HomeMy WebLinkAbout00291 rndrr'c written agmrmcnt or applicabk Iow. Bo-rowe~ shaU pay thr amaum u( all murtgegc in~urance prcmiums in the
mannrr pniv~drd undcr paragtaph 2 herca(.
Any am~~un~c di~hiu~rd by I.rndcr p~u~uant Iu ~his par.~graph 7. w~th u~trrca ~hcrcon, thall ASc~-me addiUOna)
in~lrhtcdnr~~ uf Nurruwc~ ~crurcd by ~h~~ Mor~~rKc llnlc.~ R~~rmwcr and 1 r~~Jc~ aRrec tp o~her lerms c~f paymcnt, auch
am~amt~ ~hall 1x•pavaMc u~xm n~Hic~ tr~~m 1 cndcr lu BurruNCr rcyuc~linR paymrnt thcrcu(. and ~hal) Mear interect from the
date of Ji~hurcemen~ at ~he ratr payahlc fmm timc to umc un ou~e~anding principal undcr ~hc NMe unlesc payme~t ot
interest •rt such rate would t+e conl~an• ~i~ •rpplicable lav-~, in which event ~uch amc.unlc ~hall hear interett at the highett nte
permiuihle under appGcable law. Nulhing r~~n~aineJ in ~hic paragraph 7~hall reyuire I.ender to incur any expense or bke
any action hereunder.
S. laspection, I.cnJc- may malc h~ c~u.~ 1~~ t+c made ~caumable entritc u~xm and inspertionc of the Property, provided
thal I.enekr shall give &~rrower nc~hcr pri~-r ta •rny ~uch incpecU~~n tipeci(ying rcascmabk eause therofor related to Lender's
m~erest in Ihe Property.
9. Cowdemnafbe. The prc~ceedc of any award o~ claim fo~ damages. dircc~ or consequential, in conocelion with attiy
condemnation or dher taking of the Property. o~ part therce~f, or for conveyance in lieu ot condemnation, are hereby assiaood
and shall be paid to Lender.
In the eveot of a tola) taking of the Pmperty, the proceeds ~hall be applied ta ~he s~~ms securcd by this Mo~t~ase.
with the excess, if any, paid to Borr~wer. ln the event of a partial taking ot the Properly, unlecs lic~rrower and I.~ede~
otherwise agree in writing. therr shall be applied to the cumc securcd by this Mortgage ~uch proportion af the proceeds
as ic equal to Ihat proportion w•hich ~he am~.un~ ~,f ~he cumc ucured by this Mortgage immediately prior to the date of
taking hears ro the fair market value of ~hc Proprnv ~mmed~atcly pnor to the date of taking. with the halmce of the proceeds
paid t~. Borrower.
lf the Property ic ahand~ne.l b~~ Borrower. ~.r if afler nMice hy I.ender ~o Borr~wer Ihat the condtmnar o}ters to mate
an award nr celtk a ciaim (or damaKr~. B~~rmwer fa~l. t~, re.~x~nd to 1 ender wilhin ~0 days ~tter the date such notice is
mailed. LenJer ic authori~rd to collect and a~pl~• ~he pn.reed~. at 1 e~der's ~ption. either to restoration ar rcpair of the
Pro~r~y or to th~ ~um~ .ecured M• thie lNc.nRa~re
Unlesc l.ender and Borrower othenvi~e agree ~n w rihne. am~ cuch appl~cati~n of proceeds to principal shaU not extend
or pext~ne Ihe due date c~f Ihe mon~hlv installmenls rcferred~tn i~ para¢~aphc 1 and 2 heteof or ehange the amount o!
cuch ~nstallmentc. .
10. Borrower Nof Rele~ed. Eztension of the time for pavment ~r mncfification of amortization of the sums securcd
by thic MortRage granteJ by l.enJer to any ~ucceccor ~n interett of Aonower chall not open~e ta rclease. in any manner.
Ihe liahility ot Ihe oriqinal Bonower and Borrower'c suicesu~rc in interest I.ender ~hall not he rcquired to ee~mmence
proctedinga rgaiast cuch sucressor or re(oce M ertend hme for paymenl oc othen+i.e mcxlify amc~rtization of thr ~~~ms
ucured by thic Mnrtgage by rcauin ot aryr demand made b~• the oricina) Hc~rmwer and Borrower'z tuccescon in iMerect.
