HomeMy WebLinkAbout24881 enJer'~ wnl~cn agrccmcnt or applicahle law. Bo~~owet shall pay Ihe amuunl of all martgage i~curaix:e prcmiums in the
mannrr p~~~vi~k•~I ~~nder pa-agraph 2 hereof.
Any amuunh di~h~uscJ bv 1~n~icr punnanl Iu Ihic paraR~aph 7. wdh ~nterect therme, chal) I~ecome additional
~mkhirdne.~ ~~f N~aruwrr ~rcurcd by ~hi~ M~~-i~;age linle.~ B~~rrov-er and I en~ler aRree to othe~ tennc of payment, xuch
am~~unt~ ~hall Fx• ~•avaMr u{x~n n~airr frrm I rndrr w B~~rruwr~ rcyue~ting paym~nl thereaf, aoJ shall bear inte~est from the
d:~~e of di~hurkment at the ~a1c pavahle f~~~m time lo lime un onlNanding principal u~der the Note unlesc payment of
interect at unh rate would t-e cuntrarv a, ;~pplicable law, in which even~ ~uch amountc chaH hea~ interest at Ihe hiEhest nte
pe~missibk under apphrable law. N~Hhing c~~mained in Ihic patag~aph 7 chall require I.ende~ to incur a~y expenee or take
any action hcreundcr.
d. Isspectio~. LenJer may make or ~ an,~ la t+e madc rcaconahle entriec u~n and inspeclions ot the Property. provided
1ha~ l ender shall give R~-rrower n~-t~cr pri~~r la any a~ch in~pec~i~~n cpecityina reaspR~~1e caus~ t~ere(or rtlaled to I.ende~'a
mterr~l in the Pm{x:rty. Z
9. Condemnatbn. The pnxeed< <.t any award or claim for damages, dircet or consequential, in connection ~rith any
condemnatii~n or other taki~g ai Ihe Prapeny, or pa~t Ihereof, or tor conveyance in lieu ot sondemnation. are herebp issiaoed
and shall be paid lo I.ender.
In Ihe event of a tot~l ~aking of the Pmperty, the proceeds ehall be applieJ to lhe sums securcd by this Mort~a~e.
with Ihe ezcess, if any, paid to Borrawer. lo thc event ot a partial taking of the Property. unlest Borrower aod Lender
o~herwix agree in writinR. therc shall he applied ~o the cums securcd by this Mortgage such proportion ot the ptooeeds
as ic equa) to Ihat pro~tiion which Ihe am~~~~nt ~t ~he sumc cecured by this Mortgage immediately prior to the date ot
taking t~ean to the fair market valuc of ~hc Pm{x:rtv immediatety prio~ to the Jate of taking. wilh Ihe balance ot the procetds
paid ti, Bormwer.
lf the Property ic aband~~ncJ M• H~~rn.w~cr. ..r if a(ter nolice by I.ender to Bormwer thst Ihe condemnor oRen to make
an award ~r ~etlle a claim for d~m,~ki~. R~~rn~K•cr f~~l. ti~ rea{x~nd to 1_e~der within i0 days afler the date such ne-tice is
mailed. i.ender ic authori~rd to collec~ and ap~l~~ ihe prcueedc, at l.ender'c•optian, tither lo restotalion or repsir o~ the
P•opcn~ or ~c• 1hc wm~ ~ccured h~ ~hi~ Mi•rt~tagc
(inleca 1 ender and R~rruwer othenvicc agr« in writin~e. am• such application of proceeds to principa) shall not extend
or ~x.ct~.ne the due dalc ~~( the monlhlv in~lallments referred to i~ paragraphc 1 a~d 2 hercof or chan~e the amount ot
tuch ~nstallmentc
10. Borrower Not Rela~sed. Fxlension ot the time for paymenl or mndiflcation of amortization of the sums securcd
by thi~ M~rt~age qranted by I.ender to any cuccc~ccc~r in interect of Borrower ~hall no1 operote to rclesse, in any manner.
the hahility of the original Borrower and Borr~nwer'~ succeiso~c in interest. I.ender shall not be rcquired to commence
pmceeding~ aRaintt ~uch sucreaor or rcfusr to -e+etend time fo~ payment ar olhen~viu modity amortizat~on of ~he sums
ce: ured h~ thi~ M~~rigage hy rcase~n of any demand made b~~ the orieinal Aon~wer and Borrower s successon in iMerest.
