HomeMy WebLinkAbout2904I.ender's written agreemcnt ar applicable law. Horrc~wer shall pay the amuum u! all mortg3ge insurance premiums in the
manner provided under paragraph 2 hereot.
Any amounts di,bursed by I.ender pur~uant tu this pa~agraph 7, w•ith ~nterest thercon, shal) became additional
in~lcbtednesc of RorroNer ucured by this Morigagc l'nlcsc Rarrov-e~ an~l l.enJer agrec to othe~ ternts of payment, such
amountc chall be payable u~n notice trom Lender to Borro~r~ reque~ting payment thereof, and shall 1+ear interest from the
da~e oi ~ii~bursement at thc rate payanie irom ~ime to time ~~n outstanding pnncipal i~nder the Note uniest payment of
interest at such rate w~au1J be contrary to applicable law, in a~hich event cuch amounts shall bear interest at the highest rate
permissible under :~pplicable law. Nothing contained in this paragraph 7 chall require l.ender to incur any e~pen'se or take
an~~ action hcreunder.
8. Inspec~ion. I.enJer may make or cau~e t~~ he m:,de reaeonah~e entries upon and inspectionc of the Prorerty, provided
tha~ I.ender chall gi~•e Borrow~er noUre prior to ;,nt• .uch insprcl~em ~pecifying reasanable cause lherefor related to I.ender's
interest in the Praperty.
9. Condemnatbo. The prc-ceed~ of any aN•~rd or claim for damagrs, direct or concequential, in connection with any
~ondemnation or ather taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, are herehy ascigned
and ~hall t-c paid to I_ender. ~
In the event of a tatal taking of the Property, the proceeds ahall be applied to the cums secured by this Mortgage,
with the eticecs. iF any, paid M Aormw•er. In the event of a partial taking o( the Property, unlecs Aorrawer and I_ender
utherwi~e agree in writinK. therc shall be applied to the wms tecured by thi~ Mortgage tuch proportion of the ~+roceeds
:l5 It ~(~IIJI IO that pm~nic.n uhich the amc•~int of the sumc tierured by this M~rtgage immediately prior to ~he date of
taking bears to the fair market ~~alur of the Pro~rl~• immedi:~tel~• prinr to the date o( taking, w~i~h the halance of the proceeds
paid ta Borrower.
If the Propert}• is abandoned b~~ Acrrower. ~r if. af~er notice hy I ender ~o Bormwer that the condemnor ofi~n to make
an aw•ard ~r tettte a claim (c.r damageti, Bormwer faih t~. res~nd t~ Lender wi~hin 30 da~~s after the dale such notice is
mailed. I.ender ic authoriaed to collect and annl~~ the nmceeds, at I.ender'c o~tion. either to restoration or repair of the
Properiy or to the ~um~ cccured b~• Ihis ti1ort¢age.
Unles, l.ender and Borrovrer otherwi~e agree in ~~riting. am• such application of proceed~ to prinripal shall not extend
or pe.ctExme thr due da~e of the monthly installmenls referred to in paragraphc 1 and 2 hercof or change the amount of
euch inc1~11mrMc
10. Borrower hol Released. F.rtention of the time for payment or modification of amortization of the sum~ secured
h}~ ihit !1i~rtK~R~ Sranted by I.ender to any tuccessor in interect a~f Borrow•er tihall not operatr to release, in any manner,
the liahility of ~he origin~l Borrow~er :md B~~rrower't succesti~.rt in interest. 1_ender shall not be req~iired to commence
pr~.ceedings againtt ~uch sucre~sor or re(ute to eYten~ time for payment or otherv-•ice mod~f~• amortizatinn of the sums
.erured b~ thic Mortgage h}~ reaa~n of am• demand made b~ the ~~rieinal Borrc~v-•er and Borrower's succe<<ort in interest.
I1. Forbearance by Lender'~ot a VI'ai~er. An~ f~rtkarance h~• 1 ender in ererci~in~ am• right or remedp hereunder. or
~~therwice afT~~rJed h~~ applicahle law. ~hall nnt he a v~•aiver of ~r preclude the erercise of an~• such right or remtdy.
Th~ prc~curement of insurance or the payment of tares or other liens or char~ec h}• l.ender ~hall not he a waiver of Lender's
right a~ ac~eler:+te thr maturitt• of the indehtednetit ~ecured h~~ thi~ ~tongage.
