HomeMy WebLinkAbout0685I.coJe~'s written agnwmen~ ar applicahic law. Norruwcr shail pay ~hr amount of ali mohgagc intiurauce prcmiums in thc
manncr pruvidcd under parugraph 2 hereof.
Any amounts dichurscd by 1 cndcr pur.uant ta ~his paragraph 7, wiih iritcreat therea~, shall l~ec~mc additional
in~lcMednca i~f Horraw•rr securcd by lhic Alortgagc. Unlc+~ Borruwcr and 1 cnJcr :~gr~~: to ahe~ Icrtm of payment, wch
am~iuntc shall hc pa~~ahk u{x~n nuticc from Lrndcr lu Bor~i~wrr rcyuc~ting paymrnl thcrcuf, and ~hall Ika~ inlcrest fmm~the
date of dicbu~ccment at the ratc payahlc fr~~m timc lo time on oulstanding principal undcr thc Nate unlcsc payment of
interett at such rate would he conlrarv t~ applicable law, in which event auch amoun~s ~hall hear inlere~t at the highest rate
permissible under applicable law. Nothing rnnlained in thi~ paragraph 7 chall reyuirc i.ender ta incu~ any expenu or take
any action hcrcunder.
8. lnspectlon. I.enJer may make or cauce to he made rea~onable cmriec u~x~n and incpectionc of the Aroperty, provided
tha~ Lender shall give Borrower notire prior to any ~uch in~pection ~~x;cifying nasonable cause therefor rclated to I.ender's
intcrr~l in thc Pmpe~ty.
9. Condemnatbn. The pn-ceedc of an~• a~:~rd ~•r rlaim for damages, direc~ ~~r comequential, in con~ection with any
eondemnatirn~ or othcr taking of the Propcrty. ~x part thcrcof. ~r for c~~nvcyancc in lieu ot condemnalion, are herchy ascigned
:~n~l .hall hc paid to T.cndcr.
In Ihe event o( a total taking of the Pm~x:r~y. the prcxeeJc ~hall he applie~l t~~ ~he ctims cecured by ~hia Mortgage.
with the crcecs, if any, paid to Born-w•cr. In the evcnt af a partial laking of the Property, unless Bormwer and I.tnder
otherwiu agree in writing. therc shall he applied to the ~ums cecurcd hy thic Morl~±age cuch proportion o( the pmceeds
as ic cqual to that proporlion which thc amount of ~he sum~ .ecured b~~ thi~ Mortgagc immcdiately prior to the date af
taking hears to the fair market value of the Pmrpxrt~~ immediately prior to the Jate of taking. wilh the balance of the praceeds
paid to Bormwcr.
if the Praperty ic abandoned h~~ Borrow~rr. or if. aftcr no~ice by I.cnder to Borrc.wer Ihat the condemnor ofiers to make
an aw:~rd iu ~etNc a claim for damagc~. B~rrrw~r fail~ t~~ rc~~x~~d t~• l.cndcr W~ithin l0 days aflcr thc datc such nMicc is
mailed. I.ender ic authorized to rnllect and apply the proceedc. at l.ender'~ option, either to rcctoratian or repair of the
Propcr~y or t~~ the sums seruretl M• tfiic Mortgage.
Unl~ss I_cndcr and Barruw~cr other~•ik agrcc in H~ritine, an~• s~~rh applira~ion of procceds to principal shall not e~tend
or po~tponc Ihe diK date of thc monlhl~~ installmcros rcfcrrcd to in paragraphc I and 2 hereof or changc thc amaunt of
such installments.
10. Borrower Nof Rekaced. I=r~ension uf the timr for payment or modific:~lion of amortization of Ihe sumc secured
by this Mort~age granted by l.ender t~• an}• cuccecu~r in intere~t ot BorroWer ~hall n~t operate to release, in any manner.
the liabiliry of the original Borrower and R~~rrow•~r'. curresc~.rc in interect. I.ender shall not be rcquired t~~ commence
pre~cecdings against such sucrcaor or refu~e to ertend time for payment or otherw~ise modify amortization o( the sums
secured hy Ihis Mortgage b~• rrasun of an~~ demand made br the orieinal Rormwer and Aorro~ver s succescors in interect.
11. Forbearance by I.ender Not a Walver. Am f~•rhearanrc h~• Lender in e~cercisinq any right or rcmedy hereunder, or
~.thervvise alTorded by applicable law~hall not Ix a waiver of or preclude the erercise of any such right or remedy.
The procurement c+f insurance or the pa}~ment of ta~c. ~u other lie~t ~x chargec by I.ender ~hall not be a W aiver of t.ender s
right t~ acrclcratc the maturity of thc indchtcdnc~s .criimd ht~ thi~ Mortgagc.
12. Remedies Cumulative. All rcmedies pn.~ ided in thi~ Mortgage •rre distinct and cumulative to any other right or
remcdy under this Mortgage or atTordrd hy law• ~~r cyuity, and ma~• he ererciuJ concurrently. independenUy or successively.
13. Suecessors and Assigns Boond; ]oint and Secers~l I.iabilfq•; ('aptionc. The covenants and agreementc herein
comaineJ chall bind, and the riRhts hercunJer shall inure to, the rrspective wcce.u~rs and at~ignc of 1.ender and Bonower_
subject ta ~he provisions of paragraph 17 hcrcof. All rovcnants anJ agrcementc of Borrow•er shall be joint and several.
The captions anJ headingc of the parag~aph~ ~~f thic Mortgage are for rnmenience only and are not t~ he used to
interpret or define the provisionc hereof.
