HomeMy WebLinkAbout1441 -
.J•.yj ~ i #
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurartet premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to the paragraph 7. with interest thereon. shall become additional
indebtedness of Borrower secured by thi: Mortgage. Unless Borrower at~ tehdje} 1tg~e to other terms of payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest ftnm fire
date of disbursement. at the me payable from time to time on outstanding principal under the Note unless payment or
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 carttained in this pare n 7 shat! y p~ or take t
any action hereunder. g ph require Lender to incur an ea
a. lwepeeKow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such insptction specifying reasonable cause therefor related to L.ender's '
interest in the Property.
Cowderpwatbw, The proceeds of any award or claim for damages, direct or consequential, in connection wilt any
condemnatidn or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. arc hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Properly, the proceeds shall be applied to the sums segued by this Mortgage.
with the excess, it any, paid to Borrower. In the event of a partial taking of the Properly, unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the prooeedr
as is equal to that proportion which the amount of the some secured by this Mortgage immediately prior to the daft of
taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower. ~ •
If the Properly is ahandontd by Borrower. or if. after notice by i_ender to Borrower that the condemnor offea to trtate
an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice b
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
• Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount or
such installments.
lA. Borrower Not Released. Eartension of the time for payment or modification of amoniution of the stuns secured
by this Morlgagt granted by Linder 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 corrtrttenee
• proceedings against such successor 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 Borrower's successors in interest.
l 1. Foriearawce ltry Lewder Not a Waiver. Any fort+earance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall nM be a waiver of or preclude the exercise of any such right or remedy.
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 secured by this Mortgage.
12. Rawedks Cwwahtlve. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or af[orded by law or equity, and may be exercised concurrently, independently or successively.
13. Strceeaors awd AsdRrrs Isouad; Joiwt awe Sereral t.ia6iBty; Cwpaows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall imtrg to. the respective successors and assigns of Lender sad Bon~ower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower :half be joint and several.
The captions' and headings of the paragraphs of this Morlgage arc for convenience only and are not to lk 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 Mortgaee shall be given by mailing such. notice by cerlifkd mail addressed to Borrower at
the Properly Address or at such other address as Borrower may designate by .notice to Tender s: provided heron. and
tb) any notice to Lender shall lx 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. Uwaorwr Morl~e; Govenaing Garr; Severa6Bity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrutntnt covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shah not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to the
end the provisions of the Mortgage and the Note are declared to be severable.
If. laerrower'a Cop. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trwrer of tic Uwperty: Assarwptiow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior w~ittcn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Morlgagt, (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 (dl the grant of any Leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender s option, declare all the sums secured by this Mortgage to be
immediately due and payabk_ Lender shall have waived inch option to accelerate if, prior to the sale or transfer, Lender
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 payabte.on the sums secured by the Morlgage shall be at such r:ts as Linder
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower
s successor in
interest has executed a written auumption agreement accepted in writing by Lender, Lender shall release Borrower from all
oblisations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shalt mail Borrower trotice of acceleration in accordance r+•ith
paragraph i4 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 fails to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by panigraph IR hereof.
No>r-UNIFOltrr COVENANTS. Borrower and Letrder further covenant and agree as fellows:
ltl. Aeedarttio~ Remeaia. Except as provided M pwragrapi 17 iereot, t*ow iorre+wes'a itewei et twsy csvewawt K
agreeseat of eersrwer V tiffs Merfgagc. iwdwiGtg tie cerewawfs to pay whew a.a awy twtars esetsaa b elri Mertgage. rewier
pteior a aeeekratlow sera/ ¦rdl wotice ro ~orrewer as preriLa ` pragrsplr 14 trereer speeLrylwg: (1) tie lreeselr; f~ tie sallow
eegwirea N furs swei 6aeaei; (3) a dMa. wet less tLw 3A Lys ttaetw tie Lee tie wotiee Y twafllea le flNerowa. Ily wild awcir
tYrewclr wstret be ett~ awl (1) fiat fdbre to care swci ireaci a or ierore tie date yecifiei r tie wotlee twat resrit i•
ata~ekraflosr or tie arms ttatrrea fry fhb Mortgage. terecloswre b f
wdkW proese~wg awl sale er tic h+apery. 71re wetiee
LII fwrtrer btoa. i>orrewer d fie ri~bt to neiratste after aeceieratiow swa fire rlgit b ttwxA s• tie tortielawe ptrooeeiwg
the .u.-eriwewee ar s. 4era.ir er awr Doer ierewre of sorrower to wcceier.efow wwi roselo.wre. rr arc rtir~eaei r wet ewred
er trerore are ante geeiiei d ftie wotke. Lewder st l.ewiers optiow wrtq ateehre r er fie swats seesna y? lib MarlgaRe >w k
iwrwreifale~ awe awl pwyaik wiliowt twrtier danand and rwar tereclae ttMs Mor~age i7' jwaktwl prrceealwR. tender .iaN
Ire eMWe/ b eereet i sardr ps+oa~ecdiwg as expcwses of /orecloswre, irehriiws, Mt wN Bwtifai fe, rea»wabit sta,rAeYs fees.
sari tee1~ of axrrtr~teMary erlaewce, a6slrwcts wwi tick reports.
1!. tlortrwa'e R1gM t• Reiwitata Ncgwithstanding Lenders acceleration of the stuns stcttred by thi: Morlgage,
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
so~3~'6 PAGE1439