HomeMy WebLinkAbout0826 l.ender's written agrcement or applicabb law. Borrowe~ shall pay the smou~t of all mongsge insurance prtmiumi in the
man~er providcd unde~ paragraph 2 he~eof.
Any amouMS disMirsed by Le~Je~ pursuant to tha pa~agraph 7, wilh intertst therco~, shall become additional
indebtcdness of Bo~rowcr securcd by Ihis Mongage. Unkss @orrower and Le~der agrce to other ternu of paymen~ such
amounts shall bc payable upon r~c~ticc f~c~m 1.ende~ la Borrowcr requesting payment thereof, and shall bea~ inte~est ft+aa the
date of disbursement at the ntc payabk from time to time or~ a~tstanding principal unde~ the Note unkss payma~t ot
interest at such rate would be co~tnry to applicabk law, in which event such amounts shall bear interest at the hial~est nte '
permissibk under applicabk law. Nothing contained in this pangtaph 7 shal! require Lender to incu~ aoy espeu~ or taite
any action hereunder.
S. Iwspeetio~. 1_ender may make u~ cauu to be made rcasonabk entriec upoo and inspections of the Propertp. provided
that l.ender shall give BoRawe~ oalice prinr M any such inspection spocifying reasanabk cause therefor relatsd to Lafde~s
interest in the Proporly. . , .
9. Condem~atio~. The proceeds of any award or claim tor damaga, ditect or consequential, in connection rvith any
condemnation or other taking of the Property, or pa~t thercof, or for conveyance in lieu of condemnation. ut hereb~y assiat~ed .
and ahall be paid to Lender. •
ln Ihe event of a total taking of the Propehy, the procecds chall be applied to the sums securod by this Mortaaae. ~
with the excess, if any, paid to BoROwer. ln Ihe eveot af a partial taking of 1he Property. unless Borrower and Leoder
otherwise agree in writinR, therc shap be applied to the sums stcurcd by this Morigage such proportion oE the pwoeedt ~
as is equa) to that propo~tion Nhich the amount of the sumc secarcd by this Mortgage immed'uttly prior to the date d i
taking bears to the fair market value of the Propehy immediately prior to the date of taking, with the. balance of the prooeeds `
paid to Borrower. (
If the Pmpeny is abandoned by Bor.ower. or if. after notice by Lender to Bomower that the oondemnor olkrs W mate
an award or xttk a claim for damages. Borrower failc ta res~nd to Lender within 30 days after -the datt wch tatice is ~
maikd, Lende~ is authorized to collect anci apply the proceeds, at I.ender's option, either to restoration or npair of ibe
Property or ta the sums secured by this Mortgage. ~
Unless Lender and Borrower othenvice agree in writing, any such application of proceeds to principal shall not eatta~d
or postpone the due date of the monthly installmeots referred to in paraaraphs 1 and 2 hereof or change the amount of
such installments.
I@. Eorrewer~Nof Rekased. Eztension of the time tor payment or moditication of amortization of the sunu aecured
br this Mortgage gnnted by Lender ta any cuccessor in interat of Borrower shall not opente to rekue, in any manner,
the I~ability of the original Borrower and Bc~rrower's successors in iaterest. Lender shal) not be requircd to commence
proceedings against such suecessor or rcfuu~ t~ e~tend time for payment or otherwise modify amortization of the sums
securcd by this Morigage by rcason ot any demand made by the oriRinal Borrower and BoRawer's successors in •interest.
I l. Forbearaace by Leader Not s Wsirer. Anyf~rixarance by i~nder io exercising any right or remedy herounaer, or
othenvix afforded by applicable law. shall not be a waiver of or prcclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxa or other liens or charges by Lender shall not be a waiver of i.endet': ;
riEht to accelerate the maturiry of the indebtedness securcd hy this Mortgage. _ ~
I2. Re~nedies Comoltli~t. All remedia pravided in this Mortgage arc d'ntinct and cumulative to any other riaht or r
rcmedy under this Mortgage or afforded hy law or equi~y, and may be exercised concurrently, independently or successively. ~
13. S~ccesro~s a~d As~s Eound; Joiwt a~d S~wc~l i.i~b~ry; Captio~s. The oovenaats and aEreeaKnts herein
contairied shall bind, and the rights hereunder shall inur~ to, the.rcspoctive successors and assigns of Lender apd Borrow~er.
subject to the provisions of paragnph 1T hereof. /111 rnvenants and agrcements of Borrower shall be ja~ and several.
The captions' and headings of the paragnphc of this Mortgage arc for convenieoce only and are not to !ie used to
interprct or define the provisans hercc?f. ~
14. Notice. Except for any notice required under applicabk law to be given in anothtr manne~, (a) any notice ta ~
Borrower pRnvided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Borrower at
the Property Add~ess or at such dhcr addrcss as Bormwer map designate by notice to 1.ender as provided hercin, and
(b) any notice to Lender shall he given hy certified mail, retum receipt rcquested. to Lande~s addrps sta?ed herein or to
such othe~ address as Lender may desiptnate by notice ta Borrower as provided hercin. Any notice pm+id~d for in this
Mongage shall be deemed to have been given to Borrawer or Lender when given in the manner desip~ated herein.
