HomeMy WebLinkAbout0686 l.en~ler's wtitten agroemeM or applicabk law. Borrowe~ shall psy the amount o( all mortgage insurance pr+emiurtu in the
manner provided unde~ parag~apA 2 heroof.
Any amoeints disbi~rsed by I.eoder pursuant to thi~ paragraph 7, with interest ~hercon, shall becomc additiooal
inJebtedness ot Bc~rrower stcurcd by this Mortgage. Unless Borrower and I.enJer agree to othe~ temns of payme~t~ such
amcxints shall be payabk upc~n nc?Iice f~om I.ender ta Borrower rcquesling payment thereot, and shall bear inte~est fmm the
date of disbursement at the rate payabk tram time to time cm outstaridiog principal under the Note unless psyrt~ent ot
ir~tercst at such rate would be contrary ~o applicabk law, in which event such amounts shall bear interest at the hiahest nte
permissibk under applicabk law. Nwhing containcd in this paragraph 7 shall requirc l.ender to incur any eapense or take
any actan hercunde~.
S. Iespe~fio~, i.encier may make or caux ta t?e madc rcasonabk ent~iec u~ artd inspections of the Propcrty. provided
that l.ende~ shall give Borrower ni~ice prior to any si~ch i~spection specitying rcasonabk caux therefor related to Lender's
interest in Ihe Propehy. •
9. Condemestbn. The proceedc of any award ar claim for damages, direcl ar conuquentiat, in rnnnecti'on with any
condemnation or other taking of the Praperty, ar pa~t therrnf, or for conveyance in litu af cc~ndemnation, aro het~eby usigoed
and shall be paid to I.ender.
' tn the evenl af a tolal taking of thc Pmperty. Ihe prc.~eeds ~hall be applieJ to the ~ums secured by thic Mo~tgage,
with the excess, if any, paid to Bar~ower. In thc cvent of a paNial Iaking of the Prapeny, unless Borrower and i.ender
o~hervvise agree in writing. there shall be applicd to the sums securcd by thic Mor~gage such proportion of the proceeds
~as is equal to that pro~wrtion vvhich Ihe amuunt at the sumc ~ecured by this Mortgage immediately prior to the date of
taking bears to the fair ma~ket value of thc Pra~rty immediately prior ta the datc af taking, with the balancc of the p[oceeds
paid to Borrower.
Tf tht Property is ahandoned by BorroN~er, or if. after notice hy l.ender to Bormwer that the condemoot ot~ers to make
an award or settle a claim fo~ dama~, Borrower tail. ta rccpc?nd to I.ender within 30 days atter the date such notice is
mailed, Lender ic authorized to collect and apply the prc~ceedc. at I.ender's option, either to restoration or r+epair of the
Pmpe~ty or to the suma cccurcd h~~ ~his Morlgage.
Unles< <enckr and Borrower otherwice agree in wril~nr. any such application of p~c~ceeds to principal shal) not extend
or postpone the due date of the manthly ins~allmcn~s referrcd to 1n paragraphs 1 and 2 hereof or change the amount of
such installments.
10. eorrower Not Rekased. ExtensiAn ~f the time for payment or modification of amartization of the sums secured
by this Mortgage granted by I.eRder to any coccesu~r in intercu of Borrawer shall not operate to release. in any manne~.
the liability ot the original Borrowe~ and &~rmw•er'~ successon in interest. I.ender shall not bo requircd to commence
proceedings against such succecsor or refuse to er~e~d time for payment or olhervvice modify amartizatian of thr ~e~ms
serured by this Mortgage by reauin of any demand made hy the orieena! Sormwer and Borrower
s succescan in interesl.
11. Forbearance by I.ender NM a Waiver. An}• f~rhearance by I.ender in exercising any right or remedy hereunder, or
otherwise afforded by applicahle 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 tares or other liens or charges by i.ender shaN not he a waiver of Lender's
right to aecelerate the maturity of thc indehtednecs cecured h~~ thic Mortgage.
12. . Remedies Cnmulatire. All remedies pro.~ided in this Mortgage are distinct and cumulative to any ather right or
remedy under this Mortgage or atiorded by law or equity, and may be exercised concurr+ently. independent(y or successively.
' 13. Suecessors and Assi~os Bound: Joiot And Severai I.iabiliq, C~ptions. The covenants and agreements herein
contained shatt bind, and the ri~hts hereunder shall inure to. tbe respective s~~ccez~rc and assigns of i.ender aod Borrower.
subject to the provisionc of paragraph !7 herco(. All covenants and agreements of Borrower shall be join~ and several.
The captions and headinga of the paracraph~ c?f thic Mortgage are for convenience onty and are not to be used to
interpret or define the provisians i~ereof.
