HomeMy WebLinkAbout0125 '
Lender's written agreeane~t or applicabk law. Borrower shall pay the amount of all mortgagc insurance premiums in the . ~
man~er provided under paragraph 2 heroof.
Aoy amount~ disburxd b~ Lender pursua~t to this paragraph 7, with intecest •thereon, shall become additional
indebiedness of Bonower securcd by this Mongage. Unless Borrower and Lende~ agree to Wher ternts of payment, wch
amounts shall be payable upon notice from I.ender to Borrower rcquesting payme~t thereof, and shall bear interat troea the
date of d'ubursement ~.t Ihe rate payeble fmm time to time on outstanding principal under the Note unless paytnant of
iaterest at tuch tate would be ca~trary to applicable law. in which event such amounts shall ltiear interest at the highest rete
pernnissibk under spplicable law. Nothing contained in this paragraph 7 shall require Lender to iacar aay expease or take
any actibn hereuader. ;
S. Ie~peeNo~. Lender may make or cause to be madr reasonable entries upon and inspectiom of the Prope~ty. provided
that Lender shal) give Borrower notice prior to any such inspection specifying reasonable cauee therefor rclated to Lender's ~
interest in the Properly. ~ ~
9. CorBeweatba. The proceeds of any award or claim for damages, direct or consequential, in rn~nectioo with any
condemnation or other taking of the Property, or part thercof, or tor conveyance in lieu of condemaation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall be applied to the sums xcured by this Mortgage.
virith the exccss, if a~y, paid to BoROwer. in the eveat of a> partial taking of the Property, unless Borrower and L.ender ' ~
o~herwise agne in writing. there shall be applied to the sums secured by this Mortgage such proponion of the pmoeeds ~
as is~equal to that proportion which the amount of the sums secured by this Mortgage immtdiately prior to the date of
taking bears to the fair market
value of tho Property immediatoly prior to the date of taking, with the balance of the pr~oceeds ~
paid to Bornower.
If the Property is abandoned by Borrower, or if, afte~ eotice by I_ender to Bomower thst the condemnor of[en to make
an award or settle a claim for damages. Bonower fails to respond to Lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of tlfe
Property or to the sums secured by this Martptage.
Unless Lender and Borrow•er otherwise agree in writing. any such application of proceeds to principal shal) not extend
or postpone the due date of the monthl~• installmentS referred to in parag~aphs 1 and 2 heroof or change the amount of
such installmeMs.
10.~ Bormwer Nof Rekased. Extension of the time for payment or modification of amoniution of the wms securcd
by this Mortgage granted by i_ender to any successor in interest of Borrower shall not operate to rekase, in any manner.
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be requircd to commence
proceedings against such successor or refuse to eitend time fot payment or otherwise modify amortization of the aums _
secured by this Morigage by reason of any dema~d made by the original Borrower and Borrower's successors in intet~est. ;
11. Forbearance by Lender Not a Waiver. Any f~rhearance by I_ender in exercising any right or rcmedy hereunder. or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
77?e procurement of insurance or the payment of taxes or other liens or charges by Lender shal) not be a waiver of Lende~'s
right to accelerate the maturity of the indebtedness secured h~• this Mortgage.
12. Remedks Cumulafire. All remedies provided in ihis Mortgage are distinct and cumulative to any other right or
remedy under this Morigage or afforded by law~ or equity. and may be exercised concurrently, independendy or successively.
