HomeMy WebLinkAbout2546~
!_enckr's written agreemcnt ar appl~rable I~w. Borrawer shal) pay the amuant ot a!1 moAgage in~urance prcmiums i~ the
manocr p~~~v~dcd und~r pa~ag~aph 2 herco(.
Any amoun~s dichursrd by Lrnder punuant tu ~his paragraph 7, wqh inlere~t thereon, chall I+ecome additiona)
ind~Medrn:cs ~if Hurruw~r ~ecurrd hy Ih~~ Mur~~;aRc. Unle.~ BorroNCr and 1 rnder ,~gree to other termc of payme~t, such
ameN~ntc chall tx payaMe ~iix-n nutice fr~m 1 ander to A~-rruwer requecling payment thera~(; ~mi sl~ali bcar interest from the
date ot disbursemeot at thc ~atc payat-Ic trom time to ~ime ~m ou~standing principal under the Nate unlesc payment ot
intercst at such ratc w~uW hc coMrarv to applicable law, in which evcnt ~uch amounts ~hall hear interest at Ihc highest nte
permissibk under applicablc law. N~~~hing c~~mained in 1hi~ paragraph 7~hall require i.ender ta i~cur any expense or take
any action hereunder.
S• ~sspectioa. I.ender may makc or rau.c to he mack reaconahte entriec upon and inspections of the Propeny, provided
that I.ender shall give Burrower ni~t~ce p~i~~r to any such inspcction spccifying rcasonabk cause thercfor relatod to I.endet's
interest in the Propeny.
9• CoAderuesfbe. The proceedc of any award ar claim far damAges. direct or consequential, in connection with any
condemnatio~ ar other taking of the Propeny, or pan thercof, or for conveyance in lieu of coodemoation. ue hereby assianod
a~d shall !~ paid to i.e~de~.
in tbe event of a tot~l taking of the Pmper~y, the proceeds chall be applied to the sums secured by this Mortaaae.
with the excess, if a~y, paid to Bc-rrowc~. In Ihe event af a panial taking of the Property, unless Borrower and I.tnde~
othenvix agroe in writing. therc shall be applied to ~he sums secured by this Morlgage such proportion ot the proceeds
as is equal to that proportion w~hich the amo~~nt of ~he sums xcurtd by this Mo~gage immediately priar to the date -of
taking be~n to the fair market vah~e of the Pro~+crty immediately prior to the date of ~aking, with ~he balance of tht proceeds
paid ta Borrow'er.
1f the Propeny ic ahandoned bv Bo~~ov-•er. or if af~e~ notice hy I_ende~ to Bormwer that the condemnor oliets to mtlte
an award or settle a ctaim for damage~, Borrc~wer fail. to re+~nd to !_ender withi~ ~0 days after the datt such notice is
mailed. LCnder is autharized to cnllect and apph• the pnnceeds. at 1_ender's option, eilher to restontioo or rtpair of the
Pmperty ar to the sumti ~ccured h~• thi~ Mor~gagc.
Unless l.ender and Borrowe~ othervvice agree in w riting. any such application of proceeds to principal shall nM extend
or pcxtpon~ the due date of the manthtv installments rcterrcd to in paragraphc 1 and 2 hereof or change the amounf of
:uch i~nstallmcnts.
10. 8orrowe~ Not Rekased. Extension of the time Far paymcnt or modification of amonization of the sums socur+ed
by Ihis Mortgage g~anted hy t.ender to any cuccecsor in interect of Borrower shait aot operate to releau, in any ma~ner.
the liabili~y of the original 8orrower and Se~rrower'c siHCC~ssnrc in intercst_ 1_ender shall nat be rcquired to commence
pr.~ctd':ngs againsi suzh st::ccvor ar rttust to exttnd tisrer fer paym?R! ~r n~herwice modifv amortizaUOn of the sums
ucured by thic Mortgage hy reason of any demand made b~• the ori¢inal Borrower and Borrower i successors in interett.
i 1. Forbearance by i.ender Nof a Wairer. Any f~rhearance by i.endcr in exercising any right or remedy hereunder, or
otherwiu a(forded hy applicable law, shall nM he a waiver ot or preclude the exercise of any such right or remedy.
The procurement of insurance nr the payment of taxes or other liens or charges by 1_ender shall not be a waiver of LendePa
right to accelerate the maturity of tht indebtedness cccurcd hy this Mongage.
12. Remedies Cnmulafi~~. All remedies provided in this Mortgage an distinct and cumulative to any other riaht or
remedy unde~ this Mortgage or afforded hy law or equity. and may be exerciud concurrently, independently or successively.
~ 13• Srecesso~s and AssiRes Bound; ,7oin1 ar~d Several I.iability; Captbns. The covenants and ag~eements hercin
contained shall bind, and the riRhts hercunder shall inure to. the rcspective succecsors and assigns of Lender and Borrower.
subjret to the provisionc of paragraph 17 hertof_ All cavenants and agrcements of Borrower shall be joiN and sevenl_
The captions and headingc of the paragraphs of thic Mortgage are for canvenience only and aro not to be uad to
interprct or de6ne the provicions hereof.
