HomeMy WebLinkAbout0920 •
L.ender i written a`reeaaent or applicabk Isw. Bonower shalt pay the unou~t ot all mort~s~c insurance premiums in thc
manner provided under para~~aph 2 hsreof.
Any amounts disbuned by Lende~ pursuant to this paragraph 7, with intercst thercon, shall become additianal
indebtedneu o! Borrower secured by this Mortgage. Unless Borrower and Lender agrce ta other tertns of payment, such
amounts shall be payabk upoo notice ftom Lende~ to Borrower requesting payment thtrecrf, and shalt bea~ interest from the
date of disbursement at the nte payabk from time to time on outstandiog principal u~der the Note u~kss payment of
inttrest at such rate would be contnry to applicable lsw, in vvhich event such amounts shall bear interat at the highest rate
permiuibk under applicabk lsw. Nothing contained in this pangraph 7 shall rcquirc Lender to incur any expense or take
any action hereunder.
a. laspectio~. Lender may make or cause to be made reaso~able entries upon and inspections of the Property, p~ovided
that Lendtr shall give Borrower notice prior to any such inspection specifying rcuonable cause therefar related to Lender s
interest in the Pooperty.
9. Condemaation. The proceeds of any award or claim for damages, dircet or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
1n the event of a total taking of the Property, tfie procetds shall be applied to tfie sums securcd by this Mortgagt.
w•ith the excess, if a~y. paid ~o Bo~rower. ln the event of a partial taking of the Property, ~~niess Borrowor and Lender
otherwise agree in writing. th~re shall be applied to the sums secured by this Mortgage such propo~tion of the proceeds
as is equal to that proportion whicfi tfie amount of the sums sccu~ed by th:s Mortgage immcdiately prior !o the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, witfi the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if, after na~ice by I.ender to Borrower that the condtmnor offers to make
an award or settlt a claim for damages, Borrower tails to respcx~d to l_ender within 30 days after the date such notice is
mailed. Lender is authoriied to collect aad apply the proceeds, at [,ender's option, either to restoration or npair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower othenvise agree in writing. any such application t~f proceeds to principal shall not txtend
~s postpone the due date of the monthly insta{Iments reftrred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekaxd. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interect of Borrow~er shall not operate to rclease, in any manner.
thc liability of the original Borrower and Borrower't successors in interest. i_ender shal) not be required to commence
prc?ceedings against such successor or refuse to extend time fo~ payme~t or othervvise modify amortization af the sums
secured hy this Mortgage by rcason of any demand made b~• the ori¢inal Borrower and Barrower s succescars in interest.
I1. Forbearance by Lender ~ot s Rpi~•e~. Any f~rhearance b}• Lender in exercising any right or remedy hereunder, or
otherwise afforded by apQlicable law, shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the paYment of tares or other liens or charges by Lender shall not he a vvaiver of Lender s
right to accelerate the maturity of the indehtedness secured hy thi5 Mortgage.
12. Remedies Cumulative. All remedies pmvided in this 111ortgage are distinct and cumulative to any other right or
~ remedy under Ihis Mortgage or afiorded hy law or equity, and may be exercised concurrently, independently or succecsively.
13. Successors and Assigns Bound; Joint and Se~~eral I.i~hility; Captions. The covenants and agreements herein
containeJ shall bind. and the riRhts hereunder shall imire to. the recpective succecsors and assigns of Lender and Borrower.
subject to the pmvisiom of paragraph 17 hereof. All covenants and agreemems of Borrower shal) be joint and several.
"R~e captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower pmvided for in this Mongage shall tx given by mailing sach notice by certified mail addressed to Borrow~er at
the Property Address o: at tuch other addrecc as Borrower may designate by notice to i.ender as provided herein, and
(b) an}• notice to Lender shall be given by certificd mail. return receipt requected. to I.ender'c address stated herein or to
such nther address as l.ender may designate by notice t~ Borrower as provided herein. Any notice provided for in this .
~lortgage shall be deemed ~o have been given to Barrower or l.ender when given in the manner designated herein.
