HomeMy WebLinkAbout0541 . . I
agrament or applicablc law. Borrower shall pay the uaount ot aU mortqage i~sunnce premiutas in the ma~net provided
unde~ paragraph Y hereoE. '
Any amounts disbursed by l.ender punvant to tha puaqt~ph 7, with interest thereon, shall become additional in-
debtednrss ot Borrower srcumf by this ~turtgage. Unlcu Aorrower and l.ender agree to othcr ternu ot pa?Tnent. such
amounts shall be payable upon ~wtice trom l.endcr to $orrower requesting payment thcreul, and shall brar incerat trom
tht date o[ disbursement at the rate payable from time to timc on ouutanding principal ureder the Note unleu payraent
of iotemt at such nte would be contrary ~o applicable law, in which evenc such amounts shall bea~ interest at the highcst
ratc permissible under applicable law. hothing co~~tained in this paragraph 7 shall regui~e Lc~der to incur any expense or
takc aoq action hereunder.
8. Iaq~atioo. Lender a~ay make or causc to be madc reuo~able entries upon and inspections of the Propetty. pro.
vidcd chat Lender shail give Borrower notice prior to a~r such inxpection ~specityiug reasaiable wuse therctor related to
I.erxler's interest in the Propertr.
9. Caademaation. The praceds oE any awatd or daim tor damaAes. dirat or co~sequential. in connacion with any
condemnacion or other uking ot the Property, or part theteoi, or for com~eyance in lieu ot condemnation, are hereby as-
signed and shall be paid w I.ender.
In the evtnt oE a total taking ot the Property, the proceeds sha11 be applied to the sums secured by this \iorcqage.
~?rith the excess, if any, paid to Borrower. In the evcnt o[ a partial taking of the ProPerty, unless Bonower and Lender
atherwise agree in writi~g. there stull be applied to thc sums secured by this ~?tortgaqe su~h proportion of the proceeds
a; is ec~ual to that proportion w6ich thc amount o[ the sums securcd by this ~tortp,aqt immediate)y prior to the date of
taking bears ta the ta'u mvket value of the Propertr immcdiately prior to the date of taking, with the balance oE the pto-
ceeds paid to Borrower,
It the Propetty is abandoncd by Borrower. or iE. atter notice by Lender to Borrower that the condetanor o[Eers to
make an award or settle a ciaim for damages. Borrower faib to rapond to Lender within 30 days alter the date such notice
is mailed. Lender is authorind co mllect and apply che procecds, at Lender's option, eithei to restontion or rcpair oi the
Property or to ct~e sums xcured by this ~iongage, •
- Unless Lendet and Borroaer otherwise agree in wricing, any such appiicacion of proceeds to principal shall not rxtend
or postpone the due date of the moathly install~aents reterred to in pangnphs 1 and 2 hcrco[ or change the amount of
such installmenu. ~
10. Borro~?er Not Rekased. Extension of the time for payment or modification ot amortization of the sums secvred
b}• this ~tortgage granted b' Lender to any sutcasor in interest of Borrower shall not operate to releasc, irt any manner,
the liability oE the original Borrowtr a~d Borrower's sucassors in interest. I.ender shaU not be requirtd to commence
proceeclings a~inst svch snccessor or refuse to extend time for paymene or otherMise modity amortization of the sums se-
cured by this \iortgaqe by reason of any demand made by the original Borrower and Borrower s successors in interest.
11. Fotbearance by I.eadet Not a Waiver. Anr [orbearance b~ I.ender in exercising any right or mmedy hereunder,
or otherwise atfotded by applicable laN, shall not be a waicer at or preclude the exercise ot any such right or remed~. The _
procumment of insurance oT the pa~ment of taxa or other liens or charges b~ l,ender sha11 uot be a wai~•er ot Lender s
right to accderate the maturicr o[ the indebtedness secured by this ~f~rtgage.
12. Remedies GLmulati~e. All r~meciies pmvided in~this Mortqaqe ue distinct and cumulati~~t to any other riqht or
rcmed~ ui~der this Atortgage or aEtorded by law or eyuity, and may be exenised concurrendr. independendy or succc~ssively.
13. Succemon and Asigns Bound; Joint and Se~eral Liabilitr; Captions. '1"he cove~~ants and aqreements herein
contained shall bind. and the rigfits hereunder shalt inure to, the respecti~e succeswrs and assigns of Ixnder and Borrower>
subject to the provisions oi paragraph 17 hereof. AI! covenanu and aRreements of Aonower shall be joint and se~~eral. The
captio~~s and headings oE the paragraphs oi this Atongage ate (or com•enience onl~ and are not [o be usec! to interpret or
define the provisions hereof. ,
14. Notice. Exctpt for any notice required under applicable law to be Ri~en in another manner. (a) an~• notice to
BorroNer pro~•ided for in this ~[ortp,age shalt be gi~en by mailing such notice b}• certi[ied mai! addresseci to Borrower at
the Property Address or at such other address as Borrower may designate b~ notice to L.ender as pro~•idrd herein, and (b)
anp notic~ to Lender shall be gia•en bvi certi[ied mail, return receipt requesteci, to Lencler's address stateci herein or to suth
other address as Lender mar desigt~ace b~• nocice to Borrower as pro~~ided herein. :l~iy notice pro~•ided for in this ~fortgage
shall be deemed to ha~•e been given to Borrower or Lender a•hen gi~•en in thc man~~er designated herein.
