HomeMy WebLinkAbout0419 l.eader's written agreeaxnt or applicabb law. 8orrower sha(I pay the amouM ot atl nartgsge i~uu~ana p~emiums in the
maancr pruvided u~de~ paraaraph 2 her+eof. -
A~y amounls disbursed by I.enckr punuant to thi~ para~raph 7~ with iaterest thercon. shall become additional
• indebtedness ot Botrower securod by this Mongage. Unless Borrower and l.cn~ier ag~ee to othe~ ternu of pay~aen~ such
amounts shall be payaWe upoo notice from I_cnde~ to Borrower roquesting payme~t thereof, and shali bear interpt tran the
date of disbursement at the ate payabk from time to time on art:tand~ng principal under the Note unku pa~meat oi
intertst at such rate would be contnry to applicabk law, in which event such amounta shall bear interest at the hi~ rate
permisaibk under applicabk law. Nothing contained in this parag~aph 7 shall rcquire I.ende~ to incur any eapeme or ta]ce
any action hcteuudcr..
S. f~rpsefb~, i.ender may make or cause ta be made rcasonabk entries upon and inspections of the Property. provided
that Lander shall give Borrowcr notice prior to any such inspection spocifyina reuonabk cause therefor related to L.ender's
intercst io the Pmperty. :
9. Co~dea~ptb~. The proceeds of any award or claim for damages, diroct or consequential, in connoction with any
condemnation or other taking of the Property, or part thereof, or for conveyance ia licu of cor~dem~ation. ue hereby assigaed
and shall be paid to Lender.
Tn the cvent of a total taking of thc Propeny. the p~occeds shall be applied to the st~ms xcured by this Mortgage,
with the excess, if any, paid to Borrnwer. in the event of a partial Iaking o( the Property. unless Bomnwer and I.ende~
otherwise agroe in writing, there shall be applied to the sums securcd by ihis Mongage such proportion of the proc~eds
as is cqual to that proportion vrhich the amount of the sumc secured by this Wiortgage immedistely prior to the date of
taking bears to the fair market value of the Propchy immediately prio~ to ihe date of taking, with the balance of the p~
pai~7 to Bo~ower.
if the Proptriy is al~andaned by Sorrower, or if. after notice by I.ender to Bormwer that ihe condcmnor otfers to mate
an awa;d or settle a claim for damages, Borrow~r failc to respond to I_tnder within 30 days. after the date such notice is
maikd. I.ender ic authoriz~ed to collect and apply ~he proceeds. at L.ender's option, either to ~storation or ~spair of the
Property or lo the sums securcd by ihis Mortgal¢e.
Unless l.ender and Borrower othenvice agree in w•riting, any such application of proceeds to p~ncipal shall not extend
or postpont the due date of the monthly instsllmcnts referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
I0. Eorrower Nof Rekased. Extension of thc time for payment or modiBcation of amortization of the sums sxurcd
by this Mortgage granted by I.ender to any cuccessar i~ imerect of Borrower thall not operate to releau, in any manner,
the liability of the original Borrower and Bc~rrower'~ s~~cces~rs in interest. i_ender shall not be reqoired to commence
proceedings against such successor or refu~e to ertend time for payment or otherwise madify amortizat~on of thr c~~ms
secured by this Mortgage by reason of any demand made by the oriQinal Borrower and Borrower's successors in interect.
ll. Rorbearance by I,endet NM a Wsiver. Any k•rt~rarance by l.ender in exercising any right or remedy hereunder, or
otherwise aflorded by applicable law, shall not t~e a waiver of or pr~clude the exercise of any such rig6t or remedy. ~
The proctirement of insurance or the payment of taxes or other liens or charges by Lender shall oot be a waiver of Lender's
right to aceelerate_the maturity of ihe irtdebtedness cecured hy this Mortgage.
l2. Remedks Cumulstire. All remedies pmvided~ in this Mortgage are distinct and cumulative to any other right or
remedy under this Mongage or affordeei hy law or equity, and may be exercised concurrently, independentty or successively.
' 13. S~cce~o~s snd Assi~ss Eound: Jaat aad Sereral T.iabtllty; Capdons. 7?~e covenants and agreements henin 4
contained sha!! bind, and ihe rights hereundtr shall im~re ta. the respective successors and assigns of Lender and Bomower_
subject to the provisions of paragraph 17 hereof. All covenants and agreemeots of Borrower shall be joir~{ aod several.
The captions a~d headings of the paraqraphs of this Mortgage are for convenience only and art not to be used to
interpret or define the provisions herrnf_
l4. Notke. Except for any notice rcquired uader applicablc 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 Bocrower at
the PropeRy Address or at such other addreca as Borrower may designate by notice ta t_ender as provided herein, and
(b1 any notice to t~ender shall be given by certified mail, rcturn receipt requested. to I.ender s address stated herein or to
such other addras as Lender may designate by nMice to Barmwer as provided herein. Any notice provided for in this "
Mortgage shall be deemed to havc been given to Borrower or Lender when given in the manner desigeated herein.
