HomeMy WebLinkAbout1994l.ende~'s w~itten agrcement or applicabk law. Bo~rowe~ shall pay the amuun~ at al) mort~a~e insurapue Otq~jiums io the
manner provideJ unde~ parag~aph 2 hercot.
Any amounts dishurud by I.entle~ punuant to Ihis paragraph 7, with in~ercst thereun, shall become additianal
inJeb~edncss ot Horrowcr secured by thi~ Mi~r~gagc Unle.. Bormwcr a~d l.eoJer agree to othcr tertns ot paymeot, such
amc~unts shall be payabk u~n notice fmm 1 cnder to Burrowrr rcyixs~ing {-aymcnl Ihcrruf, and thall l+e~~ intercsl trom !he
date at disbursement at !he nte ~yahk (rom time to ~ime an autstanding principal under the Note unless payme~l ot
ioterest at such nte would be coolrarv ~o applicabk law, in which event a~ch amoun~s shall hear interest at the hiahat nte
petmissibk under applicabk law. Nothing c~~ntained in this paragraph 7 shall rcquirc I.ender to incur a~y expet~se or take
any sction hereuader.
•. I~ettlo~. I.ender may make or ca~„c lo he made reasonabk cmries upon and inspections of the Property. pto~-idod
that Lende~ shal) give Bon~wer ~c~lire pri~~ lo any ~uch inspec~icx~ specitying rcawnabk cause therefor rclsted to La~der's
interest io the Property. ~
9. Co~dewwatiou. The proceeds of any award o~ claim for damages, dircc~ or conxquential, io connectioe ~-ith any
condemnation or dher taking of the Propeny, or pan thercot, or tor conveyance in lieu of co~demnation. are heteby assi~oed
and shall be paid to I,eoder.
in the event of a tMil fakina ot the Propeny. the proceeds shall be applied to the sums securcd by this Morttaae.
with the exoess. if aay. paid to Borrower. io ~hc event af a panial taking ot ~he Property, unless Borrower and [~a~de~
othenvise saroe in writing, there shall be applied to the sums securcd by this Mongage such proportion ot tAe prooeods
as is equal to that p~oponion which ~he amount of ~he sumc secured by this Mortgage immedistely prior to the date o[
takins bean to the hir market value of 1he Propcrty immediately prior to the date ot taking, wi~h the balance oE the pr~ocoeds-
paid to Borrowe~.
if the Ptoperty is abandoned by Borrovver. or if. af~cr notice by i.ender to Bormwer that the condemnor oRea to make
an awa~d o~ settk a claim tor damagcs, Borrower failc to respnrtd to Lender within ~0 days after the date such notice is
maikd. Lender k authorized to collect and apply ~he proceeds. at 1_ender's option, either to r~estontion ar repair of tbe
Property or to the sums sccured hy this Mortgage.
Unlas Lender and Borrower otherwice agrce in writing, any such applica~ion of proceeds to principal shall not extend
or poslpone the due date of the momhl~ installmcnls rcft~rcd ta in paragraphc 1 and 2 hereof or chanEe the amount of
such installments.
10. ~owe~ Not Released. Extension of the time (or payment or moditication of amortizatien of the sums secured
by this MoRgage gnnted by Lender to any cuccessor in interest of Bc~rrower chall not opente to nekase. in any manner.
the Iiabilily of the original Borrower and Bc-rrower's successors in intercst. [_ender shall noi be rcquired to commence
proceedings againu such successor or rctuse ta eYtend time for payment or ot6ervvise modify amortization of the sums
secured by this MoAgage by rcuon of any demand made by the oriqinal Borrower and Borrower s uiccessors in interest.
~ 11. Forbeuance by Leader Nd s N-sirer. Any forhearance by T.ender in exercising any right or rcmedy hercti~der, or
otherwix affotded by applicabk law, shall nM be a waive~ ot or preclude the exercix of any such right or remedy.
The procurement of insurance~r the payment of taxes or other liens or charges by Lender shall not bc a waiver of l.enders
right to ucelente ~he maturiry of the indebtedness cecurcd hy thit Mortgage.
12. Reiwedies Cwnlattie. All temedies provided in this Mortgage arc distiact and cumulative to any olher right or
rcmedy unde~ this Mongage or afforded hy law or equi~y. and may be exercised concurrcntly. independen~ly or succes~+vely.
' 13. S~eedsers a~d A~~s Soaed:.~oial aad Sereral i.isbility: Csptlons. The covenants and agreements hercin
contained shall bind, and the rights hercunder shall imire to. the respective successon and assigns of Lender iod Borrower.
subjoct to the provisions of paragnph 17 hereof. All covcnants and agrcements of Borrowe- shall be joiry and several.
The captions and headings of the paragraphc of this Mortgage are for convenience onty and arc not to be used to
interpret or deBne the provisions herec~f.
I~. Notke. Except for any nc+tice required under applicable law to_ be given in another manner, (a) any notice to
Borrower provided tor in ~his Mortga¢e shall be given by mailing such notice by certi}ied mail addresxd to &xrower at
the Property Addrcss or at such othcr addresc as Borrower may designate by noiice to I.ender as provided hercin, and
(b) any notioe to Lender shall he given hy certi6ed mail. retum receipt requested. ~o i enders address stated hercin or to
such other address as Lender may designate by° ~x-~ice to Borrower as provided hercin. Any notice provided for in this
MoNgage shall be deemed to have been given to Bc~rn.wer or i_ender when given in thr manner designated hercin.
