HomeMy WebLinkAbout2863 . err
•
Lender's written agreement or applicable kw. Borrower shall pay the amount of all mortgage iawraaoe praaiutas in the
tttanner provided under paragr h 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph ~+jth 'feral -thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower aodtL• tr~ to other terms of payment, such
amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest frera the
date of disbursement at the raft payable from time to time on txttstanding principal under the Note unless payasatt 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 requiro Lender to incur say expense o[ take
any sMion hereunder.
a. faspectioa, lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Lender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Fender's
interest in the Property. t
9. Coradestsaatioa, 'The proceeds of any award or claim for damages, direct or con3equential, in connection with say - ~
condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation. are hereby assigned
and shall be paid to Lender.
io the event of a total taking of the Property. the proceeds shall be applied to the sums securod by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Ltader
otherwise agree in writing, there shall be applied to the sums secetred by this Mortgage such proportion of the proceedt
u is equal to that proportion which the amatnt of the same secured by this Mortgage immediately prior to the date o[
.taking bears to the fair market value of the Property immediately prior to the date of taking, with the balattoe of the pr+oeeeds
paid to Borrower.
?f the Property is abandoned by Bor:over. or if. after notice by 1_tnder to Borrower that the oondemuor oRers to melee ~
an award or settle a claim for damages. Borrower fair 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 o[ tee
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 of
such installments. - ~
It. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums setarr+ed
by this Mortgage granted by Lender to any successor in interest of Borrower shall not ope?ate to• release, in any manner,
the liability of the original Borcower and Borrowc~
c sikcessors in interest. Lender shall not be requited to commence
proceedings against such successor or refuse to extend -time for payment or otherwise modify amortization of the wefts
secured by this Mortgage by reason of •rny demand made by the original Borrower and- Borrovrer's successors in interest.
l 1. Forbearaece r7' i.eudtr NM a Wsirer. Any forbearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or tetnedy.
The ptocttrcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of bender's
right to accelerate the maturity of the indebtedness secttr+ed by this Mortgage.
I2. Rearedies Crtmrrbtive. 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 cmtcurrentty, independently or sutxxssivdy. #
13. 3rteegsors and Asaigrs Eoaod:.7oMt sad Several [.iabiBtp; Captions. The covenants and agreetnettes herein
contained shall bind, and the rights hereunder shall inorg to. the respective successor and assigns of Lender spd Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
77te captions' and headings of the paragraphs of this Mortgage are for convenience only and eta tat to lk uxd to
interpret or define the provisans hereof. ~
11. Notk^e. Except for any notice required under applicable law to be given in another manger, (a) any notice to i
9orrower ptoovided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to ixnder a provided herein. and :
(b) any notice to Lender shall he given by certified mail. return receipt roquested, to i.endet's address stated herein or to ~
such other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in fhb
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Ualfona Mortgage; Goreraitsg Law; severabllity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security ittstruntent eoverittg
real property. This Mortgage shall.be governed by the law of the jurisdiction in which the Property a located. 1n the j
event that any provision or clause of this Mortgage or the Nute conflicts with applicable law, such conflict shag not affect
other provisions of this Mortgage or the Note which can be given effect without the cottfiicting provision. and to this
end the provisions of the Mortgage and the Note are declared to be severable.
]f. iorrower's Cory. Borrower shall be furnished a conformed roP)• of the Note anti of this Mortgage at the time
of execution or after recordation hereof.
17..Trwfer of tee lroperty: Aswa~ptiow. if all or any part of the Property or an i serest therein is add or transferred
by Borrower without Lender's prior written consent. excluding fa) the creation of n a encumbrance subordinate to t
this Mortgage. lb) the creation of a purchase money security interest for household appliances, (c) a tramfer by devise,
descent 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
not containing an option to purchase, Lender may, at Lender's option, declare all the sutras 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 t~~ 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 arch rate as Lender
shall request, ff Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowui wccessor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall rtkase Borrower from all
obligations under this MoKgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordartcr with }
paragraph i< 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 dcelared due. If Borrower fails to pay such arms prior to the expiration of each period, ~
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~
NoK•Utvrt~oteM Covervetwrs. Borrower and Lender further covenant and agree as follows:
Ii. Atcdaadoa; Rearerfea. E:csrt ss rrerNcd i. pangrarU 17 rereef. ttrow Isosrswda rrwer at trap cove¦artt ~
agteease~t of )sarrrvwetr `refs Mortgage. lacladiag tee coreaattts to ray wren doe ape tsars sseaser fhr Iris IMortgttge. Lewder
rrior N aeeeiaauotr sbaB waN .nice /o )torre..er ss rrorlded h ranigrsrr t< rereo[ sltteifyMtgs (1)1Be create; ere sc1Mw '
sgtied M ewro ewer Mrae10 (3) a rats. sot kw eras 3s days fr+otw ere date Ire wotke r asaBer N larnwer. ~ wrki swdt
kreaelr test k ewrsd; awl flat taNwts a etrre wcr Meech o• K retore ere date rreelBed V ere .cage reap r+taalt V
aocdeatio. of the atrars ttecttred 6]r ub Mortgage, foreciowre y jrdk{al rroeeedittg sad salt M ere Erorerty. 'rate watts
shall farther iwfor.s •ot•re..er of Ire rtRlt/ to reitssare after aeeekratba sad ere right is assert b the IaerMatrs rncaei¦g
Aa wow•e:Wett~e of a rdswlt or awp otrer defewse of Borro+.er to acceleration sad torrsckwR. N the ~reaer it tat etrtrai ors
er rdore Ire dale sreelied t• tie wotict:, Leader at Leader's onion tray declare aw of ere swtws asewred b!r this 111Tar1gage w k
imsaeilately doe and rapaMe wUroN fautrer deatand sad map foteclae dtls Mor~agt ly jtrditfal rrrrteeisR• ieade? ctrl
re ewtllki a cofteet iw wee t ar e:reases of foreclowr+e. rscrrdlag. cwt ant Basilei ~ reaseaarie s+fluraelr'e fees„
awl easit of rocruwewtaq evideaee. aratracts sad tllk rerorb. t
1!. ltarrowa'a Rkrt t• Reirtate. Notwithstanding Lenders atxekratan of the sums secured by thn Mortgage. t
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tithe 1
Bf1~e~G! olfdj~~