HomeMy WebLinkAbout2489I cndrr's wriUcn :~grermcnl ur apphcahlc luw. Burruwrt shall pa)• th~ rm~~unl u( all m~~rtgagr intiuranre prrmiums in tht
riannrr pruvidrd undr~ par:~~;~aph 2 hrrtof
Any amuum~ il~~hu~~r~l hY 1 rn~lcr pur~nant tu this rara~raph 7. wiih ~ntrrr~t thcreun. chall hc«~me addilior.al
~nJrhirdnr++ ~~( N~ar~~HCr ,rcurrd h~ ~hi. \1ur~g:,~c l'idc.. R„rru~cr :~nJ 1 rnJrr aFrrc t~ olhcr ~icrm< <~f payment, cuch
am~,unt~ ~hail Fx re~aMc up~~n n.airc fr~~m I rndrr 1„ HurruNrr rcyuc~ting pa~'mi•nt ihcre~~(~ ~r~d shal{ besr intercct tmm the
~iatr c-f di~hurument at Ihe r~Ir ~+:waMr (rum timr ti~ ~~me i~n aulctandinR principal under th~' Note unlecc payment of
imereu at such ~ate would he cumr:~~.~ ~~~ :~~~i~.~ah~~ law, in ~vhich eveM ~uch amc~untc :hall hear interett at the highett rate
permissible under apphcahlr law. N~~thin~; ~~~nt,inc~l ~n ~hi~ paragraph 7 ehall require Lcnder to incur any e~pense or take
any action hcreundcr.
6. ~uspect~on. I.ender m~~• me~.c ~~r ~:iu,r t~~ Fx m:~dr reau~nahle rnlrirc u~xm :~nd inspections of tht Property, provided
thal I ender ~h:-II Rive B~rrc~wer ni~t~~r ~+rn~r Iu ;~n~ v~ch impecl~on ~peafying « asonable caux lherc(or rtlatcd to Lendeis
~~lerc~l ~n thc Propcrty. .
9. Condemnalion. The pnxeedc c~t am• award or claim (or damages, dircct ar cansequential, in connection with any
condemnatian or other taking of the Property. ~x part tAe~rnf, or for conveyance in lieu of condemnatic~n, are hertby assigned
and shall be paid to I.ender.
In the event of a tatal taking of the Proper~y. the pr~x:ecds chall be applieJ to the cums cecured by lfiix Mortgagt,
w•ith the excess, if any, paid ta Borrc•wer. In ~he event of a parti~l taking af the Property, unlesc Borrower and Leoder
otherwise agree in wriling. there shall be applied t~• 1he aumc secured by thic Mortgage tuch proportion of tht procteds
as ic equal to that proportion which ~he amuun~ o( the sumc .eci~red hy lhic Mortgage immedia~ely priar to Ihe date of
taking beart to the fair market vafuc of thc Nruprrtv immcdiatcly prior to the date of iaking, with Ihe balanct of the proceeds
paid t~ Borrower.
If the Pmperl~~ ic ah;,nd~~nc.t hv B~,rr~~wrr. .~r if a(ter n~tire hv l cndcr In B~rr~wcr that the condemnor offers to make
an award c-r Se1Ne :~ claim (~~r d:~m;~cr~. R~~rr~~~a•rr fa~l. t~~ rr~~x.nd t~ 1 ender withi~ l0 Jays after Ihe date st~ch nMice is
ma~led. LenJer i~ authori7~d to a•llcct and :~ppl~• ~hr procreds. at I.ender'c op~ion, eilher to rectoration or rcpair of tht
Pro~rt~ ~r t~. thc wm. ~rcurcd h~ ~hi~ M~~r~Facc.