11. ForAesrance by i.ender Not a Wdver. Any fc•rhearance b~ 1_ender in e~ercicing any righl ar remedy hercunder, or
~•therw~se afi~~rdeJ hp applicahfe law, shall not tx a waiver o( or preclude the exercise of any such right or remedy_
The procuremem c.f insurance nr the payment oi taxes or other liens or charge~ by I.ender shall not he a waiver ot Lende~'s
right t~~ acrrlerate the maturity of the indehtednecs cecurcd hy thic Mortgage.
12. Remediec t'umulsti~e. All remedies pmvided in this Mortgage arc dislinct and cumulative to any other riaht or
reme~ly under thic Mc-rtgage or afforded hy law or equity. and may be exerciud concurnently, independenlly or successively.
~ 13. Snccessors snd Assi~ns eo~~nd; .Joiol and Seversl I.iaMlity; Csptfons. The covenants and agreements hetein
containal ~hall hind. and Ihe riRhtc hereunder shall im~re to. the rcspective succeccon and assigns of ~ender aod Borrower.
~tebject to the pmvi~ions ~t paragraph 17 fitreof. All covenants and agreemtnls of Borrower shall be ioiry and sevenl.
The caption~ and headingc of the parag~aphc of Ihic Mortgagt arc f~r convenienee only and arc not to be uted to
mtcrpret or define the prov~~ionc herenf.
14. Naice. Frrep~ tor any nolicc rcyuired unJer applicable law to be given in another manner, fa) any notice to
Rorrow~er provid~d for m thic Mortga¢e ~hal) fx given h~• mailinR such notice by certiAtd mai) addresced ro Borrower at
the PrupeAy Addrccc ~r at auch c-ther addrese as R~.rr~wer mav de~ignate by no~ict to I.ender as provided herein. and
(h1 am~ notice to Lender shall he given hy certifieJ mail. retum receipt rcques~ed. to 1 ender s addrc~s slated herein or to
<,uch ~ther addresc as 1 ender mac de~iqnate hy nMice ~~. Bc-rr~wer as prov~ded hercin. Any notice provided iw in this
MortRag~ shall he deemed to havc hecn gi~•en to &~rn.wer ar 1 ender when g~ven in the manner decignated herein.
1S. ITnitorm Mort~a~c; GoverninR t.aw: Se.erability. Thn f~rm of mohgage combines uniform covenants for national
~~se and n~•ri-uniform a.~~enan~c with IimiteJ var~aUOn~ h~ juriad~ction to constitu~e a unitorm security instrumtot coverin6
reai propcrry. Th~c MortRage shall be g~verned h~• ~he laW of the jurixdicl~on in whith the Property is Iqcated. In the
event that any prov~sian c-r~claute of Ihi~ Mt-rtgace ~~r ~he N~tc rnnflicts with applicable law, such conflict shall not affeet
other provisions ot thic M~.rtgage or the Nntr wh~ch ran !+e given effect without the conflicting provicion, and to this
end Ihe pra~ i~ions n( ~hc iNor~gagc and the '~totc arc derlared to 4u uverablt.
16. dorrower's Cop~~. Borrov-•er ~hall 1+c furm~hed a conformed cop~• of the Note and of this Mortgage at the tinte
o( ea~cution or a(ter recordatian here~•f.
