HomeMy WebLinkAbout0015 L.eode~'s wriua~ azreaoeat or ~pplicable I~w. Borro~ ~haU pay tba amoud o~ a!1 naottja~e iawranoe premiua~ in tbe .
mannec providod unde,~ pusaraph 2 bet~eot.
My amounb disbursed by L,ender punusut to thL ~Wr~trsph 7. aith iata~at thereoe. ~hali bocome additional
indcbtedness ot Borrow~w secured by this Mort~agei. Unless Borwwc~ aad La~der sjt+ee W otl~w tenus of payn~eat, wd~
anaunts shdl be WYabk upon naioe from I.cmder to 8orrower roquastina Wymeot theroof. aad sha11 beu inte.~a~t trom the
date of diabune~nent at tl~e n~e payabb fran time to time o0 oubW~s principal u~der the Note ualas payaaeot o~
interat at suc6 rata would be Qontnry to applicabk law. in which event wch amonnb shall besr alerdt at the hi~hest ra~s
permiaibk unde~ appiicabk°law. Ndhina containod in this paragrapl~ 7 ahaA roquit+e I.ender to a~cw a~? expe~e ot taloe ~
any actioo I~enund~x. ~ ~ t1'~ 1;; t^
i. I~~ecli~. I,ander may make o~ caiae to be made reseonabk e~tries upon st~d i~~eM~d~e ot tbe Pr.o,petty. pro+?ided
that i.ender shail aive Borrower ndice prior to an
y such ins p o ction s p e c i f
yi n g reawnsble cau~a~thet~efor rdated W Leader's
interest in the Property. ,
Co~deM~lio~. 71~e pmcoeds of any award or claim for damages, direct or oonsequential. in oonnecdon wid~ my
catdemnation or other takins of the Property. or paK thercof. or for conveyanoa in lieu ot condernnation. are he~ebp s~e~od
and :hall be paid to I.eoder.
in the event of a tdal takina of thc Propeny, the procoeds shall be appiied to the sums socurtd by this Mo~a~e.
with the excess. if any. paid to Borrower. in thc cvent of a panial taking of the Pnoperty, unkss Bonuwer and Leader
wherwise a6ree in writing, thore ahall be applied ta ~he sums socuoed by this Mort~age such proportion of the pneoeedt
~ is equal to that propo~tion which the amount of the sums securod by this Mortgage immediatdy prior to tha dat~ of
taking bears to the fair market value of the PropeNy immodiately prior to the cl~e of takinE, with tbe balance of tbe pnnoeeds
paid to Bomower.
if the Propetty is abandoned by Borrower. or if, ahcr not~ by i.ender to Bormwer that the condemtwr ofFert to make
an award or setik a claim for damages. Borrowe~ fails ta respond to Leoder within 30 days after tbe date such notioe is
maikd. Lender is author~od to col{oct and aPP~Y PTaceeds, at i.en.ier's option. either to restoratio~ or npair of tbe
Property or to the sums secured by this Mortgage.
Unlas i.e~der and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not exta~d
or pcutpone the due date of th~ monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of
such iratallmeats.
1~. Eo~rower Not Relesud. Extens+on of the time for payme~t ar modifkatio~ of amortization of the swns ~ecurcd
~ by this Mortgage granted by Lender to any suocessor in interest of Borrower shall not operate to rekase, in any manner.
the liability of the original Borrower and Borcower's successors in interest. Lender shall not be roquired ta canrneace
procoediogs against suc6 suocessor or refuse to extend time for payment or otherwisc modify amortiution of the wms
securod by this Mortgage by resson of any demand made by the original Borrower and Borrowe~'s succ~sors in iMerest.
11. For~esnwce 6~ Le~er Nat a Wai.er. Any fofiearance by Lrnder in exer+cising any right or remody heramder. or~
othervvise aRorded by applicabk law, shall not be a waiver of or proclude the ea~ercise°of any such right or remedy.
The procurcrneot of insuraaoe or the payment of taxes or other liena or charges by Lender shall not be a waiver of i~ender's
right to accelerate the mzturity of the indebtedness securcd hy this Mortgage.
12. -Rea~ed'ies Cw~iafir?e. All remedies pmvided in this Mortgage a~ d'atinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity. and may be esercised concurrcntly. independently or sucoessiveiy.
13. S~cceasas a~ A~ts Doawd; 7oiot sod Se.e~al i3abi&~; Csptions. The covenants and agreemeats herein
contained shall bind, and tlx rights hereunder shall inure to, the respective successors and assigns of Lender and BomovNer,
subject to the provisions of paragraph 17 hereof. All covenants and agrcemenis of BorrowYr ahall be jant and several.
'il~e captiau and f~eadings of the paragraphs of this Mortgage arc for cotrvenience only and a~e not to be us~d to
interpret or define the provisions hereof.
