HomeMy WebLinkAbout1287Lender's wrhlen agrcemen~ or apphcabic law. Barruwe~ shall pay thr amounl ot all mortgage in.uranre prcmiums in the
manor~ pruv~dcd unJer paragtaph 2 hereu(.
A~y amoun~c di~hu~ced by I.en~ler pur.~~anl ~a ~his pa~.~gr~ph 7, wi~h uu~rc~l ~herei-n, thall hecome additiona)
indeMedne~c ut Bi~~r~~wrr kcurcd hy ~hi~ N~-nga~e l-nle.~ R~~rruwer anJ I.rn~ler agn.~e ~o olher teRnc ot payment, tuch
amounlc chall he pavahlc u~x~n nu~icr fr~•m I rndc~ u- Born,wrr reyuc.tinR p:~ymrn~ Ihcrcof. anci chall hea- intcrc~t tmm the
date of dichurxmenl at Ihe rale payahle (rom time to iime ~~n ou~ctanding principal under Ihe Nate unlecc payment ot
interest at such rate would he rontrarv t~ applirablc law. in whirh rvcnt ~uch amnunts .hall hcar interect at the higfiest rate
permiuible undc~ applicablc taw. N~-~hing c~~maincd m Ihi. parag~aph 7 chall rcquirc I.cndcr to incur any eRptnx or take
any action hereunder.
S. I~spectbn. I.ender may makc ~+r cau.r ti~ he madc rca~nablc rnlritt upcm :~nd inspeNions of the Proptrty, provided
that I.ender shall give &irrower m.~~rr pri~~r tu :~ny ~uch inspecti~~n tipec~(y~ng re~sonabk cause ~ther~efor rclated to Lender's
interest io the Propeny.
9. Coadcmnatioe, 'The pr<keedc of any ~ward or claim for damages, dirccl or consequential, in connecl'an with any
condemnation or oiher taking ot the Propeny, or part tAereof, or far conveyance in licu of condemnation, arc hereby assigned
and shall be paid to Lender.
in the evtat of a lotal taking of the Pmperty. the proceecis ~hall hc a~~~~~~ ~~ ~t,e si~ms sccured by fhis Mortaa~e.
w~lh the escess, if any, paid to Bar~ower. In Ihc evenl o( a partial takiog of the Properry, anlesc Borrower and l.toder
otherwise agree in writing. therc shall he applied t~. the ~umc securcd by thit Mortgage such proportion at the proceeds
as is eQual to that prnportion w•hich Ihc amounl of thc sumc cecured by Ihis MoMgage immediatety prior to the date of
taking bears to the fair market value of Ihc Pro~rn• immediatcly prior to the datc of taking, with the balance of Ihe proceeds
paid to Borrower.
If the Property is ahandortcd h~• Born.K•cr. cx if after n~.ticc bv I cnder to Bormwer that thc condemnor ~Bers to make
an award or setlle a claim for d;-m:~~e~. R~~rmwer fa~l. t„ rr.~w.nd t~ 1 ender wi~hin :~0 days after the da~e xuch notice is
mailed. !_ender ic authorized to co0ect and :ipplv the proccedc. at l.ender'c aption, either to restoration nr repair of the
Propeny or to Ihe sum~ ,ccurcd h~• thi~ M~n~tacr
Unless I.ender and Borrowe~ othcnvi~c aFrec m wrihnc. any cuch applicatian of proceeds to principal shal) eot extend
or pastpone the due da~e of the monthlv inttallmcn~c rcferrcd to in paraRrapha 1 and 2 hercof or change the amcwnt of
xuch installmentc.
10. Borrowe~ Not.Rekzsed. Extension of ~he Ume for payment or rnodification of amortization af the sums socurcd
by this Mohgage gnnted by I.ender to any cuccet~r in intereat of Rc~rrav-er ~hall nnt operate to releax. in any manner.
the liabilily o( 1he original Borrower and Borrower't succescor~ in interest l.enckr chall not he required to commence
proctedings againtt such u~ccessar or refuse to etitend timr for payment or othen+•i.e modi(y amortiza~~on of ~hr wms
ucured by thic Mortgage hy rcason of any demand made by the ore¢inal Bormwer and Bormwer's succescors in interect.
