HomeMy WebLinkAbout0455 l.enJer's written agreement or applicabk law. Bonower ahaU pay the amount of a!1 mortgage insunna prcmiums in the
mannet provided under paragraph 2 heroof.
Any amouots disbursed by [.coder pursuant to th~ parag~aph T, with inte~sst thereon, shall become additional
inJeb~edness of Borrowe~ secured by Ihis Mortgage. Unless Borrowe~ and I.eoJer agcee to other temns of paymeot~ such
amounts shal) be payabk upon notice from I.ender to Borrowcr rcquesting paymcnt the~eot, and shal) bear interest from the
date ot disbursement at the ratc payabk trom time tu time on art:tandins principal under the Note un1Gss payment of
intercst at such rate would be cont~ary to applicable law, in which event such amounts shall bear interest at the hiahest nte
permissibk u~der applicabk law. Nathing contained,in Ihis paragraph 7 shall rcquire i.e~der to incur any expense or take
any action hereunder. • '
8. I~spectio~, i.e~der may make or cauu ta be made reasonable entriec upon and inspections of the Property. provided
that l.ender shall give Borrower notice prior to any such inspection specifyinE reaso~abk cause thercfor rclated to Lender'a
interest in the Property.
9. Condemnstbn. The proceeds of any award or claim for damages, dircet or conuquential, in connection with any
condemnation or other taking of the Property, ar part thereof, or for ccx~veyance in lieu ot condemnation. arc heoeby assigned
and shall be paid to t~ender. '
in the event of a total taking of the Properly, the proceeds ahall be applied to the s~ims secured by this Mortgage,
with the excess, if any, paid to Borrower. ln Ihc event of a partial taking of Ihe Property, unless Borcower and L.eoder
o~herwise agrce in writing. therc shall be applied to the sums securcd by this Mongage such propoNion of tht prooeeds
as is equal to that proportion w•hich thc amount of ~Ac sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Propcny immediately prior to ihe Jate of taking, wilh the balance of the pmceeds
paid to Borrower.
if the Property is abandoned by Borrower. or if, after notice by I.ender ta Born~wer that the condemnor offers to mate
an award ar settle a claim for damages, Borrower fails to respond to t_ender within 30 days after the date such notice is
mailcd, ixnder ic authorized to collect and apply the proceeds, at I.ender's option, either to restontion or repair of the
Propenp or lo the sums sccured hy this Mortgagc.
Unless Lender and Borrower otherwice agree in vvriting. any such application af proceeds to principal shall not extend
or pcxtpone the due date of the monthly inst:?Ilmcnts rcferred ta in paragraphs 1 and 2 hereof or change the amount of
s~ich inst~llments
10. Borrower Not Rekased. Extension of the lime far payment or modification of amonization of the sums securcd
by ihis Mortgage granted by i.ender to any auccessc~r in interect of Borrower shall not aperate to release, in any manner.
the liability of the o~ieinal Borrower and Borrower't sucressorc in interest. T_ender shall not be required to commence
proceedings against such successor or refu:e to ertenJ time for payment or otherwise modity amortizahon af thr ~ums
secured by thic Mongage by rease~n of an}' demand made b~~ the oriQinal Borrower and Borrower s soccesx~rs in interecl.
11. Forbeuance by I.ender Not a Wai~-er. An~• f~rhearancc hy I.ender in exercising any right or remedy hereonder, or
otherwise aBorded by applicable law. shall not t~e a waiver of or preclude the exercise of any such right or remed}•.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of Lender
s
right to accelerate the maturity of the indebtedness cecured hy this Morigage.
12. Remedks Cnmulati~e. All remedies pro~~ided in this Mortgage are distinct and cumolative to any other right or
remedy under this Mortgage or aftorded hy law or equity. anJ may he exercised concurrently, indepe~dently or s~iccetsively.
' 1~. Snccessors and Assi~os Bound; Joiat a~d Sereral I.iaM'tity; Captions The covenants and agrecments herein
contained shall bind, and the rights hereunder shall im~re to. the respective successors and assigns of I_ender ~d Borrower.
subj~ct to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joi~ and uveral.
The captions and headings of the paragraphc ~.f this Mortgage are for convenience only and are not to be uced to
interpret or define the provisions here~f.
