HomeMy WebLinkAbout0857 ' l.ender's written agnemenl or applicable law. Borrower shall pay the amount of all mortgage insurance prcmiums in the
man~e~ provideJ under paragraph 2 hereof.
Any amounts disbursed by I_ender punuant to this parag~~ph 7, with interest thereon, shall become additional
indeb~edness of Borrower secured by thic Mortgagc. lJnless BorroH•cr anJ I.ender agrec to other terms of payment, such
amounts shall be payaMc upon notice from I.cnder to Bormw~~r rcyucs~ing payment thcreof. and shall bcar interest from the ~
date at disbursemept at the ratc payable f~om timc ta time on out:tanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear ioterest at the highest rate
permissible under applicable law. Nothing comained in this paragraph 7 shall require i_ender fo incur any expense or takt
any action hereunder.
8. laspectioa. Lender may make or cause to be made reasonaMe entries upon ~nd inspections of the Property, provided
that l.ender shall give Borrower notice prior to an~~ such inspectio~ speclfying rcasonable cause therefor related to Lender's
interest in the Pmperty.
9. Coademnation. The proceedc of an}~ aw•ard or claim far damages, direct or rnnsequential, in connection with any
condemnation ar other taking of the Property, or part thereof. ar for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to I_ende~.
In the event of a total taking af the Pmperry, the proceeds shall he applied to the sums cecured by this Mortgage.
with the eYCess, if any, paid to Bormw-er. in the e~~cnt of a partial taking of thc Property, unless Borrower and I_ender
otherw•ise agree in writing. there shall be applicd to ~hc sums securcd hy thic Mortgage such proportian of the proceeds
as is equal to that pr~~nion which the amount af the suma secured by this Mortgage immeJiatel~• prior to the date of
taking bears M the fairmarket value of the Proprrty immediately prior to the date of taking, with the balance of the proceecls
paid to Borrower.
if the Property ic abandoned b~• Borcower. or if. after natice by i.ender to Bormwer that the condemnor of[ers to make
an award or settle a claim for damages, Borr~wer fails to r~y~nd to I_ender within 30 days after the date such notice is
mailed. I_ender is authorized to collect and apply the proceeds, at i.ender's option, either to restoration or repair of the
Property or to the sums sccured b}~ this Mortgagc.
Untess l.ender and Borrower othen~ise agree in H•riting. an~~ such application of proceeds to principal shall not extend
or postE+one the due date of the monthl~~ installments refcrred to in paragraphc 1 and 2 hereof or change the amount of
such installments. -
l0. Borrower Not Rekased. Extension of the ~~me for payment or mc~dification of amortization of the sums securcd
by this Mortgage granted by 1_ender to any tuccessor in interest of Borrower sliall not operate to release, in any manner,
the liability ot the original Borrower and Brrrower'c succes~ors in interest. i_ender shal) not be required to commence
prc~ceedings against such successor or refuse to extend time for payment or otherwice modif~~ amortization of the sums
secured bp this Mortgage by mason of an}~ demand made b}~ the ori¢inal Borrower and Borrower s successor~ in interest.
11. Forbesrance 6y lxnder \ot a Wai~•er. An~• fortx:arance b~~ I.ender in excrcising any right or remedy hereimder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taYCS or other liens or charges by I_ender shall not be a waiver of Lender's
. right to accelerate the maturity of the indehtedness secured h~~ this Mortgage. ~
l2. Remedits Cumulative. All remedies pro~~ided in thic Mortgage are distinet and cumulative to an~• other right or
remedy under this Mortgage or afforded b~• law or equity. and may he exercised concurrently. independentl}• or successively.
13. Successors a~d Assigns Bound; Joint and Se~eral I.iability; Capttons. Thc co~•enants and agreements herein
comained shall bind, and the riQhts hereunder shall inure to, the respective s~ccessors and a~.signs of Lender and Borcower,
subject to the provisions of paragraph 17 hereof. All covenants a~d agreemcnts of BorroW~er shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the p~ovisions hereof.
