HomeMy WebLinkAbout0105 l.lnder's written agreement or a~plicabk low. Borrower shall pay the smount o( all mongage insuraoce premium: in the
man~er provided unde~ parag~aph 2 heroof.
Any amou~ts disbuned by I.cn~le~ p~n~'~'o thq pa~jrAph 7, with interost ?hercon, shal) become additiona)
indebtedness af Borrowcr sccured by Ihis Mo~tgagd. Unlecc Bor~Ater and I.eode~ agree ta othe~ terms of paymeot, such
amcwnts shall be payabk u~xm no~K~c t~c~m I.ender to Bormwc~ rcquesting payment tho~eot.;nd shall ?xar inte~cst from the
date of disbursement at ~hc ratc payahk fmm time to time on outs~anding principal urtder the Note unlest payment of
interest at such rate wauld be corttrary to applicable law, in which event such amounts shall hesr intercst at th~ hiahest rate
permissibk under applicable law. Nothing contained in this paragraph 7 shall require l.ende~ to incur any experue o~ tske
any action hcreu[~er.
. S. lospectiow. [_enckr may make ~r rause to be made rcaconable cntries u~n and iospections ~f the Property, provided
that ~.ander shall give Bo~rower nMice prior to any such inspedion specifying rrasanabk cause therctor related to Lender's
interest in the Prope~ty. •
9. Coedemnatbe. The proceedc of any award o~ claim for damages, direc~ or consequential, in conncetion with any
condtmnation o~ alher taking af the Prapetiy, or parl Iherrnf, or far cc~nveyanoe in litu of condemrtatian, are hereby assignsd
and shall bt paid to I.ender.
ln the event of a tatal taking af 1he Pmper~y. Ihe prcxeeds ~hall he applied to ~he sums secored by this Mortgage,
with the excess, if any, paid to Bormwer. In thc event of a pa~tial laking of Ihe Property, unless Botrower and I.ender
athetwise agree in writin~t. there shall be applied to the ~umc securcel by thic Mortgage such propartion of the proceeds
as is tqua! to that praponion v?hich the amnunt of the sumc secu~ed by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Pmpcrty immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Prope~ly is ai~andoneci by Borrawer. or if, after notice bv i.ender to Borrower that the condemnor offers to make
an award or settle a claim for dama~-~. R~•rmwer fail. t~ r~~+~xmd to l.ender within 30 days after the date such notic~ is
mailed. L.ender i~ authorized to collect and ,~~iy ~he proceeds. at Lender's option, either to restoration or rtpair of the
Property or to the sums sccured b~~ this Mortgage.
Untesc Lender and Borrower otherwise agree in a•rihne. any si?ch application of prc~cecds to principal shall not extend
or pc~slpone the due date of the monthly inslallments rcferred to in paragraphs 1 and 2 hereof or change the amount of
such inslallments_ ~
10. Borrower Not Rekased. Extcncian of thc timc for payment or modification af amortization of thc sums secured
by this Mortgage granted by Lender to any cieccecu~r in intrreat of Borrower shall not operate to release, in any manne~.
the liability of the original Borrower and &~rrower'. successorc in interest. I.ende~ shall not be required to commence
proceedings against such successor or refuce ro ertend time for payment or othenvise modify amortizat~on of thc ~ums
u~ured by thic Martgage hy reasc~n o( anti• demand made b~• the oricinal Borrower ;~nd Borrowers succescors in imerect.
11. Forbearanct by I.ender Not a Waz~~er. :1ny tnrhearanrc by i.cndcr in crcrcising any right or remedy hcreunder. or
otherwise afiorded by applicahle law. shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shalt not be a waiver of [.ender's
right to acce(erate the mamrity of the indehtedne~s cecured h~~ thi~ Mortgage.
12. Remtdies Cumulsthe. All remeclies pr~~•ided in this Mortgage are distinct and comulative to any other right or
remedy under this Mortgage or afforded hy law or equi~y, :~nd may be exercised concurrently, independently or successively.
~ 13. Snccessors ~tnd Assi~os Bound; .Joint and Se~•eral I.iability; CapBons. The covenants and agreemenis herein
contained shatl bind, and the riRhts hereunder shall inure to_ the respective succescors and assigns of i_ender at~d Bormwer_
subject to thc provisions of paragr:~ph 17 hcrcof. All cavenants and agreements of Borrower shall be joi~ and several.
71~e captions and heaJingc of the paraeraph~ ~f thic Mortgage are fo~ convenience only and are not to be uced to
interpret or define the provisiont hereof.
14. iVotice. Except for any notiee rey+rired under applicable 1aw to be given in another manner. (a) am~ notice to
Bflrrawer provided for in this Mortgaee shall be given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at zuch othcr addres~ as Bc.rr~wer ma~• designate by notice to T_ender as provided herein, and
(b) any notice to ~ender shall he given h}~ cenified mail. retum receipt requested. to l.eoders address stated herein or to
such other address as i.ender mar deciQnate b}• n~tice tn Bnrre.wer as pro~ided herein. Any notice prmided for in this
Mortgage shall he deemed ta ha~•c becn gi~~cn ta R~rmwcr or 1_ende~ when given in the manner designated herein.
