HomeMy WebLinkAbout0226 a6reement or appliuble la~r. Borrower ~hall pzy the amount ot al! mortgage inwranoe premiums ia the msn~et providtd
undet para6raph Y Aereof.
Anr amouna disbur~ed by Lcnder punuant to t6is puag*aph 7. ~vith interett thereon. shall beoome zdditional in-
debtcdness ot Borm~rer :ecured by this Mortgage. Unlas Borrowec and I.ender agree to other termi ot paytnea~ wtb
amounts ~all be payable upon aotice E~om I.ender to Borrower requating payate~t thereot. and shaU bear i~terat from
che date oE disbunement at the nte payable Irom time to time on outstanding principal under che Note unku payme~t
ot intcn~st at wth nte rvouW be mntnry to applicable law. ia which eve~t wch amounts shall bear interest at the highat
ratc permissible under appliuble law. Nothi~g co~uined in this paragraph 9 shall require I.eodtr to i~cu~ anr acpenu or
uke any action hereuAder.
S, In~pectioa. I.ender maJ make or ause to be made reasonable entria upo~ and inspettions ot the Psopertp. pro-
vided that Leader slull aive Borrower notia prior to any such inspection specifyiug reasonable cause there[o~ related w
Leadtr's iaterett ia the Propaty.
g. Condemnattoa. The praeeds o[ any a~rard or claim tor damages. disect or oonsequential. in connation ~rith any
mndemnation or other takin6 oi the Propertr. or part thereo[. or tor mnverance in lieu of oondemnation. are herebr as-
sigr~ed and shall be paid to Lender. ~
In the evenc oE a cocal uking ot the Property. t6e proceeds ~hall be applied co che sums secured br this Mongage,
with the pccaa. If any. paid to Borrorrer. In the eveat oE z partial taking oE the Property. unlas Bormrver ind Lender
otherrrise agree ia wricing. thete alull be applied to the wms secvred b~ this Mortgage u~ch proportion oE the proceeds
as is eqwl to that proportion ~vhich the amount oE the sums secured by this Mostgage immediatel~ prior to the date of
~ taking bears to the tair muket value oi the Property immediatdr prior to the date oE taking, rvith ths balance oE the pro-
ceed~ paid to Bo:ro~?er. -
I[ the Properq a abandoned by Borrower. or if. aEte~ notia br Lender to Borm~ver that the oondemnor offers to
make an a~vard or xttle a claim tor damaga. Borm~?er fails co respond co Lendrr wiehin 30 days ateer che daee such nodce
is mailed. I.ender is authori~ed w coUect and apply tht proceeds. ac Lender's option. either to ratoration or repair of the
propettr or to the wms secured by this Mortgage. ~ - -
Unlas Lender and Borro~ra otherwise agree in ~?riting, anr such appliation oE proceeds to prindpal shaU not eutend
or putpone the due date oE the moathl~ insullments referred w in pangraphs 1 and Y hereof or change the amouat of
_ wch installmeats.
10. Eorrawer Not jtelared. Exter~ion of the time fot paymeat or modifiptiot~ of amorti:ation oE the sums saured
by t6ia Mortgaae gnnted br Lenda to any sua~ssor in interest of Borroner shaU not operate to release. in aay manner:''
the liabiiity oE the original Borrorrer and Borrm~er's suooeason in interest. Lender sha11 not be required to commenae
proceedinga against wcb weaswr or reEwe to extend [imt for payment or othenvise modifr amortin[ion of [he sums ao-
cured by this Mottgage by reason o[ any demand made by t6e or~ginal Borrmvet and Borrorver'~ wccesson in intete:t. •
11. Forbaranoe b~ Lendet Not a Wai~er. Any forbnnnce by Lenda in exercising any tight or remedp hereunder, ~
or othenvise atforded br applicable la~v. stuU not be a~raiver oI or preclude t6e exercise of any wch right or remedy. The - '
procnrement of insurance or the paymenc of caxa or other liens or charges by Lender shaU not be a waiver of Lender's
right to aecelente the maturiq oE the indebtedness securcd b~ this Mortgage. -
17G Raoedia Q~mulati~e. All remedia providcd in this Mortgage are distinct and cumulatire to any other right or
remedy unda this Mortgage or afEorded by la~v or equicr. and may be exercis~d ooncurrendJr. ~~a~~~~~ar or ~~~~r.
13. Suoca~o~s a~ A~datu Dound; joint and Se~'al Liabi1lq: Capti°ns. The oovcnants and agteementa herein
aontained shaU bind. and the rights herennder shall inure to. the respective suoceawn and assigns ot Lender and Borro~ver.
wbject to the proviaions of paragnph 17 htreof. All oovenaats and agreaaenu oE Borrower shall be joint and severaL The
captions and headinga oE the paragraplu o[ thu Mortgage are for oonvenience only and are not to be uxd to iaterpret or -
define the provisions hereoE.
