HomeMy WebLinkAbout0769 l.ender's written agrcement or applicabie law. Burrower shall pay the amount of sll mortgage is?surance prcmiums in ihe
manner provided under paragraph 2 hercof.
Any amounis disbursed by Lcodcr pursuant to this paragraph 7, with interest thercon, shall become additional
indebtedness of Borrower secured by this Morigage. Uniess Horrower and 1_ender agree to other terms of payment, such
amounts shall be payablc upo~ natice f~om I.ender to Burmwe~ ceq~usting payment thereof, snd shat{ txar intenst from ihe
date of disbursement at the rnte payable from time to time on outstending principal under tb~ T~Qle upkst payruent of
interest at sucfi nte would be contrary to applicable law, in which event such amounts shall bear inlerest at the highest rate
permissible unde~ applicable law. Nothing contained io this paragraph 7 shalt requir+e Lender to incur any expense or take
any action hereunder.
8. IntpecHou. Lender may make or cauu to be made reasonable entries upon and inspections of the Property, pzovided
that [.ender shaQ give Borrower notice prior to any such inspection specifyi~g rc~Isonable causo therefor rclated to Lender'a
interest in the Property. '
9. Coudem~udoa. The proceeds of any award or claim for damaga, dircct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for canveyance in lieu of condemnation, arc hereby assigned
and shall bo paid to Lender. -
In the event of a total taking of the Propeny, the proceeds shall be applied to the sums socured by tfiis Mortgage.
with the e~ces~, if any, paid to Borrower. Io the event of a partial taking of the Property. unlas 8orrower and Le~de~
otherwise agroe in writing, there shall be applied to tht sums secured by this Martgage such proportia~n of the procoeds
as is equal to that proportion which the amount of the sums sccured by this Mongage immediatelp prior to the date. of
taking bears to tht fair market valuc of the Propeny immediately prior to the date of taking, with tha ba{ance of the ptocteds
paid to Borrower. ,
If the Property is abandoned b}• Borrower, or if. after notice by Lender to Borcower that the condemnor offers to make
art award or settle a claim for damages, Borrower faits to respond to i.ender within 30 days after the date such notice is
mailcd. I.ender is authorized to collect and apply the proceeds, at Lender's option, either to ~estoration or repair of the
Property or to the sums securcd by this Mortgage.
Unless Lende~ and Borrowe~ othenvise agree in writing, any such application of proreeds to principal shall not extend
or postpaie the due date of the monthly instaAments referred to ~n ea[,a~raphs 1 and 2 hereof or cltange the amount of
such installments. • ri~, ~ ~ .
10. Eotrower NW Rekased. Extension of the time for paymer~,Qr r~},odi~ hq~ ~of atnortiut' of the sums secured
by this Mortgage granted by Lender tc~ any successor in interest of Borrower shall not operate to ~ease, in any manner,
the (iability of the original Borrower and ~Borfower s successors in interest. Lender shail not be required to commence
proceedings a~ainst such successor or refuse to extend time for payment or othen~vise modify amortization of the sums
secured by this Moctgage by reaso~ of any demand made by the original Borrower and Borrower's saccessors in interest.
lt. Forbarauce by I.ender Not s Waiver. Any torbearance by Lender in exercising any right or remedy hereunder, or
otherwise afiorded 6ry applicable law, shall not tx a waiver of or preclude the exercise of any sucfi right or remedy.
The procurement of insurance or the payment of taYes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured hy this Mortgage.
, l2. Remedks Cnmulathe. All remtdies pravided in this Mortgage are distinct and cumulative to any ocher right or
rcmedy under this Mortgage or afforded by law or equity, and may be txercixd concurrentiy, indep~ndently or succtssively.
13. Saccessors and Assi~ns aoued: 7oint aad Sevcral t.iabiljty; C'ptioro. The covenants and agreements herein
contained shall bind, and ihe rights hereunder shall inure to, the respective successors and assigns of Ler~der and Borrower, .
` subject to the provisions of paragraph 17 hereof. AI{ covenants and agreements of Borcower shall be joint and several.
