HomeMy WebLinkAbout0028 Lendcr's written agre~ment o~ applicabk law, Borrower shall pay the amount of all mortg~ge uuurance pr~tmiums in the
manntr provided undcr paragraph 2 heroof.
Any amounis disbuned by Lcnde~ pursuant to this paragraph 7, with interest thoreon, shall become additional
indebtedncss of Borrowcr secured by ~his Mortgage. Unlecc Borrawer and I.eoJer agrec ta othtr terms af payment. such
amounts shal) be payable upon notKe frc~m Lender Ia Borrowc~ rcqucsling payment Ihereaf, and shait bear intercst frortt the
date of disbursemcnt at the ratc payahle from time to t~me. on ~ oe~tatanding principal und~r the Note unle~s payment of ~
interest at such rate would be cantrarv t~ applicabk law, in which event ~uch amounts shall bear interest at the highest rate
permissibk under applicable Iaw. Nothing containal in this paragraph 7 shall require I.ender to incur any expense or take
any action hercundcr.
8. latpectloa. I.ender may make ~~r rause io be made reasanabk en~riec u~n and inspcctions of the Property, provided
that l.ender shall give Borrawer notice p~ior to any such inspectiah specifying rcasonabk cause therefo~ related to I_ender's
interest in the Property. .
9. Coademaation. The procced~ of any award ar claim for damages, direct or conuqueatial, in co~nection with any
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and shall be paid to i_ender. .
ln Ihe eveot of a total taking of thc Pmpenyr: the prcxceds ~hall he applied to the sums secured by this Mortgage,
with the eticess, if any, paid ta Bo~rower. in thc event ~f a partiai taking of the Property, unlest Borrower and I.ender
atherwice agrce in writinR, there shall be applied to Ihe sums secured by thic Mortgage such proportioa of the proceeds
as is equal to that proportion w~hich thc amount of Ihc sum~ u~ured by this Mortgage immediately prior to the date of
taking bears to the fai~ market value of the Pmpcrty immediately prior to the date of taking, witb ihe batance of the proceeds
paid to Borrower,
Tf tht Property is abandoned by Borrower. or if. after notice hy l_ender ta Bormwer that the condemnor otfers to make
an award or cettle a claim far damagc~. B~~rmwcr fail. to r~~~xmd to I.ender within_ 30 days after the date such notice is
mailed. Lendcr i~ authorized to collect and applv the procecds. at l.ender's option, either to ratoration or repair of the
Praperty ar to thc sum. sc~urcd by thic Mortgage. ~
flnlesc 1_ender and Borrower otherwis~: agree in wriUne. any such application of prc~ceeds to principal shall not extend
o~ pr'.tpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 he.eaf or change the amaunt of
such ~nstallments.
10. Borro~?er Not Rdcased. Extensio~ of tt~c time for payment or modification of amortization of thc sums secured
by this yortgage granted by I.ender ~o any auceeccor in inter~~t of Borrow~er shall not operate to release, in any ma~ner,
the liability of the original Borrower and B~•rmwer i succrssors in inrerest. i_ender ~hall not be required to commence
proceedings against such sucressor or refuce to ertend time for payment ar otherwice modify amortization of thr wms
se~ured by thic Mortgage by rea.son of an~• demsnd made b~• thc oricinal Rorrower and Borrowers succesaors in intere~t.
11. Forbearance by I.ender riot a Wai.•er. An~~ fanc~aranre by i.ende~ in erercising any right or rcmedy hereunder. or
otherwise afTorded by applicable law, shall not he a waiver ot or preclude the exercise of any sucfi right or remedy. ,
The procurement of insuranee or the paymcnt of tarcc or other tiens ar rharges by i.ender shall noi be a waiver af I.ender s
right to accelerate the maturity of !he indehtedness ~ecured h}• thic Mortgage.
12. Remedies Cumulati~e, All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedp under this Mortg~ge or afforded by law ~r eyuity. .~nd ma~• be exercised concurrently, independentiy or succecsively.
~ 13: Successors and Assy;as Boond: .Joint and Sereral .(.iab~7ity; Captions. The covenants and agreemcntt herein
conlained shall bind, and the riRhts hen under ~hall inure to. the respective successors and assigns of I_ender aod Borrower_ .
subject to thc provisions of paragraph 17 hcreoL All rnvcnants and agreements of Borrower shall be joiry and severaL
The captions and headings of the paraeraph~ ~f thi~ Mortgage are for convenience onty and are n~t ta he used to
interpret or define the provisiont hereof. .
