HomeMy WebLinkAbout0816 t.cnde~'s writte~ agroemeat ar appli~abk law. 8orrowcr shal! pay the amount ot all mortgaYe insurancc pcemiums in the
manner provided under paragraph 2 heroof.
Aoy amounts disbursed by I.ender pursua~t to this paragraph 7, with interat thcrooo, shall become additiooal
inJcbtedness ot Bonowcr securad by thic Mortgage. Unlc.s Barrower and I.enJer agrec to other tertns ot payment. such 2
amounts sl~ali t~c payabk upoo notice froro l.ertde~ to Bormwrr reyucsting payment thereof. and shall lxar intetcst tt~om the ~
datc of disbursement at Ihe rate payahk fn~m time to timc an oulstanding principal under the Note uolexs psyma~t of ~
interest at such rate would be contrary to applicabk law, in which event such amounts shall hear interest at.the highest nte r
permissibk under applicable law. Nothing rnnlained in thic F+aragraph 7 shall require l.cnde~ to incur any expense or talce ~
any action hereuader. ~
8. laspectba.. i.ender may make or ca~isc to t+e madc rcasanable co~ries u{x?n and insptctions of the Property. provided {
that l.ender shall give Borrawer ~oticc prii~r ta any such inspection specifying rcasonabk cause thorefar r~lated to I.ender'a ~
interest i~ the Property. ~ ~
9. Cotnfemoatbn. The prcuredc of any award or claim for damages, diree~ or conuquential, in rnnncetian with a~y ~
condemnation or othe~ taking of Ihe Propeny, or part thereof, or for canveyance in lieu of condemnation, are heroby assigntd `
and shall !+e paid to t.ende~.
In the event of a total taking af the Prop^~ty, thc prcxccds chal! bc applied to the s~~ms secured by this Mortgage, ;
with ihe cxcess, if any, paid to Borrower_ In Ihc evcnt of a partial ~aking ot ~he Prapeny, unlGCS Borrower and Lcnder ?
otherwise agree in writing, there shall be applied to ~he ~ums securcd by this Mortgage such proporlion af the proceeds ~
as is equal to that' proportion which ~hc amount of ~hr sum~ cerured hy this Martgage immediately prior to the date of ~
taking t~ears to the fair market value of the Pmpcrty immeefiately prior to the date of taking, with the balance of the proceeds
paid to Borrower. .
. if the Property is abandoned by Borrower. or if, after nolice hy l.ende~ to Bormwer that the condemnor offen to make ;
an aw•rrd or settle a claim for damages. Borrower fail. to r~~~nd to 1_ender within 30 days after tt~e date such notire is
mailed, Ceniier ic authorized ta collect and apply the proceeds, at I.ender's option, either to restoration or repair of the
Property ar Io the sums secured M~ this MortRage.
Unless t.ender and Borraw~e~ othen+vi~c agree in Writine. any~ uich application of prc~ceeds to principal shall nof extend
or postpone the due date of the mon~hly installmrnts rcferrcd to io parag~aph~ 1 and 2 hereof or change the amaunt of
such installments
l0. Borrower Not Releastd. Extcnsion of thc time f~~r payment or modificatioo of amortization of the sums securcd
by this Mortgage granted by i.ender tc. an~~ succecux in intr~ect of Borrower shall not o~:rate ta retease. in any manner.
the liability of the original Borrower and &•rrowcr'c succes~~{t in interest. t.ender shall not he r~eqi~ired to commence
proceedings against such saccessor or refuce ~o ertend time for payment or otherwice modify amortization ~f thr ~ums
secured by thi~ Mortgage by reasu~~ of an~• demand made by the orieinal Borrower and Borrower s succescors in interest_ •
11. Forbearance by I.ender 1\ot a Waivcr. Any f~.rhearance M l.ender in erercising any right or remedy hereimcler, or
othe?wise afforded hy applicable taw, shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the p•ryment of tax~~c or other liens or charges by I.ender shall not he a u~aiver of Lender s
right to accelerate the maturity of the indehtedness cecurcd hy thic Mortgage.
12. Remedies Comulati~e. All remc~ties provided in thic Mortgage are disfinct and cumulative to any other right or
remedy under this Morlgage or afTordcd hy law• or equity. and ma}• be ezercised concurrenUy, independently or s~iccessively.
13. Snecessoss and A~ns Bound; ]oint and Se~~eral ~.iab~lity; Captiom. The covenants and agreements herein
contained shall bind, and the rights hercunder shall inure to. the recpective succec~cors and assigns of t_ender and Borrower.
subject to the prrnisionc of paragraph 17 hcrcoL All covcnants and agreements of Borroa~er shall be joiRt and several.
