HomeMy WebLinkAbout0383 I.enckr's writteo agrcement or applicable iaw. Borrowet shall pay the amount of all mortgage incura~ce premiums in the
manner provided under pa~agraph 2 hereof.
Any amounts disbursed by l.ender pu~cuant to this paragraph 7, wi~h inteoest thereon, shall 1~ecomc additional
indebtedness of Eiorrower secured by this Mortgage. Unlecs Borrower a~d l.ender agree to other tenns of payment, such
amounts shall be payable upon notice from t.ender to Borrowe~ rcquesting payment thereof, and shall hcar interest from the
date of disbursemeM at thr rate payahle fram time to time on ootstanding principal under the Notc unless payment of
interest at such rate would be contrary to applicabk I~w, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take
any action herounder.
8. Inspection. Lender may make or cause to t+e made reasonable entries upo~ and inspections of the Property, provided
that I_ender shall give $orrower notice prior to any such insp~ction specifying reasonable cause therefor related to I_ender's
interest in the Propeny.
9. Coademnatbe. Th~ pra:eeds of a~y award or claim for damages, direct or conuquential, in connection with any
condemnation or other taking of !he Propeny, or part thereof, or for canveyance in lieu of condemnation, are hereby assigned
and shall be paid to I~nder.
In the event of a total taking of the Properiy, the proceeds shall he applied to ~he ~ums secured by this Mortgage,
wich the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I~nder
otherwise agrce in writing, there shall be applied to the sums secured by ihis Mortgage such pmportion of the proceeds
as is equal to that proportio~ which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to ihe date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandaned by Borrower, o~ if, after notice by [_ender to Bo~-ower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to t.ender within l0 days after the date such notice is
mailM, L.ender is authorized to collect and apply the proceeds, at T_e~der c option, either to rcstoration or repair of the
Property or to the sums secured by this Mortgage. •
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installment3 referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. , .
10. Borrower Not Rekssed. Extension of the t~me~far payment or modification of amo~tization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to releese, in any manner,
the liability of the original Borrower and Bc?rrower e successors in interest. Lender shal) not be rcquired to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by thic Mortgage by reason of any demand made by the original Borrower. and Borrower's successors in interest.
11. Forbea~ance by Lender Not a Waiver. Any f~rhearance by l.ender in erercising an~• right or remedy hereunder, or
otherw+ise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rcmedy.
The procurement of insurance or the payment of tazes or other liens or charges by [_ender shall not he a waiver of I~nder s
right t~ aecelerate the maturity of the indebtedness secured hy thic Mortgage. ~
l2. Remedks CnmulaH~e. All r~emedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Snccessors and Asc~~ Bound; Joint and Several i.iaMUty; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereoF. All covenants and agreemonts of Borrower 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 provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing cuch notice by certified mail addressed to Borrower at
the Property Address or at such other address as Barrower ma~• designate by notice to I.ender as provided herein. and
(b) any notice to Lender shall be given hy certified mail, retum receipt requested. to I.enders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have 6een given to Borrow•er or 1_ender when given in the manner designated herein.
15. Uniform Mori~age; Governin~ Law; Severabilit~•. Thic form of mortgage combines uniform covenants for national
use and non-uniform covenantc with limited variations hy jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hy the law• of the jurisdiction in which the Property is located. In the
event that any provision or clause of this 1?iortgage ~•r the Note conflicts w~ith applicable law, such conflict shall not affeet
other provisions of Ihis Mortgage or the Note ~~hich can be given efTect without the conflicting provision, and to this
end the provisions of the Mortgage and the ~iote are dcclared to be severable.
16. Borrower's Copy. Borrower shall t?e furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
l~. Transfer of t6e Property: Assumption. If all or an}~ part of the Property or an interest therein is sold or transferred
by Borrower without Lender s prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b1 the creation of a purchase money security interest for household appliances, (cl a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d? the grant of an}• leasehold interest of three years or less
not containing an option to purchase, I_ender may, at l.ender's option. declare all the sums secured by this Mortgage to be
immediately due and payable. I_ender shall have v?•aived such option to accelerate if. prior to the tale or transfer. Lender
and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. lf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by I~nder, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate, t.ender shall mail Borrow•er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not lesc than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to tfie expiration af such period.
Lender may, without further notice or demand on Borrower, im~oke an~~ remedies permitted by paragraph 18 hereof.
i
Notv-UNiFORat CovEx~xTS. Borrower and [_ender funher covenant and agree as follows:
18. Accelention; Remedics. Facept ~ provided fa parag~aph l~ hereof, upon Borrowe~s brcach of any covcnant or
agreem~nt of Borrower ia t6~s Mortgage, iaclnding t6e co~enants to pay whea due any soms securtd by t6is Mortgage. Lender
prior lo accehration s6a11 mail notice to Borrower as pmvided in paragraph 14 6ereof specifyint: (l) the breach; (2) tbe action
reqnired to cnre snch breac6; (3) a date, noE less than 30 days from the d~e tbe aoHce is mailed to Borrower, by whkh suc6
breach must be cured; aod (4) that failure to cure such breach on or before the date spec~ed in t6e ootice may resdt in
accdenuioo oE t6e snn~s aecured by thls Mortgage. forecbwre by judjcial proceedin~ aod sak of the Property. T6e notice
sl~all furtl~er inform Borrovier of the right to reinstate after acceleration and the right to asaert in t6e foreclosnre proceediut
t6e non-exktence of a defaalt or any other defaue of Borrower to accekrstion and foreclosnr+e. If t6e bresc6 is oot cured on
or before the date specifud ia the notice, I.cnder at Leader's option may declare all of the sems secnrcd by thb Mort6age b be
Lnmediately dne and payabie r?ithout furiher demand and may foreclosc this Mort~age by judkial proceedh~. Lender shall
be wt~tled to collect in snch procecdin6 aN e:peases of foreclosure, including. but aot limited to, nasoosble sttoroey's fees,
aod cods oE documentary evidence, abstracts aod title reports.
19. Borrower's Ri~6t to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun hy l.ender to enforce this Mortgage discontinued at any time
~t.~ Z~2 383
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