HomeMy WebLinkAbout2983 Lender i written age-~:ment or applicable Iaw.nli-arrowcr shall ptfy~amuunt of all mortgafre insurance premiums in the
manner pine ~dCSt under paragraph 2 hereof.
Any amounts di:hursed by Lenskr pur,uant ro this p•+r graph 7, with a~tered thereon. shill income additions{ i
insls:htcdrtc:c .?f Itorrows:r secured by this !sortgage. lJnle•.• ...wra"cr and 1 ender agn.•e to r+tlter terms of payment, such.
amsumtc shall be payable ups~n nsHics: from Linder to &~rm..cr rcyuesting p:gnnnt thcreo(. and shall hear interest from the
date of dicburcement at tlrc rate pa~•:r~ from time to time on c-tnstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event each amounts shall hear interest at the highest rate
petmissihk under applis:abk law•. Nothing contaited in this paragraph 7 shall require Lender to incur any expense or take
any action hs;rcunder.
~~d1/ertlgwiTiterttigr rrtgpt cause to he made reasonabk entries upon and inspections of the Property. pmvidtd
that irt~lt~F~,lilfBfc~-r~q~rior to any strch inspection specifying rcasonabk cause therefor related to Lender's j
intu~lp(ttit~trYrQl~f}Yt"; rrC~slr• vt ~
9. Coad;awwatbn. 'i7te proceeds of any award or claim for dat~iages, direct or rnncequential. in connection with any
catdemnation or other~taking of the Property, or part thereof, or for conveyance in lieu of condemnation, air hereby assigned
and shall be paid to Lender.'
In tlx event of a total taking of the Properly. the proceeds shall be applied to the sump secured by this Mortgage.
- with the excess, if any. p:.id to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
other~jse nee in writing. there shall be applied to the sums secured by this Mortgage such proportion of- the proceeds !
as is equal .b'that prt?portion which the amount of the sums secured by this Mortgage immcdiatel~• prior to the date of
taking hears to the :air merket value of the Property immediately prior to tine date of tai;ing, with the balance of the proceeds
paid to Burro er,
if the _ ny is abandoned b~ Harrower, or if. after notice by Tender to Borrower that the condemnor offers to make -
an award'or set -a claim for damages, Borrower fails to respond'to lender within 30 dais after the date such notice is '
mailed: Lender authorized to collect and apply the proceeds, at T-ender'c option. either to restoration or repair of the -
Property•or to the sums secured by this Aortgage. -
Unless Lender-and Borrower otherwise agree in writing, am• such application of roceedc to principal shall not extend
or pactpone the due dale of the monthly installments referred to in paragraj~s!~~,~~~~i trot ~r change the amount of
such installments.
10. -Borrower Not Released. Extension of the time for pay°mrnt or modification of amortization of the sums secured
by this Mortgage granted by Tender to any successor in interest of Borrower shall not operate to release, in any ~ manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend tune for payment or otherwise modify amortization of the sums -
secured by this Mortgage by reason of any demand made by the original Borrower and Bsir•rower's stccessors in interest.
11. Forbearance by Lender Not a ~Haiser. Any forbearance M I-ender in exercising any right or remedy hereunder, or. t
otherwise afforded by applicable law, shall not he a waiver of slr preclude the exercise bf any such right or remedy. J
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 indchtednsss secured by this Mortgage. ~ -
12. Remedies Cumulative, All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Ssccessors gad AssiRws Bound; Joint gad Se.erd LiabGlity; Captii_ons. The covenants and agreements "herein
contained shall bind,rnd the rights hereunder shall inu~c: to. tlis: respective successors and assigns of Tender and Bormwer. -
subject to tlrc provisions of paragrap~r 17 hereof. All covenants anJ agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Afortgagc arc .for. convenience only and are not to be -used to
interpret or define the provisions hereof.
