HomeMy WebLinkAbout0946 • . . .
. .
I.ender's writtea ~r+eea~eat or applicabk law. Borrowcr shap pRy the amou~t ot aq mo~are insuraaoe premium~ ia the
maaae~ provided unde~ pu+~rapl~ 2 heroot. ~
My amounb disbuned by Lende~ pursuant to tha pan~~aph 7, with interest thereon, ahall become additiatal
indebtedness ot Borrower xcw+ed by this Moctgag~. Unless Horrowe~ ar~d LeRder ~r+oe to othe~ tcrn~s ot psya?en~ such
amounts shall be p~ayabk upon notice from I.ender to Borrowe~ requesting payme~t thereof, and shall bear intercst fmm tlwe
date of disbursement at the rate payabk fmm time to time on oubtaeding principal und~ the Note unkss payment of
interest at :uch rate would be contrary to applicable law, in which eveot such amounts shail bear iaterest at the hi~hest ntte
permiuibk under applicabk law. Nothing oontaitud in this paragraph 7 shall requim I.ender to incur any expeuse or taka
any action hercunder. ~
a. I~}eetio~, L.ender may make or cauu to be made reasonablc entries upon and inspections of the Property~ provided
that I.ender shall give Borrower notica prior to aay such inspection specifying reasonabk cause therefor related to Lender's
interest in the Property.
9. Cow~w~atbu. TI~e procceds of any awaed or claim for damages, direct or consequential, i~ rnnnection with any •
rnndemnation or other taking of the Property. or part thercof. or for conveyance in li~u of condemnation. are hereby assigned
and shall be paid to I.ender.
In the event of a total taking of the Prnperly, the proceeds shall be applied to the sums securod by this Mortgage,
with the excesa. if any, paid to Borrower. 1~ the eveM of a partial taking of the Property, unless Borrower and I.ender
othenvise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds
as is equai to that proportion w6ich the amount of the sums secured by this Mortgage immediately prior to the date of ~
taking bears to tht fair markei value of the Property immediately prior to the date of taking, with the balsnce of the proceeds
paid to Borrower.
If the Property is aba~doned by Borrower, or if. after notice by Lec~de~ to Borrowe~ t6at the condemnot offert to make
an award or settk a cisim for damages, Borrower' fails to respond to Lendtr within 30 days after the date such notia is
maikd. i.ender is authori~ed to rnlkct end apply the proceeds, at Lender's option. either to ratoration or repair of the
Property or to the sums securod by this Mortgage.
Unlas Lender and Borrower otherwise agree i~ writing, any such application of proceeds to principal shali not extend
or postpone the due date of the monthly installments refcrrcd to.in paragraphs l and 2 hertof or change the smouot of
such instal)ments.
lA. ~orrower Not Reka~cd. Extension of the time for payment or moditication of amortization of the sums secund
by this MottZage gcanted by Lender to a~y successor in intercst of Borrower shall not operate to relcaae, in any manner,
the liabitity of the original Borrower and Borrower's successors in interest. Lender sha1) not be required to commence
proccedings against such suocessor or refuse to extend time for payment or otherwise modify amortization of the aums
socured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
il. Forbeuaace b~ i.ender Not a Wd~ea Any forbearance by Lender in exer+cising any rigNt or rrmody hereunder, or
otherwise afforded by applicable law. shall not be a waiver of or precluido the exerciu of any s~ch right or nmedy.
Tbe procurcment of insuranoe or the payment of taxes or other liens or charges by Lender shall ~ot be a waiver of Lender'a
right to accelerate the maturity of the indebtedness secured hy this Mortgage.
l2. Re~ Cam~e. All remedies pmvided in this Mortgage are distinct and c~ulative to any other right or
rer?'~edy under this Morigage or afforded by 1aw or equity, and may be exercised concurrently. independently or successively.
13. Saccessots aod A~s Eopnd; Joiut and Sereral I3ab~ity; Captions. The rnvenants and agreements herein
contained shall bind. and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bornuwer,
' subject to the provisions of paragtaph i7 hereof. All covenants and agreements of Borrower shall be joint and several.
~ The captions aod haadings of the paragraphs of this Mortgage are for rnnvenience only and are not to be used to
interpret or de6ne the provisiora hereof. .