13. Snccessors and Assigns Bound; Joint and Severd T.iabmty; Captbns. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
subject to the provisioc~s of paragraph 17 hereof. All covenants and agrcements of Borrower shall be joint and several.~
"Ihe captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to
interpret or define ihe provisions hereof. ~
14. NMice. Except for any notice required under applicable lau~ to be given in another manner, (a) any notice to r
Borrower provided for in this Mortgage shall be given by mailing wch notice hy certified mail addressed to Borrower at Y
the Property Address or at such other address as Bormwer may designate by notice to i_ender as provided herein, and ;
' (b) am~ notice to Lender shall be given by certified mail. return receipt requested, to i.ender s address stated hetein or to
such other addrcss as Lender may decignate by notice to Bormwer as provided herein. Any rotice provided for in this ~
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~
IS. Uaiform Morigaqe; Corernin~ Law; Severabilit}. This form of mortgage combines uniform covenants for national I
; use and non-uniform covenams w•ith limited variations by jurisdiction to constia~te a uniform security instrument covering
i real property_ This Mortgage shall be governed hy the law~ of the jurisdiction in which the Property is located. tn tbe .
~ event that any provision or clause of thes Mortgage or the Note conflicts w~ith applicable law, such conflict sha11 not affect
4 other provisio~s of this Mortgage or the Note whinc ~an be given effect without the conflicting pmvision, and to this
~ end tht protisioas of ihc Morigagc and th~ ',~'~ic arc :lcclarcd io bc sc~crablc.
~ 16. Dorrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or,after recordation hereof.
l7. Tnasfer of tbe Propertv: Assumption. Tf all or any pan of the Property or an interest therein is sold or tra^sferred
by Borrower without L.ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to ~
this Mortgage. (b) the creation of a purchase money securit~• interest for household appliances, (c) a transfer by devise. :
descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or las }
not containing an option to purchase, Lender may, at Lender'~ option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. I.ertder =
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person i
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ;
~ shali request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succasor in '`s
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all Y
obligations under this Mortgage and the Note. ~
if Lender exercises such option to accelerate, C.ender shall mail Borrower notice of acceleration in accordance with ~
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
~ which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of s~~ch period. ~
~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hercof. ~ s
r Nort-UNtFORt~t CoveNeN7s. Bonower and Lender furthe~ covenant and agnPe as follows:
~ 18. Accekration; Remedies. E:cept as pro~ided ia para~rap6 1~ hereof, upoo Borrower's br+eac6 oE any co~eeaat or
~ agreement of Borrower ia this Mortga`e, inciadiu6 tbe coveoants to pay when due aey snms secared 6y tbis Mort~a6e, Lenier
~ prbr to accekratbn sbaII mail ootke to sormwer as pmvided in pan~raph 14 6ereof specif}~i~: (1) tbe briac~; (2) t6e sctbn
~ reqoired to care soc6 brescb; (3) s date, oot las t~an 30 days from the date t6e ootice is mailed to Borrower, by whic~ soc6
~ breacb m~st be cnred; aod (4) tb~ failare to care sach breuh on or 6ctore t6e date s~eci6ed in the notke may radt ia
~ aecderstbe of t6e saws secared by t6b Mortta6e, forscbsure by jndkial proceediot asd sale of t6e Pcoperty. 7be natke '
~ s6aU fnrt6er inform Borruwer ~ tbe ~bt to ninstate aNer sccekntlon aad tbe riaAt to a~ert in tbe foreclowre p~+neeedi~
~ t6e non-e:isteoce of s defank or sny other defense of ~orrower to aceekratioa aad foreciowre. If t6e breac6 is sot c~red o0
~ or before tbe date speci8ed in tbe notke, i.ender at i.eoder's optlon may declare a~ of the mms aec~red by tbis Mort~a~e ~n be ;
ima~ed~btdy doe aud payabk wit6oot furtLer demand aed ~ay forccbse t6i~ Mort~ge bY P~oR. I.eader s6ai1 i
~ be eatlded to coUect in soch proceediag ao e=pea~cs of foreclosare, includint, bat oot 8mitcd to, reawoa6le attoree~'s iees, I
aed eosts of docameatary evldence. s6str~cb aad tftle rspoits.
19: Borrower's Rig1~t to Rein~t~e. Notwithstanding Lender s acceleration of the sums secured by this Mottgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
P~
F ~ 'r' A .
~ E' _ ~ rCS~t FAGE ~
~
~
~ _ _ m.,