HomeMy WebLinkAbout0198 . ~ . . . . . . . . y, . • ~ • { . ~ • ~
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L,endet's written a~rccment or applicable law. Honowe~ shall pay the amount of all mortgagc insurance premiums in thc ~
manne~ provided unde~ psngaph 2 hercof.
Aoy ~mounts disbursed b~~ l.e~de~ pursu~nt to this pa~sg~aph 7. with interat thercon. shell becomc additional ~
inckb~edness of Borrowe~ securcd by this Mongage. Unless Bor~ower a~d Lender a6ree to othc~ tertns of payme~t. such
ama~nts ~all be payabk upo~ notice from Lender to Bor~ower rcquesting paymeot lhercot, and shall bear interest trom the j
datc of disbursement at thc ratc payabk trom time to time on outatanding principsl unde~ thc Note unlas puyment of ;
interest at such nte yvould bc contrary to applicabk law, in which eve~t such amounts shalt bear intercst at the highest ratc
permissibk under applicable law. Nothing contained in this psragraph 7 shsll tequioe Lende~ to incur any expense or take ;
any action he~under.
s. inspectloa. Lender may make or ~ausc to be made rcasonabk entries upon and in~pections of the Propeny. provided
that Lendec shalf give Horrower notice prior to any such iospection specifying reasonabk cause therefor rclatsd to Lender'a
interest in the Prope~ty. ~ ~ ~
9. Coademmtbo. The proceeds of any award or claim for damaga. direci or rnnuquential. in connectioo with any
condemnatron or aher tal:ing of the P~operty. or paN thereof. o~ for conveyance in lieu of condemnatiort;
are hereby assig~ed
and :hall be paid to Lender.
In the event of a total takin~ of the Propeny, tha •proceeds shall be applied to ~he sums secured by this Mortgage.
with the excess. it any, paid to Bo~rowe~. in thc eveot o! a partial taking af the Property, unless BomowYr and Lendcr
othenvise ag~ee in writing, there shall be applied to the sums secured by this Mortgage such propotiian of the procads
as is equat to that proportion which the amount of the sums secured by this Mongage immediateiy prior to the date of
tak~ng bean to the fair market value of the Property immediately prio~ to the date of taking, with the balance of the proceeds ~
paid to Borroarer. ~ ~
Tf the Property Is abandoned by Bo~tower. or if, after notice by Lender to Borrow~er that the condemnor ofFers to maka
an award or settk a claim tor damaga, Borrower fails\to rapond to Lendet within 30 days after the date such notice is 1
maikd. Lender is autharind to collect and apply .the proceeds. at Lender's option. either to nstoration o~ repair of the
Propeny or to the aums securcd by this Mortgage. •
Unlas Lender and Borrowe~ •~therwise agrce in writing, any such application of proceeds to principal shall not extend
or postpone ihe due dile of the moothly instaflments refetred to in pangraphs 1 and 2 hereof or change ihe amount of
such installmeats.
10. Borrower Not Rekased. Extension of the time for payment or modification of amonization of the sums secured _
by this Mongage gnnted by Lender to any successor in i~terest of Borrower shall not opente to rekase. in ~ny manner.
the liability c+f ihe original Bomow~er and Bc+ROwer's _succGaors in interest. Lender shall not be requircd to commence
proceedings agai~ut such suocessor or refuse to extend time for payment or otherwix modify amortization of the wms
secured by Ihis Mortgage by reason of any demand made by_t_he original Borrower and Borrower
s successors in interest.
l l. Forbearasce by Leadcr Not a Wsirer. Any forheannce by Lender in exercising any right or remody hereunde~. or
othecwise atforded by applicable law. shall not be a waiver of or proclu~ ihe eacercise of a~y such right or nmedy.
Thc procurcment.of insurance or the payment of taxcs or other liens or charges by I:ender shaq not be a waiver of Lender's
right to accelerate the maturityr of the indehtedness securcd.6j? this_Mortgage.
lZ. Remedks Comnbitira All remedia providqd in this Mortgage are distinct and cumulative to any other right or .
rcmedy under this MoNgage or aftorded by law or equity. and may be exercised concurrently, indepei?dently or successively.
i3. S~ecessors and .Asdqas Bound; Joiot and Several i.iab~l~r; Captions. '1~e coeeeants and agraments hercin
contained shall bind. and the rights hereunder shall inure to, the rapective successors uid assigns of Lender and Bomower.
subject to the provisions of paragraph 17 hercof. All covenants and ag~eements of Borrower shall be joint and several.
