HomeMy WebLinkAbout0760 l.endcr i written ag~ement or applicabk {aw. Borrower ahall pay the amount of all mottgsge insurance prcmiums in the
manncr provided under paragnph 2 heroof.
Any amounts disbursed by I.endcr pursuant to this parag~aph 7, with intetest the~ean, shall becomc additional
i~deb~ednesx af Bo~rower securcd by ~fiis Mortgage. Uniess Borrowe~ anJ 1.enJer agree ta other ternns of paytnen~ such
amauntc shalt be paya4~k upan notice tmm t.cnder 1a &xrowc~ requcc~i~g payment thereof, and shall bear inte~est fran the
date of disbursement at the rate payabk trom timc to time on- austand'mg principal under iht Note unless payment of
interest at such rate would be contrary to applicable law, in which event s~~ch amounts shall ~ear i~terest at the highest rate
petmissibk under applicabk law. NcNhing contained in this paragraph 7 shall oequire i.ende~ to incur sny expet~e or talte
any action heceunder.
8. losptefio~. I_ender may make ar cause to l+e made rca.conable entriec upon and inspectians of the Property. provided
that l.ender shall give Borrower notire prior to any such inspoction specifying rcasonabk cause therefar related to Lende~'s
interest in the Propeny. ~
9, Condaaastbw. The proceedc af any award or claim for damaRes, direct or consequential, in connection with any
condem~ation ar dher taking of the Pmperty, or pah tAereof, fo~ ccx?veyance in lieu of cc~ndemnation, are hertby assigtkd
and shall be paid to I_ender. ' "
In the ev~nt of a tatal taking ot ~he Pmpen~. the prcKCedc chall he applied to the sums securcd by this Martgage, ;
with the eYCesc, if arty. Qaid ta Borrower. In thc event of a panial taking of tt~c Property, onless Borrower and L.ender
o~herwice agree in wTiting. therr shall be applieci to the, wms secu~l hy thic Mortgage tuch proporl+on of the procee~ ~
as is equal ta that proportian which the amount of the sumc .ecured hy this MoRgage immediately prior to the date of
tak+ng t+ears to iho fair markct valuc of ihe Property immcdiatcly prior to the date of laking, with the balance of the proceeds
paid to Bormwer. _
if the Property is abandoned by Borrower, or if. after nMice by I.ender to Bormwtr that the conde~nnor oBers to mate =
a~ award or settle a claim far damages, Borrower fails t~~ res~nJ to I.ender within 30 davs after the date such notic~ is :
mailed. I.ender is authorized to cofleN and apply the proceeds. at i.ender's o~tion, either to r~toration or repair of the 3
Propcrry or to thc sums securcd by this Mortgagc.
Unless I_ender and Borrower othenvic~: agree in w•riting. anp such applirati~n of proceeds to pri~cipal shall aot extend
or pcxlpone the due dale of the monthly installmcnls rcFerrcd to in paragraphs 1 and 2 hereof or change the amount of
such installmcnts.
10. Borrower Not Reksscd. Eatcnsion of thc time for payment or modi~ication of amoriization ~f tfie sums securcd
by this Mohgage granted by Ixrnier to any cuccessor in intere~t ~f Borrow•er shall not operate to release, in any manner. 7
the tiability of the original Borrower and &.rrower
s successors in interest. l,ender shall not he required ta commence ~
proceedings against such suecessc~r or refi~se to ectenJ lime for payment or otherwise modify amortization ot the sums ~
secured by Ihic Mortgage by rrason of any demand made by the original Bormwer aod Bc~rrower
s succescors in interest. o
11. Forbearaace 6y I.eeder NM s R'airer. Any fonc~arance by I.rnder in exercising any right or remedy hereunder, or ~
otherwise affordeef by applicable law, shall not he a waiver of or preclude the exercise of any s~h right or remody. 3
The procurement of insurance or the payment of taxes or other liens or charges by ixnder shall not t~e a w•aiver of l.ender's '
~
right to accelerate the maturity of the indehtedness cerured h} ihis Mortgage.
12. Remedies Cumel~i~e. All remedies prrn~ided in this Mortgage are distinct and cumulative to any other right ar ~
remeJy under this Mortgage or afforded hy law or equity. ~nJ may he exercised concurrently, independently or succecsively. _
13. Saceessors awd Assi~as Bouad; laM ~od Se~•eral f.iabilily; Captioas. The rovena~ts and agrcements herein <
contaioed shal) bind, and the rights hereimder shall inurc to. ~he respective succeccors and atcigns of I.ender and Borrower,
subject to the provisions of paragraph 17 hereof_ All covenants anJ agreements of Borrower shall t~e joirt and several.
