HomeMy WebLinkAbout1046 Lender's written agrcement or applicabk law. Borrower shall pay the amount of all matgage insurance prcmiums in tl~e
manner providcd unde~ pa~agnph 2 hereot. •
Any amounts disM~rsed by l.ender pursuant tu this paragnph 7, with interest thereon, shall become additional
indebtodness of Bor~owcr secured by this Mortgagc. Unkss Bonower and I.ender a~roc to other ternu of paytaeM. such
amounts shall be payabk upon ncuice frc~m I.ender to Borrower requesting payment thereof, and shall bear interest fraa ihe
date ot d'abursement at the rate payahk from time to time on aitatanding principal under the Note unkss pt~t of
interest at such rate would be contrary to applicable law, in which eveot such amounts shall bear interest at the hi~ ra~e
permissibk under applicabk law. Nothing containod in this parag~aph ~ shal) require I.ende~ to incur any expaae or tate
a~y action hereunder.
ia~pectie~, l.ender may make or cauu to be made rcasonabk entriec upon and iospoctions of the Property. provided
that I.e~der shall give Borrower notice prior ta any such inspection specifying reasonabk cause the~efor related to I.ender's
interat in the Property.
9. Cowdewwatbw. The p~aceeds of any award o~ claim for damages, diroct or consequential, in connection wifh any
condem~alao o~ other taking of Ihe Property, or part thercof, or for conveyance in lieu ot condemnation. are ha~eby assiaoed
and shall be paid to I.ender.
in Ihe event of a total takina bf the PropeNy. the proceeds chall be applied to the sums securod by this Mortaa~e.
with the excess, if any, paid to Borrower. ln the cvent of a partial laking of 1he Property. u~less Borrower and La~det
aherwise agnx in writing, the~+e shall be applied to the sums securcd by this Mongage such propwtion of the proceed~
u is eqw) to that proporiicu~ v?hich the amaint of ~he sumc secured by this Mortgage immediately prior to the date o[
taking bears to the fair market value of the Propertv immediately prior to the date of taking, with the balancx of the pmcee~s
paid to Bo~ower.
If the Property is at~andoned by Bor:ower. or if. a(ter notice by I.ender to Bomower th:t the condemnor oRers to mate
an award or settle a claim far damages. Bc?rrower fails to respond to l.ender within 30 days after ~the date such notice is ,
maikd. Lender is authorized to collect and apply the proceeds, at I_ender's option, either to ratoration or repair of t6e
Propeny or ro the sums secured hy this MortRalte_
Unltss Lender and Borrower othenvice agrce in writ~ng, any such application of procecds to prir~cipal shall not ractend ,
or postpcv~c 1he due date of the monthly inslallments roferrcd to i~ paragraphs 1 and 2 hereof or change the amount of ~
such installments.
lA. Eo~rower Nof Rek~sed. Extension of the time for payment or moditication of amortiution oE the sums sxurcd
by this Mortgage gnnted by Lender to a~y cuccecsor in interat of Borrower shall not operate to rekase, in any manner,
ihe liability of the original Borrower and Borrower s successors in intercsl. Lender shall not be requircd to commenoe
procoedings against such successor or rcfux to extend lime for payment or othervvise modify amortization of the sums
secured by this Mortgage by rcaso~~ of any demand made by the orieinal Borrower and Borrower
s wccessors in imercst.
11. Forbearaaee by Leader Na a wai~er. Aay fc?rbearance by I_ender in exercising any right or rcmedy he~mder, or
othervvise afforded by applicabk law. shall not be a waiver of or preclude the exercise of any such right or rtmedy.
The procurcment of insurance or the payment of taxa or other liens or charga by Leoder shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedness ~ecured hy this Mortgage.
12. Re~ CanuhNre. All remedies prc~vided in this Mortgage are distinct and cumulative to any olher ri~ht o~
rcmedy under this Mortgage or afforded hy law or equity, and may be exercissd concurrently, endependently or successively.
' 13. S~cces~o~s aad Assi~~s ~oand; Joiat aod Se~eral I.iabiifty; Caplloas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inur~ to. the respective successors and assigns of Lender at~d BormW?er..
subject to th~ provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions' and headings of the paragraphc of this Mohgage arc for convenience only and are rwt to tSe used to _
interprct or de6ne the provisions hercc+f.
14. Notiee. Except (or any notice rcquircd under applicabk law to be given in another manner, (a) any notice to
Borrower prnvided for in this Martga¢e shall be given by mailing such notioe by certifled mail addrGssed to Borrower at
the Prope~ty Address or at such other address as Borrower may designate by aotice to i.ender u provided hercin, and
(b) any notice to Lender shall he givcn by cenified mail, rctum rcceipt requosted. to i.ende~'s address stated herein or to
' such other address as Lender may decignate by notice ta Borrower u provided herein. Any notice provided for in this
I; Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. U~ifonn Mort~a~e: Go~crnin~ Law: Sevenbility. This torm of mortgage combina uniform covenants for national
.~se and ~wn-uniform covenants with limited variations by jurisdiction to constitute a uniform security i~strument coverin6 ~
~ real properry. This Mongage shall be gover~ed by the law of the jurisdiction in which the Property is located. In the
4 event that any provision or claux of thic Mortgage or ~he Note rnnflicts with applicabk law. such conflicl shall not aRect
~ other provisions of this Mongage or the Note which can be given eQect without the oonflicting provision, and to this
end the provisions of the Mortgage and the Note arc ~kclared to be severabk_
lf. Sormwers Cory. Borrower shall be furniched a conformed cop~• of the Note and of this Mortga~e at the time
~ of ezecution or afte~ recordation hercof.