14. Notice. Eacept for any 'notice required under applicable law ta be given in another manner, (a) any notice to
Borrower provi~ed for in this Mortgag~e sha11 be g+ven by mailing such ootice by certi8ed mail addressed to Bonower at
the Property Address or- at such other address as Borrower may designate by notice to T_ender as provided herein, and
(b) any notice to Lender shall be given by certified mail, retum reoeipt requested, to Lender's addras stated herein or to
such other address as Lender may designate by notice to Borrower as pmvided herein. Any notice pr+ovidod for in this
Mortgage shail be dcemtd to have been given to Borrower or ZeRder when given in the manner designatod herein.
1S. U»Nor~ Mor~e; Goveroiu~ Law; Sever~bDity. 'i~is form of mortgage combines eniform rnvenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by tFie law of the jurisdiction in which the Property is locatod. In the
ev~nt that any provision or clause of this Mortgage or ihe Note conflicts with applicable law. such conflict shall not affect
other provisions of •this Mortgage or the Note which can be given effect without the conflicti~g provision. and to thia
end the provisions of the Mortgage and the Note are declared to be severable.
16. dorrowe~s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of ezecution or after recordation hereof. ~
17. Tram~fe~ of t~e Property; A~nmptioe: If all or any pan of the Property or an interest therein is sold or transferred
by Borcower without Lender'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 interest for household appiiances, (c) a trarufer by dev~e.
descent or by operation of law upon ihe death of. a joint tenant or (d) the grant of any leasehold interat 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 aceelerate if, prior to the sate or tranafer. Lender
and the person to whom the Prope~ty is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at auch rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suec~uor in
interest has executed a written aasumption agreement accepted in writing by I.ender. L.ender shall release Borrower from ati
obligations under this Mortgage and the Note.
1f Ltnder exercise.s sueh option to accelerate. Lender shall mail Bonower notiee of acceleration in accordance with
paragraph l4 hereof. Such notioe shall provide a period of not less than 30 days from the ~date tha notice is mailed within
which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice ot demand on Borrower. invoke any remedia permitted by paragraph 18 hereof.
NoH•UrnFOeM Covex~rrrs. Borrower and LendeT further covenant and agm as foUows:
18. Accderatios; Re~eedies. Facept as pro~Wed ia paragrapb 19 6ereof, ~pon Sorrower's brsaci of aor co'ewnt or
atreemedt oE Eorrower ~ tLi~ Mori~a~e, iach~lna tLe coreasals to par wLcA dae ~r sams secar+ed by tib Mortsa`e, I.eoder
prbr M scceleratiwa ~a1 ma~ iotice to Dorrower a~ pruvided b~ngr~p614 tiereot MeciE7la~ p) ttie breseb: ttie actio~
reqnired to csee nc6 bKacb3 (3) a d~e. eot less tWe 30 days fro~o t6e date tbe sotice M maile~ to dorrower, by w~kl~ socb
breac6 n~t be c~ and ttiat f~nro to core sreh brsaer on or befors tie dste speciial 1~ t`e eotke a~~ ~sok ~
accderntio~ ot tre s~~r sec~red by d~k Mort~ate+ tonclos~re b~' j~smcial Neccedint a~d sak ot tre ?~+opert~. Tre ~otke
s~l fa~Der Lfors Dorrawe~ ot tre rri~ to rd~te dter accekatlo~ aei tbe ri~Yt b ared ~ tLe toredoare }e~oe~
the sos-e~steace ot a detadt or aoy othe~ defee~e of Eorrower to secdentbw aed torecbwra It t6e breae~ is ~ot csrei o~
or betore tbe d~e speciied i~ f4e eMke, t.esder N Lesder's opfion may dechre a~ at tbe ~~us ~ by tbit Mort~e b be
im~tdy d~e a~d payabit witrort fart4a~ de~aod aad a~ay fwrclae thL Mort~e b~dicial ~oc~g• Le~der stiaY
be ~ to edlect io wcr ~roee~dios N ra~pe~~es d toreciowre, focledis`, b~t oot li~tted to, reaweade ~tto~e~'s fea,
and cosls ot docnea~ eride~ce, a6str~cts so~ tWe reporb.
19. lorwwa's Rt~it to Reiatate. Notwithstanding Lender's acceferation of the sums secured by ihis Mortgage.
Borrower ahall ~utve the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
aa~c ~ t~GE 9~
~ -