HomeMy WebLinkAbout0655 Lrrnlrr~S Wfl(I~fl C1cCCtI11CIlI ~~r appG~:~bte 1.~.~•- li~~rn,~~tr ,h;iil pay thr ~~n~~unt uf all martg.~tic imur.inc~ ptemiunti ii~ the
~n;?nner pruvideJ undrr p~r:~gr.~ph 2 herrof.
. Any amuunts di~hu~srd by Lcml~r pur:«ant to this par.,graph 7, ~~i~h int~rccl thcr~.,n, ~h~ll 1.rrnmc adJition~l
in.lrhtcdncic of [iorrowcr sccu~~d by thi: A1urt~agt. l:nlr.. Rur~.~wer ~n~l Lrndcr :?gr«i tu othcr tcrm: rf p~pment. ~uch
amount~ shall be payahlr upon n~lic~ f~om I.rndrr to Borr~~v« requcctin~ p:?}•m~nt thrrruf. and chall tx~r intcrect from the
datr of di~bursrme~t at the ratr payahl~ from time to time on outstanding prinripal uncter the Note unlecc payment of
inter~tt at surh rate a•outct be cont~ary t<~ :~pplicable la~v. in whirh rvrnt such amounts sh:?11 tx:ar intere~t at th~ hibhest rate
perm;ssible under ~pplicable law. Nuthing cootained in this parag~aph 7 chall requirc I.ender ta incu~ any expense or takc
any action hereunder.
8. inspection, [.~nder may make or cause to be maJr reaconahie entriec upon and i~spections of the Pmp~rty, pmvided
that Lender shal) gi~~e Borrou•er notice prior ta a~zv such in,pectic~n cpecif~~ing riasonabk cause thercfor rclated to Lender's
interest in the Property.
9. Condemnation. The pn.ceedc af an}• aWard or claim for damages, direct o~ con.equentiat, in connection with any
condemnation o~ other taking of ihe Pro~~ty, or part thereof, or for rom~eyance +n lieu of condrmaation, are hereby assigned
and shall be paid ta I_ertde~.
In thc event of a total taking of the Proprrry, the pro:ce~ls ~hall be applied to ~he sums secured by this \qortg~qe,
w~ith the ercess, if any, paid to I3arro~~~er. ln the event of a partial taking of the Property, unlesc BormH~er and I.cnder
otherwise agree i~ writing, there s6ali be applied ro the sums u.~cure~l by thic I?tortgage such propartion of the proceeds
~s is rqua! to that proporiion which the amount of the ~sumc cecured b}~ thie ~lortgaee immediatel~• prior a• the date of
taking bears t~ the fair market value of the Prop~rty immrdiatel~• prior to the date of taking, w•ith tfie balance of lhe procreds
paid to Borrower.
if the Property is abandoned by Borrower. or if, aft~r ncjtice by Lender to Aor~ower that ihe condemnor offers to makt
an au•ard or settle a claim for damages, gorrowrr fails to respond to I.ender within 30 days :~fter the date such notice is
mailed, Lender is authorized to collect and apply thr proceeds, at I_ender's option. either to restoration o~ repair of the
Pro~xrty or to the sums secured by this riortFa¢e.
Unless Lender and Borrower otherwix agree in u•riting, any such application of procecds to principal shall not extend -
or postpol~t Ihe due d~te of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
xuch installments.
10. BoROwer Not Released. E~tension of the time fi~r payment or mc~dificatiun of amortization of the sums secured ~
a--- „ „_~Pecnr intrrecf ~f Rorrower shatl not ooerate to release, in any manner,
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the liability of the original~Bprro~•tr and Borrower's successor~ in interest. I_ender shall not be required to commence
proceedings sgainst such successor or refuse to extend time for payment or othen~•i~e mcxfify amortizatien of the sums
secured 6y this Mortgage by reason of any demand made b~• the or:£inal Borrower and Borrowers successors in interest.
t 1. Forbearance by i.ende~ 1\bt a~Vai~•er. Any forhearance b)~ I.coder in exercising any rigfit or remedy heretmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The proc~~~ement of insurance ar the payment of taxes or other liens or charges by Lender shall not be a waiver of i_ender's
right to acceierate the maturity of tne in~ebtrtin~ss s.:c::rcd hy ihis Mo:*gsgt. .
l2. Remedies Cumulative. All remeclies prorided in this I?Zortgage are distinct and cumulative to any other rig~it ar
remeJy under this Mortgage or afforded b~• law or equit~~. and may be exercis~:d concurrendy, independently or successively.
