HomeMy WebLinkAbout0998 .
y, i.-i~ J~ ~~~:'v~
l.endcr i writ~en agreement or applicabk law. 6orrower shall pay the amount ot all mortgsge insunnce prcmiurtu in the
manner p~ovidcd unde~ paragcaph 2 hercof.
Any amounts dishursed by I.enJer pursuant to this paragraph 7, with interest thereon, shall become additional
indebiedness of Horrowcr secured by ~hic Mortgage. Unlec~ Borrower and l.enJer ag~ee to other tecros ot paymeot. such
amounts shafl he payablc u~~n n~tire from I.ender to Borrower requesting payment thcreot, and shall bear interost from the
date of disbursement at the nte payablc from time Io time un oi~tstanding principal under the No1e unkss paymeet ot ~
inferest at such nte would be conlrarv to applicable law, in which evcnt~such amounts shall t+ear intercst at the biahest nte
permiss~'bk unde~ applicabk law. Nathi~g con~ained in thic paragnph 7 shal) requitt l.ender to incur a~y expense o~ talte
any action hercunder.
S. laspectioa, [_e~der may make or rau~c to 1+c~made reaconabk entrics upon and inspections ot the Property. provided,
tha~ I.ende~ shall give Borrower ~aice prio~ to any siKh inspection specifying reasonabk caust tl~refo~ related to Lender~s
interest in tht Property.
9. Co~emustiow. The prc~ceedc of any award ar clsim for damages, dircet or consequential. in connection ~vith any
condemnatian or other taking.of the Prc?perty, or part tfi~rcof, ar for co~veyanoe in licu ot condemnation. are hereby atsijeed
and shall be paid to [.ender. • . -
in the event of a totil taking of the Property, the proceeds shall be applied to the sums u, b s 1?~tort=aae.
with the exctss, if any. paid to 8orrower. ln the event af a pa~tial takina of the Property. ~~~~C~;~~and I.e~der
aherwise agroe i~ writi~g, there shal! be applied to ~he sums secured by tfiis Mortgage such propo~tion of the pmoeeds
as is equal to that proportion w•hich thc amount of thc sumc securcd by this Mortgage immcdiately prior to the date of
taking bears to the fair ma~ket value of thc Propcr~y immcdiately prior to the date of taking, with Ihe balanoe of the proceeds
paid to Bo~~ower.
If the Property is abandoned by Bor~ower. or if. after notice by Lender to Borrower that the condemnor oRtn to makt
an award or settk a claim for damaees. Borrc?wer failc ~o respond to l.ender within i0 days after the date such notice is
maited. i.ender ic authorized to collect and apply ~he proceeds, at I.ender's option, either to restoration or repair of the
Propeny or to the sumti sccured by this Mongage.
Unless l.ender and Borrower otherwice agree in v?•rit~aF, any such application ot proceeds to principal shall not exiend
or postpone the due date af the monthly inst~llmcnts rcferrcd to in paragraphs 1 and 2 htreof ot chsnge the amount of
such inslallments.
10. eorrowe~ Not Rek~sed. Extension of the iime for payment o~ modification of amortization of the sums socured
by this Mortgaqe granted by I_ender to any cuccecsor in interect of Borrowe~ ~hall nat operate to rekase. in any manner.
the liabili~y of the original Borrower and Bc+rrower
s successorc in interest. Lender shall not be rcquircd to eommence
proceedings against such successor or rctuse to extend ~ime for payment or otherwiu modify amortiza~~on of the s~~ms
secured by thic Morlgage by reason ot anyr demand made by the oriqinal Sorrowtr and Borrower s successors in imercct.
~ 11. Forbearance by Lender Not a R?airer. Any forhearance by l.ender in exercising any right o~ remedy he~eunder, or ~
othervvix aBorded by applicable law, shall nc~t be a waiver of or preclude ~he exercise of any such right or remedy. ~
"Rie procurement of insurance ~r ihe payment of taxes or other liens ar charges by I.ender shall not be a waiver of Lend~r`s
right to accelerate the maturiry of ihe indebtedness ~.ecured hy this Mortgage. ~
12. Remedies Co~uulathe. All remedies provided in this Mortgage are distinct and cumulative to any other rigbt or
rcmedy unde~ this Mortgage or affiorded hy law or equily, and may be exercised concurrcntly, independentiy or successively. ~
' 13. Snectssors u+d Assi~ws Bound: Joint snd Sereral 13sM'fHY; Csptlons. The covenants and agreements herein ~
contained shall bind, and the rights hercunder shall inure to. the resQective successors and assigns of Lender at~d Bortower. ~
subject to the provisionc af paraRraph 17 hereof. All covcnants and agrcements of Bonrower shall be joinJ and sevenl. ~
The capiions and headings of the parag~aphs of this Mongage arc for convenience only and arc not to be ~roed to ~
interprct or defene the provisions hereol.
; 14. Notlce. Except for any notice requircd under applicable law to be given in a~ather manner, (a) any notice to
e Borrower provided for in this Mortga¢e shall b~ given by mailing such notice by certifled mail addressed to Bon~wer at
~ the Property Address or at sucfi other addresc as Borrower may designate by notice to T.ender as pravided herein, and
~ (b) any notice to Lender shall he give~ hy certified mail. re~um receipt rcquested. to l.ender
s address stattd hercin or to
~ such other address as Lender may decignate hy not~ce tn Borrower as provided hercin. Any notice Qrovided for in this
i Mortgage shall be deemed to havc bcen gn•en to Bc•rrowcr or l.enckr when given in the manner designated hercin.
