HomeMy WebLinkAbout1503 iender's writte~ agroement or applicabk law. Borrowe~ thall pay the ~mount o[ all mottpge insuranoe premiumt ie tbe
manner p~ovided under paragnph 2 heceof. .
Any amounts disbuaed by I.ender pu~suanl to this puaaraph 7, with interest theroon. shall become addiCwnal
i~dtbledness dt Bo~rower securod by lhis Mortgage. Unless Borrowe~ and l.e~der aaree to other ternts of payment. such
amounts shall be payaMe up~n nMice frc~m I.eoder to Bo~rowe~ roquestioE payme~t thereat, and shall bear iotenst tt~an the
date of disbursement at the nte payahk f~am time to time on a~tstanding principal under the Note unkss pajtment of
intercst at such rate would be contnry to applicablr law, in which event such amounts shall bcar i~terest at the hi~ ra~e
permissibk undet applicabk law. Nathing con~ained in this paragrsph ~ shall roquire I.ende~ to incur any eapease or take
any action hereunder.
S. I~ectis~. i.ender may make or cause to be made rcasonabk eotrias upon aod inspections of the ProQerty. pro~ided
that 1_ender shall Rive BoROwer notice prior to any s?~ch inspection speci(yina rcasonabk cause therctor relatod to I.entle~'s
interesl in tha Propeny. ' '
9. Co~de~n~alion. ?lx p~ceeeds of a~y award or claim for damages, dircct or rn~sequential. in connation with any
condemoation o~ other taking of the Property, or pa~t tAercof, or fo~ conveyance in lieu ot condemnation. are he~tby assiae~ed
and shall be paid to I.ende~.
In the event of a total taking of the Property. ~he proceeds chall be applied to the sums secured by this Mortsase.
with the ezcess, if any, paid to Bormwer. ln thc eveot ~f a partial taking of the Properry. u~less Bomower and I~eoder
otherwise agroe in writinR. there shall be applied to the sums secured by this Mortgage such pmportion of the pooceod~
u is eqwl to that proporiion which the amamt of the sums securcd by this Mortgage immodiattly prior to tht date ot
taking b~ars to the fair market value of the Property immediately prior to the date of taking, with the balanoe of the prooeeds
paid to Borrower.
if the Property is abandoned by Bor.~ower, or if. after notice by Lender to Borrower that the condemnor oltets to malte
an award or settle a claim for dam~ges. Bc~rrmve~ fails to respond ta 1_e~der within 30 days aher ~the datt such notioe is
maikd. Lende~ ic authorized to collect a~d apply the proceeds. at i.ende~'s option, either to restoration or npair of t6e
Propehy or ta the sums securcd hy this Mort~tage.
Unless Lender and Borrowe~ otherwice agree in writing, any such application of proceeds to principal shall not eute~d
or poslpone the due date of the monthly installments rcfened to in paragraphs 1 a~d 2 hereof or chaeae the amount of
such installments.
lA. Eorrower Nof Released. Extcnsion of the time for payment or modilicatio~ of amortization of the sums aetured
by this Mortgage granted by Lender to any cuccessor in interest of.Borrower shall nol ope~ate to rcksse, in any manner.
the liability of the original Borrower and Bc+~rower s succasors i~ interost. Lendor shall not be requircd to eorMmenoe
proceedin~s against such successor or rctuse to e~tend time for payment or otherwise modify amortizuioo of the sums
secured by this Mortgage by reason of ~ny demand made by the oriR~nal Borrower and BoROwer's succGaon en intercst.
11. Forbeara~ce dy I.ewder Not a R?aiver. Any f~rt~earance by Lender in exercising any right ot remedy hereu~der, or
otherwise afforded by applicabk law, shall ncn be a waiver of or preclude the exercix of any such righi or reme~y.
The procurement of insurance or tht payment of taxes or other liens or charges by Lendtr shaq not be a waiver of I.enda's
right to accelente the maturity of the indebtedness secured hy this Mortgage.
12. Rese~es Ca~~elathre. All r+emedies pravided in this Mongage arc distinct and cumulative to any other ri~ht or
rcmedy under this Mortgage or af~orded by law or equity, and may be exercised co~curnentty, independentiy or succeuively.
13. Srceesrax awd A~~s eoand:.Io~l s~d Sereral I.L~; Captlo~s. The cbvenaab and aareements herein
contained shall bind, and the rights hercunder shall inur~ to, the rcspective s~x~cessors and sssigns of Lender spd Bonow~er.
subject to the provisions of paragnph 17 hereof. All covenants and agrcements of Borrower shall be jaM and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk used to
interprct or define the provisions herec~f.
11. Notiee. Eacept for any notice rcquired under applicable law to be giveo in another manner. (a) any notice to
Borrower p~ovided tor in this Mort~tage shall be given by mailing such notice by certifled mail addrased to Borrower at
the Property Addrcss or at such dher addrcss as Bormwer may designate by notice to i.ender as provided hercin, and ~
(b) any notice to Lender shall bc given by certified mail. rcturn receipt requested, to [_ender's addras stated herein or to
such other address u Lender may designate by n~+tice ta Borrower u provided herein. Any notice provided for in tlris
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner daianatod herein.
