HomeMy WebLinkAbout0753 . .
agreement ar appliuble la~. Borrower shsll par the amount ot all mortgage inwrance premiums in thc manner provided
URl~ti ~II~~~1 ~ ~1l1'~Ol
Anr aQauna disbuned by Lender purauant'to this paragraph 7. with incerest thercon, shall becane additional ia-
debtedness of Borno~rer secutcd by this Mortgage. Unlea Borrower and Lender agree co ocher certas o[ payment. wch
amounu ahali be paJrable upo~ notice [rom I,ender to Bottowes requeuin8 papnent thercof, and shall beu interat trom
~he date of disbursement at the nte payable i~om time to tine on outuanding prir?cipal ur~der the Noce unless pa~ne~t
o[ interat at suth race would be contrtty to appliable law, in which event such amounts shall bear intercu at thc highest
ratc permissible under applicable law. Nothing co~tai~ed in this puagtaph 7 shatl r~quire Lende~ to i~cur any expenu or
takc anr attion hereunder.
& Iarpat~oa. I.ender may make or nusc to be made reasonable entries upon and inspcctions of the Pwpertp. pro-
vided that I.ender shall givt Botrower notice prior to any wth inspection apeci[ying rcasonable cause theretor ttlated W
Lender's intereat in the Property.
9. Condea~wtion. The proceeds of a~y a~vud or claim [or damaga. dirett or mnsequential, in con~ection ~rith any
condemnation or other aking of the Property. or put thereof. or Ior converanc+e io licu of condemnation. ue herebr ar
signed and shaA be paid to Lender.
In the event oE a total uking oE chc Property. the proceeds shaU be applied co the sums secured by thu Mongage.
with the excen, if any, paid to Borrower. In the event oE a partial taking of the Propenr. unleu Borrorrer and Lender
otherwise agtee in ~vriting. there shall be applied to the wats secured by this Mortgagr wch proportion •of the proceeds
a~ is cqual to that pmportion rvhich the amount o[ the wms secvred by this Atongage immediately prior to the date of
uking bean to the [air muket value of the Propeny immediacely prior to the date of uking, with the balance oE the pso-
ceeds paid co Borro~ra.
If the Propetty ia abandoned by Borrower, or if. after notice by I.ender co Borrower that the condemnor otfen to
make an a~rard or setde a claim for damages. Borrower faib to respond to I.ender Mrithin 30 days aiter the date suth notice
is mailed, l.ender is authoriud to colltct and apply the procecds. at Lender's option, either to ratoration or repair of the
Propeny or co che sums secured br this Mortgage.
Unless Lender and 8orro~ver otherwise agrre in writiag. any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installmenu reEerted to in pangnphs 1 and Y hereof or change the amount of
such installmeats.
10. Bo:r~or?et Not Reka~M. Extension of th~ time for payment or modifiption oE amortization oE the sums secured
by this ~tortgage granted by I.endet to any successor in ineerest oi Borrower shali not opence to niease. in anr msnner.
the liabilitr o[ the original Borrower aod Borroaer's suaesson in interesc. Lender shaU not be required to mmmencr
procetdings against wch successor or refuse to extend time Eor payanene or otherwise modify amortization of the sums se-
cured by this ~longaRe by rea.son of any demat~d made by the original Borrowet and Borro~rer's suaason in intetest,
I1. Forbearanoe b~ Lender Not a Wai~er. Any [orbatance bp I.endet in exercising any right or temedy herennder.
or otherwise a(Eorded by applicable law, ~halt not be a waiver of or predude the e~cetcise of any such riRht or nmedy. The
pmcnrement of insunnce or the payment of uxts or other liens or charges by I,ender shall not be a wai~er of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
lY. Re~oedita (~~mulati~e. All remedia ptovided in this ~fortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or afforded by lav~ or equity, and may be exercised mncutrendy, independently or succasively.
13. Suca~ors and Aaagns Bound: Jo~~ ~pa s~.«~t r..~ba~~r; Captions, 'the co~•enanu and agteements herein
rnntained shall bind, and the rights hereundcr shall inure co, che respcctive succeswn and assigns of Lcndrr and Borrowcr.
subject to ehe provi~ions of pangraph 17 hereof. All rnvenants and aAreemencs of Borrower shall be joint and several. 'The
captions and headi~gs ot the pangnphs of this 1?tottgage are Eor con~enience only and are not to be used to interpret or
de[ine t6e pmvisiotu hereof. ~
14. 1liotiot. Except [or any notice required under applicablt lavr to be gi~en in another mannet. (a) any notia to ~
Borrower provided [or in this Aioregage shall be gi~en by mailing such notice by certiEied mail addressed to Botrowrer at
th~ Property Address or at such other ~ddreu zs Borrower may designate by notice to I.ender as pro~~ided herein, and (b)
any notice to Lender shatl be gi~en by cenified m:ui, return receipt requested, eo Lender's address seaeed h~rein or to such
other address as Lender may dtsignate by notice to $orrowet as provided htrein. Any notice provided for in this Mortgage
shall be deemed to ha~~e been given to Bocrowet or Lender when given in the manner daignated herein.