15. Uniform Mort~a~e; Governin~ iaN~; Severability. T~ic (orm of mortgage combines uniform covenants for national
use and non-uniform cm•enamc w•ith timited variationc h~• juricdietion to constitute a uniform security instrument covering
real property. This Mortgage shal) be gnverned M• thc law• of the jurisdiction in which the Property is located. in the
event that any provision or clauce o( thic Mortgaec ~•r the N~~te c~nflicts with applicabk law, such conflict shall not affect
othe~ provisions of ~his Mongage or the N~~te which can t?e given effect without the conflicting pmvision. and to this
end the provisinns of the Mortgagc and the 'Vc.te are cleclared to he severable.
16. Borrowe~s Copy. Borrower shall tk furni~hed a c~~nformed copy of the Note and of this Mortgage at the time
of e~ecution or after recordation hereof_
17. Traasfer of fhe Property: Assumption. If all ~~r an~• part of the Property or an interest therein ic sold or transferred
by Borrower without I.ender's prior Wfllt~'R ~~~~n~em. ex~luding (a) !he cmation of a lien or encumbrance suborJinate to
~this Mortgage. Ibl the creahon of a p~nhak m~~nr~• ~ecurit~~ ~nterest for household appliances. (c) a trander h~• devise.
escent or by operation of law upon thc dcath of a j~.~nt tenant or (d~ the grant of any leasehold interest of threc pcars or lecs
~ot containing an option to purchase. Cender ma}~, at [.ender'c option, declare all the sums secured by this Mongage ~o t,e
~mmediately due and payahle. Lender shal! have .+aived such option to accelerate if, prior to the cale or transfer, 1_enJer
and the person to whom the Property ic ta be ~ol.l or transferred reach agreement in writing that the credit of ~urh percon
is satisfactory to I_ender and that Ihe inter~.t pa~~able on the sums secured by this Mortgage shall be at such rate ae l.ender
shall request. If I_ender has waiveel the option to accelerate pmvided in this paragraph 17, and if Borrower'~ successor in
interest has executed a written assumption agreemem accepted in writing by i.ender, I.ender shall relea~e Borrow~er from all
obligations under this Mortgage and the Notc.
If Lender exercises such option to accelerate. Lender ~hall mait Borrower notice of acceleration in accardancc ~~h
paragraph 14 hereof. Such notice shall provide a pericxl of not lesc thao 30 days irom the date the notice is mailed ~+ithin
which Borrower may pay the sums dtclared due. If Borroaer fails to pay such soms prior to the expiration of tuch pencai.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hercof.
Nox-UtvtFORM Coven?eNTS. Borrower and l.ende~ funher covenant and agree as follows:
18. Accekration; Remedies. E:cep as pmvided in paragraph 17 hereof. opon dorrower's bresch of sey co~enant or
agreemeat of Borrower ia this Mortgage. includinR the co~cnants to pay when dne any sun~s xcund by this MortRa~e. I.ender
prior to accekntloo shdl mail notke to Borrowcr as provided in parasnph 14 liereof specifyinR: (1) tbe ~reach: (2) the action
requtred to cnre wcb br+cuh; (3) s d~te~ uot kss than 30 days fmm the d~r tbe natice b wailed to Eorrower. by whic6 such
breach mu~t be cored; and (4) that failure to cure snch breacb on or before tbe date spec~'ied in the notke may re~cult in
accekration of t6e sums ~ecnred by this Mortgage. iweciosurc br judicial proceedi~ and sak of tbe Pmperry. 7i~e notice
shall furiber iaforni Eorrower of the right to reinstafe dler accekration and tbe r~ht to ~ert in !Le foreclosure pr+nceediug
tht non-e:ktence of s defanh or any othe~ deitnse of Borrorrer !o acceleration and fotecbs~re. If the breach is not cnred on
or before the dste speci6ed in tbe notice. Lender at l.cnder's aption a~ay deciare aq of the sun~ secnred by this Mort~s~e fo be
immediately due aud paysbk withont further dem~nd and may toreclose ih[s Mort~aee bY judicid proceedia~. (.ender chal!
be eotided to collect in wc6 proceedi~ aH expeescs nf forcclosure. includiu~. bnt aot limfted to, rta~onsbk att~~rnty's fees,
and costs of docuouetary evidence~ sbstracts snd title reporn.
19. DorroKe~'s Ri66t to Reiostate. Notwithctanding I.ender s acceleration of the sums secured by ~h~z M~ngagc,
Borrower shall have the right to have any procerding. hc~un ~.y (.ender to enforce this Mortgage discontinued at any time
``J~~ 2~2 i•ncf ~05
: ~
- ~ _ - _ _ t_----
~ ~ _
7<~ ~ r
~
~ ~-z;~ ~ ~
a¢ ~~~„~r~~ ; _ ~ ~
~z,~
~ . _ ~
- s ~ I ~ 3$k *5 ^4 42r''3`3
~ ~