HomeMy WebLinkAbout0498 .
t.ender's writtcn agrcemcnt or applicaWn law. Borrowe~ sha11 pay the amount of all morigage insura~we premiurru in the
manne~ pravideci unde~ puag~aph 2 hereof.
Any amounts disbursed by 1,§nck~ pursuant to this parag~aph 7, with , iaterat thereon, shsl! becane sdditional
indcbtedness of Borrowcr secured 6Y this Mongage. Unlecs Borrowe~ and t.ender sgroe to other ternu of payment. such
amounts shail be payabk upcu~ nc~lic~ fr.~m I.ender to Borrowr~ rcqucsling paymc~t thercot, and shall bcar interat from the
date of disburxment at the.ratc payabk from time to lime cm ot~tstanding principal unde~ the Nate uniess payme~t of
interest at such rale woutd be contrary ta appiicable law, in which eve~t such amonnts sha11 benr interat st the highest rate
permissibk under applicable law. Nathing contained in Ihis paragraph 7 shall rcquirc I~ende~ to it~cur aay expense or take
any action hcrounder. ,
8. laspectio~, I.ender may make or cau.e to be ~ade reasc?nabk en~riec upan and inspectians of the Property~ provided
that I.cnde~ shatl give Bormwer notKe pri~~r to any s~Kh inspection specifying reasonabk cause therefor related to I.ender's
interesl in 1he Propehy.
9. Condemaatba. The procetdc af aoy award or claim for damages. dircct or cn~sequential, in connection with any
condemnalion or dher taking af Ihe P~aperty, or part then~f, o~ for ccx~veyance in lieu af cnndemnation. are heaby assigned
and shafl Ae paid to l.ende~. -
In ~he event of a lotal taking o! the Pmperly. ~he prcxeeclx chall he applied to the sums securcd by this Mortgage,
with the exccss, if any, paid to Bor~ower. ln thc evtnt of a pa~tial taki~g of ~he P~operty, unless Borrower and Lende~
o~herwix agrce in writing. therc shall be applied to the sums secured by this Mo~tgage such proporiion of the proceeds
as is equal to that propo!tion w•hich !he amount i~f thc sumc secured by this Mortgage immedistely prior to the date of
taking bears to Ihe fair market value of Ihe Praperty immatiatcly prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property ic ahandoneJ by 8orrowcr, or if. attcr noticc by I.ende~ to Bormwer that tht condemnor ofiets to make
an award or senle a claim for damagcs. Borrower taik ~c, rrs~?nd to I.ender within 30 days after the date such notice is
mailed, i_ender i~ authorized to collect and apply the procecdc. at l.ender c option, either to restontion ~or repair of the
Propcrty ar to the sum~ ~ecured M• thic Mortgage.
Unlesc lencier and BorroWer otherwiK agree in w~riting, any such application c~; ~;rt~ceeds to principal shall not exttnd
or postpone _the due da~e of thc monthly installmcnts referrcd to in paragraphs 1 and 2 hereof ar change the amount of
such ins~allmeiits.
10. Bomuwer Naf Relessed, Fxtencion of the time for payment or modification of amoriization of ihe sums secured
by thes Mortgage graoted by l.ender to am~ surcecu~r in intercu of Borrow•er shalt no~ aperate to release. in any man~er.
the liafiili~y of the original Borrow•e~ and Aormwer'~ successc~rs in interest. I.ender shall not be required to commenc:e
p~~ceedings agaiost such succecsor or retuae t~ er~eod time for payment or olherwise modify amortizahan af the wms
~e: ured hy~ thi~ Mortgage hy reacon of an}• demand rnade b}• the oreQinal 8orrower and Borrower
s succescors in interect.
l l. Rorbearance by I.ender Not a Waiver. Any f~rhearancc b}• l.ender in exercicing any right or remedy hereunder, or
otherwise aPForded by applicahle law. shall nrn he a waiver o( or preclude the exercise of any soch right or rem~dy. •
The procurement of insurance or the payment of tares or ather liens or charges by l.ender shal! not he a waiver of I_ender's
right to aecelerate the maturity of the indehtednecs cerured hy thic Mo»gage.
12. Remedies Cumulslire. All remediec provided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Morlgage or affnrded hy law or equity, and may tx exercistd concurrenUy, independenUy or successivety.
~ 13. Successors and Assi~os Bound; .Joinf and Se~~eral ~.iability; Cspfions. 7?te covenants and agrcements herein
contained shall bind, ~nd ihe rights henunder shall imue to. the respective succecsors and assigns of i_ender ac~d Borrower.
subjcct to the pravisi~ns of para~traph 17 hcrcoL All covcnants and agreements of Borrower shall be joinj :~nd xeveral.
The captions and headings of the paraeraphc of thic 1liortgage ar~ for convenience only and are nat to be crud to
interpret or define the pro~•icionc hereof.
