HomeMy WebLinkAbout2520I.rndcr's w~it~cn agnrmcnt or applicablc law. liorn~wer shall pay thc am~~u~t ~~f all mortgagc inwranrc prcmiums in Iht
mannrr pruvidrd undcr paragr~ph 2 hereof.
Any amaunh ditihurscd hy t.rn~lcr pur~uant a~ ~hic p;~r.~graph 7, w~ih u~tcrc~~ ~hcre~~n, ahatl hecome additianal
intlrhtednc~t uf Harruv-cr ucurcd hy th» M~-r~~±agr Unlc.~ Aorn~wc~ ant) 1 cn~l~r .iRrcc t~ olhet tsrftlstn( paymc~t, tuch
amauM~ xha11 F,c payaMc uron ~~~tirr (mm 1 rndcr ~~~ N~~rruwcr rcyuc~ting paymrnt ~hcrcoL and ~hall hear interctt from the
da~e o( di~hurscment at thc ralr payahlc (mm Iimc to tinic un on~standing p~incipal undcr thc Notc unlecc payment oi
interest at such rate would t+e cr-ntrarv ~o applicaMe law, in which event cueh amc~unts ~hall hear interect at the highest nte
permissible under applicabtr law. Nalhing c~~n~ained m th-c paragraph 7 ShaD require I.ender to incur any expeott or takt
aoy action he~eunder.
8• Iwspectioe. LenJer may male ar rau.c t~~ he made rcac~nable emriec u~n and inspectians af the Property, provided
that l.ender shall gi~e BorroK•er nat~cr pr;ur ti~ any wch ~nc~ct~un tiprcifymg reasanabk cause therefor relatod to Lender's
inte~esl in Ihe Prapchy.
9. Coademnation. 'il~e pr.~xecd~ ~f say award or claim fo~ damages. dirtcl cx consequent~al, m connection with any
condemnation ar oth~r taking of the P~operty, or patt thereof, or tar conveya~ce in lieu of condemnation, arc l~t~eb~- atsianed
aod shall be paid to l.ender.
in the event of a tolal taking of the Proper~y, the procceds ~hall be applied to ~he sums seciircd by fhis Mott~aae,
with the excess, it any, paid to Borrower. ln the event of a partial taking ot 1he Property, unlecc Borrower and Leoder
athenwiu ag~ee in wtiling. Ihere shall he apptied to ~he cum~ securcd by this Mortgage such praportion af the procteds
as is equal to 1ha1 propc~rtion x•hich ~he am~.un~ ~,( ihe sumt secnrcd by this Mortgage immediat~ly ~prior 1a the date ot
taking bears to the fai~ market valuc of thc PmMr~v ~mmcdiatcly prior to the date nf ~aking, with the balance of the proceeds
paid to Borrower.
Tf the Property it ahandoned by 8orrc~KCr..~r if after n~~tice hy Lender to Borrowtr that thc condtmnor oRen to make
an awa~d or ceitle a claim for d~m:1~C~. Rl~ff1~N'C~ ta~l. t~. re~~+cmd te- 1 end~r within ~4 days af~er ~he date such notice is
mailed. I.enJer ic authoriied to collect and ap~lv ~he proceedc, at 1_ender'c option, either to restoration or repair ot the
Propcrlp or to 1hc sum~ ~ccurcd h~~ ~hiti Mc~nEaer.
Lii~j~5~ ~.cin~i ai~S ~aiiia:iniF viiiiiCS'p ~r,:iC :r ..•ri!s , ~rt ...:1; ••4~~~:n.~ nf ~r ~e n rinCl a~ S~1]~~ OO~ CX~CI1d
or E-octpc~ne Ihe due da~e of the momhlv in~tallmeMc retern~d tn'in paragraphc 1 and h reof or ch nge the amount of
cuch installmentc.
