HomeMy WebLinkAbout0259 L.eader's writtea sa~eauent or ~sbWiaw: Bo~}qre{,shall pay the amount ~ aU mortgage iawranoe pca»iums in the
maaner provided unde~ parag~aph`2 heieof.
Any amounts disbursed by Le~de~ pursuant to ~ha paragraph 7. wi~h iaterest thereon, shall become sdditional
indebtednas of Borrower securcd by lhis Mortgage. Unless Borrowe~ and Lende~ aatee to dhe~ terms of paymeM. such
amounts ahall be payabk upon ~x~tice from i.ender ta Bo~rower roquesting payment thereof. and shall bear interest f~+nm the
date of disburxment at the rate paya~k from time to time on ouKtanding principal under che Nae unkss payma~t ot
intet+est at such nite would be contnry to applicabk law, in which event such amounts sfiall bear inttrest at the hi~l~est rate
permi~'bk under applicabk law. Nothi~g contained in this paragraph 7 shall rcquire Lender to incur any eapetne or ta1~a
a~y actioa hereut~der.
a. idpeetio~. Cender may make or cause to be made reasonabk enlries upon and i~spoctions of the Property. provided
that .l.ende~ shall give BoROwer notice p~ic~r to any such inspection specifying reasonabk cause thercfor related to I.ender's
interat in the Propetty.
9. Co~desuatioa. The proceeds c~f any award or claim for'damages, dircct or consequential, in oonnection with any
condemnatan or dher taking of the Property, or part thercof, o~ for conveyance in lieu of condemnation. are hereby assigood
and shall be paid to [.ender.
in the event of a total taking of the Property. ~he proceeds chall be applied to the sums securtd by this Mo~tgage.
with the excess, if any, paid to Borrowor_ ln Ihe event of a partial taking af the Pmperty. unless Borrower and I.ender
otherwise agroe in writing. there shall be applied to the ~ums secured by this Mortgage such proportion of the prooeeds
as is equal to that proportion which the amount af the sumc secu~ed by thi: Mortgage immediately prior to the date of
taking bears to the feir market value of the Propeny immediately prior to the date of taki~g, with the balance of the prooeeds
paid to Borrower. ~ ~
if the Property is abandoncd by Borrow^er, orif, after natice by l_ender to Borniwer that the rnndetnnor offers to mate
a~ award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply ~he prc~ceeds. at I_ender's option, either to restontion or repair of the
Propeny or to the sums secured by this Mortgage. .
Unles.c Lender and Borrower otherwice agree in w•ritin~e. aay such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments rcferrcd to in paragraphs 1 and 2 heteof or change thc amount of
such installments.
10. Borrowe~ Not Released. Extension of the time for payment or moditication of amortization of the sums secured
by this Mortgage granted by l.erxier to any a~ccessor in i~terest of Borrow~~ chall not operate to rclease, in any manner.
the liability of the original Borrower and &~rrower'c successors in interest. I.ender shall not be required to commence
proceediogs against such successor or rc(use to e~tenJ time for payment or otherwise modify amortization of ~hr ~ums
secured by this Mortgage by reason of any demand made b}• the oriQinal Borrower and Bc~rrower s successors in interest.
il. Forbearaoce by Lender Not a Wdver. Any forhearance by I.ender in exercising any right or remedy her~e~mder, or
otherwise. afforded by applicable law. shall not be a waiver af or preclude the exercise of any such right or remedy.
The procureme~t of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedness cecured hy this I?tortgage. ~
l2. Remedks ComulaHre. All remedies provided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or afforded hy law or equity, and may be exercised rnncurrently, independently or successively.
~ I3. Snccessors and Assi~~ Bound: Joint aad Serera! i.iaM'Bty; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall im~re to. the respective successors and assigns of Lendec at~d Borrower.
subject to the provisionc of paragraph 17 hc~cof. All covenants and agreements of Borrower shall be joiry and several.
'il~e captions and headings of the paragraphc of thic Mongage are for convenience only and ar+e not to be uced to
interpret or define the provisions herec?f. _
14. Notice. Except for any notice rcquired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortga¢e shall be given hy mailing such notice by certitied mail add~essed to Borrawer at
the Properly Address or at such vthcr address as Borrower may designate by notice to I_ender as provided herein. and
(b) any notice to L~nder shall he given by certificJ mail, retum receipt rcquest~d. to I.ender
s address stated herein or to
such other address as Lender may designate b}~ notice to Borrower as_provided herein. Any notice provided for in this
Mortgage shal) be deemed to havc been given to Bc~rrovrer or Lender when given in the manner dtsignated herein.
