HomeMy WebLinkAbout0460 l.ender's written ~roeaxnt or applicabb law. Borrowu tha11 pay tho amount ot all tno~tj,ase iasurauoe premiums in tbe
maane~ provided unde~ paragnph 2 heroof. • ,
Any amounts disbu~sed by Lc~de~ pursuant to tha parr~aph 7, with iaterest thereon. shail become addit~onsl
indebtodness of Borrowcr secured by this Mongage. Unkss HoROwe~ and l.en~ier agrce to othtr terms of psyment. such
amo+ints shall be psyabk upcxi nc~tice from I.ender to BoROwe~ rcquesting payment thereot, and shall bear interest ft~om the
date of disbursement at the rate payabk from time to time on out:tandin~ principal under the Note unless payma~t of
int~rat at such nte would be contnry to applicabk law, in which event soch amounts shalt bear interest at the hiahest rate
pernnissibk under applicabie taw. Nothing contained in this pa~agraph 7 shal! require [.ender to incur any eapeme or take
any action hereunder.
S. I~eptetio~. Ixnde~ may make o~ cause to be made rcasonabk entries upon and inspections of the Proptrty. provided
that l.onde~ shal) give Borrowor nolice prior ta any such inspectian specifying reasonabk cause therefor rclatod to Lender's ~
interest in thc P[+optrty.
9. Co~dem~atbn. The proceedt of any award o~ claim fo~ damages, dircct or rnnsa~uential, in connect~on with any
condemnatioo or other taking of ihe ikoperty, or part thercof, or for ccx~veyance in lieu of condemnation. an hot+e6y assigned
~ and shall be paid to Lender.
ln thc event aF a total taking of tbe PropcNy. the pra:eeds shal! be applicd to the sums secured by this Mo~tgage.
~ with the cxccss, if any, paid to Borrower. in the event of a partiat ta{:in~ af the Property. unkss Bomowe~ and Lender ,
otherwise agroe in wtiting, there shall be applied to th~ sums secured by this Mongage such proportion of the pmcads
as is equal ta that proporticm ~hich the amount of the sumc seciired by this Mortgage immediat~iy prior to the date of
takiog bears to the fair market value of tF~c Propeny immediately priar to the date of taking, with the balanoc of the pt+oceeds
paid to Bornnwer. _
if the Property is aba~doned by Bnrrower, or if. after notice by I.ender to Bormwer that the c~ndeeanor otfers to make
an award or settle a claim for damages, Borrawer faits ~a respond to i_ender withi~ 30 days after the date such notice is
maikd, Lender is authoriud ta rollect and apply the proaecds. at 1_ender
s option, cither to restoration or repair of tht
Property or to the sums securcd hy this Mortgalre.
Unlas Lender and Borrower othervvise agree in writing, aoy such applicatian of procetds to Principal shatl not extend
or postporu the due da~e of the monthly installmcnts re[errcd to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrowe~ Not Releued. Extencion of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by i_ender to any cuccecsor in interect of Borrower shall not operate to nelease, in any manner.
the liability of the original Borcower and 8orrower
e succesu?rc in interest. Lender shall not be requircd ta comrmnce
proceedings against such successar or rcfuse to extenJ time for payment or otherwise modify amortization af thr wms
secured by this Mortgage by reaSOn of an} demand made by the oriRinal Borrower and Borrower's st~ccestors in interest.
l l. Forbqrance by i,ender Not a Waiver. Any fothearanre by I_ender in exercising any right or remedy her~eunder, or
otherwise afforded by applicable law, shall rx~t he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or ihe payment of taxes or other liens ar charges by Lender shall not be a waiver of Lender
s
right to accelerate the maturity of the indehtedness cecured hy this Mortgage.
12. Remedks Camnlati~e. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or
rcmeciy onder this Mortgage or aff~rded hy law or equity, and may be exercised concurrently. independently or successively.
' 13. Saccessors and Assi~ss Bound: Jaat • aod Several i.iability; Captbas The covenants and agreements herein
co~tained shall bind, and the riRhts hereunder shall inure lo. the respeetive successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jair~ and several.
77~e captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions he~ec~f.
