HomeMy WebLinkAbout0551 . Leader's written agt+eestsettt a applicable law. Borsowex shall pay the amowtt a[ ap anorlgage iawranoe ptemitttra in the
manner provided under pantgraph 2 hts+eaf.
' Any amounts disbursed by Leander pursuant to this paragraph 7. with interest thereon, shall beconts sdditiortal
• indebtedness of Borrower secured by this Mortgage. llrtlees Bgrtpw4r and Lender agree to other terrra of payaatt, such
amounts shall be payable upon notice from Ls:nder to Borrativer roquesting payment thereof. and shall bear interest ft+om the
data of disbursatacr?t, atfthe rate payable from time to time an outstanding principal under the Note emkss payant d
interest at such rata would be contrary to applicable lsw, in which event such amounh shall beer interest at the highest rage
- permissible under applicable law. Ndlimg oontairted in this paragraph 7 shall require .Lender to incear soy atpewse of tab
any action heareuadest.
IR irs*tefiaw. Lender may make or caerse to be made rcasottabk entries upon and inspections of the PropeAy, provided
that Lender shag give Borrovrer notice prier to any such inspection speacifying reasonable cause therefor related b i~eadet's
lnterett in the Property.
C The proceeds of any award or claim for damages, direct or saoetsegtterttiat. in oottrtecdow with any
condemnation or dhex taking etf the Property, or part iheareof, ar for conveyance in live of cortdattnation, are hereby rad~gtted
and shall be paid to Lsartder.
in the: event of a trial taking etf the Property, the proceeds shalt be applied to the sums xcetted by this Mortgage.
with'the excess, if any, paid to Borrower. In the event of a partial taking of the Property.. unia~s Borrower and Leoder ,
dhexwise agree in writing, there shall be applied to the sums seacitrod by this Mortgsgt such proportion of~ the proceeds -
as is equal to that proportion which the: amount of the sums secured by this Mortgage imrrtediatdy prior to the rhea set
taking bears to the fair market value of the Property immediately prior to the date of taking, with then balance o[ the pggoeeds
paid to Borrower.
if the Property is abandoned by Borrower. or if. after notice: by Leander to Borrower that the oortdemttor offers so maioe
an award or settle a claim. for damages, Borrower fails to respond to Leander within 30 diys after'the date such notice is
mailed. Leveler is autltoriaoel to collect and apply the proceeds, at Lender's option. either to r+estoratian oa repair d the
Property or to the sums secured by this Mortgage. -
Unless Lender and Borrower dherwise agree in writing. any such application of prasv~ to pr~lpa3 t ~ -
or postpone the due data of the monthly installments referred to in paragraphs 1 and 2 hereof or d?aetge flee aatouwt set
such installmentts.
lt. BeKrewer NM Reieasei. F~stension of the time for payenextt or enadiflcation of amortization etf the sutra secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in any maalter,
the liability of the original Homowe:r and Borrower's successors in interest. Lender shall not be required b cotnnrerroe
proceedmgs agaittat such setexessor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Bomowar's successors in interest.
1. Foritarawct iT Leveler Not a Waiver. Any forbearance by Lender in exercising any right or remedy 1tet+erUadex. br `
otherwise afforded by applicable law. shall not bt a waiver of or preclude the exercise of any such right or remedy.
The procurement of insuraneae a the payment of taxes or other liens a charges by Lender shall tat be a waiver of L~endex's
right to aceekrate~he maturity of the ittdebtedrtess secured by this Mortgage.
!2, Rs~eelks (~rtialise. A)1 remedies provided in the Mortgage are distinct and cumulative b any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised eortcttrrentty, indt~endgttly or setooersiveh?.
13. 3nteessors and Assigns lsorwek .iciest at+i Sertwl iisbitN CaptlMS. The oovenanb and agreeaoatts herein
contained shall bind, and the rights her+euetder shall inurg to, the-respective sttcoessors and sssigos of Lender and Harrower:
subject to the provisions of-paragraph 17 he:reof._ _All_covenants and agreements of_ Borrower :hall be joit~ and several.
The gptiotts' and heutdings of the paragraphs of this Mortgage are for oonvaiteatoe onf)? _and arcs- not to lie used to _
interpret or define the provisions hereof.
I4. Notka. Except for any notice r+egstired under applicable law to be given in another manger. (a) any notice b
Borrower p~avided for in this Mortgage shall be given by mailing such notice by certified marl addressed to Borrower at
the Property. Address or at such other address as Borrower may dewignate by notice to Vender as provided herein. and -
(b) any notice to Lender sha0 Ire given by certifiead mail, return receipt requested, to Lender's address. stated herein or to -
serch other address as Lender may eksignate by notice to Borrower ss provided herein. Any notice provided far is this
Mortgage shall be dexmed t6 have bean given to Borrower a Lender when givpt in the rnatrter designated herein.