' 11. Forbeannce by I.ender NM s Wairer. Any fn~hearance by 1 ender in etercicinR any righl ~r remedy hercundtr, or
otherwiu a(fordeJ h~• applicable law. shafl not tx a waive~ o[ or preclude the exercise of any such right or nmedy.
The procurement of insurance or the payment of taxes o~ other liens or charFec by 1 ender cha!I not tx a w•aiver of Lender's
right to accelerate the maturity o( the indehtedne~s aea~rcd hy this MortgaRe.
12. Remedks Cnmulathe. All rcmedies provided in thit Mortgage arc dictinct and cumulative to any o~her right or
remedy under this MortAage or afiorded by law ~r equity. ~nd may t~e exere~ced concurrcnUy, ~ndependemly or succeuively.
' 13. Srctessors and AssiR~s donnd: Joint ssd Se~:ral I.isMlity; CapHons. Th~ covenan~s and agreements herein
ce~mained shatl hind, and the riRh~s hereunder shall im~rt to. the respectivt succe«n and ascignc of l.ender at~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agrcementc ~f Borrower shall he joiry and sevenl.
'il~e captions and headingc of the paragraphc of thie Mortgage arr f~r convenience only and arc not t~ be oted to
interprcl or define tht prov~sions herec-f.
14. Noiice. Except (or any notice reyuired unJer applicable law a~ t+e given ~n ano~her manner, (a) any notice to
Borrower providcd for ~n ~his Mortgaee shall be grven hy ma~ling such not~ce by certsficd mail addret~ed to Borrower at
the Property Address or at wch other addresc as B~~rmwer mry de~~gnate b}• no~ice to 1 ender as prmided hettin. and
(b) any notice to Lender shall he given bY «rtificJ m~il. re~orn rece~pt req~~ected. to 1 enders address stated herein o~ to
euch olher addresc as Lender may deti¢nate hy n~Urr a. B~rn~wer as pro. idcd herein Any notice provided for in this
Mortgage shall lx deemed to havc lxen grven to B~.m~cr ~~~ t rnder Khen grven in Ihe manner designattd herein.
. 1S. Unifonn MortRa~e: Governin~ I.awt Se.erabili~~. ~f?~~. (~rm of mortgage combines uniform covenants for national
use and non-uniform covenantc with IimiteJ vanalione h~ ~un~J~c~ion t~ r~~sh~ute a uniform sec~irity instrument covetina
rcal properly. Th~s Mortgage sha1) be g~~verned hv ~he law ~f the juntdic~~an in which the Propetty ic located. ln the
event that any provision or clause o( thic Mo~tgage ~~r ~he Nntt c~nflictc wilh app7icablt law, such conflicl shall nol aBoet
olher provisions of Ih~t Mohgage or the N+~te v-h~ch can be g~~•en efTec~ without the conflicling provi~ion. and lo this
end ~he provicions of ~he Mortgage a~d the ~1~~c arc Jccl-rred t~ hc uverable
16. dorrower's Copy. Borrow~cr shall tx turn~.heJ ~ conf~~rmecf ropy of Ihe Note and of this Mort~tage at the tirtle
of execution or atter recorda~ion hereof.
17. Tnader ot the Pmpeirty: Acsump~ion. lf alI ~r a~~ part of ~he Pr~.peny or an mterest therein ic sold or tnnsferred
by Borrow•er w~thout Lender's pnor wntr:n ~~~nticm. e~cluding ia- ~he crcation of a lien or encumbrance subordinate to
th~s Mortgage. !b1 ~he crtat~~n o( :- ~ur.h.,.r m~mr~ ~erunt-~ interesl f~.r hausehold appliances. (cl a Iran~ter hy devise.
