HomeMy WebLinkAbout0377 l.eader's writtea sgrxmtnt or applicabb kw. Dorrowu =halt pay the amount ot al! mortaaje insuranoe premiums ia tl~e
manner provided undcr paragraph 2 her+ea[. ~ ,
Any amounts disbursed by [.e~der ~pu~suant to thit? paragraph 7, with interest thareon. shall become sdditional
indebtod~as of Borrowcr sxured by this Mortgage. Unkss Bocrower and Lcnckr agree to other ternu of paya~eM. wch
amounts ahall be payabk upon noticc from I.ender to Borrowc~ roquesting paymeot thertof, and sha!! bear interest fro~a the
date of disbeiraement at the rutc payabk from time ta time on outstanding prin~ipal undot the Note unkss psyment of
inter~st at such rate would be contnry to applicabk law, in which event such amouMs shall beu inter~est at the hial~est nte
ponni~'bk under applicabk law. Nothing cantaincd in this paragnph 7 shall require I.ende~ to incut any expea~e or take
any action hereunder.
a. I~ectlo~. Lender msy make or cause to be made reasonabk entries upon and inspections of the Property, prmided ~
that i.e~der shall giv~e BoRawer notice p~ior to any such insp~ction spocifyioa reuonabk cause thecefor relatod to I.et?der's ~
intercst in the Pmperiy. ;
9. Co~dea~~atb~. The proceeds of any awar+d or claim for damsges; dirret or rnnsequential, in connection with any ~
ca~demnation or dher Iaking of tht Property, or part thercof, or for conveyance in lieu of condemnation. an hereby assigned
and shall be paid to Lender.
In the event of a tolal taking of th~ Prop~rty, the proceed~ chalt he apptied to the sums securod by this Mortgage.
with the excess, if any, paid fo Bo~rower. In ~he cvent of a panial taking of the Property. unless Borrower and I~der ;
otherwise agm in writing. there shall be applied to the sums securcd by this Mohgage such proponion of the p~+oceais {
as is equal to that proportion w~hich thc amaunt of thc sums ucured by this Mortgage immediatety prior to the date of
taking bears to the fair markN value of the Propeny immediately prior to the date o( taking, with the balance of the proceeds
paid ta Borrower. - .
~ If the Property is abando~eci by Borrower, or if. after notice by I_ender to Borrowe~ that the condemnor oftecs to make `
an award or s~nk a claim for damages, Borrower fails to respond to I_ender within 30 days after the date such notioe is E
mailed. I.ender is a::thorized ta collect and apply 1he proceeds, at 1_ender's option, either to restorafion or repair of the .
Property or ta the sums securcd hy thes Mor~ga~te. ~
Unless I.ender and Borrowe~ othervvi~c agree i~ vvriting, any such application of proceeds to principal shal) not extend
or postporK the due date of the monthlv installmeMs rcferred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekased. Extension ai the time for payment or modification of amortization of the sums securcd
by this Mortgage granted by I.ender to any cuccessor in interect of Borrower chall nat opente to rekase, in any manner.
the liability of the original Borcower and Bc~rrower s successorc in interest. Lender shall not t+e required to cc~mmence
. proceedings_ against such successor or refuse to ectend time for payment or otherwise madify amortization af thr sums
secured by this Mortgage by reasan of any demand made b~~ the original Borrower and Barrower
s successors in intercct:
Il. Forbesraace 6y I.ender Not a Waiver. Any fc.rbea~ance hy I.ender in exercising any right or remedy heramder. or
otherwise aftorded by applicable law, shall not t~e a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the paymertt of taxes or olher liens or charges by Lender shaq not be a waiver of LendePs ;
right to accelerate the maturity of the indehtednecs secured hy~ this Mortgage. ;
- l2. Remedies ComuWire. All remcdies provided in this Mortgage are distinct and cumulative to any o~her right or
rcm~dy uoder this Mortgage or afforded hy law or equ+ty, and may be exercised concurr~e~tly, independently or si~ccessively.
~ t3. Sscc~essors and Assi~as Bound; .laiat aad $ereral I.iab7ity; Captl~ons. The covenants and agreements herein =
contained shall bind, and ihe rights hereunder shall inure to. the respective successors and assigns of Lender ac~d Borrower.
subject to the provisions of paragraph 1~ herepf. All covenants and agrcements of BoROwer shalt be joir~ and severa4
The captions and headings of the paragraphc ot this Martgage erc for convenieore only and are not to be uad to t
interPret or de~ir~e the provisions herenf. i
• 14. Notice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to #
Borrower provided for in this Mortgaee shall be given by mailing such notice by certifted mail addressed to ~orrower at F
the Property Addrcss or at such cxher addrcss as &?rmwer may designate by no~ice to T.ender as provided herein, and
(b? any notice ro Lender shall he given h~ certificd mail, retum receipt rcquested. M l.ender's addrtss stated herein or to ;
such other address as Lender may decienate hy notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to havc been givcn to Borrawer or Lender when given in the manner designated herein.
