HomeMy WebLinkAbout0927 Lende~ s writtcn ssreea~nt or applicabk law. Borrow~er shall pay the amount ot aA mart=aje insuru~ce premiuiqf ia the
manner providcd urxkr paraj~aph 2 hereof.
Any amounts disbuned by Ltndet• pursuant to tha paragraph with intsrest itteroon, shali become additional
indebtedness ~f Borrower securcd by this Mottgage. Unless Borrower and [.ender agrse tc+ ~ther terms of payment, such
amounts shal) be payabk upon notice f~om Cender to Borrower rcqutsting payment tixrcof, and shall bear intercst from the
date of disburxme~t at the tate payable trom time to time on outstanding principal under the Note unless puyment of
inierest at such rate would be coretnry to applicable law, in w}~ich event sach amounta shall bieari'intt~est Rt the highest tate
permiuibk under applicabk Isw. Noching contained in this parag~aph 7 shall rcquire Lender to incur any expense or take
any ac!~on hercuuder.
8. ir~spectio~. Lender may make or cause to be made rcasonable en!ries upon and inspecti~ns of the Property, pruvided
that i..endsr shall give Borrower notice prior to any such insptction specifying reaso~abk cause there~or r~lated to Lender's
interest in the Property.
9. f:;o~deu~~ati~a. The preceeds of any award or claim for damaga, direct o~ conuquential, in con~ection with aey
condemnation or ~:~~r taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assignad
and shall be paid to Leoder. '
Tn the event of a total taking of th~e P~operty, the proceeds shall be aPpli~d to ~he sums secured by this Mortgage.
with the excess, if a~y, paid to Bo~rower. In thc event of a partial taking of the Property, unless Bornower and Lender
otherwise agrte in writing. there shall be applied to the sums sectircd ~y this Mortgage such proportion of the proceeds
' as is oqual to that proportion which the amount of the sumc ucured by this Mor~gagc immediately prior to the dAte of
taki~g hears to tht fair market valuc of the Property immediately prior to the date of taking, with the bala~ce of the proceeds
paid to Borrowtr.
If the Property is abando~~ by Borrow~er, or if, after notice by Ltnder to_ Borrowe~ that the condtmnor oBets to make
an award o~ settle a claim for damages. Borrower fails to respond to i.ender within 30 days after :he date such notice is
maikd. Lender is authoriZSd to collect aod apFly the procecds, at Lender's option, either to restantion or repair of the
Property or ta the sums securcd by this Mongage.
Unless Lender and Borrower othenvise agree in u•riting, any such application c~f proceeds to principal shall not extend
or postpone !he due date of the monthly installments refcrrcd to in paragraphs 1 and 2 herrof or change the amount of
such installmen:s.
1~. Eo~rower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to a~y successor in interest of Borrower shall nol operate to release, in any manner,
the liability of the original Borro~•~er and Borrower's succeswrs in interest. Lender sh~ll not be rcquircd to ror?~mence
prceeedings against such successor or refuse to extend time for payment or othen~vise modify amortization of the sums
secured by this Mortga~re by reason of any demand made by the ori¢inal Borrower and Borrower
s successors in interest.
li. Forbearance by I,ender NM s Waiver. Any forhearance by Lender in exercising any right or remedy hercunder, or
otherwise aftorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insu:ance or the payment cf ta?ces or other liens or eharges by Lender shall not be a tvaiver of Lender's
right to accelerate the mati:rity of the indebtedness secured hy ihi.c Mortgage_
I2. Remedks Cnmulati~e. AI! remedies provided in ihis Mortgage are distinct and cumulative to any other : ight or
remedy imder this Mortgage or afforded by law or equity, and may be exercised concurrentl~•, independently or successively. -
13. Soccessors and Assigns Eou~d; Joint and Se~•eral t.iability: C~eptions. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender an~ Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreementc of Borrovrer shall be joint and several.
The captions and headings of the r.~ragraphs of this Mortgage are for convenicnce only and arc nat to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reguired under applicable law to be given in another manner, (a) any notice ~to
B~,nower provided for in this Mortgag~ shap be given by mailireg such notice by certified mail addressed to Bnrrower at
the Property Address or at such other addrrss as Borrower may designate by ~~~tice to i.ender as provided herein, and
(b) any notice to Lender shall be given by certified mail. return receipt requested, to I.ender s ad~ress stated herein or to
such oiher address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or 1_ender when given in the manne; designated herein.