1S. Ue~or~ Mort~e; Go~eraio~ Larr; Severability. This form of mortgage combina unifonn oovenants for national
use and ran-uniform covenants with limiteci variations by jurisdiction to constitute a unifotm ~ec irity imtrument ooverins ;
rea) property. 'Il~is Mortgage shall be governed by the law of the jurisdiction in which tht Pruperty is located. In the ;
event that any provision or clause of this Mortgage or tho Note conflicts with aPplicabk law. sucl: conflict shal) ~ot aRect -
other provisions of this Mongage or the Note which can be given effect without the oonflictinE N:+nvision. ar~d to this '
end the provisiorts of the Mortgage and the Note are ~kclared to be severabk. ~
~ lf. 1on~ower's Cory. Borrower shall bc furniched a confomied copy of the Note and of this Mortgage at the time
of exaution o~ after recordation hereof.
~ 17. .Traasfer of N~e Prope~ty: Aswmp~ion. If all or any part of the Property or an interat thercin is sold or tnnsferred t
j by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or a~cumbnnce subordinate to _
i this Mortgage. (b) the crcatum of a purchace money security interat for househoid applianoa, (c) a tnnsfer hv devise.
E desoent or by operation of law upon the death of a jaint tenant or (d) the gnnt of any kaxhold interat of three ycars or kss
I not containing an option to purchase. Lender may, at Lender'c option, declarc all the swra ~ecurod by this Mottgagt to be _
~ immediately due and payable.. Lender shall have v?•aived u~ch option to acederate if. prior to the uk or transfer..i.ender F
and the person to whom the Propeny ic to bc colJ or tr~nsferrcd rcach agteement in writina that the credit of such person 4
~ is satisfactory to Lender and thal the interr~~ payable on the sums secured by this Mortgafe shatl be at s~~ch rate a~ Lender
~ shall roquest. if Lender hu waived the option to acceterate provided in this poragraph 17, and if Borrower's successor in
intercst hu exceuted a~vritten auump~ion agreement accepted in writing by Lender. Lender shall rckase Borrower trc~m all
~ obli~ations under this Mortgase and the Nae. ~ -
~ If Lendet exercises such option to accekrate, Lender shall mail Borrower notiee of ucekration in accordancc v?•iih ~
_ panjraph 14 her+eof. Such notice shall provide a period of not las than 30 days from the daEe the notice is maikd within
~ v?fiich Borrower may pay the sums dcelared due_ If Borrower fails to pay u~ch wriu prior to the esqration af cuch pericd, '
; Lender may, without further notice or demand on Borrower. invoke any remedia permitted by pansraph 1 A hercc~f. ~
~ .
~ Nw~t-UxtFaeM CovENSN'rs. Borrower and Lender further covenant and a~nee as fdlow~s:
. ls. Aecderatio~ Rewc~es. Lue*t r rro~iaed i~ Mra~rs'h 17 I~ereat. ~o~ ~o~nwe~'~ Me~e~ ot aq eo~ewt K
s a~roeseat of ~o~rower i~ If4 Mo~a~e. ~ t~e core~uMs to ~ wMe~ ~re aq s~ seew~c~ Iy tli Morl~a~e. I.e~le*
; ~ior to ~t~e~MM~ sri ~aN ~otice to sonower as ~o~Mtd ~/~ta~rapr 14 Uerso[ qetll~: (1) t1t Mtaeb: (21 tl~e scfio~
; eq~ Io em wer i~ese~ (3) a/re. wot las tl~a~ 30 dsys truw tUe aate tlie ~etice b ~Ye~ N Mrrower. b wMkii srci
M~eae~ ~M ie e~re~ a~i (q trat hihre to c~e aicl~ brac~ o~ or re[orc tUe aate s~eeliei t~ tbe ~otke wq rnalt I~
.eeder.tlo. ot 1re a~:. ,ec.red by d~ts Ntor+~e. fo~ec~o..rt y i~eW ~e~neee~ a~i ,de et nc tro~. 'n~e wodet
sW fr~ hto~ =orrower ot tre riRIM to reiwdafe after aea~eleradow ~ tre ri~N to arert b tMe torrelewrc Noeee~ r
~e ~oire~tewce ot a iefadt or a~~ a4er ~eteRSe of iorrowe* to ~ccekratiow a~ tweclowre. N tbe I~eael~. is wt es~ti o~
or betae tMe ~te s~eeYei i~ tlie ~otice. Eewder at [.ewde~'s opioe ~ aeclare aN o[ tre aw~ scerre~ yr tld~ Msrtp~e Io ~e
d.~eahayr a.e a~ ~.ysble wkb~ i.Nhe. demana aud msy taeelae d~4 Moe~e b f~ l~R. Lender d~aM
~ ~ be eaWlta to co~leet b s~tY ~ead~ s~ t:pewses of fortclosrrs. i~tl~. ~t ~N ~wNs~ M. rero~lt sftw~eYs fees.
~ a~i oosb ot doe~'~eMar7 eriie~cs. abshsels a~ titk rcpels.
19. i~awa'~ R~t t~ Rd~ta~tt• NMwi~hs~and~n~t Lender
s acoekrstion of the sums secured by ~h~e M~rtaaje.
t Borrawer shall have the right to hsve any procoedings begun hy Leoder to enforce this Mottpae discontinued at any time
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