HomeMy WebLinkAbout0981
~ ~ " '
r
~ ,
~ ~
- . , ) f'~~' i ' • ~
Lendtr's written agreement or applicable law. Bcr.*ower shall pay Iht amount af atl mortaage insura~ce prem'sums in the
man~tr provide:l under pa~ag~aph 2 hc~eo[.
Any amounts dishursed bp I.ender pursua~t to this paragraph 7, with intFrest Ihe~eon, . shall become additional
indebtedness of Borrowef secured by tfiis Motigago. U~1ess 8orrowcr and l.endcr agrec to oiher temss of rayment, such
amo«nts shali be payahle upo~ notice fram Lendc~ to ~or~oH~er ~equect+ng payment thereof, and sha11 bear intertst from the
date of disbursement at ihe rate payahle fram time to time an outstanding principal under thc ZVo~e unless payme~t af
inte~est ai such rate wauic~ be cor.trary to applicablt law, ir~ which e~ent such amounts shal) bear intertst at the higfiest rate
permissible unde~ app{icable law. Nc~thing containtd in this paragraph 7 shall requirc Lcnder to incur any ~xpense or take
any actiun hereunder. ~
o. Inspectbn, I.cnd_r mey make or causc io be rr~ade rrasonable entries upon and iaspertiont ol.thc Property, pruvidcd
that I.ender shall giva RorrowEr notice prior to any such inspection specifying rcasonable caux theretor ~elatrd to Lender's
intcrest in thc Property. "
9. Condem~wtbn. 'Tl~e proceeds of any award or claim for damages, direct or co~sequential, in connection with any
condemnat9nn or other takinR of the Psoperty, or part thereof, o~ for conveyance in lieu of condcmnation, ase fitreby a~signed ~
and shail be pafd to Lender.
]n Ihe event of a total taking of 'the Property, the proceeds sha!! !x applied to tht ~ums stcu~~d by this Mo~tgage. '
with the excess, if any, paid to Barrower. In the event of a partial taking of the Property. tmles; Borrawer and I.endc~
otherwise agrco in writi~g, there shaU be applied to the sums secured by th~s Marigage such pmporlian of tfir proceeds
~ as is eqqa) to that proportion which the amount of the sums .ecurcd by thi~ Mortgage immediately priac to the date of
taking btars to the fair market value of the Property immediately prioc to thc Jate of taking, wlth the balan~e of the procecds
paed to 8orrover. ~ ~ - ~
- if the F~aputy is abando~ed by Borrower, or i(, after notite by L~ndtr to Borrower Ihat the condemnor oPfers to make
an ar~ard or settle a claim fo~ damages, Bnrrower fails to respoad to I_e~de~ uithin 30 days a(ter the date stsch nolice is
~ mailed. Lender is aut~orized to collect and apply the procceds. at I.ender's option, either to restoration or ropair of the
prope~ry or to 1he_sums secured by this Mortgage. ~ ~
~ Unless i.ender and Borrower oihtrwise agree in writin~ any such application of procet~s to principal shall not extenci
or pastpone the due date af ths monthly inst~ltments ~eferred to_ pa~agraphs 1 and 2 hercof or chango the amount of
such insl~llmtots. . ~ .
. 1Q. Borrow~er Not Rekssed. Extension of the ~ime for payment or modification of amortizatien af the sumt secured
. by this Mortgage granted by Ltndtr to any successor in interest of Borrower shall not operate to relcase, in any manner,
the fiability of !he origiaal Borrower and ~iorrower's sticcessor~ in interest. Lender shaH not be required tn commence .
proceedings against such successor or refuse ta extr,nd time for payment ar otherwise modify amortization of the sums
~ secured by this Mortgage by reason of any demand made by the original Borrower and Borrpwer's successors in interest.
' I1. Forbssnnce by Ltnder Not ~ Waiver. Any fonc~arance by i_ender in exercising any right or remedy hercunder, ui-
- otne~wise afCorded by applicable law, sha11 not t+e a waiver af or prtclude Ihe exercise of any such right or remtdy. ~
. The procurement of insurance or thc aaym~nt of t~xes or other liens or charge~c by Lcnder~shall nat be a waiver of Lender's
- right to accelerate the maturity of the indebtedness secured ~hy this-Mortgage.
l2. Remedies Cumulsffve. All remecties provided in this Mortgage are distinct and cumulative to any otner right or
rcmtdy under this Mortgage or afforded by 1aw or equiry. and may he exercised concu~renUy, independenQy or si~ccessir•ely.
. 13. Swecessors ~~d Assi`~ts Souad; Jeint snd Se~~er~t [.isbility; Csptio+K. The covenants and agreemtnts herein
contained shall bind, aod the rights hereunder shall inure to. the respective succeswrs and assigns of Lender and Borrower.
sub}ect to the provis~ons of paragraph 17 hereoF. ^II covenants and agreements of $orrower shall be joint and several.
~ 'll~e captions and headings, of the paragraphx of this Morlgage are for convenience only and arc not to l+e used ta
interprec or define the provisions hereof. ~
14. Notice. Except for any rotice required under applicable law to. be given in anothtr rt?anner, (a) any notice to
Borrower prov.ided for in tnis Mc+rtgage shall be given by~ mailing such notice by cerlified mail addres~ed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to T.ender as proiidcd herein. an~
(b) any notice to Lender shall tx given by certified mail, ret~?m rcceipt requested. to I.ender s address stared herein or to
such other aJdress a~ Lender may designate by notice to Borrower as -provided herein. Any notice provided for ~ in this
Mortgage shall be dcemed to have been given to Borrowcr or Lender when given in the mannr~ dcsignated herein.