14. NMice. Except for any notice rcquired under applicable law to be given in another manoer. (a) any notice to
Borrow~r provided for in this Mortga¢e shall tx given by mailing such notice by certified mail addressed to Bonower at
the Property Address or at such other addres~ as Borrower mav detignate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certificd mail_ retum receipt rcquected. to 1 ender s:ddress stated hercin or to
such other addrcss as Lender may deci¢nate by nMice 1~ Bnrr~w•er as provided herein. Any notice provided fo~ in this
Mortgage shall be dtemed to havc hecn g~ven to Bt~rr~~w•er or l.ender when given in the manner designated herein.
IS. Unitorm MortRa~e: Governin~ Iaw; Se.erabilily. Thi~ form of mortgage combines umform covenants for national
use and non-uniform covenan~~ with timited variationt h~• juricdiction to constitete a uniform security instrument rnvering
rca! property. This Martgage shall be governed hv the law of the jurisdiction in which the Property is Iocated. In tht
event that any provision or clau~e of thia Mortgage or the Notc rnnflicts with applicable law, such conflict shall not affeet
o~htr provisions of this Mortgage or thc N~ae wh~ch can F-e given effect wiihout the conflicting provicion, and to this
end the provisions of the Mortgagc and ~he ~iote arc Jeclared to t~e severable.
16. Eorrower's Copy. Borrow•er thall he furm.hed a con(armed copy of the No~e and of this Morigage at the time
of execution or after recordation hereof.
17. Tnuster of the PropeAv; Assumption. If ati or any pan of the Property or an intercst therein is sold or transfersed
by Borrower without I.ender's prior wr~~~.•n ~ununt. ercluding la1 the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a pur.h~cr m~~nev ucurily interest for household appliances. (c) a Iransft~ hy devise,
descent or by operation of law upon Ihc Jcath o( a jo~n~ tenan~ or (d~ the gr~nt of any ieasehold intercst of thrcc ycan or kss
oot containing an option to porchase. LenJer may. at I.rnder'~ ap~ion. decl:,re all the sums secured by this Mortgage to be
immediately due and payable. 1_ender chall have warved such op~ion to accrlrrate it, prior to the cale ar transfer. Lender
and the person to whom Ihe Propeny ic i~. 1,c ~oIJ or ~ransfcrred reach agrerment in writing that the credi~ of cuch person
is satisfactory to Lender and ~hat the interc.t payable on the sums secured by this Mortgage shaN be at si~ch rale ac Lender
shall rcquest. !t [_ender has waived the op~~on ~o accelera~e provided ~o this paragraph 17, and if Borrower's auccessor in
interest hax executed a wr~~ten ascump~~on agreement accepted in writing by [_ender. I_ender shall releace Borrower (rom all
obligations under Ihis Mortgage and the Note.
if Lender exereises such option t~ acceteratt. I.enJer chall mail Borrower notice of acceleration in accordancr H~~h
paragnph 14 hereof. Sucb not~ce thall prov,de a peri~xi of not less than 30 days trom tht date the notice is mailed within
which Bor~ower rnay pay the sums declared dut. I( Borrower fails to pay such sums prior to the ezpiration of cuch peric~d.
l.ender may, without (urther no~~ce o~ dcmand on Horrower. ~nvoke any remedies permitted by parograph IR hercol.
NON•UNIFORM COVENANTS Borrower and Lender turther covenant and agree u toflows:
18. Accekratson; Remedies. Exccpt as providcd in p~rasnph 17 be-eof~ YpO~ sOfi0l~trf bl'taCll O~ apy co~teant or
a~reee~cwt of Borrower in this MortRsRe. Iacludi~ the corcnaets to pay whea due aay snms secured br tbk Mort~a~e. I.eadcr
prior to acctkr~tbn shdl majl notice to aorro++~cr as provWed In pars~rapA 14 hereot specltyius: (1) the brrach; 121 the aetbs
rcqulred to eare wch breach; (3) a date. not kss than 30 days twm t6e dale the notke b anaikd to dorrowcr. br .rAkh sucl~
~each enwt be cored; aad (1) Ihst tailuro to cure sucb bre~cb oa or betore the dMe specified in the notke n~sy -eaelt M
aecekrstion ot 16e sun~s secund Dy thts Mo~s~e. fo~eclowre br judklal proceedlns ~ad sak o( tAr ProPerty. The wolke
sha11 tdrthcr iaform aorro~ser of 1bc riRht to reinstate after sccek~bn snd 1he ri~At to as~ert in Ibe toreelos~re ~rocte~
tbe aon-ezisteece of a detiuN or any whe~ defense of eorrower to ~ecekrstbn snd (orecbsure. If the brescl~ is not crred o~
• or betore the date specified ia lhe notke. i.ender at t.rnder's opio~ ~w~y declare ~p ot the waa sectieed br thfs MortRaRt to be
imn~ediately due and psyable without funher dem~nd and msy /orecbst tbk Mottfa~t Sy judkW Proceedin~. I.ender shall
be eatitled lo co11et1 In wch proceedir~ all e:penscs nt forecbs~re. includin~. bnf so! BmiteA !o. reasonsbk s~t•rrneY's fees.
aad costs ot doc~rseatary evidence. sbstrscts ind Ii1k reports.
19. donowels RfRht to Reinstite. tYo~w~th~trnJ~n~ 1 ender's acceleration of ~he sumc ucured by ~h~s Mortaage.
Botrower shalt have 1he rrght ~o havt any pr~xcrdine. nr}~~n i>> Lender s:: F:.(n;~r ih:~ ~1~stg~gr ~.ss~nhnur~l at ~n~ t~me
~~~'~x3~0 PAGE2544