HomeMy WebLinkAbout2260 . • ,
• ,
l.e~ide~'s written ag~oement or applicabb law. Borrower shaU psy the amount ot all inorta~ in~iunaoe p~ hi tbe
mwoer provided undcr paragnph 2 heceof.
Any amounts disbursed by l.e~der pursuant to thq para~sph with interest therco~. shall become additional
~ndebtod~ess ot BoROwcr secured br this Mongaae. Unless Bomower and {.en~ier aaroe to othe~ temu ot pa~rene~t. such
amounts ~all be payabk upon nc~tice from I.ender to Hortowe~~pa~rmenl thercof, and shall bea~ inte~eat fi~an the
date of disbursement at the ratc payahk trom time to time on a~t:tar~ding principal under the Note unkss pa~t ot
interest at :uch rate would be contnry to applicabk law, in which event such amounts shall bear interest at the hi=I~est rs~e
permiaibk ~mder applicabk law. Nothiog contained in Ihis pananph 7 ahall require Lender to incur any eacpaae or tate
any ~ction hercunder.
s. 1~ec1iN. i.ender may make or cause to be made reasonabk entries upon and inspoclions of the Property. pro~ided
that Lender shall Rive Borrower iwtice prior ta a~y such inspection specifyina ~rasonabk cause thcrefor related to I.et~der's
interesl in the Prope~iy.
CoMe~a~atio~, The proceeds of any award or clsim tor damaga, diroci or consoquential, in connectioe writh aar
condemnation or other taking of the Propertp. or part lhercot. or fo~ conveyance in lieu ot condemnation. are het+e~r assi~ned
and shall be paid ro I.ender.
in the event of a total tskina of the Propehy. the proceeds shall be applied to the r~ms securcd by this Mo~a~e.
with the exoesa, it aey, paid to Bonower. ln ~he event of a partial laking o( the Property. unless .Borrower aod La~der
otherwise asra in writin~t, tha+e shall be applied to the sums secuoed by this Monaaae such ptnpoition ot the pt+ocaedt
ss is eqwl to that proportion Nhich ~he amount af thc sumx xaired by this Mortga~t immediatsly prior to the date ot
takina bears to the fair markN value of the Propeny immediatety prior to the date of ~aking, with the balance of the proceeds
paid to Horn~wer. .
If tlie Proptrty is abando~ed by Bor.~wer. or if. after notice by Lender to Bomovrer that the condeanor ol[e~s W mate
an award or settk a claim tor damages. Bc?rrawer failx to respond to Lender within 30 days after ~the date such notioe is
maikd. Lender is authoriud to collect and apply the procceds. at l.ender's option, either to rtstontion ot repair o[ the
Propeny or to the sums securcd by this Mortleage.
U~less I.ender and Bo~rowe~ dherwise agrce in writing, any such application of proceeds to principal shap not ractend
or postpone the due date of the monthly installments roferred to in paraaraphs 1 and 2 hereof or. chanae the amount of
such installments.
1~. ~rower NM Rek~ed. Extensioo of the time for paymcnt or modiflcation of amortization of the sums secured
by this Mortgage granted by Lender to any cuccessor in interest of Borrower shall not operate to rekase, in any manner,
the liability of the original Borrower and Bc?rrower
s succawn in interat. Lender shall not be roquired to commenx
proceedinas against such succes~or or rcfuse te+ extend time for payment or otherwix modify amortization of the su~
securcd by this Mortgage by reuon of any dcmand made by the original Borrower and Borrower's successors in inlercst.
ll. Foe~eara~ce 6y i,eeaer Not s Waiver. Any fc+rbean~ce by Lender in eaercising any right or rcmedy heretmder. or
otherwne aBorded by applicabk law, shall nM be a waiver of or proclude the exercise of any such riaht or remedy.
The procurcment of i~uuranoe or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to acceknte the maturity of the indobtedness cecured hy this Mortgage.
12. Rei~edks C~~. All remedia provided in this Mortgage art d'utinct and cumulative to any other riaht or
rcrt~edy under tha Mortgage or afforded by law or oquity, and may be exercised concurr~rntly, independently or succe~ivdy.
l3. S~ca~e,rors awa A~~s iouw~ Joi~t a~ ~ Sereral i.~; Captio~s. 'fl~e covenaats and aareea~ents l~erein
contained shall biod. and the rights hereunder shall inur~ to, the.rapective succe.swrs and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hercof. All covenants and agrcements of Borrower shall be jary and several.
'll~e captions' and hadings of the par~graphc nf this Mortgage are for convenie~ce only and are not to fje wed to
interprct or de6ne the provisions hercof.
14. Notke. Except for aey notice rcquired under applicabk law to be given in another manner, (a) any notice to
Borrower p~ovidod for in th~is Mortgaee shall be given by maili~g such notice by certifled mail addressed to Borrower at
the Pmperty Addrcss or at such dher addrcsc as Bormwer may designate by notice to T~nder at provided hercin, and
(b) any notice to Le~der shall t+e given by certified mail. rctum receipt requestod. to Cender's addrcss stated herein or to
sueh other addrcss as Lender may decianate by notice ta Borrower ss provided hercin. Any aotice provided for in this
Mortgage :haq be deemed to have been givrn to Borrower or Lender when given in the manr~er desifn~ted hercin.
i lS. Udtors Mort~e: Goreni~ Law; Seversbaity. This form of mortgage combina uniform covenants for nationsl
j u~e and na~-uniform covenants with limited vuiatioos by jurisdiction to co~atitute a uniform securiry instrument oorerina
E ~eal property. This Mortgage shall be gove~ned hy the law of the jurisdictia~ in which the Property is lceated. In the
'k event that any provision or clause of this Mortgage or the Nae rnnflicts with applicabk law. such conflict shal) not aRect
~ other provisions of this Mortgage or the NMe which can be given eQect without the oonAicting provisan, and to tha
a~d the provisiona of the Mortgage and the Note arc declarcd to be severabk.
