HomeMy WebLinkAbout0571 l.ender's written a~reeme~t ar applicable I~w. Borrowe~ shall pry lhe amouM o~ all mortsa`e inwraaoe premiums in the
manne~ pravided un~k~ parasraph 2 hereot.
Any amaunts disbutsed by I_ende~ punuanl lo tha pansnph 7, wilh iaterest thcrooa. shall become additionsl
inckbtedncss uf &xrovrcr aocuted by Ihis Martaage. Unlecs Bonowe~ anJ t.enJer aaroe to otF?er tenns ot paymeM. auch
amcwnt: shall be psyabk upoo nc?~ice trcxn I.rnder to Barrowe~ rcyues~ing payme~~ thereoi, and shall• i~car interc~t trom ihe
datt ot disburxmrnt at the nte pay~bk 1~am timo ta time on out:tandina principal under the Note unless paYment ot
intercst at such ratc wauld be ccxUrary ta spplicabk law, io which event such amount~ shall bear iMerest at the hi~ rat~
permissiMe under spplicabk law. Nc~thina ccM~ained in lhis paragraph ~ shall toquir~e I.ender lo incur any racpea~e or talce
a~y action heteuoder.
I~s'ectio~. I.enik~ may makc or cause to be made reasanaMe entries u~xm and irtspociions~ot the Property. pror~ded
that l.enckr shall 6ive Bortnwer natice prar to any wch inspectian specityina rca~onabk cause iheretor related ta [.eode~'s ;
intcrcst in the i'roperty. ~
C~ The praceeds c~( any award or ctaim for dama~tes, dirocl or co~sequential. in connection ~?ith any
ca~demnsti~n or other lakins of the Propcrty. or paM thercof. ~x far rnnveyancc in lieu d condemnstioo, are he~? assisned
and shall bc paid ~o I.soder.
Tn the event ot a total taking ot the Pmpeny, the pnx~ccds shall be applied to the wms ~oCured by this Mo~tasae. .
with thc cxcas. if any. paid to Bortawe~. ln Ihe event of a partial takina of Ihe P?operty. tmk~s Borrower and Lende~
o~hen?ise agroe in writio~. there shall be applied ta the wms secturJ hy thix Mortgage such proportion of the pmcted~ '
u is eqwl to thai proportion which the amaunt of the sumc ucured by this Mottgage immodiately prior to the dale ot
takina bears to the tair marke~ valuc ot the PropeNy immediatcly prio~ to the Jate of takin~, with the balance ot the pmc~eds
paid to Bcxrower. ~
if the Property is abandaned by Borrovrer, ex if. atte~ notice 1~y I.ender to Borrower that the condezn~or oRers to mate .
an award or settk a claim for damag~s, Barmwer tails to respond to 1_ende~ within 30 days afte~ the dale such notice a ~
maikd. l.enekr is authorized to colloct and appfy the proceeds. at l.ender
s option, either to restoration or tepair of the
Propeny or to the sums securod hy this MaNgage. `
Unkss lxnder and Borrower othervrix agree in writing, any such applicaticm of procoeds to principal sha11 nol extend ;
or postpone the due dale ot the ~nonthly iratallments rcterrcd ta in paragraphx 1 and 2 hereof or change the amount ~
such installmeMs.
l~. Dorrorrcr NM Rekasc~. Fatension of the lime far payment or madi}ication of amortization of Ihe sums secured :
by this Mort~age snnted by i.e~der to any successor in interest of Borrower cha0 no1 operate to rckase, in sny manner.
the IiaDility of the origina) Borrower a~d Bc+rrower
x si~ccusors in interest. I~oder shall not be roquirod to commence
procealings against such woc~tsor or rcfua to extend time for payment cx dherwise modify amortiutioo of ihe sums
secured by thit Mongase by reason o( any ckmand made by Ihe ariRinal BoROwer and Borrower
a successors in interat.
11. For~eara.ce iy i.e.ie~ Na a waher. Aoy torhearance by l.ender in exercising any right or rcmedy heramde~. or
o~~~~x aRo~oa ny applicabk law, shall not he a waive~ ot or proclude the ~aercise of any such right or remedy. t
The pron~reme~t of insunnoe or the payment of taxes o~ dher liens or charges by I.rnder shall not he a waiver of I~ender's ;
right to accekrate the maturiry of the indehtedness secived hy thic Mortgage.
12. Rawedks Cs~laRi~e. All rcmedies pmvided in this Mort6age arc distinct and cumulative to any nther right or
rcmcJy under this Martaaae or afforded hy law cx equity, and may be excrciscd concurrently, indeper~dently or s~ccessiv~ly. -
13, 3~cceseo~s aw~ Aa~iR~s ~sd; ]oid s~i 3ereral i86Aiy; Ca~tioRS. 'il~e covenants and agrcemenis herein
con~sined shall bind, and the rights hereunder sha11 inurc to, the respoctive successc~rs and assigns of I~nder and Bartow~er.
subj~ct to the provisions of paragraph I? hereof. All covenants and agreements of Borrower shal) be joinf and several.
The csptio~ and headin6s of the paragraphc of this Mortgase are for convenience only and are not ta 6e usod to ~
interprct or define the provisions hercoL
11. Notiee. E~tcept for any notict requircd under applicable law to be given in another manner, (a) any notic~ to
Borrow~er provided (or in this Mortgage shall be given by mailing such notice by certifiecf mail addr~ssed Io Borrower at
the Property Addras or at such dher addrccc u Bormwer may designate by notioe to i.cnder a: pmvided hercin, and
(t~) any notice to Lender shall be given by certified mail, rctum roceipt requested. t~ I.ender
~ addross staled hercin or to
such other addrcst u Lender may daignate by nc?tice to Bormwer as provided hercin. Any notice provided for in this ~
Mort6age shall be deemed to havc been given to Bormwu or l~nder when given in the manner designated herein.
