HomeMy WebLinkAbout2704 l.eader's writiea reement or ~ ~ ' ~
•6 ~PP~~abb law. Do~rowe~ thall pay the amouM ot aq mortta~e ins~raac~ ~e+q!uoM. ip tbe
manner provided undet paaaraph 2 heceof. •
' Any amounb diaburseed by I.ende~ purswnt to thjt psra~rapl~ 7. ~vi1h iwtere.st thereon. ihall become additionrl
iedebtednas ot 8ormvrer aecu~d by ~his Monga~e. Unkas Borrow~er and [.ende~ agroe to dhe~ tem~s of paymeat, wch
amounts ahall bo payabk upon notice from [.ender to Borm~wer roquptin= pyp~eM thereot. aBd shall bear intere~t trom the
date o[ disbursemeot at the rate payabk from time to time on oubtandin~ principal under tM Note unkss paytnant ot
intenst at :uch rate would be contnry to applicabk law, in which event such amounb shall beu ioterost at the hi~bat ra~e
permissibk under applicabk law. Ndhina containod in this puagaph 7 shall roquire I.ender to i~cur any a~peme or take
any action hercw~der.
S. ImMeelior. i.e~der may make or cause to be made rcasonabk entries upon and inspoctans of the Prope~. p~vidod
that Londer shafl give Horrower nolice prior to any such inspection specifyina reaaonabk cause therefor related to~La~der's
interest i~ the Property.
9. Co~dew~atbw: The proceeds of any award or claim tor damages, direct or consequential. in connection writh any
condemoation or other taking of the Property, or pa~t thercof, or for conveyance in lieu ot condemnation. are hereby sss~ned
and shall be paid to Lender.
in the eveot of a tdal taking of the Pmperty. tAe procoe~ shall be applied to the sums xcured by this Mo~taaae,
with the exoas, if any, paid to Bonawer. Ie the event of a panial taking of the Property. unless Bomovirer and I.eode~
otherwise agree in writing, there shall be applied to the sums securcd by this Mortgage auch pr~oportion of the proc~eds
as is equal to that propoKion which the amaunt of 1he sums securod by this Mortgage immediately prior to the date of
talcing bears to the fair market value of the Propchy immediately prior to the date of taking, with the balanoe of the proceeds
paid to Borrower.
_ If tfie Pmperty is abandoned by Bo~rower, or if. after notice by Lender to Borrower that the oondemrar ofFers to malce
an award ut settk a claim for damages, Bc~rrrnver fails to rcspond ta Lender within 30 days after the date such noticx is
maikd, Lender is suthorized to collect aod apply the proceeds, at I.ender's option. either to ratoration or repair of tbe
Property or to the sums socurcd by this Mon~ta~ee.
Unless Lender and Borrower othervvise agrce in vrriting. any such application of proceeds to principal shall not extend
or po~aone the due date of the monthly installments referred to in pa~agraphs 1 and 2 hereof or change the amount of
such installments.
- 16. ~wwer NM Reieascd. Extension of the ~ime for payment or modifkation of amortizition of the sums securcd
by this Mortgage granted by Lender to any cucces.sor in interest of Borrower xhall noi operate to rckase, in any maoner,
ihe liability of the original Borrower and Borrower
e succasors in interest. LeRder shall not be tequircd ta commence
proceedings against such successor or refuse ta extend time for payment or otherwise modify amortization of the cums
secured by this Mortgage by rcason of any demand made by the original Borrower and Borrower's successors in interect.
tl. Forbearssce b~r Lexder Not s R?sirer. Any forhearance by Lender in exercising any right or rcmedy hereunder, or
otherwise atforded by applicable law, shall not tx a waiver of or proclude the eaercisa of any such right or remedy.
The procuremeot of insutance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the mawrity of the indehtedness securcd hy this Mortgage.
1Z. Rea~edies Cowolat~e. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or aftorded hy law or equity, and may be exercixd concurrently, independently or successively.
~ 13. S~ceamors asd AssiRas Eound: ,Joinf sed Seved T.~abi~fy; Csptioas. The rovenants and agrcements herein
contained shall bind, and the rights hereunder shall inurc to, the nspective successors and assigns of Lender at~d Borrower.
subject to the provisions of paragraph 17 hereof. /111 covenants and agroements of Borrower shall be joinj and several.
The captions and headings of the paragraphc of this Morlgage arc for convenience only and are not. to be uad to
interpret or define the provisions hercof.