, 17. .Tra~tfer of tie Property: Aswmptiow. if all or any part of the Property or an intet~est thercin is sold or transferred
~ by Borrower without I.ender's prior wriurn consent. excluding (al the creation of a lien or encumbnnce subordinate to
~ this Mottgage. (b) the creat~on of a purchace money cecurity interest for household appliances. (c) a transfer hy devise.
desoent or by operation of law upcm the death of a joint tenant or (d) the gnnt of any kasehold intercst of threc ycars or kss
~ not oontaining an option to purchase. Lender may, at Lender s option, declue all the sums secured by Ihis Mortgage to be
~ immediately due and payable. Lender shall have waived such oplion to accelerate if, prior to the cale or t~ansfer, Lender
and the person to whom the Property ic ~a be «+IJ or transferred rcach ag~Kment in writing that the crcdit ~f cuch percon
is satisfsctory to I.ender and that the inter«t payable on the sums secured by this Mortgage shatl be at such ~ate ac Lender
shall requat. Tf ~Lender has waived the option to accelerate provided in this paragnph 17, and if Borrower i successor in
interat has executed a written assumption agreement accepted in writing by Lender. Lender shall rekase Borrower from all
obli~stions under this Mortgage and the Note.
~ IE Lender exercises such option to accekrate. Lender shall mail Borrower notice of accekration in accordancc N•ith
~ pua~raph 14 heroof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed wi~hin
; which Bomower may pay the sums declared due. If Borrower fails to pay such sums prior to the eapintion of cuch peric~d.
~ Lender may. without further notia or demand on Borrower. invoke any remedia permitted by paraanph 1R herec~f.
~ Nor~-Ut+tFORt?~ CoveN~nrs. Borrower and Lender funher covenaot and a~ree u follo~rs:
~ lt. Aecderatb~ Rew~edies. E:cept a~ pro~ided i~ ~~s~M 1? i~ered. ~o~ forrower's ereaci ot a~r co~ew~wt er
a~t ot fort+ower b t~ Mo~a~e, bch~~ ttie co~ewaMs to p~r wUc~ ioe a~y ws~ ~ec~rci ~ tMis Mo~a~e. I.esaer
'rior lo ~etekratio~ s~ll wnN ~odce to dorrower as ~o~lae~ iw p~rapU 11 Uereo[ ~peclt~l~: (1) tMe MeacM: (2) tre setbs
z rq~leei b ca+e s~ ~eser: (3) a d~1q ~ol las t~ 30 days the aate fMe wofke is wrled fo io~ower. r7' ~?Akr s~cY
~ breae~ ~t De c+RS~ a~i (1) tbaR taq~re to c~re sMCw ere~cl~ ow or ~ore the date s'ecMd h tbe wotice wsy res~k i~
` acederaio~ d Ire wws uc~ tWs Mo~aRe. taeebs~re h j~cW N'oeee~i~ Mi ~ale ot tbc hopcrry. 7Ue wotke
~ sl~ar fiuWer Wors Sorrower d tre riRM to reiastate after accekraNow awi the ~t b arcrt i~ tl~e toreelosrre ~
be ~o~esMe~ce ot ~ iefa~lt or aq dl~er ae%~se ot 6or?ower to sccelerstbw swa to~eebwre. N tlie bn~e~ M~ot cs~ei ow
~ or be~ore tMe ~Me s~eciie~ i~ tl~e ~otke. Lend~r st I.endc~'s o'tio~ ~ decl~rt ~Y d tre s~ws seetre~ iq fYs Mort~aRe Is `e
~ i¦~r dre s~ pyabk wifbod t~uthet dea+~nd aad msy tortelose tl~ Mo~a~e y' jrikW M~eeedf~. Lendtr shall
be eMlde~ to eoYeet i~ sKi ~e~ocesdi~ ar e:peases of torcclos~re. i~elr/h~, b~f Nt ~ei to. rtaro~tlk stt~~reer's fees.
~ ; a¦i eats ot ieeu-~nhr7 e~'idnee+ a6~s~b awi title reprb.
~ 1!. Mn~owa's R~t to Rdrtate. Nc+twitM~anding Lender s sccekration of the sums xcured by th~e Mort6a~e,
gprruwer sha11 have the risht to have any proceedings he~un hy Lender to enforce this Mortaase discontinued at any titne
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