HomeMy WebLinkAbout0697 Leader's written a`roemec~t or appiica~~le {~~l?. ~ bo~ro~we~ tball pay the aa~ouat ot all morisa~e inwr:aos praniuua in tbe
maaner provided unckr parasraph 2 I~eot.
Aoy amounts disburaed by l.ender pursuant to this pans~aph 7. ~rith inter~t theroon. shail becane sdditional
indebtedness o[ Borrower secured by this Mortgaae. Unless Borrower and Lmder atroe to othe~ tenat of p~yment~ such :
amounts shali be payabk upon notice from t.ender to Bomuwe~ roquestinj payment thereof, and shall bear intero~t trnm the ~
dste of disbursement at the rate payabk f~an time to time on ouqtandMs .principd under the Note unlw payeneat of
interest at such rate would be contnry to applicabk law. in which avent wch amounts ahall beu interest ~t the hi~t ra~e {
permiuibk under applicabk law. Nothing containod in this psragaph 7 shall roquire Lender to incur tay eapeo~s vr Ute S
any action hc~under, ~
S. I~tpeetiow, i.ender mAy make or cause to be made reasonabk entrias upon and inspections a~ the Propertp.
that ~ender shall give Borrower nolict prior to any such i~spection speeifyin~ rcawnsbk cause thcrefor related to I.enders ~
intercst in the Pnopetty. ~
9. Co~dtw~sMa~, 'T'he proceeds of any award o~ claim for d:mages, dinet or coosequential. in connectbn with any ~
condem~ation or Mher taking of the Propeny, or patt thereot. or for caiveyance in lieu of condemnatio~. are henby auiaoed ~
and shall be paid ta Lende~,
In the event of a total taking of the Propehy. 1he proceed: shall be appfied to the sums securod by this Mortsaae. '
with th~ exce~, if any, paid to Borrowc~. 1n the event of a psrtial taking of the Praperty, unless Bomuwer and I.et~der ~
utherwise agree in writing, theca shall be applied to the sums securcd by this Mortgage such proportion of the prooeed~ ~
as is equal to that proportion which the amount of thc aums secured by this Mo~igage immodiately prior to the date of
taking bears to the fair market vaiue of the Property immediately prior to the date ot taking, with the balanoe of tls~ praoeeds #
paid to Borrower. '
if the Property is abandoned by Borrower, or' if, after notice by Lender to Bomower that the eondeannor oRers to mate
an award or settk a claim for damages, Borrower fails to rcspond to Lender within 3d days after the date sttch notioe is
ma+kd, Ltnde~ is authorhed to colkct and apply the proceeds, at Lender's option. either to restoration or repair of the ,
Propeny or to the sums securcd by this Monga~ee.
Unless Lendec and Borrowe~ otherwise agrce in writing, any such application of proceeds to principal shail not exta~d ;
or postpone the due date of the monthty inatailments referrcd to in para~nphs 1 and 2 her+eof or change the :mount of
such inatallr»ents. ~
lA, dorrower Not Rekmd. Extensioo of the time for paym~ot or modifkation of amortitatio~ of the sums aecured
by this Mortgage gnnted by Lender to any ~uccessor in intercst of Borrower shall not opente to rckaae, in any manner,
the liabitity of the o~iginal Borrower and Bomuwer
s successors in interest. Lender shall not be requircd to commence
proceedings againft such successor or rcfuse to extoad time for payment or dherwise modify amortization of the sums
securcd by this MoRgage by rcasoq of ~ryr demand made by the original Borrower and Borrower's successon in intercst.
11. Forbearasce ~r i,ender Not s Wdver. Any forbeannce by i:ender in eaercising any right or rcmedy her+tunde~, or }
otiurwiae atforded by applicabk law, shall not be a waiver of or preclude the eaercise of any such right or rcmedy.
The procurement of insunnce or the payment of taxes or other liens or charga by Lender shall not be a waiver of Lende~'s
right to accelerate the maturity of the indebtedness cecurcd hy this MoRgage.
IZ. Re~ Ctimuhfhe. Ail r+emedies provided in this Mortgage anc disti~t and cumulative to any other right or
rcmedy undtr this Mortgage or affocded by law or equity, and may be eaercised concurne~tly, iodependently or successively. ;
13. S~ccason aad A~d~ss 1oN~d; ,Joiat s~d geved i.iabi~ry; Capdoae. The oovenaats and agreemenn hercin
contained shall bind, and the »ghts hercunder shall inurc to. the rapective successo~s and assigns of Lender a~d Borrower.
subject to the provisions of paragnph 17 hereoL All rnvenant: and ag~ments of Borrower shall be joiry and several.
The csptions and hesdings of the paragraphc of this Mortgage arc for rnnvenience onty and ar+e not to be used to
interpret or define the provisions hereof.
