HomeMy WebLinkAbout0540 l.ender's written agraa?ea? or applicable law. Borrower shal! pay the amount of aU mortgsge insurance premiums in the
maaner providod unde~ pustraph 2 I~ereof.
Any amounts disburud by I.ender punuant to tha paragnph 7, with iaterest theroon. shdl become additional
indebted~ess of 8orrower xcurod by this Mortgage. Unkss Bonowe~ and Lender agrce to Mher terms of payaten~ soch
amouMs shall be payabk upoo nolioo fmm I.cnder to Borrowe~ requcsting payment thercof. and shall bear i~terest foom the
date of duburaement at the rate payabk from time to time on ouutanding principal under the Note untcaa paymeat ot
interat at :uch nte would be contnry to applicabk law, in which event such amou~t: shall bear interest at the hiabe.st rate
permissibk u~der applicabk law. Nothing contained in this parag~aph 7 st~all roquire Lende~ to ineur any e~cpe~ae or tate
any actio~ he~eunder.
s. Iaspectie~. [.ender may make or ca~m to be made reasona~rk entries upon and inspections of the Prc~perty. provided
that l_e~der shall Eive Borrowe~ notice prior to any such inspection specifying reasonabk cause therefor related to La~de~'s
interesl in the Prope~ty.
9. Co~ewaRto~. The proceeds of any award or claim tor damaga, di~t or co~~sequential. in connection with any
condemnation ot oth~r takiag of the Property, o~ part ttiereof. or for conveyance in lieu of condemnation, are hee+eby auigood
and shall be paid to Lender. -
~ Tn Ihe event of a total taking of thc PropeNy, the proceeds shall be applied to the sums xcured by ihis Mataaae.
with the exoess, if any, paid to Borrower. io the event of a pa~tial taking of the PropeNy. unless Bormwer and I.ender
otherwise agroe in writing, ther~e shall be applied to the sums secured by this Mongage such propo~tion of the proce~C
as is equal to that proportion which the amount of thc sums secured by this Mortgage immodiately prior to the date of
taking bears to thc fair mukct valuc of thc Propcrty immcdiately priar to the date of taking. with the balance of the proceeds
paid to Borrower.
tf the Pmperty is abandoned by Borrower, ar if, after natice by I.ende~ to Borcnwer that the condemnor oHecs to malce
an awaod or sttik a claim for da`ihages, Bormwer tails to respond ta l~nder wit6in 30 days after the date such notioe is
maikd. Lender is authori~ed to colkct and apply Ihe proceeds, at i.ender's option, either to restoration or repair of the
Pmpeny or to the sums secured by this Mortltagc.
Unless I.ender and Borrower otherwise agree in writing, any such application of procetdt to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the smount of
such installments. ~ •
10. ~rower Nof Rdea~cd. Extension of the time for payment o~ moditication of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall nat operate to _release, in any manner,
the liabitity of the original Borrower and Borrower's successors in interest. I.ender shall not be required to commenee
proceedings agait~st such suocessor or rctuse to extend time for payment or otherwise modify amortization of ihe sums
~ secured by this Mortgage by rcaso~ of any demand made by the original Borrawer and Barrowers wccessors in interest.
11. Forbearawce iry Le~ier Nut a Wai~er. Any fort~earance by I.cnder in exercising any right or remedy hereunder. or
~ othervvis~ affordod by applicabk law, shall not he a waiver of or proclade the exercise of a~y such right or remedy.
The procuremcnt of insunnoe or the paymcnt of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of ihe indebtedness secured hy thic Mortg~ge.
l2. Reseaies (~wdMtta All remedies provided in this Mortgage at~e distinct and cumulative to any other right or
remecty under this Mortgage or afforded by law or equity, and may be exercised concurnently, independently or successively.
13. S~ccesmors a~ As~as ~~d; Joiwf aaa Seve~al i~; Csptiows. il~e covcnants and agreements herein
contained shall bind. and the rights hereunder shall inore to, the respoctiv~e successors and assigns of Lender and Bornower.
subject to the provisions of paragraph 17 hereof. All covenants and agroements of Borrower shall be joint and several.
'il~e captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be usod to
interpret or define the provisans hercof.
