HomeMy WebLinkAbout0329 Leader's written agroemeat or applicable law. Borrower shaU• pay the amount of cep mortgage iasuraaoe premiums is the
meaner provided under paragraph 2 het+eof.
Any amours disbursed by Lender purwaat co this paragraph 7. with iata+eu thereon. shag become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower sad Lender agroe to other terw of payttteat, such
amouna:ftall be payable upon notice from Loader to BorroMrar requesting payment thereof, and sha116ear interest fran the
date of disbursa~tt at the rate payable from time to time on outstanding prittdpal under the Note unless paytnwt err
iaterat at wch rate would be e~ntrary to applicable law, in whkh event such amatna :hall bear interest at the higher rata
permadble under applicable law. Nothing exmtaitted in this puagraph 7 shaq requite Larder to incur say eapeme of take
any acct henwsder. .
S. Is~spsetioa. Leader may make or cause to be trade reasatable entries upon sad iaspectiogs of the Property, provided
that Lender shag give Borrower notice prior to say such itupectioa specifying reasonable cause therefor rdated to I.aaders
interest in the Pteperty.
9~ Cam. The proceeds of say award or claim for dtaraages. direct a conaequeatial, in oonnectioa with say
condetnnaiion or other taking of the Property. or part thereof, or for conveyance in liw of oondemaatioa. an hereby sss3rsed
and shall be paid to Leader.
In the event of a,total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
with the excess. if say, paid to Borrower. In the evert ~~aking of the Property, udkas Borrower sad Deader
otherwise agree in writing, there shall be applied to by this Mortgage such proportiot of the proceed:
as is eq}ul to that proportion which the amount of the sums secured by this Mortgages immediately prior to the date of
takias bprit let the fair marke4 value of the Property immediately prior to the date of taking. with the balance o!' the pr+oossds
~ If Property is abandoned by Borrower. or if, after twtice by Lender to Borrower that the ooedemaor oQets to make
_ an award er se~ttte: a claim for damages, Borrower fails to respond to Lender within 30 day: after the date such noticx is
mailed, I,gnder is afflborized to odkct and apply the proceeds, at Lender's option, either to ratoration or repair ~ the
Property os< to the-snms sexur+ed by this Mortgage.
Ud1a~Leaderand Borrower otherwise agree is writing. any such application of proceeds to principal shall sot extend
or paetpaae the+,due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the attlount of
such installnleetta.~
lA. >lso~wwer Not Released. Extension of the time for payment or modification of amortiwtion of .the sums second
by this Iortgage granted by Lender to any suoraaor in interest of Borrower shall not operate to ukase. in say manner,
the liability of the original Borrower and Borrower's successors in interest. Leader shall not be required to ooa4tttatoe
proceedings against- such atloceasor or refuse to extend time for payment or otltetwise moditl? anaruzation of the soma
secured by this Mortgage by reason of any demand made by the original Borrower and 'Borrowers ~ in interest.
ii. Forbavrasce by I~esder Not s Waiver. Any forbearance by Lender in exercising arty right or remedy hereunder, or
otherw&e afforded by applicable law, shall sot be a waiver of or prechtde the exercise of any such tight or remedy.
The proctuetnent of iasuranoe or the payment of taxes or other liens or charges by Lender shag not be a waiver of Lender's
right to acakrate the maturity of the indebtedness sexured b?y this Mortgage.
12. Rearedies Cswsibkire. Ali remedies provided in this Mortgage are distinct and cumulative to arty other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independtntly or sttoastivdy.
13. 9sccews sal Assists letts~ JoiW ssai Several- T.isbiq, Caltiw. The ooveaants sad ag~neaa .herein
contained shall bind, and the rights hereunder shall inure to. the respective suooeswrs sad assigns of Larder and Borrower,
subject to the provisions of paragraph 19 hereof. All covenants and agreerrteats of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage: are far convenience only and an rat 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 entice to
Borrower provided for in this Mortgage :halt be given by mailing such notice by certified math addressed to Borrower at
the Property Address or at such other address as Borrower may designate by noticx to i~nder as provided herein. sad
(b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address statod herein or to
such other address as Leader may designate by notice to Borrower as provided herein.. My notice provided for in fhb
Mortgage shall be deemed to have boon given to Borrower or Lender when given in the mamter designated herein.
iS. Udfew Mottgagt; Goteraiag Lsnr, $everabiWy. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
rest property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is heated. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflkt shall not affect
other provisions of this Mortgage or the Note which can be given effext without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc desisted to be severable.
lf. >dorrewesrs Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of exexution or aher recordation herewf.
17. Transfer of tie Property; Aswa4ptlos. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant ~f any leasehold interest of three years or less
not containing as option to purchase. Leader may, at Lender's option. declare all the sums secured by the Mortgage to be
immediately due and payable. Leader shall have waived such option to aaxlerate if, prior to the sale or transfer, Leader
and the person to whom the Property is to be sold or transferred reach agrament in writing that the credit of such pexsore
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Leader
shall request. if Leader has waived the opion to accelerate provided in this paragraph 17. and if Borrower's sttceeasor in
interat has executed a written auumption agreement acceptex! in writing by Lender, Lender shall release Borrower fran ail
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 notke 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 furthest notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Norr-UNIFORM CavENANTS. Borrower and Leader further covenant and agree as follo+re:
lg. Aea~eieratior, Re.sed{es. Fscept ss proviiea 4 17 Iteraet, s~ )socroweri bases etE say covessstt err
t~rexaraN ett)lerrewer h tWs Mortgage, i fie covetautts to pay wics dse arty sts>rt aeettai by tits Mortgage, I.esier
prior N scce~os siW mail frolics to >ion~owex as pooviaed b ~stagrspi l4 ier~eot specifjia~: (l) tie brescil (2j do ae~
regainai b essre sari ireaci; (3) a dale, scot less ties 311 elsrs frost tie date tie aotlce r ssaitei to »arsrrwer, by wtYidt aaxi
bresci •ss# be ~ asai (4) fiat faBwe te? care sesclt ls+raci a ear heron tic dote opetifiei i tie t+olice assq posit i•
acceleraliw et lie wars ieeseei ftris Mertga~e, ioreelowr~e b l~ P stsi sale o[ tie lrepatq. ~e notice
sfatti f+srtier ir[orttt >torre~wer et fire r(gltt M reisArMe stfer aeeekrstlos srtd tie rlgitt M assert lrt lie fisoelwe psaeseirig
lie tsoa}eeristasee of si ekfaslt ear ear slier ddsssse of ltorrswsr ~ ae~cdertMisst ant fonelosate. >r lie bs~esesi is sot extsei w
ear before tie setts speciiBei i• tie asotlce, llenier M I.ardere option ttaq ekesiass at of lie stasra seeteei by ~ Marf`sgs tea be
iaRSSeisfdy dre asal ~sbk wftioat ttutier desafri anti ttsq toredose this Morfsage b pnoeaeisg. I~eslasr slat
be estlbei N e:oiiect d ssai ~eeceedisg ai eWeases eat foneciostire, ise1 hot salt rsslki fay naasstsiia alarasy't; tow,
sal essb o[ eierear¦aMsry erldaree, a6stracls ant tlde repsta.
19. >Iorrewes's Rt~it M Rdsstate. Notwithstanding Leader's acceleration of the rotas secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enfot+oe fhb Mortpge diseoatiaue~ s< say time
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