:~~ :~;: :~Gi.~,it :ii~ii u~.iiv.~.ci iiilici~v~~c aF~tcc ~n wriit~~r. an~' ~uin a{~Eiiicaii~~~i Cri Niaxccu5 iu ~'iiii~Civai sii8ii i~'vi cXiti~v
or ~xxt~nc thc dur ~l~te ~.f the m~nthh inctallmentt referrrd to in paragraph~ 1 and 2 hereof or change the amounl of
~uch mstallmentc ,
10. Borrower Not Released. F~etension of thc ~ime f~r pavment or modification of amortization of tht sumz securcd
by th~s Mort~age ¢ranted hy l ender to any ~urcettor in intcre~t af Borrower shall not ope~ate to release, in any manner.
the liab~lily o( the ori¢~nal Borrower and Borrower ~ succrstiora in interecl I ender chall not he reqoired to eommence
pnxeedinRc againct ai~h succeuor or ret~~ce io ettenJ time for paYment or otherw•itie modity amortizalion ef fhe ~ums
~e:ured hy thi~ 111~rtgage hy reau~n of any demand made M the ~rieinal Borr~wcr and Borrowers succesu~rs in imerect_
11. ~orbearance by I.ender Not s Wairer. Any f~rhearanre by 1 ender in erercicinR any right or remedy hercunder, or
~~therwise afTorded hy applicahle law, shall not be a waiver o( or preclude the exercise of any such right or rtmedy.
The procurement ~f in~urance or the payment of tares or other liens or charge~ by I ender shall not Fx a waiver of Lender's
right to accelerate Ihe maturily of the indebtednecs cecured M• thic Mortgage.
12. Remedies Cumulative. All remedies provided ~n thic Mortgage are distinct and cumulative to any olher right or
rcmedy under this Mortc~ge ~~r aftorded hy law or equily, and ma} t~e etercited concurrently, independentl~- or successively.
~ 13. Successon and AssiRnc Bound; ,]oint and Sereral I.iability; faptions. The covenants and agreements herein
contained thall bind, :~nd the riQht~ hereunder shall inure to. the retpective succecsorc and assigns of I_ender at~d Borrower.
subject to the provision: of paragraph 17 hereof. All covenants and agreementc of Borrow•er shall be join! and several.
The captions and headingc of the para¢raph~ of thi~ M~rtgage are tc.r convenience only and are not to be uced b
mterpret or define the provi~iun~ here~~f.
14. Notice. E~crept for any n~t~re rcyi~ired unde: applicahle law to f+e given in another manner. (a) any notice to
Borrower pmvided for m thic M~rtga~e tihall be given hy mailinR tuch nMice hY cerlified mail addretted to Bormwer at
~he Property AJdrecc or at auch other addretc as R~~rruw•er ma~• designa~e b}• n~~ice ta I.ender as provided herein, and
(h) am• noUce to (_ender chalt he gi~~en h~ eertified m~il. reeurn receipt reyuected. t~ I ender'c 2ddreis stated ttertin or to
~uch ~~ther addres~ as I.ender ma~ de~i¢nate h~ n~tir~ t~~ B~rrruer as ~+ro~~ded herein Any notice provided for in this
Mc•rtgage shall be deemed t~ ha~e fieen Fi.er. m R~~rr~~.cer .~r I rnder when given in the manner decignated herein.
1S. Uniform MoriR~~e; GoverninR T.aw; Se.erabilih. Th~~ form of mortgaRe combines u~iform covenants for nationa)
u~e and non-uniform cmenanlc with IimiteJ ~anatirm M~uri.diiti~n to c~nstitute a uniform security instrument covering
real property Thic Mortgage shall be gaverned h~• Ihe laN ~f the ~unsdiction ~n which the Property is located. in tht
event that any provision or clau~e af thic Mnrt~;a~c ~~r the ~~~re c~nflicts with appiicable law, such conflict shall not affett
other provisions of this M~ngaRe ~~r the Nntr wh~rh ran be grvcn elfect without the conflicting pm~~icion, and lo ihis
end the provi~iuns of ih~ Mortgage and the Vute arc ~icc:ared t~ he ceverable.
16. Eorrowers Copy. Borrc~wer shall tn furm~heJ a c~nformed copy of tht Nott and of this Mortgage at the time
af execution ~r atter recordation here~~f.
