HomeMy WebLinkAbout0117 ~ a `
l.cndor's written agroement or appticabk law, Borrower shall pay the amount of ap mortpge insuranca premiuau in the
manner pravided undcr parag~aph 2 hereoi.
Any amouots disbursed by l.e~dc~ pursuant to tha parag~aph 7, wi~h interest therea~. thall become additional
ind~bledoess of Borrowcr securod by Ihis Mahgage. [Jnlecc Borrowe~ and [.e~Jer agrce to other ternu of payment. such
amcwnts shall be payabk upao nc~tice fmm I.ender ta Borrower rcyues~ing payment thereof, snd shal) txar intercst frotn the
date of disbursem~nt at the ratc payabk from time to time ~x~ outstanding p~incipal unde~ the Note unkss payment of
interest at such rate would be contrarv ta applicable law, in which event such amounts shall bear interest at the hi6hest rate
permissibk u~der applicabk law. Nathing cantained in this paragraph 7 shall requir+e Lende~ to incur any axptnse or talte
any actioo hereunder. ,
8. Isspectiou. l.ender may make or rause ta be made reasonahk entries upon and inspections of the Property. provided
that I.ende~ shall give Borrawer notice prior to any such inspection specifying reasonabk cause therefot related to Lender's
interest in the Atopeny.
4. Condaweatbu. Tfk pracerds of any award or claim for damages. direct or co~s~oquential, io connectio~ with any
condemnation or other taking of the Pr~perty, ar pan thercof, o~ for conveyance in lieu of coodemnation, arc hereby assigoed
and shall be paid to I.ender.
in the event of a talal taking of thc Property, the procccds ahall he applied ta the sums stcared by lhis Mortgage.
with tht excess, if any, paid b Borrower, ln the even~ of a partial taking af ~he Property, unless Borrower and Lender
othenivise agree in writing, therc shall be applied to the ~ums secured by ihi~ Mortgage such proportion of the pmceeds
aS is equal to that proportion M•hich thc amount of ~hc sumc ~crured by this Mortgage immediatety priot to the date of
~ taking bears to the fair market value of the Property immediately prior to the date af taking, with the balancs of the proceeds
paid to $orrower.
Tf the Property is ahandoned by Borrower. or if. after nolice hy I.ender to Bamnwer that the condemnor ofiecs to maice
an aw•rrd or setlle a claim far damages. Bormwer fails to res~nd to i.ender within 30 days after the date such notice is
mailM. Cende~ ic a~~thorized to rnllect and apply the proceeds. at i_ender c aption, either to restoration o~ repalir of tln
Property or to the sums secured b~• this MortRage.
Unlesc l_ende~ and Borrower otherwice agree in w•ritmg, any such application of prnceeds to principal shall not extend
or pcxtpone the due date of the monthly inst~llments rcfeRCd to in paragraphs 1 and 2 hereof or change the amaunt of
such instailments.
]0. Borrowcr Nof Rele~ed. Exten~ion of the time for paymeot ar modification of amortization of the sums securcd
by this Martgage granted by l.ender to any ~uccecsor in inte~eat of &~rrower ~hall not operate ta release, in any manner.
the liabilily ot the origioal Borrower and B~.rrower'c succes~ors in interest. [_ender shal) not be required to rnmmence
proceedings against such successor or rcfuse ta eYtend time for payment ar otherwiu modify amortizat~on nf thr wms
secured by this Mortgage by reasc~n of an}• demand made by the oriQinal Borrower and Borrower s surces~ors in intcret~.
1l. Forbearance by I.endtr Not a Waiver. Any f~nc~arancc by I.cnder in erercising any right or rcmedy het+eundcr, or
otherwise afforded by applicable law. shalt not he a waiver of or preclude the exereise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedneu cecured hy thic Mortgage.
12. Remedies Cumulati~e. All remcciics provided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or afforded b}• iaw or equity, a~d may he exercised ccutcurrrntly, independently or successively.
']3. Snccessors and Assi~ns Bouod; Joinf and Se~•eral i.isbility: Captions. "The covenants and agreements herein
contained shaH bind, and the ri¢hts hereunder shall inure to. the respective successors and assigns of I_ender and Borrower.
subject to !he provisionc af paragraph 17 hercoL All covenanls and agreements of Borrower shall be join/ and several.
"ihe captions and headings of the paraQraphc of this Morlgage are for convenience only and are not to be uced to
interprel or define the provisi~ns herec?f.
