HomeMy WebLinkAbout2028(_~~~~•~ ,~~;;~e~ ag~r~~~ n~ ~~~~~~~bl~ !au•_ 8nrrnwer d~all ~ay the amaum of ~II m~ngage insu~ance premiums in the
manne~ provideJ unde~ paragraph 2 hertot.
Any amaunts ditbursed by t_enJcr punuant ~o this pa~agraph 7, vvith interest theteon, shall brcome additional
inJcb~ednesc of Borrowcr secured by ~his Marlgagc. Unle.c Borrowcr anJ LcnJe~ agrce to other tcrms of payment, wch
amounts shall be payable upoo notice f~om I.ender ~o Borrowrr rryuecling payment thereof, and ~hall hea~ interect from the
date c+f disbursement at tht rate payahle from time to timc ~~n auts~anding principal under Ihe Notc uoless payment of
interest at such rate wouW l+e contrary to applirable law, in which event such amounts shall hear i~terect at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 chall require I.ender lo incur any expense or take
any action hereunder.
8. lospeetbn. l_ender may make or cause to be made reaconable en~riec u~x~n and incpectionc of the Property, provided
that I.er,der shall give Borrower notire prior ta any such inspecliun specifyi~g nasonable cauce therefor related ta I_ender's
interest in the Property.
9. Condemnatioe. The prc~ceedc of any award or claim for damages, direct or con~equential, in con~ection with any
.;on3emnati.~i+ .~r .+ti~a:~ (3j.lllEj pf i~lf: Pil)j)l`ily. Ui ~art theccui, itir ia~ cun~•r}.~~iir ii~ iiru of ~uist~~t~i~stiOfi. 3TC tiC~4} ~54ib^°L~
and shall l+e paid ro Lender.
ln ~he event of a total taking of the P~opert}•. the prcxeedc ~hall he applied to ~hr aums secured hy thic MoNgage.
w•ith the e~cess, if any, pa+d t~~ B~~rrower. in the e~ent of a partial taking c~f the Pro~trt}•. :intecs Bormwer and I_ender
otherwia: ag~ee in a•riting. them shall he applied to the tumc ucurcJ M• thic MorlgaRe cuch pro~+ortion ~( the proceedc
as ic equal to that pro~rtion which the amount of Ihe tumc ~ecured hy thic !~1~~ngage immediately prior to the date of
taking hears to the fair market valuc of thc Property immrdiatcly prior to the datc ot taking, with the balance of the procceds
paid to Borrower.
If the Properly is abandoned b~• Borrow~er, or if. after notice by Lender to Born.wer that the condemnor ofTers to make
an a~~•ard or setUe a claim for damagr~, Bor~~wer fail, ~o re~~x~nd ~o I.ender w~ithin ZO da~•c after the da~e cuch nMice is
mailed. Lender ic authorized to collect and apply the pmceedc, at 1_ender'c option. either to restoration or repair of the
Propcr~y or ~o the sum~ u-cured h~~ this Moiteage.
Unles~ Lender and Bo~rower otherv-•ik agrcc in ~~ ritine, am• surh application ~f proceedc to principal tfiall not ertend
or pocl{x~ne the due Jale of Ihe momhly installmcn~s referrcd to in paragraphc 1 and 2 hereof or change the amount of
such inslallments.
10. Borrower Nof Releaced. Eetension of the time f~~r pa~•ment or m~dificati~n of amoctization ~f the ~umc secured
by this Mortgage granted by I.ender to a~y cuccetux in intrrect of Borrow~er shall nol aperate to release. in any manner,
ihe liabilih• ot the original B<~rrow•er and B~rrow•e~ c su~cesa.rc in interec~. 1 ender shall not he required to commenee
proceedings against such succecsor or refu~e t~ e+clenJ timr (or payment or otherv-•ice modify amortization o( the sums
secured M• thi~ Mortgage by rcaa~o o( :,m• demand made b~ the orie~na) Borr<~w•er and Re~rroK•er s cuccet«~r~ in interect.
