HomeMy WebLinkAbout0336 ,
Leade~'s written agreement or applicabb law. Borrower shall pay the u~wunt of all mortsa~e insuranoe promiums ia tl~e
manner ptovided under pua=rap6 2 hereo[. .
Any amounq disbursed by Lender punuant to thft para~aph 7, with iaterat thereon, shall baome a3ditional
indebtedne:s ot Borrower secured by Ihis Monga~e. Unless Bonowe~ and Lender ajroe to other terms o[ p~ymea~ wd~
amounts sh~ll be payabk upon notice from Lender to Borrowe~ requestina payment the~eof. and shall bear interdt freo~ the
date ot dbbu~~en~ent at the rate p~yabk from tiene to time an outstandina principal under the Nob unku pay~aent ot
iotet+at at sueh ra~e would be contnry to applicabk law, ia whioh event such amoun~ shall beu inte~est at the hi~t ra~e
permiaibk w~dar applicsbk law. Nothins ~ontaiaed in thi~ para~raph 7 shdl requiro Lende~ to ~ncu~ say e:paae a t~e
any ~ctioa l~et+euuder.
a. G~ectlo~. Lender may make or cause to be made reiionsbk entfie3 upon and inspectioos ot the Property. provided
that Lenda~ ahall ~ive Borrower notice prior ta any such inspection specifyina ~onabk caux thetefor related to I,ender's
interest in the Property.
9. Co~ieaddo~. 'T1~e proceeds of any award a claim for damages, dlrect or consequential. in connection with any
condemnation or aher taking of tAe Prope~ty. or part thereot, or for conveyance in lieu of condemoatiou. are hareby assi=ned
and shall De paid to Lende~.
In the event of a total takina of the Propeny, the proceeds shall be applied to the sums tecurod by tha Mott~aae.
with the exce~, i[ any, paid to Borrower. in the avent of a partial taking oE the Property. unkss Bornowe~ and I.ender
othenvise aar~ee i~ writing, there :hall be applied to the sums secured by ihis Mongage such pmpottia~ of the p~noeeds
aa is equal to that proportion which the amount of the sums sccurcd by this Mortgage immediately prior to the date of
takin,~ bean to the fair market vdue of the Propeny immediately prior to the date of taking, with the balmce of the ptocoeds
paid to Borrower. .
if the Property is abandoned by Borrower, or if, after notioe by I.ender to Borrow~~ that the oondeannor ofhrs to make
an award or settk a claim for damages, Borrower fails to rapond to Lender within 30 days afler the date such notioe is
maikd, Lender is authorined to rnlkct aod apply the procads, at Lender's option. either to ratontion or ~+epair d tUe
PropeMy or to thc sums secured by tha Mortgage. . _
Unku Lende~ and Borrower othenvise agra in writing, any such application of proceeds to principal shall not exta~d
or poatpone the due date of the monthly installments tefernd to in paragnphs 1 and 2 hemof or change the amount ot
such installments.
lA: Eo~rower Not Reka~ed. Extension of the time for payment or modiflcation of amortization of the wms aecund
by this Mortgsae aranted by Len~r to any succes,wr in intercst of Bomower sha(I not operate to erkase, in any manner.
the liability of the original Horrower and Borrower's s~keessors in interat. Lend~r shall not be t+equired to oommet~oe
proaed'mgs aaainst such successor or rcfux to extend time for payment or otltetwix modify amortization of~ the wms
secured by this Mortgage by reason of any demand made by the original Borrower ar~d`Borrower's succatsors in iMerest.
11. Porbear~ce br Lender Not a Waim. Any forbearance by Lender in exercising any right or remedy heteunder, or
othe~wise aRoeded by applicable taw, shall not be a waiver of or preclude the exercise of any such right or nmedy. .
The procurement of insunnce or the payment of taxes or other liens or charges by Lender shall not be a waiver of 1.ender's
right to accelerate the maturity of the indebtedness secured hy this Mortgage.
12. Reu~edia ~oldi~e. All nmedies provided in-this Mortgage an distinct and cumulative to any other right or
rcmedy under this Mortgage or afforded by law or equity, and may be exercised co~currently, independently or a~ivdy.
l3. S~ecaaors a~d Asd~~s Sousd; Joist a~ 3erer~l i.iabiNry, Csplioos. 'il~e covenanta and agreemrnts henin
co~tained shall bind. an~ the rights hereunder shall inure to, the rapective snccessors and assigns of Lende~ and BormvMer.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrovwer shall be joint and sevenl.
