HomeMy WebLinkAbout0468i
~ ~.~• ' ~.
t.ender's written agreement or applicable low. Borrowe~ shall pay the amount ot all mortgage insuraoce ~rcmiums in the
ma~ner pn~vided under parag~aph 2 hereof.
Any am~~un~s dichurscd by Lcnder purcuant ta this pa~agraph 7, with intercst thercan, shall become additional
inJeh~edness ~f 13orrowr~ ~ecurcd by thic Mor~gage. Unlecc Barrov-•er and I.en~ler agrce tn o1hFo 4em~ gf paymeot. such
amounts shall he payahle u~n notice from I.cnde~ to 8arrowrr rcqueiliog payment thercot: and shall Seu tnterest from the
date of disbursemenl at the rate payabk from time to time on outstat~ding principa) under the Note unless payment of
intercsl at such nte would be cont~arv to applicable law, in which eveot cuch amaunts shall bear inte~st at the hishest nte
permissibk under applicabk law. Nolhing contained in this paragraph 7 shall requirc l.ender to incur any expense or Uke
any action hereunder. .
S. I~ectioa. 1_ender may make or rause to he made rcaconabk entries upon and inspections of the Property, pmvided
that l-ender shall give Barrower nc~tice prior to any cuch inspection specitying rcuonabk catne thetefor rclated to I~der's
interesl io the Property.
9. Co~deu~~stb~, 'f'he procecds of any awaod or claim tor damages, diroct or cotisequential. io connxtioa writh any
condemnation or other taki~g of the Propeny, or paK thercot, or tor cooveya~xx in lieu of condemnation. are he~- u~ned
and shall be paid to t,eodcr.
in the event of a total taking of the Proper~y, the procxds shall be applicd to 1he sums secured by tfiis Mott~aae,
with the ezcess. if any, paid to Bonowe~. in the eveni af a partial takina of the Property. unless Bornuwer and I~ender
otherwise agree in writing. lherc shall be applied to the sums secured by this Mc-rtgage such pr~oportion ot 1he pmoeeds
as is equal to that propoMion w•hich the ama~~nt of the sumc socured by this Mortgage immediately prior to the date ot
taking bears to the fair market value of Ihe PropcNy immediately prior to the date of taking, with the balance of the proceeds
paid to Borrowe~.
If the Propeny is at~andoneci by Borrower. ~r if. atter notice by [.ender to Bormwer that the condemnor oRers to mate
an award ar settk a claim for dama¢es. &•rrower failc ~o respond to !_ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply ~he proceeds. at I.ender's option, either to restontion or tepair of the
Property or to the sumti ~ccured by this Mongajte.
l~hless l.ender and Borrowe~ otherwise agree in w•ritin~, any such application of Proceeds to princip~l shsl) not eatrnd
or postpone the due date of the monthly installmems rcferred to in paragraphc 1 and 2 hereof or chanae the amount of
such installments.
1~. Sotrower Nof Released. Extension of the lime fo~ payment or modification of amortization of the sums sawrcd
by this Mortgage gnnted by l.ender to any cuccec.sor i~ intercst of Borrower shall not opente to rclease. in any manner.
the liability of the original Borrower and Bc~rrower's successon in interest. Lender shall not be r~equircd to commence
proceedings againu such suecessor or refuse to extend time for payment or wherwise modify amortizat~on ot the sums
xcured by this Mortgage by rcuon of any demand made by the oriqinal Borrower and Borrower's u~ccessors in intercct.
11. Rorbearance by Lender NM ~ N-sher. Any forhearance by l.ender in exercising any right or rcmedy hercunder, or
otherwise afforded by applicable law, shall nc~t be a waiver of or preclude the exercix of any such right or remedy.
The procurement of insurance ~r the payment of taaes or other liens or charges by I_ender shall not be a waiver of Lender's
right to accele~ate the maturity of the indebtedtKSS cecurcd hy this Mortgage_
12. REmedi~s CumnbBve. All rcmedies providcd in this Mortgage arc distinct and cumulative to any other ri~ht or
rcmedy unde~ this I~Jortgage or aRordcd hy law or equity, and may be ezercised concurrcntly, independently or successiirely.
' 13. Srccesso~s sad Assi~es eound: Joiat sad Several I.iaMNty; Captions. The covenanta and agreements herein
comained shall bind, and the rights hercunder shall inurc to. the respective successors and assigns of Lender at~d Bormwer.
subject to the provisionc of paragraph 17 hereof. Atl covenants and asrcements of Borrower shall be joiry anc! sevenl.
The captions and headings ot the paragraphc of ~his Mortgage arc for convenieoce only and are not ta be uad to
interprct or define the provisions herec+f.
11. NMke. - Except for any nc~~ice rcqiiired under applicable law to be given in another manner, (a) any notice to
Borrower pr+uvided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at
the Propeny Address or at 3uch dhcr.addras as Borrower may designate by notice to i.ender as provided herein. and
(b) any notice -to Lender shall he given by certified mail. rt~urn receipt rcqucsted. to [ ender s address stated hercio or to
such other address as Lender may decienate by nr+tice to Borrower as providtd hercin_ Any notice provided for in this
Mortgage shal) be deemed to havc M~etn given to Bc-~rower or Lender when given in the manner designated herein.
