HomeMy WebLinkAbout0395 Lender's writtea aaroeme~t or ~pplicabb 4w_ sorro~pf,~ll WY the smouat of all mortgage iawnnoe pnxnium~ ia tbe
maane~ provided undtr paragnplf 2•hereo[.
• Any amounts disbu~sed by l.ender pursuant to this panarsph 7. with interGtt theceon. shall become addition~l ~
indebtednas of Borrower secured by this MoNgage. U~kss Borrower and l.ende~ agree to other teRns ot payme~t. such
amounts shall be payabk upon ncitice fram Ixnder to Borcnwer requesling payment thereof. and shall bear interat fmm the
date of disbutsement st the tate payaMe from time to time on aiistanding principal under the Note tmkss payraa~t of
interest at such nte would be contra~i to applicabk law, in which event such amounts shaQ beu interest at the hiahest nte
permiu~'ble under applicabk law. Nothin~ contained in this paragraph 7 shap requioe I.ende~ to it~ur any expeme Qr taka
any action her~undet. j
S. latpectio~. Lender may make or cause to be madt. rcasonabk enlries upo~ and inspections of the Property. provided f
that l.ende~ shall give Borrower notice pric~r to a~y sucli inspection spocifying rcasonabk cause therefor relatod to I~ender's ~
ipten~st in the Prope~ty. - ~
9. Co~dewuatbn. The ptocetdc of any award dr elaim tor damaga, direct or consequential, in connection with sny ;
condemnation or other taking ~f the Property, or part thereof, or for co~veyance i~ lieu of condemnation. are hereby assianed }
and shall be paid to Lender.
' In the event of a total taking of the PropeNy, the proceeds shall be applied to Ihe sums sccured by this Morigage, ?
with' the excesa, if any, paid to Bonower. ln the event at a parlial taking af the Property. unless Borrower and Lender 1
otherwise agroe io writing. ihere shall be applied to the sums sccured by this Mongage such pr~portion of the proceeds :
as is equal to that proportion which Ihc amount of ~hc sums secured by this Mortgage immediately prior to the dste of
taking bean to the fair marktt value of the PropeNy immediately priar to the date of taking, with the balance of the pmceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lende~ to Bortc~wer that the condemnor offea to make
an award o~ xttk a claim far damages. Bormwer fails to rcspond to I_ender within 30 days after the date such notice is
maikd. I.ender is authorized ta collect and apply the proceeds, at T.ender's option, either to restoratio~ or repait of the
Propeny or ta the sums securcd by this Mo~tgage.
Unlas Lender and Borrower otherwixe agrce in Nriting, any such application of praceeds"to principal shall not extend .
or postpone the due date of the tnonthly installments referred to in paragraphs 1 and 2 hereof or change the amou~t of
such installments.
10. Eormwer Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I.ender to any ~uccecsor in interect of Borrower chall not operate to release, in any manner.
the liability of the original Borrower and Borrower e successorc in interest. Ltnder shall not be required to rnmmence
proceedings against such successor or rcfuse to e~tenJ time for payment or otherwise modify amortization of thr ~ums
secured by this Mortgage by reason of any demand made by the ori~inal Borrower and Borrower's saccessots in interect. ;
11. Forbeannce by Gender NM a Wsiver. Any (orhearance by I_ender in exercising any right or remedy hereunder, or ;
otherwise af~orded by applicable law, shall not- be a waiver uf or preclude the exercix of any soch 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 ta accelerate the maturity of the indehtedness secured hy this Mortgage. . . i
]2. Reo~edks CnmuhN~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or 's.
remedy under this Mortg~ge or afforded by law or equity, and may be exercised concurrently, independently or succasively.
~ 13. Srcer~ors and Assi~ss Bound; Joint and Several i.iab~lify; Captbns. 71~e covenants and agreements herein ;
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lende~ aod Borrower. ;
subject to the provisio~s of paragraph 17 hercof. All covcnants and agreements of Borrower shall be joir~ and several. s
'Il~e captions and hesdings of the paragraphc of this Mongage are far convenience only and are not to be uced to €
interprct or define the provisions hereof.
14. Notice. Except for any nc?tice rryuired under applicable law to be given in another manner. (a) any notice to ~
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Propeny Address or at such other addresa as Borrower may designate by notice to 1.ender as provided herein, and ;
(b) any notice to Lender shall he givcn by certi6ed mail, return receipt rcquested. to I.ender's address stated herein or to ~
; sueh other addrcss as Lender may desiQnate by n~tice to Bormwer as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Bc?rrower or l.ender when given in the manner designated hercin.
