HomeMy WebLinkAbout0546 l~nder's written agrceiaa~t ~ applicabb kw. Horrowe,~ shall psy thc arnouat ot aU anortga~e ia:urance premiums in tbe ~
maaner provided unda paragraph 2 hereof.
Any amounts disbursed by l.ende~ pursuant to tha paragraph 7. with aterest thereon. shall become additional
indebtedness of Borrowcr aocuned by ihis Mon~aae. Unkss Borrovrer and l.ender agroe to Wher terms of paYaaeM. such
amounts shap be payabk upon notice from I.rnder to Bomower rcquesting payment thercof. and shall bear intereat ft+nm the
date ot disbursement at the nte paysbk from time to time on oubtanding principal u~de~ the Note unless payma~t ot
interat at such rate would be contrary to applic~bk law, in which event such amount: shall bea~ inter+eat at the hi~ rate
pern?issibk under applicabk law. Nothing contained in this patagraph 7 shall requiro I.eoder to incur aay eacpen~e or tate
any action hereuader. .
8. Iar~eeNo~. i.ende~ may make or cause to be made reasonabk entri~s upon and inspections of the P~roperty, pro~~ded
that Lender shall ~ive Borrower notice prior to any such inspection spocifying reasonabk cause therefor rtlated to Le~der's
ioterest in the Property.
9. Co~e~o~. The proeeeds of any award o~ claim for damages, dircet or rnnsequential, in rnnnection with any
condemnation or dher takina of the Property. ar part thercaf. ar for rnnveyance in lieu of condemnation. are he~+eby assi,saed
and shall be paid to i.e~der.
In the event of a total taking of the Propeny. 1he proceeds shall be applied to the sums securod by tha Mortgage.
with the exoess, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Lender
otherwise agree in writing, there shall be appliod to the sums socured by this Mortgage such propottion of the pnoceeds ~
as is equal to that proportior~ which the amount of Ihe sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market valuc of the Praperty immediatety prior ta the datc of taking, with the balanoe of the pmcads
paid to Borrovrer.
If the Properry is abandoned by Borrower, or if, after notice by I_ender to Borrower that the oondemnor oRers to make
an award or settk a claim fo~ damages. Borrower fails to respond to l.ender withi~ 30 days after the date such noticx is
maikd, I.eoder is authoriud to collcet and apply the proci~eds. at T.ender's option, either to ratoration or nepair of the
Propeny or to the wms socurrd by t6is Mortgage.
Unless Lender and Bomower othen~rise agree in writing, any su~:h applicatian of proc~eeds to principa) sha11 not extend
or postpone thc due date of the monlhly installme~ts referred to in paragraphs 1 and 2 hereof or changc the amount of
such i~stallments.
lA. ~Eorruwer Not Reksscd. Extension of the time for payment or modification of amortization of the sums sxured ~
by this Mongage granted by Lender to any successor in intercst of Borrowe~ shal) not opente to release. in any manner.
the lisbility of the original BoROwer and Borrower
s successors in interest. Lender shall not be requircd to commenoe
proceedings agairut such suocessor or refuse to extend time for payment or otherwise modify amortization of the sums _
securcd by this Mortgage by •reason of any demand made by the original Borrower and Borrower's successors in interest.
I1. Forbaua~ce by I.en~kr NM s Wtl~er. Any forbeara~ce by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicabk laa, shaU- not be a waiver of or preclude the exercise of any such right or remedy.
71ie procurement of insurance or the paymenCof taxes or other liens or charges by i.ender shal) not be a waiver of I.eader's
right to accekrate the maturity of the indebtedness secured hy this Mortgage.
I2. Reo~ediea C1~sulal~e. All remedies provided in this Mortgage are distinct and cumulative te any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concuroently, independently or successively. -
13. S~cces~ors and Asd~~s Donsd; Joi~t and Sevenl i.hbAil~; Captbas The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigra of Lender and Borrower,
_ subjoct to the provisions of paragraph 17 hereof. All covenants and agreeme~ts of Borrower shall be joint and several.
'il~e captions and headings of the paragraphs of this Mortgage arc for rnnvenience only and are not to be u~ed to-
interpr~et or define the proviaions heooof.
