HomeMy WebLinkAbout0659l.ende~'s w~itte~ agrcemen~ or applicabte 14w. Borrower shall pay the amount of all mortgage insuronce ptYmiums io the
manner provideJ unde~ parag~aph 2 hercot. ~
Any amounts dist+u~sed by I.enJer pursuant to ~ha paragraph 7, wilh in~ercst thercon, shall become additional
iodeb~edness of Borrower securcd by ~hic Mortgage. Unlta Borrower and I.enJer a6rce Ia olher terms of payment. such
amcwnts shal) be payable u~n n~tice f~om I.ende~ to Borrawrr requecting payment Ihercof, and shall bear i~teresl tran the
date of disburscment at the nte payablc fram time to lime a~ outstanding principal upder the Note unless payment ot
interest at auch nte would be co~trarv ~o appticable law, in which event such amnunls shall bear interat at the hiahest rate
pernniuibk under applicabk law. Nothing con~ained in this parag~aph 7 shall requirc l.e~der to iocur any expense or take
aoy action hercu~det. ' -
s. l~eetio~. I.ender may make or cauu t~ be made reacc+nabk entries upon and inspections of the Propetty. pmvidod
lhat Lende~ shal) give Borrawer n~Hice pri~~r to any such inspection specifying rcasoaabk cause thetefor related to I~der's
inierest in the Ptopeny.
9. Co~erawsfb~. The procceds of any award or claim for damages, diroct or consequential. io connection ~rith anr
condemnation o~ dher taking ot the Propeny, o~ w~ uK~r, or for cooveyaooc in lieu ot condemnation. are hereby a~ned
aod shall be paid to i.ender. r ;, ,
ie the event of a total takina of the Property. the procoeda shall be applied to ~he ~ xCUted by Mis Mat~aae,
with the exc~u, if any, paid to Bonower. In the event ot a partial tal;ing ot the Property. unlas Borrowe~ and t~eede~
dherwise aaree in writinR, therc shall be applied to the sums secured by this Mohgage such propo~tion ot the pmoeeds
u is equal to that proporlion w•hich the amount o( ~he sumc xcured by this Mortgage immediately priar to the dsta ot
taking bears to the fair market value of Ihe Pr.~pcrty immediately prior to the date of taking, with the balance of the pooceeds
paid to Borrower.
' lf the Property is ahandoneJ by Bo~rower. or if. after no~ice by l_ender to Bormwe~ that Ihe condemnor ol~'ert to make
an award or xttk a claim for damages. Bormwer fa~k lo res~nd ro Lender within 30 days ahe~ the datt such notict is
mailed. Lender ic authorized ~o collect and apply ~he procceds. at l.ende~'s option, either tp ratoration or repair ot the
Propeny or to the sum~ urured hy this Mortga~te.
Unless Lender and BOrrower otherwice agree in vrriting, any such applicalion of proceeds to principal shall not extend
or poslpone the due date af the mon~hly installm~nts rcfe~rcd to in paragraphs 1 and 2 heteot or chanae the amount o[
s~ch installments.
10. ~ower Not Reka~ed. Extt~sion of the time for paymen~ or mndilkation of amo~tization of the sums aecured
by this Morigage annted by Lender to aoy ~uececwr in interest of Borrower chall not opente to rekase. in any manner.
the liability of the original Borcower and Bc-rrower e successon in interes~. 1_ender shall not be requircd to commenoe
proceedings againu such successor or rcfuse t~ e~tend time tor payment or othervvix modify amortintwn of the sum=
secured by this Mortgage by rcason of any 8emand made by the original Borrower and Borrower's u~ecessors io interctt.
I1. Rorbesrsnce by i.ender NM a Waiver. Any forl+eara~ce by i.eoder in exercising any right or rcmedy hercunder, or
otherwix alYorded by applicaMe laa, shall nc~t be a waiver of or prcclude the exercise of any such riaht or remedy.
The procurement of insurance {~r the payment of taxes or other liens or charges by [.ender shall not be a waiver of Lenders
right to accekrate the maturity of the indebtedness sea~rcd hy this Mortgagc.
12. Rew~edies Co~aulati~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any dhe~ riaM or
rcmedy unde~ this Morlgage or aRorded hy law or equity, and may be exercised concurrcnlly, independently or :uccessively.
" I3. Sreceato~s and AsiR~s ~wd:.loht swd Sereal 13s6iWy; C~pdows. The covenants and agreements herein
contained shall bind, and the riRhts hercunder shall inurc to. the respective successors and assians of Lender at~d Bornrn~rer.
subjoct to the provisions at paragraph 17 hercof. All covenams and agrcrmeots of Borrower shall be joiry and sev~eral.
The csptions and headings of the paragraphc of this Mortgaae are far convenience only and are not ta be us~d to
interprct or define the provisans herec-(.
11. Notke. Except (or any nc~iice rcquircd under applicable law to be given in another ma~ne~, (a) any notiee to
Botrower provided for in Ihis Martgaae shall be given by mailing such notice by certifled mail addrctsed to Borrower at
the Property Addrtss or at such dher address as Borrower may designate by notice to i.ender as provided herein. and
(b) any notice to Lender shall he given hy cenifieJ mail. return receipl requested. to t.enders address suted hercin or to
such other addrcss as Lender may deciRnate by ne-~ice to Borrawer as provided hercin. Any notice provided for .in this
Mortgage shall be deemed to have been grven to Bc+rrower or Lender when given in the manner designated herein.