10. Borrower Nol Released. Fxtension of the tim~ tor payment or mc-dif-cation of amortizatinn of the sums securcd
by this Mortgage granted by I.enJer t~ any cuccecsor ~n inlerect ot Rorrower ~hall not ope~ate to releax, in aoy manner.
the liability of the original Borrower and He~rrower'~ c~~ccesc~ra in interett 1 ender chall not tx rcqoired to commence
proctedingx against such cuccessor or refuse to erlend time for payment or otherwice modi(y amortizal~on a( the ~ums
serurcd hy thic Mortgage by reau-n of :+ny demand made b~ the orieinal Aorr~wer and A~rrower's successnrs in in~erect.
11. Forbeannce by I.end~r Not a Walver. Any t~rhearance by I ender in exerci~ing any right ar remedy hertimder, or
o~herwix afforded by applicahle law, shall not tx a waiver ot or preclude the exercise of anv such right or remody.
The procurement of insurance or the paYment of taxec or <,1her iiens or cha~ge~ by I ender ~hall not t~e a waive~ ot l.ender's
reght to accelerate the maturity of the indebtednecs tecured hy thic MongaRe. •
12. Remedies Cumulative. All rcmedies provided in this Mortgage a~e distinct an:i cumulative to any other right or
remeJy unde~ this Morrgage or afi.irded hy law or equity. ,~nd may tx ezernted rnncurrcMty, independentty or successivd,v.
~ 13• Snccessors snd Assi~us 8ound; Joint and Several f.itM7iry; CapHoes. The covenants and agreements herein
cont~ined shall bind, and the riAhtc hereunder shall inure to. the respective succecsors.and assignc of Lender at-d Borrower.
subjtct to the provisionc of pa~agraph 17 hereo(. All cove~ams and agreements of Borrower shall be joiry and ceveral_
The captions and headingc of the paragraph~ of thia Mortgage are f~r convenie~ce only and are not to be uced to
interpret or define the provicions hercof.
14. NMkt. Except far any notice required under applicable laK to be given in another manner, (a) any notice to
Borrower provided tor in thic Mort~aee xhall be g~ven hy mailinR cuch notice by certifled mail addreeud to 8ormwer at
the Properly Address or at such othcr addresc as 8~~rrc~w-er mav dcc~gnate by nntict to i.ender as provided herein. and
!b) any notict to Lender shal) he givcn hy cer~ificd me~l, ret~~rn rece~pt req~iected. tn I ender s addrecs s~ated }ierein or to
such olher address as [.ender may deci¢nate b} ~~ti~e t~~ B~rr..wer as pr~~vided herein Any notice prov~ded for in this
Mortgage shall t~e dtemed to have heen R~~•en to R~rr~:+cr ~.r Lrnder when g~ven in the manner decignated herein.
15. Uniform MoriR~~; Gorernin~ Iaw: Se.erlbilet~. Thi~ lorm of monRago combines ortiform covenants for national
use and non-uniform covenantc with IirniteJ variationc h~~ ~un.J~ction to constitute a uniform sai~nty instrument coverin~
rcal property. This Mortgage shall be gewrrned h~~ the {aw of ~he juricdict~on i~ which the Property is located. in tht
event that any provision or ctauce of thi. Mortbaec ~~r the ~iare c~nflictc with applicabk law, such conflict shaU na1 aBect
other provisions of this Mortgage or the Nn~r v-h~nc ~an I+e g~ven effect without the conflicting pmvicion, and to this
end the pravisions of the Mortgage ~nd thr 'V~Ne are .leclared to Fx ceverable.
16. Eorrowe~'s Copy. Borrower thall ~x furn~~heJ a c~nformed capy of the N~fe and of this Mortgage at tht time
of tatcution or after recordation hereof_
17. Tnnsfrr of the Prope~ty: Accump~ion. If all ~r any part of the Pr~~perty or an interest therein ic sold or tnnsferred
by Borrower without Ixnder's pr~or wri~~;n ~~~n.cm e~cluding la- the creation of a li~n or encumbrance sutwrdinate to
this Mortgage. Ibl the creahon of a purch~.~ m~~nr~~ ~ecuri~~~ ~ntercst f~r househcild appliartces. Fc) ~ trancfer hy devist.