~ lf. ~onower's Co'y. Bormwer shafl be furniched a conformed cop~• of the Note and of this Mortgage at the time
i of pcceution or after recordation hereof.
~ 17. .Tra~rter ot tbe rr~o*erty: Asomptiow. lf all or any part of the Property or an interest thercin is sold or transferred
by BoROwer~without Lender's prior written consent. excluding (al the crcation of a lien or encumbrance wbordinate to
this Mortgage. (b) the creu~on of a purchacc money security intercst for household applianccs. (c) a tnnsFer hy devi~e.
dascent or by opention of law upon the death of a joint tenant or (d) the araet of any kasehold interat of threc yean or less
not ooM~ieing an option to puochase, Lender may, at Lender i option, declarc all the sums aecured by this MoR~aae to be
immediately due and Payable. Lender shall have waived such option to accelerate if, prior to the cale or transfer. Lende~
and the penon to whom the Propeny ic ~o be sold or trans(errcd reach agrcement in writin~ that the crcdit ot cuch person
is satisfactory to Lender and that the inten~ct payabk on the sums secured by this Mortga~e shall be at such rate as Lender.
shall requat. if Lender has waived the option to accekrate provided in this pangnph 17, and if Borrower
s succasor in
interat has executed a written suumption agreement ucepted in writing by Lender. Lender shall rekase Borrower from all
obl~ations under this Mortgaae and the Nae.
Jf Lender exercises such option to accekrate. Lender shall mail Borrower notioe of accekration in accordan~-~ w•~~h
parasrsph 14 hereof. Such notice shall provide a period c?f rat las than 30 days from the date the notice is maikd within
which Borrowe~ may pay the sums declarcd due. If Borrower fails to pay such uims prior to the racpintion of such peric~d.
Lender may. without further notice or demand on Borrowe~, invoke any rerr~odia permitted by pan~rsph 18 hercc~f. ;
~ No~r•UN~Fatt~ Covexewrs. Borrower and Lender further covenant and ap~ee ai fdM~rs:
Y ls. Aecdentjo~ Reseile~. E~cel~ as M'ovMe~ i~ ~ra~M 17 ~ iornwn's Mrie! et aq co~e~rt K
~ a~rea~e~t ot M~nwer 1~ tli~ Mart=a~e. ~L tlie eorewMs to My wMew ~e ~r wws secs~+e~ y tYs M~a~e. I.ew~er
~ ~eier M aeeekeaW. d~i ¦ail.ouce a~o.rs.?er as ~no.Nea b~.ra~arA 1~ raeot qeelfyl.s: tt) Itie re~each: t21 tbe s~+Mw
~ ~q~Ye~ M cwe wct i~racl~ (3) ~~e. ~ot ks 1~ 3~ aays te~o~ tre i~te Itic ~atke r wve~ M l~newer. b wUkM s~eY
~ i~qer ~~rR rt ewe~ asi N1 ~at hiart N trre weM rresc~ o~ or ~etae tf~e iatt qal~e~ 1~ tUe wotke d~ nsrt i~
~ soeder+~tl» ot Mie iNS see~ ~ tW Maf~a~s. /asc~owit h l~ N'~~~'L a¦i s~ie e1 tlK h~erlr. 11~e Mties
~ dar t~er i~fon~ ~o~nwer ot IMe riRit to ref~att aitK ~eeeleeatfo~ aw~ i~e ri~IN 1s are~t i~ twe ~orsele~see Noeeei~
be ~ow~ssMewce ~t s ietwlt or aq dUer ~e(e~e ot 1o~rowe* te ~ceekraffo~ a~i ~orsclow~a if lf~e ~csc~ is ~ef c~ee~ e~
or rd«+e ue ~e yeeYe~ i~ tre ~odee. l,e~er at t.e~s opMw ~ ~eel~re ar ~t Mn wrs see~re~ y tY~ Mo~fpRe to ~e ;1,
i~iMel~r ire a~i ~arie witbo~t I~Iber aemaeA a~ n~ ~aeelat Iti M~a~e r! j~ikW /i'ee~edl~R. [.endc? daN 'i
~e eMidai N eo~eef i~ wiei~'ntee~ a/ ptpea~es at ta~scbs~e. bel~ f~ wt ~N ~wile~ M. iea~ailt sttw~er's fees. ~ ~
a~i c~b ~ iae~.'~nMar~ ~+'i~e~e~. sM~rseb wi Wk reM~.
1!. ~frwe~'s Rl~t 1~ ReLra1~. Nc~twi~hstandinE Lender's aooekntion of the swns saur+ed by thn Mart~a~e.
8orrower shall bsve the riaht to have any proccedings he~un hy Lender to entoree this Mongase discontinued at any time
* ~
~ ~~'~312 PeGE~58