I1. Forbearance by I.ender Nol a Wai~•er. r1m• f~.rF-caran~c M• 1 rnder in crcrcicing am• right or remedy hereonder, or
~thervvise afTorded by applicaMe law, ~hall n~t t+e a wai~~cr o( ~~r preclude ~he rrercise of am• such right or remedy.
The procurement of insurance or the payment of tare~ ~r othcr lienc or chargr~ bp Lender ~hall not he a v-•aiver of I.enJer's
ri~ht to accele~ate the maturity of the indebtednecc urured h~- thic Morlgage.
12. Remediec Cumulatire. All remedies pm~ided in thic ~iortgage are distinct and cumulative to an}• other right ~r
remeJ~• unJer this Mortgage or afiorded hy law ~.r ryuity, anJ ma~• tx ererrised rnncurrend~•. independentl}• or succe~si~el}•.
13. Successors and Assi~nc Bound: Joint and Seceral I.iabilih~; Captions. l he co~~enants and agreementt herein
contained ~hall hind. ~nd the riRhtc hercunder tha~l inure to. the re~pecti~•e suree~~orc and ascignc ~f Lender :~nd B~rrow~er.
c~ibjeet to ~he pn~vision, of paragraph 17 hereof. All ro~~en~ntc anJ a~xreemen~~ ~f B~rrow•er shall he jc~int and ~everal.
The captions anJ heading~ of the par.~graphc of thic Morlg:+ge are fi~r conveniencc onh• and are nc.t t~. be uud to
interpret or define the provicions hereot. `
14. Nofice. Except for any notice reyuired unJer applirahle la~ t~~ be ei~•en in an~ther manner. (al an}• natice to
B~~~rower provided for in thic ~~orlgage thall F+r givrn h}• mailin~ ~u~h nohce h~~ ~ertified mail addressrd to Bnrmwar at
the Properiy Addrecc or at such other addrecti ac B~+rr~•wer ma~~ de~+en:ite h~• ni~tirr to ! ender as pnn~ided herein. and
(bl am~ notice to I_ender shall he given h~~ certificd mail. rrtum receipt requected. a~ 1 ender a addre~a stated herein ~r to
cuch other addresc as I.ender ma}~ dc~ignate by nc•tire t~~ B~~rn~wrr a~ pr.~videJ herein. Am• nMice pr~~vided f~~r in thic
~t~~rtgage sh•rll he deemed to have been given ~o Born•wcr ar Lrnder when g~~en in the manner decignated hcrein.
1 S. Uniform MortRaRr, CoverninR L~..: Se. erabilih•. This form of moRgage combines uniform covenants for national use
and non-uniform covenants with limited variations by jurisdiction to constitute a unifornt security instrument covering real property. The
state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in w~hich the Property is located. The fcxegoing
scnteace shall not limit the applicability otfederal !aw to this mortgage. In the event thnt any provision or clause of this Mortgage or the
Nou contlicts with appticable law, such conilict shall not afTect other provisions of this Mortgage or the Note which can be given efTect
K~thout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrowe~'s Cop~. Borrower ,hall h~ furn~~heJ a ~rnf~~rmed cop}• ~~( the !votr and ~f thi~ Mortgagc at the time
of erecution or after recordation here~f.
