HomeMy WebLinkAbout0419 l.cndcr's writte~ sgrreement or appticable l~w. Bonowet ahall pay the amount~[ al! mocijs~e insuru~oe pcemiuau in the ?
manner p~ovided under parag~aph 2 hereot. . ' ;
Any amou~ta disbur:ed by [.ender pursu~t to this paragraph 7, with interat ~henoo. shall become addition~l
indeblodness of Bonovirer sxured by this Morigage. Unless Borrowe~ and IxnJei agrce-to other terms of paytneot. such
amounts shall be paya!?k upoo ncuica from I.ende~ ~o Barrower rcyucsling paymcnt thereot. and shall bear interost frnm ttie
date of disburacment at thc nte payabk trcxn timc ta timc o0 out:tanding principal under. the Note unkss paya~eat oi
interest at auch rate wauld be contniry ta applicabk law, in which event such amounts shall bea~ intercst at the hl=lkst rste
permisaibk unde~ appficabk law. Nothina contained in this paragnph 7 shall require I.ender to incur any ~expe~ae or tate
any action hereunder. ~ " • .
S. I~ectls~. Lender may make or cause to be made rcasonablc eo~ricc upon and inspections of the Property. pror?ided _
that Lender shall give Borrower notice prior to any s~~ch inspection specifying re~sonable cause therefor rcleted to Leaders
interest in the Property.
9. Co~demplba. 'Il~e p~oceeds bf any awaod ar claim far damages, dircct or consequential. in connection with any
condemnation or other taking of the Propeny, or part thereot, or far conveyance in lieu of coodemnatjon. arc hereby atsigned
and shall be paid to i.ender.
in ihe event of a total taking of thc Propehy, the prcxceds chall be applieci to the sums securcd by this Mortgage.
vrith the excess, if any. paid to Bormwer. ln Ihe cvcot of a partial taking of the Property. unlas Borrower and Lender -
when~rix agree in writi~g. there shal! bc applied to the cums secum~! by thic Mongage such proportion of the proooeds
as is oqual to that proportion which the amount ot the sums sccurcd tiy this Mortgage immediately prior to the date of
taking bears to the fair market value of thc Property immediatcl~ prior to the Jate of laking, witfi the batance of the pmceeds
paid to Borrower. '
If the Propetry is abandoned by Borrower, or if. a(ter notice by l.ender to Bomower that the condemnor oRen to malce
an awaod or settk a claim for damages, Bormwer fails t~~ respond to l.ender within 30 days after ihe date such notice is
maikd. Lende~ is authorized to collect and apply the prcxecds, at i.endcr's option, either to restoration or repair of the
Propeny or to the sums secured by this Mortgage. ' -
. U~less Lender and Borrower othervvise agrce io writing, an}• xuch applicatic~n of proceeds to principa) shal) not extend
_ or postpooe the due date of the month~~ installments referrcd to in paragraphs 1 and 2 hercof c?r change the amount of -
such installtneMs. -
lA. Eorrower Not Rekased. Extension of the time tor payment or modification of amortization of ihe sums secured
by" this Mortgage granted by I.etider to any successor in interest of Borrower shall not operate to rekau, in any manne~.
the liability at the original Bormwer and Borrower
s si~rs in interest. I.ende~ shall not be requircd to commence
procoedings against such successor or rcfuse to extend time for payment or othervvise modify amortization of the surtu
securod by this Mortgage by reason of any demand made by ihe original ~orrower and Borrower's successors in interest.
-11. Fo~beanace by Leoder Na s Waire~. Any forbearance by [.ender in exercisi~g any right or remedy het+eunder, or
othe~aise alforded by applicable law, shall not bc a waiver of or preclude the exercisc of any such right or remedy.
'[l~e procurcment of insunnce or the payment of taxes or other liens or charges by I.ender shall not be a waive~ of I.ender's
right to accelerate the maturity of the indebtedness sccured hy this Mo~tgage.
i2. Rewedks Ca~~4the. All remedies provided in this Mortgage are distinct and cumulative to any other right or
rcmedy unckr this Mortgage or afforded by law or equily, and may be exercised concurrcntly, indapendently or successivdy.
13. S~cces~o~s aua AasiR~s Eoaad; Joiet and Severd i.iabi~ty; Captbas. The covenants and agreements herein
contained shall bind. and the right~'fiereunder shall im~r~ to, the respective successars and assigns of Lender and Borruwer.
subject to the provisions of paragnph 17 hereof: All covenants and agreements of Borrower shall be joint and sev4nl.
The captions and headings of the paragraphs of this Mortgage are for convenience only and a~ not to be used to
interpret or define the provisions hereof.
14. Notica Except for any notice required under applicable law ta be given in another manner, (a) any notice to
. Borrower provided for in this Morigage shall be given by mailing such notice by certified mail addressed to Borrower at .
the Property Address or at such other address as Borrower may designate by no~ice to I_ender as provided herein. and
(b) any notice to Lender shall be given by cenitied mail, return receipt rcquestod. fo I.ender's addrest stated herein or to
such other addtrss as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lcnder wheo given in the manner designated herein.
