HomeMy WebLinkAbout0947 agrceweot or applicable law. Bo~rower shall pay the amount o( all mortqagt jnwrance premiua~ in the manner provided
u~der pangraph Y hereo[. .
Any amountt disbuned by l.ender punwnt to this puagraph 7. witA i~terest thereon, shall brcome additional in-
debtcdness o[ Borrorne~ secured by thi~ Morcgage. UnTeu Borrower and l.ender a~ree to other ternu ot payment, wch
amounts shall be pa~rable upon notice trom Lender to Borrower rcquestina payment thereot. aod ihall bear i~terest from
thc datc ot disbursement at the rate ~ayable (mm time to time on outuandi~g pri~cipal u~dtr the Note unku payment
ot interat at such nte would be contnry to applicable law, in which event wch amounts shall bear interesc at the highest
ntc permis~ible under appliable law. Nothing contained io this puagraph 7 shall require Lender to incur any txperue or
take any actton Aereunder.
S. Iaspection. Lender may make or cause to be made reasonable entria upon and inspections o[ the Property. pro-
vided that L.er~der shall give Borrower notice prior to any wch inspection specifying reasonable uux theretor related W
Ler~der's interrst in the Propetty.
9. Condemoation. The proceeds of a~y award or claim (or dam~ga. direct or consequential, in con~ation rvith a~y
cor~demnation or other uking ot tt~e Pmperty. or put thenof. or tor conveyance in lieu ot condemn:tion, are herebr as~
signed and shall be paid to Leoder. ,
in the event ot a toul takinq of the Pmperty, the proceeds shall be applied to the wms secured by this Mortgage.
with the excess. i[ any. paid to Borrower. In the e~•ent oE a partial taking ot the Prope~ty, unless Borrower and Lender
othcrwise aRree in ~rriting. there stuU be applied to the sums secured by this Mortgage wch proportion o( the ptocecds '
a; is equat to chat proportion which the amount o[ the sums setured by this Mortgage immediatelr prior to the date of
taking bean to the Eair muket value o[ the Property immediately prior to the dace of taking, wich the bal~nce of the pro-
ceeds paid to Borro~ret. .
lt the Property is abandoned br Borroxer. or if. after notice by Lender to Borrower that the mndemnor often to
make an awud or setde a claim tor damages. Borrorrer fails io respond to i.ender within 30 da~~s after the date such notice
is mailed, Lender is authorind to mllect and apply the procecds, at Lender's option, either to restontion or repair of the
Property or to the sums secured by ihis Morcga~e.
Unless. I.ender and Borrorver otherwise agree in ~rriting. any such ~ppliqtio~ of proceeds to principal shall not extend
or postpone the due date of the monchlr inatallmenu refernd to in pangraph~ 1 and 2 hereof or thange the amount oE
wch i~sullmeat~.
10. Bottcxer Not Reka~ed. Exteruion of the time tor payment or modificacion of amonintion ot the suau secvrtd
b} this \tortgage granted br Lender to a~y suatssor in interest of Borrower shaU not opente to nlease, in any anannet.
the liability o[ the original Borrower and Borrower's wcassors in interest. Lender shall noc be required to mmmence
proceedings against such successor or refuse to extend time [or payment or otherwise modity amortization of the wms se-
curcd by this ~iortqage by reason o[ any demand made bp the original Borrower and Borrowers wccesson in interest.
I1. Forbearance bp Ltadet Not a Wai~er. Any torbeannct by Lender in exercising any right or nmedy hereundet.
or othennise at[orded br applirable lq~r, shall not be a waiver ot or pteclude the exercise of any suth right or rcmedy. The
procurement ot insurance or the payment ot taxes or other liens or charge~ by Lender shall not be a wai~•er o( Lender's
right to accelente the maturity oE thc indebtedness securcd by this Mongage.
12. Remedies Gtimulad~e. All remeciies provided in this Mortqage arc distinct ancf cumulati~e to any other right or
rcmedy under this ~tortgage or a((ordcd bp law or equity, and may be exercised concurrently, independently or succasivedr.
13. 5ucce~o~s and Arigns ~ouad; )oint and Se~eral Liab~itr; Captions. Thc co~•enants and agreements htrein
conuined shall bind, and the righu hereuuder shall inure to, the rapective successors and assigns o[ Lender and Botrowtr.
subject to the provisions o[ panqraph 17 hercof. All mvetunts and aqree~nents o( Borrower shall be joint and sevenl. The
captions and headings oi ~he paragnphs of thii Mortgage ue (or com•enience only and are not to be used to inttrpnt or
define the provisions hereo[.
l4. Notioe. Ezcept tor any notict required under applicable law to be qiven in another manner, (a) any notice to
Borrower provided for in this Nottgage shatl be gi~en by mailinq such notice by urtified mail addressecl to Borrower at
the Propetty Address or at wch other address u Borrowrer may daignatt by notice to L.ender as provided hecein. and (b)
anr notice to LendeT shall be gi~en by certifitd mail, return rectipt requested, to Lender
s address stated herein or to such
othtr address u Lendet may designate br notice to $orro~rer as provided herein. Any notice pro~•ided for in this Mortgage
' slull bt deenx~d to have betn given to Borrower or Lender when given in the m~nner designated herein.