The captio~s and headings of the paragraphc of thi~ Mortgage are for convcnience only and ai+e not to be used to
interpret or define the provisions hereoL
14. Notice. Except for any noti~c rcyuired under applicable law~ to be given in an~ther manner. (a) any notice ta
Borrower provided for in this Mortgaee shall he gi~~rn b}~ mailing ~uch notice by certiSed mail addrested to Bnnower at
the Praperty Address or at such other addres. as B~~rr~~w•er mav decignate b~• notice to l.ender as pmvided herein. and
(b) any~ notice to Lender shall he given by cer~ified mail. re~um recei~±t reque~ted. to l.ender s address stated herein or to
such other address as Lender may dccignate b~~ n~~irc to Borrow•er as providec! herein. Any notice prAVided for in this
Mortgage shall tie deemed to havc bcen g~vcn to Bormw•cr or i_endcr w•hen givert in thc manner designated herein_
l5. Uniform Mort~~e; Go~ernin~ Ia»•: Severabilih•. Thic farm of mortgage combines uniform covenants for national
use and non-uniform rneenantc with limited variations hy jurisdiction to constitute a uniform security instrument covering
real property. "il~is Mortgage shall be governed h~• the law• of the juriseiiction in which the Property is tocated. in the
event that any provision or clause of thic Morteagc ~r the Ne~te rnnflicts w~ith applicable law. such conflict shall not afiect
oiher provisions of this Mortgage or the Nc,tr which can M: given etTect without the conflicting pmvision, and to this
end the provisiuns of the Mortgage and the Notc arc .tcclarcd to t~e severable. -
16. Borrower's Copy. Borrower shall tx furnished a conformed copy of the Notc and of this Mortgage at the time
of execution or aFter recordation hereof.
17. Transfer of tbe Property; Azcump~ion. If all ~.r anc part of the Pmperty or an interest therein is sold or transferred
by Borrower without Lender's prior wriu~n con~ent. e~rluding la1 the creation of a lien or encumbrance sui~ordinate ta
this Mortgage. (b) the creahon of a purchaec me~nev kcurit}• interest for household appliances. /cl a transfer h~- devise.
descent or by operation of law• upc~n thc ckath of a joini tenant or {J? ~he grant of am~ leasehold interest of threc rca~s or less
not containing an option to purchase. 1_ende~ ma}•. ~t l.ender's optian. declare all the sums secured b}• this Aiortgage to be
immediatel~• due and payable. 1_ender shall ha~•e Nai~•cd such option to acceierate if, prior to the cale or transfer. I_ender
and the person to whom tf~e ProE?erty ic t~. be sotd or transferrcd reach agreement in u~riting that the credit ~f soch person
is satisfactory to I_ender and that the interrst pa}•able ~n the sums secured by this Martgage shall be at such rate ac i.ender
~shall request_ If I.ender has waivecl the optian to accelerate provided in this paragraph 17, and if Bortnwer's successor in
interest hac executed a written assumption agreement accepted in writing by t.ender. I.ertcier shali retease Borrower from al!
obligations under this Mortgage and thc Note_ .
If Lertder exereises such option to accelerate. t.enJer shall mail Borrower notice of acceleration in accordancc u•ith
paragraph 14 hereof. Such notice shall pravide a pericKi of not less than 30 days from the date the notice is mailed within
whieh Borrower may pay the sums declared due. If BorroN~er fails to pay such sums prior to the expiration of cueh period.
[.ender may, without further notice or demand on 13orrower. invoke any remedies permitted by paragraph 13 hercof.
NoN-UN~FOet.t CovErrertTS. Borrower and Lender further covenant and agree as follows:
18. Accderation; Remedks. Excep as pmvided in paraRraph 17 hereof~ upoo Bomower's breac6 of aay covenant or
agreemcot ot Bomawtr ia thts Mo~a~e. iacludiaq tbe coveosnts to pay rrben dee aoy sna~ secored by thts Mortga~e. Leader
prior Io accelentbo sbaD mai! ootice to Borrower as provided in p~ragrapb 14 hereof specify-in6: (1) tbe brescb; (2) tbe ~ction
reqnired to cnre suc6 breach; (3) s drte, aot les than 30 days from t6e daRe tbe notke b ma~ed to Borrower, by whic6 snch
breach mmt be cared; aad (4) tl~ hiluro to care snch breach on or 6efor+e tbe date spcel~ed ia the ootice may resdt in
accekratiw of t6e se~ mared br this Mort~sge, foreclosure by jndkial proceedio~ md sde of t6e Properry~. 7~e notice
shdl fu~tber iatorm l~orrower of t6e rig6t to rcinstate ~ter sccekratioe aod t6e ri6bt to aseert iw t6e foreclosure pruceedie~
the non-esisteace of s defaok or a~y Mber defease of Borrower to aeceleratioa and foreclosare. it tbe breac5 is not c~ned oa
or before tbe date speci6ed in tbe aotice. Lender at i.ender's optan may dechrr a~ of t6e sos~s secored by t6ts Mortaa~e to be
imwediately doe as~ Payabk witlwrt tnrlber demand nnd may forsclo~e t6b Mort~e by judi¢hl proc~. Lender s6a11
be eotitled to coUect iw socr Proceedio6 aN ea~peaus of forecbsore, inclndin=. bnt ~ot lidted to, reaeoaabk attoroey's fees.
aed costs of doc~roeotary e~ideace, a6stracts aod titk rspods.
19. dorrower's Ri~it to Reie~tate. Notwithstanding l.ender s acceltration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedinp,s begun by Lender to enforce this Martgage discontinued at any time
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