deuent ar by oF+eration nf law upon the Jca~h c•f ~ ~~~~nt tenant or (d~ the gram ot any Icasehold intercsl ot Ihree ycars.~r kss
not containing an option to purchax. 1 ender m~y. at 1 ender'. opt~on, decl,,re all ~he zums secured by ~h~s Mortgagt to be
~mmedutely due a~d payablc 1 cnder ~hall h.,.c :..u.ed ~nch ophon to :+~:~Ierate ~t. prior to tht cale or transfe~. I_ender
and the person ~o whom thr Properiy i. n~ tn ~~~I.! ~~r ~raneferred reach ~grecment m wnung that the credit of ~uch penon
ic salisfactory to l.endet and tha~ thc intrrr,t pa~abk on the sumc ~ecured by thic Mortgage shall be at such ra~e ai Lender
shall request It I.ender has waived ~he opt:. n to acce~e~ate provided m thic paragraph 17, and if Borrower's ~uccasor in
interest ha~ executed a wntten assump~~an ag~eement accepted in writing by I.enJer, l.encier shall releace Borrower (rom all
obligat~ont under this Mortgage and ~hc No~e
If l.ender exercises such op~~on ~~~ ac~elerrte. LenJer ~hall ma~l BorroNer nohct of accderat~on in urnrdancr N~~A
paragraph 14 hereot. Such notice chall prov,de a penod of not less th~n .l0~dayc trom ~he'date the notice is mailed wiihin
which Borrower may pay the sums derlared due I! Borrower (aih ro pay i~ich sums pnor to ihe eipiratux- at wrh penc~d.
l_ender may, wi~houl turther notice nr Jcmand c.n Horru:-er. ~nvoke any rtmedies permrt~ec! hy pangrsph IR herco/.
NON-UNIFORM COVENANTS Borrowe~ and Lender tunhe- covenant and a`ree as follows:
ls. Aceekrstion: Rtmedks. E:cep as pmviekd io pa~rapA 1~ Ucreot. rpoe So~o~+ers MescA of ~ay co~caawl os
a~~eemeat o~ dorrower in this MortRaRe, includi~ Ibe corcnants to psy whcn due ~nr snms secnrcd by tAk MortR~e. I.tsder
prior lo sccelentbe sAall msil notke to Sonowe~ ~s Provided In psra~raph 11 bereot specNyi~:11)1he bre~ch: Itl lhe setio~
req~fr~d to e~re soch brrsch;l3- i date. not less than 30 dars (rorn ~bc dNe the nolke [s maikd to eorro..er. A~ •-hkb srcl~
baacA mwt bc c~red: sad (11 Ihat (~lure Io cen ~cA breacb ow or beione ~he dNe specl~ied in the ao~kc mar resrlt i~
accckraKow ot c~e sums ~ec~red by ~his Mo.tRaRe. tw~ccbwre br judkid pwceedlw~ and sak of ~Ae Pmpertr. 'ibe notke
shall further inforn~ Qorro~+er qt Ihc riRh1 lo ni~tsle dfe~ ~ccekr~tbn snd tl~e ~b1 1o asseA ia the toreclosrrt poeeedl~
tbe uon-existence d s dctauN or iny olber dttenae of Sorrorrer to ~ecekntbn and toreclosdre. If tAe bre~cA is not creta aw
or 6efore the dite speci6ed ia tbe notict, t.ender at I.rnder's Mfiow ms~ dedm ~Y ot ~he stiau secrrrd b~' ~hb M°NR~e ~° k
~u~u~edjatdr d~e ind p~ysble .rithoul tuNAcr demand ~nd mar fo~rclose Mb Ma1~~e Sr jodkW ~oceedl~qt. 1.en~er ~haq
be entitkd to cdleet iu sreb proeeedix~ all e:penses ~~( torscbs~~e. includins. brt wot Umitea to. tcasonisle s/a~rnev's fees.
•IId tOf~f O~ ~OlYIIIlIIf~ trldtll~t. sbslrscls and ~ille reports.
19. Son~ower's RIRM b Reins~.~e. No~W~~h.~.~nJ~nE, i ender's acctlenh~~n of the ~um~ ucured by U~~s Mort~agt.
Borrower shal) havt the right to have am pnx-~cd~n~. hcfur, by Lender t~ en(~•-.c th~~ N~ng.~¢c dncc-m~nucJ at an} timt
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