14. Noliee. Except for any noti.e rcyuired under applicable law to be given in another man~er, (a) any notice to
Borrower provided for in this Mortgaee shall twe given hy maiting such notice by certifled mail addressed to Borrower at
the Property Address or at such other addresc as Borrow•er mav designate by notice to T.ender as provided herein, and
(1~) any notice to Lender shall he givcn by certificd mail. retum receipt requested. ~o I.enders address stated herein or to
~uch other address as Lender may de~ignate by n~tice to Borrower as provided herein. Any notice provided for in this
~Iortgage shall be deemed to h~~~c lx~en g~vcn ta Bc.rrov?~cr or Lcnder when given in the manner designated herein_
15. Unifornt Mort~a~e; Governin~ Iaw; Se?erabilitti•. This form of mortgage combines uniform covenants for national
use and non-uniform covenantc with limited variationc h~~ jurisdiction to constitute a uniform security instrument covering
rea) property. This Mortgage xhall be governed h~• the law of the jurisdiction in which the Property is located. in the
event that any provision or clauce of thi. Mortgaee ~r the Note rnnflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nt,tr which can t?e given effect without the conflicting provition, and to this
end the provisioris of the MortRage and the ~fotc arc ~Irclared to be severable.
16. Borrower's Copy. Borrower shall he furniched a confarmed copy of the Note and of this Mortgage at tht time
of executio~ or after recordation hereof.
17. Transfer of the ProperfY: Acsumption. lf all or an~• pan of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wrihrn corcent. e~cluding lal the creation of a lie~ or encumbrance suborJinate to
this Mortgage. (b1 the creation of a purcha~e mi•nev ~ecurit}~ interest fc?r household appliances. /N a transfer h~• devise,
descent or by operation of laK• upon the death of a jo+nt tenant or (d~ the grant of any leasehold intercst of thrce }•cars or less
not containing an option to purchase. l.ende~ may, a~ I.ender'c option, declare all the sums secured 6y this 1?iortgage to be
immediatel~ due and payable. [.ender shall have w:~i~•ed such option to accelerate if. prior to the sale or transfe~. i_enJer
and the person to whom the Property ic t~? be :oW or transferred reach agreement in writing that the eredit of such person
is saiisfactory to I_ender and that the interr~t pay~able i~n the sums secured by this Mortgage shall be at such rate a~ l.ender
shall request. If l.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest hax executed a written assump[ion aRreement accepted in writing by i.ender, Cender shall release BorroK•er from a!I
obligations under this Mortgage aad the Note.
If Lender exercises such option to accelerate. l.ender chall mail Borrower notice of acceleration in accordancr ~~~~h
paragraph 14 hercof. Such notice shall provide a peri~~d of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiratian of cuch periuel.
I_ender may, without further noticc or demand on liorrower, invoke any remedies permitted by paragraph 1R hereof.
NoN-UN~FOarH Covex~rrrs. Borrower and I_ender further covenant and agree as follows: _
18. Acceleratioe; Remedia. E:cep ~s pmvided in paragraph 17 he~eof~ upon dorrower's M~esc6 of any rnreaant or
agreement of Borrower fn this Mortgs~e, iaciudi~ the corensnts to psy ..hea due any snn~s secured by t6is MortRage, i.endrr
prior 1o acceleratba sball maj! notkt to dorrower as providtd in pars~raph 14 htreof spccif~: (i) t6e brescb: (21 the act'ao
rtquired to care suc6 breacb; (3) a date. not less than 30 days from the dstt tbe notke b nuiikd to dorrower~ bY which suc6
bresch must be cnred; aod (4) tbat failure to cure s~ch brcac6 on or before the date speci6ed io the notke map result in
accekratioa of fbe sun~s secnred by this Mortaage. lo~ee~fosvn by jndiclal proceediu~ sad sde of tbc Pmperty. 71~e notice
shall /urther inform Eorrower of t6e right to reinstate afler accekratbn and the rigbt to as6e~t ia the foreciosure proceedi~
tbe non-existence of a default or aay Wher defease of Borrower to accelerstion and foreclosore. tf tbe 6rtach is aot cntrd on
or before the dste apecified io the notice. Lender at t.endt~'s option may dechre aq of the sneus secored bp tbk Mort~a~e to he
immediateiy due and payaWe witbout tarthcr demnnd•~nd mAy forecbse thk Mortsa6e by judicisl proceedin~. Lender chall
be eatiHed to collert in such procecdi~ xN e:penses of foreclosure. includius. but aot limited to, reasoea6le att~,rnev's fees.
and custs of docomentary evidence, sbstracts snd litk reports. •
19. Borrowec's Ri~ht to Reiost~te. Notw~i~hctanding I.enders acceleration of the sums xcured by th~s Mongage,
Borrower shall have the right to have aoy proceed~ngs txgun ~.y I.ender to enforce this Mortgage diuont~nued at any time
=;,:r~~7~ F,1(,c
Y ~ . - _
'.n + _ . _ " _ _ _ _ . . _ _
~Y."~~'^'~aS.rti~
~'~4sa~k~~~ I '
~
~
; ' i`~p ~ j- 2.`r . ^s'S` ~?y'~
~ ~~~~~f+~~-~'~4~ . _ ~~`~,`~`~i
~ 5
:d~~~ "'f fi~''"c'z t~.a:?~...~