HomeMy WebLinkAbout0799 l.ender's written agrecment or appticabic law. Bortower shall pay the amount ot all mortgage insu~ance ptemiums in the
manncr providcd u~de~ paragraph 2 hereof.
Any amounls disbursed by 1_cnder pursuant ta this paragraph 7, with int~rest thercc?n, shal) bocomc additiona)
indcbtectness of Borra~•cr secured by this Mortgage. Unle.s Ao~rowe~ and l.cnJer agrce to othcr ternu ~f payment~ such
Amoi~nts shall hc payable u~x~n nu~irc fn~m l.cnde~ to &xn~N•cr rcyucstiog payment ihcreot, and shall bear iMcrest from the
datc af disbursement at the rrte payahlc from timc to timc on outstanding principal u~der the Note unless psyment ot
interest at such rate waold be cont~ary to applicable law, in which event such amounls shall hea~ inter+est at ihe highest rate
permissibte under appiicabie law. Nothing contained in thic parag~aph 7 shall require I.e~der to incu~ any espense or take
aoy action hereunder.
8. Iaspeetbo. l.ende~ may make or ra~~se to lx: made reaconable emriec upon and inspectians of the Property, provided
that l.endc~ shall give Borrower nMice prinr ta any such inspecti~n specifying rcasanabk cause thercfor related to I.ender's
inter~~t in the Property.
9. Condemnation. Thc pmcecds of any awa~d or claim for damagcs, dircct or conuqucntial, in connoctian with any
condemnation or other taking of the Property, ar part t~ercof, or fo~ conveyanre in lieu of condemnation, are hereby assigned
anJ shall he paid ta I.ender.
in the event of a tMa) taking of the Propcrly. !hc prcxccds chall he applied to thc sums secored by this Mortgage,
with the eticess, ii any, paid to Borrowcr. In thc even~ of a partial taking of the Property, unlcss Rorrowe~ and Lender
othe~wise agree in writing, there shall be applied to the .ums ~ec~ircd hy thic Mortgage such proporiion of the proeeeds
as is equa) to that propoNion which the amount of thc sum~ srcurcd hy thic Mortgage immediately prior to the date of
taking bears to tt~e fair markct valuc of thc Pro~rt~• immcdialcly prior to thc date of taking, with the balancc of thc proceeds
paid to Borrower.
if thc Property is abandoncd by Borrowcr, or if. aftcr notice hy I.ender to Borrowc~ t~+A~ ihe condcmnor offers to make
an award or setNe a claim for damage~. Burmwer fait. t~. r~~v{snnd to 1 ender within 30 days after tht date such notice is
mailed. Lende~ ic authorized ta collect and apply the proceeds. at I.ender's oplian. eithe~ to restoration or repair of the
Propcrty or to the sums sccuretl h}~ this Iliortgagc.
Uniess l.enckr and Bormw~er othen~'itc; agree in ~~~riting, am~ such application af prcx.-eeds to principal shall not extend
or pcxt~ne the due date of the monthl}~ i~stallmcnts refermd to irt paragraphc 1 and 2 hercof or change the amount of
se~ch installments_
10. Borrower Not RdeaSed. Exteneion of thr time for payment or modification of amortization of the sums secured
by ihis Mortgage granted by I.ender to any ~ucce~sor in intemst of Bc~rrow•er shatl not opetate to rtlease, in any manner,
the liability of the originat Borcow•er and B~rmu•rr's successors in interest. l.rnder shal) not he rcquired to eommence
proceeJings against such succecsor or refuse to e~tend time for payment or otherv?~ice modify amortization of the _ sums
sec~ucd by thic Morigage hy mason of an~~ demand made by the orieinal Rormwer and Bormwers succes~rs in interest.
1l. Forbearonce by I.ende~ l~ot a Waiver. Any f~rhearancr hy f.cnder in exercising any right or remedy hereunder, or
~~herwise a(fiordecl by applicahle law, shall ne?t be a waever of or preclude the exercise of any such right or remedy.
Thc pracurcment of insuran~e ~r the pa)~ment ot tares or other liens or chargcs by l.ender shall not he a waiver of Lender s
right to accclerate the maturity of the indebtednecs securcd h~ thic Mortgage_
12. Remedies Cnmulati~e. Ail rcmcdies pr~~t•idcd in thic Mortgage ar+c distinct and cumulative to any other right or ~
reme~y ~mder this Mortgage or afforded hy !aw ~~r eyuity. and may he exercised concurrcntly, independently or successively.
13. Succe.ssorc and Assi~;ns Bound: Joint ~nd Se~•e~l i.iability; Captions. The covenants and agrccments hercin
containeJ ~hall bind, and ihe rights hercunder sfiall inure to. the respective succes~rs and assigns of I.enJer and Borrower,
subject to the provision~ of paragrapF~ l7 hercof. r111 rnvrnants and agrcemenls of Borrow•er shall be joint and' several.
The captions and headiegs of the paragraphs of thit Mortgage are for comenience only and are nM to be «sed to
interpret or define thc provicions hereof.
