HomeMy WebLinkAbout0860 l_ender's written agrzement or applicabk 14w. Bo~rower shall psY iht amount of aU mortguge insurarxx prtmiums in the
manner pravided unde~ parag~aph 2 heroof, .
Any amounts disbursed by I.ende~ puru~ant~. to thia p~r~~aph 7, with in~erest thereon, shall become additional
indebtedness of Borrowcr secured by this Mortgage. Unlecs $orrbwer and [.epJer a~roc to othe~ tertns of payment, such
amounts shall be payabk upcx~ ~tice f~c~m t.ender ta &~rrvw~r requesting paymen! theroof, and shal) bear inten~t from the
datc of disbursement at the rdtc payahk trom time to time on oulstanding principal uode~ tha Note unless payment of
interest at such rate wauld be contrary to applicable law, in which event such amcwnts shall bear interest at the highest nte
permissibk undcr applicable law. Nathing contained i~ this paragraph 7 shatt require i.endc~ to incur any eapense or tate
any action hereur~der. ~
8. I~spectioe. i.cndcr may make o~ cause to be madc reasonabk entriec upon andit~spections of thc Property. provided
that l.ender shall give Barrower ncuice prior ta any such inspection specifying reasonabk cause thercfor relatod to I.rnder's
interest io the Prc~eny.
9. Cosde~anat~on, 'The proceedc af any award or claim for_~amages. di~ect or ransequential, in conr~ection with any
condemnation or other taking of Ihe Propeny, or paA therrnf, or fo~ conveyance in lieu of candemoation, are hercby assigned
and shall bc paid ta Lende~.
Tn the event of a Iatal taking of thc Pmpeny. ~he proccecfs ~hatl be applied to the s~~ms seri~rcd by thic Martgage,
with the excess, if any, paid to Borrov?•er. In Ihc cven~ of a partial taking of the Properry, unle~s Borrower and i.ender
a~hcrwisc agree io writin~e, therc shall be applied to the cums secureci by this Mortgage such proportion of the procoeds
as is equal to that p~oportion w~hich ~he amoun~ of the sumc ,ecured by this MortgaAe immediatety prior to the date of
taking bears to the fair market vafue of the Prapcrty immediately priar to the date of taking, with the balance of the prviceeds
paid to Borrower.
if the Property is ahandoneJ by Borrower, or if. after notice by i.ender to Barrower that the condemnor otfen to malce
an award or settle a claim for damages. Bormwer faib lo r~y~nd to I.ender within 30 days after the datt such notice is
mailed. Lendtr ic authorized to coftect ancl ~pply the procceds, at l.ender's option, either to rtstontion ar tepair of the
Property or to the sums sccured by this Mortgage.
Unless Lende~ and Borrower othervvicr agree in w•ritine_ aoy such application of prc~ceeds to principal shall not extend
or postpone the due date of the monthly installmcnts rcferred to in paragraphs t and 2 hereof or change the amount of
such installments.
10. $orrower Not Released. Exte~sion of the time for payment or modification of amortizalion of the sums secured
by this Mortgage granted by l.ender to am~ cuccecsor in interett of Borrower shall not operate to release, in any manner.
thc liability of the original Borrower and [~c•rrower e successors in interest. i_eoder thall not be required to commence
proceedings against such sucressor or refuce to ettend time far paymenf or otherwise modify amortizat~an of the .ums
secured by this Mortgage hy reason o( an}• demand made by the oriQinal Bormw~er and Bormwer s succesu~rs in in~erect.
l l. Forbearance by I.ender Nof a Wai~•er. A~}• f~nc~arancc by l.ender in erercising any right or remedy hereunckr. or
dtherwise afforded by applicabte law, shall n~t he a waiver af or preclude the exercise of any such right or remedy. '
TFt~,proc~iremeot of insurance or the paymcnt nf tarec or other liens ~r charges by 1_ender chall not be a waiver of Lender s
rigfi~ t~ accelerate the mawriry of the indehtednecs cerured h~~ this Mortgage.
12. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJy onder this Mortgage or a(fordcd hy law or equity. :~nd may be exerc+sed concurrently, independently or succetsively.
~ l3. Snccessors and p~~ gound: ,]oint a~d Several i.iaM'llty; Captions. The covenants and agreements herein
contained shall bind, and the rigfits hercunder shall inure to, the respective successors and ascigns of I.ender a[~d Borrower.
subject to the provision~ of paragraph 17 hereof. All covenants and agreements af Borrower shall be joirt~ and several.
