HomeMy WebLinkAbout0099 1_ender's written agreement or applicabla law. Borrcfwer ahal~ pay the unount ot all mongage insurance premiums in the
manner provideci unckr parag~aph 2 heroof.
Any amounts disbursed by 1_c~de~ pursuant to this paragraph 7, with interest thercon, shail become additional
i~debtedness af Borrowe~ secured by thi~ Mortgage. Unless 8orrower and l.enekr agroe to other t~t~ of psyment. such
amounts shal) be payaMe upon nc~tice from I.ender to Bormwer requesting paymeot therec~f, and s~all bear interest from the
date of disburxment at the rate payable fram time to time on ootslandiog ptincipa) under the Note unless psytnent of
interest at such rate would be contrary to applicable law, in which event such amounts shatl bear interest at the highest nte
permissibk unde~ appticaMe Iaw. Nathing contained in this pa~agraph 7 shall require I.ender to ineur any experae or taka
any ~ction hereunder. ~
& Iaspeetba. 1_enckr may make or cause to l~e made reasonable entriec upo~ and in,cpectionst+f the Propetty. provided ~
that t.ender shall give Borrower ~olire pri~~r to any such inspectinn cpecifying reasqnabk cause thercfor reluted to Lender's
interest in tht Property. _
9. CoDdemnatbn. The praceeds of any award ar claim fo~ damages, direct or conuquential, in connoctioo with aey
condemnation or other taking af the Praperty, or pan tl~ercof, or for ccx~veyance ia licu of cnndemnation, are hereby assigned
aod shall be paid to I.ender. • ,
in the evcnt of a total taking of the Pmperty, the pr~xceds chall he applied to Ihc sums securcd by this Mortgage,
with the crcess, if any, paid ~o Borrower. In ~hc cvent ~f a pa~tial taking ~i( the Property, unless Borrower and I.ender
o~herwise agree in writing, therc shall be applied to the sums secured by thic Mortgage such proporlion af the proceeds
as is equal to that proportion which 1he amount of the uim~ secured by this Mortgage immediately prior to the date of
taking bears to the fair market val~x of the Propcrty immediately prior to the date of taking, with the balance of the proc:e~ds
p~id to Borrower.
Tf the Property is ahancMneJ by Borrower. or if, after notice by l.ender to Bormwer that the condemnot otfiers to make
an awatd c+r Settle a claim for damages. Bormwer fail> lo respnnd to l.ender within i0 days ahet the dale such notice is
mailecf. Lender ic authorized to colleet and apply ihe prc~ceeds. at l.ender's option, either to rettotation ar repair of the
Property or to the sums ucured h~~ this Aiongagc.
Unlesc I.endcr and Borrower otherwice agrce in ~•rit~nc, any :uch application of prc~ceeds to principal shall not exteod
or postpone the due date of the monthly installmeots referred to in paragraphc 1 and 2 hereof or change the amount of
such iostallments.
10. Bonower Not Rtleased. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I.enJer to am~ ~ucce~cor in interest of Borrower shatt not operate to release, in any manner.
the tiabitily of the oriqinal Borroa•er and B~~rrower i succesu?rs in interesl. i_ender shall not he required to rnmmence
proceedings against such succtssor or refu~e to ertend time for payment or otherwice modify amortization of thr ~ums
secured by this Mortgage by reason of am• demand made by the oriQinal Borrav?•er and Borrowers succeccors in interect.
11. Forbearance 6y I.ender Not a Wai~er. Any f~nc~aranre hv I.ender in excrcising any right or remedy hereimder, or
otherwise affordeel by applicahle law, shall noi be a waiver of or preclude the exercise of any such right or remedy.
The proc~~rement af insurance or the payment of tares or other liens ur charges by I_ender shap not t~e a waiver of I.ender s
right to accelerate the maturity of the indebtedness tecured hy thic Mortgage.
l2. Remedies Cnmulati~e. All remedies pro~~ided in this Mortgage are distinct and cumulative to aey other right or
rcmedy under this Mortga~te or afforded by law or equity, and may he exercised concurrendy, independeoUy or succeasively.
' 13. Successors and Assi~ns Bound; ,loint and Several i.iaM'lity; C.sptbns. The covenants and agreements herein
contained ~hall bind, and the rightx hereunder shall inure to. the rcspective successors and assigns of Lender at~d Borrower.
subject to t6e pravisions of paragraph 17 her~*~f. All covenants and agreementc of Borrower shaq be joir{~ and several.
'1?~e captions and headings of !he paragraphc of thic Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14, Notice. Except for any notirc rcyuired under applicable law ta be given in another manner, (a) any notice to
Borrower pmvided fnr in this Mortgaee chaH be gi~•en hy mailing sueh notice by cerUBed mail addressed to Borrower at .
the Property Addrecs ~u at such o~her addrec. as Borr~vrer mav designate by notice to 1_ender as provided herein, and
i (hl any notice ro Lender shall he gi~•en hy certified mail. rcturn receipt requested_ to t.ender s address stated herein or to
~ such other address as I.ender ma}• decic~ate b~~ n~tice t~~ Bormw•er as provided herein. Any notice provided for in ihis
Nortgage shall be deemed to ha~~c F+ecn g+~•en to 8ormwcr or Lender when given in the manner designated herein.