1S. Uniform ?ltortR9~e: Governin~ I.a..~; Se~erabitity. Thi~ form of mortgage combines uniform covenants for national
~ use and non-uniform rnvenani~ with limited ~~ariations M~ jurisdiction to constitute a uniform security instrument covering
E real property. This Mortgage shall be governed h}~ the !aw of the juricdiction in which the Property is located. in the
; e~~ent that any provision or claute o( this Mortgage or tfie N~~te conflicts wi~h applicable law. soch conflic; shall not affect
other pro~isions of this Morteage or the Note which can be give~ etiect without the conflicting provision, and to this
~ end the provicionc of the ;~iortgage and the Note are declared to be severable.
~ 16. Borrower's Copy. Borro~~er thall be furnished a conformed copy of the Note and of thic Mortgage at the time
of execution or after recordation hereof.
~ 17. T~nsfer of the Propert}•: Assumption. If all or an}~ part of the Property or an interest therein is soid ot tran~f~rred
~ by Borrower without Lender's prior written rnncent. e~cli~ding lal the creation of a lien or encumbrance subordinate to
~ this Mortgage. ib) :fie creation of a purchase mone~• security~ interest for household appliances, (c) a trancfer by devise.
~ descent or hy operation of law~ upon the death af a joint tenant or (d? the grant of any leasehold interest of three years or less
~ not containing an option to purchase, Lender may, at Lender't option, declare all the sums secured by th+s Mortgage to be
€ immediately due and payable. i.ender shall ha~•e wai~~ed such option to accelerate if. prior to the sale or transfer. Lender
~ and the person to whom the Property is to be soW or transferred reach agreement in writing that the credit of such person
; is satisfactory to I.ender and that the i~terest payable on the s?~ms secured by this Mortgage shall be at such rate as 1_ender
g shall request. If I_ender has waived the option to accelerate pro~~ided in this paragraph 17, and if Borrower's successor in
; interest has executed a written assumption agreement accepted in writing by [_ender, Lender shall.releace Borrower from all
~ obligations under this Mortgage and the Note.
~ if Le~ider exercises such option to accelerate, [.ender thall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of nc~t less than 30 da}•s from the date the notice is mailed within
` w•hich Borrower may pay the sums declared due. If BorroKer failt to pa}~ such cnms prior to the expiration of such period.
f Lender may, without further notice or demand on Borrower, invoke an~~ remedies permitted by paragraph 1 R hereof.
s
` NoN-Ux~FOrt~ Cov~!v~tvTS. Borrower and I.ender funher covenant and agree as follows:
18. Acceientan: Remedies. Except as Provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
. agreement of Borrovrer in this Mortgage. including the covenants to psy when dut pny sums secured by this Mortgage~ Leader
priar to acceleration shdl maU notice to Borrowcr as pro~ided in parsgraph 14 hertof specifying: (1) iht brcach; (2) the action
- rcquired to curt such breACh; (3) a date, aot less tban 30 days from the dste the notice is mailed to Borro~rer. by which such
breach must be cured; aad (4) that failure to cure such breach on or beforo the date speclfied ia the notice enay rrsdt in
acceteration oE the sams secured by this Mortgage, foreclowrc by judicial proceedin= and sale of tl~e Property. Tbe notice
shall further lnform Borrower of the right to reiastate afte~ accekcalioa and the righe to aaert in tbe fom{osure pmceeding
` tbe ooa•existence of a default or any other defense of Borrower to acceleratiun and forecbsure. If the breach is not cnred on -
or before the date apecified la the notice. Lender at Leoder's optlon may declarr a0 of tbe soms secored by this Mortsa6e to be
immediately due and payabk witlant fnrther demand snd may foreclose thk Mortga~e by judklal Proceediut. Lender sball
be eotitled to collect in snc6 proceedjn6 aq e:peoses ot forecbsnre, includiag~ but oot Hmited to, rsawaable ~ttwney's fees,
- and costs of docomentary'evideace, abatrscts and title reporb. j
- 19. Eon»wer's R1~6t to Reimtate. Notwithstanding Lender's acceleration of the sums securcd by this Mortgage, f
Borrower shall have the right to have any procesdings begun by Lendtr to enforce this Mortgage discontinued at aoy time
; 415 PA~E 9~8 }
.a
. .
- a.
a . _ _ _
x