14. Notice. Except for any notice -required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailin¢ such notice by certified mail addressed to Borrower at -
the Propert} Address or at such other address as-Born~wcr mac designate by notice to Lender as provided herein, and -
(b) anv notici; to 1_ender shall be given by certified mail realm receipt requested. to lender s address slated herein or to
such other address s~ T.ender may designate by notice to Brrrow~er as provided herein. Any notice provided for in this -
Mortgage shall be ~ecmesl to ha~•e Men given to Borrower or 1-ender when given in the manner designated herein.
15. Uniform 111or1gaAe; Gos•erniirg Taw: SeveraM'lity. Thi,-form of mortgage rnmbines uniform rnvenants for national -
use and non-uniform covenants with limits,-J variations h~• juricdicti~.n t~. constitute a uniform security instrument covering
real property. -this \lortgrgc shall be governed by the lav?~ of-the jurisdiction in which the Property is boated. Tn the
event that any provision or clause of this Mortgage or the \ate conflicts kith applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can- be gis•s:n effect without -the conflicting -provision,. and to this
end the provisions of ths- Mortgaee gird tbe Hots: air skclarcd tss he severable.
16. Borrowers Copy. Borrower ,tall to ftirni,hed a cs.nformed cop} of the \Tote acid of thin Mortgage at the time
of execution or after recordation hereof.
17. Transfer of irK °roperty: Assumption. Tf all or am• part of the Property or an interest therein is sold or transferred
by Borrower without Ixndcr s prior written consent.. excluding la? the_ creation of a lien or encumbrance -subordinate to
this Mortgage. Ib) tbe creation of a purchase mone~~ ,ecurity interest for household appliances. fc) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less .
not containing an option to purchase. 1-ender ma~•, at 1-ender: option. declare all the sums secured by this Mortgage to be.
immediately dot and payable. Lender shall-base wai,•cd such option, to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be sol.l or transferred reach agreement in writing that the credit of such person
is satisfactory to i_ender and that the inters.-st pa~•able on the corns -xcured by this Alortgagt shall be at such rate as Lender
shall request. If I-ender has waived the option to accelerate provided in this-paragraph 17, and if $orrower's successor in
interest has executed a written assumrnion agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
Tf f-ender exercises siich option to accelerate. lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Srrch notice shall provide a period of not less than 30 da)x from the date the notice is mailed within
which Borrower may pay the sums declared due.- If Borrower fails to pay such sums prior to the expiration of such period.
Lender may. without further notice or demand on Harrower, invoke and remedies permitted by paragraph 18 hereof.
Nox-Urrtt=ot:tat COVENANTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph- l7 hereof, npow Borrower's bread of guy rn~tnawt or
agreement of Borrower iw.this Mortgage. incladirrg the rnvenanls to pay when doe any sums steered by this Mortgage, Lewder
prbr to acceleration shall ma8 notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the actiow
required to care soc6 breach; (3) a' date. not less than 30 days from the date the notice is mailed to Borrower. by which sod (
breach most be cared; and (4) that failure to core snch breach on or before the date specified in the notice may resdt i i
t acceleration of the sans secured by this Mortgage. forecbsure by judicial proceeding gad sak of the Property. The wotice 1
sha0 fnrtber inform Borrower ~ the right to reinstate after sccekratiow and the right fo sssert is the foreclosure proe~g
the ran-existence of a default or any other defense of Borrower to sccekratiow and foreclosure. Tf the breach is not cored ow
or before the date specified in the notice. Lender at Lender's option wtay declare ad of the cants secured by this Mortgage b be
.immediately doe and payable without further demand and rose foreclose this Mortgage by judicial procee~og. Lender shah
be ewtitkd to collect m sod proceeding all ezpeoses of foreclosure, inclndiug, hot woe limited to, rrasowabk sttorwej's fess,
awd costs of docnmeMary eridrnce. abstracts and tit,e .eports. _
19. Borrowers Right to Reimtate. 1Votwithstanding Leader s accekratian of the sums secnrcd by this Mortgage.
Borrower shall Gave the right to have any proceedings'bsgun by Lender to enforcx this Mortgage- discontinued at any time
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