HomeMy WebLinkAbout0406 I.cnder's written agreement or applirable law. Borrower ahall psy the amount of all mortgage insurance premiunu in the
manne~ providecl under pa~agraph 2 heroof.
Any amounts disbursed by I.e~der pursuant to thia paragnph 7, with iaterest thereon, shall become additiona)
inJeb~edness of. Borrower secured by this Mortgage. Unless Borrower and I.enJer agrce to othe~ temns of payment. such
amounts shall be payabk upon notice from Lende~ ta Borrowcr requesting payment thercof. and shall bear inte~est trom the
date of disbursemeM at the ratc payabk t~om timc to time an outatanding priacipal under the Note unless payn~t ot
interest at such rate would be contrary ta applicabk law, in which event such amou~ts shall bear interest at the_highest rate
permiasibk unde~ applicable Iaw. Nothing rnntained in tF~is paragraph 7 shsll require I.ender to incur any expense or take
any action hereunder. ~
8. laspectbo. i.ender may make ar cause to be made reascx~able entries upon and inspections of the Praperty. providod
that i_ender sh311 give Borrower notice priur to any such inspectian specif~ring~reasa~abb cause therefor related to Lender's
interest in the Prope~ty. ~
9. Coademaatba. The proceedc of any award or claim for damages, direct or co~sequentiai, in cc~n~ection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assignod
and shall be paid to Lender.
, in Ihe event of a total taking of the Property, the proceeJs xhall be appl~ed to the s~~ms secured by thi~ Mortgage.
with the excess, if any, paid to Borrower. In 1he event of a partial taking of the Property. unless Borrower and Lender
otherwise agree in writing, there shall be apptied to the cums securrci by this ~tartgage such proportion of the pt+o~eds
as is equal ta that proponion which thc amount of the sums cecured by this Mortgage immediately prior to the dste of
taking bears to the fair market ~valuc of the Pmperty immcdiately prior ta the date of taking, with the balance,of the proceeds
paid to Borrower.
lf the Property is abandoned by Borrower, or if, after notice by I.ender to Bormwer that the condemnor olfen to make
an award or setlle a claim for damages, &•rrower fails to res~nd to I.ender witF~n 30 days aftet the date such notice is
maifed. Lender is authorized to collect and apply the proceeds, at i.ender s option, either to testoration or rcpair of the
Property or to ihe sums secured hy this Mortgagc. _ ~
Unless Lender a~d Barrower otherwise agree in w•ritine, any such application of proceeds to principal shal) not exte~d
~ or pos~pone the due date of the monthly installments rcferrcd to in paragraphs 1 and 2 hereof or change ihe amount of
suc,h installments. ~ •
19. Eorrower Nof Released. Extension of the time for payrrnnt or m~Iification of amortization of the sums socured
~y :'.!~~~age granted by i.ender to any successc~r in interest of Bc~rrower chall not operate ta release, in any manixr,
the liability of the original Borrower and Eic?rrower
e successors in interest. i_end~r shall not be rrquired to commence
proceedings against such successor or refuse to ertend time for payment or ~therwise modify amortization of the sums
secured hy this Mortgage by reason of any demand made by the original Borrower and Borrower
s successors in interest.
11. Forbearance by I.ender Not a R+siver. Any forfiearance by i.ender in exercising any right or remedy hereunder, or
otherwise afiorded by applicahle law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procoreme~t of insurance or the payment of taxes ar other liens ar charges by Lender shall not be a waiver of Lender's
right !o accelcrate the maturity of the indehtednecs secured hy tfiis Mortgage.
12. Remedies Cnmulsthe. All remeciies providcd in this Morigage arc distinct and .cumulative to any other right or
remedy under this Mortgage or aftorded hy law or equity, and may be exerciseJ concurrently, independendy or successively.
13. Sncce~ors and Assi~ns Bound; Join! and Severnl i.ipM'lify; Caplions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall im~re to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
'Tl~e captions and headings of the paragraph~ of thic Martgage are for convenience only and are not to be used to
interpret or de6ne the provisions hereof.