15. Unifo~m Mort~a~e; Governin~ iaw: Se.•crability. This form of mortgage combines uniform covenants for national
~ ose and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform securily instrument rnvering
; ~ nal property. This Mortgage shall be Roverned hy the law of the jurisdiction in which the Property is located. In the _
F event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
~ other provisions of this Mortgage or the Ni~tc which can be given efiect without the conflicting pmvixion, and to this •
€ end the provisions of the Mortgage and the Note arc declared to be severable.
• 16. Eorrowe~s Copy. Borrower shall be furni~heJ a conformed copy of the Note and of this Mortgage at the time
~ of ex~cution or aft~r recordation hereof.
l7. Traosfer of tbe Propertv: Assamption. if al{ or any part of the Property or an interest thercin is sold or transferred
by Borrower without L.ender s prior writ~cn consent. excluding (a) the creation of a lien or encumbrancc subordinate to
this Mortgage. (b) the creat~on of a purchace m~~ne~• ~ecurity intercst for household applianca; (c) a transfer hy devise,
descent or by operation of law upon the dcath of a joint tenant or (d) the grant of any leasehold interest of thrcc years or less
not containing an option to purchase, Lender may. at I.ender s option, declare all the sums secured by this Morigage to be
immediately due and payable. Lender shall have w~aived such optioo to accelerate if, prior to the cale or transfer. I_ender
and the person to whom the Property i~ to be ~oIJ or transferred rcach agreement in writing that the credit of such per~n
is satisfactory to Lender and that the imerr~t pa}•able on the sums secured by this Mortgage shall be at such rate ac l.ender
shall request. lf 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 I~nder. Leoder shall release $orrower from all
~ obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. l.ender shall mail Borrower notice of accekration in accordancr u~~ch
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 ihe sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch pericxi. ;
i.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. '
y NoH-UH~FOatK Covex~rrrs. Borrower and Lender further covenant and agree u follows: `
~ I8. Accdentioo; Reme~ia. E: as vided ia 6 17 bereof. opow Eorrowds 6res~M of sey co~cws~t or f
~ Pro P~~*~P
~ s~rees~t ot Borrower ie tbis Matga~e, includin6 tbe co~enants to pay ~?hc~ dee swy ssms sccvrsd b~' tbis Mort~s~e. Lceder ;
prbr to aceekntion shad mail notke to Sorrowcr as provWed ia pan~rapb 14 bereot specN~: tl) ti~e brescA: lt/ tbe sctba ~
~ reqoired to care srcb 6nsch. (3) ~ dde, not fess tban 3A da~s from tre date ttie notke M waUcd to dorrowsr. b~' whkb wcU
brescl~ emt be cored; sod (1) fhat failnre to core sach breaca oe or betore t6e date spee~ied ~ tbe ~Mice may resdt ie :
~ secderalio~ ot tre ss~ seciued 67 tYh Mo~s~e. to~sclosure br ~edkial Proeeedin~ ai sale of tbe Prope~. The ootke s
s6a9 fertbcr iaforn Eon~uwer of t6e ri`M lo reiestate sfter aecekratios snd tre ri~bt to arert h tbe toreciosnre ~roeeedi¦~ '
~ tbe ~on-esMewce of a defaak or aey otber defcnse oE eorrower to sccekratioa sed forcclosYre. N tbe brescti is eot cm~ed oe
~ or before the dsste speci~ed ~ tbe sotke. Le~der at t.ender•s option ~oay declare d of tbe s~~ws sec~rea br thk Mortta~e to be
~ ia~medi~tely dne asd paysble witbort irrlher demand ~nd may /oreclose thb Matt~ til' ~ P~. I.ender chaN
~ be eatided to co~et iw srth proceedln` sM e:penses of foreclosore. iecludiw~, brt ~ot Yw~itei M. naso~abk atturnrY's fets.
a¦d cosb oE doc~se~t~' erWcsee, s~rscls aed litk roports.
19. Eorruwe~'s Ri~ht to Reiaqate. Nc~twithstaoding I_ende~ s accekration of the sums securcd by th~s Mortgage.
Borrower shall have the right to have any proceedings hegun ~+y t.ender to enforce this Mortgage disconiinued at any time
- BooK 295 ~~E `394
_ ~ ,w.
. -
~ ~ :.r
. - - - . Y,
- .
-