rate it, prior to ~he cale or t~ansfe~. Lender
and ~he person to whom Ihe Property i~ a. be .ol.l or transferred reach agre.ment in writ~ng that the credi~ ~f wch per~on
is satisfutory to Lender and ~ha~ the imcr~.t payaole on the sums secured by this Morlgage shall be at such rate ac I_ender
shall request. If (_ender has waivcJ tbe ~p~~on ~o accelerate provided ~n this paragraph 17, and if Borrower i~uccessor in
interest hac executed a written as~ump~ion agrcemen~ accepted in writing by l_ender. Lender shall release Borrower trom all
obliga~ions under this Mor~gage and th~ Note. .
if Lender exercius such opt~on t~• accelera~e. I.enJer ~hall mad Borrower notice of accelerat:on in accordenc. u~~h
paragraph 14 hereof. Such notice shall provide a penod o( not less than 30 days from the date the notice is mailed within
which Borrower m~y pay the sum~ declrred due If Borrower fails to pay such soms prior to the expiration of wch per~od.
Lender mav. W~t~oW lunner noi~ce c-r ciemand on aurruwc~. ~n~vi~c .iy rer+'~edi~s w~iiii=it:~ tSy ~R3C~$~3'~2! IQ }!L'lrnf.
NON-UNIFORM COYENANTS 8orrower and Lender turther covenant and agrte u follows:
18. l~-ccelerstan; Remedies. E:cep as provided ip paraRnph 17 hereot. ~pon Eorro~+ers br~acA ot any co•eesM or
asrecment of Eorrower in this Mort~a~e. includi~ the corenanls to p~y when due sny sums securcd by this MorfRaRe. l.tnder
prior to accekrstion shdl m~il notice to do~ror.er as provided in psrs=rsph 14 Acreot speclfyio`: (1) the Dteuh:121 the sefbn
rcqulred to core sncA bresch; (3) s date. not less than 30 days t~om the d~fe the notice h mJled lo eorro~+er. ey which suc~
b~each must bc cund: snd (4) Ihat faitu~e lo cure snch bn~cb ow or betore Ihe date speciBed in the nolke msr resuM I~
accekrstion ot the sams secund by Ihis Mort~aRe. lwrclosure by judlcid proeeedin` ~ud sde ot /he Pwperty. The natke
shdl further inform Eorrower ot the riRh~ to reinstafe a(fer ~ccekratba and the riRhl to ~ssert in tbe toreclosdre ~roeeedl~
t6e aon-existencc ot a detauM or anr other deten~e of 6orro~+er to accekrafion ind (orecbsrre. 1/ the bnsch is not cnred o~
or befon the date specified ia the notice. l.ender ~I l.ender's oplioA n~~ dcclare dl ot the sems ~ec~nd ~' this MortRaRe to be
immediattly due snd payable witlMUt furtber dem~nd and n~sy toteclost thk Mo~ate by judkid Proceedie~• /.ender chall
be totitkd lo co11eA in sue~ procted~nR in exP~nus ~~f (oreclosere. Includi~. brt not Umiled to~ teasonsbk stt.~rnev's fees.
~nd costs a( doc~rneMary eridence. sbstracts and lilk reports.
19. Donowers Ri~hf fo Reinstate. Nolwith~~~nd~nK 1 e~det s accelent~on of the sums ucured by ~h~c Mongage.
Borrower shall havt Iht nght to have am prcxe~d~ne. F.eFun b> Lendu lo tn(~rct thi~ Mc-rtgaqe dnc~nt~nued a~ an~ nmt
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