HomeMy WebLinkAbout2692 . • . ' „ t
Lende~'s written agrcemeot or applicabb I~w. Borrowsr thall pay the amount ot all monsa~e iasuranoe ptemiums in tbe
manne~ providod under pa~ag~aph 2 heroot.
Any amounts disbuned by I.ender punuant to thit pan~~aph 7. with interest thercon, shall become additiona)
indeblodnas of Borrower secured by this Mongaae. Unkss Horrower aod [.ende~ agree to other temns ot pa~?meM. wch
amouots shall be payabk upon nc~lice f~am l.ender to Bortowe~ roquestint paYment theteot, and shall bea~ intercst trom the
date ot disbursement at the nte payaAk trom time to time o~ adstandina principal under the Note unless payn~ent ot
interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hi~ rab
permissibk under applicabk law. Nathina contai~ed in this paraaraph 7 shall require Lende~ to incur any expeme or tate
any sctio~ hereuader.
S. l~eefie~. Lende~ may make or cause Io be made rcasonabk entriGC upon and inspections of the Property. proroided
that I.ender shall give Borrower ndice prior ta any u~ch inspection sQecifyin~ rcasonabk cause therefor ~elated to La~der's
intercst in the Property.
9. Co~dew~atb~. The proceeds of any award ot claim tor damages, direcl or consequeatial, in connectioa ~vith aay
condemnation or dher laki~a of the Prope~ty, or part thercof, or for conveyance in lieu ot condemnation. are he~? assisoed
and shall be paid to Lender.
in the evt~t of a total taking of the Prope?ty, the proceeds shall, be, ~ to ~he sums securcd b~r !ha MoA~ase.
with the excess, it any, paid to Borrower. in the event af a panial taking-of the Property. unless Bomowe~ and La~der
otherwise aaree in writinR. there shsll be aPplied ta ~he sums secured by this Mortgage such propo~tion ot tl~e pmoeed~
as is eqw) to that proportion vehich 1he amounl of the sumc securcd by this Mortgage immediately prior to the date ot
taking bears to Ihe hir ma~ket value of ~hc~ropehy immediately priar to the date of taking, with the balance of the pmoeeds '
paid to Borrower.
If the Property is abandoned by Borrower, or if. after notice by Lendcr to Borrower that the condcmnor oRers to mate
an a~ward or settk a claim for damages, &+nower fails to respond to ~ender within 30 days after ~the date such notioe is
maikd, l.e~der ic atrthorized to colkct and apply ~he proceeds. at I.eode~'s option. either to ?estoration or eepsir of tbe
Properiy or to 1he sunu securcd by this Man~tage.
lnaleu Lender and Bormwer dhervri~c agrce in writing, any such application of proceeds to principal shall not ra[ta~d
or pos~pone the due da~e of ihe monthlv ins~~llments rcferrcd to in paragraphs 1 and 2 hereof or chanse the amouet of
~ such ioetalimet,ts.
10. Eoredwer Nof Rekascd. Ext~en;ion of the Iime for payment or modification of amortiution of the sums aecnred
by tfiis Mortgage granted by Lender to any cuccessor in intercst of Borrower shall not oper~te to rckste, in any maor~er.
the liability of the original Borrower and Bc?rrower
s st~ccessors in interat. Lender sfiall not be roquirrd to eommenoe
proceedinas against such successor or rc(use to extend time for wy~~~ or otherwise modify amortization of the sums
secured by this Mortgage by reason ot any demand made by the oriRinal Borrower and Borrowe~'s successors in interest.
11. Forbean~ce by Lewder Not a Wsiver. Any forl~earance by I.ender in exercising any right or ~emedy hereunder. or
othenvise afforded by applicabk law. shall not be a waiver of or proclude the exercise of any such right or rtmedy.
The pnocurcment of i~uuranoe or the payment of taxes or other liens or charges by Lender sha11 not be a waive~ of t~rnder':
right to acceknte the maturiry of the indehtedness cecured hy this Mortgage. ~
l2. Rereaies Cai~e. All nmedies provided in this Mortgage arc distinct and cumulative to any other riaM or
rcmedy under this Mortgage or afForded by law or equity, and may be exercised concurne~Ny. independently or :ucoe~ively.
13. S~ecea~ois s~d AseiR~s Sonud:.Joint a~i Sereral t~: Cspdows. The covenants and aEreeaxnts here+n
contained shall bind, and the riRhts hercunder shall im~r~ to. the.rapoctive successors and assiges of Lender spd Botrower.
subjoct to the provisions of paragnph 17 hercof. All covenants and agrcements of Borcower shall be jary a~d several. .
The captions' and headings of the paragraphc of this Mortgage arc for coovenience only and are not to lie used to
interpret or define the provisions hcreof.
14. Notiee. Except for any ncuice rcquired under applicable law to be given in another manner, (a) any notice to
Borrower p~ovided for in this Mortgag~ shall be given by mailing such ootice by cenifled mail add~essed to Borrowtr at
the PropeRy Addrcss or at such other addrcss as Bormwer may designate by notice to i.ender as provided hercin, and
(b) any notice to Lender shall he givcn by cenified mail. return rxeipt rcquestod. to i_ender's addras stated hercin or to
such other addtess as.Lender may decianate by nntice ta Borrower u pmvided herein. Any notice prm?ided for in tlns
i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desisnated herein.
