HomeMy WebLinkAbout0665l.ender's wri~~en agrcement or applicable Iqw. Borrower shall pay the amount ot all mongage insuraoce prcmiums in the
manne~ prov~ded undcr paragnph 2 hercot.
llny amounts distiurscd by I.enJc~ purs~unt to lhis parag~aph 7, wiih ~ntercst the~eon, shall become additional
inJchtedness af Ha~rowcr ucurcd by thic Mangage. Unlecs Borrawer a~d t_ende~ agrce to olher terms at payment. auch
amou~Is shall be payaAle ~~~n ni~tice f~om I.e~du ta Borrowe~ reques~ina paymem thercof, and shall bear interesl trom the
date ot disburseme~t at the rate payahk from time to time o0 outstand'ma principal under tfie Note unlen payment ot
intereu at such rate would be contnn- to applicable law, in which eve~t such amounts shall bear interat at the hiahest ntt
permiss~'bk uoder applicabk law. Nolhing ccmuined in this pangnph ~ shall requirc Lende~ lo ~ncur any eaperae or talce
any action herounder.
`. Iwqetflow, ~ender may make or cause to !+e made reasonabk ent~ies upon and inspections ot the PropeAy. pwvided
that t.eoder shall 6ive Borrower nMice prior ~o any such inspection specitying rcawnabk caust therotor related to I.a~de~'s
iMerest in the Propeny.
9. Co~de~aatios. The prc~ceeds o! any award or claim for damaaa, dircet or consequential. in con~ection ~-ith any
condemnation or dher taking of the Property. or patt tAercof, or for conveyanoe in lieu of condemnatioo. are he~eby ~oed
and shall be paid to Lender.
in the event of a tW~l taki~g of the Property, the procoeds shall be applied to the sums securc~ by N~is Matsa~e.
with the excess. if any. paid to Bonower. 1~ the evcnt oi a partial takina o( the Property. unl~u Borrower and L~der
otherwise saree io wrilinR. thett :hall be applied to ~he sums secur+ed by lhis Mo~tgage such proportion ot the pt~oooeds
as is equal to that proportian which Ihe amount of ~he sumc secured by this Morlgalte immediately prior to the dat~ ot
taking bean to the tair markd value of ~he Propcr~y immediately prior to the date ot ~aking, with the balance ot the proceeds
paid to Borrower.
If the Property 'rs abandoned by Borrowe~. or if. atter notice by Lender to Born+wer that the condemnor ofters to malte
an award or settk a claim tor d~m~ges. Bc+rr~we- failc ta respond to Lender within 30 days atter the date such ~otice is
mailed. Lender ic authoriud to collecl and apply ~he proceeds. at Leoder's op~ion, either to ratontion o~ repair ot the
Propeny or to the sum~ cccured hy this Mortga~te.
Unless Lender and Borrower otherwice agrte in writmg. any such application ot procotds to principal shall not exta-d
or poctpone the due daie of the monthly installments rcferred to in psragraphs 1 and 2 hereof or chanae the amaunt ot
such inslallments.
10. dorrowcr Not Rekased. Extension of the ~ime tor payment or modiflcation of amortizstion of the sums secured
by this Mortgage gnnted by Lender to any wccessor in interest of Borrower ahall na opente to rek~se. in any manner.
the liabili~y o( the original Borrower and Bc+rrower'c :i~ccessors in intercst. Leeder shall not be roquircd to commence
proctedings against such successo~ or rofuse to e!ctend time for payment ot otherwise modity amortizat~on of the sums
xcurcd by thic Mortgage by rcason of any demand msde by Ihe original Borrower and Borrower's successors in iMerea.
11. Forbearswce by Le~de~ Na s N+ai.er. Aoy f~fieannce by Lender in exercising any right or remedy hercuader, or
otherv~rise afforded by applicabk law, shall nM be a waiver ot or proclude the exercise of any such ri`ht or ranedy.
The procurement of insuranct~r the payment of taxes or other liens or charges by Leoder shall r-~ be a waiver of t.endet's
right to acceknte the matunty of the indeb~edness ~ea~rcd hy this Mortgage.
12. Rew~ies Cenwlati~e. All remedies providcd in this Mortgage are distinct and cumulative to any othe~ riaht or
remedy undef this Mortgage or aBorded hy law or equity. and may bt exertised concurrcntly, i~dependently or successiveiy.
' 13. Srecesas and Assi~es Bouwd; Jdnt sad Several f.iabiNlr; Csptbas. The covenants and a~reements herein
contained shall bind, and the riRhts hereunde~ shall inore to. the respective successon and assigns of Lender sod Botwwer.
subject to the prqrisionc ot paragraph 17 hereof. All covenants and agrecments of Borrower shall be jary and sevtnl.
The captions and headinas of the parag~aphc of ~his Mortgaae arc for convenience only and are not to be us~d to
interprct or de5ne the provisions herec-!. -
1~. Notke. Except for any ne~~ice rcquircd under applicabk law to be aiven in anolher manner, (a) any nolice to
8orrower provided tor in this Mongaae shall be given by mailin6 such notice by eertifled mail addressed to Bonower at
1he Property Address or at such dher address as Borrrnver mav designate by no~ice to T.ender as provided herein, and
(F~) any notice to [.ender shall he g~ven hy cerliRed mail. return receipt rcquested. to l.ender s address s~a~ed herein or to
such other addrcss u Lender may deci~tnate by nc~tice ~o Borrower as provided hercin. Any notice provided tor in this
Mortgage shall be deemed to hare been given to Bcxrower or Lender when given in the manner designated heroin.
