HomeMy WebLinkAbout0111 Len~ier's written ag~ment o~ applicable low. Borrowe~ shall pay the amouM of all mortgsge insurat~ce premiumi in ihe
manner providcd wxkr parag~aph 2 herooEt Y
Any amounts distsuraed by I.enckr ~urst?mt to this~ p~~rsph 7, with interest thercon, shall become additional
indebtedness of Borrowcr securcd by this Mo~tgage. Unlcss Ba~rower and I.enJer agree to athe~ ternu ot payment. such
amounts shall be payat?M u~~ noticc fram Lender to Bc~~«~wr~ rcquesting paymeM thercof, and shall hear interest from tht
. date of disbursement ~t the ratc payabk t~om time to time on out:tanding principal unde~ the Note unless psyment of
interest at such rate would be contrary ta applicable law, in which event such amounts shall bea~ interest at the hiEhat nte
permiuibk under applicable law. NMhing contained in this paragraph 7 shall require [.ender to incur any expe~se or take
any actioo heteunde~.
8. lrspectb~. 1_enek~ mTy make or cause to be made rca~nable entricc upon and inspectio~s of the Properiy. provided
that I.ende~ shall give 8orrawer notirr pri~?r ta any such inspection speci(ying reasonabk cause therefor related to Lender's
interest in thc Property.
9. Condewoatbn. The pmccedc of any ~ward or claim for damages, direcl o~ cornequential, in connection with any
condemnation or other taking of the Propeny, ~~r part lAenY~f, or far canveyance in (ieu of condemnatiot~. arc her+eby assigned
and shall he paid ta t.ender.
In thc evcnt of a total taking of thc propeny, the prcx:ceds ~hall hc applied to the sums secured by thic Mortgage,
with the excess, if any. paid to Borrowe~. Tn thc event ~f a pa~tial taking of the Praperty, uoless Borrowcr and I.ender
otherwixe agree in writinR. lhere shall be applied to the cums secured by fhic Morigage such pr~portion af tht procxods
as is equal to thai proportion which the amoeua of thc sumc scci~red hy Ihis Mortgage immediately prior ta the date of
taking bears to the fair market value of the Pr~per~y immediately ~ior to the Jate of taking, with the balance of th~ proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if. after no~ice hy i.ender to Borrower that the condemnor o$trs to malce
an awa~d or settle a claim for d~mages, B~~rrower fail. to rrs~nd to I.ender within 30 days after the date such notice is
mailed, I.emier ic authorized to collect and apply the pre~ceeds, at I.ender's option, either ta restoration or repair of the
Property or to the sums secured hy ~his Mortgage.
Unless [.ender and Barrow•er otherwic~ agrc~. in H-rit~ne. any seich applicatio~ of proceeds to prineipal shall not extend
or postpone the due da~e of the monthly inslallmcnts referred to in paragraphs 1 and 2 hereof or change the amaunt of
such installments.
10. Borrower Not Rekased. F~ten~ion of the Iime f~~r payment or mndification of amortization of the sums secured
by this MaAgage granted by l.ender to am• cocceccor in interect of Sorrower shal! not aperate to release. in any manper.
the liabili~y of the original Borrower and &~rrowrr'~ succest~~rc in interest. l.ender shall not be required to commence
proceedings against such successor or refuse to erlend time for payment or otherwice modify amortization of thr ~ums
secured by this I~iortgage by reason of an~ demand made b}• the oriQinal Barrower and Barrower's succescors in irtterett.
il. Forbearance by l.ender Not a Wai~•er. :1n>• R?~bearanrc hy~ I.ender in crcrcising am right or remedy hereunde~, or
otherwise atforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement M insurance or the payment of tares o~ other iiens or charges by I.ende~ shall not be a waiver af [.ender's
right to acceler~te the maturity of the indehtednecs cerured hy thic Mortgage.
12. Remedks Cnmulati~e. A!I remedies pmvided in thit I?iortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or eyuity, and may he exercised concurrenUy, independently or soccessively.
' 13. Successors ~nd AssiRns Bound: Joint and Se.eral I.iability; Captions. The covenants and agrcements herein
contained shall bind, a~d the riRhts hereunder shall inure to, the respective succecsors and ascigns o! I_ender ~d Borrower.
subject to the provisions of paragraph 17 hercof. All co~~enants and agreements of Borrower shall be joiry and several.
'ilie captions and headingc of the paraeraph~ of thic MortR•rge are for convenience only and are not to be usM to .
interpret or define the provisionc hereaf.
14. Nofice. Etcept for any notire « yuired under applicable law• to be given in another manner. (a) any notice t~
Borrower pmvided for in this Mortgage chall be given hy mailing such notice by certified mail addressed to Borrower at
the Propeny Address or a~ such .~thcr addrca as B~rmw-er mav designate by notice to l.ender as provided herein. and
(b) an}~ notice to Lender shall he gir~n bp certifnd mail. return receipt requested. to I.ender's address stated herein ar to
such other address as i_ender ma}~ deti¢nate b~~ n~tire ~o Borrow•er as provided herein. Any notice provided for in this
Mortgage shall he dcemed to ha~•c 1+cen gi~en to Bc?rrower or l.ender when given in the manner designated herein.
