HomeMy WebLinkAbout0011Lendrr'c w~iUen agrccment or apphr~ble law. l3orrower shaQ pay Ihe am~~unl at all mortgage inw~ance premiums in the
mannrr pruv~dcd undcr paragtaph 2 hereo(.
Any amaun~s di~h~~~.rd by I rnJrr pur~uam tu this parag~aph 7, wuh u~tere~t thercoo, chall I~ecome add~tional
in~IrMrdnec~ ~~f 11i~rruwrr kcured hy th~~ Mu~~gagc Unlc~t Borniwcr and I rnJer aRree to othet t~Ani af paymenl, such
amount< <hall Ix pavable u~x~n nutic~ fmm 1 rnde~ to &~rruw•r- reyuecting paymem thereof, and chall hear interest from the
Jate M di~burcement al the rate payahle fmm time to ~ime on outstandi~R principal under the Note unlesc payment ot
interecl at such rate would be contrarv ~o applicable law, in which event a~ch amnu~ls chall hear interest at the hiahest rate
pe~missibk under applicable law. Nuthing c~~nt~i~ed m thic paragraph 7 shall requirc I.ender to incur a~y eapense or take
any action hercunder.
S• laspectba. l.ender may male or c~i~,e ti. he made reaccx~ahle enlriec ~~pon and inspectio~s of the Property, provided
that I.ender chall give Borrower nol~ce pri~-r to any ~uch mspection specitying rcasona~k cause therefor related to I.ender's
~nterest in the Propeny
9• Cw~demnation. The pmceedc of a~y award or claim for damaga, direct or consequential, in conr~ection writh any
condemoation or other taking o( the P~opehy, o~ wn ~-Kmor, or for conveyance in lieu of condemnation. arc herebp usi`oed
and shall be psid to l.ender.
Tn 1he event of a total taking ot the Pmperty, the praceeds shall be appiieJ to the sums securcd by Mis Mort~aae,
with the excess, if any, paid to Borrowe~. T~ thc cvent of a partial uking o( the Property, unless Borrower and i.ende~
othenvix agrce in writing. there shall be applied to the cums secured by ihis Mortgage suc:h proportion ot the procoeds
as is equal to that praportio~ which Ihe amuunt ~f ~he :umc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of thr Propcrty immediately priar to the date of taking, with the balance of the procetds
paid to Bormwer.
if the Praperty ic ahandoned by Bi~rmwer ..r if af~er no~ice hy [ ender ta Barr~wer that the candemnor oRe~s to mate
an awa~d or uttle a claim for d~m~cc~. R~~rmwcr fa~h ic. re~~nd te- t.ender within i0 days atter the date such notic: 's
mailed. I_en~ler ic authorizrd to collec~ and ~~~iv~ ihe proceedc. at 1_ender i opticxi. either to rcstoration or repair ot the
Property or It- Ihe sum, .crured b~~ thi~ M~•nRagc.
llnlesc I.ender and Barrov-er o~henvier agree in urit~nF. any such application of procetds to principal shall not exlend
ar posloone Iht due da~e c~t Ihe monlhh• in~lallmenls reterrcd to in paragraphc 1 and 2 hereof or change the amount o[
cuch installments.
tA. Eorrower Not Rekased. Fxten~ion of the t~me tor paymenl or mc~ditication of amortization of the sums secured
by this Mort~tage gronted by t ender to any cuccecsor in interect of Borrower chall not opente to release, in anq manner.
the liability of 1he original Borrowtr and Bor~ower i succesu-rc in intercst. I.ender shall not be required ta eommence
proceediogc against such cuCCecsc~r Of fefute to ~xtend ti~M for paymenl or otherwice modity amortizat~on of tht sums
ucured hy this Mortgage hy rcason of any demand made by the ori¢inal Borrower and Borrower s successors in imercst.
11. ForAearance by I.ender NM a R-drer. Any fc+rhearance by l.ender in e~erciaing aoy right or remedy hercunder, or
otherwiu aHorded hy applicable law. shall not be a waiver o( or preclude the exercix of any such right or remedy.
The procurement of insurance pr the payment of taxes or other liens or charges by I_ender ~hall not Fu a waiver of Lender's
right to accelerate the maturity of the indebtedness cecurcd hy thic Mortgatte.
12. Remedies Cnmulatire. All rcmedies provided in this Mortgage arc distinct and cumulative to any other riEht or
remedy under Ihic Mon~tage or aRorded hy law or equity. :-nd may be e+cerciud concurrcnlly. independently or succeuively.
~ 13. 3occessors and Assi~ss Eound; Joief aad Serersl t.isaility; Csptbns. The covenants and agreements hercin
contained thall bind, and the riRhlc hercuoder shall inure to. the respective sucresu~n and assigns of I_ender aod Borrower.
subject to the provisionc of paragraph 17 hereof. All covenams and agreementt of Borrower shall be joiry and sevtrat.
The captions and headingc o( ~he paragraphc of thic Mortgage are for convenience only and are not to be u~ed to
interpret or de6ne the provi~ionc hereof.
14. NWke. Except tor any r-~~ice required under applicable lav-• to ~ given in ano~her manner, (a) any notice to
Barrower provided (or m thic Mor~gaee shall be given by mailing such not~ce by certiRed mail addressed to Borrower ~t
Ihe Property Address or at such aher addres. as &~rrower mav decignate by no~ice to (.ender as provided herein. and
(h) any notict to Lender shall he given bvi certified m•ril. return rece~pt requetted. to t ender s addreu suted hercin or to
cuch other addrcss as 1_ender may deci¢nate by ~~~ire t~, Borrower as prov~ded hercin. Any notice provided for in this
Mortgage shall be deemed to havc F+een g~.•cn to Borrov-cr or Lender whFn g~ven in the manne~ dtsignated hetein.