IS. U~~on~ Mort~aRe: Co~eraia~ Lav.: SeverabNity. This form of mortgage combina uniform covenants for national
use and non-uniform covenants with limiteei variations by jurisdiclion to co~utitute a u~iform sxurity instrument ooverin=
i real property. This Mortgage shall be governed hy the law of tlx jurisdiction in which the Property is located. 1n the
~ event that any provision or clause of thic Morigage or the Note conflicts with applicabk Isw. such conflict shap not alfoct
~ other provisions of this Mortgage or the Ncue which can be given e~ect without the conAicting provision. and to this
~ end the provisions of the Mortgage and the Note arc ~kclared to be severabk.
lf. ~orrower's Co'r. Borrower shall be furoiched a conformed cop~• of the Note and of this Mortga~e at the time
E of eaecution or after rccordation hercof.
~ 17. .Trwfer of tre Tro/erty: Assomp~iw~• If all or any part of the Property o~ an intereu therein is sold or transfe~red
by Borrower without L.ender's prior wrincn conseot. excluding (a1 the creation of a lien or a~cumbnnce wbordinate to
this Mortgage. (b) the creat~c+n of a purchaa money cecurity interat for household appliances. (c) a transter hy devise.
desoent or by operation of law upon the death of a join~ tenant or (d) the gnnt of any kasehold intercst of threc yeus or kss
not containing an option to purchase, Lender may, at Lender's option. declarc all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w••rived such option to aceelente if. prior to the ~ak or trsnsfer. Lender
and the person to whom the Propeny ic a~ be co1J or transferrcd reufi agrcement in writina that the crcdit of cuch person
is satisfactory to Lender aod that the intcr~~ct payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall requat. If Lender has waived the option to accclerate provided in this poragraph 17. and if Borrorver
s succasor in
interat hu executed a written usump~ion agreement sccepted in writing by Lender. Lender shall rckase Borrower from all
obli~ations under this Mortgage and the Note.
IL Lender exercises such option to acctkrote. Lender ~h~ll mail Borrower notice of accekntion in accordanc~ ~•ith
parajraph 14 hereof. Such notice shall provide a period c?f not las than 30 days from the date the iwtice is maikd withio
~ which Borrower may pay the sums doclared due. If Borrower (ails to pay u~ch wms prior to the expintion of cuch pericd,
Lender may. without further notice or demand on Borrower. invoke any remedia perm~tted by panaraph tA hercaf.
~ Norr•UrtFaurt CoveNeHTS. Bonorrer and Lender further covenant and ~Sroe u follow~s:
~ ls. Acederatio~: ReMedia. E:cept a~ prorided i~ p~rKra~U 17 Uertd. ~o~ 1on~owe~'s i~e~c# et Nry co~ewt ~r
~ apeese~t ot Dorr~ower b d~k Morfsa`e. Iwe1~iK tre co~ewaNs to p~y whe~ ~re my sr~s seesrei yr tYs Mo~a~e. I.e~e~
~ ~ior 1s.eedersrio..ri .aN.otlce to so..+s»er as pro.iasa b pua~r~ 1~ ratiot Mee~tyi.~: (f) ne ie~aeU: n~e setio. ~
~ rq~dee~ fo eu+e srci Mesck t3) ~ ~a1e, ~ot las tluw 30 dsys tro~ the aste tre wotke ts ~aiki /o >eROwer. ~jr ~?6k1~ s~ai
~ Me~c~ ~rt be eKe~ a~i (11 tMM ff~re b cere arcA bnsci~ ow or retwe tre aate s~el~! i~ tUe wotke ~af resdt b~
~ aecelerado. d ~ee s~ws sec.re~ e~ eri. Moel~aRe. te.ec~os.R H l~w !~s a¦i iale ot ere h~e~. 'n~e .etiee ;
d~i trrlrer bfors ~orrowa d tre riRM to relastatt aNer ~ceekrado~ ~i tUe ri~Mt b arert i~ tl~e toretloaroe ~ree~~ ;
~ I~e ~ow~e:We~ee at ~~etwlt or awy dber aefe~ae of Sonower to ~ceelcntfo~ a~i /~eclowu~e. N t~e 6~eacM r ~ot e~re~ a~
~ or betae tbe ~Ne q~eYki 1~ tl~e ~ofke. l.ewder st I.e~der's opb~ ~ ~eel~re s~ d Ire snr see~e~ by 1W Mett~t b be ~
~ i~iedWely ~re aw~ pysble wklwd irrther dtmand aad may toretloa !1~ Mo~a~e r7' jrikW MoeKddR. Lender ~all
6e a~ki to edket b wA ~roeesd~L sr espcasa of foreclosrre. M~clri~. !rt ~M ~ M. rea~o~Me sn~xner's fea.
~ a¦i oo~ ot i~er.-~e~hry s~i/e~ee+ a6~t~seb ~wi titk repets. -
1!. lerrowe~'s Ri~t t~ Rei~Mate• Nc~twithstandin~t Lenckr
s scoekntion of the sums secured by th~s Mort`aie.
gorrower sha11 have the right to have any proceedings he~un hy Lende~ to enforce this Mortaaae discontinued ae any time
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