= li. Unihrem Moct~e; Ga?erniaa Isw; Se~t'nb~4ry• 'Y'his form of_ mortgage combines uniform covenants for national
use and n~n-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument.cavering -
real propecty: The state and local laws applicable to this Mortgage shatl 1re the laws of ihe jurisdiction in which the Property is -
IocatEd. ;he foregoing se:~tence shaU not limit the applicability of federat iavr to this Martgage. In the event that~ any
provision or ciause of this M~rtgage or the Note conflicts with applicabte law, such conflict shall not atfect other groNisions
of this Mortgage or ihe Note which can be given effect without the contlicting provision, and to this cnd the provisions of the
Modgage and the Note are declared to be severable.
_ 16. Boceu~et'f C,op~. Boct+o~a stnll bt fiimi~td a conf'oimed copy? of the Note u~d of thss Mottgage at the tirne of
rxecuda~ ~ afur cecadation hereof: ~ "
17. Ta~ufer of th~ Praper~7; A~anption. If all or u~ part af tlx Propercy c. an interest therrin is sold ot tran~e~ed by
- Bocra~?a ~ritho+n ~I.ender's pnor .rntten cocucnr, euludung (a) the cre~aon of a lirn or encumbe~nce subordinace w rhss
Mortgage, (b) the ccrition af a pun_hase mos~ey secunry ~ntetest fa household appliances~ (c) a trussfa by de~ese,
descent or hy operation of law upon ihe death of a joins tenant or (d! the. g~ant of any leasehold interest of lhree years ar less
nn! containing an option to purchase, Lender may, at Lender's option, declare all ~he sums secured by this Mortgage to be
immediately due ana payable. Lende~ shall have waived s~~ch option to 3ece!erate if, prior to the~sale or- iransfer. Lendtr .
and the pcrson to wham the Property_ is to be sotr3 0* transferred reach agreement in wricing that the credit of such person
is satisfactor; to Lender and that the interest payabk on the sums secuced by this Ma~fgage shall be at sttich rat~ as Lendtr ~
shali request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in svriting by LendeT, Lender shall relr.ase Aorrower from a!1
oWigations under ihis Martgagt and the Note. ~
If Lencier exe~ci~es such aption eo accelerat~. Lender ~hall mail Borroa•er nQtice of acceSetation in accordanre with
~ parag:aph 14 hereof. Such notice s~all provide a perioci of not less than 30 days fcom lhe date the notice is rnaited within
~ yvhich Borrower may pay the sums dalared due. If Borrower fails to pay such sums pricr to the expiration of such period,
Lender msy, without further notice or dernand on t3orrower, invoke any remedies permitted by paragraFh 18 hercof.
Nor~-UN~FOx!~t Gov~x~?N'rs. Borrower and Lender further covenant and agree as toltows:
18. Accekratfoo; Ren+edies. ~xcept ae provideal ia psragnph 17 hereof. upon dorr+~we~s bresch af ~y coress~t or
agreemeat of Eorrowei iw tbis Moct;age, iacledi~ tbe coveaaMs to p~y when dre ~ay 3~a~s secpred by tbis Mortss~e, Le~der
~ prior to sccekrAtipa ~ w~ uotics tc norrower as prov~ded i~ ps~raph 14 btrcof slcrityiog: (13 t4s brsscb; (2j t6e setio~ _
reqrirsd to sure socM bracl~; (3) ~ date, aot las ti~an 30 days fro~a tl~e date.t~e wotite b~a~ed to Dor~w~tr, by wl~ie~ s~srts
. l~rssrch ~+a_gst be ew~edi snd (4) tf~at failare to cure such breach on or befooe thc datt speciied ~ tbe aatke ~ay ~t i~
secekcailoa oE t!e s~ats sece~cd hy this Mortea;e, fQrscbwre by ~udkisl proctediw~ aad sale of tbe Propert~r. 'ILe wotkt
sfwtf f~rti~er iafona DonroMer o# ti~e ri=ht to rciastste stter accekn~tion aad the ei`ht lo asse*.t i~ the foreclowa procee~
! ti~t f~orexistence of a dtfaslf or aay othet deftast ot Sorrower to accekntjoa sud fartcioa~rre. It the breacl~ k aot c~red os
o~ before the dafe s~eci~ied Fu tlae notice. Lewder at I.ewder's optbn auy decl~e sU ot tNe sssrs xc~red b~ t1~is hSo~a~e ~o be ~
imm~ediatdy dne ~e~d pysble wkiwrr rwf~r ae~a s~a ~~y romw~e n~ ~?~rorq~~ rr.~~.t Lt~dtr si~ _
be e.lil3ra co co8ece i~ s~rc6 proceeil.~ aN expen~a or forecbs.re, iwcfeatu~, Mrt wot liw~ea to„ ra~sors6ie aEtor~ry': tees,
a~d co~ts ot doc~~ t~idcwce, sb~ aud tetie re'orts. .
; 19. Bamow~e~'s Ri~t to R~tate. Notwithstanding Lencler's accderation of th~ sums sccurtd by this I?iortgage.
Borrower shall have the right to have any procetdings txgun by Lender to enforce this Mortgage discontinued at any timt
- ~L~r~lc NOc3 P~GE ~