U. tVotice. Eucept for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower pruvided for in thit Mortgage shall be given by mailing such notice by certified mail addressed to Borrowt~ d
the Property Address or at such dher address as Bornawer may dasignate by noticc to i~nder as provided herein. and
(b) any notice to Lender shall be given by certitied mail, retum receipt roquested. to I.ender's addras stated heoein or to
such other addr+ess u Lender may daignate by notice to Borrower as provided herein. Any notice providod for~in this
Mortgage shall be doemed to have been given to Borrower or l.ender when given in the manner d~signated herein.
1S. Uoiforr Mort~r, Gover~ Law; Se~rera6i~ty. "f?~is form of mortgage combines uniform oovenants for national
~ise and non-uniform rnvenants with limited variations by jurisdiction to conatitine a uniform sxurity instrument coverina
real property. 'il~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the '
I~ event that any provition or clause of this Mortgage or the Note rnnflicts weth applicabk law, such conflict shall not affect
' other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this
~ end the pmvisions of the Mortgage and the Note are declared to be severabk.
16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of ihis Mortgage at the time
; of execution or after recordation heroof.
~ 17. T~asder of tre Property; Assoe~ptioe. if all or any part of the Property or an interest therein is sold or transferrtd
~ by $orrower without Lender's prior written consent, excluding (al the creatan of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security 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 IeasehoW interest of three years or las
not containing an option to purchase, Lender may. at Lender
s option, declare all the sums securod by this Mortgage to be
immediately due and paYable. Lender shall have waived such option to accelerate if, prior to the sak or transfer, Lender
and the person to whom the Property is to be sold or transfemed reach agrcement in writing that the credit of such person
is satisfactory to Lender and that the interest payabk on the sums secured by this Mortgage shall bc at such rate u Lender
shall request. lf Lender has waivod the option to accekrate providcd in t6is paragraph 17. and if Borrower
s succt~or in
:nterest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
. h!igations under this Mortgage and the Note. = .
if Lendu exercises such option to accelerate. Lende~ shall mail Borrower notice of accekration in accordance with
aragraph 14 hereaf. Such notice shall provi~
a period of not less than 30 days from the dato the notice is mailed within
hi •fi Borrower~may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period.
.;,~Jrr may, without further notice or demand on Borrower, invoke any remodies permitted by paragraph 18 heroof•
Norv-UH~FaetK Cov~xewrs. Borrower and [.ender further covenant and agrce u foUows:
18. Accelera~tb~ Re~edia. Fscept as pro~iicd ia p~ra6rapA 17 6ereof. olo~ Son+owe~s breae~ ot s~y co~eaaN or
a~reeoeat oE ~orrower h trb Morlga~e, i~es tl~e covnaafs to psy wbes ~e a~y ssms ~red b~ tl~ Moraa~e, I.eaier
prior ts seederstlo~ s~ mi oMice to Sorrower as pro~ided ie pn6rapr 141~ereoE ~paityi~: p) ttie 6Racr: t~e aetjo~
reqaird b cm wd~ inack; C~ ~ d~te, oot ks t~aw 3~ days tru~w tre date tre ~Mite fs ~ilei b~, 6~ wMkl~ a~
breac~ ~art be c~c~ a¦d (4) thaR t~n to c~e s~ch ~eac~ o¦ or bdoee tiie iate a~eciBei i~ tie ~ofic~e ~ ~esdt f~
scceier~io~ ot ttie sw~s sec~ br tY~ Mortta~e. tNecios~re b~r ~8cia1 M~oc~ a~ stle of Ire le~aty. 11ie ~efke
~ shaY tnri6er ~one Do~ro~wer oE tre ri~t to ~ehdah aNer scceleratb+~ s~ t!e ri~Yt b a~red i~ ttie toreelowre ~oeee~l~ .
t6e ao~-e~te~ee et s aeta~dt or a~y otber iefeNe of Eosrower to scceier~tio~ a~i forodoau~e. Q tl~e be+ese~ is ~ot e~ei e~
or before I~e aMe specjiei i~ tie ~otk~ Lader N I.eader's o~tb~ ~ declare a~ ot tl~e w~s sec~rei tii Mo~a~e ts be
im~oedb~dp ioe a~i tqa~ie wilbet f~rtber de~i ad wap~ forcclose tN~ Mor~a~r tip }iid~l Necee~. I~ewier sWi
be eaWlei to toieet t~ s~ N+ooaaia~ d espe~s of for~eclosore, ~cl*di~+ ~t ~et Y~tai ta, rearo¦~Ye aff~ tea,
a¦d caNs of dot~ e~ide~ee, a6~tacb a~i tkle reporb.
19. i~nower'~ it~t to Rd¦Mata Notwithstanding Lender's aooekration of the sums securod by tha Mortasse. .
Borrowa ahal! ba~ tbe right to have any proceodings begun by I~nder to enforce thi~ Mortpge disooatiaued at any time
°~~K 257 PACE 16 ~
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