14. Notioe. Except Eor any notice required under appliable la~v to be given in another manntr. (a) an~r notice to
~ Borrower pmrided for in tt?u Mongage shall be given by mailing wch notiee by cercified mail addreased eo Borro~vtr ac
the Properq Addreu or at such other addras as Borro~rer may daignate by notice to Lender aa pmvided herein, and (b)
any notia to Leader shall be given by catiCed mail, seturn reoeipt requested, to Lender's address stated herein or to such
i other address as Lender ma~ daigaate b~ nocice to Borrrnver as provided hetrin. Anr notioe provided [or in this Mortgage
shaU be deemed to have been given w Borro~+er or Lender .vhen given in the manner designaced herein.
~ pnKo~m Mort~age; Ca?erning Law; Se~eabiliq. This [orm oE mortgage combines uni[orm oovenants for na-
cional ux and non-uniform oovenanta with limited viriations by jurisdiction to conscicute a uniform securicy instrument
wvering ral properq. 'This Moregage shall be goveraed by the lav? of .the juriadiaion in which the Propaty is located. ~
In the event that any pmvision or claase of this Mortgage or the Note conflicu wich applicable law, such conflict shall not
" afkct other provisions of this Mortgage or the Nate whid~ can be givrn eEfect without the conflicting provision. and to
this end che provisiora af d~e Mortgage and the Note are declared co be severable.
16, Boirower'~ Co~p~ Botmrrer shall be fwnished a conEormed copy of the Note and of this Afortgage at the time
o[ acecucion or after recordacion hereoL -
17. ?raa~Eet of t6e Pmperty; Mwtmption. If all or any part oE the Proptrty or an interest chenin u sold or tnni-
ferred by Borrower ~rittwut Lender's prior written ~nsent, accluding (a) the aeation of a lien or encumbrance subordinate
to this Mortgage, (b) the aeation oE a pwchase moner seairity interat for household apptiances. (c) a transter by devise.
dacent or b~r operation of law upon the death of a. joint tenant or (d) the gnnt of any leasehoW interest of three Years or
less not oontaining an opcion to purchase. Lender may. at Lendef~ option, declare all the sums secured by this Mortgage w
be immediately due and pay~tble. Lender shall have rvaived mc6 option to accelerace if, prior to t6e sale or tnnsfer. Lendu
and the penon to ~rhom the Property is to be sold or u~ansfernd seach agreenntnt in writing that the aedit oE such petson
is aacisfaaarr co Lender and chnt che inureac payable on the swns secured b~ this Mortgage shall be ac such nte as Lenda
shaU requesc. IE Lender has waived the option to aoceluate provided in this paragnph 17, and iE Borrower's succasot in
inttrest has acecvted a written assumption agreement acoeptod in rvriting by Lender. Lender shall relase Bornower fmm
all obligacions ander this Mortgage and the Note.
If Lender acercisa such option w aaelerate, Lender shall mail Borrnwer notite of accelention in acoordance with
puagnph 14 6ereof. Such notice shall prnvide a period of noc leu than 30 days from the dau [he noeice is mailed ~+ichin
~rhich Borro~rec may pa~ the wms declared dua If Bomower faih w pay such sums prior to'the expiration of wch period.
Lendtr may. ~rithont furtha notice or demand on Bonorver, invoke any remedia permittod by paragraph 18 hamf.
Nox-Ux~oau Covra+erna. Bormwer and Lender furtha ourenant and agree as follo~n: .
l& Aooelaacion; Reomedia. Esapt a~ pro~ided in paragraph 17 LereoE. npan Bornov?er's brrach d an~ co~enaat or
~mt of Boiro~nra~ ia thit Monaage. includina tbe oo~.enana w pa~ ~?hen dne any mnos aec~ued b~r ehis Mortgage,
I.eadet prior w aooderatioo ~hall mail notice w Eorro~?er r pm~ided in puagraph 14 LereoE specif~ing: (1) the b~ch:
t6e action reqnired w au~e wxh bra~ch; a date. not lat than 30 dap Emm [he dace the nocice i~ mailed w Borro+?ar.
b~ ~rhicL w~ch breach muu be cured: and (4) that [aitore w a~re w~ch bre~ on or bdore the datr q~erified in the notioe ma~
r~ault in aooelaation of the w~ms ~ecnnd bp tLis Mo~t~age, Eorac3o~nre 67 l~~ PrO°°~'n8 and ak oE tbe PropatY. ~
nocfoe ihall Ennher inform Borrw.er oE tLe rig~?t w reiwtate aieer aoo~k~atia~ and the righc co as~erc in che focrclowrt
prooeed~ tl~e noa~aciscenoe oE a deEault or aq aber defenie of Bon+wser w aooderacion and toreciowi:+e. If tLe brach i~
not cnred on or beforc the date ipeciE'ud in the naiaq I.endQ at Lendds option may dedare all oE t6e wm~ ~eaued b~ thi~
Mortgaae to be i~nnediatdT dne aad p~pabk ~ithont fnrtber damnd and ma~ toreclwe tbis MorcB'6~ bT 7°d~ PrOO~'
in~ Lender shall be mtitkd w colka in wch pmoeedina all ~pea~a o[ forecloaure. including, bac noe limieed w. rearon-
- able sttornef's Eea. and ~ow d dowmenta~r e~ideact. abitracu and title neports.
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