14. Notice. Except far any notice required under applicahle law to be given in another manner. (a) any notice to
Borrow~er provided for in this Mortgage shall be given h~• mailing wch notice b}~ certified mail addres~ted to Borrower at
the Property Address or at such other address as Barrower maj~ designate bt~ notice to I.ender as provided herein. and
(b) any notice to Lender shal) he given hy certified mail, return receipt requested. to Lender s address stated herein or to
wch other addresz as I_ender may designate b}• notice to Borrower as provided herein. Any notice provided for in this
~ :Nortgage shall he deemed to have been given to Borroaer or l.ender w•hen given in the manner designated herein.
I 15. Uniform MortRa~e; Governin~ I.aw•: Severabilit~•. Thic form ~f mortgage combines uniform covenants for national
~ use and nan-uniform covenaotc with limited ~•ariations h~~ jurisdiction to constitute a uniform securiry instrument covering
~ rea) property. This 14tortgage shall be governed h~• the law of the jurisdiction in which the Property is located. in the
~ event that any provision or clause of this Mortgaee or the Note' conflicts w ith applicable law~, such conflict shal) not afiect ~ -
~ other provisions of ~this Mortgage ~r ihe Note N~hich can be g'sven efiect ~vithout the conflicting provision, and to this
E end the provisions of the Mortgagc and the Note am dcclared to be ceverahle.
~ 16. Borrowe~s Copy. Borrower shall be fi~rnished a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
17. Transfer of fbe Property; Assumplion. if all or am~ part of the Pmperty or an interest therein is sold or transferred
by Borrow•er without Lender's prior written consent. excluding (a? the creation of a lien or encumbrance sutwrdinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer b~~ devise.
detcent or by operation of law upon the dcath of a joint tenant or (d1 the grant of any leasehold interest of three ycars or less
not containing an option to purchase. [_ender may, at t_ender'~ option. declare all the sums secured hy this Mortgage to be
immediatel}~ due and payable. Lender shall have ~~ai~~ed such option to accelerate iF. prior to the sale or transfer. Lender
and the person ro whom the Property ic ro be sold or transferred reach agreement in writing that the credit of such per~on
is satisfactory to Lender and that the interest payable on the sums secared by this Mortgage shall be at such rate as Lender
shall request. If Lender has waived the optian to acceler~te provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender, l.ender shall release Borrower from aU
obligations under this Mortgage and the Note.
~ if ~ender exercises such option to accelerate, l_ender ~hall mail Borrow~er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
~ which Borrower may pay the sums declared due. ii Borrower fails to pay such sums prior to the expiration of such period.
~ Lender may, without further notice or demand on Borrow•cr, invoke any remedies permitted by paragraph 18 hereof. ~
~
~ Nox-Urv~FOre~t Covex~NTS. $orrower and Lender further covenant and agree as follows:
~ 18. Accekratbn; Remedks. Eacept as provided in paragraph 17 hereof~ upon Borrower's breach of aay coveaant or
agreement of Borrower in thts Mortgage, including Ihe covenanfs to pay when dne any snms securcd by ti~ts Mortgnge, Lender
~ prior to ucderatioo shall mail notice to Borrower as provided in paragrsph 14 hereof specifying: (1) the breac6; (2) the actioa
~ reqnired to cure sac6 breach; (3) a date, not less t6an 30 days fmm the date the ootice is maUed to Borrower, by wl~ch suc6
~ breach mt~st 6e cored; and (4) that failnrc to cnre snch breach on or beforr the date speci6ed in the aotlce may rad! ia
accderatlon of t6e soms secured by tb~ Mortgage, foreclosurc by jadicial proceeding and sale of tbe Property. 'Ibe notice
3.~ shall Wrthe~ inform Borrower of the right to reinstate after accekration snd the rig6t to as~ert in the foreclosure proc~
~ tLe ooo-ez~stence ot s defaak or aoy otber defenge of Borrower to accekration and forecbsure. If the breach is not cnred on ;
or betore the date speciHed in the ootice. Lender at Leoder's option may declare all oE the snmc secared by t6b Mortga~e b be ;
~ Lmoediatety dne sad psysbk wkbom fnrther demaad and msy foreclose thk Mortgage by jndkial proceedit~. Lender s6a11 '
~ be eatltkd to collect in suc6 proceedfu= ail espeases of foreclosure. includiug, bnt not limited to, reawosbk sttomey's fees,
~ sad costs of docamentary evideace. abstracts aad title reporfs. ;
19. Borrower's Ri`6t to Reinstate. Notwithstanding Lender s acceieration of the sums secured by this Mortgage, ~
~ Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinuod at any time
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