14. Notice: Except for any notice rcyuired under applicable law• to be given in another manner, fa) any notice to
B~~rruwer pmvided for in this Mortgaee sha11 tx given hy mailinK such notice by ~crtified mail addresced to Borrower at
ihr Pmperty Address or at such other addre~s as B~~rmw•cr may designatc by noticc to 1_ender as provided herein, and
(h) any natice to Lender shall he gi~en by certifi.~d mail. return receipt requested. to l.ender s address stated herein or to
such other address as l.ender may designate b}• notice t~ Bormwer as provided herein. Any notice providec! for in this
Mortgagc shail be deemcd Io have bccn given to Borr~w~er or 1_endcr whcn given in the manner decignated herein.
15. Llnitorm Morf~a~e: Gorerni»~ ia~: Se~•erability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limite~f variati~~ns h~~ juriuliction to constitute a uniform security instrumem cc~vering
real pre~perty. This Mortgage s.hall be governed hy thc law of tF~c juri~iclion in which the Property is located. In th~
event that any provision or clause of this Mortg~ge ~r the Note ron8icts with applicable law. such conflict shail not affect
other prnvisium of lhis Mortgagc or the Note v~hich can be given efiect without the conflicting pmvision, and to lhis
end thc pro~ isions of the Mortgagc and thc Notc :~rc declared to he severahle.
16. BorrovrePs Copy. Borrower shall bc fircni~hcd a rnnformed rnpy of the Note and of thic Mortgage at the time
of executian or after recordatian hereof.
17. Transfer of the Ptoperty; Assumption. Tf all ~~r any part of thc Pmperty or an interest therein is s~~ld or transferred
by Borrower without Lender s prior written cansent. exciuding (al the creation of a lien or encumbrance subordinate to
thi~ Mortgage. (b) the creation of a purchace money security interest for household appliances, (c) a transfer by devise,
d~~scent or by operation of law upon the death of a jo;m tenant or (dl the grant of any Ieaschold interest of three ycars or 1e~ss
m~t :ontaining an option to p~rchase, Lender may, at I_ender'~ option. declare all the sums secured by this Mortgage to be
immcdiately due and payable. I.ender shall have waived such option to accelerate if. priar to tT.,; ~ale or transfer, Ixnder
:,nd the person to w•hom the Property ic to be sotd or transferred reach agreement in writing ihal the credit of such petson
r, satisfac~ory• to 1.encier and tha! the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
~h:~ll request. If I_ender has waived the option !o accelerate provided in this paragra~sh 17, and if Borrower's successor in
~~crest h:~~ executed a written assumption agreement accepted in writi~g by [xnder, Lender shall release Borrower from all
~'i~aNons under this ~(ongage and the Nate.
If !_ender exereises such option to aceelerate, i.ender sh:~ll maii Borrower notice of aeceleration i~ accordance with
uagraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed within
n: h Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
r may, without further notice or dcmand on E3orrower. invoke am• remedies permiued by paragraph 18 hereof.
Notv-UNtFORnt Coverr,?rr7s. Borrower and.1_ender further covenant and a~ee as fottows:
18. Accele~tan; Remedies. Fa~cept sis pmvided in paraRraph t7 6ereof, ap~o Eamower's brcach ot aay rnreaant or
agreemeat of Borrower ia tbis Mortga~e, incled'en~ t6e coveaants to pay wbeo dae any wms secnred by t6is Mort~a~q I.eoder
prior fo accekration shaD maji notice to Borrower as prorided in para~nph 14 kereof ~ecifyiu~: (1) tbe breac6; (2) t6e actloa
requind to core socb breac6; (3) a date, oot kss than 30 days from the d~te the notice is ~.-~a~ed to Borrower, bY which sescA
breach most be cured; and (4) t6at tailnre fo cure snch breach oa or befare tbe date ~.pecf6ed in tbe notice mq raalt in
accelers~tioa of t6e sa~ sccored by t6is Mortgage, fomlo6un by judicial proceediua aod sak of t6e Yrnperty. '[~e notice
shall further inform Borrower of tAe cqsht to rei~tate after accekratioa s~nd t6e rig6t to as~ert ie t6e foreclosare proceedi~
the oon-existence ~ a defaait or aay other detense of Sorrower to accekration aad forecbsurc. If the 6reacl~ is not carrd oa
or beforc t6e date specified io t6e eotice. Leader at Leode~'s option may dechre s8 of t~ mms secored by tWs M:.rt6aae b be
immediatdr due a~ payabk wjWoot fnrlhcr demand and may forccMse tWs Mortaa~e~by jadkial proceedia~. Leader si~
be entitkd to collect ie socti proceeding all e:peases of Iorec{osure. iacladiog, bnt wt iisited to, nasoasbk attoc¦e~'s fas,
and co~ts of docemeats~ry evidence, abstracit aad tiUe repoNs.
19. Borrowe~s Right to Reiest~e. Notwithstand'+ng Lender s acreleration of the sums stcured by this Mortgage,
Borrower shall have the right to have any proceedings bettun by Lender to enforce this Mortgage discontinuod at any time
BG~!(~~J F.':~E
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