1S. Uaifoirm Mort~n~e; Governii~ Law: Sererabilifv. This form of mortgage combines uniform covenants for national
use and.non-uniform covenants with limited variations h~~ jurisdiction to constinite a uniform security instrument covering
real propeny. This Mongage shall be governed hy the Faw of the jurisdiction in which the Property is located. In the
event that any provision or clause of Ihic Mortgage ~r the Note confticts with applicable law, such conflict shall not afftct
other provisions of t6is Mongage or the Ni~te which can be given efiect wilhout the conflicting provlsion, and to this
end ihe provisions of the Mortgage and the Note am declared to be severable.
16. Borrower's Copy. Borrower shafl t?c furni~hed a conformed copy of the Note and of this Mortgage at th~ time
of execution or after recordation he~eof.
17. Traesfer of tbe Property; Assumption. Tf all or any part of the Property or an interest therein is sold or iransferred
by Borrower without Lender's prior wrincn consent. excluding lal the creation of a lien or encumbnnce subordi~ate to
this Mortgage. (bl the creation of a purchace money cecurity interest for household applianca, fc) a transfer hy devise.
dexent or by operatioA of law upon the death ot a jo~nt tenant or (d) the grant of any teasehoid intercst of threc ycars or less
not containing an option to purchase. Cender may, at Lender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable_ Lender shall havc w~aivcd such option to accelerate if, prior to the cale or transfer. I.ender
and the person to whom the Property ic tr be ;olJ or transferred reach agreement in writing that the credit of cuch percon
is satisfaetory to I.ender and ihat the interc.t pay~able on the sums secared by this Mortgage shal! be at such rate ac l.ender
shall rcquest. (f 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.e~der. Lender shall rcleau Borrower from all
obligations under this Mortgage and the Nate.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accelera~ion in accordanc~ ti~ith
paragraph 14 hereof. Such notice shall provide a period .of not less than 30 days from the date the notice is mailcd within
which Borrower may pay the sums dalared due. If Borrower fails to. pay s~lch sums prior to the expiratian of ~uch period, -
I.ender may, without further notice or demand on &irrower, invoke any remedies permitted by parag~aph tR hereof.
NoH-UNtFOrtM CoveN~NTS. Borrower and Lender (urther covenant and agrce u follows:
l8. Aecekntioe; Remedia. E:cept as provided is psra~rsp~ 17 bereof. upon Sorrowe~s breacti of say co~e~aat ot
a6reew~t of Eorrower ie thts Mortgsae. indudinR tbe co•enants to psy wbe~ doe aey snms secared br thts Mort~a~e. Leader :
prior to accekraftoa s6a~ mall aotlce to Eorrower as provided io paraaraPh 14 htreof specifyiu~: (1) t`e bre~ch:12? t6e action
~cqnir+ed to cve sse~ ~+rseb: (3) s dde. aot less t6an 30 days trom t6c date the ootke is maikd b dortower. by ~+hicb such
beeac~ a~~t be c~rs~ aod t4) t6d fa~~re to cere soch breacb on or ~efo~s t4c date speci6ed is the aotice rnay resuh iw
sccdenUios of t6e s~ws secrred by thia MortaaRe. tosectowre by jndkial Proceedin~ aad sde of t~e Propertr. 7Le notke
sba~ furtber Iatorm Eomower d t6e ~M to niastste sfter sccekrstba and t6e riaht fo assert in the toreclosrre procetdi~
1~e non-t:isteace ot s defaWt or ~y otber defe~e of eorrower to accelcratbn and forec{os~re. if t4e brscM is oot cnred oe ~
or before tl~e date speciBed i~ t~e eotke. Lender at [.ender's option x~ay dechre ar ot tbe wu~s senred br Mis Mort~a~e M 6e
ima~edistdy due sna payable witboot further demand ~nd may torcclose tbk Mortaa~e bf jndlcial proceedia~. Lender chall
be eotided to cdket 6~ s~ci proetedias aN e:peeses ~f foreclosnre. iaclndia~, bst ~ot iimitd to, rea~onable att„rney's fees.
a~d ~ ot docna~e~hry erWeoee, sb~tr~cls sod litk reports.
19. Darrower's Rt~IN to Rei~state. Ncuwithctanding l.ender s accekration of the sums secured by th~s MoKgag~,
Bonrnver shall have the right to have any proccedings hegun hy t_ende~ to enforce this Mortgage diuontinued at any time
- goaK 295 o~,~E ' 418 :
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