HomeMy WebLinkAbout0562. e, . .
, i • _ ~ 7~
I.rndrr'c wniten agreemem or appli~able lew. Bo~rowe~ shall pay thr amount ot all mortgage incu~ance prcmiums in the
manner p~uv~drd undet pa~•rR~aph 2 hereof.
Any amoun~c di~hursed by I.c~~lc~ pur~uant tu this paragraph 7, wuh :nterect the~eon, shall t-ecome additional
indiht~dnrtic uf Nurr~~wr~ ,ecured hy ih~. MunFage t!nle.~ Borruwer anJ 1 rnJer agrce to olher termc of payme~l, such
amc-unlc shall Fx pavablc upop qotKU fr~m I rndc~ ~o &~r~uwer reyue~~ing paymcn~ thcrc~~t, anJ shall hcar imerest from the
date ~( di~bur~men~ at the rate payahlc fmm time to time on outtlanding principal under thc Note unlesc payment of
ioteres~ a~ such rate wauld t+e contrarv ~~ applicable law, in which event aich am~unts thall hear inte~est at the highest rate
permiuible under applicable law. Ni~thing a-mained ~n lhic paragraph 7 cheN require I.ender to ineur any eapense or take
any actio~ hereunder.
S• I~spectiow. I.coder may make i~r rau.c to he made rcau-nable entries upon and inspections of the Praperty, provided
that I.ender shall give Borr~wer n~~t~cr pri~~r tu any wch inspeclion specitying reasonabk cause therefor related to I.ender's
interest in Ihe Propeny.
9• Coademwtio~. Tke proceeds of any award or claim for damages, direct or consequential, in rnnnoction with any
condemnation or other taking of the Property, or part thercot, or for conveyance in lieu of condemnation, are heteby usigned
and shall be paid to l.enek~.
in the eveet of a total taking of the Propeny, the proceeds shall be applied to the sur~ns secured by this Mortaage.
with the eticess, if any, paid to Bo~rower. In ~he event of a partial Iaking of the Property, unless Borrower an~ Leoder
o~herwix agroe in writing. therr shall be applied to ~he ~ums secured by this Mongage such proportion of the pmceeds
as is equal to that proportion w•hich thc am~u~nt o( ~he sumc secured by this Mortgage immediately prior to the date of
taking bean to the fair market valuc of ~he Propcrty immediatety prior to the date of Iaking, with the balance of the proceeds
paid to 8orrower_
. If the Property is ahandoned h~~ Borr~w•cr..~r if. atter notice hv l.ender to Bormwer that tht condemnor offers to maltt
an award or xttle a claim for damaec,_ B~•rn.M~cr f~il. t~ rec~nd to I.ender wi~hin 30 days after the date such notice is
mailed Lender ic aidhorizrd ta collec~ and appl}• ~he proceedc, at I.ender's option, either to restoration or tepair of the
Property or to the sum~ ~ccured by ~hit M~rtgaFe.
Unlesc l ender and Barrower o~hen+•icr agree in w~ritme. any s~kh applicatic-n of proceeds to principat shall not extend
or pcxtpone the due da~e of the monthl~~ ins~allmcnts refcrred to in paragraphc 1 and 2 hercof o~ change the amount of
cuch installmentc.
10. Borrower Nol Rekased. Eatension af Ihe timc (or ~ayment o~ mc+dification o( amoniution of the sums securcd
by th~S Mortgage granted by I.e~der to any cuccecsor in interect of Borrower chall not operate to rciease, in any manner.
the liability af the originat Borrower and Be-rrower'c successorc in interest. l.ender shall not be rcquired to commence
proceedings againsl such successor or rcfuse to e~tend ~ime for payment or otherveitie madify amortizat~on ot thr sums
uc~ired by thic Mortgage by rcason of any demand made b~ the orieinal Borrower and Borrower's successors in inlerect.
11. Forbeannce 6y i.cnder Not a R-~irer. Any forhearance by t.ender in etercicing any right or remedy hercunder, or
o~herwix afforded by applicable law, shall nc~t be a waiver of or preclude the exercise of any such right or remody.
The procurement of insurance pr the payment of ta~es or.other liens or charges by T.ender chall not be a waiver of L.ender's
right to accelerate the maturity of the indehledness cen~rcd hy thic Morlgage.
12. Remedies Cumulathe. /~111 rrmedies provided ~n this Mortgage are distinc~ and cumulative to any olher right or
rcmedy under this MortRage or afforded hy law or equity, and may be eaercised concurrcntly. independently or succetsively.
~ 13. Srecessors snd AsaiR~s dound: .Joint and SeYeral I.labr'lity; Captbns. The covenants and agreements herein
cont~ined shall bind, and the riAhtc hercunder shall inare to. the rcspective succecsors and assigns of Lender aod Borrower.
subject to ~he provicionc ot paragraph 17 hereof. l~ll covenanls and agreementc of Borrower shall be joiry and several.
The captions and headings of the paragraphc of this MoNgage arc for convenience only and arc not to be uced to
interprct or de6ne the provicionc herec+f.
14. "Notice. Except tor any noticc ~equired under applicable law~ to be given in another manner, (a) any notice to
Borrower prorided for in thix Mortga¢e zhall be given by mailing tuch notice by cerlified mail addressed to Borrower at
~he Praperty Address or at such other addrcsc as Bormwer mav de~ignate by notice to I_ender as provided herein, and
/1~l any notice to Lender shall he given by certifieJ m•ril. return rece~pt requected. to 1 ender s address stated herein or to
such other address as I.ender may deci¢nate b~• n~lire to Borr~w•er as pro~~~ded herein. Any notice provided for in this
Mortgage shall be deemed to havc t+een g~ven to &~rrow~cr or I.ender v-hen given in the manner decignated hertin.