13. Successors and AssiRns Bound; Joinl and Se~•era! i.iabilih; Captions. The co~•enants and agreements hercin
contained shall bind, and the ri~hts hercunder shall inure to, the rccpecti~~e succezsarc anJ assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covc~?a~~ts and agreements of Borrower shall be joint and severaL
The captions and headings of the paragranc~ of this Mortgage are for convenience only and are not to be used to
interpret oc define the provisions hereof. •
14. Notice. Ezcept for any notice reqi~ired under applicable law to be given in another manner, (a? an~• notice to
Borruw•er provided for in this ~ltortgage shal! be given by mailing such notice by certified mail addressed to Borrower at
the Properiy Address ~r at such other addrecs as B~rma-er mav designate by notice to T.ender as provided herein, and
(b) any notice ro Lender shall be given by certefied mail, rctum receipt requested, to I.ender s address stated herein or to
such uther address as Lender may designate b}' notice to Borro~er as pro~•ided herein. Any notice provided for in ihis
Mortgage shalf be deemed to have been given to BOrrower or l.ender when given in the manner designated herein,
15. UnEiorm i~iortRage; Governin~ Law; Severabilitr. This form of mortgage combines uniform covenants for national
use and non-uniform co~~enants with limired variations hy juricdiction to constitute. a uniform security instrument covering
real property. This i?lortgage shall be governed hy the lau~ of the jurisdictian in which the Property is located. In the
event that any provision or clause of th+s t~tortgage or the lnte ronBicls with ap~licable law, such conflict shall not affect
other provisions of this Mortgage or the Notr which can be given e(fect without the conflicting provision. and to this
end the provisions of the I?iortgage and the 1~ote are cieclared to be severable.
16. Borrower's Capy. Borrower shal( be furni.heJ a rnnformed copy of the Note and of this I~iortgage at the time
of etecution ~r after recordation hereof.
17. Transfer of the Property; Assumption. If all or any~ part of the Pr~pe~t}• or an interest therein is sold or trancferred
b~• Borrower without I_ender's prior writtrn conzent. ex~luJing (al the cre~tion of a lien or encumbrance sohordinate to
this Mortgage, (b1 the creation af a purchase mone}• securit}• inter~st for household appleances. (c) ~ transfer b} devise.
descent or by ope~ation of lau u~n the death of a joint tenant nr (d? the grant of any leasehold interest of three y~ears or less
not containing an aptiun to purchase, I.ender may. at [.ender'~ option, declare all the sums secured by this \tortgage to be
immediatel~ due and payable_ I_cnder shal! ha~•e u~aived tuch option to acrelerate if, prior to the sale or transfer, t_ender
and the person to whom the Prope~ty i. to be so1J or transferred reach agrcement in writing that the credit of such person
is satisfactory to I_ender and that the interest pati-able on the suma secured by this Mortgage shall be at such rate as Lender
shall request. If i.ender has waived the option to acc~lerate providrei in ~nii paragrapn ii, a~~.i ~f L:,::o~e;'; ;;:.e.ss.^,:
intereet hac executed a written assumption agrrzment acceptcd in writing b~ Lender. Lender ~hatt rekase Borro«er from ail
obliF:itions under this Mortgage and the Note. ~
If (_endcr exerc+srs seich option to accelerate. l cn~ier sh:ill mail Borrrn~er notice of acceleration +n accordance with
paragraph i4 hereof_ Such notire shall rrovide a period of not I~ss than 30 da}'s from the datz the notice is mailed within
which Borrower may pay the sums declared duc. if Borro~~er fails to pay such sums prior to the expiration of x~ch perind,
L~ndcr ma~•. «ithout further noticc or drmand on Rorruwe~. im•oke any~ remedies permitted bp paragraph 18 hereaf.
Nov-L1N~toRt?t CovEK.{xTS. Rorrower and I_ender further covenant and agree as follows:
18. Acceleration; Re~nedies. Except as provided in par•rRraph 17 I~ereof. upon Borruwe~s breach of any co~enant or
agreement of.Borrower in this tiTorfga~e. inciudinR the co~enants to pay when due any sun+s secured by this 1lortgaRe, I.ender
prior to ~cceleration shall mail notice to Borrower as pro~ided in p~ra~raph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less th~n 30 davs from the dale the notice is mailed to Borrower~ by which such
breach must be cured; and (4) that failure to cure such bre~ch on or brfore the date specified in the notice may rault in ~
acceleration of Ihe sums secured by this bturtgage. foreclocure by judicial proceedinR and sale of the Ptoperfy. 'I7ie notice
shall furttier inform Burtower of the riRht to reinstatr after aceeleration and the ri~hl lo acsert in the foreclosurt proceedin~
Ibe non-exutence of a default or any other defense of Rorrower to acceleration and foreclosure. If the breach is not cured on
or beForr Ihe date specified in the n~?tice. [,ender ~t l.enclrr's option may declare all of tl~e ~ums secured by Ihis ;1lorlgaKe ta be
immediately due and payable ~+ithout further dem~nd and may fnrecluce this'~lortgage br judicia! proceedioR. Lender shall
be entitled to coltect in such proceedin~ a!1 expenses of foreclosure. includin~, but not limited to, reasonable attorney's fees,
and co~ts ot documentary• eridence, ~bstracts and litle reports.
19. Borrower's Right to Reinslate. Notwithtitandir.~; l_ender's accelrr.~ti~~n af tF~e sums secureJ by th~s ~fortgage,
Borruwcr shall have the right to have :+m• pro;ceding~ Ix:gun t~y 1_rnder t<~ cnforce thi~ ~l~rtgage discontinued at any time
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