HomeMy WebLinkAbout0495. ~~~~1 ~ ~'.~ti
Le~Jer'~ written agn~Cmrnt or applicable lew. Barrower shall pay thr amount of all m~rtgage incurance prcmiums in the
manncr pruv~d~d undc~ parugraph 2 herco(.
Am~ amounh di~hiuacJ by 1 rnder punuant tu lhis par.~graph 7, wuh u~tercct theteon, thall become additianal
in~IrMedn~cc ~~f Horruwcr ~rcund hy ih~~ Mungage Unle.~ B~~rrowcr anJ LrnJer agree to otbe~, tern~s ot payment, such
amc•u~tc chall he pavahlc u~x~n n~~~irr f~nm I rnder 1~~ Bo~n~wcr reyue~~ing payment thereo~. srkl•shall`bear inlerest (ram the
datc ot dicbursemcnt at thc ratc pavahlc from timc to time on outstanding principal under the NMe unlesc payment of
interest at such rate would be contrarv ~o applicablc law, in which evcnt a~ch amounls shall hear intertst at the highest rste
permissible under applicable law. Nuthing rumained m thic paragraph 7 chall reyuirc I.ender to incur any expense or take
any actioo hcrcunder.
s. I~specfioa. I.enJe~ may makc ~.r cau.c to he made rcaconable en~ries upon and inspections of the Property, provided
~hat l.ender shall give Bor~ower no~~rr pri~~r ta ~ny ~uch inspection spccifying rcasonabk cause thercfor related to Lende~'s
interest in the Prapehy_ .
9. Coademeatioo, 'fhe proceedc ot any award or claim for damages, direct or coosoqueetial, in connoction with any
condem~alion o~ dher taking of the Propeny, or part thenvf, or tor conveyance in lieu of coodemoatioo. arc he~by assianed
and shall be paid to Lender.
In ~he event of a total taking of the Pmpeny. the proceeds chall be applied to the sums secured by tfiis Mortgage,
with the excess, if any, paid to Borrower. In ~he evenl of a partial taking of the Property, unksc BoROwcr and Lender
aherwisc agrce in writing. therc shall be applicd to the sums securcd by this Mongage such proporlion ot the pma,eds
as is equal to that proportion w•hich the amoum ot ~he sums secured by this Mortgage immediately prior ~to the date of
taking bears to Ihe fair.markel value of the Pn~~xrly immediately prior ta the date af ~aking, with the balance of the proceeds
paid to Borrower.
If the Property ic abandoned h~• Borrower. or it after notice bv 1_ender to Aorrower that the condemnor oBers to make
an awa~d or utde a rlaim for damaee~. A~~rr~vver fa~h ~~ recpond to 1_ender within 10 days af~er the da~e such notice is
mailed. Leoder ic a~~thariied to rnllect and apply ~he procceds. at 1_ender i option, either to restoration or repair of the
Propeny or ~o Ihe ~um> >ccured hy this Mortgage.
• Unlesc t.ender and Borrov-~er othenvi~c agree in w ritmg. any such applica~ion of proceeds to principa) shall not extend
or Ex-c~pone the due date of the monthl~~ inslallmcnts rclerrcd to in paragraphc 1 and 2 hereof or change the amount of
cuch installments.
10. Burrower Nof Rele~sed. Exttnsion of Ihe ~ime for payment ar mc~dification of amortiution of the sums securcd
by thix Mortgage granted by l.ender to any cuccecsor in interect of Bc-rrower chall not o~xnte to rclease. in any manner.
the liabilily of Ihe original Borrower and Be~rrower'c succesu~rc in interest. I.ender shall net be required ta' commence
proceedings against such suttessor or retuse to ertend time for payment o~ othervvice modify am~rtizat~on of Ihe ~ums
cecu~ed by thic Mortgage by rcason of any demand made by the ori¢inal Borcower and Borrower s soccessors in interccl.
11. Forbearance by i.ender NM s Waiver. Any f~rhearance by l.ender in etercising any right or remedy hertonder, or
othenvix aBorded hy applicable law, shall nc+t !~e a waiver of or preclude Ihe ezercise of any such right or remody.
The procurement of insurance or the payment of taxes or other liens or chargec by !_eoder chall not Me a waiver of Lender s
right to accekrate the maturity of the indehtedness cecured hy this Mortgage. .
• 12. Remedies Cumulstire. All rcmedia pmvided in this Mortgage arc distinct and cumulative to any olher right or ~
remedy unde~ this Mortgage or afiorded hy law or equity. and may bt exerciud cancurrrntly, independently or suceeuively.
' 13. Successors and Assi~ns Bound; Jdn1 and Several I.isMHty; Csptbns. The covenants and agreements herein
contained shall bind, and ihe riRhts hereunder shall inure to. the recpective succetson and assigns of Lender ,aod Borrower.
subject to the provisionc o( paragraph 17 hereof_ All covenants and agreementc of Borrower shall be joiM and several.
The captions and headingc of the para~raphc of thic Mongage are for convenience only and are not to be uced ta
interprct or define the provisionc herec-(. .
14. Nolice. Except for any no~icc rcquired unde~ applicable law to be given in ano~her manner, (a) any notice • to
Bor:ower pr~ovided for in thic Mor~ga¢e shall be given hy mailing cuch notice by cer~ifled mail addressed to Bcxrower at
the PropeAy Address or at cuch c~ther addrese as Borr~wer mav decignate by notice to I.ender a; provided herein, and
(bl any notice to L~nder shall he given f+y certifieJ ma~l, retum rece~pt requested. ~o Ienders address stated herein or to
iuch other addrcss as I.ender may deci¢nate b}~ n~~ire t~. Borrower as pr.o~•~ded herein. Any notice provided for in ihis
Mortgage shall be deemed to havc heen givcn to Born,wer or l.ender when given in the manner designated herein.