'Il~e captio~s and headings of the paragraphc c~f ~his Mortgage are fur convenience only and are rx~t ta be used to ~
interpret or define the provisiorts hereof. ~
14. Notice. Except for any notire required unckr applicable law to be given in anothec manner. (a) any notice to s
Borrower pmvided for in this Mortgage shall he given hy maiiing cuch notice by certified mail addreTSed to Borrovver at -
I~ the Propcrty Addr~ or at such dfier addrecs as Borrow~er may designalc by no~ice to l.ender as provided herein, and _
(b) any notice to Lender shap he given by certifk.d mail. retiirn receipt requested. ta l.ender s address stated hercin or to
( such other addrest as Lender may designate by noUce to Borrower as~ provided herein. Any noiice provided for in this -
~ Mortgagc shali be deemed to have been given to Borrower ar 1_ender when given in the manner desigeated hcrein.
f 15. UaiEornt Motf~a6e: Gonrniu~ Law: Severab~ih. 'il~is form oi mortgage combines uniform rnvenants for national
~ ose and non-uniform covenams with limited varialions hy juriscl+ction to canstitute a uniform security instrument rnvering ~
, real proptny. 'Il~is Mortgage shall be governed hy the law of the jurisdiction in which the Property ic located. tn the
event tfiat any provision or clause of this Mortgage or the Note conlticts with applicahk law. such conflict shall not affect
other provisions of th+s Mortgage or the Note which can be given efiect without the conflicting provision, and to this
end the provisions of the Morigage and the Note arc ~kclared to he severable. -
16. ~ortower's Copy. Borrower ~hall be furnishecl a conformed co~y of the Note and of thix Mortgage at the time
of cxecution or aiter recordation hercof.
17. Traasfer of t6e Yroparty; Assnmption. If afl or any part of the Pmperty or an interest ther^in ic sold or transferred
by Borrower without Lender's prior wriuen consent, excluding (al the creation of a lien or encumbsance subordinate to
thic Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of iaw upon the cieath of a joint tenant or (d) the grant of any leasehold interes! of three years or kss
nut containing an option to pur+chase, l.ender may, at 1_ender's aption. declare a11 the sums secured by this Mo~tgage to be
immediately due and payable. Lender shall have waived such option to acCelerate if, prior to the sate or tcansfer, I_endtr .
and the per.con ta whom the Property is to be sold or transferrcd reach agreement in writing that the credit of such person
~s satisfactory to [xnder and that the interest payabk on the sums secured by this Mortgage shall be at such ratt as Lender
~h:?II request. If i_ender has waived the oQtio~ to accelerate provided in this paragra}+h 17, and if Borrower
s cuccessor in
:nterest hac executed a written assumption agreement accepted in writing by Ixnder, Lender shall release Borrower fcom al1
• ti!igations under this Mortgage and the Note. -
If [_ender exercises such option to accelerate, 1_ender tihall mail Borrow•er notice of acceleration in accordanee with
aragraph 14 hereof. Such notice shall provide a period o! not less than 30 days from the datc the notice ic mailed within
hi -h Borrower may pay the sums declared due. If Borrow~er fails to pay siich sums prior to the ezpiration of such period.
~••_!~r may, without further notice or dcmand on f3orrower, invoke any remedies permit~ed by paragraph 1R hereof. "
Nox-UNiFOR~t CovlExet~rrs. Borrower and I_endtr further covenant and agree as follows: °
_ 18. Acceknitio~; Rea~edies Ezcept as proridcd in psra~rapl~ 17 bercof. opoo Borrower's breach ot aey covewat or
agrcrment of Borrower is t~is Mort~e. inclodin~ tbe cove~axts to psy when doe any soms secored by t6~s Mo~i~e, i.eadcr
prior to acceleratioa ska~ ma~ ootke b donower as provided iw paua~rsph 14 tiereof specif~: (1) ttie brescb; (2) tre actbe
required to core brese6; (3) s date, no~ kss t6aa 36 days [~a ~re daee tbe no~ice ts ~ailed eo eon+ower, by wMkh sac6
breach m~nd be c~red; aod tbst failane to cnn socb brescb oa or before the date specf6ed b tbe eotice ~eq radt ~
accekratiow of tbe soms securd bp N~s Mo~e. foreciosure bry ja~cid proceediu6 and sale of We Property. '1Le . wotke
sball fnrt6er iaforw Eoce~nwa ot t~e ri~t to reiestate sfter scceleralios and t~t ri~t to ~ert ~ t~e foreclos~ro ~roc~edi~ ,
tbe non-esi~teoce d a defadt or ~y otl~er defen9e of Eorrower to scceleratioa sed toredowre. If tbe breac? is wot e~cd o~
or before t6e date speci6ed M tre uotice. I.cnder at i.e~der's optbw ssy declar~e ~ oE tl~e sr's sec~red by tbh Morisa~e b be
i~amcdiatdy due a~ pyabie witro~t fartber demasd asd ~eay foreclose tbk Mort~e 6p j~kW P~L-
be eotided to co0ect t~ s~ peoce~diu6 aY espeoses of-foreclosnre. faclydis~, brt ~ot IfedRea ta, rearo~le atlone~s fees,
aad coats ot doc~a~eatary erideoce, sbetrscts ~md title reporb.
19. don~nwa's Rt~ht to Rei~tata Notwithstanding Lender
s accekration of the swns ucurcd by this Mottsaae.
Bon~ower shall have the right to have any procoedings begun by Lender to enforce this Mortgage discontinued at aoy time
c~~+ c~
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