HomeMy WebLinkAbout0997 agretment or applicable law. Borrower shall pay the amount oI aU mort~a~e inwrance premiums in the manner provided
unde~ paragraph 2 hereof.
Anr amou~ts disbursed by Lender punuant to this puaRraph 7. ~ri~h internt chereon. shaU become additional in-
debtedness ot Borrower securecl by tl?is \lortRege. Unless Borrow~er aod l.rnder agree to other ttrms o( pa~•ment, such
amounts shall be payable upon notice t~om I.ender to Borro~er requatin~ pa~ment thercot, a~1 shall bcar inte~at trom
the datc o[ disbursement at thc rate payable from time to timc on outsundin~ pri~cipal under the \ote unless payment ~
ot interest at such rate would be contnry to applicable IaM, in Mhich e~rnt such amounu s~all bear i~uerest at the highest ;
ratr permissiblr under applicabk law. ltothing conuincd in this Para~raph 7 slull require Lender to incu~ any expense or ~
[ake any action hereunder.
8. Iospcction. I.ender may make ot caust co be made reasonabk eoaits upon and inspectians ot the ProPerty, pra ;
~•ided that Lender shall give Bonower notice prior to any such inspection spcci[sing reawuabk cause theretor rdated to ;
I.enJer's intenat i~ the Property. -
9. Candemaation. The praeecls of any award or diim tor daau~es. direct or rnnsequential, in connection with any ~
condemuatioo or other taking o[ ~hc Property, or part ther~eo(, or [ot coa~e~~ance in lieu of condem~ution, are hereby as- :
xig~ed and shall be paid to Lender. ~
ln the e~ent ot a total taking o[ the Propertr, tt~e procceds shaU be applied [o thc sums secured by this ~Iortgaqe. ~
with the excess, it any. paid to Borrower. In the e~•ent ot a panial akia6 oI the Propenr, unless BorroMer and Lender ~
othervvist aRree in wtiting, there shall be applied to tht sums st~curtd bs~ this ~Ior~Rage wch proponion o1 the proceeds
a~ is ec~ual to that proportion which the amount o[ tht sums securtd bc this ~tortRage immediacel~ prior to the date oi
taking bears to the tair market ~•alue o[ che Ptoperty immtdiattl~ prior to t6e datc oE nking. wich the balance of the pro-
ceeds paid to Bormwer. ~
If the Propertr is abandoned by Borrower. ot i(. atter nocice b~ l~ender to Borrower that che condemnor offen to
make an award or settle a claim [or damag~s. BorroMer fails to rrs~wnd co Lender ~ri~hin 30 da~Y a[ter the date such notice
is mailed, Lender is authorized to collect and apply che p~oceeds. at lrender's option, cichet to restontion or repair of the
Property or to the sums secured by this ~(ortgage.
Unless Lender and Borrower otherwise agree in w-ritiag, a~.~ such applicacion of proceeds co principal shall not extend
or postpone the due date of the monthly insullments re(t[red to in paragraphs 1 and 2 hereof or chanRe the amount of
such installmeats.
30. F^.rro~rer Not Relea~ed. Extension o( tht timt for pa~m~nt or modiEic~tion of amortiration of the sums secured
b}' this \lortgage granted by Lender to any successor in intetest ot Borrorrer shall iwt opente to release, in any manner.
thc liabilit~ oE the original Borrrnrer and Bonor-ei s sucoesson in interes~ Lender ~aU not be rec~uired to commence
proceeclin~{s against suth successor or re(use to extend cimt tat pa~mrnt or other~is~ modifr amorcintion of the sums sa
cureci b~ this ~tortRap,e b~ reav~n of an~ dem~nd made br ATl~IR1I BOITOKlI ltld BOfiONCiS wccesson in interest.
U. Forbearance b~ Lender Not a Waicer. Anr torbeanncc bc Lender in exenisinq am rigfit or mmedy hertunder,
or othetwise af(orded by applicable laN, shall not bt a wrai~•er or predudt tht t~ercise of an~ such right or mmedy. The
procurement ot insurance or the pa)Tnent ot taxes or other li~ns or cturRcs b~ I.ender shall not bc a Nai~~er of Lender's
riRht to accelerate the maturity o( the indebtedncss secured b~ this ~IortgaRc_ ;
12. Remedies Cumulative. rVl remedies proeided in this \fort~aRr are diuinct and cumulaii~e to an~• other riRhc or
remed~~ w~der this ~tortqage or afforded b~ laM or eyuit~, and ma~~ be e~cercised concurrentl.-, independentl~• ~r successi~el}.
13. Succe~on aad Assigns Bound; Joint and Sereral LiaMlitc: f~ptions. "fhc co.enants and aRreema~ts herein
containect shall bind, and the rights hereuuder shall inure to, the rrspecti~e wcceswrs and assiRns of Leuder and Borrower,
subject to the ~rovisions ot para~raph 17 herrni. All rncenanes and a~rremenu o[ BorroMer sh~ll be joint and seceral. The
captions and headings oi the paragraphs of this ~tongagt att for comenience onls and are not to be used to interpret or _
de(ine the provisions hereof.