14. Ndke. Encept for any notice required 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 notice by cenified mail addressed ta Borrower at
the Property Addrass or at such other address as Borrower may designate by notice to ixnder as provided herein, and
(b) any notice to Lender shall be given by certified mail, retum receipt roquested. to I.ender
s address stated herein or to
such other addras as Lender may designate by notice to Bornower as provided herein. Any natice providod for in this
Mortgage shall be deeaned to have been given to Borrower or Lender when given in the manner designated hercin.
lS. Uoiforw Moet~r; Go~enin~ I.aw; Severabiity. This form of mortgage combines unifam rnvenants for national
use and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform socurity instrument covering
; real property. 'I?~is Mortgage shall be governed by the law- of the jurisdiction in which the Property is located. 1n the
event that any provision or clause of this Mortgage or the Note~conflicts with applicabk law, such conflict shail not affect
I other provisions of this Mortgage or the Note which can be given eflect without the conflicting provision, and to this
i end the provisions of the Mortgage and the NotE are declared to be severable. ~
~ 16. dorrowa's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mertgage at the time
of execution or after recordation hereof.
17. Tra~fer ot tLe Troperty: Assamptiow. If all or any part of ihe Pruperty or an interest therein is sold or transferred
by Borrower without I.ende~'s prior written rnnsent, excluding (a) the cre,ation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a punchase money security interest for household appliances. (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehold interat of three years or less
not containing an option to punchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payabk. Ixnder shall have waived such option to aocekrate if, prior to the sak or transfer. Lender
and the person to whom the Property is to be sold or transferred r+each agrcement in writing•that the credit of such petsa~
is satisfactory to Lender and that the interest payabk on the sums socured by this Mortgage shall be at such rate as Lender
shall request. If Lender has waivod the option to aooelsrate provided in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agroement acceptod in writing by Lender. I.ender shall release Borrower from all
~•bligations under this Mortgage and the Note.
If Lender exercise,t sueh option to accekrate, Lender shall mail Borrower notice of accekration in accoedance with
aragraph 14 heroof. Such notioe shall provide a period of not las than 30 days from the date the notice is mailed within
bi~_h Borrower may pay the sums declared"due. if Borrower fails to pay such~sums prior to the expiration of sucfi period.
~~~J~:r may, without further notioe or demand on Borrower. invoke any remcdies permitted by paragraph I8 hereof.
NoH-UNtFOnt?t CoveNerrrs. Borrower and Lender furt}ier covenant and agree as follaws:
~ 1& Accdaatio~ Rea~ia. Buept as ~orided 'u para`rar6 17 I~ereot, 4oe Dorrower's breacti d ay co~eaN or
s~,ree~t ot Don~ower i~ Uds M~e, ~w6 d~e coraauas to p~y wbe~ ~e s~ soas sa~ral b;f tik Morl~ase, Le~er
prior to aa~cderatio~ srar ~aY ~Miee 1o Docrower a~ p~o~ided ~ pars~np~ 14 raeot s~eclf~: (1) tie bnse~, t~e setio~
req~ircd b c~re per M+ach; a date, ~w~t les t~ 30 days frw~ ttie date tre ootiee b~ b Donowsr. 67 wrie~ ~i
brescM srt 6e c~rs~ a¦i trst ta~re b co~e s~ bresc~ o~ or betore tre dde s~tetfei i¦ tie ~otke ~ ra~lt ia
sccelerdio~ ot be s~s see~d ~jr tM~ Mo~a~e, fo~edowre b7' ~ N'~L a~d sak of tie lro~t~. 'Re ~otfa
sbaB hrtrer htar~ Sorrower af twe ~6t b rel~date after secekrstio~ s~d tie ei~Yl b awert 1~ fie forecioNne proee~ .
tk so~~ee at a ieta~lt or a~~ otl~er detere ~ Eorrower to aecderatio~ a~d Eoredoare. If tlie 6~±eae~ is ~ot c~ci o~
or before tLe aMe qeeiiea io tre ve~ice. I.e~a M Leaaer's optio~ ~ aechre ao oE t6e wrss sa~+ei y tYY Moei~e b be
is~atdy ane ai ~.6k ww~o~t r~t~er ae.mia .:a ~ rorecla~e t~i. Ma+L~ b~!~b r,e.aer .~i
be e~ld to coseet L s~i ~nsoee~ a~ e:pera of toreelowe'e. 6N ~of Wrilei t~, n~wy6le dtone~'s fees,
a~ corb d deeAe~tarf e~i~ee, a6~tneb a~i Wle rep~b.
1!. 1or~uw~ee's R~t te Rd¦rhRa Notwithstanding Lender's accxleration of the sums secured by tha Mort~age. ~
Borro9ver sball ~ve tlie right to have any praxedings begun by Lender to eoforoe this Mortsa~e discontinued at aay titne i
.
eoox ~73 Pac~ 543 .
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