15. Uniiorm Mortgage; Govetning Iawr; Sererability. This Eorm o[ mortgage combines uniform corenanu for na-
tional vse ared rton-uniform rnrenants with limited ~•ariations b~ jurisdiction to constiwte a uni[orm securit~• instrument
co~•erinR real property. This ~tortgage shatl be go~•erned by the law of the jurisdiction in which the Propert}• is located.
In the e~ent that any pro~~ision or cl~use of this \(ortgaRe or the Note conflitts Nith applicabie 1aw•, such conflict shall not
a([ect other pro~isions oi this :~fort~{age or the :~ott which tan be gi~•en etfect without the contlictinR pro~~ision, and ~o
this end the provisions of the ~tortgage and the \ote are declared to be severable.
16. Borrower's Copy. BorroNer shall be furnished a c~nformed cop} of the ~ote and of this ~(ort~{age at the time
of execution or a[ter recordation hereof. "
17• Tnader of the Property; Aasumption. If all or any parc of the Property or_ an interest thereia ic sold or trans
(erred b} Borrower without Lender's prior writtem m~sent, accluding (a} the aeation of a lien or encumbrance subordinate
to this ~(ortgage, (b) the creation o( a purchase money securih~ interest for household appliances. {c) a transler by de~ise,
descen[ or bp opention of larv upon the dcath of a joint tenant or (d) thc Rrant of anp leasehold interest ot thrce jean or
less not containing an option to purchase. I.ender may, at I.ender's option. dalare all the sums secured by thix ~fortgage to
be immediately due and payable. I.ender shait ha~•e waived such option to accelerate if, prior to the sale or transfer, Lender •
and the person to whom the Propert~• is to be sold or transfermd reach agreement in writing that the credic oE such person
is satisfactory to Lender and that the interat pa~~able on the sums secured by this ~iortgaf{e shall be ae such rate u Lender
shall request. If Lender has waived the option to accelerate provided in chis paraqrap6 19, and if Borrovicer's successor in
intemt hu executcd a wtitten assumption agreement accepted in writing by I.ender. I.ender shal! release Borrower from
all obligations under this Mortgagt and the Note.
If I.ender exercises such option to accelerate, Lender shall maii Borrower notice of acceleration in accordance wich
paragraph 14 haeof. Such notice shall pro~•ide a period of not less. than 30 days [rom the da[e the notice is mailed within
which Borrower may pay the sums dedared due. I( Borrower fails to pay such sums prior to the expiration of such ptriod.
Lender m~y. without further notice or dtmand on Borrower, im•oke any remedia permitted by paragraph 18 hereof. ~
NOI`-UI?IFORM Coverrwt~~rs. Borrower and I.ender funher mvenant and agree as follows:
18. Aaelention; Remedies. Faccept as provided in paragraph 17 hereof, upon Bon~ower's brpch of an}r corenant or
agretmrnt of Borro~vet in this Mortgage, induding the covenanu to pay whea due any wms securect by this :ltortgage,
Lender prior to acceleration s6a11 mail aotice to Borrower as provided in paragraph i4 henot speci[ying: (i) ehe breach;
the action required. to cure wc~ breacb; (3) a date. not kas than 30 dars trom tbe date the notice is mailed to Borro~cer,
by whith such breach must be cured; and (4) ttut failure to cure wch breach on or before ihe date specified in tht notice may
nwlt in aooelencion of the auns secured by t6is Mortgage. [oteclosure by judicial pioceeding and aale of the Propeny. The
notice s6a11 [unher inform Borro~rer o[ the right to reins~ate a[ter a~cceieration and tht right to aasert in the toreclosan
praeeding the non-ezistence of a default or an~ aher defense of Borrower to ualeration and foreclosure. U the brpch is
not cured on or before the date specitied in the notice, Lender at Lendtr's option may dedare aU of ehe wms ~ecured b7 this
Mortgage to br immediatdy due and parabk without further demand and ma~ [oreclox this Moregaqe by judicial proceed.
ing. Lender s6a11 6e entitled to cotlect in wch proceeding all ezpen~es of forerlowrt. including. but not limited to, rta~on-
abk suornef'i fera„ and costs ot documentary evidenu, abstracts and tide nports.
g°Gx~~9 P~~f
~4~
: ___~~~~~~....~.._w,. +'a-y....
_'4r~J y : ~ ' _ . _ " ~ ~~nr
~ 4ry-3 }~..f'a~
. ~ . . ~'d. _ . ~