-- 17. Transter of the PropeAv: Accumption. If all ~r an~ pari of the Pr~~perty or an interat therein ~c sold or transferttd
by Borrowrr wrthuut Lender'c pr~~r unn.n .r~mem. r~rlucieng (a1 ~he creation of a lien or encumbrance suhord~nate to
thic Mortgage. (M the creat~~n of :: ~ur~he.r m~~nr~ ~ecurit. mterest f~r household appliances. (e) a ~rantfer hv dtvise.
descent or hy operation of law upon the .tcath ~~( :, ~~~m~ tenanl ~~r ld~ ihe grant of any leaseh~ld inte~est of lhree y'cars or less
not containing an option t~~ purchase. l enJer m.~~. a! LenJer'~ opti~n. declerr all ~he cums ucured by this Mortgage to bt
~mmediatel, due and payah:e 1 rndcr ~F1dI) F1J~l' N.~~.ed wch op~ion u~ :+.~~trrate if. prio~ to the ~ak or transfer. Lender
and the persnn to whom the Pmpertv i. !~~ tK• .+~I~I ~~r ~r~nsferred reach agrr~mtm in wnt~ng Ihat the cred:t nf wch person
is sat~sfacton ti~ I.en~ier and th~t Ihr ~n~rr..t pay.,hle t~n ~he sums terured by thic Mor~gage thall be at such rate ac l.ender
shall requesl. If I ender has wa~ved ~he ~~p~~nn t~~ accelerate provided in thi~ paragraph 17, and if Borrower'> >ucceuor i~
~nterest ha~ eYecuted a written ~stum~~ion agreer^enl accepted in writing by I.ender, Lender shall reteace Burrower from all
obl~gationc under :his Mor~g~ge and thc '~~~r
If I,endcr eRercise< <uch oft~~~n tn ac~e~era~e. I enJer ~half ma~l Borrower not~ce of accelera~ion in accordanc~ ~~+sh
paragraph Id hereof Such not~ce ~hall p~:~v~de a pcr~~xi of not Icss Ihan 30 days from 1he date the nolice is mailed within
which Borrower mav pay the sum~ Jeclered due If Rorrower fail~ to pay such sums prior to the expiration e~f ~uch penc~d.
Lender may, w~thuut further not~ce ~~r dcmand i~n Hnrrow•er. ~nvoke an~ remedies permdle~l by paragraph IR herc<~f.
NON-UNIFURM CI)vFy~NTS Borrower and l.ender tunher covenanl and agree as follows:
18. Accele~lan; Remedies. F~cept as pro.ided in para~nph 17 ls:reof. upon doROwer's brcach ot any covenant or
agrtement of Borrower in Ihis !11ortRaRe, includin~ Iht corensnls to pay when due ~ny sums secured by Ihis MortR~e, i.tedtr
prior to ~ccelerstion shdt mail notice to Borrower as pro.ided in para~nph 14 htrcot specitying: (1) thc bseach; 121 Ihe actba
rcquired to cure such brPich; 13- a date, not less ~han 30 days (rom the date the notice is maikd Io eormwer. by wAich suc~
b~each must be cured; snd (1) Ihat tailurc to cu-e such bre~ch on or betorc the dale specificd in the nolke msy recult iA
acceleration ot the sutns secured by Ihis Mort~s~e. fonclosure by judicid ProcetdinR and sak ot the Property. The nolkt
shall turther inform Borrower of the riRht Io reinslate af~er sccekntion ~nd Ihe ri~ht to aatrl in the fonclosure p~
tht non-existtnce ot a detault or anv oth~r detence o( eorror.er to ~ccckratan and forecbsurr. If the Aresch is oot cnred os
or betore the dste specified in the notice. I.ender at I ender's optbe may declare aD ot the snrns secared A~ this MortRaRe to ee
immediately due and psysble ..ilhou~ turtber d~m~nd and may forcclosc this ~1ort~a~e br judicld proeeedin~. I.~nder chdl
be eatifled lo colleet in such proceedinR all expemes ~~( foreclosure. Includin`. but nof Umited to. reasonablt a~~•~rnr:'s ftes.
and cosls ot documentary eviAence. abstracts and ii11e repoAc.
19. aorror-er's RiRht lo R~instatt. ~c~iw~th~i.~nd~nF 1 ender'z accclerat~on of ~he sum~ «cured by th~c ylnr~gage.
Botrawtt shall have tht nghc tr. havr en~ ~rc•rr~d~n.. h..un t~~ Lcnder t~~ cn/~rce ~hi~ ~1~r~gaqc d~u~~nhni~ed at ~n~ hme
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