HomeMy WebLinkAbout0516 a
' ~ .
' ~ i~
w ~
Leader's written agreement w applicabb law. Borrower shall pay the amount of aU mortgage iasurana ptettritrms is the
magnet provided under paragraph 2 hereof.
, Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, strtSr
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement, at the rate payable from time to time on out:landing principal under the Note unless payareat o[
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest st the higha~t rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur argr expense err fate
any action hereunder.
>t. istepectiew. Lender may make or cause to be made ressonabk entries upon and inspections of the Property, pr+avided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
C~ The proceeds of any award or claim for damages, direct or ooruegtrartial, in oottnectioa with wY
cotrdemnatan or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, arc here~? soigoed
and-shall be paid to Lender. ~ ; .
in the event of a total taking of the Property, the proceeds sha{I be applied to the sums scarred by' Ifiis~ Mortgage.
with the excess, if any, paid to Borrower. in the event of a parties! taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion. of the pt+uoeeds
as is egwl to that proportion which the amount of the sums secured by this Mortgage immediately prior to the data of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Bor:over: or if. after notice by Lender to Borrower that the condemnor offers /o mate
an award or settle a claim for damages. Borrower fails to_respond to Lender within 30 days aher~the date such rrotioe is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration or repair of Nre
Property or to the sutra 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.
lt. lwrowtr Nol Releases. Extension of the time for payment or modification of amortization of the tarots secured
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 &?rrower
s successors in interat. Lender shall not be required to comrrrerrce
proceedings against such strccesso~ or rehrse to extend time for payment a otherwise modify amortization of the sums
secured by this MoiRgage by reason of any demand made by the oriltina) Borrower and Borrower's successors in interest.
l 1. Forl+earawce b I.errier Not a waiver. Any fott+earance 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 rt:rrredy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shag r?ot be a waiver of i+ardet's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Respedks CtantrldHe. 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. Sueeeasors sad AasiRas toned:.Johrt anti Several i.iabillfy; CaplMns. The covenanb and agreeeneaq herein
contained shall bind. and the rights hereunder shall inrrr~ to. the respective srrceessors and assigns of Lender sod Borrower.
subjoct to the provisions of paragraph 17 hereof. Alt covenants and agreemena of Borrower shag be joint and several-
The captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to lie used to
interpret or define the provisions hereof.
11. Notke. Except for arty notice required under applicable law to be given in another manner. (a) any ratite to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressod to Borrower st
the Property Address or at such other address as Borrower may designate by notice to sender ss provided herein. and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address. stated herein or to
such other address as Lender may designate by notice to Borrower ss provided heroin. Any notice provided for in this
~ Mortgage shall be domed to have been given to Borrower or Lender when given in the manner designated herein.
iS. Uaifors Mortgage; Coverniott I.sa: Sevenbility. This form of mortgage combines uniform covenana for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property h locatod. in the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shill 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 are Declared to be severable.
If. lorsower's Comer. Borrower shall be furnixhed a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordatiar hereof.
17..Traasfcr of lire tro~ertY: Asarm'tiow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding fa) the creation of a lien or etrcumbnnce 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 grunt of any leasehold interest of three years a less
trot containing an option to purchase, Lender may, at Lender's option, dxlare all the swr?s 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, Leader
~ and the person to whom the Property is to be salD or transftrred reach agreement in writing that the credit of such person
j is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be st such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers srrcce:wr in
interest hu executed a written assumption agreement scceptod in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Nae. +
~ if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acoordann: with
paragraph 14 hereof. Such notice shall provide s period of nest less than 30 days from the date the notice a mailed within
~ which Borrower may pay the wms declared due. If Borrower fails to pay such arms prior to the expiration of such period. _
[,ender may. without further notice of demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. -
NoN•UrrttFOtrr?r Coverrstrrs. Borrower and Lender further covenant and agree as follows:
` li. Accderstio~ Rewedior. ExceM as M'ovYed ~ /~i~ 17 Irersot. ~M >orew?a's ilss~ei of am aweeaN er
aR et Msewra r ttris Mortgage, iociadia8 tfie awararrls to lent whew stns essay sntrirs seewsi ti finis Mertgagt. I.awier
prior le seeeleratJaw sirs rail notlce b Sorrrwer r Mm's w psragntpi 14 <tesrst s~eciyia~s (1~ tre <fsreaer: t21 the aellort
rgiei a ease weir Meaek t3) • /sale, •ot less darn 3t rays trosa lire date the •etfoe r welled M >tornwer. b wtki enter
rreaer asr re arts 8at fafrrre M crave stucr breacfr orr K retoa tre rate sprt~si b tre taotke tray rrtstrlt r .
•eedtxatisw of tre save sarrrcd Ity tris Mortgage. [weclowu+c My ! anti ask of trt !Mo*esfy. 71re wslice
sraR ftrrlrer intone iorrower of tre right is reMtste after aeeelerstiorr rani tie rlgrt n ssneet iw Are fers+cisswe precsst11rr8
~e noo.tsisterrce of s retsolt or arq? ether ietettue of lorrower to aecekratlorr anti tereebwre. R tre Meaelr it ant cots! ew
9 or ftetore tre isle speeYsr V tre •olice.l,errier st l.ewier's opti~w rrrsy deeiare si of tre wrs seetrnei ~ IAis Mortwpt w Ire
~ IarneilsMy rrre arts parable witlrowt torQrer derpand arrd ruay [aeeiosa tW Mortgage b }ik1s1 *rreeei~. Lewder sr:i
rs entlMsi N collect r alter preeeerirrg ant exreases ut forrclosore. irrcitriiwg. rat net Mrnilsi M, aseewaiis stturwey's fees. .
j ass earls of iscstrnerthrq e`lsewcE. aWrscb sets title re'orb.
if. Isossewa's RfgM f• ReirMatt. Notwithstanding Lender's aceekraion of the sums secured by tha Mortgage.
Borrower shall have the right to have any procccdings begun by Lender to en[orce this Mortgage discontinued at arrY time
a~x ~l PEE 516
i
- ~ _