HomeMy WebLinkAbout0755 t.ender's written agroecnent or applicabb kw. Bo~row~r shall pay the amount of all morigage insurance premiums in the
msnner provided under parag~aph 2 hereof.
Any amounts disburstd~ b~? ~der pursu~wt, to thit paragraph 7, wilh terest thereo~, shall become additional
indebtodness of Borrowcr secu~ed b~r`this Mor~~~, Unless BoROwer and l.en~~~ ag~ to 6the~ temns ot payment. such
amounts shail be payabk upoo rx~ticc from l.cnder t~ Bornciwer rcquesting payment lhereof, and shal! bear interest trom the
date of d'ubursement at the nte payaAk from time to time an outatanding principal uoder the Nolc unkss payment of
interest at such rate would be contrary to ~pplicable law, in which event sucfi amounts shall bear inten~t at the hiahest rate
permissibk under applicabk law. Nolhing co~tained in ~his paragnph 7 shall require I.ender to incur any exp~nse or hlce
any action hereu~der. ~
8, Iaspeetiow, t_enckr may make or causc to be made reasonabk c:ntries upon and inspdetino5 of the PropeRy. pmvid~d
that l.ender shall give Bc?rrower notice prior ta aoy such inspectian specifyiog reasonabk cause thercfor related to I.ender's
interest in Ihe Property.
9. CoademaaNon. The proceedc of any award or claim for damages, direcl or consequential. in conntctan with any
condemnation or other Iaking of the Property, or pan therrnt, or for ccmveyanoa in lieu ot condemnatioo, are hereby assigned
and shall be paid to i.ender. -
ln thc cvent of a total taking of Ihc Pmpehy. ~lie prcxeeds chall be appiied to ~he ~ams securcd by this Mcutgage,
with the excess, if any, paid to Borrower. In thc event of a pariial Iaking of the Property, unless Borrower and L.e~dcr
o~herwise agroe in writing. thete shall be applied to the sum~ secured by this Mortgage such proportion of the procoeds
as is equal to that propottion w~hich thc amaunt of thc sumc tecu~cd by this Mortgage immediately prior to the datt of
taking bears to the fair market value af the Propcrty immediatefy prior ta the date of taki~g, with the balance of the proceeds
paid to Borrower.
if the Property is ahandoned by Borrower, or if. after notice by l.ender to Bormwer that the condemnor offen to make
an award or setNe a claim for dam~gcx, Bormwer fail. to res~,nd to [.ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the prc~ceeds. at l.ender's optian, either to ratoration or repair of the
Property or to the sums secured b}• this Mortgage.
Unlesc Lender and Borrower otherwicc agrce irt W rit~ng, any such application of prc~ceeds to prinGipat shall not extend
or postpone the due date of the momhly inslallmcros reterred to i~ paragraphs 1 and 2 hereof or change the amount af
such installments.
10. Borrower Not Rekased. Extension of the time fo~ pa}~ment ar modification of amortization of the sums secured
`~y this Martgage granted by i.ender t~ any tuccecsar in intereat of Borrower ~hall not operate to release, in aay manner.
tJ~e liability of the origina) Borrower and Bormwc~ s successors in interest. I.ender shall not be required to rnmmtnce
piocetdings against such succescor or rcfuce to ertenJ time for payment or otherwise madify amortizat~o~ of thr ~ums
seoured by this Mortgage by reau~n of an~• dcmand made by the original Borrower and Borrower s successon in imerett.
11. Forbearnnce by l.ender Not A Waiver. Am• forhearancc by I_ender in erercising any right or remedy hereunder, or
otherwise afforded by applicable taw. shall not be a waiver of or prectude the exercix of any such right or rtmedy. ~
The procurement of insuranoe or the pa~mcni of taacs or oiher liens or charges by 1_ender shall not he a waiver of I_ender's
right to accelerate the maturity of the indehtednecs cccured hy thi~ Mortgage.
12. Remedks ComuWhre. All ~emedies pravided in this Mortgage are distinct and cumulative to any other right ar
remedy under this Mortgage or afforded by taw or equity. and may be exercised ccuuurrerttly, indepeodenily or siiccessitiely.
~ 13. Saccessors and Asai~us Bound: Joint and Several I.iab'lify; Captbns. 'il~e covenants and agreements herein
contained shall bind, and the riRhts hercunder shall inure tci_ the respective successors and assigns of Lender ~d Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Barrower shall be joi~ and ceveral.
The captions and headingt of the paragraphc of thic Mortgage are for eonvenience only and are not to be used to
interpret or define the provicionx hereof.