14. Notier. Except for any nolice reyuired under applicable law to be give~ in another manner. (a) any notice to
Borrower provided fQr in this Mortga¢e shall he given by mailing such notice by certified mail addres.ced to Borrower al
the Property Address or at such whcr address as Borrower may designate by notice to i.ender as provided herein, and
(b1 any notice to Lender shall he given hy certified mail. return receipt rcquested. to I.ender s address stated herein or to
such other address as Lender may decignate by n~tice to Borrower as provided herein. Any notice provided for in ihis
Mohgage shal) be deemed to have E+een Riven to Bc~rrower or Lcnder when given in the manner designated herein_
1S. Uniform Morl~~e; Governin~ [aw; Sererabilily. This form of mortgage combines uniform covenants for national
use and non-unif~rm rnvenants with limireJ variations by jurisdiction to constitute a uniform socurity instrument covering ~
real property_ Thic Martgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
event ~hat any provision or clause of thic Mortgage or the Nate conflicts with applicable law, such conflict shall not afftct
other rovisions of this Mortgage or the Notr which can be given etTect without the conflicting provisi~n, and to this
P
end tF?e provisions of thc Mortgage and ~he NMe arc dcclared to t~e severable.
16. Borrower's Copr. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after recorda~ion hereof. •
17. Tnasfer of tl~e Property; Assumption. If all or an}• part of the Property or an interest therein is sold or transferred
by Borrower without I.ender's prior wriucn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a pureh~ce mone~• ~ecurity interest for household appliances. (cl a transfer hy devise.
descent or by operation of law~ upon the dcath of a jc~int tenant or (d) the grant of any leasehold interest of thrcc ycars or lecs
not containing an option to purchase. I,ender may. at I_ender'c opt~on, declare all the sums secured by this Mortgage to be
immediately due and payable. I_ender shalf have Maived such option ~o accelerate if, prior to the sale or transfer. l.ender
and the person to whom the Property i. to be ~o1J or transferred reach agreement in writing that the credit of ~uch person
is satisfactory to LenJer and that the interr.t pa~•able on the sums secured by this Mortgage shall be at snch rate ac l.ender
shall request. if l.ender 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_ender, Lender shall releace Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender ~hall mail Borrower notice of a~celeration in accordancr ~+~:h
paragraph 14 hereof. Such notice shall provide a pericxi of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch period.
Lender may, without further notice or demand on 13orrower. invoke any remedies permitted by paragraph IR hereof_
NoH-UN~FORnt CoveN~xrs. Borrower and 1_ender further covenant and agree as follows:
l8. Accek~atioo; Remedies. Excep as pmvWed ia para~rapb 17 bereof. vpon Eorrowe~'s breacM of any corenant or
agreemcot of Borrower fo this Mortqa~e. includin~ fl~e covenaels lo psy v?hen dut sny sums securcd by this Mort~a~e. Lender
prior fo accelerstion sha11 ~nai~ notice to Borrower as provided ia parasraph 14 bereof specityioa: (1) the breach; 12) the sction
requirsd to core wcb breacb; (3) a date, nM kss than 30 days Erom tbe date tbe notice b maikd to Eorro..e~. by which such
bresch must be cured; and (4) thst failure to curc snch breach on or before the date specN'ied iu tbe aotke may result in
accekration of t6e sums secured by Ihis Mort=a~e. toreclowrc by judicial proceedia~ aod sale of tbe Property. 71~e notice
shall further inform Eorwwer of tt~ ri~ht to reinstate affer sccekratbn and the righl to assert in the foreclosure praceedln6
tbt non-existeace of a defauN or any other defense of Borrower to accekntion and forecfosure. lf the breach is not enred on
or bdore the date specified in the notice. t.ender at l.ender's optan ma~ declsre a8 of the sams secured by this Mort~e to be
immediattly due and paysbk withont turther demand and may foreclose this Mortaa`e by jndicid proceedio~. I.ender chall
be entitled to collect In wch proceedi~ a0 expenses of foreclosurr. includi~q. bYt eot limited to. teasonsbk ata,rney's fees.
and costs of docementary evidence. sbstrscls and Iitk reporls.
19. aorrower's Ri~ht to Reiastste. Notwi~hctanding l.ender s acceleration of the sums securcd by th~s M~ngage,
Borrower shall have the right to have any proceedings t~c~un hy I_ender to enforce this Mortgage discontinued at any time
. 8oa~ 29~ ~ 455 ~
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