1S. Uniform MortRa~r. GorerninR iaw: Se.enbility. Th~c (orm ot mo-tgage combines unifarm covenants tor national
use and non-uniform cm•enantc with IimiteJ canauon~ h~ ~i~ri~d~ction to constitute a uniform security instrument coverina
rca! property. Th~c Morigage shall be governed h~- ~he law c-f the jurisd~ct~on in which the Property is located. In the
eveni that any provision or clauce of thic Me.rtgage ar the Note conflictc wi~h applicabk law, such conflict shall not affoet
other provisions of this Mortgage or ~he N~~~ v-h~ch can Me gwen efiec~ wi~hout the conflicting provieion, snd to this
end the provisions of thc Morlgage and the 'VMe are Jeclared Io be sevenble.
16. dorrowe~'s Copy. Borrower thall !x furn~~hed a con(ormed capy of the Note and o[ this Mortgage at the time
of execution or after rccordation hereof.
17. Trsasfe~ 01 the Properlv: Atsumplion. If all ~r any pan ot the Prc~perty or an intercst therein ic sold or transferted
by Borrovrer without l.ender's pr~or wntr,n ~unceni. e~cluding (al the creation ot a litn or encumbnnct subordinate to
this Mortgage. (b) ~ht creation of a~urch~~r m~.nev ~ecuri~y ~nterest (or household appliances, (cl a ~rancfer hy devise.
descent or by ~peralion ot law• upon 1he Jcath o( ~ j~an~ tenant or (cU the gram o( any leasehold intercst of thrcc ycars or kss
not containing an option to purchase. l ender may. at I.ender't opt~on. declere all ~he sums xcured by this Mortgage to bt
immediately due and payable. Lender ~hall h~ve w,nved such opaon lo ~.c~lerate if, prior to Ihe calt or transfer. Lender
and the person to whom the Proper~y i. ~~~ t+c .ol.l ~.r transferrcd reach apre~ment in writ~ng that the crcdit ~( auch pe~on
is satisfactory• to I.enJe~ and ~hat tht imerr.t pa~ ~ble on ~he sums secured by ~his Mortgage shall be at such ratt ac 1_ender
shall reques~. If t.enJer has waived ~hc ~~p~~on to acccleratt provided ~n this paragraph 17, and if Borrower i~uccessor in
ihlerest has executed a wntten ascump~~on egreement accepted in writing by [.ender, i.ender shall release Borrower tre+m all
obligat~ons under this Mertgage and thc Note '
If I ender ezercixc such opt~on t~ acieleralt. I.ender ehall mail Borrower notice of acctleration in accordancc Miih
-paragraph 14 hereof. Such not~ce chall prov,de a period of not less than 30 days from Ihe date the no~ice is mailed wi~hin
which Borrower may pay the sume derlared due I( Borrower fails to pay such sums prior to ~he eapiration o! wch penod.
Lender may, w~thout furlher nohce ~r dcmand on Borrower_ mvoke any remediu pcrmu~ed by paragraph 1R hereof.
NON-UNIFORM COVENANTS Borrowe~ and l.ender furthcr covenam and a~ee u follows:
ls. Accekration; Remedks. E:cep ~s provWcd ia pua~rsp~ 1~ hereo/. t~pn dor~+owe~'s brtath oI ~wy cort~t or
a~reemeat ot dor-er.er In this MorlRaRe. includi~ Ibe cortn~Ms to p~y wbce due ~ny so~ns ttcured by tAfs Mor/Ra~t. I.endcr
prior Io ~ccclersHon sball mail notke to eorror-er as ~~orlded ia P~rssrspA 14 hertot spccKylu=: (1) tAc ~e~cb:/21 the setbw
required to core such brrach;l3) s d~te. nolless ~Aan 30 dsrs (wm tAe dale the notke b aailed to dorrawer. br wAkh sue~
breach mwt be cured; and (4) thst tailua lo core wch breacw o~ or letore tAe dMe specified is tAe no/ke n~ir resdt h
~ccekration ot tbc snms secund by this MortRs~e. torccbwn by judkltl proccedf~ and ssk ot tbe -ropcrtY. 'iUe watke
shall /urlher inform Sorro.ver ot tbe riRAt Io refnshte a~ter ~ccekrstbw awd tbe ~A1 M a~rcrl is the foreclosree ~octedM~
tbe aon-e:istence ot ~ detauN or any Mher defen~t o1 Eorro~+er to ~ccelerstion sad foreclostire. 1/ tbe bresc~ is wof ct~e> o~
or before Ihe d~te specified ia the eotice, l.ender at l.end~r's ~tbw a~ar Acclsre aR ot tAe srws ~ec~red A~ tbis MoARaRe to be
immediately due snd psyiDle wi1M-ut (util~er dem•rnd ~nd ms~ to~eclost Ibls Mo~a~e ~ jrdklal ~oceediuR. I.~nae. chaN
De eofitkd to collett In wcA Proceedie~ dl expcnses .~t toreclosnre. Includin~. brt sot da~ited to. reawnsbk sta,rner's fees.
aod costs of doc~meat~ry eridence. sbstncts and ~i1k nports.
l9. Sonower's RIRA1 to Rei~tate. I~Iotwilh~~endi~K 1 ender's accelerat~on of Ihe sumt ucured by ~h~c Mon6ate.
Borrower shall have the ngh~ to have am prexe~d~r,~c txr~m b~ Lender to enf~ict Ih~~ hl~rtgaqe dncont~nued at an~ Ume
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