IS. U~Norm MortRaRe; Go~en~iaR I.sw; Severabili~y. This form of mongage combines uniform rnvenants tor national
use and non-uniform covenants with IimiteJ varia~iQns by juriuiiction to comtitute a uniform security instrument ooverin~
rcal propeny. This Mortgagt shall be governed hy the law of ihe jurisdiction iq which the Propetiy is located. in the
event ~hat any provision or claux of ~hic Mortgage or ~he Note conflicts wi~h applicabk law, such conflict shall not afEeet
dher provisions of this Mortgage or rhe NMC which can be aiven eBect wi~hout the conAicling provicion, and to thit
end the provisions ot the MortRage and the Ncwe arc Jeclared to he sev~rabk_
1~. iomower's Copy. Borrower shall be turniched a conformed copy of ttrc Nde and of this Mort~aae at the time
ot esecution or at~er rccordation hereot. -
17. Trwfer o~ the Tro/erty: Assnrnp~iow. If all or any pan ot the Property or an intercst ~hercin is sold or tnnsferred
by Borrower wilhout Lender's prior wnnrn conunt_ excluding (al the creation ot a lien or tncumbnnce wbotdinate to
this Mortgage. (b) the creatax~ of a purchace m~•ney ~ecurity interest for houxhold appliances. (c) a transfer hy devise.
destent or by ope~ation of law upon the Jeath of a jomt tenant or (d1 the grant of any leasehold inlercst of Ihrec ycan or las
rat eontaining an option ta purchase. Lenckr may. a~ l.ender's opt~on, decla~e all Ihe sums stcured by this MoNaaEe to be
immediately due and payabk_ [.ender shall have wa~ved such option to accelerate if, prior to the vk or transfer. Lender
and the person to whom the Prope~ty i~ tc~ be u~IJ or trans(erred rcach agrerment in writin~ that the credit of cuch pe~
is satisfactory to Lender and Iha~ the inlerr~~ payable on Ihe sums secured by this Mortgaae shall be at such rale ac Lender
shall request. 1[ Lender has waived ~he option to accelerate provided in Ihis paragraph 17, and if Horrower's successor in
interat has executed a writ~en usump~ion agreement accepted in writing by-l~nder. Lender shall rekase Borrower lrom all
obligations under this Mortgage and the Ncut.
If Lender exercises such option 1!- accelera~e. t_ender chall mail Borrower notice ot accelenlion in accordancr w•ith
puagraph 14 hercot. Such notice shall provide a period o( not Icss than 30 days trom the date the notice is maikd withio
which Borrower may pay the sums declared due. 1( BoROwer fails to pay s~Kh sums prior to ~he expintion ~t cuch peric~d.
Lender may, without (urther noticc or dcmand on 13orrower. invoke any remedia permit~ed by paragrsph 1 A hereat.
NoN-Un~FOaM CoveNeNTS. Borrower and Lender further covenant and agree as followrs:
la. Accekntio~: Ranedks. B:cep1 as provided jn pra~raph 17 hereof. o'o. soRO..:r: ~~ o~ ,.y ~o.~ er
a~rte~t ot dorrower lw tl~is MortRsRe. l~cludin~ tbe co~ensMs to pr ~•Aew ane asy wa~s sec~red br tAb Mort~ta~e.l.ew~er
prior 10 ~ccekndow sbaN ~nall no~ke to Eomower as provtdcd ia Psn~nph 11 bercot spccKriu=: (1) fbt brr~cA:/2/1Ae aetio~
~rMea M e~re ~ecM 6resch; (J) ~ d~te. wot kss thsn 30 dsys trow~ tAe date tbe sotke b a~dled M derro..er. bp wAkM s~i
e[~escl~ swt be c~red: aad (1) Ihst idl~re to c~re srcl~ bnscM o~ or befoee Ihe date s'ecisea i~ tAc ~otice iwsr resrlf h
~ccderstion ot tbe soas iecrnd by thLt Mort~a~e. to'rclowre ~ jndkial proteedb~ u~ safe of ~hc rroPe~'• 7Ue ~olice
sball fnrt6er infwa~ Eorro~+er ot tbe riRM 1o reiashte dler acctk~sliow ~nd Ibt ri~bt lo ao«f i~ tbe /oreclosree ~roeee~
fic sop-existeuce oI s defsuk or any o1he~ deftase o/ eonoaer to secck~stios sed (oretlos~rt. it the bresc~ is ~ot c~et~ o~
or be/ore the dale speci6ed i~ Ibe notke. l.ender at [.rnder's o~tlo~ ~ declare d o1 the w~ scer~ad bp tt~is Mat~e lo be
ims~ediNdy due snd psysWt wilhoul furtber demand ~nd msy toreclose thk Mo~a~t ~ jnakW ~ottedi~R. i.endcr sAap
be eotitkd lo cotlect in src~ procecdieR sll e:penses nf fonclosrro. luclddin~. brt iwt dmiled to, reasoessle at~urner's fees.
aed costs ot doc~~e~tary eridence. sbstrsc~s and ~i~k nports.
19. dwt~ower~ R~A1 fo ReiratNe. Nolwi~h~~anding 1 ender's acceleration ot Ihe sums ucured by ih~s MoA~aae.
Botrower shall have Il~e righ~ to have an} ~~~<<a~~~. tx~'l~n by Lendt~ to en(orce Ih~~ M~rtgage d~sconbnucJ a~ an~ Utne
~-:`~r 3~8 f~l~t ~9
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