14. Notice. Except for any notice rcquired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Borcower at
the Property Address or at such other addresc as Bormwer may designate by notice ta i.ender as provided herein, and
(bl any notice to Lender shall be given by certified mail, mturn receipt requested. to i.enders address stated herein or to
such other address as Lender may designate by notice to Borrower az provided herein. Any notice pmvided for in this
Mortgagc shali be deemed ~o have been given to Borrow~er or I_ender when given in ihe manner designated herein.
I 15. Unifona MorlRs~e: Goreroiu~ Ia~s; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
rcal property. "il~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
eveot that any provision or clause of this Mortgage or the 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 conflicting pmvision, and to this -
end the p~ovisions of the Mortgage and the Note are dcclared to be severable.
16. Borrower's Copy. Borrovrer shall be furnished a conformed copy of the Note and of this Mortgage at the time
of exeti:ution or after recordation hereof.
17. Transfer of t6e Properfy: Assumption. ff all or any part of the Property or an interest therein is sold or transferred
by Borrower without I.eoder'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 appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or iJ) the grant of any leasehold interest of three years or less
nut rontaining an option to porchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. I.c~.~er shall have waived such option to aocelerate if. prior to ihe sale or transfer, Lender
and the pe~~ to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such peison
~c satisfactory to Lencier and that the interest payable on the sums secured by this Mo~tgage shall be at such rate as Lender
~h.~U request. If 1_cnder has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
.nte~est has executed a written auumption agreement accepted in.v?~iting by Ixncier, Lenckr shall release Borrower from all
ti!igations under t~is Mortgage and the Note.
If I_ender exercises such option to accelerate. [_ender shall mail Borrower notice of acceleration i~ accordance with
.+ragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
i~ -F. Borrower may pay the sums declared due. If Borrower faiis to pay such sums prior to the expiration of such period,
•1:r may, without further notice or clemand on Horrower, invoke any remedies permitt~d by paragraph 18 hereof.
Norv-UNtFORtN CoveN~N'rs. Borrowe~ and Lender further covenant and agree az follows: ~
' IS. Acceleratioe; Remedies. Except as pwvided ia pars~;rapb 17 hereof, ~poo Sorrower's bresch of any coveaaot or
agreement of Borrower in tbk Maiga~e, incladjn6 t6e co~eoants to pay when dee sny soms secored by this Mort~a6e, I.~ader
prior to acceleration s6all mW notke to Sorrower as provided la para6rapb 14 bereot speciE~: (1) tbe bceac6; (2) tbe action
required to enre soc6 brescb; (3) a date, not less t6an 30 days from the dste tbe ootice M ma8ed to Borrower, by wlkb secb
breach mmt be cared; and (4) that h[lurs to cun sach breacb os or befor~e tbs date specified b t~e aotke ma~ resalt io ,
accderatioa d t6e sams secarrd by this Mort~sge. forcclosurc by jndkial proceed~o~ ~d ssle of ttie Property. 'Itie ootke ~
shsU fnrt6er infam Eorrower of tbe ri`6t to reinstate after accelerstioa aad tbe ria6t to as~ert is tbe foralosore pruceedi~ ~
the eoae:~steoce of a defank or asy other detease of Borrower to acceleratioa and foreclowrs. if tbe brescb i~ oot cte~ed oa ~
or before t6e date s~eciRed ia ttie aotice, Lenuer at Leoder's option may declare a0 of tbe sn~s sea~rcd by thb MortP6e ~ 6e
imnxdi~tdy dne aod payable wk6out f~rtbtr demasd aad may foreclose thb Mo~aL~ bl ~odicW Proce~• i.enitr sraA
be eatltkd to coBeet L socU proeee~n~ d e:peoses of foreclware, ~ncladios, Iwt ~ot li~ted t0. raro~bie attorae~'s tea,
aod co~ts of dotaseN~ e~ldcoce, abstracts ~od tkle reporb. '
19. Bormwa'i Ri~t to Reiortate. Notwithstanding Lendcr's accekration of the sums sec~red by this Mortgage.
Bonower shall have the right to tu.ve any proccedingi begup by Leoder to enforce this Mortgage diacon6nued at aoy time ~
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