1S. U~itonw Mo~a~e; Co~erwi~ Law; Sere~litr. This form of mortgage combines uniform oovenants for national
~ use and ncx~-uniform covenants with limited varialions My jurisdiction to constitote a uniform socurity instrument coverinE
real propeny_ This Mortaaae shatl be governed hy the law of 1he jurisdiction in .which the Property is located. In the
event that any provision or clausr"of this Mortgage or Ihe Note rnnflicts with applicat~le law, such conflict shall not aftect
i other provisions ot this Mortgage or Ihe NMe which can be given effect wi~hout the conflicting provision, and to this
! rnd the provisions of the Mortgage and the Note are cicclarcd to Ix seversbk. ~ -
16. Sorrower's Co*y. Borrower shall be furnished a contormed copy of thc Note and of this Morigage at the time
I of exaution or a(tcr recordation heroof.
f 17. Tra~afer ot ttie ho'erty: Aawptio~. 1f all or any part of the PropeNy or an intercst thercin is sold or tnnsfernd
; by Borrower without I.ender's prior wri~ten consent. e~cluding (al the creation of a lien ar encumbrance subordinate ta
~ thi~ Mortgage, fb) the creation e~f a purchase mcx~ey socurity interes~ tor household appliances, (c) a transfer by devise,
~ descrnt or by operation of law upon the death of a joint tenant cx (J? the grant of any Icasehold interat of thrce yeara or ias
i ~wt containing an option to purchase. I.ender may, a~ Lender s opticx~, declare all ~he wms socured by this Mortgage to be
immeciiately due and payablt. I.ender shall have waived such option to aocelerate if, prior to the sak or transfer, l.ender
~ and the persan to whom the Property is to be sold or transterrtd rcach agreeme~t in writing that the crccfit of such person
~ is satisfactory to I.etKler and that the ioterest payabk on Ihe sums secuted by this Mongage xhal) be at such rate as I.ender
~ shall rcquat. It i_ender has waivod the opion to accelerate provided in this pangraph 17, and if Borrower's successor in
€ interest hzs executed a written assumption agrctmrnt accepted in writing by IxnJer, Lender shali release Borrower from all
~ obligations unJer this Mortgage and the Note.
s If I.ender exercises such op~ion to accekrate. I.enekr shall mail Borrawer notice of accekration in accordance with
€ paragraph 14 hereof. Such notice shall provide a pericxi of not less than 30 days ftom the date the notice is mailed within
E which Be~rrower may pay 1he sums doclared due. If Borrower fails to pay such sums prior to ~he expiration of such period.
~
~ I.ender may, without further notice or demand on Borrower, invoke any remedies permit~ed by paragraph 18 hereof.
r
NoN-UHiFrne?r CovEx~rrrs. Borrower and I~ender funher covenant and agrce u follows:
% 1 S. Accderatbr, Reredla. E:ce~t as pro~ided i~ M~rqY 11 Uereof. rp~ eorrower's bnsc~ of a~y co~ewa~t or
aRreeeeat of dorrower i~ tris Mo~e. ~ d~e corewa~ to pr wbew d~e sor s~a~s sec~red by thi~ Mo~t~aa~e. Le~ier
: prior to sccele~tio~ ~i ~aY ~Mh~e 1o do~ower r prorided h para`ra~M 14 Menot s~eelt7i~Lo p) tre 6reacr: (Zl tre sctiow
nquirea b cu~e wcr bRatir, (3) ~ d~te. ~of las tiaw 30 Asys ~ro~ fMe date fie ~ofite is ~aikd b Eo~rower. bp wUicr wcr
breacr ~dt be ercd: a~i (4) dat hil~rre to ciu~e rocM M~sacM o~ or retore tUe dale qeeliei i¦ tre ~otke ~ rwlt i~
accdetafio~ d Ire ss¦s see~re~ ~ IYs Mort=a`e. forecbsore b~' ~icial lroceeii~i a~i s~k of tre ~eo~e~. 'iLe ~otke
s1~aM hrtier Wor~ fo~rrower d tie ei~M b~te atter seeekrntiow s~i t~e rt~Ut b a~e~t h tre foRSloaue ~c~e~
t~e ~ow~esWe~ee d a aelarlt or ah dber ~efe~e ot eorrowe* to seeek~atiow awa fora~lowu+e. K tre breae~ M~of cwei o~
; or 6efor+e tbe dNe ~eciie~ i~ fYe ~otiee, Le~der a1 Le~er's o~tb~ ~ deehr+e a/ ot tre ss~s secrred by ti~ Mo~taa~e !o be -
m fAa~edWdy i~e a~ M~abic witrort t~rt~u dnaa~A a~i ~ forecbse t~ Mertt~ ~W N'~~~L. i~er ~a¦
~ be eNidea tu caOat 1~ s~ N+uce~ a~ e:peres o1 tot~eclosrre, i~ebdi~. b~t ~ot If~ilei 10. ~ea~oMYe aRta~t~'s tas.
E aMi toMs d~et~e~tarr e~~Ne~ee, abdrscb a~ title ~eprb. ,
t 1~, ionowp+~ R1~1 b Relrtata Notwithstsnding Lenders accekration of the sums securod by this Mortjaae.
s Borrower shall hare the rig6t to hare any procoedings begun by Lender to entorce this Mortaage diuontinued at any time
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