HomeMy WebLinkAbout0144 ~ Leader's writte~ agroement or applicabb lvw. Bormwe~ shall pay the smouot of all mottgage iasuranoe prcmiums in tl~e
maane~ provided under pangnph 2 hereof.
Any amounts disbuned by i.ender purswnt to this paragnph 7, with interest thereo~. shall become additional
• indcblednas of Borrowcr secu~+ed by ~his Mongage. Unlcss ~row~er and I.ende~ agrre W other terms of payment. such
amou~ts shall be payabk upon nc~tice from I.rnder to Ba~rower roquestieg payment thercaf, and shall bear interest from the ~
date of disbursement at the rate payahk from time to time on a~t:tanding principal under the NotC unkss psyrt~ent of .
interest at such rate would be contrary to applicsbk law. in which event such amounts shalf bear interest at the hi6hest rate
permiu~'bk unde~ applicabk law. Nothing comair~ed in this parag~aph 7 shall roquit+e [.ender to incur any expease or take ~
any action hereunder.
S. In~ectio~. I.ender may make o~ cause to be made rcaw~abk entries u{wn and inspections of the Property. provided
that l.e~der shall give Botrower notice prior ta any such it?spection spccifying rcasonabk cause therefor relatod to La~der's
intercst in the P~'operty.
9. .Co~dew~wstba. The proceeds af any award or claim fo~ damages, dircc~ or consequential, in conncction with any
coodemnalion or dhe~ taking of the Propeny, cx paK thercof, or for conveyance in lieu of coodemnation. arc hereby assig~od
and shall be paid to I.ender. •
. in the event of a tolal taking of the Propehy. the proceeds cfiall be applied to the sums securcd by this Mortgage. ,
with the excess, if any, paid to Borrower. In the event ~f a partial laking of the Propetty, unkss Bomower and Lender ,
otherwise agroe in writing, therc shall be applied to the sums securcd by this Mortgage such proportion of the pr+oceods
u is equal to that proporti~n Nhich thc amw~nt ~f thc sumc secured by this MongaRe immediately prior to the date of ,
taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the pt+oceeds
paid to Borrower.
if the Properry is abandonecl by Bor:ower. or if. after notice by l.ender to Borrower that the condemnor offers to mal~e
an award or settle a claim for damages, Borrower fail. to resaond to l_ender within 30 days after the date such notice is
maikd. I.tnrkr is authorized to callect artd apply ~he proceeds, at l.ende~'s option, either to restontion or rep~ir of the
PropMy or to tht sums securcd by this MonRage.
Unla~ 1_ender and Borrowe~ othen~rice agree in vvritinc. any such application of prcueeds to principal shai) not extend
or postpone the due da~e of the monthly installments reFerrcd to in paragraphs 1 and 2 hertof or change the amount of
such installments.
10. ~orrower Not Releaged. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage gnnted by t.ender to any ~uccessor in interect af Borrower shall not ope~ate to rclease, in any manner,
the liability of the original Borrawer and &?rrower's successors in intercst. I.ender shall not be required to commence
proceedings against such successor or refuce to ertenJ time for payment or otherwise modily amortization of thr ~~~ms
secured by this MoKgage by reason of an~ demand made by the original Borcower and Borrower
s successors in interec~.
11. Rorbearaoce by Lender Not a Walver. Any f~rhearancc by 1_ender in exercising any right or remedy hereunder, or
otherwix afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The proci~rement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of [.ender s
right to accelerate the maturity of the indebted~ss cecured hy thic Mortgage.
12. Reiaedks Camulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right ~or
rcmedy under this Mortgage or afforded hy law or equity. and may be exercised concurrently, independently or successively.
~ 13. Srceessors aad Assi~os Bound; .Joiat and Sereral i.iab~7ity; Captioes. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shal! imire to, the respective successors and assigns of I_ender ae~d Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphc c.f this Mongage are for convenience only and ar+e not to be used to
interpret or define the provisions herrnf. , ,
14. NMice. Except for any notice rcyuired under applicable law t~ be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall he given hy mailing such notice by certified mail addressed to Bc~rrower at
the Property Address or a~ such aher addrec~ as Borr~wer may designate by notice to i.ender as provided herein, and
I! (b) any notice to Lender shall be given hy certified mail. retum receipt requected. to I.ender s address stated h~reio or to
~ such other addrcss as Lender may designate by notice to Borrower as provided herein. Any notice pmvided for in this
~ Mortgage shall be dcemed to have l+een given to Borrowcr ~~r I_ender when given in the manner designated hercin.
