HomeMy WebLinkAbout0888 I.ender's wnt~e~ ag~eemeot or applirabk law. Borrower thal! pay the unaiM ot all monaa~e insurance p[emiunu in the
ma~ne~ pruvideJ unde~ pa~aa~sph 2 hereat.
~ /1ny amounts dist+u~ted by I.enJe~ punuant ta Ihi~ patagraph 7, wilh interc~t thereon, shall boccxr~e additanal
i in~k:b~edness i~t Borrovrer socurcd by ~his Mongagc. Unless Bo~rower and I.enJe~ aarce to dhe~ terms ot paymeM. such `
~ amcxrots shall 1~c pay~hk upc~n notirc f~om I.rndcr to Born~wc~ rcyue~ling payment theteaf, and shall bear interesi troan the
; Jate of disbursement at Ihc ratc payahk trom time to timc ~x~ a~lstanding principal under the Nob ~ payma~t of
I intercst at such rate wou1J be comrary ~o applicsbk law, in which eveot such ~mounts ~hall bea~ interest at Ihe hi~hat ra~e
II pe~miatiMk unde~ applic~bk law. Nothina cantained in this paraaraph 7 shall roquire I.ende~ to incu~ anr experoe or taice
any action hcreunder.
S. las'ectio~. l~nciet may make a~ cause t~~ he made rcasonabk ~ntriec upon and inspectiana c~f the Property. prmided ~
~~t i.e~der shall give Borrower ndKe prar to any such inspoction specifyina rcasonsbk cause thetefor relate~ to Lender's ~
I ~ihrerest in Ihe Property.
j 9. Co~dew~~albw, '~'he proceed.s of aoy award o~ claim for damaRes. dirocl or consequentid, in connection with any
; condemnation a~ dher taki~g at the Prc~peny. or pa~f tAerrnt, cx far conveyance in lieu ot condemnatian. are hereby sstianed
, and stull be paid ta l.enckr.
tn Ihe event ot a tolal taking of Ihe Pmpcny. Ihe prcx-cecls ~hall be applied to Ihe sums xcttrcd by this Mortaage,
with thc c!ccess, if any, paid to Bonowcr. In thc cvcnt of a partial laking ot the Property. uoless Bomawer and I.ender
atherwise agrce in writing, therc shall he applied to the tums securai by thic Mong~e xuch proportion ot the proaeds
as is equal ta that proponiiin which thc amount of ~hc sums cecured hy this Mortgage immediately prior to the dste ot
~aking bears to the hir markN value of the Pmperty immecliately prior to Ihe J~(e of ~aking, with the balance of the proceeds
paid tn Borrower.
if the Property is abando~ed by Borrower, or if, after nolice by I.ender to Barmwer that the condemnot ofkrs to malce
an award or xttk a claim for damages, Botrrnver fail~ to res~nd to I.ender wilhin 30 days atter the date such notice is
maikd, l.ender is authoriud to cdkct and apply ihe proceedc, at I.eoder'c oplion, eiiher to rtstontion or repair of the
Propeny or to the sums securcd by this MoNgage.
,i Unlat !_ender and Bo~rower otherwi~e agrce in writing. any xuch applicati~n c?f proceeds to pri~cipal shall not eatend ~
or postpone the due date of the monthly ins~allmcnts rcfcmed 1o in pangraphc 1 and 2 hereaf cx change the amount of t
~ such installments. f
; 10• dorrower Not Rekased. Fxtension of Ihc ~ime fcK payment or moditkation af amortization of the sums securcd ~
' by this Mortgage granted by l.ender to any. cuccecsor in inlerest af Bartower shall nd operate ta rckase, in any manner,
i the liabiliry ot the original Borrower and Bc~rre~wer'c successon in interal_ i.ender shall not t+e tequired to comrt~e~ce
I prc~oeedings against such successor or rcfuse to extend time tor payment or otherwise modify amnrtizaticx~ of the sums
secured by Ihis Mortgage by r+eason a( any demanJ made by thc oriqinal Borrower and Borrower's succescors in inte~est.
11. Ro~eara~ce by [.eeder Not s Wair~r. Any forlxarancc by I.rnder in exercising any ~ight or rcmody hercunder, or
! otherwise afforded by applicabk law, shali ne~! be a waiver o( ~r preclude the eaercise of any such right or remedy.
The procurcment of insunnce or the payment of taxes or other liens or charges by I.ender shall not he a waiver of Lender's
right ~o accelerate the maturity of the indebtednecs a-cured hy this Mort6alte_
l2. Rewedks C~pndaM~e. All rcmedies provided in thi.c Mohgage are distinct ancl cumulative to any Mher right or
~ remedy under this Mortgage or aBorded by law or eyuity, and may be exerciced concurnently, independently or soccescively. ~
; 13• 3~cce~ois aad A~~s Eousd: ]oiwt asd Sereral l.iab~if~; Captbas The covcnants and agreements hercin
containeel shall bind, and the rights hercunder shall inurc to, the respectivt succecson and usigns of I.ender and Bomow~er,
subject ta the provisions of pangraph 19 hercof. All covcoams and aRroementc of Borrowe~ shall be joinl and severaL
The captions and headings of the paragraphc nf this Mortgage arc for convenience only and arc not to be used to
I inlerpret or deBne the provisans hereof.
