HomeMy WebLinkAbout0219 L.eoder's written a~reea~eat or ~pplicabie law. Horrower shall p~y tlie ~tnount ot all a~ort~ase iasuraaca ptemiuaa~ ia tbe
mapne~ provided unda pan~raph 2 hereof. .
Aay amounb disbunod by I.~der putsuant to thi~ pan~raph 7. ~rith interest thereoo. :hall beoome additional
indebtednas nf Borrower secucai by this MortBa,~e- UnlGCS Borrower ar~d Lender asroe to other terms of paymeat, wch
amounb shall be payabk upon notia fmm I.endc~ to Bortower rcquesting paYment thercof. aod shall bear interat from the
date of dhburset~t ~t the rate payabk from time to time on ouata~din~ principal under the Note unlas p~Yma~t oi
inttrest at such rate wauld be contrary to applicabk law, in which event such amounb shall besr_interost at tha hlaUest ra~e
permiaibk under applicabk law. Nothing contained in this paragraph 7 shall roquiro I.ender to it~cu~ any e~cpe~se or take
any action hereunder. ~ ~ .
a. Ir~eetiM. Lender may make or ca~ne to be made reasonabk entries upon and inspections of the Propertp. providod
that Lender shall Eive Borrowe~ notice prior to any suFh inspection specitying re~onabb cause thetefor rdated W Lenders
intcrost in the Pr~npetty.
Co~ie~o~. 'i'he proceeds of any award or claim for damaga, dirxt or cor~seqoential. in oo~ectioa with auY
condemnation or other takina of the Propeny. or part thercof. or for conveyanee in liau ot condemnatioa. aoe hereby a~aifued
, aod shall be paid to i.ender. ~
Tn the avent of a total taking of the Propeny, the procoeds shall be applicd to the sums sQcured by this Mortaase.
with the excess. if any, paid to Borrovrer. 1n the cvent af a panial taking~of the Property~ tl~s~~~~
, otherwise agroe in writing, there shall be applied to thc sams secured by this Mortgage such proportion of the pt+oc~ee~
as is equal to that proportion which the amount of the sums securcd by this Mortgage immediatdy prior ta the date of
takiag bears to the fair muket value of the Property immediately prior to the date of tsking. with the balana of tfie prooeeds
paid to Borroae.~.
tf the Property is abandoned by Bon~ower, or if, after notice by Lender to Borrewer that the coademnor offtrt to make
an awacd or settk a claim for damages. Borrower fails to respond to 1_ender within 30 days aher the date such notice is
mailed. Lender is authorined to co1kM and apply thc proceeds. at I.ender's option, either to nstoration or repait of tLe
Property or to the sums secured by this Mortgage.
Unlas i.ender and Bormwer othenvise agrce in writing, any such applicatian of proceeds to principal shall not extend
or postpone the due date of the tnonthly installments refcrred to in pangraphs 1 and 2 hereof or change the amount of
such installments. ~
10. Dorrower Not Relaoea. Extension af the time for payment o~ modiflcation of amortization of the sums secured
by this Mortgage grantal by Le~der to any successor in intertst of Borrower shall not operate to rek,sse. in any manner.
the liability of the oriainal Bo~rawer and Borrower
s successors in interest. I.ender shall not be rcquired to oommenee
proaedings against such s~or or rcfuse to cxteod time for payment or otherwise modify amortiution of the sums
secured by this MoRgage by reason of any demand made by the original Bomower and BorroarePs suecasors in interest.
l l. Rorbes~rawee ipr t,eaier Na s Wai•er. Any forbearance by Lender in exercising any right or remedy hereimder. or
othe~vvise afforded by appliptbk law, shall not be a waiver of or proclude the eacercise of any such right or nmedy.
7?~e procurcment of insuranoe or the payment of taxes or other liens or charges by Ler~der shall nd be a waiver of Lende~a
right to aeeeierate the maturity of the inciebtedness secured by this Mortgage. . -
l2. Re~ G~Mt~ All-remedies provided in this Mortgage a~+e distinct and cumulative to any olher right or
rcmedy under this Matgage or aAorded by law or equity, and may be exercised concurnently, independently or suooasivefy-
13. S~cees~on a~ A~d~s eou~d: Jo~t a~ Se~ed i.iabil~, Captioa~. 71~e covenants and agroements herein
contained shall bmd and the rights hercunder shall inure to. the rapective sacassors and migns of Lender and Borrower.
subjed to the provisions of pusgraph 17 hercof. All covenants and agreements of Bonower shall be joint and se,wenl.
'11~e captiau and headings of the puagnphs of this Mortgage arc for conveeienoe onlY and are not to be uxd M
interpret or define the provisiora hereof.
