HomeMy WebLinkAbout0389 l.endetY written aartement or spplicabb law. Bormv?r~r ~baU psy the amount of aU martasge insuranoe premiums in tt~
maane~ providod unde~ psragnph 2 hcrepf.
Any amounts disbursed by I.enBeP pursuant to tliu paragraph 7, with interest the~an, shall become additional
indebtedneas of Borrower securod by lhis MoNgage. Unless Borrower and I.e~ckr agroe to ather terna of payaunt, such
amourtts shall be payabk upan nWice from I~nder to Borrowcr rcqucsting psyment thereaf. and shall bea~ interdt fmat tAe
date of disburscmrnt at the ratc ps~yabk frone time to time on aitatanding ptincipal under the Note unkss paynia~t of
interest at auch rate would be contrary to applicabk law, in which event such amounts shall bea~ interest at the hiahest rate t
permi:sibk under appticabk law. Nothing cantained in this paragraph 7 shaTt ~equi~ [.ende~ to incur any expe~ne or talte ~
any action heneuuder.
s. tapectiow. Lender may make or cause to be made ceasonabk entries upon and insp~ctions of the Piroperty. provided =i
that Lande~ shall give Borrower natice prior to any s~~ch inspection spocifyiog reaaonabk cause ~hetefor retated to Lender's f
intercst i~ the Pr~operty.
9 C~ Tht proceedc of any award or claim for damages, dircct or consequential. in rn~nection with any ~
condemnation or dhet taking of the Property, or pan thercaf, or for conveyance i~ lieu of cond~mnation. aro her~by assigned '
and shall be paid to L.ender. ' ;
In the event of a totat taking of the Property. the proceeds chal! be appl+ed to the sums serured by this Mortgage.
with the excest, if any, paid to Borrower. in the event of a partial taking of th~ Property. unkss Borrowe~ and Lender
otherwisc sgroe in writing. there shall be applied to the sums secured by this Mortgage such proponion of t1~e ptocoeds
as is equal to that proportion w~hich ~he amount of thc sums secu~ed by this Mortgage immediately prior to the date of
taking b~ars to the fair market value of the Propcny immediately prior to the dale of taking, with the balance of the pmceeds
paid to Borrower. ~
If the Property is abandoned by Borrower, or if, afte~ noi~ce by i_ender to Borrower thaf the condemnor otfers to maice
an award or settle a claim for d~mages, Bonower fails to respond to [_ender within 30 days after the date such notice is
maited. Lender is authoria;d to collect and apply ~he proceeds. at 1_ender's option, either to ratoration or repair of the
Property ar ta the sums secured by this Mortgatee.
Unless Lender and Borrower othervvise agree in writing, any such application of proceeds to principal shall not extend
or nattpone the due date of the moothly instatlments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. .
10. Bormwe~ Not Rcleased. Extension of the time for payment or modification of amoriization of ihe sums securcd
by this Mortgage granted by Lender to anv cuccessor i~ interest of Borrower shall not operat~ to release. in ar~y manne~.
the liability oi the original Borrower and Bc~rrower e successorc in interest. Lender shall not be rtqi~ircd to commence
proceedings agaiast such successor or rcfuse ro ertenJ time for payment or otherwise modify amortization af thr wms
secured by this Mortgage by reason of a~y demand made b~~ the original Borrower and Borrower's successc~rs in intercst.
l l. Forbearance bp I,ender Not a Waivrr. Any fort,earance by I.ender in e!cercising any right or remedy hercunder, or
otherwise atforded by appiicabie law, shall not be a waiver of ar proclude the exercise of any such right or remedy_
The procurement of insuronce or the payment ~f t~xes or other liens or charges by I.ender shall not be a waiver of l.endei's
right to accelerate the maturity of the indehtedness secured hy this Mortgage.
l2. Remedies C'umulafke, All remedies pmvided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Martgage or afforded by faw or equity, and may be exercised concurreritly, independently or successively.
l3. Sacee~sors and A~ss Bound: Joint aad Sereral i.iabilNy; Captlons. The covenants and agreements herein
contai~d shall bind, and the riRhts hereu~der shall inurc to. the respective successors and assigns of Lender aod $orrower.
subject to the provisions of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraph~ of this Mortgage arc for convenience only and ar+e not to be uud to
interprct or define the provisions hereoF.
