HomeMy WebLinkAbout0737 . . ~ ~
l.eoder's written agreemem or applirable law. Borrower shall pay the amount ot all tnohgage insu~ana premiums in the ~
mapner providcd undcr paragraph 2 hereof. ~
Any amounts disburscd by I.e~dc~ pursuant to this parag~aph 7, with iatcrcst thereot~, shal! become additional i
indebtedncss of Borrower securrd by this Morlgage. Unless Sorrower a~J I.rnJer agrec to ather temu of paymcnt, such ~
amcx~nts shall bc payable u{wn na~icc f~am I.ende~ ta Bo~~owcr requesling payment thereot, and shall bear intcrest from the
date af disbursemrnt at the rate payahk fram time to time on outstand'mg p~inripal unde~ the Note u~lcss payment oi
intercst at such rate would be contrary to applicabte law, in ~hich event such amaunts shall bear inte~t at the highest nte
permissioie ander appiicabie iaw. Aiuii,i~eg iu~?iae~,cS ifi tliii ~`,.iia~ra~?i1 ~ Siia:: :Cy^::::C T.~.^.'~~T ::t'r`iS! 3!!)' S!~rE'T.~ ~ fs~CE
.any actioo hercundcr.
8• Isspectios. 1_ender may make or caiise to l+e made reaconable enlriec upon and inspeclions of the Property. provided
that [_ender ~hal( give Bcurower notice priar to any such inspectian specifying rrasanabk cause therefor relatcd ta Lender's
interest i~ the Property.
9. Coademaatbu. The proceedc of any award or claim fur damages, direct or consequential, in rnnnection with any ,
coademnation ar other taking of the Praperty, or patt thercoi, or ior conveyance m iieu ai canclefnnatiwi, arr i~zr~i.y auig~tit.i
and shall bc paid tb l.ender. .
I~ the event ~f a total taking af the Pmperty. ~he pr.keeds chall he applied to the sums secured by this Martgage,
with the etcess, if any, paid ta Borrower. In the cvent of a partial taking of the P~operty, unlen 8orrowe~ and Lender
otherwise agree in writing, there shall be appliecl to the ~ums securcJ by thic Mortgage such proportion of the proceeds
as is equal to that p~oportian which the amount of Ihe somc secured hy thic Mortga~e immediately prior to the date of
taking bears ro the fair market value uf the Property immc~liately p~ior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by f.ender to Bormwer that the condemnor offers to make
an award or settle a claim for dama~,-s, &~rrower f~il. to respond to I.ender within 30 days after the date such notice is
mailed. I_ender is autharited to collect and apply ~he prc~ceeds, at l.ender c option, either ta restoration ar repair af the
Property or to ihe sum. secured by this Mortgat;e. ~
Unless I_ender and Bor'rowe~ otheru•icc agree in ~.•ritinc, any such applicatian of proceeds to principal sha1) not extend
or pcxtpone the due date of the mo~thly installments referred to in paragraphe 1 and 2 hereof or change the amount of
such installments. ~ ~
10. Borror?er Not Rekzsed. Extension of the time for pa~ment or modification of "amortization of the sums secured
by th~s Mortgage granted by I_ender t~~ am• ~ucc~~u?r in iut~r~:t .~f tZ.zrrocc•cr cha!! ~ot cT~.:rs;e !e~ relcase, i~ a!~y rn~nner_ ~
the liability of Ihe ori~inal. Bormw•er and Bnrrow~cr's success~~rs in intercst. I_enckr shall not he reqnired to commence
pn,ceedings against such successor or rcfu~e to ertend time for payment or QlF1CM'ItC modify amortization of the sums
secured hy this Motigage hy reason of any demand made b~• the original BormWer and Bormwer's succescors in ioterest.
ii. Fatbearance by I.ender Not a Walrer. Am• f~rbcaranre b~• I.ender in etiercising am~ right or rcmed~~ hereunder. or
otherwise aftordecf by applicable law, shall not he a waiver af ~•r preclude the exercise of am~ such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by l_ender shall nat he a K~aiver of i.ender s
right to accelerate the maturity of the indehtedness securcd hy thie Mortgage_ ~
- 12. Remedies Cumuiatire. All remedies pro~•ided in this Alortgage are di;tinct and cumulative ta any o~her right or
remeJy under this Mortgage or atiorded by law or cquity. and may be exercised rnncurrently. independenU~• or socceccively.