14. Nvtice. Eaoept for any notice required under applicabk law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage sball be given by mailing such notice by ce~tified mail addressed to Borrower at ~
the Property Address or at such other address as Bornower may designate by notice to I_ender as provided herein. and ~
(b) any notice to Lender shall be given by certified mail, return receipt roquested, ta I.cnder
s addreas stated herein or to ~
such other address as Leuder may de.cignate by notice to Borrowcr as provided herein. Any notice provided for in this }
Mortgage sha0 be doemed to have becn given to Borrower or Lender when given in the manner designated herein. 3
lS. Ueifors Mat~e; Co~enie~ I.aw; 3ercra~ity. 71~is form of mortgage combines unifam rnvenants for national °
;
' use and non-uniform covenants with limited variations by jurisdictwn to rnnatitute a uniform socurity instrume~t oovering '
~ rcal Property. '1l~is Mortgage shall be governed by the law of the jurisdiction in which the Properiy is located. tn the '
~ eveot that any provision or clause of this Mortgage or the Note oonflicts with applicabk law, such conflict shall not atfect j
~ other provisio~s of this Mortgage or the Note which can be given effect without the conflicting provision. and to this =
end the provisaas of the Mortgage and the Note are declared to be severable. {
; li. lonnwer's Co~y. Borrower shall be furnishod a conformed rnpy of the Note and of this Mortgage at the time {
~ of eacocutia~ or aher rocordation hereof. - ~
~ 17. Tra~sfer of tre tropt~;. Ass~optio~, tf all or any part of the Property or an interest therein is sold or transferred
by Borrowe~ without Lende~'s prior written rnnsent, excludi~g (a) the creation of a lieo or a~cumbrance wbordinate to
this Mortgage, (b) the creation of a purchase money sxurity interest for household applianoes. (c) a trancfec by deviae.
descent or by operation of law upon lhe death of a joint tenant or (d) the gnnt of any leasehold interest of three years or kss q
not containina an option to purchase. Lender may, at Lender
s option. doclare all the sums sxurod by this Mortgage to be ~
immediately due and payabk. i~ender shall have waived such option to aocderrte if. prior to the sak or transfer, Lender ' x
and the person to whom the Property is to be sold or transferned reach agrcement in writing that the crodit of such person €
is satisfactory to Lender and that the interest payabk on the sums xcurod by this Mortgage shall be at such rate as Lender ~
shall nqueat. if i.eoder has waived the option to aooelerate provided in this paragaph 17. and if Borrower's sncoessor in ~
mterest hu executed a written assumption agreement aoceptod in writing by Lender. Lender shall rekase Borrower from all ~
..5ligations under this Mortgage and the Nota ;
~
If Lender exa+cixs wch option to aoalerate. Lender shall mail Borrower notioe of accekration in accor+dance with ~
aragraph 14 hereof. Such notioe shall provide a period of not less than 30 days from ihe date the notice is maikd within
hich Borrower may pay the sums declared due. If Borrower fails to pay auch wms prior to the expiration of soch period,
.:uJcr may, without further aotioe or demand on Borrower. imoke any remcdies permitted by paragraph 18 hereof. ;
. Nori-Urrtt~o~e~?r Cove~~xrs. Borrower and I.ender further covenant and agrx as follows: ~
18. Aeederntio~ Reoedies. ~ceEt a~ pro~iied h~ 17 rereef, Ro~ iorrower's 6~esii d ay eo~aaN or ~
a<reeoe~t of D~onower ie tl~is Maet~a~e, ~ Ire co~ew/s to pq w~es d~e aq s~os see~rd 6~ t~ Morl~,~e, I.~aier #
prior w aeede~o. ~.nY .otioe 1ono..er a. p.~o.iiea i~ ~.n6.a~Y l4 ~r speeityi.~: p) ttie e~each; ttie adio. ~
rsq~irei a ca~e ~ ieesck (3) a~be, ~ot leia ti~ 3~ dqs tro~ tre iate tre ~otice ts ~iei to Dorrower, tij wrieti ~i Y
bKSer ~dt be em~ a~i that hibre b rue a~ brac~ o~ or befoe~e tre date speetfki i~ tre ~oHee ~ eeWlt i~ 5
secden~ at ~e s~os iec~rei 6y fii~ Mo~e, fora~lowre b j~chl N+oc~ ai sale d ttie lro~ly. 'Re ~otke =
stiaY trei~ i~tors letew?er of tie risit b reLMs~e afler scederalio~ asi ttie ti~t fo ared i~ tre fo~~eelonre ~eoeetii~ ~
tre ~o~-r~te~ee d a ieta~it or ay otber idere of aorrow~sr N serek~atis~ ~i toreel~anr. ~ tre 4e~i i~ ~ot ew~ei e~ ~
or betore ttie aMe,~ectiei i t~e ~oliee. i.e~ier at I.e~ier's o*tio~ ~ry ieeire a~ ot tre s~s secsrei y tld~ Mo~fs,a~e ta be y
~~e~Clp i~t a~i paYe wlfie~t ts~trer iesa~d a~i ss~ tor~celo~e tW~ Mo~f~a~e tif °
be ea4Wei ~o toied i~ a~ ~ecetii~ si et~eres ot toreeiosue, i~i~, b~t ~st Y~ilei to, reaw~~Ye aftor~"s fees. ~
~ CO~f A~ ~0l~ e~s ~!'Of~i. f
_ 19. 1or'ower's ~t to 1Ld¦rhte. Notwithstanding Lender's acockration of the wms secured by this Mortaage. '
Borrawa shaU have tbe riaM to have any proceedings begun by Lender to enforce this Mortpae di~oatiaued at any time ;
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e00K ~73 PACE ~
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