HomeMy WebLinkAbout2722I.cnckr s wnuen agrccmc~~ or appGrahlc IaN~. IiorruHCr shall p:~y Ihc am~~unt at •rll mortgagc intur,~nce prcmiums in thc
mannrr pruvidcd under paragraph 2 hereof.
/1ny am~unts dicburscd by LcnJcr pur.uunt tu this p:~r.~g~;~ph 7. w~~h intcrc~t thercan, chall ~omc additional
inJ~btednrs~ of B~xnw-•er securcd by Ihis Mur~g:~ge. Unle~~ Bu~ruwer and I rn~lcr agrre to olher tertnc uf paymenl, cuch
am~Hmts shall he payabk u~n nuticc fram I.rodcr tu Norrowr~ rcyur~ting paymcnt 1hcre~~f. and ch:~ll Ixar intcrest from thc
dale ot dichursement at the rate payahle t~om time ~o time ~~o outstanding principal under the Note unle~c payment of
interest at such rate would F+e caMrary ~o applicable law, in whirh evem ~uch amou~ts ~hall hea~ interect at the highest rate
pe~missible under applicabk law. Nothing a~ntai~ed in ~hic paragraph 7 ahall requirc I.cnder ta incur any expenu or take
any action hcreunder.
8. Inspeetion. Lender may make ~~r cause to t~e made re:~conahle rn~~iec u~x~n and incpeclion. of the Property, praviJed
that I.emler shall give Borrower notire p~ior to :my ~uch ins~;clian tipecifying n:asanable rause theretor related to I.ende~ s
intrrc~l in thc Praperty.
9. Condemn~tbo. The pmeeedc ~.f any award c~r claim fo~ damages, direei ar c~~nteque~tial, in conneetion ~~ith any
co~Jemnation or other taking of thc Pruperty. ~~r part therruf. or for conveyance in lieu of co~demnati~~n, are herehy ascigned
and shall hc paid to I.endcr.
In Ihe cvent of a total taking of ~he Propcrty. thc pnkceds chall bc applieJ to the cumt secured by Ihic Mortgage.
wilh the excect, if any, paid to Barr.~w•er. In the event af a pa~lial takinR o( the Property, unlecc Rormwer and I.ender
u~hervvice agree in Wr~itinR_ therc shall he applicJ to the ~ums cecurcd hy thic MortRage ~uch proponion of the proceeds
as ic equal ta that pmportion which Ihe amin~nt o( the cumc ticcured by thic Mortgage immedialely prior te~ Ihe date of
taking hca-s to the fair market valuc of the ProFx:rty immediately prior to thc date of ~aking, with the halance of the prnceeds
paid to Borrowcr.
if the Property is aAand~ned by Borrovrer, or if. aftcr notice hy I.ende~ to Bormwer that the condemnar offers to make
an award or setlle :~ claim for damage.. B~~rr~~wer faih ~o re~~xmd to I.ender within 30 days after the date such notice is
mailed. I.ender it authorized to rnUecl and apply Ihe prc~ceeds, at I.ender ~ option. either M re~toration or repair of the
Property or to Ihe sums .ecured by Ihic Morlgage.
Unles~ l.encler and Borruwe~ othenviK agrtt in ~ritine. anc surh applic:Nion of proceedc to principal ehall not extend
or poctpc-ne thc duc date of Ihc monthly installmcn~c refcrrcd to in paragraphc 1 and 2 hereof or change thc amount of
cuch installments.
10. Borrower Not Released. Erteocion of Ihe timr f~~r pa}~ment or mcxlifieatian of amortization of the cumc secured
by this Mnrt~age granted by I.ender 1~~ am• ~uccecsor in interect of Borrow~er ~hat) not operate to release, in any manner,
the liability of the original Borrower and Rorrowe~ t curcecu.r~ in interest. l.ender shall not be reyuircd t~ commence -
proceeJings against such sucressor or refute to e+ctenJ time for payment or otherv-~ise modif} amortization of the sums
secured hy thic Mortgage hy reaa~n of an~~ dem•rnd madr b~• Ihe ~~riGinal Bor~owe~ anJ Rorrower s succes~ors in interest.
11. Forbesrance by I.ender hot a Waiver. An}~ f~~rhrarancr M• i.cndcr in crcrcising any right or remedy hereunder, or
otherwise afiorded hy applicahle law. shall not lx a waiver oi ar preclude the exercise of an~• such right or remedy.
The procurement of insurance or the paymrnt ~~f ta~~~ i-r ~~ther liens or charge~ M• I.ender ~hal) not he a waiver of I.ender s
rigM ~o accelerate the maturity of the indehtednecs ~ecurrd hy thi~ MortgaRe.
12. Remedks Cnmulatire. All remedies prrn~ided in this Mortgage are distinct and cumulative to any other right or
remedy under Ihic Mortgage or afiordeJ b~ law i.r equih•. anJ ma}• he exerciud coocurrendy. independentlp or succecsivel}~.
13. Successors pnd AssiRas Bound; Joinl and Se~eral I.iability: Captions. Thc covenants and agrccments herein
rnntained shall hind, and the riRhts hereunder ~hall inure to. Ihe retipective succe~sorc and ascigns of Lender and Borrower.
subject to 1he provision~ of paragr•rph 17 hereoL All rovcnants and agreemems of Borrower shall be joint and several.