13. Soccessors aad Assi~os Bound; ]oint aml Sereral I.iab~'lity; Captions. The covenants and agrcements herein ~
co~taineJ shall bind, and the rights hereunder shall inore to, the respective succecu~rs and ac~igns of 1_ender and Borrower.
subject to the provisions oi paragraph 17 hcreof. All covenants and agreementc of Borrower shall hc joint and Several. -
The captions and headings of the paragrapha of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof. • '
14. NWice. Except for any notice rryuircd under appticable law• to be given in another manner. (a) am~ notice t~
8orrower provided for in this Mortgage shall he givcn h~• mailing ~uch notice by certified mail addresxd to Borro~~er at
the Property Address or at such otf~cr addrea as Bormwer mav decignate b~• notice to I.ender as pmvided herein, and
(h) an~• notice to Lende~ shall he g+vcn by certificJ mail. rcturn reccipt requested. ~o [ ender c address stated hcrcin or. to
such ot6er addrest as Lender ma~~ decignate h}- notice t.~ Borrc~w•er as provided herein. Any noiice pmvideJ for in this
Mortgage sha!! he deemed to havc becn givcn to Bormw•Cr ar I.cnder when given in thc manner designated herein_
l5. Uniform Mo~rt~s~e; Govemin~ Iaw•; Se~•embilit~•. This form of mortgage combines uniform covenants for national
use and ~on-uniform co~enant~ with limited variations hy juri~liction to constit~ite a uniform securitc instn~ment rnvering
real property. This Mortgage shalt be gov~rned hy the !aw• of ihe jurisdection in which the Property is located. in the
event ~hat any provision or clauce of thia 1liangage ar the Ne~te conflictc w~ith applicahle law, such conflict shall not af~ect
other provisions of this Mortgage or the Notr which can t+e gi~•en effect without the conflicting provicion. and io this
end the provisions of the Martgage and the tiotc arc Jeclarcd to be severabte_ ~
16. Borro~.er's Copy. Borrower shall F?e furnished a conformed copr• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumplion. If all or am• pan of the Property or an interest therein is soid or transferred
by Borrower without Lender's prior writtrn consent, crcluding (al the crcation of a lien or .enceembrance sutxardinate ta
this Mortgage. (b) the creation ~f a purchaae monep securit~~ interest for household appliances, (cl a transfer M~ devise,
descent or by operation of la~ upon thc dcath of a joint tenant or !d) the grant of anp leasehold intercst of thrcc ~~ears or less
not containing an option to purchase, I.ender may. at Lender's option, declare all thc sums secured M• fhis !liortgagc to tse .
immediatel~ due and pa}able. t.ender shali have µaived soch opticx~ to accelerate if, prior to the sale or transfer. I_ender
aRd the person to whom the Property ic to be soW or transterred mach agreement in writing that the creslit of such person ~
- is satisfactory to I.enJer and that the interest pa~•ablc on ~he sums secured by this Mongage shall be at~s~ich rate as Lerrder
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers succesu?r in
. interest fias executed a written assumption agrcement accepte~ in writing by I.ender, Ltnder shall release Borrower from all
obligations under this Mortgage and the Note.
. If Lender exercises such option to accelerate. 1_ender shall mail Borrow~er notice of acceleration in aceordance W ith
paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days fram the date the notice is mailed within
which Borrower may pay the sums declared due. if Borrower fails ro pa~~ such sums prior to the expiration of such period,
[.ender may, without further notice or demand on 13ormwer, invoke any remedies permitted by paragraph 1 R hereof.
Nox-UxtFOaM CovEtvetvrs. Borrower and 1_ender further covenant and agree as follows:
l8. Accekration; Remedks. Eacept as provided in para~rapb 17 hereof. upoo BorrowePs breach of any rnveaant or
~reement of Borrower in this Mortgage. iacluding the corenants to pay v?hea doe aay so~ns secnred bry ti~is Mortgage. Lender
prbr to accderatbn s6d# mail ootice to dorrowcr as provided in par~raph 14 hereof specHyiu~: (i) t6e breac6; (2) t6e action
reqoired to care soch breac6; (3) a date, not kss d~an 30 days from the date tbe notks is ma~led to Bwrower, by which wch
breac~ must be tarrd; aed (4) that fajlurc to carr such bresch on or before t6e date spec~ed 1n 1be notke may ranlt in
sccekntioe of t~e soo~s secored by t6ts Mortga6e. forecbsun by jodkial proceedio= and sde of tbe Property. 'i1~e notice
shaU forther inform Borrower of the ri6M to reinstate a[fer accekr~tion sod l6e ria6t to ~sserl ia f~e forecbwn peoceediu~
fbe non-e~isteece oE s defaok or aay other defense of Borrower to sceekrstioa aad forecbsore. If lbe breach is oot cored on
or befwe tbe dste speciScd jn tbe notke. Lender at Lender•s optio~ may dccltrs aq ot the sams secpred 1ry this MortgaRe to be
imatediately dee snd payable witboot fnrther demand and m'y foreclose t6is Mort~n6e bJ~ ~udicitl proeeediu~. Lender shall
be eatltled to eo0e~ti i~ sac6 prnecsdin6 ~ ezpenses-of forecbsurr~ tacladia`, 6~t oot limited to, reasonabk attoroey's fees,
aod cods of doc~meahrr e~ideace. abstrscts aed titk r+eporfs. . _
l9. aorr~wer's R~bt to Reiestste. Notwithstanding [.ender s acceleration of the sums secured by this Mortgage.
Borrower shall have tl~e right to have any proceedings t~egun by I.ender to enforce this Mortgage discontinuod at any time
e~o~288 PA~E 735 ,
v ~ ~ -
ti ~ r : . -
_ "z'~~.~~ - .
~