HomeMy WebLinkAbout0878 . . ~ j ' , ~
• i .
~.Wdd''t Mfltipl ~j1~0E~ICOt Of i~11Cib~0 la'11I. BOfI~OMO~ ~Ilwl~ jliy f110 iA10110t C~ ~ iOpt~~E ~idOC p1+d011~1t 111 tb0
ID10~Cf pfOY~~ WI~ ~i~! 2 IIE~~00~.
My amounts disbuned by i~ende~ p~urs~an~ to Mi~ psrapapb 7. ~rid~ i.1a~e~t the~eoe. d~aq beoome add+tioas~
indebledaea af Borrower ~ecw~ed by this Mortsa~e. Uakss Horrower aad Lender sjroe b cthe~ terna of ps~aent. such -
smauats thsq be paysbk upon notke fram La~der to Borrower roquat~t P~Y~ theroof. aad shall6ear bten~t fm~ the
date of d~sburx~t ~t the ate payabk from taae to time oo ~ Principal wNler tha Nob nnles paymeat ot
~ at aicb ~ would be Contrary to applic~bb law. in which ev~eM such amo~mts shatl bear iatere~t at the hi~t rals
P~e uader applicabk law. Nahins oooained in ~his pan~nph 7 d~ roqeu~ Lender eo inc~a soy as~eme ar taioe
aM? sction Mxaruder.
W~eeW~. 1.~nder may make cx ca~ae to be made res~onable enttias upon and i~pectioes of the Property. pmvided
that i.t~ shall aive Borrowe~ notire priar to any wch inspectioa specifyi~t ressoeabte aufe thw+efor reistad to Leader's
intere~ in thc Propertp.
! CMie~. 71~e proeeeds of a~y awu+d or claim for damages. dhect ot oonseqneatial. in oo~uiectio~ ~rith any
ooi+de~nnatioo or dber takina of the Propertp, or put tlieroof. or for oonveyana in lieu of condemnatio~. an h~re6~? a~i~ed
and shall be paid to I.ende~. -
in the avtot of a td~l takina of the Propehy, the procoed~ s1,a11 be applied to the sums secured by tha Mort~e.
with the exoess. if aay. paid to Borrawer. 1n the cvent of a pahial takina of the Property. u~lw Borrv~we~ and I,enckr
dhen~rise asroe in writin~. there shall 6e appliod to the wms secured by this Mortasae wch prnportion of the pt~ooeeds
as is oqual to that proportion which Ihe amount nf the sums socurod by this Mort~age nnmediately prior to ihe date of
taki~ bears to the tsir markct valuc of the Propcrty immediAtely prior to the date of takia~, with the balanoo of ti~e proooeds
p~aid to Bon~aw~. " ~
It tbe Property is abando~ed by Borrower, or if, after notive by i.ender to Bornower thd the oondannor ofkrs to make
an award cx settk a ctaim for damages, Horr~nwer fails to ~spund to I~eoder within 30 days after the date such notia is
maikd. Lenc~er is aWhoriaed to colloct and appiy the proceeds, at Lender's option, oither to restoration or t~q~ir of tbe
Prapeny ar ta the wms securod by this Mon~tage. -
. Unlas,tender and Borrower otherwi~e a6rce in writiog, any such appfication of proceeds to principal shah not extend ~
or postpone tho d~x date of the monthiy instaltments rcfemed to in parsgraphs 1 and 2 heroof or chan~ the amount of
sucA install~auts,
1~. ~wer Nof Reks~ei. Extensioo of ti~ time for paymeret or moditkation of amortiution of the sumt ~ecurod
by this Mortgsse ~~ate~ by Lender to any uiooa~ in intercst of Bormwer shall not operate to rekase. in any manner,
the iiab~lity of't~e orisinal Bomow~e~ and 8orrowrr's suocessors in intercst. I.ender shall not be required to commenoe
p?uceedinas a~aimt wch suocessor or refuse to e±ctend time for payment or dherwise modify amortization of ~hr ~ums
sxured by this Mortgaae by reason of any demand made by the original Borm~wer and Borra~rePs successors in in~ercst. -
11. Faiea~see ti i~e~ier Nd s Wairer. Any forbea~ance by i.,ender in exercising any riaht o~ remody be~eimder, or
othe~rise aBorded by applicabk law, shal! not be a waiver of or . preclude the exercise of any such right or remedy.
The procuremeM of i~s~ranoe or the payment of ta+ces or otf~er liens or charges by I.qKkr slwq not be a waiver of I.ender's
right to acceknte the maturity of tl~ indeMedness securod hy this Matgage. ~
lZ Reweiks C~a Atl nemedies pmvided io this MartEsge are distinct and cumulative to any dhe~ right or
rcmedy under this Mortgag~e or afiorded by !aw or equity, and may be exercised ca~cunently, independently or successivety,
13. 3oceeatas s~i A~e~i~s Do~d; Joi~t ~a~d Sereeal i.bi6it~; G~tkws. The covenants and sgreements herein
containod shall bind, and the ri~thts hereunder shall inure to. the respxtive sucoasors and assigns of Lende~ and Bormw~er.
subjoct to the pmvisioas of.puagraph t7 i~ereof. Ail cavenants and agoeecna~ts of 8orrower shall be joint and several. .
The captions and headinas of the paragnphc e~f this Mortgaae are for convenience onty and are not tc+ be uced to
interpret or de6ne the provisio~s heroof.
