HomeMy WebLinkAbout0640'~ , . : ~ ~"~ ~ :.
1-~ndcr's wntten agreemcot or applirablc law. Borrower shall pay the amount of all martgagc intu~ancc prrmiums in the
mant-r~ pruwdrd unde~ paragraph 2 hercof.
Any amounls di~hurud by Lr~der pur~uant tu ~his pa~ag~aph 7, with in~crcst thereo~, shali becomc additianal
in~kbtedne~c i,t Hur~uNCr ~ecurcd by th~c Murtgage. Unle~~ Bormw•er and I.enJe~ agrcc to ather tertna of payment, such
am~.unt~ ~h;~ll he payaMc u~xm nu~irr fr~~m I.r~dcr lo Borrowr~ requecting paymcnt thercef; alFid chall l+ea~ ipterest from the
dale of di~burscment at the ratc payaMc tmm timc to time on outstanding principal under thc Notc unlesc payment of
interest al such rate wauld be contrarv to applicable law, in which event aich amounts shall hea~ inlercst at thc highest rate
permissible under applicable law. Nolhing a~n~ained in thic paragroph 7 chall require l.e~de~ to incu~ any expense or talce
any action hcreunder.
8• laspectioa. l.ender may makc or rau.c to he made rcaconable eotriec upon and inspections of the Ptoperty. provided
that l.ender shall give Bar~ower not~ce pri~~r t~ any such inspection specifying reasonabk eause therefot rolated to Lende~'s
interest in the Property.
• 9. Coademnstion. The proceedc of any award o~ claim for damages, dircet or consequential, in connection with a~y
condemna~ion or dher taking of the Property, or pa~t thercof, or tor canveyance in lieu of caxkmnation. are hereby assigned
a~d shall be paid to Lendet.
i~ Ihe event of a tot~l taking of the Properly. the procecds ~hall be applied to the sums securcd by this Mort~aar,
with the excess, if any, paid to Bonower. In the event of a partial taki~g of the Property. unlcss Bomowe~ and Leader
othenvise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that propoMion vrhich ~hc amounl of thc sumc secured by Ihis Mortgage immediately prior to the date of
taking bears to the tair market value of Ihe Proper~y immediately priar to the date ot taking, with the balance of th~ proceeds
paid to Bor~ower. ~
1f the Property is ahandoned by Borrower. or it. after notice hv I_ender to Bormwe~ that the rnndemnor oRers to malct
an award or ceUle a claim for damace~. Barrowe~ fail. to rec~nd to I_ender wi~hin 30 days atter the date such notice is
mailed. Lender i~ authorized to collect and apply ihe prcueeds, at 1_ender's option, either to restonfion or repair of the
Property or ~o the sum~ .ecured b~• this Mortgage.
Unles~ 1_ender and Sorrawer othenvicc agrce in writ~n~e, aoy such application of proceeds to principa) shall not txtend
or poctpone the due date of the monthly ins~allmcnts referred to io paragraphc I and 2 hereof or chanse th~ amount of
cuch installments.
10. Bonower Not Rckased. Extensian of the tim~ for payment or modification of amortization of the sums securcd
by this Mortgage grantc~l by l_ende~ to any cuccecsor in interect of Borrower ~hall not opente to rcleax, in any manner.
the liabilily of the original Bonower and Borrower s successorc in intercst_ l_ender shall not be rcquired to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortizat~on of ~hr s~~ms
cecured by thic Motigage by rcason of any demand made by the original Bormwer and Borrowers suceessors in in~ercct.
11. Forbeannce by I.ender NM a Wdvar. /-oy forhearance by I.ender in e~ercising any right or remedy hercunder, or
othenvise afforded by applicable law. shall not be a waiver ot or prcclude the exercise of any such right or remody.
The procurement of insurance Qr the payment of taxes or other liens or charges by I_ender shall not be a waiver of ~e~dePs
right ~o accelerate the maturity of the indehtedness cecurcd hy thic Mortgage.
12. Remedies Cumulati~e. All rcmedies pravided in this Mortgage arc distinct and cumulative to any olher right or
remeJy under lhis Mortg~ge or aRorded hy law cu equi~y, and may be exerciied concurrcntly. independently or successively.
' 13. Soccessors and Assi~os Bound; Joiet sad Sered f.iabilify; Captbns. The covenants and agreements hercin
contained shall bind, and the riRhts hercunder shall inurt to. the respective successors and assigns of I_ender at~d Bomower.
subject to ~he provisionc of paragraph 17 hereof. All covenanls and agrcements of Borrower shall be joiry and sevenl.
The captions and headings of ~he paragraphc of this Mortgage arc far convenience only aad arc not to be ucM to
iMerprct or define the provisions he~rnf.
11. Notict. Except for any no~icc requircd under applicable law• to be given in another manner. (a) any notice to
Borrower provided (or in this Mortga¢e shall be given hy mailing such notice by certified mail addressed to $orrower at
the Propeny Add~ess or at such dher addresc as Borrower may designate by ooiice to T_ender as provided herein, and
(b1 any notice t9 Lender shall F+e given by certified mail. retum rcceipt rcquested. to ! ender s add~ess stated herein or to
such other addrcss as [_ender may deci¢nate b~• notice to Borrawer as provided herein. Any notice provided for in this
Mortgage shall be deemed to havc been g~ven to Borrow•er or l_ender w~hen given in 1he manner designated herei~.
