HomeMy WebLinkAbout0977 : i
' . ?.~k~,. .
. .
l.ender i written agreement or applicable law. Borrowe~ shall pay the amount of all mortgage insurance premiums in the
manner provideJ under pa~ag~aph 2 hereof.
Any amounts disbursed by Len~kr pursuant to this parag~aph 7, with intercst thereon, shall become additional
inJeb~cdness of Bor~owe~ securcd by this Mongage. Unless Borrower and Lenckr agrcc to other terms of payment. such
amounts shall be payablc upon nalice f~om t_cnder lo Borrower requesting payment thereof. and shall bear interat trom the
date of disbursement at the rate payabk trom time to time o~ outstanding principal under the Note unlcss payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest nte
permissibk u~der applicable law. Nothing contained in this paragraph 7 shaq require Lende~ to incur any expense or take
any action hereunder.
8. iaapectbn, i.ender may makr or cause to be made rcasonable entries upon and inspections af the Properry. provided
that Lender shall give Borrower natice prior to any such inspeclion specifying rcasonabk cause therefar related to Lender's
interest in the Property.
9. Condemoatba. The proceeds of any award or claim for damaga, dircct or consequential, in connection with any
, condemnation or other taking of the Property, or part thereaf, ar for conveyance in lieu of cof~d,ip~~~ hereby assigned
and shall be paid ta Lender.
In thc event of a total taking of thc Propeny. ~he proceeds shall be applied to the sums securcd by this Mortgage.
with the excess, if any, paid ta Borrower. In the event of a partia) taking of the Property, anlcss Bornower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proponion which the amount of the sums secured by this Mo~tgage immediately prior to the date of
taking bears to the fair market value of ihe Proper~y immediately prior to the dale of taking, with the balance of the proceeds ~
paid lo Bo~rower.
if the Prope~ty is abandoned by Borrower, or if. after notice by Lender to Borrower that the rnndemnor ofFen to make
an award or settle a claim for damages, Borrower fails t~ respond to l.ender within 30 day^s after the date such ~otive is
i mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restontion or repair of the
Praperty or to the sums securcd by this Mortgage.
i tJnlas I_ender and Borrower othenvise agree in writing, any such applicatian of proceeds to principal shall not extend
or poslpone the due date of the monthl~~ installments referrcd to in paragraphs 1 and 2 hercof or change the amount of
i such installtnents.
{ 10. Borrower Not Rekased. E~ctensio~ of the time for payment or modilication of amortization of the sums securcd
E by this Mortgage granted by 1_ender to any cucctssor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borcower and Borrowe~ s successc~rs in intercst. l.ender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the oriqinal Borrower and Borrower's successors in interest.
{ 11. Forbearance by i.ender Not a Waiver. Any fort+earance by I.ender in exercising any right or rrmedy hereunder, or
~ otherwise afiorded by applicable law, shall nat be a waiver of or preclude the exercise of any such right or remedy.
The ~rocurement of insurance or the payment of taxes or other liens or charges by I.ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness serurcd hy this Mortgage.
12. Remedks Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
~ remedy under this Mortgage or afforded h~ law or equity, and may be exercised concurrently. independently or successively.
l3. Succe~ors and Assigos Bound; Joial and Sereral LIaM'lity; Captions. The covenants and agreements heroin
I contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Le~der and Borrower,
~ subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joint and several.
~ The captions and headings of the paragraphc of this Mortgage are far convenience only and are not to be used to
interpret or define the provisions hereof. -
14. Notke. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to F
Borrower provided for in this Mortgage shall be given b~ mailing such notice by certified mail addressed to Borcower at
the Property Address or at such other address as Borro~ver may designate by notice to i.ender as provided herein, and
~ (b) any notice to [.ender shall be given by certificd maiL l~etum receipt requexted. to Lender s address stated herein or to
such other address as Lender may_ designate by notice to Borrower as provided herein. Any notice provided for in this
~ Mortgage shall be dcemed to have been given to Bc~rrower or 1_ender when given in the manner designated herein.
; 1S. Uniform Morigage; Govemin~ Law; Severa6ility. This form of mortgage combines uniform covenants for national
F use and non-uniform covenants with limited variations b~• jurisdiction to constitute a uniform security instrument covering
j real propeny. This Mortgage shall be governed by the laK~ of the jurisdiction Ln which the Property is located. In the
i event that any provision or clause of this Mortgage or ~he Nate conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this
; end the provisions of the Mortgage and the Note arc dcclared to be severable.
16. Qormwe~'s Copy. Borrower shall be furnished a coniormed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
l~. Tra~fer of the Propertv: Assumption. i( all or any pan of the Property or an interest therein is sold or transferred
by Borrower without L.ender s prior written consent, excluding lal the creation of a lien or encumbrance subordinate to
~his Mortgage. (b) the creation of a purchase money cecurity interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d1 the gran~ of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at l.ender c option, declare all the sums secured by this Mortgage to be.
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the iale or transfer. Lender
and the person to whom the Property is to be sold or transferrcd reach agreement in writing that the credit of such person
is satisfactory to I_ender and that the interest payable on the aumc secured by this Mortgage shall be at soch rate as Lender -
shall request_ If Lender has waived the option ta accelerate provided in this paragraph 17, and if Borrower's successor in ~
interest has executed a written assumption agreement accepted in writing by Leneier, I_ender shall release Borrower from all '
obligations under this Mortgage and the Note. ~
If Lender exercises such option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordance with ?
paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the date the notice is mailed within
which Borrowe~ may pay the sums declared due. If Borrower fails ro pay such sums prior to the expiration of such period. ~
[_ender may, without further notice or dcmand on l3orrower. invoke any remedies permitted by ~+aragraph 1R hereof.
NoN-Ux~FORnt Coverretv~rs. Borrower and 1_ender funher covenant and agree as follows:
18. Acceleration; Remedks. E:cept as providcd ia paragraph 17 hereof. upon Bormwer's breach of any corenant or
agreeroent of Bormwer in t6Ls Mortgaqe, inclnding the covenants to pay when due any snms aecared by t6ts Mortsaae, I.eader .
prlor lo accekratba sball mail ootice to Borrov?er u provided in puagraph 14 hereof specKyiu=: (1) t6e bresch; (2) t6e action
required to cnre soc6 brcach; (3) a date, not kss than 30 days Erom the d~e t6e notice is maikd to Borrower, by w6k6 sneb
breach must be cared; and (4) t6at failure to curc such breach on or before the date speci6ed io the notke tnay resdt lu
accekration of the snms secnred by th~C Morfgage. forrclosure by judicial proceedin~ and sak of t6e Property. 1Le ootlce
shall further inform Borrower of the ri~ht to rcinstate dler accelerstion and the rigbt to asserf io tbe foreclosure proceedin~g
Ihe non-e:istence of a deEaoN or any other detense of Borrower to accelerstion and foreclosnre. if tbe bresch is aM cared on
or before t6e date specified in the notice, Lender at Lende~s option may declarc aq of ihe sums secured by this Mort~e to be
immediately dae and Payable withont further demand and may foreclose tbis Mortgage by judicial proceedins. Lender shali
be entitled to collect in such proceeding a~ expeoses of foreclowre, includin~. but oot limited to, reasonabk attorne~'s tees,
and costs of documentary evidence,'6Sf~CC4 Alld f11I! ~tPOKf.
19. Borrowe~'s Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings t?eRun by Lender to enforce this Mortgage dixontinued at any time
i
eooK~' ~ t