HomeMy WebLinkAbout0884 1_end~r's written agreement or applicabk Iaw. Borrower shali pay the amount ot all mo~tgage insurance prcmiums in titic
man~e~ p~ovided under paragrsph 2 hereof. •
Any amounts disMased by l.ende~ pursua~t tb t}uw~ parag~aph 7, wi~h intercst ihereon, shall become additional
inciebtedr~ess ot Borrower securod by this Mongage. Unlecs Borrower and 1_enJet agroe to othe~ tertns of psyment, such
amounts shall be payabk upan nc?ticc fram I.ende~ ta Borrower rcquesting payment thereof, and shall bear inlerest from the
date of disbursement at the rate payahk irom time to time cu~ autstandtng principal u~der the Note u~less psyn~ent of
interest at such rate wouid be contran+ to applicabk law, in which event such amounts shall l~ear interest at the hishest rate
permissibk under applicable law. 1Vothing corttaincd i~ ~his parag~aph 7 shall require I_ende~ to ineur any expense or take
any action hcreunder. ' '
S. Iasprctio~. I.ender may make or rause ta be made reasonabk e~tries upon and inspectio~s.of the Property. provided
lhat [_ender shatl give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Lender's
inierest i~ the Property. .
9, Condemestioa. The proceeds of any award ar claim for damages, direc! or consequeetial, in connectioa with any
condemnation or other taking ot the Property, or part thercof, ar far conveyance in lieu of condemnation, are hertby assigned
and shall be paid ta Londer.
In Ihe event af a totdl taking of thc Propcrty. the prcxecds chall t~e applied to 1he sums securcd by this Mangage,
with the cxcess, if any, paid to Borrowcr. In ~he cvcnt of a partial taking of the Praperty, unkss Borrower and i.ender
o~herwise agrce in writing, there shall be applied t~ the sums secured by this MortRage such praportion of the proceeds
as is equal to that proportion which the amount of ~he sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Propeny immediately prior ta the date of taking, with the balance of the proceeds ,
paid to Borrower.
If th~ Property is abandoocKt by Borrower, or if. a(ter notice by l.ender to Bormwer that the rnndemnor otfen to make
an sward ar settle a claim for damagcs, B~~rrower faih Io n-s~nd to I_ender within 30 days after the date such notice is
mailtd. L.ender ic authorized ta rnllect and apply the proceeds. at l.ender's option, either to restoration or repair of the
Property ot to ihe sums secured b~ this MortRage.
Unless t.ender and Borrawer otherwice agree in a Uting. any such application of prc~ceeds to principal shall not extend
or pas~pone the due date ot the monthly installmcnts referrcd to in pa~agraphs 1 and 2 hereof or change the amount of
u2ch i~~stallments.
10. ~oROwer Not Rekased. Fxttnsion of the lime for payment or modification of amortizateon of the sums secured
hy IF.is Mortgage granted by i.ender k, any cuccecsor in interect of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and B~•rrower ~ successors in interest. I.ender shall not be required to commence
proceediogs against such successc~r or refuc~ to ertend time for payment or othenvice modify amonizaUOn of thr v~ms
secured by this Mortgage by reacon of :~ny demand made b~• the oriQinal $ormwer and Bormwer s successors in intcrect.
li. Forbeannce by [.ender Not a Waiver. Any fnnc~aranrc hy t.ender in exercising a~y right or remedy hereunder, or
otherwise afiorded by applicable taw, shall not he a waiver of or preclude the exercise of any such right or rcmedy.
The procurement af insurance or the paymcnt of tares or other liens or charges by I_ender shall not he a waiver of i_tnder
s
right to accelerate the maturity af the iodehtcdness ~ecured hy thic Mortgage.
i2. RemMies Cumulati~e. All remeclies provided in this Mortgage are distinct and cumulative to any other right ar
remedy under this Mo~tgage or afiorded hy law or equity, and may be exercised concurrenUy, independendy or successively.
' 13. Soccessors and Assi~ns Bound: .7oin1 and Sereral I.iability; C.aptions. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall imire to. the respective succetsors and assigns of 1_ender and Borrower.
subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be loi~{ and severaL
The captions and headings of the paragraphc of thic Mortgage are for convenience only and are not to be osed to
interpret or define the provisions hereof. ~
14. Notiet. Except for any notice required unekr applicable law• to be given in another manner. (a) any notiee to
Sorrower provided tor ;n ~his Mortgaee shall he given by mailing such notice by certified mail addressed to Bo~rower at
the Property Address or at such olhcr address as Bormwer ma~~ designate by notice to f,ender as provided herein. and
(b) any notice to Lender shall he given bvi certificd mail. return receipt requested_ to l.enders address stated herein or to
such other address as I.ender may deci¢nate M• n~~ire ta Bormwer as provided herein. Any notice provided for in this
Mortgage shal! be deemed to havc t+ecn ei~•cn to Bc?rn~w•cr or l.cnder when given in the manner designated herein.