' 1S. Uai~ord Mort~aa~ee; GoreroL~ Law; Sererabpity. This form of mortgage combines uniform covenants ~o~ national
use and non-uniform covenants with limited vuiations by jurisdiction t~ co~utitute a uniform socurity inst[ument oovtring
rcal property. This Mortgage shap be governed by the law of the jurisdiction in which the Propedy is located. In the
I event that any provision nr clause of this Mortgage or the Note conflicts w~ith applicabk law, such conflict shall not atfect
; other provisions of this Mortgage ot the Note which can be given effect without the co~flicting provision, and to this
end the provisions of the Mongage and the Note are ~eclared to he severable.
16. sorrower's Cop. Botrower shall be furnished a conformed copy of thc Note and of this Mortgage at the time
' of eaecution ar after recordation heroof.
~ 17. Traa~fer of t6e Tropedy; A~samptios. If all or any part of ihe Property or an interest therein is sold or transfernod
by Borrower without Lender's prior written conseot. excluding (al the cceation of a lien or encumbranoe subordins~e to
this Mort6age. (b) the creation of a purchase ma~ey xcurity intercst for househoW applianexs, (c) a transfer by devi~e.
descent or by operation of law upo~ the dath of a joint tenant or (d) ihe ~rant of any IaaehoW ir~enst of three ~rears or las
not containing an option to purcha~e. I~eoder may. at I~'s option. doclare all the s~ens senu~ed !ry ths MortEaae to be
immodiatety doe and pay~ble. i.ender sball hsve waivod such option to aooda~ate if, prior to tbe sak or transfa. Lrnder
apd the penon to whom tbe Prnpexty is to be sdd or transferned oach a~eement in writirg ihat the credit of wch pasan
is satisfsdory to i.ender and tbat the iota+at payabk on the wms socured by this Mart~e shall be at wch nte as Lender .
shall nequest. If i~der lias wraiv~ed t6e option to aooeknte pr~o~vidod in this paragraph 17, and if Borna~rer's suooa~or in
intetest hzt e~cect~ed a writtea a~mqion a~t aooeptod in writins by I,enda, t.ender_shall r~dea~e Bormwer from ap
oblisstiom under t6is Moctas~e aod t6e Nda
If i.eodu euerci~a wch aption to aooekra~e. i~ende~ shaU ma~'1 Borra~er notioe of aooekration in aooo~danoe with -
p~raaraph 14 ha+eof. 9nd~ notioe sLall provide a period of not las than 30 days from the date the notice s ma~'led w~ithin
which Borrow~er da~? Wr the st~s declared due. if Borro~wer-fails to pay wch wms prior to the pcpiration of weh period,
t.e~der may. wdtboat further notioe or danand on Borrower. invoke any remedia permiued 1ry para6raph 18 hereo[
~ Na+-Ut~tt~~ot~t Co~v~~tas. Bocm~rer and l~ender fnrtber oovpiant and agee as folbws:
lt A~ Rareifes. Ssee~t as ~Yei i rrap~a~Y 1~ be~e~. ~!N Mttrw~n's ~e~eser ~E aq c~~ei~t R
ap~ee~e¦t ~f 1~nNrer i~ ii 11~ ~el~il~~ ~e a~eWs M~ wrre~ ~¦e a's~s aee~d i' I~i ll~r~~ Iw~ier
~rirt Is sooeie~aYM i~ ~~i ~Nite N~nw~er as ~nnYei i~ wwpa~ te ~tat ~~i¦F p) ~e i~e~ek l*1 be adM~
~ ~~ei ts ew~e s~i in~e~ p1 a i1e, Nt lers ~ 3i 8~s tn~ tie i~1e 14 Nliee i~ riei 1~ 1rA~*'~~~ b wiier wei
~ i~eaci at ie ew~ ai Irst fine N a~e wer ~ai N or ietMe t~e i1e s~eeiei i I~e ~Mics ~q ~~w1t i~
soalen~tl~ ~E ~e s~r aee~rei i~ di lYl~~e, f~eehwre b~ Nr~e~¦L a¦i aie ~t de ~al~. 7be rfloe
~ ir tw~.r i¦t~~. M~nw~.t ~e.i~iw r~ei~da~e atler soc~ a¦i 1re rt~t r a~at i~ ~r t«ed..~e *.•eeei.s
~ ~e we~iie~ee ~t s ~efa~it K aq dre~ idere of 1~erw~e~ N sa+ele~a~ a~i hreeMw~~ ~ be i~eae~ i~t e~ai
K tidM! d! il! ~!!tili i¦ A! rfice, I~l~il~ at Ll~ia'f O~1i~~ ~iq ~eelr! a~ ~t tl~! w~s iy dis MM~e f~ lt
irei~el~ i¦e a~i ~aiie wl~~t [~tier re~i ar ~~i~e1MC fii M~elp~e r!' j~iic~W w~eeei~. ~de~ ii
~e e~ll~ei 1~ c~eet f~ we~ rweeii~ a~ e~era ~f t~eeiMee. i¦e1~i~. ~t ~N i~M~i M. ee~M~~Ye all~ne7'4 tea.
ai ads ~t i~ea~ ~+ii~cs. i~l~ ai ~e ~eMe~t.
1!. ~rwe~'~ ~M M feirhw Nct~tandins Leoder's sooderation d t6e wms ~wred b~r tbi~ 1~[at~e. .
Borr~o~w~a sbsU 6av~e t6e ri~Lt w 6ave aary? Prooeedines be~un bY t~da to eaforce t6s Mort~e di~oontiiwed st aoy tiroe
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