HomeMy WebLinkAbout2778 . ~
• i
i
l.ender's written agreement or applicabk law. Borrower shall pay the unou~t ot sli mortgage insunnce p~emiums in the
maaner providal under parag~aph 2 heroof. ~
Any amouMs disbuned by l.ende~ punuant ~o thq pananph 7. with interat thereo~, shal) become add~tional i
indebtedness of Borrower securcd by Ihis MortYage. U~less Borrower and Le~der agrce to other ternu of payt~eM. such j
amou~ls shall be payabk upon nc~tice fr~ [.epder to 8omower tequestina paYment thercof. and shall bea~ iMetat f~+wn the .
date ot disbursement at the mtc payabk tran time to time on art:tandioa principal under the Note unkss pa~t ot
interest at such rate would be contnry to applicabk law, in which event such amounts shaN lxar interest at ihe hiahest ra~e
pertniuibk under applicabk law. Nothing cootainod in this pan~rsph 7 shall requite Lende~ to incu~ any expetae or tai~e
any actan hercunder.
S. i~ectio~. i.ende~ may make or cause to be made reasonabk entries upon and iospoctions ot the Property. provided
that I.ender shall give BoROwer natice prior to aoy such inspection specifyina reaso~abk cause therctor relatod to i.a~de~'s
intercst in the Property.
A Co~de~walb~. The proceeds of any award or claim for damages, dirtcl or consequential, in connection ~?ith an~
condemnataa or,other ~aking of the Propeny, or pan thercof, or for co~veyance in lieu of condemnation. are hereb~? assianed
and shall be paid to i.eoder.
ln the event of a total taking of the Propeny, the proceeds chall be applied to the sums securcd by this Mott~aae.
with the ezcess, if any, paid to BoROwer. In the event of a partial taking of the Property. unless Borrower and Leader
othenrvvise agree in writinR, there shall tie applied to the sums securcd by this MortBaae such Pruportion o[ the prooeeds ~
as a equal to that propoMio~ v?hich the amount af the sumc secured by this Mortga~e immediately prior to the dare of
takin6 bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance ot the q~oceeds
paid to Bornow~er.
If the Property is abandoned by Bo~:ower, or if. after notice by Lender to Borrower that the condemnor olte~s to mate
an award or settle a claim tor damages. &?rrrnver fails to rcspond ~a i.ender withi~ 30 days after ~the date such notioe is
maikd. Lender i~ authorized to cdkct and apply the procecds. at I.ender's option, either to ratoration w npair o[ tba ~
Property or to the sums securcd by this Mongage. ~
Unless Lender a~d Borrower otherwice agrce i~ writing, any such sppli¢ation of proceeds to principal shtll not extd~d ;
or postpone the due date of tht rtanthly installments rcferred to in parag~aphs 1. and 2 hereof or change the atnount ot =
such installments. ;
10. Eo~rower Not Released. Extension of the time for payment or moditication of amortization of the sums secured
by this Mortgage gnnted by Lender ta any ~uccessor in interest of Borrower xhall no1 ope~ate to reksse, in any manner.
the liability of the original Borrower and Bc+rrower
s successors in interest. Le~der shall not be requir~ed to eommena
procoedings against such successor o~ rcfuse to extend time for paymeM or Wherwise modify amortization of the s~m~s
securcd by this Mortgage by rcason of any demand made by the original Borrower aad Borrower
s successors in intercst.
11. Forbearawce by i.e~ Na a wai•er. Any f~rfiearance by i.ender in exercising any right or remedy het+etmder, or
othe~vvise aRorded by applicabk law, shall nc+t be a waiver of or prcclude the eaercise of any such riaht or remedy.
71~e procurcment of iosunnce or the paymeet of taxes or other lie~s or charges by Lender shall not be a waiver of Ltnde~s ;
right to accekrate the maturity of the indebtedness cecured hy this MoNgage. `
12. Re~edks ~nwnhM~e. All remedies provided in this Mortgage are distinct and cumulative to any othe~ riaht or
rtmedy undtr this Mortgage or atforded hy law o~ equity, and may be exercised concurrently, independently or :ucoessiv~ly.
l3. S~caea~ors swd A~d~s Sousd: Joi~t awd Several T.isbiNq: Cspt~oas. The covenanb and aareements f~erein
oontained shall bind, and the rights hereunder shall inur~ to. the.respoctive succeswrs and usigns of Lender spd Borrower.
subject to ihe provisions of paragraph 17 hereof. All covenants and agreeme~ts of Horrower shall be jar~ and sevenl.
The captions' and headings of ~he paragraph~ of this Morlgage are for convenience only and ue not to tie uxd to
interprct or define the provisions herrnf.
11. Natiee. Except for any nc+tice rcquired under applicable law to be givea in another manaer, (a) any ~otice to
Borrower p~nvided for in this Mongage shall be given by mailing such notice by certiflod mail addressed to Borrower at s ~
• the PropeRy Address or at such other addrcss as Bormwer may designate by nwice to T.ender as provided herein, and ;
(b) any notice to Lender shall ix given Ay ccrtified mail. return receipt requested. to i.ender's addras stated hetein or to
such other address as Lender may dexignate by notice ta Borrower u provided hetein. Any notice provided for in this
' Mongage shall be ~deemed to have been given to Borrower or Lender when given in the manner desianatod herein.