IS. UaNorm Mo~t~a~e; Governin~ Law; Severabilily. This torm of mottgagt combines uniform covenant! for national
ux and non-uniForm covenantc with IimiteJ variations hy juncdiction to constitute a uniform security instrumeot ooverina
real property. This Mongage shall be governed hy ~Me law of the jurisdiction in which the Property es located. in the
event ~hat any provision or clause of thic Mortgage or ~he Note conflicts with applicabk law, such conflict shall not aAect
other provisions of this Mortgage or the Note which can be given eHect without the conflicting provican, and to this
end the provisions of ~he Mortgage and the Nc~te arc Jeclared to be seve~able.
1~. sorro~+ers Copy. Borrower shall be furniched a conformed copy of ~he Note and of this Mortgage at the time
of execution or after recordalion hereof_
17. Trsnsfer o/ tbe hoperiv: Aswmp~ion. if all or any pan ot ~h~ Property or an intercst ~hercin..is sold or transferred
by Borrower without Lender's prior wri~~~n cunsent. excluding (al the crcation of a lien or entumbrance subordinate to
this Mortgage. (b) the creatu-n of a purchace m~•ney ucurity ~ntercst for household appliances, (c~l a tnncfer hy devise.
descent or by operation of law ~upon the Jeath of a ji.~nt tenant or (d1 the~grant-of any leasehold intercst of thrcc ycars or kss
not containing an option to purchase, Lender may, at Lender i opt~on, declare all ~he sums secured by this Mortgage to l+t
immediately due and payable. Lender shall have w arved such option to accelerate if, prior b the cak br transkr. Lender
and the person to whom the Property i~ ~~~ bc colJ or ~ransferrcd rcach agre~ment in writins Ihat the credit of cuch person
is satisfactory to [_enJer and tha~ the intcrr.t payable on ~he sums secured by this Mortgage shall be at si~ch rate ac Lender
shall reqasst. If Lender has waived thc op~ion to accelera~e provided in this paragraph ~17, and if Borrower'~ successor in
interat has exceuted a written assumption agreement accepted in writing by Lender. Le~der shall rekase Borrower fram all
obligations under Ihis Mortgage and the Note.
It Lender ezercixs such option io accelerate. Lender shall mail Borrower notice of accele~ation in accordanc~ w~i~h
paragnph 14 hereof. Such notice shall provide a period of not las than 30 days trom ~he date the notice is mailed within
which Borrower may pay the sums declared due. tf Borrov.er (:ils to pay such sums prior to Ihe expiratio~ of cuch perie~d,
l.ender may, without further notice or dcmand on lbrrower, mvoke any remedies permit~ed by paragraph 18 hereof.
NoN-UniFO~M CoveN~NTS. Borrower and Lender funher covenant and aaree u foliows:
IS. AccekMio~: Remedks. B:cep as pwvided i~ panKryM 17 benof. upo~ Sorrawers bescb o/ s~y co•e~t ~
a~reemeRt of Sorrower is thk Mort~e. IncladinR tbe torewawls to ~ar wbes drt swy s~ms stc~~ed by tbis Mort~sRt. Lenaer
prbr lo scctlersdoa shall mail notke lo dorrower as provided in Pua~rspb 14 htreot specHyfa~: (1) the be~cA:/2/ tAe aetiow
req~ired to c~re socb brescb; (3) a dMe. not less tM~an 30 days (ro~A tbe date tAc eotke is ma0ed to ~ror.~r. by whkA srcU
~eacw mu~t be c~rcd: sed (I) Ihsf t~ilrn to e~e socM bre~cM o~ or ~etorc tbe date speetlit~A f~ tbe notke auy resrlf b
sccekraKoa ot tre so~s secured by tAts Mort~aRe. taeclowre ~!' ~w M'~~NK ~ s~k ot ~Ae rroPerty. 71~e sotiee
shaN tmrihe~ i~torw~ sorrower ot the ~M to rei~stste N~er aeeekrdba aw~ tUe ~t b a~ert h tl~e torectosrre Noeeed~
tie aan-esistence o~ s det~rk or aar otlK~ delcaa o1 eonower M aecekvMio~ awd tor~eeiosrre. It tbe bre~cA is ~ot c~ o~
or before the dsh s~eciffed ia the notke. i.~nder at I.ende~'s o~fiow ~ declaee aN o/ the sr~ see~rrd ~ fAk MortR~e fo be
Ima~ediatdy d~e nd py~ble rrithout tnAher demand and msy taetbte ti~b Mo~s by jedkW /rocee~. I.ender ~hall
be e~titled lo co4ed i~ s~cl~ proceedfnR sN espenses nt foreclosrre. hch~. ba uot gmiid to. rea~oruWe an.~rner~s fees.
asd costs oI Aoenieewtary e~ideace. sbstrscls and litk rrports.
19. ~ruwers Itkht to Reisst~te. Nwwithttanding ( ender s accelerat~on of the sums securcd by ib~s Mortaa`e.
Borrawer shaH have the tigh~ ~o havt any proce~dinFc brWm by Lender ~o enforce lh~s Mortgage dixont~nueJ at any time
6~~x 348 P~~~ 4f;g
.~~~