The captions anJ headings of the paragraph~ ~( thic Morlgage are f~r rnnvenience onl}• and are not to be used to
interpret o~ define ihe provisions hereof. ~
14. ?liotice. Except for any notice reyuired under applicable law• to be given in another manner, fa) any notice to
&~rruwer provided (ar in this Mortga¢e shall bc g~~•en hy m:~iling wch n~~tice b>• certified mail addresced to Borrowcr at ~
the Propeny Address or at ~uch other addre.~ ac B~~rrow•er ma~~ deeignate b~~ notice to Lender as provided herein, and ~
(h) an~• notice to I.ender shall be given bp cer~ified mail. retur~ receipt reques~ed. to I.ender a address stated herein or to
~uch other addresc as I.ender ma}~ decignate h~• notire 1~~ Borrawer as pm~~ideJ herein. Any notice pmvided for in this
Mortgagc shall he decmcd to have t>ecn gi~•cn to Borruwcr or I.cnder N•hcn givcn in thc manner detignated hercin.
IS. Uniform Mort~~r. Governin~ I.aw; Se~erabilily. Thi~ form of mortgaKc combines uniform rnvenantt for national
iise and non-unifvrm covenams with limited variati~~nt h~• juricdiclion ti~ constitute a uniform sec~iriry invrument rnvering
rcal propert~•. This Mortgage sh:rll he gaverned h~• Ihe law of tM: juricJiclion in whieh the Property ic localed. in the
event that any provision or clause of thi. Mortgage ~~r the Nute a~nflict~ with applicahle law. such conflict ~hall not affect
~~ther prrn~isions of this Mortgage or ~hr T~i~te N~hirh ran be given eRect' w•i~hout the conflicting provi~ion. and ro this
end the provisions of ~he Mortgage and the `~~te arc dcclared to hc teverable.
16. Borrower's Copy. Borrow~er ~hall ~x furniched a cun(~~rmed ropy of thc Note and of thia Mortgage at the time
of execution ~r af~er recorda~ion hereof.
17. Transfer uf t6e Properly: Acsumption. If all or am~ part of ~hc Pmperty or an intcrest therein is sold or transferred
by Borrower without I.ender s prior writtcn concent, excluding ~ai the creation of a lien or encumhrance subordinate to
this Mortgage. (bl the creation of a purchau: money ~ecurity interest for household appliances. (c) a Iransfer hy devise.
descent or hy c~peration of law upon the Jeath ~f a j~~im tcnant or ld1 the grant of any Ieasehold interest of three years or Iess
not containing an option to purchase. I.ender may, at I.ender'~ option. declare all the sums secured by this Mortgage to be
immeJiately due and payable. l.ender shall have v-~aivcd ~uch option ~o accelerate if, prior to the tale or transfer, I.ender
and the person to whom the Properly ic to be sold or riransferred reach .~greement in writing that the credit of such person
ic s~tisfact~iry to I.enJcr and thal the interett payable un the sumc secured by thic Mortgage ShaTt be at such rate as Lender
shall request. If I.ender has waived thi: option to accelerate prrnided in this paragraph 17. and~if Borrower's successor in
interest has eaecuted a writlen assumption agreement accepted 'sn writing by t.ender. Lender shall releau Borrower from all
obligations under this Mortgage and the Note.
If [_ender exercises such option to accelerate, l.ender ~hall mail Borrow~er notice of acceleration in acrnrdance with
paragraph 14 hereof_ St~ch notice shall providc a peri~xl of not Iesc than 30 days from ~he date the notice is mailed within
which Bormwer may pay the sums declared due. It Ro~rower failc to pay such sumc prior to the expiration of such period.
Lender may, without further nolice or Jemand on Borruwer. invokc an~• remedies permittecl by paragraph 18 hereof_
Notv-UNiFOteM CovEN~~v~rs. Borrower and l.ender further covenant and agree as follows:
18. Accekr~tion; Remedks. Except ~ prorided in par~raph 17 6ereof. upoa Borrower's brcach of any covenant or
~reement of Borrower in ihis Mo~~e. includi~ the covenants to pay when dne A~y sums secured by t6is MortgaRe, I.eoder
prior to accekratioa sball mW notice to Borrovrer as provided in paragraph 10 her~of specifyin=: (1) the breach; (2) t6e action
required fo cnrc soch brcach; (3) a date. not less than 30 days from the date the notice is maikd fo Borrower. by whkb snc6
breach must be cnred: and (4) that failure lu cure such breach on or before tbe date speci6ed ie the nofke map nsWt in
accekration of the snn~s secnred by Ihis Mortgage. foreclosurr by judicial proceedi~ and sak of the Property. 'Il~e notice
shall further iaform Borrower of the right to reinstate afler acceleratbn and the rigbt to asse~t in the forecMsure proceediu~
the non-e:istence of a defank or any Mher defense of Borrower to accekration and forecbwrc. If the breach is oot cnred on
or before Ihe date specified in thc qotice. [.ender a I.eader's option may declarc sll of the so~ns secured by this Mort~a~e to be
immediately due and payabk without further dem d and may forcclose this Mortgage by jadicial proceedinR. Leoder shall
be entitkd to collect in such proceedin~ all e:pe ~f foreclosure. inciuding. but not Gmited to, ressonaWe attorae~s tees.
and costs of documentary evidence, abstracls and titk reports.
19. Sorrovre~'s Right to Reinstate. Notwithstanding I.enJer', acceleration of the sums secured by this Morigage.
Borrower shall have the right to have any proceedings hegun by I.ender to enforce this Mortgage discontinued at any time
~
_t . :
- ~-.~.:~- ~~ ~.
~s ~~:~=a ~~~-,~
~R~K348 PacE2720
- - .~~.
~ .... -