; 1S. U~itonr Mort~e; Co~ereie~ La.?: Severab~ity. This form of mortgage combina uniform covenants for national -
! use and r~on-uniform covenants with limiteei variations by jurisdiction to constitute a uniform ~ecurity instrument emrerina
~ r+eat property. 'R~is. Mortgage shali be ~overned hy the law of the jurisdiction in which the Property is located. In the _
~ event ~haE any provision or clause of this Mortgage or ~he Note conflicts with applicabk law, such conflict shall not alFoct
~ other provisions o[ this Mortgage or the Note which can be given eQect without the oonAictieg provisan, and to this
p end the provisio~ of the Mortgage and the Note arc Jeclarcd to be severabk.
~ lf. /orr~nwer's Cop. Borrower shall be furniched a conformed cop~• of the Natt and of this Mortgage at the time
; of execution or after recordation hereof.
17. .'1'ra~er of fl~e Tro~erfy: A~amp~iouu• if all or any part of the Property or an interat thercin is sold or transferrcd
by Borrower without Lender's prior writtcn consent. excluding (al the creation of a lien or encumbraoce subordinate to
ihis Mortgage. (b) the crcat~c?n of a purchace money security interest for household appliances, (c) a transfer hy devise.
~ '
descent or by operation of law upon the dealh of a joint teoant or (d) the grant of any kasehold intercst of threc years or kss
not containing an option to purchase, Lender may. at Lender
s option. declarc all the sums xcured by this MortaaEe to be
immediately due and payable. Lender shall have K••rived such option to accelerate if. prior to the xak or transfe~. Lender
~ and the person to whom the Froperty is a~ be ~c+ld or tnnsferrcd reach agreement in writina that the crcdit of cuch percon
is satisfactory to Lender and that the interrct payabk on the sums secured by this Mortgage shsll be at such rate ac Lender
shall requat. if Lender has waived the option to accderate provided in this paragnph 17, and if Borrower's succasor in
interat hu eaecuted a written auump~ion agreement accepted in writing by i.ender, Lender shall rckase Borrower from all
obljsstions under this Mortgaae and the Nae. -
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of ucekntion in accordancc vr~~h
puainph 14 heroof. Sucfi noticx shall provide a period o( not las than 30 days from the date the notico is maikd wi~hin
which Borrower msy pay the sums declared due. If Borrower fails to pay such u~ms prior to the expiratio~ of cuch peric~d.
Lender may, without further notice or demand on Borrower, invoke any remedia permitted by paratnph 18 hercc~f.
.
~ Now-Utvtr~M CoveN~r~s. Borrower and Lender furthe~ covenant and sp+ee ss follo~vs:
~ li. Aeceleratfo~ Re~edies. Eue~t a~ provWed b p~rs~rs~h 17 Mereot. Ro~ fon'~wds MeacM ot a~y co~edwt K .
~ apeea~e~t ot /e~rower i~ tris Mort~e. ~L d~e core~a~ts to pq wbe~ ~~e a~y s~ss stc~ b tds 1b/o~a~e. I.e~ier
~ prfor Io sceele~aflo~ dar sail ~otke to ~onswer r Ko~Ne~ b~ pra~rapl~ 14 rereo~ qeelt~s (1) tMe M~e~tl~: ~2) tMe scfiow
~~ei b e~re wer ~eacl~ (3) ~~Ie. wot las tiae 3~ dsys t~ tie dste tMe ~otfce ir ~aiej to Mnowet. ~'f' whki sKi
~ ~reacM NM be awe~i Irat h~ee b awe~e arcU ke~eM ow or reto~e tiie dMe ~eeYei b tbe ~Mke ~sy res~k i~
~ ~eeelerMiN ot Ire ~s ~cre~ by tii~ Mort~aRe. ~o~eclowre b~icdl l~~oee~ a~i sde o1 t~e hn~ertr. 7Ue wotke ~
~ d~N tulier V[on~ iortower ol tre ~M to rei~shte atees aeeek~io~ aw~ tMe ~b b areA fw die taeeleaoe ~oeee~
~e ~o~Mewce at ~~efa~lt or aq atMer ae(ea~e o/ lonower to accekr~tiow ~i tKeelowre. H tbe MexA ts ~ot cMed a~
or bdore tl~e ~Ne s~eeYei i~ tfe ~ofiee. I.enAer s~ I.e~er's o/tio~ ~ acel~ne aM ~ tre w~ see~as~ ~ N~ Moef~e ts tie
f~¦~edi~ely ire a~i pyaMe wkl~ort t~rther deen~nd a~d wuy taeelae tMb Mafta~e ~ j~kW /~ess~i~R. [.endcr slu~
be e¦tldei ts to~eet i~ s~ti Noe~ s/ espt~sa nf tortt{osrre. rci~i~. ~t ~M ~ M. na~sile stt~xeer's fees, ;
ar ~wl~ ot i~e~~e~t~? e.ide~ee+ +b~rsc~ M/ tilk reNrb. '
1!. Mero~wa'r R~M t~ Rei~Mate• Ncxwi~hs~andinE Lender
s acakration of the sums secuted by th~s M~rt~a~e.
Borrower shall have the ri~ht to have any proceedinEs hegun hy Lender to entorce this Monpae discontinuod at any time
~
~ a~~~K312 F~~E2~4