HomeMy WebLinkAbout0366 Lcnder's writteri sarament or spplicabk l~w. Borrowe~ ~ha11 pay th~ ~mo~,nt ot atl mongsge insuraace premiums in tbe
maaner provided uoder pa~agtaph 2 het+eof. •
Any amounts disbu~sed by t,ender pursuant _ to thit p~ln~raph 7. with intetest the~. shall become additionai
iodeblednas ot Bonowcr secured by Ihis Mortgaae. Unless Bornawer a~d [.rnder agrcc to other ternu of payment, such
amouots shall be qyabk upon nWice from I.cnder to Bonower roquesting paymcnt thercof, and shall bea~ interest tran the
date of disbur'ement at the atc payabk from time to time on outatanding p~incipal under the Note unless p~yn~eat ot
interest at sueh rate would be contrary to appiicabk law, in which event such amounts shall beir intercst at the hi~ rat~e
permias~~bk under applicabk law. Nothing contai~ed in this para~aph 7 shali roqui~+e I.ender to incur any expen~e or take
any action henuader.
S. I~epectio~. Leoder may make ar cauu to be made reasanabk e~tries upon and inspections of the Piroperty. provided
that Lende~ sha11 aive Borrower notice prior to any such inspection specifying rcasonabk cause therefor rclated to La~der's
interest in the Propeny.
9. Co~dapsst~. The pr~ceeds af any award or claim for damages, direet or conuquential, in connection with any
condemnation o~ other taking of 1he Property, o~ part tAereof, or for conveyance in lieu of condemnation. are hereby assigned
and shall be paid ro Le~der. • ~
in the event of a tot~l taking of the Propeny, the proceeds chall be applied to tht sums iecured by this Mortgage,
with the excess. if any, paid to Borrower. In thc evenf of a pa~tial taking of the Property. unless Bomower and i.e~der
othenvise agree in writinR, there shall be appliod to the sums secured by this Mongage such pmportion of the proceeds
as is equal to that proportian vehich ~hc amount of thc sumc secured by this Mortga~te immediately prior to the date of -
taking bears to the [air markct value of Ihe Propeny immediately prior to the date of taking, with the balance of the procoeds
paid to Borrowcr.
If the Property is abandonecl by Borrower, or if. after ootice by I.ende~ to Bomawer that the condemnor ofFers to mate
an award or xttle a claim for damages, Bc~rmwer faitc Io respond to Lendtc withi~ 30 days after the date such notice is
mailod. Lender ic authorized to collect and apply ~he proceeds. at I_ender's option, eithtr to ratoratio~ or repair of the
Property or to the sums secured by this Mor~ga~re.
Unless Lender and Borrowe~ otherwice agre~ in writing, any such application of prc~ceeds to principal shall not extend
or postpone•ihe due date af the momhty installments referred to in paragraphs t and 2 hereot or change the amount of
surh installrr~nis.
IQ. Eonower Not Rekased. Extension of the time for payment or modification of amortization of th~ sums secured ~
by this Mortgage granted by I.e~der to any cuccessor in interest of Borrower shall not operate to reiease, in any manner,
the liability of lhe original Bortower and Bc~rrower
e successors in intertst. Len~r sha11 not be required to comm~nce
~rocee~iings against such success~r or refuse to ectend time for payment or otherwise modify amonization of the s~~ms
secured by this Mortgage by reason of :,ny demand made b>~ the oriQinal Borrower and Borrawer's successors in interect.
11. Forbearance Iry Leeder Not a Wai~•er. An}• forhearance by Lender in exercising any right or remedy.herez~oder, or
oti~erwis~ atTordod by appiicable law. shall not be a waiver of or preclude the exercise of any such right or remody.
"I'he procurement of insurance or the payment of taxes or othe~ liens or cha~es by Lender shaU noi be a. waiver of I.ender's =
right ta accelerate the maturity of the indebtedness cecured hy this Mortgage. ~
l2. Ree~edies Cumnlaf~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or :
remedy under this Mortgage or afforded by law or equity, and may be exercised co~curre~tly, independently or successively. '
~ l3. Soccessors and As~~s Dound; Joial aad Sereral t.iabiliry; Captjons. The covenants aod agreemtnu herci~ _ =
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender at~d Borrowtr. S
subject to the provisians of paragraph I T he~eof. All covenants and agreements of Borrower shall be jairy and several.