14. Notke. Except for any notice rcyuired unckr applicable law to be given in another manner. (a) any notice m
Borrower pmvided for in this Mortgaee shall be gi~en hy mailing such notice by certified mail addressed Io Borrower at
the Properiy Address or at such othcr addres~ as Barrower may designate by ootice to i.endtr as provided herein, and
(b) any notice ta Lender shall he gi~~cn by certified mail. reti~rn receipt reqaested. to I.end~r s address stated herein or to
such other address as Lender ma}~ dc~i¢nate by noticc t~~ Bormwer as provided herein. Any notice pmvided for in this
Mortgage shall be deemed to have bccn g~~•en to Borr~wer or ~cnder when given in the manner designated herein.
IS. Uniform Mo~t~a~e: Go~•ernin~ Iaw; Se~erabilify. Thic form of mortgage combines uniform covenants for national
~~se and non-uniform covenantc with limited ti•ar+ati<~ns h~• jurisciiction to constilute a uniform secarity instn~ment covering
real property. This Mortgage shall he governed h~,• the law• of the jurisdiction in which the Property is located. In the
eveot that any provision o~ clause of thi: M~rtgage ~•r the Nate conflicts wi~h applicable law, such conflict shalt not afftet
other provisions of this Mongage or thc N~~tc which can be gire~ t~iCt wit~oat the conflicleng provision, and to this
end the provisions af the Mortgagc and the 'Vote arc ~leclared to be severable.
16. Borrower's Copy. Borrower shall bc furni~hcd a con(ormed copy of the Note and of this MortRage at the time
of execution or after recordation hereof.
17. Traasfer of fhe Property: Aswmplion. If alt or any part of the Preiperty or an interest therein is sold or transferred
by Borrower without I.ender's p~ior wrinrn concent, e~cluding la) the creation of a lien or encumbrance suhordinate to
this Mortgage. (bl the creation of a purcha.~ m~~ne~• ~ecurity mterest for household appliances, (c) a trancfer hy devise,
descent or by operation of law upon the Jcath of a ju~nt tenan~ or (d) the grant of any teasehoid interest c+f thrcc }•cars or lecc
no~ containing an option to purchase. Lender may, at i_ender's option, declare all the sums stcured by this 1?lortgage to be
immediately due and payable. I.ender shaU have wai~~ed such option ro accelerate if, prior to the ~ale or transfer. 1.enJer
and the person to whom the Property ic to t+c +o1J or transferred reach agreement in writing that the credit of ~uch person
is satisfactory to Ixnder and that ~he. intereu pa~•able on the sums secured by this Mortgage shall be at siech rate ac I.ender
shatl request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's soccessor in
interest has executed a written assumpuon agreement accepted in writing by T.ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option ta accelerate. Lender chall mail 8orrower notice of accekration in accordanct ~~+~h
paragraph 14 hereof. Such notice shall provide a per'ec~d of not less than 30 days from the date ihe notice is mailed within
whecb Borrower may pay the sums declared due_ It Borrower fails to pay such sums prior to the expiration of cuch pcnc.d,
l.ender may, without further notice or demand on t~rrower, invoke any remedia permitted by paragraph 18 hercof.
NoN-UNrFORnt CovEN~HTS. Borrower and t_ender further covenant and agrce as follows:
18. Accderstion; Remedies. Except as providcd ia paraRraph 1T 6e~eof~ qpoo somower's breaca of sny co~enant or
agreemeot ot Boaower ia t6as Mortgage. iacludi~ tht corenants to Pay when dnt say soms secored Dy this Mortgagt. i.eader
prior to accekratbn s6a11 mait aotice to dorrower as pmvMrd in para'r~ph 141~ereof specNyhg: ~1) tbe Dreach; (21 the action
reqnir+ed to can socb breach; (3) : date. not kss tban 3A daYs from tl~e date tbe notice ls enaikd to Dorror?er. by .rhic6 sucb
6~escb mnst be nred; aod (4) that failure to cure snch Imach on or bcfore tbe date speciRed ie the notice may result in
accekration of tbe sr~ secored by tbis Mort~aRe. to~eclosure by judicW proceedG~ aad sak of the Property. 'f7ie notice i
shall further ioform Eorrower ot tbe right to ninstate dter accekratlon and tbe r~ht to assert in the fonclosere proceedi~
f6t oaa-e:isteace of a default or snr otber defense of Borrower to sccekatioe aod toreclosnre. It tlee brescb is aot cnred on
or before the date specified ia !ae notice. Lender at l.ender's optfon may declsre sY of the sap~s se~wred by this MortRa~e fo 6e
immediately due and payable vrithont turther demand and may forecbse tbis Mort~a6e ~y j~dicW pr~ottediu~. I.ender clwll
be eotitled to coiiect in suc! proceedia~ sd e:penses of ioreclosurc. inclndjr~. bnt oot limited to, rasonabie attnrney's fees.
aod casts of docrafentary evidence, abstracts and Iitk repores.
19. Eornower's Ri64t to Reiostate. Nc~twithcta~dmg l.enders acce{eration of the sums secured by ~h~s Mortgage,
Borrower shall have ihe right to have any proceedings he~un ~y l.ender to enforce this Mottgage discontinued at any time
a~QOti ~9~G PAC: UV~
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