12. Remedies Cumulatire. All remcdies pm~~~ded m thi~ !~lnrtgage are distinct ~nd cumulative to any other right or
reme~i}~ under thic Mr.rtg~ge or atiorded b}• law• c+r eyuit}~. and m.i~ he rtierci«d amcurrently. independentl}~ or succe~sively.
13. Successon and Asci~ns Bound; Joint and Se.eral I.iabilitr; ('aptions. The covenants and agrcementc herein
r~nt~ine~1 chall hind. .~nd the ri¢hts hereiinder shall inure M. Ihe rec~ective succe~srrc and assignc of I_ender and Borrower.
~ubject t~- the pmvitiom ~f par~graph 17 hereof All crn~ena~ts and agreement~ of Rorrow•er shall be j~int and several.
The capti~~n~ anJ heading~ of the para¢raph~ ~f thit M~~rtgag~ are fe~r ce~m•enience onl}' and are not t~ be uud to
interpret or define the pro~•icic~nc hereof.
14. lotice. Except for any noti~e reyuired unJer applicable IaN t~, be given in another manner. (a) any notice to
B~~rn.w~er pravided for in thi~ Mortgaee shal) he gi~~en h~ mailing wch nolice b} certified mail addres~ed to Borrow~er at
thr Pr~~pc:rty Addre.~ ~~~ a~ tiuch other addre« :,~ Bc~rrc.Ner ma~• designate M- notice to 1 ender as pmvided herein, and
Ih1 am notice to Lendcr shall be gi~•en by certificd m.~il. nturn receipt reque~ted. u, 1 ender'~ address stated herein or to
~uch ~~ther addre~c at I.ender ma~ deci¢nate b} m~tice t~~ Bnrr~~wer as pm~ideJ herei~. Anc notice prc~videJ for in this
\lrrtgage Sh:~ll F•~ deemed t~~ ha~c hrcn gi~~rn to H~rrrwer ~~r I rnder W hen gi~~en in Ihc manner de~ignated herein.
I5. t'niform ~1~-rlRaRe; Go~ernin~ I.aw; Se.erabilih. Thi~ f~~rm ~~f mongaRe c~mhinec uniform c~venantt for national
utie an~f n~~n-unif~~rm r~~venant~ with limited ~ari~ti~~nt M junul~~ti~~n tn c~,ntUtute a uniform securit~• in~trument covering
real p~~~pert}'. Thi~ tlortgage ~hall he e~~verned ht the la~+ ~~f the juri~dicti~~n in which Ihe Propert}' is I~xated. In the
r~ent that an~ pruvisiun c~r clau~r of thi~ ~1«rtg;igr rr the \~~te c~~nflirtti ~-ith~applicahle laa, such conflict tihall not afieet
~~ther pnn ~,i~•n. of Ihic ~lortcage ~~r the ti~~t~ ~h~ch can hr ;iven elTect ~~ irhnirt the conflicting pmvition, and to this
end the pr~ni.i~~n~ ~~f thr ~1~r1¢agr and thr \~.tr arc .iecl;~red t~~ hc ~everaMe.
16. Borr~Mer's Cop~. BorruNer ~hall hr furn~~he~i :+ ~~~nf.~rmed cop~• of the '.~ote and c~f th~~ tifortgage at the time
~~f e~c. uti~n ~u after rec~.rdation here~f.