11. Forbeannce by i.ender Nat a Waiver. Any f~~hearance by t.ender in e+cercicing any right or remedy hercunder, or
othrnvix afforded hy applicahk law. shall not be a waiver o( or precliKfe the cxercice af any such right or remody.
The procurement of insurance pr th~ payment of taxec or other lieos or chargec by I.ender ~liall not be a waiver of I.endet's
right to accelerate the maturily of Ihe indehtedness ~ecurcd h~ thiz MortgaRe.
12. Remedies CumulaN~e. All rcmedies pmv~ded in this Mortgage are disiinct and cumulative to any other right or
remedy ander this Mor~gage or afforded hy law or equity. :,nd may tx e~erc~~ed concurrently. inde{~endently or succecsively.
~ 13. Successors and AssiRas Bound; Joint and Sereral i.iatH'lity; CapNons. The covenants and agrcements herein
comaioed shall bind, and the riRhts hereunder shall inure to. the recpective succtcsors and accigns of Lender a~d Borrower.
subject to the provisionc of paragraph 17 hereot. All covenants and agreementc of Borrowe~ shall be joiry and stveral.
The captions aod headings of the paragr~phc of thic Mortgage arc fc~r convenience only aod are noi to be uced to
interpret or define the prmicionc here~f.
]I. NMiee. Except for any noti~e requirrd under ap~:licahle lav-- to t,t given ~n ani~ther manner. (a) any nalice to
Borrovter pr+ovided for in this Mortga~e thall he given by mailinA such notice by ccrtified mail addrecced to Borrower at
the Property Address or at such olher aJdret~ as Rornwaer mav des~gnatc by notice to 1 ender as provided hercin. and
(Ml any ~otice to Lender sh~ll he giv~n by certifieJ mail. return rece~pt reyuected. to t ender's addresc s~ated herein or to
wch other addrcss as l.ender may dc~i¢nate by nntirc t~. B~rmw•er as p~u~ided here~n. Any noticc provided for in ~this
M~rtgage shall be deemed ta havc t+rcn F~~•r~ to Rormwcr .~r I.cnder uhcn g~ven in Ihe manner designated herein.
1S. Unitorm MortR~e: GovernioR Iar.: Se~~erabilih. Tl~~. f~rm of mortgage combines unitorm covenants for nstional
use and non-uniform covenam~ with IimiteJ vanahons h~ ~uricJ~rtic~n to constilute a uniform security inslrument coverina
rcal propony. This Mortgage shall be gavcrncd h~• thc law ~f Ihe jurisdiction in which the Propcrty is located. in tht
event that any provision or clau~e of thi. Mort6ace ~~r the N~~te conflictt Ni~h applicable law, such canflict shall no1 aNect
othtr provisions of Ihis Mo~tgage or the N~~tr ..h~ch can be grven effect without the conflicling provi~ion, and !o this
end Ihe provisions of thc Mortgagc and 1hr tiote arc Jcclared to he uverable.
16. Eorrower'c Copy. Borrower ~hall ~n furn~.hed a contormed copy ot the Nott and of Ihic Mortgage at the time
of execution or atter recordation here~~f.