1?. Trsaster ot tbe Propert~•: Accump~ion. I( all or an~• part of the Pmpehy or an intercst Iherein is sold or tnnsferred
by Borrower w~th~~ut I.ender's pnc-r wnn.•n ..~n~ent. e~cluding lal the creation of a lien or encumbnnct subordinate to
th~s Mortgage. th! the creahon af a ~u~.h.icr m~mc} ~ecutity iotertst for household appliancts. (c) a trancfer hy devist.
deuent or by o{-~rat~on ~.f law upc~n ~he dcath ~f a i~~~m temnl or (dl tht grant of any Itasehold intercst of Ihrcc ycan or kss
not containing an option to purchase. 1 ender ma~. at I.ender'~ opUOn. derlare all tht sums secured by this Mortgage to be
~mmed~ately doe and payable I ender 1ha11 h;,.e w,nved such eption ~o acc~lerale if. prior to ~he wle or transfer. Lender
and ~he person to whom the Pro~xrty i. a~ tx .oW ~~r ~ransferrcd rcach ag~e~ment in writing that the credi~ of cuch pcnon
is sati~faclon to LenJtr and that the interr.t pa~able on ~h~ sums ucured by this Mortgage shall be at such rate ac Lender
shall request. If I ender has wair•ed ~he op[ion to acceleratt provided in this paragnph 17, and if Borrower'a auccasor in
inte~est hac eiecuted a wntten assumption agrcemenl accepted in writing by I.ender, Lender shall release Borrower frt-m all
obLgauons under th~s Mortgage and the Notr .
If I.ender exerciuc such opUOn t~ ac~elerate. l.enJer ehall mail Borrower notiee of aecderat~on in accordancr wi~h
pangraph 14 hereof Such notice ~hall prov~de a pericxi of not iess than 30 days from the date the ~otice is maikd within
which Borruwer may pay the sume declared due It BorroNer (ails to pay such sums prior to the expin~ion of cuch period.
Lender may. without further not~cc or Jcmand on Bcxrower. ~nvoke any remedies permitted by paragraph IR herc~f.
ItiAN-UNIFORM COVEvANTS Borrower and Lender (urther covenant and asree u follows:
18. Acrtlerstan; Remedies. Etceq as provided is psra~rapb 17 bereot. opo~ forrowers M~esc~ ot ~wy co~ew~N or
a~reemeot of Eor-ower in this ylortRaRe. includinR tAt covenaMs to p~y r-hee due asy snms secrted by thls Motl~aRt. I.e~er
prior lo ~cceleration shdl maU notfce to donower as Provided ia psrs~npA 14 hereof spttNyi~: (1) tbe MricA:121 tAe sctiow
required to cnre such bresch; (3) s date. not ks 11un 30 days (rom tbe dste tbe notke b~fled fo dono~+tr. ~ wAkh src~
A~cach ~nust bc cored; aod 11) IAN failure to cdn srch bre~c6 ou or beloro tbe date sPeeiRed iw IAe wolke nur ~d1 i~
sccckration of tbe sunis sccured by thk Mort~a~e. taeclos~re by judkial ~oceediw~ a~ sak ot /Ae Pro~rty. 71~c ~o1ke
shdl further inform Eorrowcr of Ibe ri~ht to nisstale dit- ~cctltratlo~ swd the ~ht b a~seA iw IUe fortclosrte }rocetAMK
t6e non-existence o! a det~uM or any Mher defenst of eono~-K lo accekrstiow ~wd foreclosYte. If tbe brt~c~ b not c~ o~
or betore Ihe date speci6ed io fhe notice. l.ender al I.ende~'s uptio~ n~~y decl~re d~ o~ Ihe srwis ~ec~~ bp ~Ab MortR~e b ~e
immed'utely due snd psyablt witM~ul tuAher demand ~nd n~sr /oreclose thl~ Mo~a~e ~ j~dicW peesed~wR• 1•ender cAall
be eotitkd to colltct in satb Proctedin~ sll t:penses of forecbwn. includie~. bnt ~ot Ifmilei to. nawnsele an.~rneti's fees.
and costs af doc~rneatary eridence. abstracts and litk npoAs.
19. dorrowtr's RiRht to Rei~tsfe. Nutwi~h~~and~nK 1 ender's accelerat~on of Ihe ~um• ucured hy ih~s Mongage.
Borrower shall have Iht nght ~o havc am prcxcrd~n-. t~r':~~n b~ Lcnder t~ cn(c~rct Ihis M~r~gagc d~uoM~nueJ a~ ao~ umt
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