HomeMy WebLinkAbout0626 l.ende~'s writteu .b :cm.:nt or applicabk low. Borrowe~ ahai~ pay tt~ amuunt ut mortgage ia~urance premiums in the ~
ma~ne~ p~ovidcd u^dcr parag~aph 2 hereot.
Any amou~ts disbursed by I.emier pu~suant to this paragnph 7, with inten:st thereon, shall become additionyl
indebtedness at Borrowcr securcd by thic Mongage. Unlecc Bo~rowe~ and t_enJcr agrce to othe~ terms ur payment, such
amounts shal) be payable upc~o r?o~ice fmm I.ende~ ta Borrower requesting payment thercof, aod ~hall hc..: interest from the
date of disbursement at the rutc payahk frcim time to time un ouutar~ding principal under thc Nate unless piymant of
interest at such rate wauld be contrary to applicabk law, in which event such amounts shall hear interect at the hiahest nte
permissible under applicabk law. Nothing contained in thic paragraph 7 shall rcquire i.ender to incu~ any expense or take '
any action hcrcundcr.
S. taspeetio~. 1_ender may make or rause to I~e made reacanable e~l~iec u~+on and inspections of the Praperty, pmvided ,
that I.endcr shall givc Bonower notice pri~r ta Any sikh inspection cpecifying reasonabk cause the~efor related to Lender's
interest in the Propeny.
9. Condemnatioa. The proceedc of any avvard ar claim for damages, direct or consequential, in conneclioo with any
condemnatian ar other taking af Ihe Property, or part tbercof, or for cooveyance in lieu of condemnation, arc hereby assigned ~ 4
aod s~all bc paid to I.cnder. .
Ti the event of a total taking of ~he Pmperty. the prckeeJs chall he applied to the sums secured by this MoNgage.
with the excess, if any, paid to Bormwer. ln Ihc cvent of a partial taking of Ihe Property, unless Barrower and l.ender .
otherwise agrce in writing, there shall t~e applied lo the cum~ securrd hy this Mortgage such praporlion of ~he proc,~eeds ;
as is equa) to that propc~rtion w•hich ~he amount af ~hc cum< <ecured hy Ihis Mortga~te immediately prior to the date of ~
taking bears to the fair market vahk of the Pro{xr~y immediately prior to the date of taking, with the balance of the proceedc ;
paid ta Bo~rower. ;
If ihe Propehy ic al~andoncd h~~ Bor.ow•er. ~~r ~f. :~fter nMice hy I.ender to Borrower that the condemnor ofttrs to make '
an awa~d cx~ cettle a claim for dama~e.. R~~rr~•wer fa:h res~x~nd to I.ender wilhin i0 days after the da1~ such oatice is !
mailed. Lender ic authorized 1~ rnllec~ a~d ~pph•. ~hr prc?ceeds, at I.ender's ~ption, either ta restoration or ttpair of ihe
Pro~crty or t~. the sum. ~ccured h~• ~hic M~~rtea~~.
Unles~ Lender and Barrow•er othervvice agrec in Hrihne. an~• ~urh application of prexeeds to principa) shall nol extend
or postpone Ihe due date of the monthh• inc~allmen~s r~fcrred to in paragraphs 1 and 2 hereof or change the amaunt of
cuch installments. , j
10. Borrower Not Rdeased. E~trncion of the timc for payment or modification af amortization of the sums securcd t
by this Mortgage granted by T ender t~~ any cuccecsor in intercat of Borrower shall no~ ope~ate to release. in any manner,
the liability of the original Borrower :~nd Bo~rower'c succesaxa in interest. I_ender shali not be requi~ed to rnmmence
proceedings against such successor or re(use to ertenJ ~imc for p~yment or otherv?•ice modity amortizah~a~ of thr wms
secured by Ihi~ Mortgage by reasc~n of am• drmand made b~~ the ~~rieinal Borrower and Borrower s succesuirs in intereq.
11. Forbearance by I.ender Not A Waiver. :~n~ G~rhearanrr i.~~ Lrndcr in e~ercising any right or remedy hereunckr, or
othetwise affordecf hy applicable law. shall n~t he a waiver of c.r preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of t:,~cs or othcr liens :x charges bp 1 ender shat) not he a w~aiver of l~nder s
right to accelerate the maturity of the indehtednecs ~curcd M• thic ;4torlRage.
12. .Remedies Comulative. All remedies pro~~ided in thic Mortgage arc distinct and cumulative to an~• othe~ right or_
remedy under this MartRage or afforded hy law or equity_ anJ ma}• he e~ercised concurrently, independendy or suc.essively.
~ 13. Soccessors and AssiRes Bonnd: .Joint and Sereral i.iability; Captions. The coveoants and agreemen s herein
containecl shall bind, and the riRhts hercunder shall inure to. the n.~pective successors and assigns ~f [.eoder at~d Bormwer.
subject to the provisions of paragraph 17 hercof. All cavenanls and agreements of Borrower shall be joiiy and teveral.