17. Transfer of the Pmpert}; Acsumption. if all ~•r a~i~~ p.~rt c~f thc Pr~~pert~• i~r an interc~t thercin i< «~Id c•r tran~ferred
hy Borrowcr w•ithout Lender's prior wrinr:~ run~ent. e~cluding (:~1 thr creatii~n of a lien c•r encumhrance suhor.linate t~~
thic Mortgage. Ibl the creation of a purcha~e money ~curilv ~nterest f~•r h.~usehold appliancec. (cl a tran~(er h~• devise.
descent or by operation of law up~m the dcath i-f a j~ant tenant ar f~l- Ihc grant ~-f am• Icacch~ld interest of threc ycare or le~s
not containing an option tn purchase. 1 ender ma~•. at I.ender'. ~.pti~~n. declare all thc ~um~ ticcured h~~ thic '~lorigage tn t+e
~mmediateh~ due and payable. l.ender chall ha~e µ:~~.•ed turh ~~ptie.n t~• accclerate if. pric~~ to the .ale ~~r trancfer. I.ender
and the person to whom the Prope~ty i~ to Me so1J or trancfcrrcd rrarh acrccmcnt in writing that thc credit ~f ~uch pcr«n
ic salisfactory ~o Len~ler and that the interr.t pa~~aMe ~•n Ihe cum~ tiecured hy thiti Mortgage ~hall be at such rate ac LenJer
shall reyues~. (f l.ender has waiveJ the optiun tc. aceelrrate provided in thit p~ragraph 17. and if Bnrr~wer't tiuccescor in
interest has executeJ a written ass~mption a¢reemem accepted in writing by I.ender, I.ender ahall releace Borrawer from all
~~bligations under this Mar~gage and the Note.
If [.ender exerci~es surh option to acrelera~e. I en~ler ,hall mail Rc-rn.wer not~re ~f ~crelerati~~n in arcordance wi~h
paragraph 14 hereof. Such notice ~h:~ll proviJe a~xnod ~~f not Ies~ Ihan zfl dact from the date the notic~ ic mailed within
whirh Borr~~wer map pay the sum~ declare~i due If Be~r:~.HCr ~dIIC i0 (1J~' Sill'~l tium~ priar to the erpirati~n ~.f tiurh perioel.
I.ender ma~•, without turther notice ~r dcmand ~~n lie~rruv-er. ~nvi~ke am rrnicdies ~xrmrt~e:i h~• paragraph 1 R hereof.
No!v-C,'H~FORt-~ CovEx.~~TS. Borrower and { enJer further covenant and agree as follows:
18. Acceleration: Remedies. Fxcept ~s provided in para~raph 17 hercof. upon Borrowe~s breach of any covenaat or
aRreement of Borrower in this ~1ortRa~e. includin~ the co~enants to pa~• when due sn}~ sums secured by this MortRage. I.ender
prior fo acceleration shall mail nolice to Borrower ac pro~•ided in par~raph 14 he~eof specifying: (1) the bceach; (2) tbe action
required to cure such breach; (3) a date. not less than 30 da~s from thc date the notice es mailed to Bormwer, by which such
brcach must be cured; and (4) that failure Io cure such breach on or beforc the date speci6ed in Ihe notice may resdt in
acceleration of the sums secured by this 11ortRa~e. foreclosure by judicial procceding and sale of the Property. The notice
shall furlher inform Borrower ot the ri~ht to reinstate afler acceleration and the right to acserl in the foreclosure proceeding
Ihe non•existence o( a defauN or anv Mher defense of Borrower to acceler~tion ~nd Eorecbsurc. if the breach is not cured on
or before the date sprci6ed in the notice. I.ender at Lender s option may declare ~II of the sums secured by this Nort~age to be
immediately due and payable without furthe~ dem~nd and may foreclose Ihis Rtort~aRe by judicial proceedin~. Lender shall
be entitled to collect in such proceedin~ all expenses of foreclosurc. includin~. but not limiled to. reasonabk sttorney's tees.
and costs of documentary evidence. abstracts and litk teports.
19. Borrow~er's Righ1 lo Reinst~te. '``~~twith~tanding Len~ler'~ :~rcelerat~~~n ~~f the tumc ucured bp thic Wortgage.
Borrower tihall have the right to have am prexecding~ hc~un h~ I.rnJer Ia cnforcr th~~ ~torlgage diicontinued at am~ time
~~'~ 350 F~~l~6