IS. Ueiform Mort~a~e: GoverninR law: Severabili~~. Thi. form of mortgage combines imiform covenants for national
use and non-uniform co.~enamc with IimiteJ vanahonc h~ junui~c~ion to constitute a uniform securiry instrument covering
rcal property. This Mor~gage shall lx governed hv the law ~f the juritdiction in which the Property is located. In the
event Ihat any prov~sion ~r clauct of thic b1~rtFage c.r ~he N~te conflicts v-•i~h applicable law, such conflict shall nol affect
olher provisions of Ihis Mortgage or the Nntr NhicF. can be given eBecl without the conflicting provicion, and lo this
end tht proviuons of ~he Mor~gage and the '~tote arc ~kclared to be uverable.
16. EoROwer's Copy. Borrower chall t-e furni~hed a conformed copy of ~he Note and of ihis Mortgage at the time
of execution or atter rccordation hereof.
17. Tnnster ot the Propertr; Asaump~ion. I( alt or any part of the Pmpe-ty or an intetest therein 'sc sofd or tnnsftrred
by Borrower w~thout Lender's prior wnn.-n ~on~ent. etcluding lal the crcation of a litn or encumbrance suhordinate to
this Mortgage. (bl tht creat~on of a purch~ti m~•nev eecuri~y interest for houxhold appliance;. (cl a tranckr hy devise,
descent or by operation of law upon thc .ieath ~( r i~~~nt tenant or (di ~he gram of any leasehold iMercst of Ihrcc ycus or kss
not containing an option to purchase. ( ender may. a~ 1 ender'c opt~on. declere all the sums secured by this Mortgagt to bt
~mmed~ately duc and payablc. I cnder chall h~~c v-,n.•cd such option to accclerate i(, prior to Ihe cale or transfer. Lender
and the persoh to whom the Property i. ~~~ Ix .~•W ~~r trr~s(errcd reach agrerment in writing that the credit nf wch person
is satisfactory to [.enJer and that the inter~.t pa~able on the sums secured by this Mortgage shall be at soch rale ac Lender
shall reques~. If Lender has waived the opuon to acctlerete provided in this p~ragraph 17, and if Borrower i~uccessor in
interest has executed a wntten ascumpi~on agreemem accepted in writ~ng by [.ender. Lender shal) releau Borrower from all
obligat~ons under this Mor~gage and the No~c.
If (_t~der excrcius such opl~on ~~~ ac.elerate. 1_ender chall -mail Borrower notice of acceleration in accordancr ~. ~th
paragraph 14 hereof. Such not~ce ~hall prov~de a penod of not Itss than 30 days from Ihe date !ht notice is mailed wi~hin
which Bor~ower may pay the sums derlrred due It Borrower fails to pay soch sums prior to the expiration of ~uch penc~d.
Lender may, withuut (urther not~ce or dcmand on liorrower. ~nvoke any rcmedia permit~ed hy paragraph IR hercof.
NON-UNIfORM CO~EN~NTS Borrower and L'ender further covenant and a~rce u follows:
la. Accekrataa; Remedks. Except as Provided io pars~rapM 19 IKnof. ~. so~.o..~r: ~.~~ or ,ar ~o.~~~ or
a`reea~eat ot eorrower in this MorlRs~e. Includin~ the co~tnants to ps~ wbtw d~e ~nY sdms secured by Ihls Morf~aRt, I.cader
prior Io ~ccekratioa sb~D msil nolke to dorrower as provlded iw para~raph 14 hereot spkltyfnt: (1) tAe brrach:l2) tAe aclbw
rcq~trrd to c~re socb bresch;131 a date. not kss than 30 ~ay~s trom Ihe date the ootke b maikd to eorroacr. br wAkh wc~
b~esch mw/ be c~rcd; sad (~) Ihsf f~ilure 1o core s~cM ereacl~ oa or betore 1he dMe specified in the notke msy resWt i~
~ccekration of ~6e s~a~s secered sy IAis MortRa~e. toreebsure by jndkial procetdlx~ ~d sak ot tbc Properh. The notke
shail furtAer iatorn~ Eorrowtr of the riRM to reiRStdt atler sccelerstbw swd tAt riR~l lo asteA i~ the toreclosrre proceedi~
tbe eon-existence ot s def~uM or any Mher dctease of Sorrower to sccekratbn snd toreclosore. /t Ihe ~e~cA is not cw~ed ou
or betore t6e date spccil'icd ia lhe notice. I.ende~ ~t I.ender's opfow way declarc aN o( Me ssu~s sec~r~cd by thB MoARsRe to se
i~nmedistdr due snd psrsbk without futilKr demand and nuy /orrclose tU4 Mort=a~e by judicW proceedinR. I.ende- shdl
be totitkd lo cdkct bi wcA proceedir~ afl e:penses o( forecbwre. Includia~. bN ~of li~nited lo. «asonabk at~•-rnev's fees.
and eosts ot ~oc~w~tary e.idence. sbstncts and ~ilk npo~ts.
19. dorrowtr's Ri~hl to Reiastate. ti~~tw~lhtitandiog ( ender's accelerat~on of ~he sums ucured by ~h~s M~rtgage.
Borrower shall havt 1ht r~ght to have am prc•cecdine. hr'i~n b~ Ltndtr to enforct Ih~e M~r~gaqe d~ticont~nueJ a~ any time
- - -_- :,~~ - ~..E..._s
e~A ~
6~71R( J~ts P~ICE e~sO