14. Notice. Except for any ncitire rcyuired under applicable law to be giveo in another manner. fa) any notice to
Borrower provided for in Ihis Mortgage ~hall be given by mailing such notice by certifled mail addressed to Bo~rower at
the Propeny Address or at such other addrese as Borrower mav designate by notice to i.ender as Provided herein, and
(h) any notice ro ~ender shafl he givert hy certified mail, retum receipt nquested. to Lenders address stated htrein or to
such other address as l.ender may deci¢nate by n~tice to Bormwer as provided herein. Any notice pmvideci for in this
Mortgage shall bc deemed lo havc Mecn g~vcn to Bormw•er or l.ender when given in the manner designated herein.
15. Uniform MorlRaRc: Corernin~ [aw; Se.er~bitify. This form of mortgage combines uniform covenants for national
use and non-uoiform coveoama with lemited variations h}• jurixliction to conslitute a uniform security instrument covering
rea) property. This MortRaRC shall be govcrncd hv the l~w of thc jurisdiction in which the Property is Iocated. 1n the
event tha~ any provision or clau~e af thi. Monbage e~r the N~~te cc?nflicts with applicabte law, such conflict shafl not affect
other prc~visions of thic Mortgage or thr Nc.tr which can Fre given effect without the conflicting provi~ion, and ta this
end the pravisions of thc Mortgage and the V~,ec arc ~iccl~red Io he severable.
16. Borro.ver's Copy. Borrow~er chall fx furn~~heJ •r conformed copy of the Note and of this Mortgage at tfu time
of execi~tion or after recordation hereoL ~
17. Traasfer of the Property: Accumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrowrr without I.ender's prior writ~rn <<incen~. e~cluding la) the creation of a lien or encumbrance subardinate to
this Mortgage. Ib1 the creahon of a purcha.r m~~nr~• ucuriiy interest for household appliances, fc) a transfer hy devise,
descent or by operation of law upc?n thc Jcath c~f a j~~~nt tenant qr (dl the grant of any leasehold intercst of three ycars or Iece
rtot containing an optioR to purchase, Lender map. at 1_ender'c option, declare all the sum~ secured by this M~rtgage to be
immediately due and payable. t_ender shall have N;+~ved such option to accelerate if, prior to the cale or transfer. I.enJer
and the person to whom the Properry ic t~, be :o1J or transferred reach agrcement in wriling that the credit of wch person
is satisfactor) to LenJer and that the intcre.t pa}•able on thc sums secured by this Morlgage shall be at such rate a~ 1_ender
sha!! request. If I_ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in
intercst has exccuted a written as~umpiion agreement accepted in w~riting by I.ender, l.ender shat) releace Borrower from a(I
obligations under this Mortgage and thc Note.
If Lender exerciSes such option ro accelerate, I.ender ~hall mail Borrower notice of accekration in accordancc u;~h
paragraph 14 hereof. Such notice ~hall provide a pericxl of not )ess than 30 days from the date~the ~otice is mailed v~ithin
which Borrower may pay the sums declared due. It Borrower failc ~o pay such sums prior ta stK z~giration of ~uch pen~xt,
Lender may, without further no~ice c?r demand on Borrower, invoke any remedies permitted by paragraph 1R hercof.
NoH-UN~FORwt CoveN~NTS. Barrower and I.ender turther covenant and agrce as followr.
18. Acederation: Remedies. E:cept as pravided in paraRnph 17 hereof. upon aorrowers 6reach of any covenant or
agrecment of Borrower jn this MortgaRe. includin~ tht corenanfs to pay whea dut sny wnu secnred by thit MoHRsge, ~.ender
prior to accekntion shal! mai! notice to Eorrovrer as provided in par~raph 1~ he~eot specifyioa: (1) the bresch: (2) the action
reqnired to cun soch breacb; (3) a ds~te. not less thsn 30 days from the date the notice Ls a~~ed to aorrower. by wbich sucb
breach mu~t be cared; aed (4) that taiiure to cure such bresch on or 6efore ti~e date specif~ed fp the notke inay result in
accdent~ of tbe sne~a secured by this Mortgq;c. toreclosure by juakial proceedln~ apd sak of Ihe Property. The notice
shall lurtfier intorm sorroner of the rig6t to ninstate atter ~ccckr~atbn and tbe right to ~ssert in t6e foreclosure proceeding
tbt non-eaistence of a default or aay other defense of Borrower to sccekration and forecbsnre. If tbe 6reach is aot cnred oa
or beforc the date specified ia the notice. Lender at I.ender'c aptioa may declane s~ of the wms sec~red by thfs Morf~a~t to be
immediately due and payable without turthe? demand ~nd may forec{ose thb Mortsase by j~dkW ProceedFnR. I.ea~er chdl
be eatitkd to copect in sncl~ proceedi~ all expenses of foreclosurc. iacludi~, buf aot Ilmited to. rc~soaaAk ata,rnev's fees.
sud costs of docaa~eatary evidence, abstracls and titk reports.
l9. aorror?er's Ri~ht to Reiostafc. NMwilh~tanding 1_enck~s acceleration of the sums xcurtd by th~s Martgage.
Botrower shall have the right to have any proceeding. bcFun ~y Lender to enforce this Mortgage discontinucd at any time
_ _ _ - _ . _ goR~ 2y6 PACE 497 ;
~
~
s~
~~"~c-c.~,. ~ ,
- _