17. Transfer of the Propert~: Acsumption. lf all ~~r an~ ~; rt ~,f ~he PrnFert}• or an intere~t therein i< «Id ~r transferred
b~ Borruwrr wrthout l.en~er's prc~r ~rittrn i~~n~e~et. exrluding lal the rteati~m of a lien ~r encumhrance subordinate to
th~~ `fe~rtgage. Ihl the creatie~n ~f a purch:,tir mc~nr~• ce, uritc ~nteresl f~~r hnucehold appliance~, (cl a tran.(er b~• devise,
~ieticent ur b}• ~~prrati~n of law up~,n the death ~~f :~ i~~~nt trnant :~: ~.1~ the erant ~~f am~ lcasehc~ld interest ~f three }~eart or IeSs
nut r~ntaining an ~pti~~n t~. ~.urchasr, 1 ender ma}•. .~t 1 rnder'< <~~h~~n. decl~re all the ~um~ ,ecured h~~ this ~iortgage ~to be
~mmed~ateh d~~t and pa}•ahle t ender shall h:,~e ~.+~~ed ~u,h ~~pti~~n tr acc~ler:ue it. ~+ri~r to the ~ale or transfer. 1_ender
and the perum t~ uh~~m the Prc~{xxrt~~ i. ;~~ be ~~~I.! ~~r tr:~mfrrreil rea:h .~grerment in HriUng that the credit of such person
~< <ati~fait~~r~ tr Len~ier and th:~! thc imcre~t p~~ahlc ~•n thc tinm. ,rrurcd h~ thi. ~1~rtq:t~e ~hall be at such rate as Lender
shall reyuctit. If i ender hati wa:ved thc ~~pti.~n t~~ a;rcier,~tr pm~idecl in thi~ p~racrsph 17. and if Bormw•er's ~accessor in
~nterett ha~ e~ecuted a wntten as~umpnon ~~reement accc~trd in writmE h}~ I enJer. I en~ier ~hall rele:,tie Barrower from all
~~hli~~t~nn~ i~n~I~•r th~c ~tnrro:~ur ~nrl th~ 1~~it.~
-c--r-
If Le~ider e~erri~rti .ii:h ~~pt~„n te~ ar:rlrr:,te. 1 en~i~r ,hell m:,ii Bnrrc~~+rr n~,tice ~~f a~~rleranun in :~ccordance v~ith
psra~ra~h !4 here~~f Such nrUCe .h.~ll ~ruv;dr a~en~•.l ~~1 n~~t leti~ than i~ ~ia:~ fmm the d•ate the nc~tice is msiled within
~h~ch Bi~rn~aer m~~ ~a~ the sum~ ~ir.l.~re~' di;r If B~~rrn~.rr fa~l. tu ~a~ ~i~~h ~nm~ ~ nc~r t~~ the expirati~n i~f ~uch pen~~d.
1 rn~lcr mac. Nith,~u( further n~~ti:r ~~r ~irmand ~~n ii~~rn~urr. in~~~~.c .~n~ r~rncdiet ~errtt~tlcci h~ ~,aragraph IR hereof.
\(lti-~~!~IfOR~f CO~'Fti~ti7[ B~~rrc~wer and Lender further c~~~enant and agree as follow•s:
18. Accele~tion; Remedies. Except ais pro~ided in para~raph 17 hereof, upon Borrower'c breach of am co~~enant or
a~reement of Borrower in this ~iortRa~e, includin~ Ihe cocenanls b pa~ Hhen due an} sums secured bv this 4lortgage. I.ender
prior to accelemtion shall mail nofice to Borrower zc pro~ided in p~ra~raph 14 hereof specif~~ing: (1) the breach; (2) the action
required fo cure sucie breach; (31 ~ date, not lesc than 30 da}c from the date Ihe notice is mailed fo Borrower, by which such
breach must be cured: and (41 that failure to cure ~uch breach on or before Ihe date specified in the notice may result in
accelerotion of tbe sums serured b} Ihis ~1ortQaRe, foreclo.ure b~ judicial proceedir.g ~nd sale of the Property. Tl~e nofice
sh~ll further inform Borrower ot the riRht to reinslate after acceleration and tht riAht to assert in the fortclosurt proceeding
the non-rxistence of a default or an~ other defense of Borrower lo acceleration and foreclosura If the breach is not cured on
or be(ore the dale specitied in the notice, [.ender at I.ender's option ma~ declare all of the sums ucured by this ~fortgage to bt
immedi~teh due and pa}able without further demynd and ma} foreclou this ~fortgsq~e by judicial proceeding. Leoder shal)
be entitled to collect in such proceedin~ all expeqses of forerlosure, including, but not limited lo. reasonPble attoraey's fees.
and costs o( documentan evidence. abstrac~s and title nportc.
19. Aorrowers Ri~ht b Reinstatc. '~c~twithttand~ng Len~ier's acceleration of the sumc tecured by th~s Moregage.
Bormwer shall have the right t~~ ha~e :+n~ pt;~:eedinF~ h~gun hy Lender t~ enfotce this Mortgage discootinued at any time
~'~"K •
'~~K ~5~ P!GE 28~`1