17. Trsester of thc Property: Ascump~ion. If all or any part of the Pmperty or an interest therein ic sold or tnnsferred
by Borrower without Ixnder's pn~r wnnrn ~~~nticnl. cacluding (a) ~he creation of a lien or encumbrance suhordinate to
this Mortgage. Ib) ~ht c~eahnn of a ~un h,,.~ m~~nrv ucurity interest f~r h~usehold appliances. (cl a trancfer h~ devise,
descent or by uperation of law apc~n thc Jcath ~~f a µ~m1 tenanl cx (dr Ihe grant of any leauhold interest of thrcc ycars or kss
nol containing an option to purchau. 1 enJer may. a~ Lender'1 aption. derl.,re all the sums xa~red hy this Mongage lo be
immeJiately due and payable. 1 rndcr thall h.,.c ..,,,~rd Su.h opuon t~ a~:~lcrate if, prior to Ihe aale or I~ansfer. Lender
and the person to whom the Property i. ~~. tx~ ..~I.t ur sr::ns(erred re~ch agrermrnt in wnting that the creJil of ~uch person
is satisfactory to LenJer and that the intrrr.~ pa~able un ~he sumti secured by thic Mortgage shall be at such rate a. i.endtr
shall rtquest. If t_ender has waived thc opt~~~n tu acrcleratc provided ~n ~his paragraph 17, and if Borrower> >uccessor in
interest has executed a wntten assump~~on agrcemeni accepted in writing by"!_ender, l.ender shall releace Borrower from all
obligations under this Mortgage and the Notr
If [.ender exercixs such opt~on ~~. ac:rlerate. I.e~Jer ehall mail Borrower notice of accelera~ion in accordancr tii~h
paragraph 14 hereoL Soch notice ~hall prov~de a prnixl of no~ Icss than 30 days from Ihe date the notice is mailed wi~hin
which Borrower may pay the sumc declarcd due. If Borrower lails to pay such sums prior to the expiralion of wch period.
l.ender may, w~thout turthcr no~ice ~•r demand on Horrower. ~nvoke any remedies perm~t~ed by parag~aph IR hercof.
NON-UNIFORM COVEN~NTS Borrower and l_ender (urther covenant and agree as follows:
I8. Accekrslion; Remedies. Exceq as prorided ia psra~raph 1~ benot. ~poa dorrowers AreacA ot iny covtnsnt or
~f!l111lA1 O~ dORONtf IA II11S MOII/ift. Includin~ Ihe corensnts lo pay ~+hea due soy sums secured ~y thB Mort~s~e. i.ender
prbr fo scceknNon shdl mail notice to Eorror~er as pro~~idcd In para~wph 14 hereof specfiyi~: (1) the brc~ch: 12/ IAe actbs
requfred to cure sucb Mrach; (3) s date. not less than 30 days tmm the d~e tbe notiee is mdkd to dorcower. by whkh suc~
baacb mwt be cond: and (4) ~Aat faflurc Io cure such bre~ch on or beforr the dste specf6ed fn the notke msy resnlt 1~
sccekratioa of Ibe snms secund by this MortRa~e, fonclown 6y judicid proceediM ind sak of tAe Prope~ry. 71ie nolke
shall turther intonn eorrov.er of Ihe ri~ht to reinstate after sccekrstbn and the riRht to assett ie the toreclosnre protttdi~
tbe non-e:istence ot a defauk or any other detense of Eorrower lo accelerstion awd foreclosnrr. It Ihe bre~c~ is not corad o~
or be~ore the dafe speci6ed in the notice, l.ender a1 I.rnder's optfon may declart sN of the wn~s sec~nd ~ tAk Mort~aRt to be
immedlsfely due snd parablt ~-ithout turther demand ~nd may loreclose fhis Mo~a~t br juditW protetdinR. I.ender chall
be totitkd io colktt M wch proctedin~ all espensts ~~f fo~eclosurr. Includin~. Snt aot Umited to. «asonislt slturnrv's ftes.
aod costs ot docuioeefary e~ideece. abslrscts and li~le reports. _
19. eon~o~-ers Rl~ht to ReinstNt. Nc~Iwith~t~nd~nK 1 ender's accelerat~on af the suma ucureJ by ~h~s Mongage.
Borrower shall havt Ihe right ~o have am pn.ce~dme• hrEnn t,~ Lender t~- en(~~rce Ihn M~ngage d~sconhnutd u any t~mt
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e~~x 34g pA~E 128? '
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