I5. Uniform Mort~aRe: Cor•ernin~ I.aw; Sererability. Thic form of mortgage combines uniform covenants for national
use and non-uniform co~~enamc with limite:f variationc hy jurisdiction to constitute a uniform security instrument covering
real property. Thic 14tortgage sha11 be governed M~ the la?~• of the jurisdiction in which the Property is located. In the ~
event that any provision or clau~e of thic Mortgaec c.r the N~~tr conflicts with applicable law, such conflict shall not affect
other prc?visions of thi~ Mortgage or thc N~.te which can tx given efTect without the eonflicting provi~ion, and to this
end the provicions of the Mo~tgage and the '~to~e arc .~ectared to he severable.
16. Borrowe~'s Copy. Borrow•er shall tx furni~hed a c~nf~~rmed copy of the Note and of this Mortgage at the time
of execution or a[ter rernrdation hereof.
17. Transfer of the Property; Assumption. If all ~•r an~ part of the Property or an interest therein is soid or trancferred
by Borrower without Lender's prior wrinen cunccnt. e~cluding la) the creation of a lien or encumbrance sutwrdinaie to
this Mortgage. (b) the creat~nn of ~~+urrha~e m~•ne. cecurity~ mterest for household appliances. (c) a transfer h~ devise,
descent or by operation of law upon the death of a j~~~nt tenant or (dl the grant of any ieasehold interest of three }•cars or lecs
not containing an option to purchase, [_encier may. a~ 1_ender'c option, declare all the sums secured hy this Mortgage to be
immediately due .~nd payable. l.ender thal! ha~•e ~;~,~•ed s~~ch optioo to accelerate if, prior to the sale nr transfer. I.enJer
and the person to wh~m the Property i. t~~ tk .ol.l ~~r transferrcd reach agreement in writing that the credit ~f wch pcrcon
is satisfactory to Lender and that the interr.t pa~•able on the xums secured by this Mortgage shall be at such rate a~ I.ender
shall request. (f t_ender has waived the option to ~ccelerate proviJed in this paragraph 17, artd if Borrower i successor in
interest hac executed a written assumption agrcement acrepted in writing by I.ender. I_ender shall releax Borrowcr from all
ubligations under this Mortgage and the Note.
If I_ender exercises such option to accelerate. LenJer chall mail Borrower notice oF acceleration in accordanc~ ~~h
paragraph 14 hereof_ Such notice shall provide a peric~d of not iess than 30 days from the date the notice is mailed w•ithin
which Borrower may pay the sums decfared due. If Borrowet fails to pay such sums prior ta the eapiration of wch pericxi,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof.
Norr-UrrtFORM Cov~w,?Nrs. Borrower and 1.ender furlher covenant and agree as follows:
l8. Accekrat+ioa; Remedies. E:cept as providcd io psrsgraph 1~ hcreof, upon ~orrower's breacb of any corenant or
agretmeat of Borrower in t6is Mortgage. includir~ the corenants to pay when due any snms seca~ by thB Mort~age. [.ender
prior to accckratbn shalt mail notke to Borrower as provided in par~raph 14 hercof specityiaa: (1) tNe bresch; (21 the sction
requircd to caro snc6 breseb; (3) a date. ~rot kss Nwn 30 days Erom thc dsfe the notice is maikd to Sorrower. by vrhkh such
brcach ma~st be cered; and (4) that fsilun to cure stich bresch on or before the date speclfied in the notice may r~sutt in
accderation of t6e sn~ secured by this Mort~a~e. foreclosure by judicial proceedl~ and sak of ibe Pmperry. 'il~e notice
shall further inform Borrower of the right to reinctate after sccekratioa and fbe riRhl to ~seri ia t6e forecbsure procetdiee~
t6e non-e:istenn of a default or any other defer~.st of 8orro•rer to sccekration sod foncloanre. If the breacb is not cured oa
or btfwe the dste specified ia tbe notice, Lender ~t l.ender's optan may declur aq ot the snms secnred by th~s Mortga~e to be
immediately dut and paysbk wjthont furiher demand and may foreclose ihk MortRa`e br jndicisl proceedie~, i.ender chall
be entiHed to collect in such pmceedi~ sN e:peases nf foreclosure. includlu~. Aut oot Eimited to, rcasonable atn?rnry's fees.
snd cosfs of documentary eridence. abstraces and Iitk nports.
19. Dormwer's R~ht to Reiastste. Notw•ith~tandmg l.ender s acceleration of the sums secured by th~s M.xtgage,
Borrower shall have the right to have any procerd~ng, tr~~un 1_ender to enforce this Mortgage discontinued at any~ time
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