14. Nadce. Bacotpt for any notice rcquircd under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notioe by certifled mail addreased to Borrower at
the Property Addras or at wch other address as Borr~nwer may desigoate by nWice to i.ender as provided herein. and
(b) any notice to I.ender shall be given by certified mail, return raxipt requested• to I~ndar's address statod herein or to
such other address as Leuder msy designate by notice to Borrower as provided here~n. Any notice pmvidod for in this
Mortgage shall be deemed to have boen given to Borrower or Lendtr when given in 1he manner desisnaled 1~erein•
1S. Udto~ Mo~t~e; Go~er~ I.aw: Srrera6Nky "T'h~s form of mortgage combines uniform cov~ants for national
" use and oon-uniform oorenants with limited variations by jurisdiction to constitute a uniform socurity inatrument covering
; resl property. 71~is Mortaase shall be governed 1+y the law of the jurisdiction in which the Pro~perty is locaWd. In the
` eve~t that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such rnnflict shall not alfect
other provisions of this Mortgage or the Note which can be given eftcet without the conflicting provision. and fo the~
eod ihe provisions of the Mortgsae and the Note arc doclarod to be sever~bk.
lf. ~o~rv~wai's Cof~. Bormvver shall be furnishod a conformed copy of the Note and of this Mortgage at the time
j of execution or aher recordation hereof.
17. Trs~fer at ttie Tro~ett~; A~a~tio~. if all or any part of the Property or an interest therein is sold or transfemed
by Horrowe~ without Lender's prior written consent, excluding (a) the ccrativn of a lien or encumbnnce subord~nate to
this Mortgage, (b) the creation of a purchase money security interat for household applianoes. (c) a transfer by devi~e.
descent or by operation of law upon the death of a joint tenant or (d) the gnnt of any kasthoW interat of three years or less
not containina an option W purcha~e. Lender may. at Lender's option. doclue all the sums socured by tha Mortgage to be
immediately due and p~yabk. I.ender shall have waivtd such option to aecderate if. prior to the sak or transfer, i.e~er
and the person to whom tfie Property a to be sold or tranafemed reach agreement in writing that the credit of such petson
is satisfactory to Ltnder aod that the iotercst payabk on the sums aocured by this Mortgaga shall be at such rate u Lender
chall request. if Lender hia waived tbe option to aooekrate provided in this paragraph 17, sod if Borrawer's succx:sor in
:nterest hu executed a written awmnption agroement aocepted in writing bq Lender, La~der shall release Borrower from all
ti!igations under this Mortgaae and tbe Note.
if I.~nder txtscises such optian to ascxlerate. Ixnder shall mail Borrower notice c+f acceleraticm in amordance with
aragraph 14 hereof. Such notioe shall provide a period af not less than 30 days from the date the notice is maikd within
bi -h Borrower may pay the sums declarcd due. If Borrower faik to pay wch sums prior to the eapiration of such period.
~~~Jer may. wittaut turtfkr ~rotioe or demand on Bormwer, invoke any remedia permitted by paragraph 18 heroof•
NoH•UxtRaa?i Cov~NSrrrs. Borrnwer and_ Leader further coveoant and a~ree as fdlows:
ls. Aecdeati~r Beseiia. Bsce~t a~ ~eo~Mcd f~ ~ 17 lie~~eot. ~lew ~er»~ei's ~aer d a~y ce~e~t K ~
qresae~t d~errswer i~ tris Ma~f~e, i~d~f~ ~e co•ewMs to ~ w~es ~e aq s~~¦s iec~r~d by tl~ir 1~'Iaiia~e, I.~ie~
~rior to aecdeeatlo~ ia~ s~ ~olke le fonower as ~aride~ i~ ~uatrs~Y 14 Ue*~ot ~(11 t~e 6~eat~: C~1 t
rcq~ Io c~re we~ Yeae~ a i1~ ~ot las t~ 3~ iqs truw tl~e iate t~e ~otks i~~iei ~~rawer. w~ie~ s~
6reack ~t ie e~~ a~i trat tal~ee ts e~re s~i ~~eac~ ow or bdo~e tre da~e s~ee~i i~ tre ~olice ~ ~ewif i~
aecdeial~ .t ~e w.s ~ee.d ~s ~ Alerl~e. for~clawre b i~ !~i a¦i s~le ot die l~oMb. 'nie .e~fioe
stiaY lwrier t~ee~ SorMwer d 8ie ri~t 10 ~e atta acnkratio~ a~i ti~e rt~M os ared b tre toreel~e wooeei~
tre ~ote:Meaee ~t a ~da¦It or an atier ietere of ~orrower N accek*stio~ a~i toredo~ore. H tre lraer i~ Mt cse~ei a~
or bd~ce f~e i~te yeeliei i~ f~s ~etke. Lewaer sl I.e~ier's opio~ sq ieehee a/ ot t~e awr ~ee~rsi b~is Mo~+~e to tie
ho~saWlelr ~e a~i ~qaiie wttro~t trt~ iew~i asi'q to~eclo~e ~i Ma1i~ b~!~'~~ I.ewier ii
be enfWei ts eolect l~ s~ ~noeedin~ a! ~~eaKa ot feroelow~e, i~ei~. ~t ~at rMei 1~, eew¦~iie a1~o~~'r ha+ -
a¦i co~b e[ i~e~¦hq e+Ye~, ai~raeb a~i dHe ts~oel~.
i!. /~ww's !~M /o ~ei~Male. Not~rithstandina t.enders aooekrat;on of the wms ~ecured bp t6i~ Moctsase.
Borra~ra shaU 6ave tbe ris6t to 6ave any pmceeding,s beaun by Lender to eoforoe this Mortp~e di~continued at aoy time
. ~ 0~270 219