HomeMy WebLinkAbout0293 Lender's writte~ agreement or applicable law. Borruwer shall pay the amuunt ot all moR~agk ic~3Wanoe premiumsin the
manner provided under paragraph 2 hereof.
Any amaunts disbursed by I.cnder purcuant to this paragraph 7, with intcrest thereon, shall become additional
inckbtedness of BorroK•er ucured by ~his Mortgaga Unless Borrower and l.ender agrce to other terms of payment, such
amoimts shall be payabk upon no~ice from I.ender to Borrowe~ reques~ing payment thereaf, and shall hear interest from the-
date of disbursement at the ratc pay3ble from time to time pn oujst~ndin~ principal under the Note unless payment of
iMercst at such rate would be cont~ary to applicable law, in whic~ evtnt ~uch amounts shall bear i~terest at the highest rate
permissible under applicable law. Nothing containtd in this paragraph 7 shall require I.ender to incur any expense or take
any action hercunder. • ,
8. laspectbn. ~ender may make or cause to be made reasonable entries upon and inspcctions of the Property, providtd
that Lender shall give Barrower notice prior to any such inspection specifying reasonable cattse therefor related to Lender's
interest in the Property. ~
9. Condemnatbn. The prc?ceeds of any aw~~ or claim for damages, direc~ or conuquential. in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender. .
In the event of a total taking of the Pmperty, the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Born~a~er. In the event of a partial taking of the Property, unless Barrow•er and i.ender
otherwix agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums seci~red by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the halance of the proceeds
paid to Borrower.
iE the Ptoperty is abandoned by Borrowcr, or if. after notice by Lender to Bormwer that the condemnor ofiers to make
an award or settle a rlaim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at T_ender s option, either to restoration or repair of the
Property or to the sums secured hy this Mortgage.
U~less Lender and Borrow~er othrrWise agree :n w~riting, any such application of proceeds to principal shal) not extend ~
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Nof Releated. Extension of the time for payment or modification of amortization of the soms secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manntr,
the liability of ihe original Borrower and Borrower's sucressorc in interest. Lender shall not be required to commence _
proceedings against such successor or refuse to extend time for payment or othervvise modify amortization of the sums
secured by this Mortgage by reason of any demand made b~~ the ori4inal Borrower and Borrower s successon in interest.
11. Forbearnace by I.ender Not a Waiver. Any forhearance by Lcnder in exercising any right or remedy hereunder, or
otherwix afforded by applicable law, shall not be a waiver of or preclud~ the exercise of an~~ such right or remedy.
The procurement of insurance or the payment of taYCS or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness ~ecured hy this Mortgage.
l2. Remedies CnmulaHve. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently, independently or successively. '
13. Successors and Assiqes Bound: Joint and Se~•eral i3ability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inu~e to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joint and seve:ai_
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
~ 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mai) addressed to Borrower at
the Property Address or at such other address as Borrov?~er may designate by notice to t.ender as provided herein, and
(b) anp notice ro Lender shall be given by certified mail, return receipt requested. to i.ender s address stated herein or to
such other address as Lender may designate by notice to Borrc?wer as provided herein. Any notice provided for in this
' Mortgage shall be deemed to have been given to Borrow~er or [_ender when given in the manner designated herein.
! IS. Unlform Mortgage; Governin~ Law; Se~•erability. This form of mortgage combines uniform covenants for national
; use and non-uniform covenants with IimiteJ variations hy jurisdiction to constitute a unifortn security instrument covering
real property_ This Mortgage shall be governed b~• the law~ of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts w~i:h applicable law, such conflict shall not affect
! other provisions of this Mortgage or tfie Note w~hich can be given efiect withoi~t the conflicting provision, and to this
~ end the provisions of the Mortgage and the \ote are declared to be severable.
` 16. domuwer's Copy. Boirower shall be furnished a conformed copy of the Note and of this Mortgage at the time
` of execution or after recordation hereof.
~ 17. Tnasfer of t6e Property; Assumption. if alt or an~~ part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
" this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer bp devise.
~ descent or by operation of law upon the death of a jaint tenant or (dl the grant of any leasehold interest of three years or less
~ not containing an option t~ purchase, Lender may, at Lender's option. declare all the sums secured by this Mortgage to be
~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
~ and the person to whom the Properry is to be sold or transferred reach agreement in writing that the credit of such person
i is satisfactory to Leneler and that the interest payable on the sums ser.ured by this Mortgage shall be at such rate as Lender
~ shall request. )f Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
x interest has executed a written assumption agreement accepted in writing by Lender, ~ender shall release Borrower from all
L obligations under this Mortgage and the Note. ~
3 tf Lender exercises such option to accelerate. LenJer shall mail 8arrower notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days fr~m the date the notice is mailed within
= which Borrow•er may pay the sums declared due. If Borrower fails to pay such sums ptior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
~ Nox-UNtFOeM CovErr~NTS. Bonower and Lender further covenant and agree as follows:
_ 18. Acceleratioa; Remedks. E:cept as Qrovided in paragrap6 17 hercof. npoa Borrower's breach of aay coveaant or -
agreement ot Borrower in WLs Mortgage. laclndlag t6e co~•enants to pay when dne any sums secured by tbis Mortsage, Lender
~ prior to accekration sball mail ootke to Borrower a4 provided In para~graph 14 hereof specH~inL; (1) t6e breacb; (2) the action
` rcqutred to enre snch breac6; (3) a date, not less t6an 30 days fmm the date the notice is mailed to Borrower, by w6kh snch
breach mnst 6e cnrcd; aad (4) that failure to care such breach oa or before t6e d~e speci8ed in the ootice may re~dt ia
~ accderatbn ot t6e wms secored by thb Mortgsge. foreclosurc by judicial procecding aad sak of tLe Froperty. 'ILe notlce
shall further inform Eorrower of the right to reinctate after accekratjon snd the ri~ht to assert in t6e foreclowre proc~
~ t6e aoa-e:i~tesce of a defaok or any other deteme ot Borrower to acceleration and forecbsure. if t6e breach is not cured on
3 or before the date specified ia t6e aotice, Lender at Lender's option may declue all of the smns secnred by thb Mortsage b be
f ie~medi~tely dne and payable witLout furtAer dcmand and may foncbse th~ Mortgaae by fodkW proceediug. Leader s6a11
~ be eatided to collect in snch proceeding aq e:peoses of foreclosure, iacluding, but not limited to, reasoaable attoraey's fees,
~ aad cab of_docnmentary evidence, abstracts aad title reporb.
g 19. Borrowtt's Ri`6t to Reiosiate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have'any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
~
~ 8001( PAGE
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