1S. Udtono Mort~e: Go~erois~ Lw; Seve~abilNy. This form of mortgage combinea uniform covenants tor national
~ use and non•uniform covenants with limited variations by jurisdiction to coiutitute a uniform sxurity instrument oovedng
~ rcal property. This Mortsage shall be governed hy the law of the jurisdiction in which the Property i~ Iocated. In the
~ eveot that any provision or clause of thic Mortgage or the No1e conflicts with applicabk law, such conflict shall not aRect -
j other provisions of this Mortgage or the Note which can be given e~ect without the conAicting provision, and to this
~ end the provisans of the Mortgage and the Note are Jeclared to be sevenblf.
! l~. lo~rower's Cory. Borrower shall be furniched a conformed cop~' of the Note and of this Mortga6e at the time
of esecution or after rocordation hereof.
~ 17. .Tr~Eer ot tbe Twperty: As~a~ep~bw• lf all or any part of the Property or an intercst thercin is wld or transfeRed
by Borrower without Lender's prior wrincn conxnt. excluding (al the cr~eation of a lien or encumbrance wbordinate to
this Mortsaae. (b) the cteaticx~ of a purcha~e moncy security intercst for household appliances. (c) a tnnsfer hy devpe.
descent or by operation of law upon the death of a join~ tenant or (dt the Srant of any kasehold interat of thrcc years ot kss
• not containing an option to purchsse. Lender may, at Lender
s option, declare all the sums xcurcd by this Mortgaae to be
immediately due and payabk. Lender shall have w•aived such option to accelerate if, prior to the sak or transfer. Leoder
and the peraon ~o whom the Property is ~a be colJ or transterrcd reuh agreement in writins that the crcdit of such penon
is satisfactory to Lender and that the interrct payabk on the sums secured by this Monga~e shall be at s~~ch n~e ac Lender
shall rrquat. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Bornower's succes,sor in
interat hu executed a written a~sump~ion agreement uceptod in writing by i.ender. i.ender shali rckase Borrower from all
oblijations under this Mortgage and the Nae.
If Lender eaercises such option to accekrate. Lender xhall mail Borrower notice of accekration in accordanc~ M•~~h
pua~rsph 14 heroof. Such notice shall provide a pcriod of not las ehan 30 days irom the date the notice is mailed within
which Borrower may pay the sums doclared due. If Borrowe~ fails to pay such u~ms prior to the eapiration of such peric~d,
~ Lender may. without further notice or demand on Borrower. invoke any remedia permitted by para~raph 1 R hercof.
; Non-Ux~~~?t CoveN~rrrs_ Borro~?er and Lender funher corenant and aaroe as fdlow~s:
~ l~. Aeederdie~ Ra~edies. EsKM as M'avMei ~~uapapti 17 Me~eot. ~o~ ~ornwa's ~el ot ary~ .c~.ewt K
~ a~t ot lerrswer i~ tris Moe1~e. i~el~di~ Itie core~aiMs !o Ny wbe~ ~~e ny sr~ setae~ by tYl~ MortR~e. I.e~ier
~ Nior N sceeiKaao..~ ..Y .uuce w so..o..er as ~ro.i+e~ iw ~ara~ra/b 1+ Aereoe ~scYyl~: (1) Ae ere.eh: (2? tl~e .eri..
~ rqi+ei Ia a~e weti Maeri I3) ~ ra~t. ~wt las lraw 3A asys tro~ tl~t ~te tre ~oflee It ~Iki N~~we~. ~'p w1~icU s~eY
~ ~acr ~f re esre~ a~i N) Vat talbte to a~re areb Meac~ o~ or retae tbe date qeeliei i~ thc wotke ~a~ ~s~lt i~
.eee~alf.. o[ u~ sau ,ce.rea y ads M«1~.~e, t.reclow~e b irLkW ~roe~ei~ .wi .~Ie or nK rr~ertr. 7Ue .otice
~ dar t~er h~tor~ fo~rower ot tre ~M to reb~ble aflet ~cceiendo~ a~i tMe rf~t b a~cel t~ tre toreeloane Meeeei~
~ de ~ofesMesee d~ ieEa~lt or a~~ otUer ie~ewte ol ~orrower to aceelerMjo~ a~i toreclowre. K tl~e M~exl~ i~ ~st e~ a
er ~e1a~c IMe iMe yeeiie~ f~ fre ~Wke. I.e~dcr st [.esde~'s o/tio~ aay kel~re ar o~ tMe wr s~c~~ei ~ 11~ MafpRe 1~ ie
it~eiWely ~e awi MpaMe witbo~N f~lher aemand aur wr iKC~slae tl~ Ma~a~e b 1~ l~It. [.~nder ~W
ie e~tldei a coreet i. we~ ~ncss~t a~ es~e.~a ot Iorecloswe. bcM~i~. ~f .M ~wi1e~ a. ~ea»..ile sn~x~er's fea.
a~i a+Mb ~f i~e.~-~eMar7 e~i~e~e~• a~i title rep~b.
1!. ~rowa's RkM t~ Rei~hla N~xwithsur~dinE Lender
s acoekntion of the sums secu~ed by thr_ Mort`a=e.
~ gorrowet shall have the ri6ht to have any proceedin~.s hegun hy Lender to enforce this Mortaa~e discontinued a~ any time
t
~ g~~3~2 P~~E2688 '
~