HomeMy WebLinkAbout0271 t.rndcr's writtea aareenaart or appiica6k law. Bormwe~ shall pay qK amouiit ot ap morttage ins~traaoe pn:miums in the
manne~ providcd unde~ parsarapi~ 2 bera~f.
Any amounts disbursed by Le~der pursuaot to this pa~raph 7. with interest thereon. shall 6ecome additionsl
indebted~ess ot Borrower xcured by this Monaaae. Unkss Borrowe~ and Lrnde~ aaroe to other ternTS of paymeM. such
arr~ounis shal! be payabk upon notire fran l.p~dt? to !lormwer requestina paymenl thereof. and shall bear intercst ft~om the
date of d'aburseme~t at the rate payabk from time to time o0 outstandin~ principal ueder the Note unkss pa~t ot
interest at such rate wa~ld be contnry to applicabk Iaw, in which event such amounts shall bear interest at the hi~ ratd
pe~'mi~sibk under applicabk taMr. Nothina aoetaiue~ in this paragraph 7 sha11 requine I.eoder to ie~cur any expe~e or tste
any action hereundet:
~ S. I~Cetio~. Lende~ may make c?r cause to be made rcasonabk eotries upon and inspoctioos of the Property. provided
that l.e~de~ shall give Borrowe~ notic~ pricK to any wch inspection spocifyina rcasonabk cause therefor related to Lender's
interest in ihe Pr~operty.
4• Co~dewwdinw. The proceeds of any award or claim for damages, direct or consequential, in rnnnectio~ with any
cond~mnation or other taking of the Prop~rty, or pan thercof, or for cvnveyar~ce in lieu of condemoatioo. are hereby assigned
and shall be paid to Le~der.
Tn the eva~t of a tot~l takins of the Pr~openy, the prneoeds chall be applied to ~h~ sums secured by this Mortaaae.
with the excess, if any, paid to Borrow~er. in the event of a panial takinE of the Property. unless Borrower a~d La~de~
otherwise agree in writinR, there shall be applied to the wms secured by this Mortgage such proportion of the prooeeds
as is equal to that propoAio~ which the amount of 1he sumc securod by ihis Mortgage immediately prior to the date of
taking bears to the fair market valuc of th~ Prapeny immediately prior !01hc date of taking, with thc balance of the procoeds ~
paid to Borrower.
If the Property is ahaodonM by Bonowe~, or if, after notice by l.ender to Borrower that the condemnor oRers to make '
aa award or settk a claim for dam~ges, Bormwtr faih ta respo~d to t.ender within 30 days after the date such notice is t
maikd. Lender is authorized to colkct and apply thc proceeds. at I.cnder
s option. either to ttistoration or repair of the ,
Property or ta 1he sums sccured by this MortEtage. -
Unkss Lender and Borrower othe~rrisc agree in w~rit~ng. any such applicatioo of procYeds to principa) shall not extrnd
or postpone the due date of the monthly instatlments rcferred to i~ paragraphs 1 and 2 h~reof or changt ihe amount of
~h inslal(ments.
lA. borrow~er Not ReieasM. Extension of the time fcx paym~nt or modifkation of amortization of the sums securcd
by ihis Mortgage granted by [_end~r to any cuccecsor io interect of Borrower shall not operate to retcase, in any manner,
the liability of the original Borrower and 8c~rrower'c succesu?r:c in int~rest. Lender shall ~ot be required to commenc~
p:~oceediRgs against such successor or refi?se to ectend time for payment or otherwise modify amortization of ~ the wms
securcd by this Mortgage by reason ot an~ demand made b~ the original Borrower and B~irrower's successors in intercct.
11. Forbearaoce b~ Lesder Not s p?airer. An}~ fnrfiearancc hy I.ender in exercising any right or remedy hereund~r, or
othenvise at~orded by applicabk law, shali not t~e a waiver of or precle~de the eaercise of any such right or remedy.
The procurement of iraurance or the payment of taces or cuher lieos or charga by Lender shall not be a waiver of I.ender's
right to accelerate the maturity of the indobtedness crcured hy thit Mongage.