7?~e captions ar~d headings of ~he paragraphc nf this Mortgage are for convenience only and are not to be uced to
interprct or define the provisions hereof. ~
14. NMke. Except for any nc+tice required under applicable law to be given in another manner. (a) any notice to ~
Borrower provided for in this Mo~tgage shall be given hy mailing such notece by certilied mail addressed to Bormwer at
the Property Address or at such other address as Borrower may designate by notice to T.ender as provided herein, and
(b) any notice to Lender shall he given by certificd mail, retuM ~eceipt requested. to I.ender's addrcss stated herein or to
such othe~ address as Leode~ may decignate by nc~tice to Bormwer as provided herein. Any notice provided (or irt this }
Mortgage shali be deemed to havc t+ceo gi~•en to 8ormwer or Lender when given in the manntr desig~ated herein. _
lS. Undors~ MortRa~e; Governin~ Ia~s; Sererrbility. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jorisdiction to constitute a unifotm security instrument covering ~
real property. This Mortgage shap be governed by the law of the jurisdiction in which the Property is located. In the '
event that any provision or daerse of thic Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
16. Eorrowe~s Copy. Borrower shall be furnished a cc+nformecf copy of the Not~ aod of this Mortgage at the time
of eaecution or after recordaiion hereof.
17. Trsasfer of the Property; Assumption. Tf all or any part of the Property or an interest therein is sold or transftrred
by Borrower~ without Lender's priqr writ~cn consent. excluding (al the creation of a lien or encumbrance subordinate to ~
this Mongage. (b) the creahon of a purchace mone~• cecurit~• i~terest for household appliances. (c) a transfer hy devise,
descent or by operation of law upon the death of a jo~nt tenant or (d) the grant of any leasehold intercst of thrce ycars or less
not containing an option to purchase. Lender may, at l.ender's option, declare all the sums xcured by this Mortgage to be
immediately due and payable. I_ender shall have wai~•ed such option to accele~ate if, prior to the sale or iransfer. lender :
and the person to whom the Property ic tc~ be ;ol~! or transferred reach agreement in writing that the credit of such persoo
is satisfactory to Lender and that the interrs~ pa~~able on the sums secured by this Mortgage shall be at sach ~ate ac Lender
shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shal! re~ease Borrower from all
obtigations under tbis Mortgage and tt~e Note.
If Lender ezercixs such option to accelerate, Lender shall mail Borrower notiee of acederation in accordancr H i~h
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such surr~s prior to the expiration of cuch pericxi.
Lendcr may, without forther nolice or demand on i3orrower, invoke any remedies permitted by paragraph 18 hereof.
NoN-Utv~FORUt Cov~rrexTS. Bonower and Lender funher covenant and agrce as follows:
18. Accderatios; Rea~edies. Escep as provided ia paraRrapb l7 bereof. opon Eorrower's bnx~ oi sny co~erwt or
a6reeaeut of Sorro~ret is t6h Mort~sae, lncledln~ tbe rn~enanls to pay wbew dne aoy soms secared bp this Mort~a~e. I.eoder
priot to sceekrstba sl~aq m~ aotke to dorror?er as provided ia ps~tapb 14 bereot specif~: (1) the breacl~; (21 tbe actio~
reqa~+er ~o c.re wc~ bre.cb; (3) a da~s, wa ks ~6sn 30 dsys fwm fie daee d~e aoHce is a~8ed ~o ~orrower. which sacb
6reac6 wmt be caed aed (4) tl~at hilrre to cene such breacl. on or betw~e tbe dste specified iw tbe notice may result is
accekralioe ot tre sea~s marod by tris Mort~e, torecfosurc br jndkW proctedia~ aad sale of tbe Property. The notiee '
;
shsN furt6er isforo~ dormwer ot the ~IN to rciastate dter aecekratbn and tre right fo ~ssert ia tbe foreclosnrs prnceedte6
We ooa-e:ktesce d a defask or anr dher dete~e of Qorrower to accekration sed foreclosdre. N tbe breseb Is oot awrsd ow ~ '
or betore the dah speciRed ~ tbe notice. l.ender ~t [.rnder•s optbn msy dechre aN ot tbe su~aa sccored Ay tbb Mort~aRe to be
immedWely dwe aAd psyable witbort tnrtber dem~nd and may foreclose thk Mortaate bp jodkid pruceedia~. Lender chaN
be eetitled to coYeet ~ s~cb proceedin< sN e:penses of foreclosurr. iaclodia~, but aot Hiaitea to, reasowsbk m.,rney's fea.
and cosfs of docoseNar~ erideate, s6stracB and litk «ports.
19. ~wer's Rt~it to Re6~shtt. Notwi~hstanding l.ender s acceleration of ihe sums secured by th~s Mortgage,
Borrawer shall have the right to have any proctedings hegun hy i_ender to entorct this Mortgage discontinued at any time
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