HomeMy WebLinkAbout2508I.rndrr'a wnt~cn :-E;~rcmcnt or applicable low. Barrower shaU pay thc amuuot o( all mort~age i~curance prcmiums i~ the
nt;~nnrr pruvedrd unde- paraRraph 2 hercof.
Any ;.m~~un~ti di~h~inc~i by 1 en~ler pur~uant ~~- Ihis parag~aph 7, wuh u-~crect thereon, chall l~ecome addiliana)
inJ~Mrdnc~~ u( NurroNC~ tccurcd hy ~h~~ Murigagc l-nlc.~ Norruwcr and 1 enJe~ agr 40 o(he~ tetmc of paymenl, Such
amuuM< <hall hc payablc u~x~n ~alicc fn~m 1 rnde~ ~a Borruwrr reyue~~ing paymcnt Ihe~o(, and shaU~hear interesi fmm the
date of di~hursemerU at ~he ~atr payahk tr~m ~ime to time on u~~tslanding principal under ~he Note unlesc paymenf of
interest at such rate wauld he contrarv ~~~ applicable law, in which eveM cuch amounts chal) hear intetest at the highesf rate
permissible under applicable law N~Hhing ci~ntained ~n thic paragraph 7 chall requirc l.ende~ to incur any expense o~ takt
any action hereunder.
S. laspectbp. l.e~der may make ~•- rauu 1~ be made reaconable entriec u~-on and i~sptctions of the Propetty. provided
that t.cnder shall givc Rnrrowcr nuurr pri~~r ~o any ~uch mspect~on specity~ng rcasonabk cause thercfor rclated to Lender'a
~ntercxt in the Prnperty.
9. Condemeation. 'fhe prc~ceedc c,~ any ewa~d or claim fo~ damages. diroct or eonsoquential, in connection with any
condemnalion ar Mher taking of Ihe Property, or part thercot, or for conveyance in lieu ot condemnation. are hereby assiaood
and shall bt paid to I.ende~.
ln ~he event of a tota) taking of the Pmper~y. the proceeds chall be applied ta ~he s~~ms securcd by this Mottaaae.
with the ezccss, if any. Paid to Borrower. In 1he event af s partial taking of ~he Property. unkss Borrowu and Lende~
olherwiu agrce in writing. therc shatl be applied t~ Ihe cums securcd by this Martgage such proportion ot the pwcteds
as is equal !o that propo~ion w•hich ~hc amount ~.t thc sumc xcurcd by this Mortgage immcdiately prior to the datt of
taking bears to the (air market value of thc Pn.pcrty immedialely prior to the Jate of taking, with Ihe balance of the proteeds
paed to Borrower.
It the Praperry ic ahandoned by Borroveer. ~~ ~t. a(ter notrce by i ender tn Bnrrc~wtr ih~[ i~~ c~ndentnar a!ttrs to meke
an award ~r lettlt a claim (or dama~e~. A~~rn.v-•er (a~l~ tn re~~nd to I.e~der within .10 days affer the datt such notice is
ma~kd. 1_ender ie auMori7ed to coHect and apply the prc-cecdc, at l.ender's option, either to resforation ot rtpair oi the
Propeny ~~r to the tum, ,crured hy thic Mortgage.
Unles~ I.ender and Borrower athen~v~~e agree in w~rit~n~, any such appiication ot pre~ceeds to principa) shall not exfend
or po~~pone the due date of the monthlv inctallmentc referred to io pa~agraphc 1 and 2 iut+eof or ehange the amoun! ot
~uch mstallmentt.
10. doROwer Nof Rek~sed. Extensian of Ihe time for paymtnt ar modification of amortization of the sums secured
by th~c Mort~tage granted by 1 ender lo aoy cuccecsor in interes~ of BoROwer shall not apente to oelease, in any manner.
the liahility of the ori¢inal Borrower and Borrower i coccestc.rc in intertst 1.endtr sha!! not be reqoired ta commence
prcxcedinR~ againc! ciuh succecsor or rcf~~x to erlend lime for paymrnt or o~herwice modify amortiz~t~an of the sums
~e:ured b~• thic Mortgage by rcason of any demand made by ~he oriqinal Bonower and Borrowe~s st~ccesson in interett.