I5. Uaifonu Mort~a~e; Governi~ Law; Severability. This form of mortgage combines uniform covenants for national
use and non-unifarm covenan~s with limited variations b}• jurisciiction to constitute a uniform security instrument rnvering
real propeny. This Mortgage shall be govcrned by the law of the jurisdiction in which the Propevty is tocated. In the '
evrnt that any provision or clause of t6ic Mortgage or the Note conflicts K•ith applicable law, such conflict shall not affect
other provisions of this Mortgage or thr Note which can be given effect without the conflicting provi~ion, and to this
end the provisions of the Mortgage and the Note arc ~kcl~red to be severable.
- 16. Bormwer's Copy. Borrower shall be furnicheci a coofc?rmed copy of the Nate and of this Mortgage at the t+me
of execution o~ after resordation hereof_ _
1'7. T~nsfer of the Property; Assumplion. If all or any part of the Property or an interest thereio is sold or transferred
by Borrower without Lender s prior writtrn consen~. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchace money ~ecurity interest for household applianees. (c) a transfe~ hy devise, f
descent or by operation of law upon the death of a j~?int tenant or (d> the grant of any leasehold int~rat of threc ycars or less
not containing an option to purchase. I_ender may. at Lender'~ option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have Mai.~ed such option to accelerate if, prior to the cale or transfer. I_ender
and the person to whom the Property i4 1~~ be col~ or transferred reach agreement in writing that the credit of wch person
is satisfactory to Lender and that the intere.t payable on the sums se;.ured by lhis Mortgage shal) be at u~ch rate ac I_ender ;
shal! request. If Lender has waived the aption 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 atl `
obligations under this Mortgage and thc Note_
If Lender exercrses such opt+on to accelerate. LenJer shall mail Borrower notice of accderation in accordancc ~.~~~h ~
paragraph !4 htreof. Such notice shatl provide a period of not less'ihan 30 days from the date the notice is mailed within
which Borrower may pay the sums decla~ed due. if Borrower fails to pay st~ch sums prior to the expiration of cuch peric~d,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof_
i
NON-UNIEORM COVENANTS. BOtTOWtf BTId Ltf)dt~ fLfllltf COVtflBtlt 8I1tI a$Ttt di fOIIOWS:
ls. Aceeleratioa; Remedks. E~cept as provided ia pua6rsph 17 hereof. opoe darrower's MracM of s~r co.eaaat or ~
a6rce~cst of Eo~rower ia thk Mort~e, incln~e~ ti~e coreaasts to pay wbee doe sar sr~ns aecnrea b~r tbts Mort~a~e. I.,eader ~
prior to sctderation shag s~a8 dotke to aorrowtr ss prorWed ia para6raph 14 bereot specityio~: (1) tbe bre~ch: t21 the sctbn t
reqnlrei to crte soc6 bresc6; (3) a d~e, aot kss tban 30 days from tbe d~Me tre sotice is a~c~ to ~rower. br whkb sac6 ~
6rescl~ a~wt be crred: a~d t6at failere to cure srcb breacb o¦ or bcfore tbe date's~eci6ed ~ tbe aotice r~ay resdt in ~
seceleratioa oE tre sus secercd by this Mataa~e. topcclosarr by judiclal proceedi~ and sale of tbe Propcrty. 7be notiee '
sAaN fo~riher iRform ~orror.er of tbe riabt to rei~hte afle~ secekrNioo and t4e ri6Mt to a~rert Is tbe toreclosure proceedie~ ~
Ik non-esistence oE a defadt or aay Wber detense oE Eorrower to sccekrstion and toreclaaore. ff tbe breacM i~ aot co~ed oa ~
or before tbe dafe speci6ed is tbe wtice. Lender at [_ender•s optioa may ~eclare d of tbe s~na seeued by tl~s Mort~s~e fo be ~
ime~edistely due aed payabie withoot fnrfher demand ~nd mar forecbse tbb Maiaa~e by jadicW preeee~. Lender chall €
6e ~dded to co8ect iw s~cb procecdio6 ~1 e:pcoses nf foreclosure. iocludia~, 6nt ~ot Wsftd to, rea~o~able att~,rnev's fess.
aod ~osfs ot doc~ise~taqr eri~esce, sbstracls sad tNk rcpo~ls.
19. Eorrower's W~bt to Re~tate. Nc?twith~tanding l.enders accekration oi ihe sums secured by th~s Mortgage. ~
Borrower ahalt bave the right to have any p~occedings hegun hy 1_ender to enforce this Morlgage discontinued at any time
3
`g'o~K 295 ~acf ~ 37~ ~
` s y~ - - - - - - . ; ~
-
- -