HomeMy WebLinkAbout0005Leeder's writte~ aarcement or applicabk law. Borrower shall pay the unount ot all mo~tga~e insurance prcmiums io the
maener provided under pangnph 2 hereot.
Any amounts disbuiud by I.ende~ pu~suant to this paraa~aph 7, wi~h iatercst theraon~ shall becane additional
indeb~edne:s of Borrowc~ securcd by ~his Mortgaae. Unlecs Barrower and LenJer a~roe ta other temu ~t payment. such
amounls shall be p~yabk upan notice from I.ender ~a 8orrower rcqueslins payment thereof, and shall bear intercst trom the
date ot disbunement st ~he nIC payahk trom time to time on outslsndin` principal unde~ the Nde unku paymeet ot
intercst at tuch nte would be contnrv to applicabk law, in which event such amaunls shall t+ear interest at the hiahest rate
petmiaibk under applicabk law. Nathing coniained in Ihis paragnph 7 shall rcquire Lende~ to ir~cur any expeiae or talte
any ution hercunde~. '
t. I~qetf{ow, l.ender may makc or cauu to be made rcasonabk entries upon and inspoctions ot the Property. p~ovidod
that Lender shall give Bonowe~ nwire prior to a~y si~ch inspcctioo specityina reaaonsbk cawe tM~e(or relsted to I.enders
interest in the Propetiy. .
~. Co~iC~~allow. The p~oceeds of aoy award or claim tor damaaa. diroct or catsequential. in oo~nection ~rith '~ay
coodemnation or dher takina of the Piroperty. or part tAerco[. or tor conveyanoe ie lieu of condemnatioo. are he~r asis~ed
and shall se paid to Lender.
in the eva~t ot a total takin~ of the Propehy. the procoed: shall be applied to the sums ~ecurod by lhis Mat~a~e.
with the exewt, it aay, paid to Borrmrer. in the event o! a partial takina of the Propert~-, unlas Borrowe~ and La~der
otherwise a~roe io writin~t. therc shall be spplied ta ~he sums mured by this Mort~age such proportion ot the prooeed~
at is equal to thst propo~tioo v-hich ~hc amount ~f ~hc sumc secured by this Monaa~e immediately prior to the date ot
takina bean to the tair market value of the Propcny immediately prior to the date ot ~aking, with the balance of the qooeeds
paid to Bo~rower.
[f the Property is abandoned by Borrawer. o~ if. after notice by l~nder to Bamower that the condeennor olfers to nulte
an award or settk a claim for damages. Borrower tailc to respnnd to Lender within 30 days af~er the date such notice is
maikd. Lender is auihorized to colkc~ and apply ~he p~oceeds, at I.ende~'s option, either to restotation or repair ot tbe
Property or to the sums secured hy this 1Nortga~e.
Unless Lender and Borrowe~ otherwi~c agret in writing. any such application of proceeds to principal shall not tuta~d
or postpone the due date of Ihe monthlv iostallmenls rcferred to in pangnphs 1 and 2 herwf or tha~~e the smount o[
such installments.
lA. iorrower Nof Rekased. Extension of the ~ime for payment or modification of amortization ot the wms saured
by this Mottga~e annted by Lender to sny successor in interest of Borrower chall nd operate to rekase, in anr manner.
the liabilily ot the original Borrower and Bc+rrower i succ~son in intercst. Lender shall not be requircd to commenoe
proceedinas sgainu such succeswr or rctuse to exteod lime for paymeni or otherwise modity amortizatwn of the u~ms
secured by this Mortgage by rcason of any demand msde by the original Borrowe~ and Borrower's u~ccesson in imerest.
11. Por6eu.wee by [,esier Na s wawer. Any fofiearance by I~nder in exercising any riaht or remedy heteimder, ot
o~herwise aBorded by applicabk la~v, shall nat be a waiver ot or proclude the exercise of any such ri~ht or remedr.
'Tlu procurement ot insuranct~r the payment of taxes or other liens or charses by Lender shall not bc a waiver of I.ender's
right to accekrate the maturiry of the indeMedness secured hy this Mohgage. .
I2. Re~taies Ca~~Wlt~. All rcmedia provided in this Mortaa~e arc distinct and cumulativt to any dher risht or
remedy unde~ this Mortgaae or sftorded hy law or equity. and may be exercised concurrcntly, independently or successively.
' 13. 3reteron aw~ A~d~s ior~i; .~sld aw~ Sereral I.i~bify; Cs~tMwr. The covenants and a~eemet~u herein
contained shall bind, and the ri~hts hercunder shall inurc to. the respective successors snd aisians ot Lender apd Borrow~er.
:ubject to the provisions of paraanph 17 hereof. All covenant: and asrcements of Borrowe~ shall be joiry and sevrral.
The captions and headinas of the paraanph~ e+f Ihis MottEaae are tor conv~nience onlp and are not ta be u~ed to
interpret or detine the provisans herec+f.