15. U~iform MortR~e; Covernin~ iaw; Severability. This form of mortgage combines ?mifo~m covenants for nationa!
use and non-uniform covenantc with limited variations h~• joncdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be Roverned hy the law of the jurisdiction in which the Property is Iocated. In the
event ~hat any provision or clause of thic Mortgaee ~.r the N~~te conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Notr w•hich can be given effiect without the conflicting provision, and to this
end the provisions of ~hc Mortgage and the Note arc ~ierlared to t?e severable.
16. Borrowe~s Copr. Borrow•er shall tk furni.hed a conformed copy of the Note and of thic Mortgage at the time
of executiun or after recordation hereof.
19. Transfer of the Proptrtv: Acsumplion. If all or any part of the Pri~perty or an interest therein is sold or transferred
by Borrower without L.ender's prior ~•rir~cn ~un~ent. e~cluding (a! the creation of a lien or encumbrance suhordinate to
this Mortgage. (b) the creaUon of a purchac~: m~~nr~ aecurit~~ interest for household appiiances, (cl a_ trancfer hy devise.
descent or by operation of law upon the death of a j~~int tenant or (d~ the grant of any Ieasehold interest of three years or lecs
not containing an option to purchase. t.ender may. at [_ender's optio~, dectare ali the sums secured by this Mortgage to be
immediately due and payable. [_ender shall ha~•e Naived such option ta aecelerate if, prior to the cale or transfer. 1_eneier
and the person t~ whom the Pmperty i~ t~~ be :oW or transferrcd reach agreement in writing that the credit c~f such percan
is satisfactory to Lender and that the inter~.t pa~•able on the sums secured by this Mortgage shall be at sach rate ac I.ertder
shall request_ if Lender has waived the option to acceler~te provided in this paragraph 17, and if Borrower's successor in
interest has ezecuted a written assumption agreement accepted in writing by I.ender. I.ender shall releace Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to acceterate. Lende~ shall mail Borrower notice of accete~ation in accordancr ~~h
paragraph i4 hereof. Such notice shall provide a pericxi of not less than 30 days from the date the notice is mailed w~ithin
which Borrower may pay thc s~ms declared due. If Barrower taifs ~o pay such sums prior to the ezpiration of a~ch peri~xl.
Lender may, without further notice or dcmand an Borrower, invoke any remedies permitted by pa~agraph 1 R hereof.
NoN-Ux~~oRM CovFtvANrs. Borrower and I_endcr further covenant and agree as follows:
18. Acceieration; Rernedks. E:cept as pmrided in para~;raph 17 henof~ upoa Borrowels bresch of any covenant or
agrcement of Borro~+er in t6is Mortgage, includi~ tl~e corenants to pay when due soy snms secnred by this MorfRagc. i.cadrr
prbr to sccelentioa sball mail aotke to Eorrower as provfded in parsgraph 14 hereot specif}~: t1) tbt br+escb: (2) tbe actan
required to care sncb bnacb; (3) a date, not less ttwo 30 dars from the date tbe notice h ina&d to Eoirt~ower. by which such
br~each nnnnst be cared; aod (4) that hilnre to rure such bresch oa or before the dale specified ia tl~e notke msy re:sdt in
accekration oE the sams secnred by tbis Mortg~e. fo~eclosure by judicial proceedi~ aad sak of tbe Property. '11~e notice
shall furt6er inform Borrower of the rigbt to reiastate afte~ accek~tion nnd tbe rig6t to ~ssert in the foreclosare procet~
t6e ooa-e:istence d a defanlt or'ny other defense of Borrower to sccekration and forccbsure. If tbe brcacb is not cared on
or before the dste speciBed ie tbe notice, Lender ~t I.ender's opt'an may declarc aq of the snws scawrcd by this MortgaRe to be
immediately due w~d pa~abk without further demand and may foreclose t6ts Mort~s~e by judicid proteediu~. i.ender cha!!
be entitled to colleet in sac6 proceedinR afl expeases of foreclosurr. inclndfe~, b~t aot limjted to, reawaabk att.,rnry's fees.
aed costs of documeotary eridenct. ab6trscts snd titk nports.
19. dornower's RlLht to Rtiast~e. Notwith~tanding l.ender's acceleration of the sums securcd by th~s Mortgage.
Borrower shall have the right to have any proce~d~ngs hegun hy 1_ende~ to enforce this Mortgage discontinued at any time
~~Rx 292 P~~ 882
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