IS. Udtonw MoA~a~e; Gorerain~ taw; Severability. This torm of mortgage combines uniform covenants for national
use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a unitorm security instrument coverins
rcal property. This Mortgage shall be governcd hy the law c-f ttie jurisdiction in which the Property is located. In the
event ~hat any provision or claux of thic Mortgage ar the Note conflicts wi~h applicabk law, such conAiet shafl not aBect
othtr provisions of this Mortgage or the Nnte which can be given effect wi~hout the conflic~ing provicion, and to ihis
end the provisions of the Mortgage and the NcHe are ~krlared to t+e severable.
1~. ~orrower's Cory. Borrower shall be huniched a conformed copy ot the Note and of this Mortgagt at the time
of execution or atter rccordation hereof.
17. Trs~er ot tfe rropMy: Assump~ios. If atl or any part of the Property or an intercst thercin is sold or tnnsferred
by Borrower without Leoder's prior wrin~n «~num. excluding (a1 the creation of a li~n or encumbnoce wbordinate to
this Mortgage. (bl the crcatu-n of a purch~ce mone~ cecuf i~y mterest tor household appliancts: (c) a tnnsfer hy devise.
descent or by operation of law upon the Jeath ~f a jo~m tenam or (d1 the gran~ of any Itasehold intercst of thrcc ycars or kss
not containing an option to purchase. l.ender may. at I.ender'c option, declare all ~he sums secured by this Mortgagt to bt
~mmediately due and payable. I.ender chall h~ve M~a~ved such option to accrleratt if, prior to the cak or transfer. Lender
and the person to whom the Proper~y i~ a. be c~IJ or transferred rcach agrerment in writing that the ctedil of cuch pe~son
is satistactory to Lenckr and th~t the interr.t payabk on Iht sums secured by this Mortgaae shall be at such rate ac Lender
shall rcquat_ If !_ender has waived ~he aption ~o accelerate provided in this parag~~ph 17, and if Borrower'a successor in
intercst has exocuted a written assumption agrcement accep~ed in wrilin6 by I~nder. Lender shall rekase Borrower lrom all
obligations under this Mortgage and the Note.
If Lende~ exe~cixs such option to accele~a~e. 1_enJer thall mail Bonower notice ot accekration in xcordanc. v-~i~h
paraanph 14 heroof. Such notice ~hall providc a period ot no1 las than 30 days from the date the notice is maikd within
which Borrower may pay the sums decl~red due. It Borrower fails to pay s~Kh u~ms prior to the expintion of cuch peric~d.
Lender may, without fuRher ndice or demand on liorrower. invoke any remodia permitted by paragraph IA herec-f.
Noro-UH~FOR~+ CoveN~MTS. Borrower and Lender turther covenant and aarce u follows:
la. Accekratiow: Rewedies. ~:cept as prov{{deJ i~ ~~ 17 ~creot. ~Po~ lorrowers Meac~ of wy co~e~awt K
a~reewe~t o~ ~orrower b f~s Mort~s~. bcludinR Ihe co~ew~Ms Io py ..~ ane s.y s~ se~w.~ca b~ n~k~Mo~a~e. i.ew~e~
~ior b acceierntioo sUaM w~ail notice to doRO..er as pro~Wed iw pra~rapl~ 14 he~eot s~ecityioi: (1) tUe brt~cb: (21 the sclbw
~ b cue srcM MraeM: (3) a date. ~wl kss IAsn 3b days iro~a Ihe aatt tAe notke b saiied_ to ~rower. by wAkb srcA
6~nc~ ~~M ~e c~ed: s~d (4) tbat fail~re Io crrt srcM breacw o~ or befon ~he dale s~eci6ed iw the wotke wsr resdl iw
accelentiow ot t~e ss~as seerrra by 1hk Mo~~e. ~o.~o~n y~akw ~ocKau~ a.~ ~e or ~~ prore.e~. 7be wotke
s~~aN frrtl~er iwtonw dorror.er ot tAe riRM to reiRState atter accekestiow awa 1he ~bt to arert i~ tbe toreclosrrt Noeee~
ese eow~e:i~ewce d a defarlt or awr o11~ aefew~e o~ ~orrm.er 1o accekrstio~ Md tortcbwre. H tUe breacl~ f~ ~ot c~ o~
or 6elore t6e dste s'ecified ~w Me wotke. Lender at I.ender's apiow wt~ deelare a~ af tbe wws ~ee~rea by t1~k MortRaRe ~o ~e
i~weai~tdy drt awi pya6k withoul I~~ther demand ~nd inar foretlost th4 Mo~~e ~ jndkW ~eetediw~. /.ender ~haM
be esbided to ~ollett fw srtl~ ~rocetdin~ aN e=penses nf foreclosrre. ieclydiu~. bN ~wt da~tcd to. reawnsWe stt.xneY's fees.
awd coats ot doc~~eNary eridcuct. sbs~rscls and ~i~k repoAs.
1~. SoROwer's Ri~MI lo Rtinstste. No~wi~h~~andinK 1 ender's accelerat~on of the sumc securcd by th~s Mort~aae.
Borrowe~ shall have the nght ~o have any prcxerdme. brNm b~ Lender to ent~rce thn Mongage d~scontinueJ at aoy umt
c~c1~K ~4~ PaCE 1~7~g
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