I 14. Notke. Eucept far any ootice required unJer •rpplicable law to be given in another manner, (a) any nMice to _
~ Borrower provided tor in this Mortgage shall he given by mailing such notice by certifxd mail addrec.sed to Borrower at
~ the Propeny Addrcsi or at such other addrecs as Borrower may designatc by no~ice to I.ender as provided herein, and
(b) any notice lo Leoder shall be given by~certificd mail, ~etum receipt rcquested. to l.eaderc address stated hercin or to '
such other addre~s az I.ender may designate by nMice lo Eiormwer u provided ixrcin. Any notice pmvided (or in this -
~ Mortgage sh~ll be deemed to have been given to Bormwer or 1_cnder when givcn in the manner designated hercm.
IS. Unito~ Morf~a~e; Goveraia~ La~?; Severab~ity. This form oF morlaage combines uniform covenants for nalional
use a~d non-uniform covenants with limited variaticx~c by jurisdiction to constitate a uniform security instrument rnverin6 ~
real pmpeny. 'This Mortgage shall be governed hy the law of 1he jurixtiction in which the Property is located. In the
event that.any provision or clause of this Mortgage or Ihe Note cenflicts with applicabk law, such conflict shall not aBoct ~
other provisionc of this Mortgage or the Note which can be given efFect wi~hout the conflicting provicion, and to this
end the provisions of the Mortgage and the Notc arc ~kclared to hc severabtc. . ,
16• aorrower's Copy. Borrowcr shall bc furniched a conformcd copy ot 1he Nble and of thic Mortgage at the time
of execution or after rccordation hercaf.
17. Tra~ster o/ tbe ho~M~; Assemptio~. If all or any part of the Pmperty or an intercst thercin is sold or transferrcd
by Borrower without Lender's prior written conxm, e~cluding (al Ihe creation ot a lien or encambrance subordinate to
thic Mortgage. (b) tht crcation of a purchace money security intercst for household appliancGC, (c) a transfer by devise.
descent or by opention of law upon the death of a joim tenant or ld1 the grant of any leasehold interest of thrce years or less
nc~t containing an option to purchase, I_ender may, at l.ender'c opticm, declare all the sums socured by this Mortgage to be
immediately due and payal~le. t.ender shall have waived such option to accelerate if, prior to the cak or transfer, t.ender
and the person to whcxn the Property is to be sold or trans(erred reach agrcement in writing that the credit of such person
is satisfactory to I~nJe~ and that the interes~ payable on the sums securcd by ihis Mortgage shall be at such rate as Lender
shall rcquest. If l_ender has waivai the option to accelerate provided io this paragraph 17, and if Borrower's successor in
rnterest has executed a written assum~ion agreement acccp~ed in writing by l~nJer, LcnJer chall release Borrower from all
ubligations unckr Ihis Mortgage and the Note.
lf Lender exercises such option to aceelerate. I.enJer shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a peri~xl of no~ less than 30 d~ys from the date the notice is mailed wilhin
which Borrower may pay the sums declared due. If Rotrower taiis to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Hc~rrawer, invc,ke any remedies permitted by paragraph IR hereof.
NoN-UNiFORM CovEHeH7s. Borrower and I~nder (urther covenant and agrce u follows:
18. Acteleratioe; Ree~edks. Escept as provided i~ pua~rapb 17 Mereof~ ~o~ Eorrower's brescb ot aay co~ewit or
a~reeee~t ot l~orrower i~ tris Moe~a~e. i~c1~wR tre covews~ts to py w6c~ d~e my sw iecrrcd bf tl~is Morf~a~e. Le~der
prior to sceeleratio~ s~all ~ sotke to Qorrow~er as prorided i~ Para6npr 14 Menof s~eci~~: (1) tre b~; (2) t~e aetio~ .
reqoired Eo c~re wc~ Meser: (3) s d~ts. eot las tlnn 3~ dsYs fwa~ tre dMe tbe iwtice it wa~ed fo dorrower. b!' w1~kM src~
breac~ 4wt be c~red; a~ (4) that hn~re to rrre s~cb brescM o~ or refae tYe date qeeii~ b tre ~otiee ~ r~ewlt i~
sccderalfo~ ut ~ie wos iecrred by tiis Mai~e. toreclossre by j~dichl'noc~ a~d sak ot tl~e rro'erf~. 'ttie ~otke
sbaN fo~er iJorw ~rower d tMe rtµt to rei~tate atler ~ccele~Mio~ a~ tbe ri~it b a~ert i~ tre torerloarre ~oc~ei6~
t~e ao~-e:i~te~ce d a adsdt or aq otrer defewre of Sorrower to aecekratio~ ri ioredosrre. N tre breac~ i~ ~ot erne~ o~
or betore tf~e dNe Reefiei 1~ tre ~odce. I.ewder at.I.e~der's opbw say declare a~ ot t~e s~s secsai by d~ Moel~a~e b be
a.~ ~ p~aae ..ia~oa t~,+~« aew.a .¦a .~y to~~o.e a~ Mo.~s~ b i~~ w+~~
be eatltlii to co0eet i~ wcr N+ne~edi~ a¦ ez'e~es o/ tonclosrre, i~cl~ii~, bN ~ot Y~Nei fo, rew~ie dtorse~s iees.
a~d casb o~ roe~se~tarf ~rideace, s6Nrscb a~d tlde reprb.
14. >orrowers RISiN to Reirtata Natw~ithttandin6 Lender s scakration of the sums sceurcd by thi~ Mortasje.
8orrowa shall bave tbe tis6t to have any proceedings begun by [.ender to entorce tha Mortga~e diuontinued at any time
~K ~67 ~GE 886 ,
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