HomeMy WebLinkAbout00231 rndcr'c w~ittcn agrccmrn~ i-r appl~cable I~w. Bnrrower shall pay ~he amuuot ot all mortgage insurance prcmiums in the
mannrr pruvidrd undcr paiagraph 2 hereot.
Any am~~unt~ di~h~uceJ by 1 en~let pur~~ianl ~u ~his paragraph 7, wi~h inlrrcq Ihera~n, chalP l~ecome addi~ional
~ndrMednecc uf N~~rruwc~ ucund by ~h~. Mun~;age Unle.~ Borrawer and I en~kr agtce lo Mher termc ~~( paymr~t, tuch
am~.unh chall hc payablr u~x~n nu~icr fmm 1 rndcr 1~- &~r~uw•rr rcquc~~ing paymrnt thcreoi; snd thall hear interesl trom Ihe
date of dicbu~~cmenl at ~he ~atr pavahlr fmm timc to time u~ outstandinR principal unde~ ~he Note unlesc payment of
interr.s~ at such rate would t+e contrarv a- appliraMe law, in which eveM cuch amounts shall hear inlereit at the hi6hest nte
permiuibk unde~ applicable law. No~hinK c~m~~ined in Ihi~ parag-aph 7 chall rcquirc I.ender ro incur any expe~se ot take
any action hereunder.
~• las~ectioo. I.enJer m;,y ma{,r ar cau.c lo hc madc rcaccu~able entriec u~n and inspections ot Ihe Property, provid~.d
thal l.ender shall give Bor~~wer ne~~ice pri~-r to any ~uch inspect~oo cpecitying rcasonabk cause Ihenfor related to Lender's
inle~csl i~ the Prciperty.
9. Coademestion. The p~c~ceedc of a~y award or claim fot damages, direc~ or cansequential, in co~noction with anv
condemnation or dher taking of the P~opehy, or put thertof, or tor conveyance in lieu of condemnation, are hertby usianod
and shall be paid to l.rnder. • '
In Ihe event of a tolal takina of ~he proper~y. Iht proceeds shall be applieJ ta the sums sec~~red by Mis Mort`aae,
wilh the excess, it any, paid to Borrower. In the evenl ot a partial akiog o( ~he Property, unkcs Ao-rowe~ and Lender
otherwise agree in writing. Iherc shall he applied ~o ~he sums securcd hy this Mortgage cuch proportion at tht procoed~
as is equal to that proportion which ~he am~~unt of ~ac sumc secured by this Martgagt immedia~ely prior to the dtte ot
taking hears to the fair market value of the Pn~{xr~v immediately prior ta the Jate of ~aking, with the balance of the procttds
paid to Borrower.
~ lf the Propeny ic ahandoneJ hv Borr~w~er. ~r if. att~r notice hv i.ender lo Aorrowe~ that the condemnor offe~s to make
an aw•ard ~r utllt a claim tor damaee~. B~•rr~~wer f~~l. a. re~pc,nd to I.ender wi~hin JO days afler the date such natice is
mailed. I_ender ic authuri~rd to collec~ and a~pl~• the pmceeds. a~ I_ender'c option. either to restotation or.repair ot the
Proper~y ~r to the ~um. ,ecured b~~ this Mnr~gage
llnlesc I.ende~ and Barrower othen-•~cc agree in w•rilm~e_ any such application of pracetds to principal shall not extend
o: pcxtpone the due dare of thc monthly inslallmcnts rcferred to in parag~aphc 1 a~d 2 hercof or chan~e the amount of
such ~nstallments.
10. Sorrowe~ Not Rekased. Extention of the lime for payment or modification of amortization of the sums socurcd
by this Mortgage granted by I enJer to any euccecsor in interect af Borrower chall not opente to teicase. in any maoner.
the IiabiliW of ~he original Borrawer and &-rrower i successor~ in interest. I.ender chall not be rrquired to commence
proceedings againtt such succetsor or retuse to erteetJ time for paymem or otherwi~e modify amortizat~on ot Ihr sums
ucured hy ~hic Mortgage by rcauin of arty demand made b~ the orieinal Aorrower and Borrower s successon in interea.
