HomeMy WebLinkAbout1436 j ~i'
• i f~ i v
Lcnder'c written agreement or ;tpplicuhle law. Burrower shall pay the amount of all morigagr imurutce premiums in the
manner provided untkr paragraph 2 hereof.
Any amounts dishurscd by Lender pursuant to this paragraph 7. with ittt~rest thereon. .hall l+ecc+me additional
inckhtedncsc of Borrower secured by this Mortgage. l'nless Born+wer and I ender agree to other terms c+f pa)•ment. such
amounh shall ttc payahlc upc+n notice from Lender to &+rnnvcr rcyuesting pa)•ment thereof. and .hall tzar. ntercd from the
date of dishurcement at the rate paa•ahle from time to time on autsWndinc principal under:tht,Nole, uo~cc payment of
intercct at such rde would be contrary to applicable law. in which event such amounts ehsll Rear intercct at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspection. Lender may make ar cause to rte made reasonable entries upon and inspections of the Property. pmvidcd
that Lender shall give Bormw•er notice prior to any such impaction specifying reasonable cause therefor related to Lender's
intercct in the Property.
9. Condemnation. The praceedc of am• award or claim for damages, direct ur concegttential. in rnnnectian.with any
condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation. arc herehy assigned
and shall be paid to T.cndcr.
1n the event of a total taking of the Property. the proceeds shall be applied to the acme secured by this I1lortgage.
with the excess, if any. paid to Barrswer. In the event of a partial taking of the Property. unlace Bormwcr and Lender
otherwise agree in writing. them shall he applied to the some secured M• this ~lartgage such proportion the proceeds
as is eyu;t) to that proportion which the amount of the sums secured M• Chic ~lortgagc immediateh• prior to the date of
taking bears to the fair market valor of the Property immediately prior to the Date of taking, with the halance of the praceedc
paid to Borrower.
If the Property is abandoned M• Bormwcr. ar if. after notice by Lender to Bc+rmwcr that the condemnor offers to make
an :rw•anl ar settle a claim for damages. Borrower fail. to rasps+nd to Lcndcr within i(1 days after the date wch notice is
mailed. 1_ender 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 M• this Mortgage.
Unless Lender and Borrower otherwise agree in scriting. ;rm• such application of proceeds to principal shall not extend
or pcxtpone the due date of the monthly installplents referred to in paragraphs 1 and 2 herrnf or change the amount of
such installments.
10. Borrower 1Vot Released. Extension of the Time for payment or modification of amortisation of the sums secured
by this Mortga¢e granted by Lender to am• ntcceccc+r in imcrest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and Barmw•er's successors in interest. Lender chat) not he rcyoired to commence
pmc:cedings against such cuccecsor or refuse to extend time for payment ar otherwise modih amortization of the sums
secured M• This Mortgage M• rcausn of any demand made hs• the orieinal Borrrnrer and Borrowers successors in interest.
11. )Forbearance by i.ender Yot a Wainer. An_v forhearant:e by Lender in exercising any right ar remedy hereunder. or
otherwise afforded by applirablc law. shall oat br a waiver of or preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of taxes c+r other liens or charges b)• Lender shall not Its a waiver of Lcndcr s
right to accelerate the maturih• of the indehtednesc secured M• this ~lartgagc.
12. Remedies Cumulatiae. All remedies pn+vided in this !tortgage arc distinct and cumulative to any other right ar
remedy under this Marriage or afforded by law or cyuitp. and ma)• he exercised concurrently. independently or urccesciveh•.
13. Successors and Assigns Bound; Joint and Seaeral t.iahilih•; Captions. The covenants and agreententc herein
contained shall hind. and the riehtc hereunder shall inure to, the respective successor and assigns of Lcndcr and Borrower,
subject to the proyisionc of paragraph 17 hereof., :III covenants and agreements of Born+wer shall be joint and several.
The captions and headings of the paragraphs of this Martgag~ arc far convenience anlyrnd arc nit Io Fx: used to
interpret or define the proyicianc hereof.
14. \otice. Except for any notice reyoired. under appticahle law to be given in another manner. fa) any notice to
Burrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Bormwcr at
the Property Address or at wch other address as Borrower mac designate by notice to I.ene)er as provided herein, and 11
Ibl an) notice to Lenckr shall be given bx• certified mail. return receipt reyucsted. to I ender s address slated herein or to !
wch other address as lender may designate by notice to Barn+wer as pmvidcd herein. :any notice pmvidcd for in this f
Mortgage shall Ix; deemed to have been given to Borrower or 1 ender when given in the manner designated herein.
15. t'niform Mortgage;.Coverning Law; Severabilit}. This f~+rm of martgaec cnmhines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdicti.+n to constitute a uniform security indnrment covering J
mil pmpern•. This Mortgage shall be governed M• the law of the jurisdiction in which the Property is k+cated. In the
` event that am• provision or clause of this Mortgage ++r the lots conflicts with applicahle law. such conflict shall not afTect
I other provisiom of this Mortgage ar the NMI which can h~ Lrvrn e!Tret s.•i!hnut the eanfli~tin2 pmcisinn. and to this
end the provisions of the Martgagc and the ~otc are declared to he severahlc.
15. Borrow-er's Copv. Bormwcr shall be funushed a conformed copg of rho Vote and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Pmpert)~; Assumption. If all or ins part of the Property ar an interest therein is sold ar transferred
M• Borrower without Lender's prior written cansem. excluding (at the creation of a lien or encumbrance suhordinate to 1
~ this Mortgage. Ih) the creation of a purchase money- security interest fe+r household appliances. tcl a transfer by devise.
descent or by operation of law upon the death of a joint tenant or fdt the Grant of any leasehold interest of three years or less
nit containing an option tc• purchase. I ender may. at Lender's option. declare all the sums secured by this Mortgage to be
immediateh• dtte and payable. Lcndcr shall have waived such option a+ accelerate if. prior to the sale ar transfer. Lender
and the person to whom the Pn•pert)• is to be sold or transferred rcah agreement in ~+?•ritiitg that the credit of such person ~
is satisfacton• to Lcndcr and that the intcrrst pa},able on the sums ucurcd he this Mortgage shall be at such rate as Lender !
shall request. If Lender has waived the option to accelerate pmvidcd in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lcndcr. Lender shall release Borrower from all 1
obligations under this Mortgage and the Nate.
If Lender exercises such option tc+ accelerate. Lender ,hall mail Borrower notice of acceleration in acrnrdance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 clays tram the date the notice is mailed within
which Harrower map pay the sums declared due. If Borrower fails to pay such sums pricer to the expiration of such period.
~ Lender ma}•. without further notice or demand on Bormwcr. rnyoke am- remedies permitted h}• paragraph If{ hereof. = .
~ Non-UtvtFOttivt CovetvxN•rs. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any rnvenant or
agreement of Borrower in this Mortgage. including the coaenants to pay when due any sums secured by this Mortgage, Lender ~
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
~ required to care sash bresch; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may resWt in
accekntion of the same secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreeclosnre proceeding ~
the noa•exisience of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on r
or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately doe and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall i
be entitled to collect In such proceeding aB expetrses of foreclosure, including. but not limited to, reasonable attotrney's fees,
and costs of documentary evidence, abstracts and tick reports. ~
l9. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings tx:gun by Lender to enforce this Mortgage discontintred at any time
6(}OK
f'~33$ P~1434
'if ~ L '.T