14. Notice. Except for any eiotice tequired under applic~bk l~~c to be qiten in anothrr m~nner. (a) am~ notice to
BorroMer pro~•ided [or in this \fortgage shall be Ricen br maiGo~ such notice b~ cenified mail addressed to Borrower at
the Property Address or.at such other address as Borrower ma~ designate b~ notice to Lender as pm~•ided herein, and (b) _
I any notice to Lender shall be gi~-en b~• certi(ied mail. return receipt rrquested_ co Lender's address stated herein or to suth x
i other address as Lender may designate b~ notice to Bornower as prorided hereia ~n~ noeice pm.•ided [or in this ~[ortgap,e
! shall be deemed to haa•e been gicen to Borrower or Lender ~+hen gi.-en in the manner desiRnated herein.
15. Uni[orm Mortgage; Gprerning I.a~r; St~erabiliq. .This form of mortgage combines uni[orm co~•enants for na- ~
tional use and non-uniform coeenants with limited ~ariations b~• juri+diccion ta constitute a uniform securit~• insttument ~
- ;
co~•erinR real property. This \(ortgap,e shall be go~-erned b~ ttic l~w ot th~ jurisdiction in vrhich the Propert~• is located.
~ In the'ecent that any pro~-ision or clause of thix \tort~a~;t or [he \ote conflicts wieh applicable laN, such con(lict shall not
attect other pro~•isions of this lfortRaRe or the \ote ~.hich can be Ri.cn !'~IKf wieh~wt the con8ictinR pro~•ision, and to
~ this end the procisions ot the ~(ortgage and the 1ote ~re declared to be se~enble.
d 16. Borrower's Copy. BorroNer shall be (urnished a cnn(o~med top~ of the \oee and ot chis ~IortRaRe at the time .
of execution or after recordation hereoi.
l7. Trans[er of the Propertr: A~sumption. If all or anr part of che Propertc or an interest therein i~ sold or trans
ferred by BorTOwer Nithout Lenders prior ~rritten consent, accluclin~ ja1 the crration of a lien or encumbrance subordinate
to this ~tortqaqe, (b) the neation of a purchase monec securita• iotnest tor houschold appliances. (c) a tramter by de.•ise.
dexent or b}~ operation ot laM upon the death o( ~ joint tenant or (dl thc f~rant of am leasehold interest of three ~•ears or
less n~t containing an option to purchase. [xnder mar, at Lenders op[ion. dectue all the sums secured b~• thic \tortqage to
be immediately due and pa~able_ Ixnder shall ha~•e ~.ai~~ed such option to accelmee iE, prior to the ule or transter. Lender
and the person to whom the Propert~ is to be .old or transferned rrach ap,reement in writiog that the credie of such penon
~ is satisfactory to Lender and that the interest pacabte on [he sums secured bs ehis ~(ort~ge shall be at such rate as Lender
~ ahall request. If Lender has Mai~•ed ehe option to accelente pro.-ided in this panRraph 17, and it Borrower's successor in
~ interest has executed a~+-ritten assumption aRreement accepted in ~riting bc Lender. Lender shall release BorroNer from
all obligations under this ~tortgage and the \ote_
~ lf Lender exercises such option to accelerate. L.ender shall mail Borro~ctr notice of uceleration in accordance with
paraqraph I~} hereof. Such notice shall procide a period of not Iess chan 30 dast from che da[e the notice is mailed within
~ which Bortower may pa} che sums dedamd due. If Borrovrtr tails to pa. such wmz prior tn the rzpiration of such period. ,
L.ender ma}. without turther notice or deuund on Borrower, in~-oke ~ns teme~ies pcrmit[ed bv paraRraph IS hereof.
° ~O\-U11FOR\[ CovE~~r-rs. Borrower and Lender further rn+-enant and agrec as (olior.-s: ~
~ 18. Accelrntion; Remedies. Except as prosided in paragraph i? brreof, opon Bormwrds brtxh of anv cocenant or
~ agreement of Borrower in this 1lfortgage. indudiag the co~enants to pas ~sben due anr sums secured by this ~fortgage,
~ Lrnder prior to accelention shall mail notice to Borm~ser as proiided in para~rap6 14 hereof specif~ing: (1) the breach; j
the. ution required to wre such brtach; (3) a date. not les tLan 39 dass fmm tbe date the notice is mailed to Borrower,
~ by w6ic6 such breach musi be cund; and that failnre to cure ~fi Meacb on ar betare th~ date spe~ci[ied in the notice may
~ result in acceleration of the sums secured b} this itortgage, foreclosun hr jadioal proceedi~ and sale of the PropertY. The
~ notice ahall funher inform Borrower of the right to rcinsute after aocdeiation and tbe rig5t to asert in the foreclowrc ~
proceeding the non-exiatence ot a default or anp otbcr ddensr d Eormwrr to xeeieracion and foreclowre. If the breach is
not cured on or be(ore the date speci[ied in the notice. I,ender at I.rnder's opcioo mas dalare all o( the sums secured by this
~ Mortqage to be immedi,~tcly due and pa}~~bk ~rithout further demand and mas torecloer this ~Iort~ge b~ judicial proceed-
ing. Lendet shall be entitled to collect in such practeding all expraaes d toredasure, includiag. but not limited to, reason-
~ abk attorney'a fees, and costs ot documenun• evidence. abstrxts and eitle ~ts
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