HomeMy WebLinkAbout26231-endrr'c written agneme~~ or applicable lew. l3orrawer shall pay the amount ~~t all martgage incurance prcmiums in the
ma~nrr pruvidr~l under par~graph 2 hereot.
Any. amountc di~hnrsrd by Lcn~lc~ pur~uant tu Ihis paragraph 7, wi~h ~ntcreu therrnn, shall liecome additional
indcMcdnecc uf Hurruwrr ucund by thi~ M~-ngagc. Unle.c Bor~owcr ~n~f ~_~~ Ag}'~ to other termc ot paymenl, such
ame-untc shall he payahle u~x~n n~~licc fr~~m t rnder ti~ &~rmwrr rtyuecling p~yment theFeof. and shall bear iolerest from the
da~c ~f di~bu~ument at ~hc ratc payahlc from ~imc to ~ime on outsta~ding principal under thc Nole u~ksc payment of
inlerest at such rate wau1J be contrarv tc~ applicable law, in which event such amounts shall bear interest at the highest nte
permiuible u~dcr applicablc law. N~.Ihing cumaincd ~n thic paragraph 7 shall rcquire l.endcr to incur any expense o~ take
any action hereunde~.
~• Isspectioa. l.eode~ may make ~~r ca~~~e to he made reaconable enlries upon and inspectioos of the Property, provided
that l.ender shall give Barrower n~a~ce pri~~r ~~~ any such inspeclion specityina rcasonabk caux therefor related to I.ender's
interest in the Propeny_
9. Condemnstion. The prc~ceeds ot any awa~d or claim for damaga, diroct or coosequential, in coonection with any
condemnation or dher takiog of the Property, o~ patt tAercof, or tor conveyance in lieu of condemnation. arc heteby sssianed
and shall be paid to Lender.
in the event of a tot~l taking of ~he Property. the proceeds chall be applied to Ihe sums securcd by this Mo~aae,
with Ihe ezcess, it any, paid to Borr~wer. ln ~he event of a partiat takiog of the Property, unless Borrower and I.e~dcr
otherwise agree io writing. therc shall be applied ~~ the sums secured by this Ma-tgage such proportion af !he prooeeds
as is equa) to that proportion which ~he amouM of ~hc sumc-sccured by lhis Mortga~te immcdiately prior to the date of
taking 1~ears to the tair market value of the Propcrty immediately priar to the date ot ~aking, with the balance of the pmceeds
paid to Borrower.
lf the Propeny is ahandoneJ by Borrc,wer. or if. after n~tice hv l_cnder to Borrower that ~he condemnor oRen to make
an award ar ut11t a claim for damagrti. B~~~r~wer fail. t~ respond to 1_ender wi~hin 30 days after the date such notice is
mailcd. Le~der ic authorized ta collect and apply ~he proceeds. at 1_ender's option, either to mtoration or repair of tAe
Properly or l~ the sumt ~ccured h~• this Mor~gagc.
Uniess I.ender and Borrower othervvice agrce in w•ritinc. any such application of proceeds to principal shall not extend
or pcxtpone the due da~e af the manthlv installmcnls rcferrcd to in paragraphc 1 and 2 het~tof or change the amount of
such installme~ts.
10. Eorrower Not Rela~sed. Extension of the time far payment or modification of amortiution of the sums securcd
by this Mortgage granted by i ender to any cuccecsor in inte~ect of Borrower ~hall not operate to rrlease, in any manner,
the liabilily ot Ihe original Borrower and Borrower'c successc~rs in intercst. i_ender shall not be required to commence
proceedings against such successor or refuse to erte~d Iime for payment o~ otherwiu modify amortization of Ihe sums
ucured by thic Mortgage by rcascu~ of any demand made by the oriqinal Bonower and Borrower s suecessors in interect.
11. Forbeannce by I.cnder Nof a Wai•er. Any forhearance by l.ender in exercising any right or remedy hercunder, or
othenvise afforded by applicahle law, shall not be a waive~ ot ar preclude the exercise of any such right or rrmedy.
The procurement of insurance pr 1he payment of taxes or other liens or charges by I_ender chall not be a waiver of Lender's
right to aecelerate the maturity of the indehtednexs cecured hy thic Mortgage.
12. Remedies Cnmulsti~e. All rcmedies provided in this Mortgage arc dis~i~ct and cumulative to any other right or
remeJy under this Mortgage or afforded by law or equity, and may be exercixd caocurrcntly, independently or successively.
~ 13. Successors snd AssiRes Bound; Joint and Sereral I.isbiUfy; Capfbns. The covenants and agreemrnts hercin
contained shall bind, and the riRhts hercund~r shall inurc to. the respective successon and assigns of Lende~ and Borrower.
subject to the provisionc of paragraph 17 hereot. /~II covenants and agrcements of Borrower shall be joiry and sevenl.
The captions and headings of the paraRraphc of Ihic Mortgage are for convenienct only and arc not to be u~ed to
interpret or define the provicions hereof.