11. Forbesrance by I.ender Nof a Walve~. Any lorheannre by I.ender in e~ercicing any right or remedy hercunder, or
othenvise afforded hy applicable law, shall ne-t he a waiver ot or preclude the etercise of any such right or remedy_
The procurement of inse~rance nr the payment of taxes or other liens or charges by 1_ender chall not be a waiver of Lenders
right Io accelerate the maturity of the indehtednecs cecurcd hy this MortgaRe.
12. Remedies CumulaN~e. All rcmedies providcd in lhiz Mortgage arc distinct and cumulative to any other right or
remedy undt~ thic Mortgage or aBorded by law or equily. and may be ezerciud rnncurrcmly, independently or s~rcetuively.
' 13. Snccessors snd Assi~as eound:.ldnt sud Se.•erd I.iabiNty; Csptbns. The covenants and agreemeMs herein
comained shall bind, and ~he riRh~c hercunder shall inure to. the rcspective succecu-n and assigns of Lender ae~d Borrower.
subject to the provisionc o( parag~aph 17 hereof. All covenants and agrcementt of Borrower shall be joinj and sevenl.
The captions and headingi of Ihe pa~agraphc ot this MortgaEe are for convenience only and arc not to bt ~ned to
interprct or define ~he provicions hereo(_
1~. NWk~. Except for any no~ice reyuired under applicablt law to be given in another manner, (a) any notice ta
Borrower provided /or m thic M~rtga¢e shall t~e given by mailing eueh notice by certifled mail addresud to Bc+rrower at
the Propetty Addresz or at such aher addrec~ ac B~~rmw~er mav drt~gnale by notice to 1 ender as provided herein. aod
(b3 any notice ~o Lender shall he grven h.r• cer~~6eJ m-rd. rca~rn receip~ requcc~ed. ~o l eoder i address stated herein or to
such other addres~ as I_ender may deci¢natt b}~ n~tire ~~• Bormwer as pro.~ded hercin. Any notice provided for in this
Mortgage shall tx deemed to havc heen F~vrn M&--mwcr ar I.cnder when g~ven in tht manner designated herein.
1S. Unito~ Morf~aRe: Gorernin~ I.a~+: Se.enbilily~. Thie form of mongage combines~un~form covenants for national
use and non-uniform covenamc with IimiteJ variaNi~nti M ~uncJ~c~ion to constitute a uniform security inst~umeot covering
rcal property. Thic Morlgage shall be governed h~ thc law of the jurisdiction ~n which the Property is located. in th~
event that any prov~sion or clauu of thic Mongacc ~•r ~he TVo~e conflicK wi~h applicable Isw, such conflict shall not alfoct
other prnv~sions. of lhis Mortgage or the N~.te Nh~ch can !+e g~ven eBec1 without the conflicting pmvicion, and to this
end the provisions of thc Mortgage an~i thc '~I~,tc arc .kclarcd to Fx uverable.
16. Eorrowe~'s Copy. Borrow~er chall 1+c turm.hed ~ rnntormed a~py ~f the Nott and of Ihis Mo~tRage at the time
of eaecution or after recorda~ion hereof.
17. Trsnsirr ot tbe Propertv: Assump~ion. If all or any part ot the Pn-perty or an interest therein ic sold or transferred
by Borrower w~thout Lender's pnor wnt~. n~~~num. e~cluding lal the crcadon of a lien or encumbrance subordina~e to
this Mortgagt. Ib1 the creahon o( a pur.h~.r m~•ne~ ~ecurilv mterest tor houxhold appliances. Ic) a tnncfer hv devise.