14. Notice. Except for any notice rcquired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by cenified mail addressed to Bcsrrower at
the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by cenified mail, return receipt roquested. to I_ender's address stated herein or to
such other addtess as Lender may designate by nc~tice to Borrower u provided herein. Any notice provided for in this
Mortgage shatl be deemed to have been given to Borrower or Lender when given in ihe manner designated herein. ~
15. Uniform Mo~t~a~e: Go~ernin~ I.aw; Severability. This form of mottgage combines ~mitorm covenants for national
~4 use and non-uniform covenants with limited variaticxis by jurisdiction to constitute a uniform security instrume~t covering
~ t~eal property. This Mongage shall be governed by the law of the jurisdiction in which the Properfy is located_ In ihe
' event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not atfect
other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and ta this
end the provisions of the Mortgage and the Note are cleclared to be sevtrabla
16. Eorrower's Copy. Borrower shafl be furnished a conformed copy of the Note and of this Mortgage at the time
of eaecution or after recordation hercof.
1~. Tra~sfer of the Properfy; Aswmption. if all or any pan of the Property or an intercst thercin is sold or transferred '
by Borrower without Lender's prior writtcn consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the ereat~c?n of a purchace money security interest for houxhold appliances, fe) a transfer hp devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of threc ycars or less
not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w•aived sach option to accelerate if, prior to the cale or transfer. I.ender
and the person to whom the Property ic t~~ be cold or transferred rcuh agreement in writing that the credit of such person
is satisfactory to Lenckr and that the intercct payable on the sums secured by this Mortgage shall be at such rate ac 1_ender ~
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender.. Lender shall rclease Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. LenJer shall mail Borrower notice of acceleration in accordancr ~.~~~h
paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums doclared due_ If Borrower fails to pay such s~~ms prior to the expiration of such peri~xi.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hercof.
c
~ Nox-UrnFORU~t Covstv~Hrs. Borrower and Lender tunher covenant and a
grce u follows:
~ l8. Accderatbs; Rea~edia. Lscep as prorided ia p~ra6rap6 17 ~ereof, ~po~ Eorrowe~s breac~ of aar rn~ewl or
~ a~reea~ewt of eorrower i~ tbk Mo~s~e, faclu~a~ tl~e core~a~ts to py M~e~ dee sey srms xa~red by tbis Mo~a~e. Lender
~ prbr to aecekntbn sbaB w~aU aodce to domo~.er ~ prorlded ia pua~rspb 11 benot specN~: (1) tbe bresch: (21 tAe actioo
~ reqelrM to c~ue wc6 breach; (3) a d~te, wot las tran 3Q days tros He date tre ~otice i~ o~aikd to Eorrower. by .rhk6 stich
~ breac~ wwt be c~red: asd (~1) t4st fail~re M c~re s~rcM breac~ oe or betore t6e date s~eciR~d h the ~atice aar res~dt iw
~ ~ecderatbe of Ife sr~es sec~ed br'tMb Mort~a~e. M~ec~osure b j~Cial lroceedi~ a~d sak of tbe Property. The notice
< shall furWer latorm Eon~ower o[ tbe ~bt to rei~bte afler accelerstb~ sed ttie ri6ht to a~ert iw tbe toreclosuro prnceedi~
t6e non-exisleoce ot s detwk or ay Mber dtte~e o~ Eorrowe~ to accekrstio~ sad forsclosYR. It 1be breac~ k oot corei ow
or before the dste speci&d h the ~otke. l.ender al l.ender's o'tiow say dechrt all of tMe srws secrnd bq tlds Mort~a~e /o be
Immedistcly dne snd pysWe whbuot f~riher demand and w~ay torcclose tbb Morl~a~e by jrdkial proceediu~. Lender chall
be eotitled to cdket iw soc~ prneeedie` sY espeases of torecbsnrr, iael~o~. brt ~ot Wdtd to, rt~tonsbk attvrnev's fea.
aed costs ot aoc~scNary e~We~ce. s~acts ~d titk rspris. p
19. lorruwer's it~Mt to Rei~tafe. NMwi~hstanding Lender
s accekration of the sums secured by th~s M~rtgage. .
Borrower shall have the right to have any proceedings t+egun hy Lender to enforce this Mortgage discontinued at any time
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~ ~ ~ ~ ~ 80~~ 312 PAcE2700