14. Notka Except for any ratice required under applicabk law to 6e aiven in another mann~r. (a) any notiee to
Borrower provickd for in this Mortgaee shaii be given by mailirtg suct~ notioe by certi6ed mail addrased to Borrower at
the Praperty Addras or st such dhcr address as Borrower may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall be given by certilied mail, return rcaipt requested. to I.a~der's address stated herein or to
such other atldress as Lenckr may designate by notice ta Bornower u pomided herein. Any rwtice provided for in this
1~iottSage si~ali be doenxd to have boen giv_en to 8arrower ~ Lender when giveo in the manner designated hercin.
lS. Uiiforsi Mort~aae; Go~erwisx Law, Sere~lity. This form of mortgage combina unifor`m covenants for national
use and non-unifomn covenants with limiteci yariations hy jurisdiction to co~titute a unifotm sxurity instrument oovering
teat proptrty. This Martgage shall be governed hy tl~e law of the jurisdictioa in which the Property is Mcated. In the
event that aay provision or clause of this Mortsage ar the Nwe rnnflicts with applicabk law, auch conflict shall not affoct
other provisions of this Mortgage or the Note which can be givee effect without the conflicting provision. and t~ this
end the provisio~ of the Mortgage and the Nnte are Jeclared to be sevenbk.
1~ ~orrower's Co~ Bormwer shait bc furnished a ronFarmed copy of the Note and of this Mortgage at the time
of e~cocutiort or after necordation hercof.
17• 7'~aMfer uf ttie Pro~eiq: Aswmptios. if all or any part of the Property or an interest therein is sold or transfernd
by Borrower without Lender's prior wrincn consent. exctuding. (al the creation of a lien or encumbrance subordinate to
t6is Mottgage, (61 the c[eation of a purchace maney security intorcst for household appliances, (c) a transfer by devise.
deseent or by operadon of law upon the ckath of a joint tenant or (c4 the grant of any kasehold interat of three years or kss
not containins an option to purchase, I.ender may, at Lender
s option. doclare all the sums securcd by this Mortgage to be
immediatdy due and payable. Lender shall have w•aived such option to a~ooeterate if, prior to the sak or transfer. I.ender
and the person to whom the Properry is to be sold or irartsternd reach agreement in writing that the credit of such person
, is sstisfactory to Lendcr aad that the iMerc~ct payabk on the sums secured by this Mortgage shall be at auch rate ac Lender
` shall r~eqoat. 1f iJender has waiv~ed the option to acoekrate provided io this paragraph I7. and if~Bormwer's successor in
interest has executed a written auumption agreement s~oeptod 'm writing by Leader, Lmder shall rekase BorroNe~ from all .
obtiaatiats unde~ Wis Mortaage aod the Naa
If Lender exercises such option to aocekrate, Lender shail mail Borrower notioe of accekration in accordancc M~~eh
parsaraph 14 her~eof. Suct~ notice shall provide a period of not less than 30 d`ays from the date t6e ~otice is maikd within
which Borrowar may pay tf~e wms doclared due. If Borrower faits to pay such wms prior to the eapiration of such period.
Lende~ ~nar witlxwt ftuther notioe or demand oo Borrower, invoke any nrnedias permitted by paragraph 18 hereof.
Nott-UMFOt~t?t Co~at~xrs. Horrower and I.ender furtber covenaM and a~nee s~s -foitows:
1i. AcedenNo~ R~eiia. 8:a~}t as pro~Nei i~apa~ 17 ies~eot, ~o~ tor~we~+s 6rese~ of airy corewt or
ap+eea~at of 1Krswer i~ IW Ma~s~e. ~ tMe ca~e~/s Is ~r wies i~e awy srs see~al by t~s M~e. T,eader '
~ a soe~e~a..~.~i.~fee 1o a.n+ower s~o.Mal b~.a~ ls ia~eot ~edf~Y~ p)1Me lnscl~ (2) tre sctio.
eqiei le e~e wei 6teae~ ~ i~e, ~ot las 11~ 3~ dqs fro~ tre da~e tie Mfice i~ ~~tlei to ~o~rn~wK, by whic6 s~ci
~a~ae4 ~M ie e¦e~ a~i d~at taY~me to a~ne s~cM ~eati e~ or ~dere !6e iale a~edi~i L tl~e ~otke ~r rarlt i~
sadaa~ d/ie sss srcr+ci 6~r t6is Morlta~e+ f~cloaur ~9 ~iki~l l~~~~L si s~le of ttie T~o~ertr. 'Re ~otice
~11 t~~er L[ar~ 1~t~rer et tre ri~t to ~ afta ~ a~i ~e ti~M to awed i~ tie ioreelowre ~toeen~
be w~droa~ct rf a ~e[a~it or a~r etrer iefea~e of ~orrower N acsderstlo~ s~i forca~lowme. H~e beesei i~ot e~e~i or
o~ ~et~ee tlro i/e s~ediei t~ tre ~wtk+e. Lesder at Le~der's o~tio~ w~ ieel~ne a/ et t4 s~~s see~re~ g t~ Morlp~e te 6e
i~edi~ ~e a~i ~qaYe nltYo~t trrtl~er deo~aad and way f~eeio~e ~i lY~t~e b}ikW ~oo~d~. i
ender s1~aY
: be e~tlAal /o colest i wci ~neeeii~ i a~ea~es of fonclosae, f~ti~~, i~t r~t `Mei t~. r+earo~Me attorneY's Eees.
• ai aNs at i~e~al~r~? es~ie~ee, aishsefs a~i tide ~eprl~.
1!. Mn~w~'s R~t /a Rd~fata Notwithstandin~ Lende~'s scoekration of thE wms sec~u+ed by thn Mortaaae.
Borm~rer e~sll l~sMe tbe ri~fit to have any procoedings begun try [.ender to mforce this Mo~tpge di:continued u any wne ~
i
~ .
~ ~ eoox 2~'4 P~ 8~'
~