11. Ferbearance by I,ender Not s Wsirer. Any forhearance by I.ender in etercising any right or remedy hercunder, or
c.therwise aBord~J hy applicahte law, shal! nnt hr a waiver of or preclude the exercise of any such right or nmedy.
The proc+~rcment of incuraoce pr the payment af taxes or other liens ar chargec by I.ender shall not he a waiver of Lender's
right to accelerate the mawrity of the indebtedness cecurcd hy thic Mortgage.
12. Remedies CumulaN~e. All rcmedies provided in this Mortgage arc distinct and cumidative to any other riaht or
rcmeJy sinder thrc MortRage or ai~orded by law or equity. and may be exerciud coneurrcntly, independently or successively_
~ 13. Successors aod AsaiRns dound:.7oiat and SererN I.iabilif~r; Csptbns. The cavenants and agreements hercin
contained shall bind, and the riRhtc hercunder shall i~ure to. the recpective successon and assigns of ~ender a~d Borrow+er.
subject to the pravi~ionc of paragraph 17 hereof. All covenan~s and agreemenls of Borrower shall be jary and several.
Tht captions and htad~ngc of the paragraphc of thic Mongage arc fo~ canvenience only and are not to be used to
interprct or define the prov~sionc hereof.
14. NMke. Except for any notice requited under applicabie law to b~ givert in another ma~ner, (a) any notice to
Born.wer providcd for ~n thic Mortga¢e ~hall be g+ven by mailing such notice by cer~ifted mail addresud to Borrowtr at
the PropeNy Addres~ or at cuch ~~ther addresa as Bormwer mav de~ignate by r-otice to l.ender as prrnided herein, and
Ihl any nolice to Lender shall he given hvi certified ma~l. return rece~pt requested. to I ender s address slated hercin or to
~uch other address as [:ender may de~iqnate by n~tice to Bormwer as pro~~~ded herein. Any n~~ice provided for in this
Nc~rtgage shal) F~e deemrd to have l+een given to Borr~v-~cr or I.ender when g~ven in the manner designated herein.
15. Unitorm Mor1R~e: GoverninR Iaw; Se.•erabilit~•. "fhi~ torm of mortgage combines uniform covenants for national
use and non•uniform covenantc with limiteJ variate^.ns h}• juncdiction to constitote a uniform seeurrty instrument eoverina
rcat properry Thic Mortgage thall bc governed hY the law of the juricdiction in which the Property is located. 1~ the
event lbat any prov~sion or clause o! thic Mortgage c.r ~he Note conflicts with applicable law. such eonflict shall not affect
othc~ pro~•aions of this Mortgage or the N~~te which can he grven efiect without the conflicuog provicion, and to this
end the prmisions of thc Morlgage and the 'Vo~e are ~iectared to ht uverable.