14. NMice. Except for any no~ice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in Ihis M~rtgaee shall be given hy mailing such notice by certified mail addressed to Borrowe~ at
the Property Address or at such dher addresc as Borrower mav designate by no~ice to T.ender as provided herein, and
(t~) any notice to Lender shall he given by cenificJ mail. retum receipt requested. ta l ender s address stated hercin or to
a~ch other address as Lender may decienate b)• n~lice to Borrow•er as provided hercin. Any notice provided for in this
Mortgage shall be deemed to havc l+een R~ven to &-rrower or 1_endrr when given in the manner designated hercin.
1S. Uniform MortRa~r, Governin~ Iaw; Se.~erability. This form of mortgage combines uniform covenants for national
use and non-uniform covenamc with IimiteJ varialions hy juricdic~ion to constitute a uniform security instrument rnvering
rcai propeny. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. In the
event ~hat any provision or clauu ot thi~ Mortga¢c ~r ihe Note conflicts with applicable law, such conflict shall not affoct
other provisions of ~his Mortgage or the N~te which can be give~ efiect wi~hart the conflicting provision, and to this
end the provisions of thc Mortgage and the Note arc ~kclared to he severable.
16. Eorrowe~'s Copy. Borrower shall be forni.hed ~ conformed copy ot the Note and of this Mortgage at the time
of execution or afte~ recordation hercaf.
17. Transfer ot the Properir: Assump~ion. If atl or any pa~t of ~he Pn~perty or an intercst therein is sold or transferrtd
by Borrower without [xnder's prior wri~n•n cunsem. excluding (al ~he crcation of a lien or encumbrance subordinate to
this Mortgage. lbl the creat~on of a ~urch~~r mnne~• cecurity mterest for household appliances. (c) a tranc(er hy devise.
descent or by c~peration of law upc.n the Jca~h ~( •r j~.~nt tenant or (dl the grant of any leasehold intercst of Ihrcc ycan or kss
not containing an option to purchax. l.ender may, at t.ender'~ option, declare all ~he sums secured by this Mortgage to be
immediately due and payable. Lender chall h:,ve M,~~ved siich opUOn to acc~lerate if, prior to the cale or transfer. Lender
and the person to whom the Properry i. ~u be ~oW or transkrred reach.agrccment in wriling that the credit of cuch petson
is satisfactory to I.ender and that Ihe interr.~ pa~•able on the siims secured by Ihis Mortgage shall be at s~~ch ra~e ac Lender
shall request. If Lender has waived the opt~on to accelerate provided in ~his paragnph 17, and if Borroweri ~uccessor in
interut has exuuted a written assumption agreement accepted in writing by Lender. Lenckr shall rtlease Borrower trom all
obligations under this Mortgage and the Notc.
Tf Lender ezercises such opt~on to acceleraie. I.ender chall mail Borrower notice of acceleration in accordanc. tii~h
paragnph 14 hereof. Such notice shall provide a pericxf of not less than 30 days from the date the nolice is mailed within
which Borrower may pay the sums derlared due. It Borrower fails to pay such sums prior to the expiration of such period.
Lender may, without further notice or dcmand on Horrower. ~nvoke any remedies permitted by paragraph IA hercof.
NoH-UN~FORtis Covetv~NTS. Borrower and Lender further covenant and agrce u follows:
18. Aecekr~bn; Remedks. Except as ProvWed ia p~nKnph 17 hereo/. npos dorrorrers M~eacA ot ~~r co•en~al or
qreemest ot Qorrowcr in t6is Mort~a~e. lncludin~ Ihe co~tnsnts lo p~y wAen due asy sua~s securcd by this Morf~aRe. [.ende~
ptior to accekntbe shdl mail notke to dormwer as provWcd la Oara~nph 14 hereo~ sOecNyio~: (1) the Me~ch:121/Ae sctbn
req~ired to care soch bnach; (3) s dste. not ks thsn 30 days lrom the date the notke b msikd to Eorror.cr. br ..hkh suc~
breacb must be cored; and (1) Ihst failune to c~re soch brescw o~ or betore the date spcci6ed in the notke rnsy resdl i~
accekration ot tbe soms sccured by ~his Mort~a~e. /oreclosuro br jedkial Koceediu~ ~d sak of ~Ae rrope~. Thc notlee
sA~{I f~rther intorm eorro~+cr of Ihe riRM lo rei~state sfler aectkrat{o~ and tbe ri~At b at~ert i~ fbe torecbsrre poeeedl~
tbe non-existence of ~ dctsuN or any Mhe~ detense of Eorrowe~ fo aecelerstioa sed toreclosure. It tbe ereacM B sot eered o~
or beton the date specibed ia the notice. Lender at I.ender's opllo~ ~ declare ~q o( the srms ~ecrred by tAb Mort~e to bt
ima~ediately due a~d paysble withoul funher demand ~nd nur foreciost th4 Morlsa~t 6r jodicW ~oeeedin~. I.ender chaq
be eotitled to collett In wcb Pmceedi~ ~0 espenscs of torecbwre. Inclediu~. ~ut oot limited to. reasonabk an~~rnev's fees.
and co~s ot doc~n~enfary eridence. abstrscts and Iilk nports.
19. Donowe~s Ri6ht to Rei~tite. Notwith~~rnding 1 ender's acceleration of the sums secured by ih~s Mohgage.
Borrower shall have the right to have an~ prcxecd~~e• br~;un b~ Lender to e~(orct Ihis Mongage discontinued a~ an~ time
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