I
' 1'~. Uaitaw Mortgage; Gorerning I.aMr; Se~erabiliq. 1'his (orm of roortgage mmbines uniform cov~nants for na-
~ tional use ared non-unitorm mveoants with limited variations by jurisdiction to constitute a uniform securitY instrument
I co~•erinq real property. This ~fortgage shap be governed by t1~e law of the jurisdiction in which the Property is located.
In the eveot that any provision or chux of this \tortgaqe or the Note con(licts with applicable law, such conflict shalt not
af(ect other provisions ot this MortRage or the Note which can be given t[fat without the conflictinq provision, and to
f this end the procisions of the ~fortgage and the Note arc dedared.to be sevenble.
f 16. Borro~rer's Copr. Borrorrer shall be turnished a contormed copy of the \'ote and of this ~torcqage at the time
j of c7recution or a[ter recordation hereot.
f 1~. 'Tran#er o[ the Properq; Aawimption. I[ all or any part ot the Property or an intemt therein is sold or tnns
f (erred by Borrorver without Lender's prior ~rritten consent. pccluding (a) the creation of a lien or encumbrance subordinate
~ to this rtortgage, (b) the aation oF a purchase mone~r security interae for household appliances. (c) a tnnster by devise,
descent or by opention oE law upon the dnth of a joint tenant or (d) the Rrant of an'y leaxehold interest oE three years or
leu not conaining an option to purchase. Lender may, at Lendet's option, dedue all the sums secured bp this Mortgage to
~ be immaiiatelq due and payable. Lender shall have waived wch option to acceleraee if, prior to the sale or tnnsttr, Ltnder
~ and the person to whom the Property is to be sold or tnnsferred rtach agteement in writing that the credit of such person
; is satis(actory to Lender and that the interat pa~•able on the sums secured by this ~tortgaqe shall be at such rate u Lender
~ shall requtst. If Lender has ~raived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
~ intereu hu rxecuted a written usumption aqreement accepted in wricing by Lender. Lender shall releax Borrower from
€ all obligations under this Mortgage and the l~ote.
t If Lender exercises such option to atcelente. Lender shall mail Borrower notice of acceleration in accordance with
~ puagraph 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 dalared due. 1t Borrower lails to pay such wms prior to the e~cpiration of such period,
l.ender may, without further notice or demand on Borrower, invoke anr remedia permittecl by paraqnph 18 hereof.
NON-U1`IFOtM Cov~v~t~rs. Borrower and Lender [urther covenant and agrce as follows:
18. Aoceleration; Remedies. Faoept ai provided in paragraph 17 Lereof. upon Borrrn+er's breach of an~ co~enwt or
agreanent oi Borm~er in this Mortgage, induding the covenanu to pa~ whrn due anr sums secured by this Mortgage.
I.endu prior to aoceltntion thall mail *wtioe to Borrar?er as prnrided in pangraph 14 6ereof speci[ring: (1) tbe breacb;
(!h t~ action required to cure such breach; (3) a date, ~t lew than +JO days from the dace the notice is mailed to Borro+~?er,
b~ ~?Lich wic6 breach mwt 6e cvred; and (4) that failwe to cure wcfi b~rach on or befon the date apecilied in the notice mar
` rdale in aooeleraeion of t6e wau ~ecured bp tbis Mortaage. foredwurr by judicial procerding and ~ale of [he Property. 'I'he
~ nociae ahall fun6er inform Borro..er of tLe right to reinscace afcQ aooekncion and tbe rig6[ to a~erc in ~he torecloaicr
~ proceediag the non-e:iatenae of a ddault or ~anr aLer ddense of Borrrn+er w aoceleration and foteclowr~e. If the br+eacb a
E not wted on or betore the date specified in the naice. Lender at Lender'a option mar declare all of tbe wms iecvred b~ thn
i Mo~cgage to be unmcdiacel~ due and parabk ~?ithoat further demand and ma~ [ombr tlw Mortgage bp judicia! Proc,eed.
i iaa. I.ender sball be entitkd to collect in wch proceeding all ~penas o( (orecloa~re. including. but na limited to, rra~on.
abk aeeocneYs (eta, and cow of documentary eridence. abstracu and cide reporu. '
' ~ E ~ ~ 266 PacE 947
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