HomeMy WebLinkAbout1021 • ~ r ti ~ i ~ {
Lender's written agreement or applicabb law. Borrower shall the amount of all molt ~
manner provided under flaragnph 2 hereof. wy gN~ utstuatta premiums to the ~
'Any amounts disbursed by lender pursuant to this paragraph 7, with intend thereon. shall become additional
indebledrteu of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shat! be payable upon notice from Lender to Borrower requesting payment thereof. artd shall beat interest from the
date of disbursement at the rate payable from- time: to time on art:landing principal .under the Note unless paywt 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. NMhing contained in this paragraph 7 shall require Lender to incur any tprptxae or take
any action hereunder.
a. IwspceNow. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided i
that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lsytder's
interest in the Property.
9, Cowdeaenatbn, 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, are hereby assigned
and shall be paid to Lender.
In 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 Lender
otherwise agree in writing. there shall be applied to the cams secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount n( 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 balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if. after notice by i.ender to Borrower that- the condemnor offers to mate
an award or settle a claim for damages. Borrower fain to respond to Lender within 30 days after -the date such notice is
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
br postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[
such installments.
10. 1<orrower.Not Released. Extension of the time for payment or modification of amortization of the sums-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 Bc?rrowe~
c successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums i
secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successor in intereu.
11. Forbearance il' Lewder Not a R?aiver. Any forbearance by Lender in exercising any right or remedy hereumder, or
otherwise afforded by applicable law, shall not 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 secorcd by this Mortgage.,
l2. Rerncdies Crwwbftic. 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. Sneeesoors awd Assigns >jowad: Joist awn Several i3abilify: Captions. The covenants and agreements herein ;
contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender sect Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several.
71te captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to tk used b
interpret or define the provisions hereof. - `
- 14. Notlee. 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 be given by mailing such notice by -Certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender u provided herein. and
(b) any notice to Lender shall lie given by certified mail. rctum receipt requested. to lender'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. Uaitortw Mor1g>Ke: t.;o~eralwg Law: Severabalty. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to corutitute a uniform security instrument 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 ar the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable. -
` lf: >onowa's Copy. Borrower shall be furnished a conformed copi• of the Note and of this Mortgage at the time ~
E of execution or after recordation hereof. _
17..Trander of tic Property: Aswaptiow. 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 (al the creation of a lien or encumbrance wbordinate 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 gent of any leasehold interest of three year or less
not containing an option to purchase, Lender may. at Lender s option._declarc all the sums sxured 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 I
and the person to whom the Property is to be cold or transferred reach agreement in writin4 that the credit of such person a
is satisfactory to Lender and that the inten~ct payable on the sums secured by this Mortgage shall be. at such rate ac.Lender 3
shall request. If Lender has waived the opion to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all f
obljptions under finis Mortgage and the Note. -
if Leander exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of riot less than 30 days from the date the notice is mailed within ;
which Borrower may pay the wms declared due. If Borrower fails to pay such sums prior to the expiration of wch period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof.
Not+-UntFOtet~ tyoveNar>ts. Borrower and Lender further covenant and agr+ex of follows: _
lt. Ae~eerleratiow; Rnsedles. IBxcept ss provWed Iw paragrapi 17 iereof. trpatt Ron++rn's Meeteb of tray cevesawt or
agroemewt et Borrows' V tiffs Mortgage. Ine~itg tie covewawt to pay Wien doe any awraa seeweetl ti tli Mortgagt. Lewder ;
prior to aeeekratlow fiat .ail aotlee to lfonowa a pro•Mei a 11 ienott e~peeltyietgr tl) Ae irtewei: (21 tie scfisw f
€ ee*ired M e¦re rtKi iresclq t3) w dale, aol lac flaw 30 dwys trove tie date tie Welke b wnYsd N ljerrrrwer. iiq wild swei ~
l irewei twt k e~rek atsi to dal /aWre to ewre srci iresei ow or lrefaa lie dste spatted iw tie wotke wry result iw ,
! aeeekradaw et/ lie sow sseprrd b' ctrl. Mortgage. firseiorwre y jiwdicid proceedhg artt ale of tie rroperty. '11te wetieer
moil firtier irotr. soe...er of lie rtRM to mate after aeeeleratbn ani.tre rlgltl b .Wert i. tie forrelawre procetdl.g
tie wotexMewce of . detawlt or awy crier detea+e of Borrower to acceleratiow awl toreclorwrc. M tic treaei b vent ewte-0tt M
or ibdare tic dMe geeiied Y tie taotker. Lender at Lender's optiow way dee:Yre a1 e+t tie swtws seewrsi My lib Matggpe to k
ienoedb/ely dwe erect pwyaMe wifiortt ttetier dewrand sad may foreelae rib Mortgage y jt~eW pre~tsedirgt. ienda da9 t
of forecb~. bet wet llailyd reweaDie snxrrer's tea. 3
k eatllW to eeract V swat proceeding V expcwses fiaeiwiing,
freed eoalr et iocscaeatary eidewtes, abrersct awl Title report.
1!. Itarroweas's itkit t• RdaMate. Notwithstanding Lenders acakration of the sums sexuted by thrs Mortgage. 8
! Borrower shall have the right to have any proceedings begun by Lender to orators this Mortgage d+scontinued at any time
80flK3~ PAGE~.021 R
-
- _ - _ -