The captioos and headings of ihe pa~agraphs of this Mortgage are for conven'~enc~e only and are not to be used to
interpret os define the provisa~u hereof. •
14. Notice. Except for any notice requircd under applicabk law to-be given in another manner. (a) any not~ce to
Borrower provided for in this Mortgage sha11-be given by mailing such notioe by certifiod mai! addrexued to BorrowYr at
the Pmperty Address or_ at such otfier address as Borrower may designate by notioe to i~ndsr as provided herein. and -
(b) any notice to Lender shall be gi~en by cYnified mail, reuim raxipt roquested, to I.ende~'s address 3tated herein or to
such other addras as i.erder ma~ designate by ~afice to Borrower as pmvided her~ein. Any notice provided for in this -
Mortgage shall be doemed ro have been given to Bonower or Lender when given-in ihe manner desig~ated herein.
IS. Unifo~ MoNgpge; Gos~crnlag Lw; Sererability. 77~is form of mortgag~ combines uniform covenants for national
' use and nor~-uniform cove~ants with limited variations by jurisdiction to constitute a unilorm socurity instrument oovering
~ r~eal property. 'll~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In ihe
event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law. such conflict shall not aHect
other provisions- of this MoRgage or the Note which can be given effcet without the conflicting provision. and to this
~ end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrowcr's Copy. Borrower sha11 be furnished a conformed copy of the Note and of this Mortgage at the time
f of eacecution or after recordation hereof. ~
~ j - 17. Trans[er of tLe Property; Assumptbn. If all or any part of the Pr~nperty or an interest therein is sold or transferred
V by Borrower without Le~der's prior written consent, cxcluding (a) the cn:ation of a lien or encumbrar~ce subordinate to
this Mortgage. (ti) the crcation of a purchase money security i~terest for household appliaoces, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or thc grant of any kasehold intercst of ihrce years or las
noi containing an option to purchase, Lender may, at Lender's option. declare all the wms secured by this Mortgage to be
immediately due and payable. Lender shall have wai~ed such option to aocekrate if, prior to the sale or transfec. Lender
and the perspn to whom the Property is to be sold or transfcrred reach agreement in writing that the credit of such person-
is sati;factory to Lender and that the interest payable o~ the sums secured by this Mortgage shall be at such rate as Lender
shall request. if Lender has waived 1he option to atoelerate provided in this paragraph 1'7, and if Borrower's successor in
interest has execuled a written assumption agrcement accepted in writing b~r Lender, Lender shall release Borrov?~er lrom a11 '
obligations under ihis Mortgage and the Note.
If Lender exerciscs such option to accelerate. Lender shafl mail Borrower notice of accekration in accordance with
paiagraph 14 hereof. Such notice ~hall provide a per'rod of not less than 30 days from ihe date ihe notice is mailed within
which Bormwer may pay the sums declared due. If Borrovrer fails to pay s~~ch sums prior to the expiration of such period.
Lender may, without further notice or demand on t3orrower, invoke any rcmedies permitted by paragraph 18 f~ereof.
NoK-UNtFOR~ CovExerrrs. Bonower and Lender further covenant and agrce as follows:
18. Acede~atioa; Remedia. Fa~ccpt as providcd in pan~rap6 17 hereof, npon Borrowre~'s breacL of aay covenant or
~reement of BorroRer in this Atortgage, indadiag the coverwots to pay when dse any soms secrored by thts Morigage, Lender
prior to acceleratan s6aH mail notice to Borrower as pm~ ided in {araarapb 14 hereoE specifyiag: (1) tAe breacb; (2) the action
requtred to cere sach breach; (3) ~ date, not las tban 30 d~xs frorn the dste the notke ic mailed to Borrower. by Khk6 suc6
breach must be cored; and (4) that failnre lo cure such breach oa or before the date specified ja ehe aotiee may raalt in
pccekration of tl~e sua~s ~ecured by this l~tortgage. foreclosure br judkial pmceeding aad sale of t6e Prope~. 7~e notice
shall furthcr iaforn~ Botrower of ihe righi to reinsbte afler accekration and ibe right to s~csert in ihe forecfowre proceediag
the aon-existence of a detanlt or an~ oiher defer~e of Bormwer to accekrstbn and forecbsare. If the breach is aot c~med on
or bcforo the date specified in the notice, Lender at I.eade~'s option m~ declare alt of the wms secured 6y tki; Mortgagt to be ~
imme~iately due sad payable without further demand and may. fombse this Mortssge ~y judkial proceeding. I.ender shap
be eatitkd to c~ollect in such proceeding all expenses of foreclosurc, inctudjng, but aot limited to, reasonabie attorney's fecs, ~
and costs Qf docamentary evidence. ~6stracts and fitle repocts. ~ t
19. Borrovrer's Right to Reiastate. Notwithstanding L.ander s acceleration o[ the sums securcd b~ ,this Mortgage, ~
Borrower shall have the right to ha~•e an~~ proceedings hegun by Lende~ to eoforce this Mortgage discont~fred' at any time :
~ a~~62 F~ 197 ;
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