l2. Remedies C'r~anlaf~e. All rem~dies pm.~ided in this Mortgage are distinct and cumulative to any other right or `
rcmedy under this Mortgage or aftorded hy law or equiry. and may be eaerrised concwrenUy, independently or successively. ;
~ 13. S~ccessors aad A~as doosd; .Joiwt a~ Seraral i.iab~; Capfions. "Il~e covenants and agreements herein t
contained shall bind, and the riRhts hcrrunder shall inure to. the respective successors and assigns of Lender at?d Borrower,
subject to the provisions of paragnph 17 hereof_ Att covenants and agreements of 8orrower shall be joiry and several_
The captions and heudings of the paragraphc of this Mortgage are for conveoience on!y and are not to be used to
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interpret or define the pravisans herrnf. -
14. Notke. Except for aoy notice rcquired under applicable law ta be given in another manner. (a) any notice to
Borrowe~ provided for in this Mortgaee shaif be given hy mailing such notice by certified mail addressed to Bnrrower at
the Property Addrcss or at sucb ahcr addr~esc as Borr~w•er mav designate by notice to T.ender as provided herein, and
(b) any notice to Lender shall he giv~n by certified mail, retum receipt rcquested. to I_ender s address stated herein or to j
such other address as Lencier may designate by nc?tice m Bornnwer as provided herein. Any notice provided for irt this
I?tortgage shatt be deemed to have l+een gi.•en to Bc?rroKer or Lender whert given in the manner designated hereia ~
lS. Ueifor~n MoA~a~e; GoreruinR I.a.r. Se.erab~itr. This form of mortgage combina uniform covenants for national
ux and non-uniform covenants with limited variaticu~s b~• jurisdiction to constitute a uniform serurity instrument covering +
real property. This Mortgage shat) be governed hy tfie fav? of the jurisdiction in which the Property is located. In the
event Ihat any provision or elaust of thic Mortgaee or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Al~te which ca~ be given effect without ihe conflicting provision, and lo this
end the provisions of the Mortgage and the '.~ae are .iecl~red to be xv~rable. ' ±
16. Borrowe~s Copy. Bornower shall be furniched a conformed copy of the Note and of this Mortgage at the time ~
of execution or after r+ecordation hereof. -
17. Trsosfer of t4e Propetty; A~mption. if all or an~~ part of the Property or an intercst therein is sold or transferted '
by Borrower without Lender's prior wrincn ~onsent. exduding (a~ the creation of a tien or encumbrance subordinate to ;
this Mongage. (b) the creatu?n of a purch~ce m~.oer securit}r intercst for household app]iances, (c) a transfer hy devise.
descent or by operation of law upon the ckath nf a jo~nt tenant or (dl the grant of any leasehold interest of threc ycars or less
not containing an option to purehase, Lender may. at I_ender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable_ Lcnder shall ha~e v?a~ved wch option t~ accekrate if, prior to the sak or transfer. I_ender ~
and ihe person to wham the Properry i~ to be co1J or tnnsferr~ed rcach agreement in writing that the credit of ~uch penon
is satisfactory tb Lender and that the inter~~t pa~abk on the sums securcd by this Mongage shall be at such rate as I_ender '
shall roquest. If Lender hu waivod the option to aecelerate pro~ided in this paragraph 17, and if Borrower's successor in 6
interest has exocuted a wtitttn assumption agrecmetn accepted in writing by t_ender, Lender shall release $orrower from al!
obligations under this Mongage and the Note. ;
If Lender exercises such option 1o xcelerate. I_ender ~hall mail 8orrower notice of acceleration in accordancr u ~th
paragraph 14 hereof. Such notiex shatl provide a pe~iod of nat less than 30 days from the date th~ notice is mailed within ;
which Bormwer may pay the sums doclarcd due. if Borrov?er fails to pay such sams prior to the expiration ~f ~uch pcri~~d.
Lender may, without further notice or demand on i3orrower. invoke any remedies permiued by paragraph 1 R herrnf. ~
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NoN-UHiFOR?rr Cove~~*rrs. Borrower and Lendcr furtlxr covenant and agree u foilows: '
ls. Acederatio~; Rea~edies. Racept as'ro~-iae~ ~ p~~ l~ i~erc~of. opn ~orrower's brrxh of aey coresaut o~ ~
a6reere~t of Eomnwer ~ d~is Mat~a~c. ici~'a~ t4 co~e~aMs to pay w6e~ dne aay soms secnred by tbis Morq~s~e. Lender ?
. prior M~ceekrstio~ shaB sail wtk~e t~e Eorrower as'rorNed ~~apb 14 6ereot speclf~g: (1) tbe brc~cb:/21 the actio~
reqojred to ahue s~c~ i~esc~ (3) s i~e. wot ks tra 3~ da~s iruw t6e date tMe ~otke i~ maiied to Eorrowcr. bp r?hic6 snc6
brescY ~rt be c~red; a~i N) tiaR tail~re b c~t+e srcl~ rreac` o~ or iefone t6e date spec~ed ~ Ibe notice may res~dt i~
scedeMiow of tbe s~ars seerred by tiis 11~forl~e• /e~eciosrrr b j~cial Noceedin~ asd sale of tbe Property. The notiee
shall fnrtrer idore~ aorrowa of tre ri~t to rei~tate after accekatjow aed Hrc riabt fo ~ssert in tLe foreclosere ~nncee~
We ooe-esi~7eaee of a iefadt or a~y otLer ietesse of Eo~rrower to sccekratfoa aad foreclo~un. If d~e brexb is aot cared o+~ ~
or 6dore the daRe speciiei i~ tfe wotkY. Le~er ~t l.rwder's o~tioe ~ Oeelare ~ll of tbe sue~s secored by t4is Mosi~sRe to be
ima~edjately d~e sei pysble witbo~t fmt4er demand zad wy fo~eclose t6is Mort~a~t 6y judicial ProceedinR. I.ender tha11
be ~ to coqect is•s~cl~ ~oa~ a~ t~tases pf foreclos~re. i~tbiia~. brt ~ot limited to, rcasoes6le attutney's ftes.
and eo~b oE ~oc~edary e.iaeaK, arstraces a~ tide reprts. ~
~ 19. aortowe~'s Rl~it to ReL~tate Ne~twithstandinR I.enders accekration of the sums securcd by th~s M~rtgage,
Botrower sha11 bave the rig6t to have any proccediops he~un ~,v l.ender to enforce this Mongage discontinued a[ any time
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