15. Uniform MortR~e; Governin~ iaw: Se~•erability. This form of mortgage combines uniform covenants for national .
use and non-uniform covenantc with limited variations h~• jorisdiction to constitute a uniform security instrument covering
E real property. 'il~is M~rtgage shal) be governed hy the law of ihe jurisdiction in which the Property is located. In the
event that any provision or clause of thic Mortgage ~•r the Note conflicts with applicable law, such conflict shall not affect.
~ other prmeisions of this Mongage or the i~iote which can be given effect without tht conflic~ing provision, and to this
f end the provisions of the Mortgage and the Note arc ~leclared to be severable.
16. Sorrower's Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
~ 17. Tnasfer of the Properiy; Assumption. If all or any part of the Property or an intercst therein is sold or transferred
~ by Borrower without Leoder s prior w~riucn ronsent. exctuding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creahcu~ of a purcha~e mi~ner eecurity interest for household appliances. (c) a transfer ht devise,
descent or by operation of law upon the death of a jo,~t tenant or (d) the grant-of any leasehold intercst of thrcc years or less
not containing an option to purchase. 1_ender may, a1 l.ender'~ option, declarc all the sums securcd by this Morigage to be
immediately due and payable. Lender shall have W aived such option to accelerate if, prior to the cale or transfer. I_ender
and the~person to whom the Property ic to bc co1J or transferrcd reach agrcement in writing that the credit of ~uch pcrcon
is satis[actory to Lender and that the interrtit payable on the sums secured by this Mortgage shall be at such rate ac i.ender
~ shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note. -
~ If Lender exercis~s such option to accelerate, l_ender shall mail Borrower notice of acceleration in accordancr i~h
paragraph 14 hereof. Such notice shall provide a period 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 sach sums prior to the expirafion of cuch pericxi,
~ Lender may, wi~hout furthcr notice or demand on Ek~rrower, invoke any remedies permitted hy paragraph 1 R hereof.
~ Nox-UNtFOaut CovENex'rs. Borrower and Lender further covenant and agree as follows:
~ ls. Accelentbs; Remedia. Except as provided in para~rsph 17 6ereof. upon dorrower's beack ot say co~e~snt or
` a6rcement of Eorrewer io t~ Mat~a~e, includi~ tbe co~enants to pay wbe~ d~e say so~ ~ecrred b~ t6is Mo~a~e. Leoder
~ prior M acceleratioo slall mail wotke to dorrower as provided fe para`rapb 141~ereot specit~: (1) tbe brcacA: (21 the action
~ reqnjred b cue suc6 brescb; (3) a date, not ks than 39 days from t6e date tre notke b u~aBed to ~rower. by whkb sacM
~ b~+esc~ ~wt be c~r+cd: aod (4) that failure to cnre s~ breacb oe or betore tbe date speci6sa h the aotiee ~aay resWt in
fi sccekratiow ot t6e s~ms secuei by tbh Mort6a~e. to~ecbwn bY jadkial Proceedie[ a4d sak of the hoperry. The nMice
~ sh~l fyr~er ieform Dorrower of tbe ri~IN to rciasbNe after accckratio~ aud tbe ri~ht to ar•se~t iw ti~e forecios~rs ~rocee~
~ t6e ws~ex~stesce of a delsok or ~r other defense of Eorrower to ~ccekr~tioA aad toreclasrre• It tbe brescA is aM c~red os
or 6etore the date speej6ed ~ t6e ~otice. Lender at [.ender's optbn s~ay declars aA ot tbe wms sec~red by tbb Mort~a~e to be
immediatdy due ani paysbk witboat tnrtber dem~nA and mar foreclost t6h Morlaa~e Sy. jedkW procted~• I.~nder shall
be e~dtkd to edlect iw s~ proceedin~ d e:penses nf forecbsarr. hcludia~. bnt ~ot limifei tq reaso~able attnrnrv's fees.
aad co~ts of doc~ee~tary etWesce, sbstrac~s and titk rsports.
19. sornower's Rl~hht to Reie~iste. Nc~twiths~anding Lender s ucekration ot the sums securcd by ~h~s M~rtgagc,
Borrower shall have the right to have any proccedings heg~~n hy [.ender to enforce this Mo~tgage discontinued a[ any time
~ • OR " ~p
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