1S. Uwifstrrr Mortgage; Goverrirg Lawt Stversite'lity. This form of mortgage: combines uniform oovenanh for national
use and non-uniform covenants with limited variations by jurisdiction to corrtitu~e a uniform security instrument eovexirag
real property. This Mortgage steal! be governed by the law of the jurisdiction in which the: Property is located. In rite
event that any provision or clause of this Mortgage ar the Notes tvrdlicts with applicable law, such conflict shall nog afiect
other provisions of this Mortgage or the Nate which can be given effect without the oonfiictirtg provision. and to this
extd the provisions of the Mortgage and the Note arse deaclared to be severable.
!f. lerrower's Cep. Borrower shall be furnished a conformal copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Transter eft tie >rraparty; Awewtptiow. if all or any part of the Property or an interest therein a sold ~ transferred
by Borrower without Lender's prior written consent. excluding (a) the crextioo of a lien oe; encumbrance subordinate to
this Morigagt, tb) the: creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent ~ by operation of law upon the death of a joint tenant or (d) the gent of any leasehold interest of three years or less
rat ooMaining an option to purchase, Lender may, at Lender's option. declare ail the sums sexxtred by this Mortgage to be •
immediately due and payable. Lender shall have waived such option to aooderate if. prior to the sale a transfer. Lender -
and the person to whom the Properly K to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inten~st ps?yabk on the sums stacured by this Mortgage shall 6e at such rate at Leader
. shall request. 1f Lender has waived the opton to accelerate provided. in this paragraph l7, and if Borrower's srtcoessor in
interest bas executed a written aswmption agncentertt accepted in writing by Lender. Lenekr shall release Borrower from all
obljgatiorts under this Mortgage and the Note.
If i~erder exercises such option to aecekrate, Lender shall mail Borrower notice of acceleration in atxordartcc Kith
papagraplt 14 hereof. Such notice shall provide a period of not less than 30 days from the data the notice is mailed within
which Borrower may pay the wms declared due. if Borrower fails to pay such sums prior to the aspiration of such period.
Lender may. without furthex notice or demand on Borrower. invoke any rcntedies permitted by paragraph 18 hereof.
Nair-UxsFOrsat Co~verr~rs. Borrower and Lender furthest covenant and agree ss folbars:
lfl. AceeiesaNas>; Remedies, Suet m provMed its Nrragnpi 17 Itierttt, stpw >itrrtrweds irreaei sa< tatay eevtaR err
agrtesat eat Btrseawe! Ira Mis Metstgage, itelriirtg the eoeMNs fe pqr whew ire astir swaaas aeerreti b this Metstgage.l[.aaeler
pricer M atcNntttltes slat all wofke b lsorrawear sr provMed Ir paragratpi 14 heas+a[ speef[j~fngs (t) fit istaelt; (2) tie wetNw
rratirieei M s;rse steel (3) w crate, west ins Batt 3i elgs trove fie elite fit wetiee i tiitl M lltsrewtr. b wild seed
flstati art IYe es>r~ ari t4) mat taYrrt M crane ssiclt irteei a ur >kttre tit late s~trffiei Y fie welkt wuy s+esrrN is
aeedesatiew ere fie errata tatxerti yT b4 Moelgatt. taaseclosttre h jiNieW lsreeeiitL awl stale eat tie Trpery?. lire wetia
sfYar fisher itatistat Nsrrwer eti tit rlgit M rtiwshh after ses.~derdiow srai tie rfgM M avert M Att tareaelaarns prweaitag
fit row•e:iMewoe eat i ietattlt or aray ~ eiefestse of ltorrrwer N eaereieraffai arti tortelasis+a Y fie istaei it wet eieeai sate
eft ileac Nee eWe yttliei it flee stetNet. ieiier st [.eritr~s etpfiiw ay iselttse si ea[ tfte eta setsaard y flat. M«1gtt10e ffa k
iruwtifalelf ire arts Mate witiotal tirlfaet dcwtand attel ay terteleat Ale 1NNt:age ti!' ~W l~eflrR• Lewder iii
Ne t¦tMiei N street ie ataei peeseetiiag aM espeases l teredass>tet, treirtllttg. flit crest ¦¦rilsi Ir„ stawaYe sft.,rreYs fees.
ravel eeaia sat itcwsaeitary evliesee. airRrsett overt dtle rraMrit.
1!. >itrswwts's Rkit M Redrnhla Notwithstanding Leande~s aooelerstiort etf the sums stxsrred by the Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage disoontimaed u any time
. 8~ 3~6 P~ 551