15. Uniform Mor~gage; Go~erniag I,a~,r; Se~erahiliq,. This (orm of mortgage combines uniform mvenana for na-
tional use and non-nnifo~m covenants with limited vatiaeions by jurisdiction to constitute a uni[orm security instrument
co~•ering real ptoperty, This ~iortgage shall be govcrned by the law oE the jurisdiction in which the Property is located.
in the event that anr provision or clause of this ~tongage or the A'ote conflicts with applicable law, such contlict shall not
af[ect other provisions oi this Mortgage or the A'ote which caa be given eE[ett without the contlicting pro~ision, and to
[his end the pravisions of che ?~fongage a~d the Noce an declared co be severable.
16. Botran?et's Copr. Borrower shall be furnished a conformcd copy of the I`ote and of this ~fortqage at the time
of rxetution or atter tecordation hereof.
17. Trandet of the Property; Aawmptioa. If all or any part of the Property or an interest therein is sold or trans-
ferred by Borrower without Lender's ptior written consent, acduding (a) the cration of a lien or encumbnnce subordinate
to this Mortg~ge, (b) the creation of a purchase moner security interest for household appliances, (c) a transfer by devise,
descent or by o~eration of law upon ehe death o( a joinc tenant or (d) the qrant of any.leasehold incerest of three yqn or
Iess not containing an option to purchase. Lender may, at Lender's option, declan all the sums securM by this \tortgage to
• be immediatdy due and parable. I.ender shall have waived such option co acceierate i[, prior to the saie or trans[er. Lender
and the perwn to whom the Property is to be sold or transferred reath agrermen~ in writing that che credic of such penon
is satisfactory to Lender and [hat the incerest payable on che wms secared by this 1ltoregage shall be ac such nte u Lender
, shall teques~ if Lender has rvaived the opcion to accelerate provided in ehis paragnph 17, and if Borrower's succasor in
interest has acecuted a rrritten' assumption agreement accepted in writing by Lender, I,endet shalt release Bornowtr from
all obligations under this Mortgage and the I~'ote.
IE Lender cxercises auch option to accderace, Lender shall mail Borrower notice oE accelencion in accordance with
puagraph li hereof. Such notice shall provide a period oE not less than 30 da~+s [rom the date the notice is mai1M within
~rhich Borrower may pay the suau declared due. If Borrow+er fails to pay such wms prior to the expintion of such period.
Lender may, w+ichout Enrther t~otite or demand on Borrower, invoke any mnedia permitted bp paragraph 18 hereof.
NON-UNIFORI[ COYLNANTS, $orro~rer and Lender funher covenant and agm u tollows:
18. Aooelaacion: Remedies Exoepe as prorided in paragraph 17 Le:eof. npon Barrrn,rp'a brach o[ an~ co~enant or
~rea~t of Bormwer in this Mortgage. inc#uding tLe co+renanu w par ~rhen due anr wms ~ecured by ehi~ Mortgage,
Lender prior co aoceleration ahall mail nocice to Borro~rer as pcorided in paragrap6 14 htreoE specifYwg: (1) eLe brsac6;
Cl~ tbe xtion zequired to cure wdi breuh: (3) a dau. not les tLan 30 da~s [rom the date the notice ii mailed w Borro~rer,
bT wbich wich breach must be currd: and (4) tl:at failare w cnre sud~ biracb on ar bdore [be date spc~cified ia the notioe may
raWt in xoeleratioa of tlu wms aecured br this Mortgage. toreclawre b~ judicial proceeding and sale of the Properq. The
' naioe ~hall EurtLer inEonm Horro.+er ot the rig6t co reins~aa afcer soakration and ~Le right w aseere in ~he forecloa~re
` procetdins the non~esistrnae oE a ddault or any aLtr defen~e oE Borro+irer w aooeiaation and fo~rclow~~ If tbe breach iu
not carrd on or be[orc tl~e date spailicd en ~Le nouoe, Lender at Lrndds option mar dedare all of the wms seau+ed b~ ~his
' Moctgage w be ~mediatd~ due and payabk ~vithonc Ennher demand an~! ma~ [otecMa this Mortgage bY judicial pt~oeeed•
u~. I.ender ~hall be enaded to rnlkct in suc6 prooeeding ali e:pensa of foredoaire, including, !mt noc Wnited to, rea~on-
abk attotneYs Eee~ and cwts o[ docvmencary evideaae. abuacts and title ntporta
E ~ ~ 264 7'51
~