14. NWice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice t~ ~
Borrower provided for in this Mortga¢e shalf be given by mailing such notice by certilied mai! addressed to Borrower at
the Property Address or at such other address as Bormwer may designate by notice to T_endec as provided herein, and
(b) any notice to Lender shall he given hy certified mail, ret~irn receipt rcquested. to t.ender s address s~ated herein or to
s~ch other address as Lender may deciqnate by notice to Bormwer as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given. to Be~rrower ar Lender when given in the manner designated herein.
15. Uniform Mort~n~e: Goverain~ LaN; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenantc with iimited variatic~s by jurisdiction to constitute a uniform security instrument covering
real propeny. This Mortgagc shall be governed by the lav? of the jurisdiction in which the Property is located. In the
event that any provision or clause of thi~ Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or Ihe Ni~te which can be given effect without the conflicting pmvision, and to this
end the provisions of ~he Mortgage and the Note arc declared to be severable.
l6. Borrnwer's Copy. Borrower shalt be furniched a confonned copy of the Note and of this Mortgage at the time
of execution or after recordatior~ hereof.
17. Traasfer of t6e Proptrtv: Aswmption. If all or any pa?t of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writ~rn consent. ezcluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creatinn of a purcha.e mc.ne~• cecurity interest for household appliances, (c) a transfer hy devise,
descent or by operation of law upon the dcath of a joint teoant or (d? the grant of any leasehold intercst of three ycars or less
not containing an optio~ to p~rchax, i.ender may, a~ Lender's option, declare all 1he sums sccured by this Mortgage to be
immediately due and payable. Lender shall have ~ai~•ed such option to acceierate if, prior to the sate or transfer. Lendrr ,
and the pers+~n to whom the Properry ic to be ;otJ or transftrred reaeh agrcement in writing that the credi~ of such person
is satisfactory to L,ender and that the interr~t pa~~able on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the option to accelerate provided in Ihis paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by ~Ixnder, i_ender shall release Borrower from all ~
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lencler shall mail Borrower notice of acceleration in aceordanc~ .+;~h
paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the datt the notice is mailed within
which Borrower may pay the sums declared due_ If Borrower fails to pay such sums prior to the expiration of cuch pcriud.
Lender may, without further rtotice or demand on l3~rrower. invoke any remedies permitted by paragraph 18 hereof.
NoN•UtvtFORM CovEN~xrs. Borrower and Lender funher covenant and agree u failows:
18. AccekraRioe; Rascdia. E:cept as provided io Pa~npb 17 6ereof. opoo eorruwe~s brracb of asy coresant or
a`reemeat of Eornower in t~ts Mort~a`e. facludius tbe co~taasts to pay whe~ dne say s~p~a aecare~ by this Mortga~c, i.ender
prbr to accekrstioa shaN mail aolice to Sorrower as proridcd ip para6raph 14 ht~tof spetH~: (1) the 6resch: 12) the sction
~+equired to care sne6 br+escl~; (3) s dNe. sot less t6an 3A days from t6e date tie notice is o~a8ed to eomawer. by whkb sucA
brac6 mwt be crred: sed (4) tb~ faiitire to cure sach breach oa or bef~e We date speeised iw the aotice nuy resuit ie
se~ekratiw o[ tlie saa~ sec~red by tLis Mortsa~e. toseelosnre bp j~d3cial PruceedioL swa sak of the Prope~ry. 'IUe notice
sl~all brtwer hform ~orrower of the ~bt to reinstate ~ter secekrMioa and tbe riaMt to asaA [e ttie forec{os~re p~oceedi~
tie son-c:istence ot a defaolt or any otber defense of ~orrower fo accekratioa and farecioswre. If tbe breacl~ is eot csned oe
or before t6e date speciBd in tbe notice. Lender at (.ender's o~tiow ~ay dcclare aq of the ma~s secrred by this Mort~aRe to be
ima~ed~ately d~e aad p~rable witboat fnrther demand and may foncbse t6is Mo~a~e by jndicid ~r~oeeedio~. Lender chall •
be eatitled to edlect is srcY pwceediea aq expeoses nf forcclosore, iaclnd~. brt eot Waitd to, rearooabk atturnry's fees.
awd cods of docome~fary eride~ce. sbshsces ~d titk reports.
I9. dornower's Ri¢t to Rdostate. NnlwithstandinR Lender
s acttle~ation of the sums secured by th~s Mortgage, =
Borrower shall have the right to have any proccedings t~egun hy l.ender to enforce this Mortgage discontinu~d at any time
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