HomeMy WebLinkAbout0701 L.e~dcr's written aa,rame~t or applicabb law. Borrowe~ shall pay the amount ot ~Jl raott~ager ir~suranoe premiumt in tl~e
~ maane~ provided under pa~ag~aph 2 heroof. ~ ,
Any amou~ts disburxd by I.e~disr pursuanl to Ihia paragnph 7, with int~rest thereo~?, ahall bocome additional
indebtedness ot Borrowcr secured by II~M ~Mongage. Unless Borrower ~rx1 I.enJer agroc ta othet ternu ot paymen~ such
amounts shall be psysbk upc~o n~tice from I.eode~ ta Borrowcr requesting payment thercof, and shall bear interest from the
date oi disburxmcnt at thc ratc payabk f~om time to time cx~ outatanding principal upder d~e Note unku payma~t of
interat at such nte would be conlrary to applicable law, in which evenl such amounts shall belrinterest at the hiEhest nte
permissibk under applicable law. Nathing cot~tained in this pa~agraph 7 shall rcqui~ I.ender to incur any expenx or tate
any action hereunder.
s. Iwapecfio~. 1_ender may make vr caerse 1o be made reaconabk enlries upon s~d inspoctions of the Property. pmvided
that !_ender shall give Borrower notice prior ta a~y s~~ch inspection specityi~a trasonabk cause thercfor rclated to Lender's
interest in the Property. '
9. Copdemaatba. The proceeds of any award or claim for damaga, direct or consequential. in connertion with any
condemnation a~ other taking of the Property, or pan thereof. ~r for conveyance in lieu ot condemnatioo, arc hereby assigned
and shall be paid to Lender.
In the event of a total taking of Ihc Pmpeny, the proceeds chall be applie~# to the sums secured by this Martgage,
witfi the excess, if any, paid to Borrower. In fhc cvent of a partial taking af the Property, anless Borrower and Lender
otherwise agroe in writinR. thtrr shall be applied to ~he sumt secored by this Mortgage such proponion of the proceeds
as is equal to that proportion K•hich ~hc amount of thc sumc ~ured by this Mortgage immediately prior to the date af
taking boars to the fair ma~ket value of the Propcrty immediately prior to the Jate of taking, with Ihe balance of the proceeds
paid to Bort~ower. .
1f the Property is at~andoned hy Borrower. ar if. after noticc by i.cnde~ to Bom~wer that the condetnnor ofiers to make
an awa~d or xtNe a daim for dama¢rc. B~,rmwer faik tc. res~nd to I.ender within 30 days after the date such notice is
mailed. Lende~ is authorized to rnllecl and apply the proceeds, at Lender's option, either to restoration ar r+cpair of !he ~
Proptrty ar to the sums secured by this Mortgajce.
Unless I_ende~ and Borrower otherwice agree in v?•rit~nc. any such application of p~ocecds to principal shall not eatend
or postpone the due date of the momhly installmcnts referrcd to in paragraphc 1 and 2 hereof or change the amount of
such installments.
' 18. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mo~igage granted by l.ender to any cuceesu~r in interect of Borrower shall not operate to release, in any manner.
the liability of the oriqinal Borrower and &~rrowc~ ~ s~~cces~rc in interest. Lender shall not be required to rnmmence
proccedings against such successor or refuce to ertenJ time for payment or otherw+se mc~dify amortizatic~n of thr v~ms
secured by this Mortgage by rracon of :en~• demand made b~• the oriQinal Bormwer •rnd Borrawer s succescors in intereat.
11. Forbeannce by Lender Not a Waiver. ~ny torhearancc hy l.cnder in exercising any right or rcmedy hereander, or
othenivise afforded by applicable I~w. shall n~t he a waiver of or preclude the exerciu of any such right or remody.
The procurement of insurance or t6e payment of lares or other liens or charges by I.ender shall not be a waiver of Lender's
right to accelerate the rttaturity of the indebtednecs eccured hy thic Mortgage.
l2. Remedks Cumulati~e. All remeelies provided in this Mortgage are distinct and cumulative to any olher right or
rcmeJy under this Martgage or afforded by law or equity. :mJ may be exercised cancurrently. indeper?dentty or s~kcessively.
~ 13. Snccessors and Assi~qs Bound: .Joint aad Serera! i.iabilitr; Captions. The covenants and agreements herein
contained shal! bind, and the rights hereunder shall in~~re to. the rcspective succetcors and assigns of Lender and Borrower.
subject to the provisionc of paragraph 17 hercof. All covcnants and agreements of Borrower shall be joir~ and several.
The captions and headings of the paragraph~ of thic Mortgage an for conve~ience only and ane not to be uud to
interpret or define the pmvisions hereof.
