HomeMy WebLinkAbout0189 ' ' : a
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage unsurarroe premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbtrrxd by Lender pursuant to ~hiq pttpgrgph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. +UnlGSS Borrower and lender agree to other terms of payment, such
amounts shall be payable upon notice from I.cnder to Borrower requesting payment thereof, and shall boar interest from the
date of disbursement at the raft payahk from time to time on outstanding principal under the Note unless paymatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear intorcst at the hi8hest me
permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any experae or fate
any action hereunder.
8. iwspecfiow. Lender may make or cause to be made reasonable entries upon and inspections of the PropeAy. provided
that Lender shall give Borrower notice prior to any such inspection speci[ying reasonable caux therefor related to Lender's
interest in the Property.
9. Cowdemwation, The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation 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.
1n 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 any, paid to Borrower. in the: event of a partial taking of the Property, unless Borrower and Leader
otherwise agree in writing. there shall 6e applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured 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 balattoe of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after notice by 1_ender to Borrower that the con_ detanor oRers to mate
an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after the date such notice b
mailed, Lender is authorized to collect 'and apply the proceeds. at fender's option, either to restoration or repair o[ the
Properly or to tfte sums scoured by this Mortgage,
Unless Lendtr and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of iiie rnonthiy InsiaiiitCiis referred io i.. rzarag:ap:ts 1 .^.d 2 het~f rr zl•ar:gt the arrl~ttrt et
such installments.
10. aorrower Not Rtkased, Extension of the time for payment or modification of amortization of the sums stxurcd
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 Bc?rrowei c successors in interest. Lender shall not be required to eommerroe
proceedings against such successor or refuse to extend time for payment or otherwix 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.
11. Forbearawce 6y I.cwtkr Not s Waiver. Any fort+earance by Lender in exercising any right or remedy hercuttder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or ~Y.
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 acceltrate the maturity of the indebtedneu secured by this Mortgage.
12. Rearedies CwwtsiMl~e. 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 exercised concurrently, independently or successively.
13. Swccessors gad AseiRws eonwd; .Toint aatd SetrerN i.wbii5iry; Csptbss. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sod Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and an not to lie used to
interpret or define the provisions hereof.
14. Notlice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall bt given by mailing such notice by cerlifkd mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to fender- ss provided' herein, and
(b) any notice to Lender shall l+e given by certified mail, return receipt requested. to Lender's addr+ps 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.
lS. Uwiforwr Mortgage; GoversinR Law; Seversb0ily. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limiteef variations by jurisdiction to constitute a uniform security instrument covering
real progeny. 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 Nott conflicts with applicable law, such conflict sh:tl not aRect
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 err declared to be severable
16. ¦arrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawsfcr of the Property; Assnmpliow. if alt or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wrirtrn consent. excluding (al the creation of a lien or encumbrance wbordinate to
this Mortgage, (h) the creation of a purchase money security interest for household appliances, (c) a transkr by devise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold inter~at of three yeah or less
not containing an option to purchase, Lender may, at Lender's option, declare al! the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be co1J 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 ac Lender
shalt request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interat has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all _
obligations under this Mortgage and the Note. -
1f Lender exercises such option to acce{crate, Lender shall mail Borrower notice of acceleration in aceordancr 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 fails to pay such arms prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph to hereof.
Norr-VA11FOaM t~ovexaHTS. Borrower and Lender further covenant and agree as follows:
18. Acederatiow; Rewredia. )Except ss povitied iw paragraph 17 hos:oft. tapw lio~nower's flracM of a.y covewswt K
agrtewrewt oft iarower h t`is Mort;a6e, iwclwdiwg the ewewsrNs to pay whew ire awy swwrs sccrr~ci y this Mom. Lcwier
prior to scederNbw shall wail wotke to llsorrower as'rovWea M psragraph 14 Itereo[ specYylwg: (1) the Ms~ach: (>h the atttow
rgtdr+esl /o ewse swch Mach; (3) a date, woe kssi draw 30 days troar the tlste the wotiee b twaYei M Mrrewetr. d!' whkh sweh
Mach tout be eKd; awl that fiaBsrc to core such Mach a or bdore the flare specMei b the works twat remit b
acceierMiow oI the swt¦s secwrei by fhb Motrtgage. torecloswro fry jwdkial proceednwg awl snie of tic >rr+uperty. TAe weeks
shah brtrer iwfonw Borrower of the right to rNsrsfnte after accekrstbw awe the trlgW to assert bt the toreeioswre psot~ettiisg
the wow-exbtare d s icfswlt or awl other tkferase of Borrower to ascekratiow, swi torsclowre. N thx Meech b wof corgi ow
or before the isle spttcfiei L tie todce. Lendtr at l.ewdtrs optbw wrW decbre sB of the swtws seemed ~ this 1blottRsge fe M
kaeteiiately ioc awl pyahie withost truilter demand and gray torcclote this Mortsagt h' jnttkW /ne+eeilrsR. Lender shah
be ewdtled to toliecl bt swch ptoeeedirt8 nM expewses of forccloswre. Itacin$rtg, 6~1 feet 11wrNei tsi, reseewwrl! stt•xaer's Fees.
wwd essb of dioerr.~ewtary efidesce, sbstrsels swi title repro.
19. )to~nowa's Right to Rebstste. Notwithstanding Lender's acceleration of the stuns secured by thi• Mortgage,
Borrower shall have the right to have any proceedings htgun by Lender to enforce the Mortgage discontinued at any time
800 PAGE