1S. Unitorm MortRa~e; Covernin~ Iaw: Sere~abilil~~. This form o( mortgage cornbines oniform covenants for national
use and non•uniform covenam~ with limited variations b~• juricdiction to constitute a unifarm security instrument rnverins
real property. This Mortgage shall b~ governed hy the law• af the jurisdiction in which the Property is located. in tht
event ~hat any provision or clauce of ~hic Mortgage or ~he Note conflicts with a~plicabk law, such conflict shall not atfect
other provisions of this Mortgage or the Note wh~ch can be given effect wi~hout Iht conflicting provicion, and to this
end ~he pro~isions of the Mortgage and ~he Note are Jeclared to be sevenble.
Ib. aorrower's Copy. Borrower shall be (urni~hed a contormed copy o( the Note and of this Mortgagt at the time
of exccution or aher recordation hereof_
17. Traasfer ot the Propertv: Assump~ion. If all or any~ part of the Pmperty or an interest thercin is sold or tnnsferred
by Borrower w~thout Lender's pnor wr~n~n ~onsent. excluding lal the crcation of a lien or encumbnnce subordinate to
this Mortgage. (b) tht creat~on of a purch~ce m~nev security mtercst for household applianees. (N ~ Inncfer hy devise.
descent or by operation of law~ upon the Jcath of a j~~im tenant or fd~ the grant of any leasehold intertst of thrcc years or kss
not containing an option to purchase, l_ender ma~•.- a~ Lender's opt~on, declare all 1he sums secured by this Mortgage to be
~mmediately due and payable. [.ender ~hall h~~~e .+a~ved such option to acc~lerate if, prior to the cale or ~ransfer. Lender
and Ihe person to whom the Proper~y i. tu bc .oW or trans(erred rcach agre~ment in writing that the credit of euch per~on
is salisfactory to I.enJer and that Ihe intcrr.~ payable on the sums secured by this Mortgage shall be at such ra~e as,tender
shall request. it l.ender has waived the opt~on to accelerate provided in this paragraph 17, and if Borrower i~uccessor in
interut hac executed a written assumpiion agreement accepted in writing by Lende~. Lender shall release Borrower from all
obligations under this Mor~gage and the Note_
If Lender exe~cises such option t~ accelerate, l_ender ~hall mail Borrower notice of accelenlion in accordancr ui~h
paragraph 14 hereof. Such no~ice chall prov~de a period of no~ less than 30 days from the date the notice is mailed within
which Borrower may pay the sumc declrred due. I( Borrower (ails to pay such sums prior to Ihe eapiration nt cuch perie~d,
Lender may, without turther notice or demand on Horrower. invoke any rertxdies permitted by paragroph 18 hercof.
NoH-UHiFORrN CoveN~NTS. Borrower and Lender tuNher covenant and agree u follows:
18. Accelerstion; Remcdks. Except as provided io pan~raph 17 benof. upos iorrowers beac~ of a~y co~eAawl or
aareemeot of Borrower in this Mat~~e. includi~ thc co~eaants to pay when doe aey snms sec~rcd ~ tbls MortRsRe. I.ender
prbr Io accekratbn shdl msil notke lo dorrower as Prorided la parasrspA 14 bereot specifyfns: (1) tAe Mr~cA: (21 the selba
rcquircd to cnre sucb bresch; (3) s dste, not kss thsn 30 dsys iwia tUe dMe the notke b mNled fo domower. br ••hkh snc~
b~cach must be cond; sad (1) thit failun to core srcM A~eacA ow or ecfor+e 1be date specified iw tbc aolice may resWt i~
accckration o( 16e smns secured by ~his MortRaRe. Iweclowrr by jndlcial proceedin~ a~d sale ot ~be Property. 71~e nolke
shall fuuther inform Borro..er of the riRbt to reieshte sfler sccekrstion sad the riRht to assert iw the toreclosree ~roceedi~
the non-e:istence of a detauN or anr otber defense ot eorror-er fo ~ccelcrstion awd foreclosrer. I( tbt b~e~cM is nof enrtA ow
or betore the dste specified in the notice. l.ender at I.ender's apfow ~ty Aechre ~ ot the soss secrnd br Mis MoARaRe fo be
immedistely due and paysbk withoul furtber dem~od ~nd may foreclost thk Mo~a~e br jrdkW -roetedMR. i.ender chall
be eotitled to cdleet in wcA procccdin~ ill expcnses of foreclos~re. [ncludiu~. bot wot dn~iled to. rcasonsele itu~rner's fees.
and costs of doc~rae~tary e~idence. sbstrscts and ~itk nports.
19. dononer'; Rt~ht to Reinst~tt. Notwi~h~trnd~ng 1 tnder's accelerat~on of the sums xcureJ by ~h~c Mongage.
8orrower shall have tht nght to have am proce~dincc tx f~in b~ Lender to enforce th~~ Mortgaqe dncontmueJ at an~ ume•
~~345 ~~ 638
!
..... _»3~~s.~