HomeMy WebLinkAbout0914 ' t.et~der`a writtea asr~eeineat or applic~ble law. Borrower shall pay the anwuat ot ali moh=ase insuranoe p[emiwa~s ia tbe
~ enanoer Pwvided unde~ Puatraph 2~ heteof• ~
.T . .
Mr amounts disbu~sed by l.eode~ punua~t to thp pa~nph 7. with iaterat thpiea4~~11 ta~al
indcbtednas of Bon+o~w~e~ ~ecured by this Mort~ase. Unless Bormwer a~d I.ender ajree to wher terir~sbd[ P~~ wch
amounb shall be psyabk upon notire trom Lender to Bonower rcquestinj payment theroof. and shatl bear i~lercst tran the
date of dhbursemeM at the rato payabk from time to time o~ outstanding principal undet the Noee unkss paprpent of
ioterat at wch rate would be cont~ary to applicabk law, in which event such amounb ~atl bear intenst at the hi~hpt ra~e
r e
permiaibk w~der applicabk law. Nothina contained in this panaraph 7 shall roquire Lender to incur aay eapease ot take ~
aey actioa herauader.
t. i~ee1M~. Lender may make or cause to be made rcasooabk entries upon and iespections of the Piroperty. provided
that Lender aha11 aive Bomower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender't ~
intercst in the Pt~operty.
Co~iet~dow. The proceeds of any award or claim fQr damaga, diroct or co~seqoential, in coonectioo with any
condtmnatioo or other taking of the Property, or part thereof, o~ fw conveysnce io lieu of condemnation, an hereby assigned
and shall be paid to Lender.
In Ihe event of a total taking'of the Pr~openy, the proceeds shall be applied to the sums secured by this Mortgage,
- with the eacess, if any, paid to Borrower. in the event af a panial taking of the Property. unless Borrower a~d Lender
othenvise agree in writing. therc shall be applied to the wm3 securcd by this Mongage such pr+oportion of the proceeds
as is tqual to that proportion which the amaunt of.the sums secured by this-Mongage immediately prior to the date of
takina lxars to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Hornow~e~.
If the Property is abandoned by Bonower, or if. after notice by Lender to Borrowe~ that the condemnor offers to mate
an award o~ settk a claim for damages. Bonower fails to respond to l.ender within 30 days after the date such notice is
maikd, Lender is authoriud to collect and apply the proceeds. at Lender
s option. either to restontion or repair of the
Propeny or to the sums securcd by this MortgaRe.
Unless Lender and Borrower otherwisc agrce in writing, any such applicatio~ of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in pang~aphs 1 and 2 hereof or change the amount of
such installments. ~
I0. Dorrow~ Nof Rekased. Exteosion of the time for payment or modification of amortiution of the sums secured
by this Mongage gnnted by Lender to any siiccessor in intereu vf Bomower shall not operate to nekase, i~ any manner,
the liability of the original Borrower and Bc?rrower
c'succes.u+rc in intercst. Lende~ shall not be required to commence
proceedings against such u~ccessor or rcfuse ta extend time for payment or otherwise modify amortiution of the sums
secured by this Mortgage by reason of any demand made by the oriqinal BoROwer and Qorrower
s successors in interest. ~
11• - For6~ce bp I.ender Not a R?aiver. Any f~r~+earance bv I.ender in eaer~cising any right or remedy heramder, or
othenrise aBorded by applicable law, shall not be a waiver of or prccludc the exercise of any such right or nmedy.
The procurcment of insurance or the payment of tazes or other liens or charges by [.ender shall not be a waiver of Lender's •
right ta accekrate the maturity of the indebtedness cccurcd hy this Mongage.
~ 12. Re~nedies C~uauiati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
rcrnedy under this Mortgage or afforded hy law or equity, and may be exgrcised concurrcntly, independently or successively.
13. Srccessors aad Assi~~s eound; Jant a~d Sereral i.iab~'lity; Csptions: The covenants and ag~eements herein
contai~xd shall bind, and the rights hereunder shall inure to, the respective succescors and assigns of Lender and Bornower.
subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Bor~ower shall be joint and several.