14. Notke. Excepl for any notice rcyuired unckr applicable law to be given in another manner. fa) any notice to
Borrower pmvided for in this Mortgaee shall t+e given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other addres~ as Bc?rmwer rriay designate by notice to i.ender as ptovided herein. and
(b) any notice to Lender `shalt t?e giveo by certificd mail. retum receipt requested, to Lender s address stated herein or to
such other address as 1_ender may de~ignate b~• n~tire to Bormwer as provided herein. Any notice pmvided for in this
Mortgage shal! be deemed to have been Fi~•en to Bc~rrower or I.cnder when given in the manntr designated herein.
15. Uniform 1NortRs~e; Coverni~R Iaw; Se~•erability. This form of mortgage combines tmiform covenants for national
use and non-uniform rn~~enantc with limiteJ variations M• jurisdiction to constitute a uniform security instrument covering
real property_ "R~is Mortgage shall be gaverned hv the law of tfie jurisdiction in which the Property is located. In the
event that any provision or clause of thic Mortgage c•r the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nntc which can be g+ven effect wilhoe~t the conflicting provisian, and to this
end ihe provesions of the Mortgage and the Niue arc dcclared to be severable.
16. Eorrower's Copy. Bormwer shall be furni~hed a conformed copy of the Note and of this Mort~tage at the time
of execution or after recordateon hereof.
17. Traasfer of f6e Propeirfy: Atsumption. If ~It or an~• pari of !he Pmperty or an intercst therein is sold or transferred
by Borrower without Lender's prior writ?rn cuntent_ e~cluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creaUon of a purchace m~~ne~• ~ecurit~• interest for household appliances, (c) a transfer h~ devise,
descent or by operation of law upon the dcath of a j.,int tenant or (dM the grant of any leasehold interrst of threc rcan or Iets
not containing an oplion to purchase. 1_ender may. at Lender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable. [_ender shall ha~•c Na~~~ed such option to accelerate if, prior to the cale or transfer, l_ender
and the person to whom the Properry ic tu be co1J o~ transferrcd reach agreement in writing that the credit of ~uch pcrcon
is satisfactory to Lender and that the inter«t pa~•abte an the sums secured by this Mortgage shal! be at such ra~e a~ l.ender
shall rcquest. if L.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in
interut has executed a wri~ten assumption agreement accepted in w•riting by I.ender. Lender shall release Borrower from all
obligations under this Mortgage and the Note_
lf Lender exercises such option to acceterate. i_ender shall mail $orrower notice of acceleration in accordanc~ ~+i~h
paragraph i4 hcreof. Such ootice sha11 provide a period of not less than 30 days from the date the notice is mailed vvithin
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the exPiration of ~uch pericxf.
ixnder may: without further notice or drmand on Borrower. invoke any remedies permitted by paragraph 18 hercof.
Norv-UrnFOxM CovEN~xrs. Borrower and I_ender further covenant and agne as follows:
l8. Accekratioa; Remedies. Except as provided ia pa~raph 17 hereof. npoa dorrower's brcach of aay co~ensnt or
agreemeet of Eorrower ia this Mort~age, including t6e corenants to pay when dns aoy soms secnnd by thls Mort~sge. i,ender
prior to accekrstbo sbali mail uotice to 6omower zs pruvided in para~rapb 14 bereot specffyia`: (1) tbe brrsch: (tl the action
r~equUed to cnr~e snc6 brsx~; (3) s date. not less t6an 30 days from the dNe tbt notke is s~sikd to Eorrower. by which wch
M+each must 6e cored; and (4) that failure to core svch breata o0 or betore tbe d~e speci6ed in fhe nofice msy r~cWt in
accekratioo of t6e sao~s secared by t6is Mort~s~e. fo?eciosure by judkial proccedin~ ~d sak of tbe Property. 7be notke
shall futtber infona Eorrower of the ri~bt to reeastate after sccekrsKon and tl~e right to ~ert ia t~e toreclosure proceedin~
t6e ran-e:istence of s defs~rk ot aay other defense of Borrower to accekration and foteclosnre. If t6e bre~ca is nM cnred oa ~
or before the date cpeciSed in tbe notke. Lender ~I [.ender's nptioe may de~lare aU of the ma~s secored ~ tbis Mort~aRt M be
imaiediately dYe and payabk wittant (urther demand and may foreclose t6b Mo~aie by jodicbl proceedieR. Lender chail
be eatiNed to coUect Is wcM proceedia~ s!1 t:penses ~~f foreclosurc, iacludiu`, but sot lia~ited to, t'ta3o11ab1! att~~rntY'S ftlS.
sed costs of docomentary erideoce, abstrncts and litk reporls.
19. Sormaer's Ri`6t to Reinstate. Nc~tv?•ithsianding t_enders acceleration of the sums secut~ed by th+s Morigage.
$orrower shall have the right to have any proceedings he~un hy l.ender to enfotce this Mortgage discontinued at an}• time
S~R~ 292 ~ 7'01
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