; T~e captions and headings of the Qaragraphs of this Mortgage are for convenience only and are not to be used to
; interpret or define the provisions hereof.
~ 14. Notke. Except for a~y notice required under applicable law• to be given in another manner, (a) any notice to
Borrower provided for in this Mongage shall be given by maifing sucfi notice by certified mail addressed to Borrower at
i the Property Addreu or at such other address as Borroa~er may desigaate by notice to i_ender as provided herein. and
~ (b) any notice to Lender shall be given by certified mail, return receipt requested, to I.ender s address stated herein or to
j such other address as Lender may designate b}~ notice to Bormwer as provided herein. Any notice provided for in this
f Mortgage shall be deemed to have becn given to Bosrowcr or I_ender when given in the manner designated herein.
~ 1S. Uaiform Mortgage; Governin~; Iaw: Severabiljfy. This form of mortgage combines uniform cove~ants for national
~ use and non•uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
~ real property. This Mongage shall be governed hy the law of the jurisdiction in which the Property is located. Tn the
event that arty provision or clau~e of this Mortgage or the Note conflicis with applicabfe faw, such conflict shail not affect
other provisions of this Mortgage or the Nate w•hich can be given effect without the co~flicting pmvision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Sorrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of exceution or after recordation hereof.
17. Transfer of tbe Property: Assumption. If all or an~~ part of the Property or an interest therein is sold or transferted
by Borrower without L.ender'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 joi~t tenant or (d> the grant of any {easehold interat of three yean or ]ess
noi containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be -
imrrEediately due and payable. Lender shal) have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and tha~ the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shalf request. If Lender has waived the option to accelerate provided in this paragraph 1~, and if Borrower's successor in
interest has executed a written auumption agreement accepted in writing by Lender, Lender shall release $orrower from all
obligations under this Mortgage attid the Note.
If L.ender exercises such option to accelerate. Lender shall mait Borrower notice of accelerat~on in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is maiied within
which Borrower may pay the sums declared due. If Borrower failc to pay such sums prior to the expirasion of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Nox-UtvtFOxM CoveN~rrrs. Bonower and Lender further covenant and agree as follows:
IS. Accelentjon; Remedks. Except as pmvided io ~raph 17 hereof, apon BQrrov?er's brese6 of aay co~enaat or
agrcement oE Borrower in thts Mortgsge, incindi~ tbe covenants to pay when dne aay snms secnred by tbjs Mort~age, i.ender
prtor fo accekratbn sball mail notke to Bocrower as provided in ~raph 14 heuof specif~Og: (1) tbe bsesch; (2) t6~ a~tion .
rcqnired to core snc6 breac6; (3) a dnte, oot less than 30 days from t6e date t6e notlce Is maHed to Bomower, by w6k~ wc6
brticb mwt be cartd; aod (4) tbat h~ilare to core sach breach o0 or before t6e dafe spec~ed ia the natice may rad! in
sccderttbn ot the sams iecnred by this Mort~ags, foKClosurc by jndicial proceedi~ aod sa{e of t6e Pruperty. 71e notke
s6s11 furtl~er fafora~ Eorrower of the ~g6t to reinshte dter accekntfoo and tbe ri~ht to a~eirt ia t6e forscloaue pe+oeeedt~
tbe noo-e~stence of a de[ault or anr otber detense of Borrower to accekntbn snd foreclosure. It tbe breacb b not cue~ed oa
or before the date specf6ed in the ootke, LeaBer at Leade~s optfon may declue aB of the w~ sec~red 6y t~is Mortsa~e b be
immcdiatdy dae aad payabk witlaat fat6er demand and msy forecbse t6b Mort~s by jndkW proceedi~. Leader shag
6e ent~tled to coUect ia wc6 proceeding all e~easa ot toreclosare, Includiu~. bnt not 8mited to, re~sons6ie attoroey's tees,
aad co~ts of docomentary eMdence. abstracta and titk reporb.
19. Borrower's Ritht to Reimtate. Notwithstanding Lender's acceleration of the sums xcured by this Mortgage,
Borrower shall have the right to have any proccedings begun by Lender to enforce this Mongage discontinucd at any time
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