14. l~aice. Except for any notice reyuired unJer applicable law to be given in another manner. (a1 any notice ta
Rurrower provided for in this Morlga¢e shall he given M• mailing wch noticc h~~ certifled mail addressed lo Borcon~er at
the Property AJdrecs or at such other addrc~~ ac Borr~~Wer ma}• decignate by notice to i_ender as pmvided herein, and
(b1 an)' noti~e to 1_ender shal! hc given by rertificd mail, rctum reccipt requestcd. t~ l.cnder s adJres~ statcd herein or to
tuch other address as Lende~ ma}~ designate b~ notice to Borrc,w•er ac prm•ided herein. Any nrnice provideJ for in this
Mortgage shall be deemed to hrvc been givcn !o Borr~~wer ~~r 1_cnder w~hcn givcn in the manner designated hcrein.
IS. Uniform Morlga~;e; Covernin~ iaw~: Se~erability. Thi~ torm of mortga~tc a-mbincs uniform covenantc fo~ national
use and non-uniform co~~enant; with limited variations h~• juritidi~tion to c~~nstilute a uniform security instrument rnvering
real property. Thic Mortgage shall fx gi~vcrned M• the IJN' O~ IFII' juri~di~tion in which the Propert}' is located. In the
event ~hat any provision or clause of thic Mortgakr ~r the \r•te con0ict~ Hi~h applicable law, such conftict shall not affect
nther provisions of this Mortg~ge i~r thc Notr which r.~n he Fiven etTec~ w~ithout the conflicting provision. and to this
end ttx: proviaians of the Mortgage and thr Votc are ~I~clarrd 1~ be teverable.
16. Borrowe~'s Copy. Borrower ~hall t-c f~uni~hed :~ conformcd rn{+~• of thc Notc and of thi~ Mortgage at the time
c~f execution or after recordation hereof.
17. Transfer of t6e Properfy; AcSUmplion. If all ~.r an~ parl of Ihc Pmperty or an interest therein is sold or transferrcd
hy Borrower without I_ender's prior written roncent. r~rluding (al the creation a( a lien or encumbrance suFx-rdinate to
thiti Mortgage. (b) the creation of a purchace money ucuri~~• interes~ for househoW appliances. (cl a tranc(er b~ devise.
deuent or by operation of law upon thc dcath of a joint tcnant or (d~ thc grant of any Ic~uhold interest ot threc ycars or less
not containing an option to purchase. I.ender mav, at I.ender'~ option, declare all the sums secured bv this tilortgage to be
immeJiately due and payahle. I_ender chall have waived ~iirh option to accelerate if. prior to the ~ale or transfer. I_ender
and the person lo whom the Property ic to fie solJ or transferred rcach agreement in writing that the credit of such per~on
i~ satisfact~.ry to 1_ender and that the intere.~ payable on the ~umi cecured by this \lortgage chall be at such rate ac Lender
shall request_ If I.ender has waived the option to acceler:~te provideJ in this paragraph 17, and if Borrower i successor in
interest hac executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If l.ender exercises such option to accelerate. I.enJer .hall mail Borrower notice of acceleration in accordance with
paragraph 14 hercoL Such no~ice shall proviJe a period of nrn Iess than ~0 da~•s from ~he date the no~ice is mailed within
which Bc-rrower may pay the ~ums declared dur. If Rorro~er fail~ ro pay such cum~ pri~~r to the expiration of ~uch period.
I.ender may. without further notice or dcmand on B~rrow~er, im~oke any remedies permit~ed hy paragraph IR hereof.
NoN-UN~FOtent Coveev~rvTS. Borrower and I.ender further covenant and agree as follows:
18. Accelentba; Remedies. Bscep- as provided in paraRrapA 17 hereof. upoa Borrower's breacb of any coveaaat or
agreement of Borrower in this Nortg~e. Including the corenants lo pay when due any sums secnred by thts Mortga~e, I.eader
prbr to accekwtion shWl mail ootice to Borrower ic provided jn parognph 14 hereof specifying: (1) !be brrach; (2) the aition
rcquind to cure sacd breach; (3) a date. not Iess Ihan 30 days fmm ihe dste the notice is mailed to Borrower, by whkb sucb
breach must be cnred; ~ad (4) that failure lo cure such brcsch on or beforr the date specNied in the aotke may resdt in
accekratbn of tbe snms secured by thk Mortgage. foreclosure by jedlcial proceediug snd sak of t6e Property. 'Ibe notke
shall further inform Borro~+er of the riAh! to reinstate after acceleration snd the rig6f to as~eri in tbe foreclosore procetdiu~
the non-esistence of a dcfauN or any other dete~e of Borrower to accekration and fonclosnrr. if the breach is oot cured on
or before the date specilied in the notice. I.ender al LeadePs optipn may dcclue all of the sums secured br fhis Mortga6e to be
immediately due and payabk witlwut further dem~nd and m~y foreclose thts Mort~a~e by judkisl proceedio~. Leader s6ap
be entitled to collect In snch proceedirys all expenses of foreclosure, incladirt~. but not limiled fo, reasona6k sttorner's fees,
sind costs ot documentary evldence. abstncts aad titk reports.
19. Borrower's Ri~ht to Reiastate. Notwithstanding Lender s acceleration of the sums cecured by this Mortgage.
Borrrnver shalt have the right ~o have any proceedings t-egun by I.ender to enforce this Mortgage discontinued at any time
~~,'x 3d8 ~~GE 685
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