The captions and headings of the paragraphs ~f ~his Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any rwtice required under applicable law ta be given in another manner, (a) any notice to
Borrower provided for in thi~ Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Properiy Address or at sU~ch other addresc as Bormwer may designate by notice to T_ender as provided herein, and
(b) any notice to Lender shall be given by certified mail, retum receipt requested. to l.ender s address stated herein or to
such other address as Lender may designate by notice ta Borrower at provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Cender when given in the manner designated herein.
1S. Uuifo~ Mo~~e; Governia~ Law; Sevenbility. This form of mortgage combines uniform covenants for national
use and non-uniform covenanls with limited variations by jurisdiction to constitute a uniform security instn~mept covering
r+eal property. This_ Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not aifect
other provisions of ihis Mortgage or ihe Note which can be g~ren effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to he severable.
16. Eorruwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. T~assfer of fre Properfy: A~umplion. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without L.ender's. prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interat for household appliances, (c) a transfer by deviu,
descent or by operation of law upon the cieath of a joint tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender
s 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 sale or transfer. Lender
` and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such petson
~ is satisfactory to Lender and that the interest payable on the sums secured by. this Mortgage shall be at such rate as Lender
~ shall reqeust. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succeswr in
~ interat hu exceuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
i obligations under this Mortgage and the Note.
E If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hercof. Such notice shall provide a period of not less t1~,n 30 days from the date the notice is mailed within
~ which Borrowtr may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
~ Lender may, without further notict or demand on l3orrower, invoke aay remedies perroitted by paragraph 18 hereof.
E
~ Norr-UxtFO~a?t CovExe~vrs. Borrower 3nd Lender further covenant and agrce as follows: '
18. Accderatjoo;.Remedies. Escep as provided in ~np6 1~ bereof, ~oe dorrower's b~rach of any coveoant or
~ a~reema~t of Eorrowet is t~s Mortta~e, ~cl~din~ tl~e coveaaots to pay whea dre ~oy sams secared by thk Mortsa`e, i.ender
prbr to sccderstio~ shaN w8 ¦otfce to dorrower ac providtd i~ pa~rap6 14 rereot spec~yio~: (1) tre brescb: (2) t6e actios
req~ired to c~u+e s~cM bresc6: (3) a dste, not less tbaa 30 da~s fras tbe date tl~e iotice i~ e~a8cd to Dorrower, by wYkY ~Y
~rrsc~ ~Mt 6e a~red; a~i (4) trat hYnre b c~re s~ bresc6 ow or btfor~e tre date ~ i tAe ootke wq ra~it ia
secelenfb~ ot tie s~~s ieerred by Wb Morita`e. foreeiowre ~ jadicfal Procee~ieL a~i sale of tl~e h+ope~ry. 'll~e eotke
sW tsrltier. i~foro 1~onowtr ot tbe nkM to rei~+ctafe aEter sccekratioe sod the ~Mt to arserf ~e tie foredowre peoceedia~
e6e .o.~e:i~~ee at s detark or sar abeer defewse of Sorrower ro sccdernioa ani Eoreelosnre. It ttie Mwc~ ts oot amd o~
F or 6dore tre date s~eefied f~ tre ~tice, I.e~der st Leoier's optbe wy de~e s0 of tbe wos sees~+ed b~? t~ Mortp~e to be
~ i~~eiitlely aie a~i pya6le witio~t tiatLer dewasa aai ~ torecbse tMk Mart~aL~ bl' ~k~l N'ocecdi~. Lesder tliaY
~ be e~tltlei b coreet i~ wcr ~cee~ie~ a~ ezpeatq o[ tonclosrre, i~cltidiu~, ~t wot ~ to, cearo~able attor~e~'s [ees,
~ a~i eo~b ot ioc~' erNeace, abstrseb ai~d litls~e~el~s.
e 1!. /arrower's Ri~Yt b Rda~fafe. Notwithstanding Lender s accelerstion of the swns secured by this Mortaage.
~ Borrowar shall have the ria6t to have any prooeedings txgun by Lender to enfora this Mortaage discontinued at aay time
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