16. aocro.~er's Copy. Borrow•er chall f-c f~uni.hed a confarmed copy of the Note and of this Mortgage at the time
of taecution or a(ter recordation hercof. • ,
17. Traasfer of the Propertv; Assumption. lt all or any part of ~he Prr.perty or an intercst ~herein is sold or tnnsferred
by Borrower w~thout [_ender's pric.r wn~r.n ~uncent. excluding (al !F-e creation of a lien or encumbnnce subordinate to
this Mortgaga Ib1 the creanon ot a purch~~e m~~nev eecuri~y ~nterest for household appliances. /c) a ~rancfer hy devise,
descent or by aperation of law upon the dcath of ., j~.~ni ~enant or (d- the grant ot any leasehold interest of thrcc ycars or kss
not containing an optiun to purchau. Lender may~. a~ i.ender'~ opticm. declare al! the sums secured by this Mortgage to be
~mmediatety due and payable. I_reder chall h~~c w.uved iuch opNon ~o arcclerate if, prior Io the cale or transfe~. Lender
and ttx persan to whom ~he Proper~y i~ ~~+ F-c .ol.l ur transferred reach agrerment in writing that thc crtdi~ of cuch person
is satisfactury~ to I.enJer and that Ihe imcr~.t payable on Ihe sums cecured by Ihis Mortgagt shall be at such rate ac I_ender
shall request. If l.enJer has waived the op~ion to acceteratt provided ~n this paragraph 1~, and if Borrower'> >uccasor in
interut hac uecuted a wntten aswmpnon agreement accepted in wri~ing by l~n~ier, Lender shaU release Borrower from all
obligat~ons undcr this Mortgage and the Note.
It l_ender etiercius cuch opt~on ~~ accelera~e. 1_enckr ~hall mail Borrower notice of acederation in acrnrdanc~ ~i~b
paragtaph (d hereof. Such notice chall prov~de a pericxi of ao~ less than 30 d~ys (rom the date the notice is mailed wi~hin
which Sorruwcr may pay the sums decfrred due tf Borrov-er fails to pay such soms prior to tht upintion of wch pcr~c~d.
Lendc~ may, withuut further noi~ce ~r dcmand on Horrower. mvokt any remedia perm~tted by pangroph i8 hercof.
NON-UNIFOAM COVEYANTS Borrower and Lender (urthe~ covenaot and a~ree u follows:
18. Accelerstaa; Remedies. Except as provided ia p~~rapA 17 bereof. upoa Eorrower's Mcach ot iar co~eaaN o~
a=recmtat ot Borrorrcr in this Mort~a~e. includi~ ~he covensnls to psy whea d~e ~ay su~ns sec~red ar tbls MortRa~e. I.ender
prior 1o sccelentbn sh~ll msil notice /o Ibrrower as provfded In para~rapb 14 hereot specityieK: (1) tAe bersch: 121 the sctb~
rcquind to cun such brcach; 13) s dste. not les than 30 days troin the dale thc notke b mafkd to donower. by •.Akh wri~
Meach must be cnred; aad (4) thst tailurc to cnre s»ch brescb ow or betore tbe date speci8ed is tbe notke nuy resnk iw
sccckntion ot ~be sums secured Sr Ihis MortRa~e. (ouclowrr by judirial proceedin~ swd sale o1 tAe Propertr. 7be nolke
shall tuNher into~m eorrower o( the ri~ht to reiwstite sfle~ sccekratba and tbe riRh1 to a~scrf i~ the toreclos~re ~roeeed~
the noe-cxistence d a det~uN or any other detenst o/ eorro~.er lo accekrsfioA a~d torcc{osere. If tAe ArescA b aot crted o~
or before Ibe dile spccifitd ia the notice. Lende~ at t.ender's aptioA nay declare ~N o1 the s~w~ xcrnd by this MortRaRe M be
immediately due and payable witM-ut fuMher dem•rnd ~nd n~sr toncbst tt~k Mott~ate ~ jrdkW proctedfaR. f.ender shall
be tot3tkd lo cotit~t M snci~ pmceedir~ aq espenscs r~t foreclostlre. Includin~. brt nof UmiteA to. reasonsWe stt.~~neti's fees,
and tostc of doc~istntary evidence. abstncts and li~k nporls.
19. dorrower's Ri~ht to Rtiwststt. ~Jo1w~Ih~tand~nK 1 ender's acceterat~on o( rhe sumi xcuted by ~h~s Mongage.
Borrower shall have the nght ~o have ~n~ prcxe~drn~. fxE~~r~ b~ Lender Io ~n/~rce thi~ '~1nr~gaqe d~uonhnucJ ai an~ hme
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