11. Notie~. Except tor any ~tice rcquircd under applicabk law ~o be given in uather manner, (a) any notice to
Borrower provided for in Ihis Mongaee shall be Sivrn by mailing such _ notice by cenifled mail addressed to Borrawer at
the Property Address or at such ahcr addrcss as Borrrnver may desisnate by naice to t.ender a~ provided hercin. and
(b) any notice to l.mder shall he aiven by certifkd mail. return rectipt rcquested. to l.eoders address s~ated heroin or to
such other addrcu u Lender msy designa~e by ne+~ice to Bormwer u provided hercin_ Any notice providod for in this
Mort~a~e shall be deemed to havc been aiven to Borrower or Lender whcn given in the manner desi~nated I~erein.
ls. U~ifarw Mort~aRe: Co~~niwR Law: SeverabNity. This torm ot moAgage combines uniform covenants tor national
use aed twn-uniform covenams with IimiteJ variations by jurisdiction to constitute a uniform security i~trumeut oorerir~
real property. This Mortgage shall be ~toverned hy ~he law of ~he jurisdiction in which the Property is located. In the
event Ihat any provision or clause of thic Mortgage or ~he Note conAicls wilh applicabk law, such conAict shatl nol afket
dher provisions ot this Mortgage or the Note which caq be aiven elfec~ without the oonAicting prov~ion. and to thi~
end the provisions of ~he Mort6aae and the Note arc Jeclared to be severabk.
1~. 1on+swers Co~r. Borrower shall be turnished a conformed copy of the Note and ot this Mataaae at the time
of execution or after rccordation hereof.
1'f. Tnwter ot tUe h~o'e~ty: A~wwMtiow. If all or any part of the Pruperty or an intercst thercin is sdd or transferred
by Borrower without Lender's prior wrinrn cunxn~. escludina (a) the crcation of a lien or encumbnnce wbordinate W
this Mortpae, (b) Ihe creatu+n of o purcha~e mc-nty ~ecurity ~ntercst fcx household appliances. (e) a tnnsfer hy devi~t.
descent or by operation of law upon ~he dea~h o( a N+~m tenan~ or (dl the srsn~ of any kasehold iMet+est af Ihrec years or las
not containina an option to purchase. Lender m~y, a~ l.ender's op~ion, declare all the sums socurcd by this MoA6aae to be
immediately due and payablt. Lender thall have w•a~ved such oplion to accelerate i(, prior to Ihe vk or Iransfer. l.ender
and the person to whom 1he Propcrly ic t~~ bc u~IJ or Iransterrcd rcxh agrccment in wrilin~ that the credit of cuch person
is satisfxlory to LenJer and that 1he inter~.~ payable on the sums secured by this Mo~taase shall be at such rate ac i.ender
shall roquat. If Lender hu waived tF~e option ~o accelerate provided in ~his para6nph 17, and if 8orrower's successo~ in
interat hu exocuted a writteo assumprion agrcemem accepted in wri~ing by Lender. Lender shall rekase Bonowtr ~rom all
obliptions under this Mortgage and the Nae.
if Lende~ esercises such option to accelerate. LenJer shall mail Borrower notice of xcekration in accordarKr v-•i~A
pua`raPh 14 heroof. Such nwice shall provide a pe~iod ot not kss than 30 days trom ~he date the ratice is maikd wi~hin
which Borrower may pay the sums declared due. I( Borrower tails to pay s~~ch sums prior to the expintion ot cuch peric~d.
[.ender may, without further naice or demand on liorrower. ~nvoke any remedia permitted by paraaraph IR hercof.
NoN-Ut+iFO~M CoveN~NTS. Borrower and Lender (urther covenant and a~rce as [dMw~s:
If. Atcekrstbs: Rca~cdia. L:ce~t a~ Proriaed 'a~ M~rs~ 17 i~ereo/. ~o~ io~rowa's b~eac~ o/ s~y co~ewl K
a~res~est ot Sonower b tbis MortRaRe. iwcladiaR tbe co~ew~Ms to pr ..we. a.~ awy wa~ .ec..ea ry n~ Mo.q~a~e. Iaw/er
Mior b~cteknNow shaN a~ail ~otke to somowtr s pro~fdeA 1~'ua~rap~ 1~ Aereol s'ecKyi~: (1) tl~e bre~cA:/21 ~be seilew
rqrlne~ to a~e wc~ brssc1~;13) s dNe. wot ks twaw 3A aays tro~ the L1e tre woNce is rn~ te So~eower. bq wAfcb sre6
l~esc~ ~wt be nred: s~ (1) ~Aat t~ilsee lo c~e socM erescl~ o~ or ~efo~e tbe date s~eelRcd i~ tAe wotke ~ar resrlt M
•ccekntb~ ot tre srw~s secYnd by thk Mo~a~e. /o~eeloson ~ jrAkfal ~nocse~iK swi s~le o1 tl~e ho'eetr. 7be w~tlct
sMaN frNher infon~ dorror.er ot IAe riRM to rei~shte ~t1er accekntio~ sw~ tUe ri~ht b~oeA h tUe foreclewee woeee~
trt ~ow~e:bewct o1 a dtfauk or swy olher acfense ot donower M attekrstioe ~wd fortcloain. H tUt be~escw is ~ot e~ e~
or betore tAe dale yeci6ed h the notke. l.ceder at I.rnder's apio~ wty declsrt aM o1 N~e w~ sttrr~ea ~ t~b MortRa~e M be
iiamedfsldy dne ad pysbk withoul fr~ti~er dem~nd anA msy tortclott tl~ Ma1~t h jrAkW ~rotttAlK. I.~nder aAap
ee e~titled !o tolket 1~ s~ ~roceedin~ aN exPenses ot foreclosr~e. f~clydia~. brt ~ot Yud~d to. n~ro~sble an~,rney's fsas.
a~i easts of ~occ~~eNary e~idcace. s6strscts ~nd ~ilk reports.
19, iorrowet's R~! fo Rei~tNe. No~with~trnd~ng 1 ender's accelention of the sums secuted by ~h~s Monaaae.
Borrower shall have the nght to have an~ procerd~ncs brN~n by Lcnder to entorcc Ih~s Mortgage d~sco~l~nued at any time
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