The captions and headings of the paraeraphc of thic Martgage are for convenience only and are not to t~e uud ta
interpret or define the provicions hereaf. -
14. Notice, Except for any notire rcynired under applicable law to be given in another manner, (a) any notice to z
Sorrower provided for in this Mortgatie ~hall be given h~• mailing such notice by certified mail addressed to Borrower at ~
the Property Address or at such athcr tiddrcc. ac B~~rr~~Wer mav cletignate by nolice to Cender as pmvided herein. and ;
(b) any notice to Lender shall he gi~•cn hv rertificd maiL return receipt requested. to t.ender c addrecs stated herein or to I
such other address.as I.ender may decienatc h}~ n~~ticc t„ Borrower as pro~•ided herein. Any noti:c provided for +n this ~
Mortgage shall be deemed to havc l+ecn grvcn to B~rmH~cr ur Lender when given in the manner designated herein. ~
15. Uniform MoHRa~e; Governin~ [aw; Se.erabilih•. Thic farm of mortgage combines ~miform covenants for national I
use and non-uniform rnvenamc with limiteJ variationc hy jnri~diction to constitute a uniform security instrument covering
rea) property. This Mortgage shall he guverned h~• tlx law• ~f the juricdiction in which the Praperty is located. in the
; event ~hat any provision or clauce of ~hi. Mort~:.ge ~~r the Note rnnflicta wilh a~plicable laa~, such conflict shall not affect _
; other provisions of this Mortgage or the ;Vut~ Nhich ran be given efiect without the conflic~ing pro~~icion, and to this
~ end the provisions of ~he 1ltortgage and the vc?te arc .Icclared to he severable. _
16. Borro..e~s Capy. Borrower ~hall tn f~~rni.hc~l a rnnformed copt of the :~(ote and of this Mortgage at the time '
~ of execution or after recordation hereof. ~ .
~ 17. Transfer of the Propert~•: Accumption. 11 ali ~~r an} part of ~hc Pr~~perty or an interest therein is sold or transferred
~ by Borrower without I.ender's prior w~riu~n .un.cnt_ ~•_rluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b1 the creat~on of pur~ha.r m~•n~~ ,ecurih• mterest for household appliances. (c) a transfer M• devise.
i descent or by operation of law• upon the Jcath ~~f a i~~~nt tenam ~r (eU the grant of an~ leasehold interest of three ycars ~r less
~ nof containing an option M purchase. I.ender ma}•. :,t l.ender'c option, declare all ~he sums secured by this Mortgage to tie
immediatel}• due and payable. I_ender shall hate w:uved tiuch option to accelerate i(. prior to the ~ale or transfer. I.ender
and the person to whom the Propert~• ic a~ fn :ct1.1 ~.r tranaferred reach agreement in writing that the credit of cuch percon
is satisfactory to I_ender and that the interc.t pa~able on the sums secured by this Mortgage shall be at sucfi rate ac I_ender
shall request. If I.ender has waived the option to acceler.~te pravided in this paragraph 17, and if Borrower's saccessor in
interest has executed a written assumption agreement accepted in writing by I,ender. [.ender shall release Borrower from all .
obligations unJer this Mortgage and thc Note.
if I_ender ezercises such option tn accelera~e, Lender ~hall mail Borrower notice of acceleration in accordanc~ ~~h
paragraph 14 hereof. Such notice ~hall provide a period of not les~ than 30 days from the date the notice is mailed ~+•ithin
which Borrower may pay the sumx declared due. 1f Borrower fails to pay such sums prior to the exPiration of ~uch peri~xl.
~ Lender may, without further nolice or demand on Bc~rrower, invokc any remedia permided hy paragraph IR hercof.
~ ~
~ NoN-Urr~FORM Covex~NTS. Borrower and Lender further covenant and agrce u follows_
18. Acceleratan; Remedies. Except ~s pmvidcd ia psrs~raph 17 bereof, opoa Borrowe~s breach of any co~ensnt or
~ agreemtnt of Borrower in this Mortgsge. includin~ /he corenants lo pay whta dae aay snms secared by thLs Mortgage. i.tader
~ prior to accekratioo s6a11 mail notke to QoROwer as provided in para~rapl~ 14 bereof specifyiua: (t) fhe bresch: (21 the act'an _
rrqutred to cure socb bresch; (3) a date. not kss than 30 days trom t6e date tbe natke ts maikd to ~ormr?er. by which wcb
~ breach mmt be cured; aad (4) /hat faifun to cure wcb breach oa or 6etore tbe date apeci6ed in the notice may recuN ia
~ accekratioe of the snms secored by this Mortg~t. fo.cclosure br judki~ proceedi~ and sde of 1he Pmperty. 77~e notiee
; shall furtber iaform Borrov?er of tbe ri~ht to rei~ctate after sccckrstion aad tl~e ~bt to assert ia the foreclosurc procee8ia`
: t6e non-e:istence of a defanN or any other defense of Borror?er to sccekration and foreclosure. If the breach is eot cnred on
~ or before the dste specificd in tbe notice, l.ender at l.ender's optao may declst~t s~ of the sr~s secored by this Mo~tRa~,e to be
~ immediately due aad paysble withaut further demand and may forecbse this Mortaate by judicial proceedin~. I.en~lrr chall -
~ be enailed ~o colkce in such pmceedi~ ad expeases of foreclosure. includiu`. bnt not Wnited to. rcawnabk rttnrne:'s fees. ~
aod custs ot .:ucr~oeptary evideoce. a6stracts snd titk rcports. ~
19. dornowe~'s Rf~6t to Reinstate. Notv?•i~hstanding l.ender s acceferation of the sums securcd by th~~ M.+rtgagc.
~ Borrower shall have the right to have any proceeding. he~un ~y I.ender to enforce this Mortgage discontinued at any time
t -
~ - soaK 303 ~A~~ 62~
. .
~ ~
x~ ~ : _ . _ _ _ _ ;:t -
T;a' ^~w~.v 'x~~~~'~.~ "`7''>;:~y" l ~ l~" .
~ ~ _ _
_ _ . . _ . -Y~'i` ; ~ ~