HomeMy WebLinkAbout2585 • ~
F
~
w y _
Lender i writtcn agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to tlua paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. ~nless Botrowt;r and Lender ague to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on attstanding principal .under. the Note unless pa}rertent of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae a fate
anv_ action hereunAer
>L iraspectiow. i.ender may make or cause to be made reasonable entries upon and inspections of tits: Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying rcason:bk cause therefor related to I.atder's
interest in the Properly. ;
9. Cortdewtratbw. The proceeds of any award or claim for damages, direct or consequential, in conttectiort srith any ;
condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and shall be Raid to Lender.
)n tsar event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage. ~
with the excess, if airy, paid to Borrower. in the event of a partial Taking of the Property, unless Borrower and Leader i
otherwix agree in writitlQ, there shall be applied to the sums ~ectrred by this Mortgage such proportion of the proceeds
as is equal to that proporliori which the amount of the sums xct~red by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if_ after notice by lender to Borrower that the condemnor oRers to mate
an award or xttle a claim for damages. Borrower fails to respond to Lender within 30 days after -the date such notice is j
mailed, Lender is attthon~ed to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the
Property onto the sums. ~ccured by this Mortgage. i
Unless'1_et<der a(td Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ;
or postpone fhb due date of the monthly installments referred to in paragraphs 1 and 2 het+eof or change the amount o[
such installments. F
10. Borrower Not Released. Extension of the time for payment or modification of amorlization of the sums secured
by this Mortgage granted by Lender to any successor in interest of .Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower
s sttcoessors in interest. Lender shall not be required to comrrtertoe
proceedings against such successor or rcftrx to extend time for payment or otherwix tfy amorlization of the sums
xcured by this Mortgage by reason of any demand made by the original Borrower and grower's successors in interest.
I1. Forbearance r9 Lender Noi a Wdver. Any forbearance by Lender in exercising any right or remedy hertrmder, or
otherwise afforded by applicable law, shall nr?t Ix a waiver of or preclude the exercise of any such right or rrmedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness xcttred by this Mortgage.
12. Retstedia CtuwshMve. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercixd concurrently, indepertderttly or successively.
' 13 ~ • ~t ~Ytr~ 1„sblfil••• r.~.rr...~ '1}.. z...,....nt. ..r1 werK.nlnte herein
~ .....r, -r----~- -e----
contained shall bind, and the rights hereunder shall inttrp to. the respective successors and assigns of Lender attd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several.
The captions- and headings of the paragraphs of this Mortgage arc for convenience only and arc rat to lie used to
interpret or define the provisions hereof.
14. Notiee. Except for any notice rcgtrired 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 certifed mail addresxd to Borrower at
the Properly 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 certified mail. return receipt requested. to i.ender's address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwltorwt Mortgage; Governing Law: Sevcra6gNy. This form of morlgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
~ real property. This Mortgage shall be governed. by the law of the jurisdiction in which the Property is located. In the
f event that any provision or clattx of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect =
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be xvenble.
's lf. >sorrnwer's Coq. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. ,Transfer of tits Troperty: Assttanptiow. Tf all or any parl of the Property or an interest therein is sold or transferred
~d by Borrower without Lender's prior writtcn conxnt. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the crcatton of a purchase money security interest for household appliances, (c) a transfer by devise.
docent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
rat containing an option to purchase, Lender may, at Lender's option, declare all the sums aa:ured by this Mortgage to be
immediately due and payable. Lender shall have waived uich option to accelerate if, prior to the sale or transfer. Lender
t and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in _
interest has executed a written aaumption agreement accepted in writing by Linder. Lender shall release Borrower from all
obligations under-this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. 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 declared due. if Borrower tails to pay etch stems prior to the expiration of such period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof.
~ Norr-UNIFORM Covetvar>TS. Borrower and Lender further covenant and agree as fdbws:
Ill. Accdentiow; Rewtedies. IEtce}t as provfded i• pGagrapr 17 rereof. ttptt isorrr+.erra iseneh of arty covewa.i err
ttgrcetAeN d >dorrower r dtis Mortgage. Iselsdittg ere cotreaaais to My wrew doe arty swRSS aecarei bf tris Mort~e. Lawler
prior io accderatbw err twail wt>fke to iorrower as provided Is pragta'It 14 Hereof speeltyla~ (1) ere reeaer: (2) ere setiett
N egdred b cm+e awcr rreacr; (3) a dale. wet less titan 30 days ttrowt ere date ere wotiee it oaNed Io lorrower. r!' wrkr steer
brteaer mwrt k cared; cad t4) trot taWtre to true welt bteaelt ow or referre ere date speeiied r ere wotke ttasy rssdt V
aecekraiiew of ire trwts secured by trb Mortgage. torr<Aoettrtr h jttlfeid proceeding awl ale d tre Prgeriy. Tire wotict
sraU trtrtrer iwfortw Ifonower of ere riRM to reistsbte after acceleratiow awd ere right to assert iw ere foreeloerre pr~oeeedirR
ere wow•e:istewee of a detatrlt or sy otter ~ettwse of litorrower to accekrNlew aai toreclowre. N ere ttreaclt r wet cw+ed east ,
or before ere dNe geciied V ire wWke. Lewder at l.rwder's opbtt wtsr declare a/ of ere stows stewei r7' fW MortpRe 1w re
itwwtediatelp dtte awtl'ayark witrowt tttrtrer demand and say /oreclose tris MortBagt r7 jwikW prrteedisR. Ltrttder iraM
be eNlded to eolket V steer praeeedi.g ai estewses of foredoswre. IwchrdMg. bwt wet ~ w. reasswaMe sttwser's fees.
awl eosb d ioet.-~eMary etilewa, abetracb awl tick rsprb.
10, 1orr~owa's R~Itt b Relastaie. Notwithstanding Lenders acceleration of the sums secured by thti Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
B~~ 323 PAS 2574