HomeMy WebLinkAbout1033 l.ender's. writte~ agreement or applicabk I~w. Borrower shall pay the amount ot all mongsge insura~oe premiums i~ the
~hsuiner p~ovided unde~ paragraph 2 heroof.
Any amaunis disbu~aed by l.enck~ pursuant to tha para6~aph 7. wi~h interest theroo~, shal) becane additional
indtbledness of Bor~awer secured by thas Mbrtgage. Unless Bomowe~ and Lenckr ag~re to othe~ tertns ot paymeM. wch
amounts shall be payabk upon nMice f~om I.ende~ to Borrower rcquesti~g payment the~eof, and shall bear i~terW fraa the
date of disbursement at the ratc payabk trom time to time on outstanding principal under the Note unlas payment ot
interest at such rate would be contrary ta applicabk law, io which event such amounts shall bear interost at the hiahGSt rata
permissibk under applicabk law. Nothing contai~ed in this paraaraph 'f shall rcquirc Lender to ir~cur aay esperae or take
any action heoeunde~.
S. I~speetiw~. 1.ender inay make or cause ta be made rcuonabk e~lries upon and inspections of the Property. provided
that Lender shall give Bonower notice prior to any si~ch inspectio~ specifyina rcasonabk cause theretor rclated to La~de~'s'
interest in the Propeirty. '
9. Co~daa~atba. The proceeds of any award o~ claim for damaga, direct or conseque~tial, in rnnnectioa ~vith any
cot~demaatan o~ other taking of the Property, or put tAercof, or for convey~nce in lieu of condemnation, arc heeeby assi~ed
and shap be paid to Le~der.
ln the event of a total taking of the Propeny, the procecds chall be applied to tha sums secured by this Matsaae.
with the excess, if any, paid to Borrovrer. Io the event of a partial taking of the Property. unkss Bomnwer and Laide~
otherwise aarce in writinR. there shal{ be applied to the sums securcd by this Mortgage such pr~oportion of the prooeed:
ss is equal to that proportian which the ama~nt of ~he sumc secured by this Mongage immediately prior to the date ot
taking bears to the fair market value ot the Propcrty immediately prior to the date of taking, with the balanoe of the prooeeds
paid to Borrower.
If the Property is at~andoned by Bor:ower, or if. after notice by l_ender to Borrower that the condemnor olfen to mate
an award or uttle a claim for damages, Bormwer fails to respond to l.ender within 30 days after ~the date such notioe is
maikd. Lender ic authoriud to collect and appty ~he praceeds. at l.ender's option, either to ratoration or npait of tbe
P~operty or to the sums secured hy this Mort~talte.
Unless Lender and Borrower othen~vice agree in writing, any such application of proceeds to principal shall not eactenc!
or postpone the due date of the monthly inst~llments referred to in parag~aphs 1 and 2 hereof or change the amoont of
such installments. ~
lA. Eo~rower Nof Rekased. Extension of the time tor payment or modiflcation of amortization of the sums axursd
by this Mortgage granted by Len~r to any cuccecsor in interest of Borrower shall not operate to rckase, in any manner.
the liabili~y of the original Borrower and Borrower e succusors in interat. Lender shall not be roquircd to commenoe
proceedings against such successor or rcfuse to extend time for payment or otherwise modify amortiution of the sums
secured by this Mortgage by reason of ~ny demand made by the oriRinal Borrower and Borrower's successors in intercst.
11. Forbear~sce bp Lewder Nof a R?aiver. Any fort+earance by l.ender in exercising any right or remedy hereunder, or
othervvise afiorded by applicabk law, shall nc~t be a waiver of or preclode the eaercise of any such riaht or remedy.
"I?~ procurcme~t of insurance or the payment of taxes or other liens or charges by L.ender shall not be a waiver of I.ender's
right to accelerate the maturity of the indebtcdness ~ecurcd hy this Mortgage.
12. Rewe~a Co~nslsfi~?e. All rcmedies provided in this Mortgage are distinct and cumulative to any other ri~ht ot
rcmedy under this Mortgage or aHorded by law or equity, and may be exercised concurre~tly, independently or sucassivety.
' 13. 3recea~o~s aad Asei~~s ~ound: Joiat sad Several i.iability; Capdoas. The covenants and agreeaxnts herein
containtd shall bind, and ths rights hercunder shall inur~ to, the rapective successors and assigns of Lender aod Borruw~er.
subject to ihe provisions of paragraph 17 hereof. All covenaots and agrcements of Borrower shall be jary and sevenl.
The captions' and hesdings' of the paragraphc of ~his Mortgage arc for convenience only and are not ta be used to
interprct or define the provisions hera~f.
14. Notke. Except for any notice rcquired under applicabk law to be given in another manner. (a) any notice to
Borrower p~ovided for in this Mortgaae shall be given by mailing such notia by cenifled mail addressed to Borrower at
the Property Add~ess or at such dher address as Bormwer may designate by notice to T.ender as pmvided hercin, and
(b) any notice to Lender shap he given hy certified mail. return rcceipt requestod. to Lender's address stated herein or to
such other addtess as I.ender may designate by ne~ticc to Borrower u provided hercin. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desianated herein.