I 1S. Uniform MorlRa~e; Governin~ I.aN; Severability. This form of mortgage combines uniform covenants for national
( use and non-uniform covenamc with limited variations h~• iurisdiction to constitute a uniform security instrument covering
; real property. '1?~is Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
~ event that any provision or clau~e of thia Mc?rtg:.ge ~r the i~c~te conflicts v?•ith applicable law, such conflict shall not afiect
~ othtr provisions of this Mortgage or the Nate which can be given etTect without the conflicting provicion, and ta this
end the provisions of thc Mortgage and the '.Vote arc ~Icclarcd to be severable.
~ 16. dorrower's Copy. Borrow~er chall be farnished a conformed copl~ of the Note and of this Mort~tage at the time
of execution or aFter recordation hereof.
~ 17. Traasfer of ff~e Propertv: Assumplion. Tf ali or an~• part of the Pmperty or an interest therein is sold or transferred
by Borrower witFwut Lender's prior wrinrn conunt. excluding lal the creation of a lien or encumbra~ce subordinate to
~ this Mortgage. (b) the creahon of a purchac~ mi~ne~• cecurity interest for household applianees, (e) a transler hy devise. U
~ descent or by operation of law upon the Jeath of •r joint tenant or (d) the grant of any leaschold interest of thrcc ycars or less
not containing an option to purchase. I.ender may. at l.ender s option, declare all the sums xcured by this Mortgage to he
~ immediately due and payable. Lender shalf h~ve Nai~•ed such option tn accelerate if, prior to the ~ale or transfer. I.ender
and the person to whom the Property i. ~o be ;oIJ ~~r transferred reach agreement in writing lhat the credit of wch percon
~ is satisfactory to Lender and that th~ interr.t pa~•able ~n the sums secured by this Mortgage shall be at sach rate ac I.ender
~ shall rcquest. if I.ender has waived the op~ion to acceler~te provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by I.ender, I_ender shall releau Borrower from a!!
~ obligations under this Mortgage and the Note.
~ if Lendtr exercises such option t~ accelerate. Lender chail mail Borroa•er notiee of aeceleration in accordancr ith
' paragraph 14 hercof. Such notice shall provide a pericxl of. not lesc Ehan 30 days from the date the notice is mailed w•ithin
~ which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch per~~~d.
~ Lender may, without further notice or demand an Borrower. invoke any remedia permitted by paragraph 1R herenf.
NoN-UNiFORM CoveN~N'rs_ Borrower and Lender further covenant and agrce as follows:
~ .
_ 18. AccelerNioe; Remedks. Excep as pmvided ia para~raph 17 hereof. upoa dorro~rers brescl~ of asy covenant or
~ agreeeeat ot Sorrower fa t6ls Morf~s~e. iwcludin~ tl~e coreasMs to pay rrhen dne aey sums secored by this Mortga~e. I.ender i,
' prbr to accekratb~ sball mail notke to Eorrow~e~ zs provided in pan~raph 14 bcreof specifrfa6: (1) tbe bresch: (21 the actan '
~ req~hed to ew+e socb brescb; (3) a date, not les than 30 days tmm tbe date tbe nMke is maaed to Eorro~+er, by which such
~ brescb mwt be nred; aod /hst tailare to cure snch bresch oa or before the date spccified ia the notke may resuh in
scee~io~ ot the sams scenred by this Mort~s~e. forecfowre by jodkial proeeedi~ and ssle of tbe Properry. 'il~e notice
' ahaN fnrtbe~ intonn Eorrower d t6e riRbt to reiastate after accekration snd t~e right fo assert io the forecbs~re praceedh~
F t6e ooa-exi~feace of a deta~k ar aay Mbe~ defense of BoROwer to scceleration and forecbwre. It the brtach is aot cured on
~ or before the dste speci6ed ja tbe ndke. Lender at t.ender's option may declare sfl of the ssa~s secnrrd by th~s Mort~s~e to be
~ is~medLtely due sad psysbk aitbont farti+er demand and may foreclose thk Mo~s~t by j~dkial Proceedla~. i.ender shall
~ be eotitkd to col{eet ia st~cb proceediu~ sq e:peases ~f foreclosurc. inclndios, but not Wnited to, reasoaabk attnrncv's fees.
~ aed e~osfs ot doc~!~e~hry e~idcwce. sbstracts.snd titk repor~s.
~ 19. dorrown's Ri~IM to Rei~tate. Notwithstanding I.ender s acceleration of the sums securcd by thu Mongage.
~ Borrower shall have the right to have any proceedings tx~un hy I.ender to enforce this Mortgage disconlinued at any time
~ 9UGK ~~O FAGc ~
~ 44