14. Notict. Except for any noiicc rcyuircd undcr applicable law to be given in another manner. (a) any noticc to
Borrower provided for in this Mortgage sh~ll he given hy mailing such notice by certified mail addressed to Bormw~er at
the Property AJdress or at such o~her addres. as Borrc?w•er mav designate by notice ta t.ender as pmvided hereen. and
(h) any notice to Lender sha11 he given h~• certifnd mail. return receipt requested_ ro l,enders address stated herein or to
such other address as I_ender ma}• deeienate by n~t~re ti? Bormwer as prnvided herein, Any notice provided for in this
Mortgage shall be deemed to ha~c t+ccn civcn to R~rmKCr or 1_ender when given in thc manner designated herein.
15. Uniform 1liortRa~e; Go~•ernin~ I,aw; Se.erabilit~•. This form of mortgage combines erniform covenants for national
use and non-uniform co~~enam~ weth lemited variations h}• jurisdiction to constitute a uniform security instrument covering
real property. Thit Mortgage shall be governed h~• the law• of the jurisdiction in which the Property is located. In the
event that any provision ar clau~c of thic Mortsage ~.r the Note conflicts v?~ith applicable (aw, such conflict shali not affeM
other provisions of this Mortgage or Ihe N~.tc which can be given efl`ect without the conflicling pmvision. and to this
end the provisions of thc Mortgage and thr ~1utc are Jeclarcd to he severable.
16. Borrower's Copy. Borrower shall hc furni,hed a conformed capy of thc Note and of this Mortgage at the time
of execirtion or after recordation hereof.
17. Tt~nsfer of ihe Properh•; Assumption. If all i~r an}~ part of the Property or an interest therein is sold or tran~ferred
by Borrow•er without I_ender's pri~r w~rinrn concem. e~cluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (bl the creation of a ~unhak m~~nec ~ecurit~~ mterest for household appliances, (cl a tran~fer M~ ~ievise.
descent or by operation of_law• upon the dcath ~•f a j~~int tenant or (d? the Rrant of any leasthold interest of thrce ycars or le~s
not containing an option to puRhase. l.ender may. ar I.ender'~ option. declare all the sums secured by this ~lortgage to t?e
immediately due and payable. Lender ~hall h;?ve w;u.•ed such option to accelerate if. prior to the ~ale or transfer. I.ender
and the persc~n ro whom the Property i. tc. t+e :NJ c.r transferred reach agreement in writing that the credit af wch person
is satisfacton' to I_enJer and that the intere.t payable on the sums secured by this Mortgage shall be at such rate ae l.ender
shall request. If 1_ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's suceessor in
interest has executed a written assumption agreement accepted in writing by I_ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such optian to accelerate. I.ender shall mail 8orrou~er notice of acceleration in acrnrdancc i~h
paragraph 14 t~ereof_ Such notice shall provide a perind of not lest than i0 days fmm the date the notice is mailed v~•ithin
which Borrower may pay the sums declared due. Ii Borrower fails to pay such sums prior to the expiration of ~urh peri~xi.
I_ender may, without further notice or demand on Horrower, invoke any remedies permitted by paragraph IR hercof.
Notv-Ux~FOatN Cov~~~HTS. Borrower and 1_ender further covenant and agree as follows: ~
18. Accek~tion; Remedies. Except a6 pmvided in para~nph 17 bereof. npon Borrower's breach of any covenant or
agreemedt of Borrower in this MortgaRe. includin~ the covenants to psy rrhen due any sums secured by thEs Mort~age, I.ender
prior to accekratioa sbalt mail notice to Borrower ts provlded in.para~nph 14 hereof specNyios: (1) the breach; (2) the adion
rrquhed to cars sach bnarb; (3) s date, not less than 30 days from the date the notke is mailed to Borrower. by vrhich sucl~
breach mmR be enred; and (4) that failurc to cure wch bresch oa or before the d~e specified in the notice msy resutt in
accderatan of t6e sums aecnred by this Mort~age. toreclosurc by judicial proceedins and sale oE the Property~ 'i?~e notice
siwll further inform Bormwer of tde right to reinstate after accekration and the right to assevt in the foreclosure pmceeding
tbe aontsistenct of a default or any other defense of Borrower to acceleration and forccbsure. If tbe bresch is nof cnred on
or before tAe date specifi~d in the notice. Lender at I.ender's option may declare all of the snms securcd by th~s Mort~a~e to be
immediatrly dut ar~d psysbk without turther demand and m~y forcciose this Mo~a~e by judicW proceedin~. I.rn~er chall
be entitled to coqeet in such procetdir~ all e=penses ~,f foseclosun,. includin~, but not limited to, reasonable ata,rney's fees.
aad costs of documentary evideace, ~bstracls and titk npoNs.
19. Eornawer's Ri~ht to Reiostate. Notw•ith~tand~ng l.ender's acceleration of the sums secured by th~s M.~rtgage.
Borrower shall have the right to have any procecdinc• txx~un ~r• I.ender to enforce ihis Mortgage discontinued at an}• time
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