' 15. Uniform :Nort~a~;r. Covernin~ IaM: Se~erabilih•. Thit form of mortgage combines uniform covenants for natianal
use and non-uniform crn~enantt with limited ~•ariationc h~• juriuliction to constitutz a uniform security instrument covering
. real property. Thic Mortgage shall be governed h~• t!x law• of the jurisdiction in which the Properiy is located. In 1he
event that any provision or clauce of thi. Mortga¢e or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or ~he Notr Khich can M: given effect wi~hout tfie conflicting provision, and to this
end the provisions of thc Mortgage and the '~J~~te arc Jcclared to be severable. -
16. Borrower's Copy. Borrower shall t+c furni~hed a conformed copy of the Note and of ihis Mortgage at the time
of execiition or after recordation hereof.
17. Transfer of the Propertv; Assumption. If all or an}~ part of the Property or an interest therein ic sold or transferred
by Borrower without Ixnder's prior v?•rittrn consent. e~cluding (al ihe creation of a lien or encumbrance sabordinate to
this Mortgage, (61 the creation of a porch~ce m<mec ~ecurih• interesi for household appliances, (c) a trans(er h~~ devise.
desceRt or by operation of law• upon thc Jcath c•f a ja~m tenant or (d~ the grant of any leaschold interest of thrcc ycars or lecs
not containing an option to purchase. I.ender may. at I_ender'~ option, declare all ~he sums secured by this Morlgage to i?e
immediately due and payahle. Lender shall have ~;,i~~ed such option to accekrate if, prior to the ~ale or transfer. [.ender
and the person to whom the Property i~ ta be :o1J or transferred reach agreement in writing that the credit c•f wch person
is satisfactory to Lender and that the interr.t pa~~able on the sums secured by this Mortgage shall be at such rate a~ I_ender
shall request. lf I_ender has waived the aption to accelerate provided in this paragraph 17, and if Borrower s successor in
' interest has executed a writteo astump~ion agreement accepted in wiiting by i.ender. Lender shall release Borrower from all
~ obiigations under this Mortgage and the Note.
If Lender exercises such option !o accelerate. I.enJer thall mail Borrower notice of acceleration in accordanc~ iih
paragraph 14 hereof. Such notice shall provide a perioc! of not less than 30 days from Ihe date the notice is maited w•ithin
which Aorrower may pay the sums declared due. If Borrower faiis to pay such sums prior to the expiration of cuch peri~~J.
Lender may, without further notice or dcmand on F3nrrower. imoke any remedies permitted by paragraph 18 hcreof.
Notv-UtviFORM Coverr~rvTS. Borrower and i.endor further covenant and agrce as follows:
18. Acctleratioe; Remedies. Except as provided in para~raph 17 hereof. upoe dorrower's brescb of sny corenant or
agrtemeat of BoROwer ia t6is Mortgage. includirq~ ihc co~ensnts fo pay wl~te due aay soms secared by this Mortgage. I.ender
prior to sccderalion shall mail notke to dorrower as provlded in psragraph 14 hereof specif~: (1) the brrach:121 the actan
reqaired to care sucb brcach; (3) s datt, aot less than 30 days (rom the dde fl~e notice b mailed to Eorrower. by wbkh such
breach mwt be cnred; sod (4) that failurc to cnrc such breacb on or betore tlx d~e specH'ied in the nofice msy result in
acceleratioe of t~e sauit scennd by tbis Mo~tga~e, to~eclowrr by judicial proceediut and s~le of the Property. 71ie notice
shsll fue~t6sr inform Borruwer of the ri~ht to reiestafe after sccckration and t6e right to assert in the foreclowre proceedin`
tbe noo-e:isteace of a defsuk or any other defease of Borrower to sccekrstion and foneclosurr. if the breach is aot cnred on
or before the date speci6ed ia the notice. Lender at l.er+der's optan may declsre ~ of the sams secnred by this Mort~a~e to be
immediately due and psysbk without further demand and may foreclose this Mort~a~e by judicW proeetdia~. I.ender chall
be entitled to cdlect in mch proceedir~ sN e:penses nf foreclosure, includiu~. b~t eot I~mited to. reaeona6k stt~,rneY's fees.
and costs of docemeatary evideace, abstrscls and titk repoirls.
19. Eorrower's Ri~ht to Rei~tate. Notw•ithc~andiog I.ender's acceleration of the sums securcd by th~s M~ngage.
Sorrower shal) have the right to have any proceedinF, hegun %,y I.eoder to enforce this Mortgage discontinued at an~~ time
? ^ Pa
' ~ ~ 292 ~E 99
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