1 S. Unstorm Mort~e; Goreruio~ Lav?: Sevcrability. Tl~is form oFmortgage combiaes uniform oovenants for natiooal use
sad non-uniform covenants with limited variatiooa by jurisdiction w caostituu a unifarm security instrument cavering real p~+operty. T6e
state and local lawa applicabk W thia Mortgage ahall be the lawa of tha jurisdiction in which the Pmparty is located The foregoing
sectence shall not limit the applicability of fedenJ law w this mortgage. In the avent that any provision or clause of this Iulortga~e or tLe
Note oonflicts with applicab4law, such conflict shall not affect other prorisioos of this Martgage cr the Note which can be given effect
without the confliciing provision, und to this end tbe provisions of the Mortg,age and the Note are deciared to be severablt.
16. Bormwe~'s CopX. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of t6e PropMy: Assumption. If all or any part of the Property or an interest therein is sold or trans.'_rred I
by Borrower with~ut L.ender's prior written consent, excluding (al the creation of a lien or encombrance subo~dinate to
~ this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d? the grane of any leasehold interest of three years or less
! not containind an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mo?tgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale .or transfer. Lenckr
and the person to whom the Property is to be sold or +ransferred reach agreement in writing ?rat the credit of such person
f is satisfactory to L.ender and that the interest payable on tne sums secured by this Mortgage shall be at such rate as Lender
4 shall request. if Lender has waived the option to ~ccelerate provided ir. this paragraph 17, and if Borrowe~'s successor in
~ inierest has e,;ecuted a written assumption agreement accepted in writing by Ixnder, ixnder shall release Borrower from a11
obligatior.s under this Mortgage and the Note.
if Lender exercises such option t~> accelerate, Lender shall mail Borrower notice of acceleration in accordance with
~ pa!agraph 14 hereof. Scch r~otice shall Frovide a period of not less than 30 days from the date ihe notict is mailed within
~ which Borrower may pay the sums declared due. if Borrower fails to pay such st~ms prior te the expirat~on of su:.h period, -
L.ender may, withou~ further notice or demand on Borrower. ~nvoke any remedies permitted by paraRrapfi 18 hereof.
~ NoY-UNtFOaa~t Covetv~rvTS. Borrower ard Lender furiher covenant and agree as follows:
~ 18. ..ccelcrstion; P_smt~ks. E:cept as prorided ia Ru~raRl~ 17 6ereof. upon ~orre~ve~'s breach of any covtoaat or
~ agrcemeut of Bo~rower io th's Mort~age, iacludir~ the covenants to pay when due say snms secg-e~ by thb Mnrtgsge, Leader
; prior ta ac~-ekratioo s6a11 maif ootice to Borro~ver ~ provKkd in ;.a:agraph 14 derEOf specifyiag: (1) tbe b[esch; f2) tbs sctloa
f required to core sncb brcacb; (3) z date~ not 1~ ihan 30 days from ihe d~e tbe ootlce ~s s~aikd lo Brtjrroaer, by wkkh soc6
breach mus# be cared; aad (4) lhat failun to rurc sucfi breach on or beforc fhe d~e spscf&t~ tu the aotke way crsdt in
acrekration oE tbe suu~ aecnred by thts Mortgage. foreclosure by ~ndicial proceeding aQd sak af t6e Property. T6e notice
E shsll fu~ther inform Borrower ot tl~e reEht to ninst~~e after accelerstlon and tbe rigkt to ~ssert in foreclosart ~raceedlus
; the non-eaister.ee o~ a drfautt ~r sn~ otNer dcfe~e of Borrowrr to aecekratt'n a~J fortefo~lre. If t6e breach is not cored on
~ or before the date sQeciSed ia tht nc?tice. Lender at Leader's option may declare all of the snm; secered by this Mortaage to bs
i immedi~tdy due aod p~ysbie witFaut furthtr dsmand and may forec4ose this Mortgn~e by judicisl proceedjo~. Leader s6ap
i be eotided to collect ie suca proceeding aU e:peaces of foreclosurc, inslading~ t,e~t ewt U~u3ted fo, reasonabk attor::~~'s fees,
~ and coats of daumeotary evidence, a6stracts and title reports.
! 19> Borrower's R~g6i !o Reiastate. NetwEthstar.d~ng Lender's acceleration of the sums sec~red by this Mortga; e,
~ Borrower shall have the right to have any prxe~dinp.s hegun by I_ender to enforce this ~ior.gage diuontinued at any time
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