1S. Unitors MoriRs~r. Gorerni~ La.-: Se~erabilily. This torm ot mortgage combines unitorm covenants tor national
use and non-uniform covenamc with limited varialions by juricdiction to tonstilult a unitorrn security instrument ooveriea
rcal propeny. This Mortgage shall be Roverned hy the !aw o( the jurisdictian in whith the Property is locatod. In the
event Ihat any provision or clause ot ~hic Mongagc ~r thc Note conflicts with applicabk law, such conAict shall not aRoct
other provisions of this Mortgage or the Note which can be given eHecl without 1he conflicling provisan, and to ihit
end the provisions of ~he Mor~gage and the Nc~te are Jeclared ~o bt severable.
16. Eorrowe~s Copy. Borrower shall be farmched a contormed copy ot the Note and of this Morlgaae at tht time
ot eaecution or afler recordation hereo(.
17. Tra~ster ot tbe Pmperfv: Assumplion. Tt all or any paM of the PropeAy or an interest lherein is sold or tnnsterred
by Borrower without Lender's prior w~ii~cn conun~. excluding (al the creation of a tien or encumbnnce subordinate !o
this Mortgage. (b- the creaticx~ of a purchace money eccuri~y mteresl far household appliances, (c) a transfer hp devist.
destent or by operation ot law upon Iht Jeath of a jo~o~ tenant or (dl ~he grant of sny leasehold intercst of threc ycsn or kss
na conuining ~n option to purchase, Lender may. at Lender'a op~~on, declare all the sums secured by thi: MoNaaEe to be
immediately due and payable. l.ender ahall have N~a~ved such option to accclerate i/, prior to the cak or transfer. Lender
and the person ~o whom the Proper~y ic ta bc cc-IJ or transferrcd rcach agrecment in writin~ that the credi~ c+f such persoe
is satistactory to Lender and that the imerr.~ payable on the sums secured by this Mongate shall be at such rate ac Lende~
shall request. If Lender has waived the ap~ion to accelerate provided in this paraanph 17, and if Borrower's suceessor in
interest has ezauted a written usumption agrcement accepted in writing by Lender, Lender shall release Borrower frc~m all
obligations under this Mortgage and the Note.
I( Lender eaercises such opt~on ~o accelera~e. Lender chatl mail Borrower notice of accelenlion in accordancc w•i~h
paragnph 14 heroof. Such notice shall provide a period of not Itss than 30 dsys /rom the date the no~ice is moi~ed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration ~f such peric~d.
Lender may, without further no~ice or demand on liotrower. invoke any remedia permit~ed by parsgrsph IA hereof.
NoN-UniFORM CovEN~NTS. Borrower and Lender (unher covenant snd spee u follows:
li. Acceleration; Rcn~edks. B:cept as provided is p~r~n'b 1~ IKrso/. ~o. so~o..~r. en.~w ot ..r ce.~~ .r
~reeiseat o/ eorrowc~ i~ t~is MoA~aRe. InclydlnR Ibe co~ews~Ns to py ~+he~ ~nc ~wy sra+s secnred ~' tbls MortRs~e. I.ewdcr
prior to sccele~atlo~ swall w~ail notke to sorrowcr ~s p~o~ideA i~ pua<<aph 1~ Asteof spccNy~: ll) tAt brr~cb: t211Ae setbw
rcqoirea fo erre s~c~ bnsch; (3) s date. wot less tAan 30 days trom tbe date tAe wotke b maikA fo do~rower. by whkA src~
b~cacM iwmt bc c~eA: ~sd (1) Ib~ hilrre Io crre srcA Meac~ o~ or retore the dMe spec~'ied f~ tAe wotke iwsy resrlt b
~ctskratbs o/ Ire s~ms second Sy thk MortRaRe. /o~eclosurr br jndki~l Proceedf~ u~d sale ot tAe rrop~efy. 7be wotkt
shaq (rriher ietona dorrower ot Ihe riRAt to rcinstste d~er sccck~atbw ~wd the ~h~ fo assert iw tbe fortelssrrt pocteiMK
tbt non-c:astcwct o/ a defiuN or anr o1h~r de/enK o/ donor-~- lo accekrstioe snd toreclosre+t. It the bn~cl~ is wM crre~ ow
or betore the dale speci5ed ia 1he notice. l.ender s~ I.ender's epba iway aetlm ~q ot the wms senred bp this MortRaRt b se
irnmediately dnc awd p~yabk wi1h~-ul /urther demand and may fotrclose thk Mort~a~e by jddkW ProceedinR. i.ender cAall
bt tetiNed Io eopeei fn wch proceedinR sf1 e~penus n( loreclosorr. Inclndin~. b~t aot lin~iled to. reasoasbk snnrner't fets.
and costs ot doc~~we~lary e•idence. sbstrscts ~nd ~itk repoAs.
19. dorrowers Rf~h~ to Reinst~te. Notwith~~andmg 1 cndtr's sccelerat~on of ~he sums xcured by th~s Mortaa~e.
Botrower shall have 1he ngh~ to have any procecd~nFc br~~n b~ Lender to entorce thn Mor~gage disconanued at an~ ame
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