descenl or by ~~peration of law upon Ihe dcalh o( r ja~nt tenant ~.r {d~ Ihe grant of any leasehold imertst of Ihrcc ycars or less
not containing an option to porchase. l end~r ma}. a~ 1 ender'~ opt~on. declerc all ~he sums secured by this Mongage ta be
~mmediately due and payable. Lrnder ~hall ha.c v..~~ved such option to accrlen~e it, prior to the cale or transfer. Lender
and Ihe person ~o whom the Propeny i. ~~. t-c .c.W or trans(erred reach agre~ment in wnting that the cred~t ~I auch percon
is satisfactory to l.enJer and Iha~ the intcrr.~ pa~~ble on ~he sums secured by this Mortgage shall bt at such ralt a~ l.ende~
shall rtquest. If I.ender has waiveJ the opt~~n ~o acceltrate provided in this paragraph i7, and if Borrower's succasor in
interest hat executed a wr~~ten asiump~~on agrtement acceptcd in wri~ing by I_ender. Lender shall release Borrower from all
obligat~ons under th~s Mo~tgagt and the Notr.
It Lender eae~cius tuch opUOn ~i~ ac~eferalt. (_enJer chall mail Borroxer notiee of acceltralion in accordancr H~~h
paragraph 14 hertof. Such nonce ~hall prov~de a penod ot no~ less than 30 days from ~he date the no~ice is mailtd wi~hin
which Borrower may pay the sume declared due If Borrower fa~ls ~o pay such sums prior to tht expin~ion ~t wch pencd,
Lender may, w~~hout turther no~~ce or dcmand on Borrower. ~nvoke any remedies permU~ed by parograph I R htrcof.
NON-[JNIFOItM COVEN~NTS Borrower and l_enJer (urther covenant and aaree u tollows:
la. AccekMion; Remedies. Excep as pro~Wed ia p~rs~n~ 1~ hereo/. rpo~ iorrowtrs beact~ ot awy covea~t or
a~reeme~t ot Eorro~-e~ in tbis MortRaRe. iwcludinR Ihe coreaants to ~ay whew dre ~ay son~s secured Ay this MortRs~e. I.enaer
prior lo accekratbn shdl mul notice to So-ro~.e~ as pro.fded Iw para~rsph 11 Aereof specKyin~: (11 tAe err~cA:/21 tAe setiow
erquired to cnre such brrach; (~) i dste. wot kss than 30 daps trom the dMe the notice b n~aikd to do~rower. br wAkh wc~
besch inmt be corcd: snd (~) thal /~I~ee lo cure srch Are~cM oa or refore tbe dMe specNted in the wolkc a~~y rrsWt i~
secekrstbn o[ t6e san~s secund by Ihis Mort~a~e. to~ecbsurr bp judkial poceediu~ snd sak ot /Ae Property. 'il~e nMfce
shaq turthcr Inforn~ Sorrorrer of the riRht to reiwstNe aftcr sccekratb~ ~ad tl~e riRAt lo asserf iw tbe laeclosrte ~etedl~
tbe noa-existence of ~ defi~N or any Mher defense of Eorrower lo aetekration ~ud forecbwre. It tAt brtscA is wof c~t~ta ow
or before Iht dste sPecifitd ia lhe notice. l.ender al I.ender's op/bw wsy declare W ot ~he s.~s sec.rs~ ~ rMb MortRaRe ro se
in~mediately due ind psy~bk ~-itlMUl ~~rtber demtind ~nA a~sr fortclose Mi~ Mo~~e br jnakW'roeeedis~. /.~nAer sAap
bt tOtitled lo colletf M sotM protcedi~ all etpenses nt toreclos~re. Inclodin~. brt wot Ym1te~ to. n~sonsbk sn•~reer•s fees,
and costs of doc~~lary e•~idence. abslnc~s ~ed titk nports.
19. eorrowet's R~b1 to ReinstNe. Na~w~~h.~and~ng I enAtr's accelerat~on ot the sumc ucured by ~h~s Mortgsge.
Borrower shall have Ihe rigM to have am prcxerdme: hr~un b~ Lender to enf~rct Ih~ti Mortgagr dnc~nhnued at an~ ume
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