14. Notice, Except for any noticc rcyuired under applicable law to be given in anothet manner. (a) any notice to
Borrower provided far in this Mortgaec shall be given hy mailing such notice by certitied mail addressed to Borrower at
the Property Address or af such othcr addre« as 8ora~u•er may designate by notice to I_ender as provided herein. and
(b) any notice to Lender shall he gi~•cn hy certificd mail. return receipt requested. to l.ender s address stated herein or to
such other address as Lender ma>~ deeienate b~• ne?tice to Borrrnver as provided herein. Any notice pmvided for in this
Mortgage shall be deemed ta ha~~c heen gi~•cn ta B~rrowcr or (.ender when given in the manaer designated herein.
I5. Uniform Morf~a~e; Governi~ Iaw•; Serer~bilil~•. Thes form of mortgage combines uniform covenants for national
use and non-oniform covenants with limite~i variations b}• juriuiiction to constitute a uniform security instrument covering
real property_ This Mortgage shall be governed hv the law of the jurisdiction io which the Property is located. In ihe
eveot that any provision .~r clauce af thi. Mortgaec or the Note conflicts with appticable law, such conflict shall not affect
other provisions of this Mortgage or the Ni~t~ uhech can be given effect without the conflicling provi~ion, and to this
end thc provisions of thc MortRagc and the '~otc are .icclared to tx severable.
16. Borrowe~s Copy. Borrower shall t?c furni~heJ a conformed copy of the Note and of this Mortgage at the time
of execution or after recardation hereof.
17. Trantfer of the Propertv; Ascump~ion. If a!! ~r any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior vvrin~ n~uncent. e~cluding (al the creation of a lien or encumbrance sut~ordinate to
this Mortgage. (b) the creahon of a pur~hace mnne~• ~curitr interest for household appliances, (c) a transfer h~~ devise.
descent or by operation of law• upon the dcath of a j~ant tenant or (J1 the grant of any leasehold int~rcst of threc }•cars or le~s
not containing an option to purchase, I.ender may. at l.ender't option. declare all the sums secured by this Mongage to be
immediately due and payable. [_ender shall ha~e w:uved tiuch option ta acceterate if, prior to the cale or transfer. I.enJer
and the person to whom the Property i: t~~ bc .ol.l or t~ansfernd reach agreement in writing that the credit of wch person
is satisfactory to Len~3er and that the interr~t payahle on the sums secured by this Mortgage shall be at such rate ae I_ender
shal! rcquest. lf I_ender has waived the op~ion 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.ender, t_ender shall release Borrower from alt
obligations under this Mortgage and the Note.
If I_ender exereises such option to acrelerate. 1_eniler cha!! mail Borrower notiee of acceleration in accordanc~ ~~h
paragraph 14 hereof. Such ootice xhall provide a period of not less tha~ 30 days from the date the notice is mailed vvithin
which Borrower may pay the sums declared due. If Borrower fails to pay such siims prior to the expiration of cuch ~+eriud.
L.ender may, without further notice or dema~d on l3orrower, invoke any remedies permitted by paragraph IR herc~f.
Norr-UHiFORM Covetv~NTS. Borrower and 1_ender further cov~nant and agree as follows:
18. Acctleratioo; Remedies. Escept as pmvided ia para~rap6 1~ bereof, upon ~ormwets breac6 of aey co~enant or
aereemeat of aorrower la t6is Mortgs~c. inctudi~ tbe corenan/s to psy whe~ due any soms qecurcd by thk Mort~age. I.ender
prior to accekratbo s6aU mail ootice to DoROwer as provldcd in paraZraph 14 hereof sptcH~: (1) t6e bresch:l2) the action
required to core socb b~each; (3) s dde. not le~ than 30 daYs tmm the date tbe notice ts a~aHed to Eorrower. by whkh sncb
bnac6 mnst be cnred; and (4) that faflurc to care sncb bresch o0 or before the dste speciBed is the aotice may resnlt in
accderalioa ot tbe snmt xcnnd by tbis Mort~aKe. torecbsurc by jndkial proceedlua and sale of tbe Pmperty. 'IUe notice
shaN furi6er lnforrn Eomower of the ri~bt to rcinstste after accckratba snd tbe ri`ht to as~ert io tbe foreclosure proceedi~
t6e non-e:isteace d a detauk or any ulher defe~e of Eorro.+er to sccekntion and foreclasnre. lf the brescb is not cored oa •
or before the date speci6ed ie the notice. Lender ~t I.ender's option may declare.sN ot the snms secnred by t6ts Mort~a~e to be
immcdiatdy due and paYabk wiHwnt furihtr dcmand and m~y toreclose this Mortaa~e Dy jndkial procetdiu~. I.ender chall
be eatitled to collecf is suc6 practediua all expenses ot foreclosure. intlodie~. bnt sot Waited to, rssonsbk smvrney's ftes,
aed costs of documeatary eridence. abstracts and titk rcports.
19. dorror?e~s Ri66t to Reiostate. Notwiths~anding [.enders acceleration of the sums secured by th~s M~rtgage,
Borrower shall have the ~ight to have any proceedings hc~un hy I.ender to enforce this Mortgagc discontinued at any time
~~~r
~ 292 p,,~E 755
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