The captions and headings of the paragraphc of this Mortgage are for convenience only and ar+e not to he used to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice ta
Borrower provided for in ihis Mortgaee shall he given hy mailing such notice by certified mail addressed to Borrower at
the Property Addres~s nr at such uther address as Bormwer mav designate by notice to f.ender as provided herein, and
(b) any notice tu Lender shall he givrn by certificd mail. retum receipt requested. to I.ender s address stated herein or !o
such other address as Lender may decign~te by n~tice t~ Borrow~er as provided herein. Any notice pmvided for in this
Mortgage sha(I he deemed to havc bccn ~ei~~cn to Borrov?~cr ar l.ender when given in the manner designatecl hereia.
15. Uniform MortRaRe; Covernin~ Ia»•; Se.~erability. This form of mortgage combines uniform covenants for national
use and non-uniform co.~enant~ with limited variations M jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hv the law• of the jurisdiction in whech the Property is located. In the
event that any provision or ctau~e of thie Mortgage ~~r the Note conflicts with applicable law, sueh conflict shall not afiect
other prrnisions of this Mortgage or the N~~te which can be given efTect without the coaflicting provision, and to this
end the provisions of thc Mortga~c and the NMe arc Jerlared to he severable.
l6. Borrower's Copy. BorraH~er shall t+c furniched a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
l7. Traasfer of fhe Propert~; Acsumption. if all or an}• part of the Property or an interest therein ic sold or transferred
by Borrower without Lender's prior wri~trn conticnt. e~cluding lal the creation af a lien or encumbrance subordinate to
this Mortgage. (b) the creaUon of a purchaa; mi~ne~• cecuritp interest for household appliances. (c) a transfer h}• devise.
descent or by operation of law• upon the ~eath of a j~•rnt tenant or (d1 the grant of any leasehold interest of thrcc ~•cars or less
not containing an option to purchase. I_ender may. at I_ender't option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have N;,;ved such option to accelerate if, prior to the cale or transfe~. [_ender
and the person to whom the Property ic ta be ;oIJ or transferrcd reach agrcement in writing that the credi~ of soch person
is satisfactory to Lender and that the interr.t payable on the sums secured by this Mortgage shall be at soch rate ac l.ender
shall request. if l_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower'S successo~ in
interest has executed a written assump[ion agreement accepted in w~riting by I_ender. I_ender shalt reteace Borrower from all
obligations under t6is Mortgage and the Note.
If Lender exercises such option to accelerale. 1_ender shall mail Borrower notice of acceleration in accordancc ~+~~h
paragraph 14 hereof. Such notice shall provide a pereod of not less than 30 days from the date the notice is mailed w•itRin
which Borrower may pay the sums declared due. If Borrower fails to pay such s?ims prior to the expiration of cuch pcri~~d.
Lender may, without further notice or demand an lic~rrow•er. invoke any remedies permitted by paragraph IR hereof.
Notv-UN~FOent Cove~reNrs. Borrower and I.ender further covenant and agree as follows:
18. Acceleration; Remedks. Except sis pmvided in par~rap6 17 6enof. upon eorruwer's brexh of any eo~enant or
a`reement of Eorrower in this Mortga~e. including the cose~ants to pay wbes due anr soms secured by t6is MortRsge, i,ender
prbr to accekrstbn shall mail notice to Borrower is provided in pangrapb 14 hereof specifyia=: (1) tAe bresch; (2) the actan
requircd to core sac6 breach; (3) a date. not kss tban 30 days from H~e d~te the notice b eaikd to Sonower. br which such
breac6 mmt be cored; aod (4) that failure to curc sach breach oa or before t6e dste spec~M in the eotke msy re~suN ia
sccekntioa of t6e sams secnred by Ibis MortRa~e. torecbsun br jndjcfal proceedlo~ sad s~e of tbe Property. 'Il~e aotice
shsll fortber iwform Borrower of the ri~ht to reinstate after accekr~ation and tbe rigkt to ~ssert in tbe fortdosure proctedie~
t6e noa-existence of s default or any other defense of Bonower to accekMion snd foreclosure. If tbe bresch is aot cured os -
or befote the date speci6ed ia t6e ootice, Lender at t.ender's option msy declsre a@ of the snu~s secwred by this Mort~sRt to be
immediately due and psyabk withon! Eerthrr demand and mar fomlose t~~ Mortaa6e by judicW ~roeeedie~. Lender chall
be eotitkd to coqect In snch proceedin~ a8 e:penses of foreclosure, inclndina. bot not ~mite~ to, reasonable att~,rnry's fees.
aad costs of docemeatary evideece, abstracts snd title nports.
19. dorrower's R~bt to Reiast~te. Nc~tw•ithstandin~t 1_ender's acceleration of the sums secund by ~his M~ngage.
Borrower shall have ihe righE to have any procecd~ng. hcgun ~,y I.ender to enforce this Mortgage discontinued at an~• time
a,RK 2~2 ~ncE 858 ~
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