1S. Uaitorm Mort~aRc; Governin~ Iaw: Sr.erability. Th~c form of mortgage combinu oniform covenants for national
use and non-uniform covenantc with limited vanatic-nc hy jurisdiction to rnnstitute a uniform securiry instrument covering
rcal property_ This Mortgage shall be governed h~~ ~he la.~ of the jurisdiction in which the Property is located. in ihe
event that any provision or clauce of thic Mortgage ~•r the No1e conflicts Nith applicable law, such conflic~ shall not affect
other provisions of this Mortgage or the Nntr Khich cao Me g~ven eHect wi~hout the conflic~ing provicion, and to this
end the provisions of the Mortgage and the Note arc .kclared to t+e uverable.
16. dorrowePs Copy. Borrrn.•er chall be torm~hed a conformed copy of the Note and of Ihis Mortgage at the time
of execution or a(ter rccorda~ion hereof.
17. Tnrufer of tl~e Property; Ascumplion. ff all or any pan of the Pmperty or an intercst therein ic sold or transferred
by Borrower without I_ender's prior wr~t~.n .uneent. e~cluding lal the crealion of a lien or encumbrance subordinate to
this Mortgage. (b) the creat~en of a purch:,.r m~•ne~• ~ecurity mterest f~r household appliances. (c) a ~rancfer hy deviu.
descent or by operation of law~ upan the Jcath of a j~~~m tenanl or ld1 the grant of any Itasehold intercst ot thrcc years or kss
not containing an oplion to purchau. I.ender mry. at Lender'c opUOn, declare aU the sums secured by Ihis Mortgage to be
immed~ately due and payable. I ender ehall h~.e v-,~~r•ed such option to arcrlerate if, prior to the cale or ~ransfer. Lender
and the person to whom the Propeny ic tu t-c .o1J or ~rans(erred reach agrerment in writing that the creJit nf ~uch person
is satisfactory to I_ender and ~hat the in~err.~ pa~ able on the sums secured by Ihis Mortgage shall be at soch rate ac Lender
shall request. If 1_ender has waival thc opt~on t~ accelerete provided in this paragraph 17, and if Borrower i succasor in
interest has executed a wn~~en assump~ion'agrcemem accepted jn writing by Lender. Lender shall release Borrower from all
obligat~ons under this Mortgage and the Notr.
If Lender exercises such op~~on tc. ac~elera~e. I.enJer ~hall mail Bor~ovver notice of acceleralion in accordancc H~ih
paragraph 14 hereof. Such noiice chall prov~de a pencxi ot no~ less than 30 days from ~he date the notice is mailed wi~hin
which Borrower may pay the sums declareJ due. If Borrower fails ~o pay such sums prior to Ihe expira~ion nf ~uch penc~d.
Lender may, without further notice or dcmand on borrower, mvoke any remedies permit~ed by paragraph 18 hercof.
NON-UNIFORM COVENANTS Borrower and Lender turther covenant and agree as follows:
18. Acceleration; Remedia. Except as provWed in pa~raph 17 hercof. upw~ doROwers bresch of any co•ensnt or
a=reemcat ot Borro~+er in this MortRaRe. intludinR the corensats to psy when due aay soms secu~ed by Ihis MortRa~e, I.ender
prior lo accekrsNon shdl ~nail notice to dorrower as provided In Pars~rsph i~ hereot speclfyiu=: (1) IAe MeicA:121 the aclbn
requlrod to core sncb breach;l3) a date. no1 ks Ihan 30 days trom tl~e dMc tAe notke b maikd fo eorrower, br Nhich sucM
bseach muat be cared: and (4) Ihst t~ilure to core srch bre~ch ou or eetore Ihe dale specified in the notke msr resWt ia
aecekntion of tbe snms secnred by Ihis MoriRsRe. iwrclosurr ~ judkial proceedlu~ ~d sde ot tAe Property. The wolke
shall turther inforn~ eonower of the riRAt to rei~stste d~er accekntba snd tbe riRbl to ~eA fa tl~e toreclosere ~oceedi~
tbe aon-existence ot s defsuN or any o~hcr defense of dorroaer to sccekratioe ~ud torcclosore. /i the ~esch is not cartd ow
or beforc the dste speci6ed ia the notice. l.ender ~t /.rnder's oOtio~ ~.ay declare sA of rhe s.ms sec.nd by ~his Moe~~aRe ro be
im~nediattly due and parable witlMUf turther demand and msr toretlost Mk Morl~a~e by jrditW ~t~ocetdin~. I.ender shall
be totided to collect M wch prottedinR sfl expenses nf foteclosrre, inclndin~. brt ~ot ilmitea to. reasonibk st~•,rnev's fees.
and cosfs u/ doc~rneMary evidence. aDstrscls and ~it{e nports. .
19. sorrower's RiRht to ReinstNe. Nolwith~~r~ding I ender's acceleration ot ~the sums ucured by th~c Mortgage.
Borrower shall have Ihe right to have am prcxerd~ne• tsr'un b~ Lende- to ent~rce thi~ M~nga¢e d~scontinued a~ an} timt
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800K 346 ~a~E 49`3
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