descent or by opcration of law i~pon ~he ~kath ~•f a i~~~nt Ienani nr ld~ tht grant cf any leasehold intercst of ~hree yearc or less
not containing an option to pi~rchase. I.enJer ma~. :,- l rnde-', .~pti~~n, dect,re ai! the sums secured by th~s Mortgage to be
~mmediately due and payaMr. l rnder ~hall h.,.c w,,,•rd such option to a~c~icrate if, prior ~o Ihe ~ale or transfer. [_ender
and tht person to whom the Prope~~~~ i. a~ hr .~~I.i ur tr~ncferred reach sgrrrment ~n writing ~hat the credi~ c~: turh peROn
is satisfactory to I.endtr and that thr imrrc.t na~ able on the sums cecured by thit Mortgage shall bt at such ra~e ac Lendt~
shall request. If l.ender has waived thc opt~~~n ~u accelerete provided ~n this paragraph 17. ~nd if Borrower'~ wccessor in
interest hac executed a wr,tten ascump~~on agreement accepted in wriung by Lei,d~r. Lender shail release Borrower trom all
obtigauons undcr this Martg~ge and ~hr Nc~t~
If I.ender exercius ~uch oplc~n t~• acieler~te. ( enJer ~hall mail Bcxrower notiee of acceleration in accordanc. tii~h
paragraph 14 hertof. Such notice ~hall prov~de s pen~x! o( no~ Iess than ;0 dayc from ~he date the notice is mailed withm
which Borrower may pay the sumc dectared due i( Borrower fails to pay such sums prior to the expiration af cuch pene-d.
~ender may, without tunher nut+ce or Jemand un Borro.ver. ~nvoMe any remedies permiued by paragraph IR hercof_
NON-UNIFORM CO~'ENANTS Borrower and [.ende~ further covenant and agree u follows:
18. Acceleratan; Remedies. Excep as pro•ided io paraRnpA 17 Aertol. apoa Eorro~+er's brtach of any corensM or
qrce:neat of ~o~rower in tAis MortRs~e. includin~ the corenanls lo psy wben due sey sums secured Sy this Mort~~e. l.ender
prior to accekratba shdl mail notice to eorrawct as pro~ided in para~raph 14 hertof spccHyins: (1) the breach; (21 the sefio~
rtquired to cure such ereach; (3) a date, no1 kss thsn 30 days fmm the dste the notice is nuFkd to ~ro+.er. br ++Akh sucA
b~each must be cnrtd; and (4) tAat tsilurc ~o cun snch btescA on or betore ~be dde specWed iw the notkt mar resuh 1~
accekrstion ot tbe sums secured Ay IAis MortRaRe. to~ec{owrr br judicial Proceedin~ snd ssk ot tAe Prooe~ry. The nolkt
shall turlher inform eorrower of Ihe rq~hl to rcinst~fe stler sccckntion and Ihe ri`h1 lo asseri in tbe foreclosnre'noceediK
tbe no~-esistence ot s detsult or sny olher dcfense ot eono«er to accekntion and foreciosrrr. If tAe brr~cA is eat coetd o~
or bet.ue the date specified 'en tbe notice. Lender at I.rnder•t optlo~ nay declare sll ot tbe stin~s sectired by tAis MortRaRt to be
ima~ediattl_y due and O~ysble witM-ut turther demand ~nd msy fortclost th[s Morlsa~t by judichl proceedinR, t.~nAcr chap
be entitkd to collect in such ProceedinR sll expenses nf foreclosu~r. includir~. but oot Umited to. rcawnst,lt att.~rnei's fees.
aad tosls of doc~rsestary eridence. abstrsrts aad titk reporis.
14. dom~wer's R~hf to Reinstste. Nc~!w~lh~tand~n~; 1 ender'~ accelera~ion of the sum~ «cuted by ~A~t Mongage.
Borrower shall have the righ~ to ha~r ~n~ ~n•~rrJ~r~.. tr•~un 1,~ Lender t~ cn(<~r.t th~- tii<~r~gaqc dnrnnl~nutJ ~t an~ Umt
a~~~x3~ Fdt;E~S~~