IS. Usifon~ MoR~a~e; Go~crnio~ Lw: Se~erabitity. 'Jl~is form of morigage combina ta~iform covenants tor national
use and non-uniform covenants with limitec! variations by jurisdiction to constitute a uniform sxurity instrument oovetina
t+eal property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
I event that any provision or daux of thic Mortgage o~ the Note conflicts with applicabk law. soch conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this
I end the provisions of the Mortgage and the NMe are ~kclared to be sevenbk.
~ If. ~on~wer's Co~y. Borrower shall be furniched a conformed cop~~ of the Note and of this Mortgage at the time
; of eaceution or after recordation hereof.
~ 17. .Tra~~fer of tbe trope~: Assna~ptiow. If all or any part of the Property or an interest thercin is ~ld or tnnsferred
~ by Borrower without Lender's prior writtcn consen~. excluding (al the crcation of a litn or encumbnnce wbordinate to
this Mortgage. (b) the creation of a purchace money cecurity intercst for household appliances, (c) a transfer hy devise.
~ descent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehold intercst of ~hrce years or kss
not rnntaining an option to purchase, Cender may, at Lender s option, declarc all the sums sxurcd by this Mongage to be
~ i m m e d i a t
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l e r a t e i f, p r i o
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and the person to whom the Properry is to be co1J or transferrcd reach agreement in writing that the crcdit of such person
is utafutory to I.endcr and that the interc~t payable on the sums securcd by this Mortgage shall be at such rate as Lender
shall r+equat. if Lender has waived the option to accelerate provided in this pangraph 17, and if Borrower's successor in
intvat hu executed a written auump~ion agreement accepted in writing by Lender, Lender shall release Borrower from all
obljsations under this Mortgage and the Note. -
if Lender eaercises such option to accelerate. Lender chall mail Borrower notice of accekration in accordanc~ a•ith
pua~raPh 14 hercof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
~ whieh Borrower may pay the sums declared due. lf Borrower tails to pay sixh s~~ms prior to the expiration of such peric~d,
~ Lender may. without further notice or demand on Borrower, invoke any remedia permitted by parajraph 1R hereaf.
~ Notr-Ut+tFOR~t Covetv~nTS. Borrower and Lender further rnvenant and a~ee as follo~rs:
~ 1~. AccderaRior Re~edies. E:cept a~ prorWcd ~ pa~r~A 17 Uereot. ~e~ forrowe~s 6reaeM ot a~r eo~enwt K
~ a~reese~t ot >on~wer i~ trk Mo~aRe. ~~i tbe co~enanh to p~y wMc~ ~~e a~y w~s stcrrei y tblt Mo~e. I.e~ier
a ~rior Is setderMb~ sMr saN ~otke to eon~ower as ~orfde~ h~s~ra/i~ 14 Yereo~ s'ee1~~: (1) tl~e brescb: (2) tl~e setio~
~ ~ 1s t~e we~ M~eacl~ (3) ~ d~1e. ~ot les tYa~ 30 d~ys trua~ tbe iale tre ~otke Is ~a~ei fe 1or~swer. b wAki srci
~ MeacY ~rt be cw~c~ a~i (4) trat ta0~re lo eae sncM Me~el~ o~ or retore tbc date qecM~i b tl~e ~otke aay ~+esalt i~
~ aecderstlo~ ot 1~e w~s sec~ 6~ d~ MortiaRe. fo~saiosrre y~icial ~oese~ ~ sak ot tUc h~o~e~ry. 'tlie ~otice
~ ~IuN tr~fier hfon~ ~eower d tf~e riRM to rei~stste atler sceekr~tiow s~ t~e ei~Mt b aMed h tl~r toreeloan~t /eoeeei~
~ ~e ~-e:Me*ee d a~etarlt or aq other ~ete~se o1 ~oROwer to ~cceleratfo~ a~i toreeiow~e. N tbe breaer r~ot esee~ o~
ot betore fl~e ia/e t~eellki b tie ~ofke. I.endcr at l.esder's oplow w~ aeel~re a/ e~ tl~e w~s see~rs~ by fW Mort~e te be
iwwe~isteiy dre awi pysMe wkMo~t t~utber demand aad a~sy to~ecbte dd~ Mori~e h 1~~ M~R- Lender sMap
be eNWed to co0tet i~ s~tM ~ a/ a[pesses of toreclosrre. t~tbdi~. ~rt ~ot ~witei M. aa~e~~ble stt~,rneys fees.
ni eo~ts of ioc`.~eMaq? e.ides~e• s~tr~cb Mi tkk reprb. .
i!. feerowa's R~t to ReWtate• Notwi~hstanding Lender
s~caleratan of the sums sccured ~y th~s Mon`a~e.
Borrower :halt have the right to have any proceedings heEun hy L.ender to enforce this Mongase discontinued at any time
~ ~ ~ "°312 1031
j'`~~'K' ~lGE
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