. 1~. Notke. Except for any notice rcquired unde~ applicabk law to 6e given in artother manner, (a) any notice to
Borrower prorided fo~ in this Mortga~ee shall be given by mailing such noticx by certifled mail addrcssed to Borrower at
the_Property Addras or at such dher addrcss as Borrower may designate by notice to T.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. retum rcceipt rcquated. to I.endePs address atated f~crein or to
such otlxr address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Barrawer or Lender when given in the ma~ner designated herein.
lS. UaNons Mort~e; Co~eratuR Law: SeversbilitY. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to conttitute a uniform =ecurity instrument oovering
rcal propeny. This Mongage shall be gavcrned hy the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of thic Mortgage or the Note confticts with applicabk law, auch conflict shall not affect
other provisions of this Mortgage or the Note which can be given offect without the conflicting provision, and to this
end the provisions of the Mo~tgage and ihe Note are Jeclarcd to be severabie.
16. Sorrawer's Co'y. Bocrowcr shall be furniched a conformed copy of-the Note and of this Mortgage at iha time
of exceution or after rxordation hereof.
17. Tra~sfer of t6e Property; Aasomp~ion. 1f all or any pan of the Property or an intercst thercin is sotd or transferrcd
by Borrower without Lender's prior writtcn consent. excluding (a) the crcation of a liert or ertcumbrance subordinate to
ihis Mortgage, (b) the cnat~on of a purchase money security interest for household appliances, (c) a transfer hy devise.
ducent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehold interest of threc years or less
not containing an option to put~chase, Lender may, at Lender'c option. declare all the sums secured by this MoRgage to be
immediateiy due ar~d payable. Lender shall have waived u~ch opiion to accclerate if. prior to the sale or transfer. Lender
and the person to whom the Property ic to be ~IJ or transterred reach agroement in writing that the credit of cuch person
is satisfactory'to I.ender and that the inter~Kt payab)c on the sums securod by this Mortgage shall be at such rate ac Lender
shall roquest, if Lender hu waivod the option to accekrate provided in this paragraph i7, and if Borrower's succesior in
interest hu exxutod a written atsumptior~ agreement ucepted in writing by Lender. Lender shall rekase Borrower from all
obligations under this Mortgage and the Not~.
If Lender exercises such option to accekrate. Lender shall mail Borrower ~otice of accekratioo in accordanc~ v?~~~h
pangraph 14 heroof. Such notice shall provide a period of not ias than 30 days trom tt~e date the noiice is mailed with;n
which Borrower m:y pay the sums doclared due. If Botrower (ails to pay such sums prior to the expirrtion af such peric~d.
[.toder msy..vritlwut further notioe or demand on Borrower, invoke any remedia permitted by paragraph 18 herrnf.
Nox-UxrFaeur CoveHerns. Borro+ver and l.ender further covenant and aarce as follovris:
i& Accdas~b~; Rsweaka. E:cept a~ proviied i~ 17 bereof..p. ~orrowers aeac~ of a.y co.e.a.~ or
~ of ~on+uwer ~ t~ Morl~a~e. bei~a~ ttie coressNs fo pr wre~ i~e aw~ ssa~ secrrd by tkb Mo~a~q Leader
prior to scederalio~ ~~ail ~otfee b Derr+ower as pro~iaed iw ~ara~ra~p6 /4 Uereot ~j~t~: (1) tre bneacb: (2) iAe sctbw
~q~ b c~ne w~i insck: (3) ~ d~ ~ot ks tl~sw 3A da~s traa t~e date lie ~otke b~a8ei te ~eeower. bq wAk6 s~i
breacl~ wrt be cxe~ a~d.(4) tLst taY~re b cm rrcM Mear~ ow or 6etae tfe date qecYe~ i~ tbe ~ofiee iuay ra~lt iw.
sceda~ios ot 1~e sus .ec.~ea by ads Ntorl~aRe, ~o.edowre b i~icbl ~octe~ a.~ saie ot ~re rropc`ry. '[be .otice
sba6 fortier iaforw~ Dorrower ef t4e ri~IM to rei~ft atta accele~stio~ s~d.tre rI~M to aNert h tl~e forecbsrrs ~roeee~
tre noa-ezi~h~ce ot a aeta~lt or aq otber detease ot Eorrower to aeeeknfio~ a~d toreelo~ere. N He b~rac~ i~ ~ot av~ os ~ :
or beta+e the dtle stteiie/ i~ tMe ~otke. LeAder at i.ender's optio~ ~ry ieclare ar ot d~e t~ stettea dp tliis Mort;aRt b bc :
is~ dre a~i pyaMe wkbo~t t~ti1~ demand and ~nay torcetose tbi~ MoNta~e h j~ilicial l~+~cseal~. Lender ~ ~
be eaBtleJ to ca8tct i~ s~ pt~oee~di~ sR e:peasa Af foreclosorti lae~.aie`, e.~ aa ~e~ n..o~e~e .re.xp~r•: E~,
ar tab ot docw~eNary:rWe~ee. sbdact~ ~d tNle rcyorls.
1!. eotrswer'~ R~it fo Reirfate. Ncxwithstanding Lender's accekration of the sums secured by this Mortgaae,
Borrower t1~a116ave the right to have any proccedings txgun hy Lende~ to enforce this Mortgage discontinued at any time
~ . 80GK ~c~ P~CE 69~ . _
s
~ ~ ~ Y„ - - ----~-~a - ~ ; ~
N ~'u.-~,~ .