. ~
` IS. Uaifona Mon~~e: Govcrnia~ ta.r: Se.erobilitr. This form of mortgage combines uniform covenants for national
z use and non-uniform covenantc wilh limited varia~ionc by ju~icdiction to constitute a uniforssti stcurity instrument coverina ~
rcal property. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. In the ~
E event 1ha1 any provision or clause of thic Mohgage nr ~he Note conflicts wi~h applicable law, such conflict shall not affect ~
~ other provisions of this Mortgage or the Note wh~ch can be given etTect wi~hout the conflicting provicion, and to this
end the pro~isions of ~ht Mortgage and thc Nnte arc declared to be sevenble. ~
16. Sormwe~'s Copy. Borrower shall bc furniched a conformed copy o( the Note and of this Mortgage at the time t
` of execution or after recorda~ion hereoi. ;
° 17. Transter ot the Property: AsSUmption. I( all or any part ot the Properiy or an inicrest therein is sold or tnnsferred `
~ ,
€ by Borrower without Lender's prior wrin.n consen~. excluding (a) the crcation of a lien or encumbrance subordinate to
~ this Mortgage. (bl ~he creaUon of a ~urchace m~~ney ~ecuri~y mterest for household appliances, k) a transfer hy devise.
~ desceot or by operation of law upon the Jcatfi of a jo~m temm or td? the grant ot any leasehold intercst of ~hrcc ycars or kss ,
not containing an oplion ta purchax. i.ender may. at t.ender'c option, dectare alt the sums secured by this MoAgage to be
; immediately due and payable. Lender shall ha.c v?:uved such oplion to arcclerale if, prior ro ~he ~ale or transter. Lender =
~ and the person to whom the Propcrty i~ ~a be :MJ or Iransferrcd rcach agrerment in wri~ing thst the credit of such perswi ~
~ is satislactory to [_eader and Ihat tfie ~ntere.t payabk an tht sums securtd by this Mortgage shali be ai such rate ac Lender
shall rcquut. If Lender has waived the option to accelerate provided in ~his Qarag~aph 17, and if Borrower'~ successor in
= interut has executed a written assumption agrcement atcepted in writing by Lender, Lender shall telease Borrower fram sll
= obligations under this Mortgage and the Nac:
If Le~der exercises such vpt+on lo accelerate. l_tnder sha{I mail Borrowet notict ot acceleration in accordancc N ith
~ paragnph 14 hercof. Such no~ice shall provide a pcriod of not less than 30 days from the date the notice is mailed within
; which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the eapiralion of ~uch peric~d.
; Ltnder may, without further norice or demand on 13orrower, invoke any rcmedies permit~ed by paragraph I S hcreof.
' NoH-UrriFORr.~ CoveN~NTS. Borrower and Lcnder funher covenant and asroe u fotlows:
li. Accekralion; Rea~cdks. Exeept as provlded ia p~~n'M 17 I~et~eot. Ro~ Sor*owe~s b'rsac~ ot s~y rove~awt or
asree~est of eorrowcr b tbis MortRaRe. ~croei~ ~u< <o.ewms ~o py ..we~ aoe ..y wm:,ec~~ea ~r ~s~s Mo~a~e. i.ewder
prbr to sccelerstba shdl mafl notice to sorrowt~ as provided fw pua~~s~h 14 bereot specNY~: (1) tbt brescA:12{ ~Ae sefiow
requir+cd to c~re wcb breach; (3) a datc. no1 kss tbsa 30 days iroiw tbe ~ate tbe aotice M w~~Bed to eorrower. A~ ••hkM srch
beacl~ ~mt be c~red: sed (1) ~bst failute to core stich bre~cM ow or ~e(ore the date spccised is tbe aotke war resdt f~
~ecdentioa ot t6e sNms sec~ued by tAk MortRsRe. fo~eclosnre bp j~cial ~oceedi~ awa stle of tAe Propc~ry. 71~e wotke
' shall fucther inform eorrower of the riRM to refnstNe after sccekrstb~ aed tbe ri~M~ 10 ~crt iw tUe torsclosrrt /roete~
tbe non-e:isfencc ot a detsuk or ~uy Mbtr defeaa o/ donower fo acctlt~atio~ awa torttbwet. It tbe bre~cM is ~wf cuea o~
or betore the dste speciGcd i4 the notice. Lender at I.ender's optlow wa~ decl~re aN of N~e' w~ set~rea h' Mb M°etRa~e t° be
i~na~edistely dut aad psYsbk witlaul further demand ~nd rnsy twet{ose twk Mo~a~t f~ }dkh~ /roeetdtu~. ~.emltr shaN
be taBNed to cdltet is src~ ProceedinR all txpenses of toreclosrrr. I~clydin~. b~M ~of Yw~ile~ to. «awnsele stu,reer's fees.
aod costs ot doc~scMar~~ e•ideuce. sbstracts and ~ilk rcports.
l9. Dorto~e~s Ri~bt to Reinstate. Notwi~h~trnd~ng 1 ender's accelerat~on ot ~he sums secured by ih~s Mortaase.
Bot~ower shall have the righl to have an} proce~d~~?c< <xK~~n by Lendtr to enforce this Mortgage discontmued at an} time
BOQIR( c~c~ I PAGE ~