71~e captions and headings of the paragraphs of this Mortgage arc for convenience only and ate not to be used to
interpret or deline the provisions hereof. ~
14. NoNce. Except for any notice required under applicable law to be given in another manner. (a) any notioe to
Borrower pr+nvided for in this Moctgage shall be given by mailing .such notice by certifled mail addressed to Borrower at
the Properry Add~ss or at such other address as- Borrower may designate by notice to I_ender as provided herein, aud
' (b) any notice to Lender shal! be given by certified mail, retum receipt reqoested, to I.enders addras stated l~erein or W
j such other addrcss as Lender may designate by notice to Borrower u provided herein. Any notioe provided for in this
' Mortgage shall be deemed to have bcen given to Bornower or Lender when given in the manner designated herein.
I 1S. Udto~ MoK~e; Co~ereiu~ I,wK; Sereua6Wt9. This form of mortgage combines uniform oovenants for national
~ use and non-uniform covenants with limited variations by jurisdiction to constitute a unifornt security instrument covering
i r~eal property. 77~is Mortgage shall bo governed by the law of the jurisdiction in which the Property is located. In tbe
~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aHeet
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting pruviseon, a~d to this
I end the provisions of the Mortgage and the Note are declared to be severable.
` 16. Dorrower's Copy. Borrower shall be furnished a conformed copy of ~he Note and of this Mortgage at the time
! of execution or after recordation hereof.
17. Tra~er of tLe h~Opert~; A~amption. 1f all or any part of the Property or an interest thercin is sold or transferred
by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to
this Mortgage, (b) the crcation of a purchase money security interat for household appliances, (c) a tnosfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat of three years or less
not containing an option to purchase. Lender may, at Lender s option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to aceelerate if, prior to the sak or transfer, Ltnder
and the peraon to whom ihe Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interes~ payable on the sums secured by this Mortgage shall be at such rate as I.ender
shall roquat. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower
s sutt~eswr in ~
interest hu executed a writteo assumption agroement accepted in writing by Lender. Lender shall release Borrower from all
obligations under ihis Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provi~ a period of not less than 30 days from the date the notice is mailed within
which Bonower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of wch period.
Lender may, withaut further notice or demand on~Borrower, inyoke any remedia permitted by paragraph 18,hereof. '
NoK-Urr~FOaM Coverr~[~rrs. Borrower and Lender further covenant and agree as follows: ;
l8. Acce{a~at~o~ Reu~edks. Facept a~ prodded i~ pua~apr 17 6ereof, ~p~ Sorrower's brescr of a~y core~ or '
a~eere~t d Eorrowe~ i~ tii~ Mo~a~e, ~ tre co~ew~Ms to py w6e~ doe ary~ sams satired by tbis Morl~e, I.e~ier ~
prior to seedeea~o~ sraY ~~otke ~o ~orrower a~ pro~ided is ~a~n~Y 14 tiereot specif7f~: (11 tYe 6e~eacly t~e selio~ ~
reydr~ci b c~e wel~ irescb: (3) a d~te, ~ot las tra¦ 3A days froe tUe date tre ~ofke is ~aYed to Eonower, ~ w`ki weti ~
breac~ ~~t be e~re~ asi (4) t6st tai~re to c~e sacb breac~ o~ or rdore ttie dste s~a~liea i~ tre ~otiee wa~ ee~ i~
~ saderstlo~ ot tie m~ ucvcd by t6f~ Mo~e. foreclosare 67' ~Cl~l M~ueeedi~ ai sde ot t~e lrupe~. 7tie ~otla
~ forirer Ltors Borruwer ot tre ri~it to rd~te aNer sccekMio~ nd tl~e ri~Yt b arert i4 fie toralow~e ~oee~
t~e ~o~-e~tesce d a aefs~lt or aq oti~er de~ewe of Dorrower to sceekrMbe and toredoaue. If tbe bresc~ f~ .ot e~ei a~
or betae fbe d~e speci6ed i~ tk oofice, t.e~der at Le~der's optioa may declane all et tbe s~s~ seceei br tld~ Mo~i~e b 6t
~ a.e ..a ~.rawe ..uroa tsr~er dem.~ a~ .q torectae e6i. Mat~a~e h i~~ w~• t.eaier ,~i
be ~ei to eoBed ~ s~el~ proc~ a~ e~pera ot toe~eelos~re. i~cl~, 6¦t ~of lisitei to, rsaws~6le attor~e~'s tea.
a¦i oods d docwnhry e~iaesoe, ab~hscb ae~ title repord.
1!. lonower's A~t to Rd~date. Notwithstanding LendePs accekratan of the sums xcured by this Mottaage.
Borrowar shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at a~r tin~e
e~~r 25~ PAGE 3~36
_ ,
~ ~