14. Notiee. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to
Borrower prnvided for in this Mortga¢e shall.be given by mailing such notice by certiSed mai) addressed to Borrower at
tt~e Property Address or at such other address as B~rm~ver mav designate by ootice to i.ender as providcd herein, and
(b) any notice to Lender shall he givcn by certified mail, return receipt requesttd, to l.endtr s address stated herein or to
such dther address as Lender may deciqnate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shalt be deerned to havc bcen given to Bc~rmwer or Lender when given in the manner designated herein.
l5. UnNorm Mort~aRe; GoverninA I.aw; Severability. This form of mortgage combina uniform covenants for national ~
use and non-uniform covenants with limited variatians by jurisdiction to constiarte a uoiform security instrument covering
nal property. This Mortgage shall be Roverned by the law of tiie jurisdiction in which the Property is located. in the
event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not aifeet
other provisions of this Mortgage or the Note which can be given efTect without the conflicting provicion, and to this
end the provisions of the Mottgage and the Note are Jeclared to tx severable.
16. Borrower's Copy. Borrower shall t?c furni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. T~ansfer of tbe Propeety: Assump~ion. If all or any part of the Propeny or an interest therein is sold or transferred
by Borrowe~ without I.ender's prior writt~n consent. excluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchace mnney aecurity interest for houxhold appliances, (c) a transfer hy devise.
descent or by operation of !aw upon the dcath ot a jn;m tenant or (dl the grant of any leasehold inurcst of threc ycars or le~s
not containing an option to purchase, Cender may, at Lender'~ option, declare all the sums secured b}r this Mortgage to be
immediately due and payable. Cender shall have w•a;ved such option to accelerate if, prior to the sale or transfer. I_ender
and the person to whom the Property ic t~~ be .oIJ or transferred rcach agreement in writing thai the credit of such person
is satisfactory to Lender and tbat the interr~t pa}•able on the sums secured by this Mortgage shall be at such rate ac I.ender
shall rcqutst. lf [.ender has waivod the option to accelerate provided in this paragraph 17, and if Bonower's successor in
intere:st has executtd a written assumption agreement accepted in writing by I.onder. [xnder shall reiease Borrower from al!
obligations under this Mortgage and the Note.
If i.ender exercises such option to aecelerate. Lender chal! mail Borrowor notice of acceleration in accordancr ~~h
paragraph 14 hereof. Such notict shall provide a pericxi of not less than 30 days from the date the notice is mailed within
which Borrower may pay iFx sums declared doe. If Borrower fails to pay such sums prior to the expiration of cuch pericxi,
Lende~ may, without further notice or demand on E3orrower. invoke any remtdia permitt~d by paragraph 18 hereof.
No[v-UH~FOrt~t CovEN~rrrs. Borrower and Lender funher covenant and agree u follows:
18. Accekratioa; Remedka. Bxcep as providcd in para~nph 17 bereof. opow Dorirowet: brracM of s~y co•eAaat or
s~nea~eat of Eorr~nwer i~ Nds Mortga~e, iacludix~ t6e corenawts to pay wbes dne any sums sea~red br t`B Mort~a~e. I.eader
prbr to actekratioo shall mail aolke to dorrowcr as pro~ided in psra6raph 14 6ereot specif~: (1) tre breach: (21 the sctioa
reqoired b c.re socb bnacb; (3) a dve, eot las tban 30 dars from t4e iate tre eotke b iea8cd fo Eorrower. by r?Ak6 saci f
brsack iwet be nred; a~d (4) that faiture to cart snc6 breacb oa or before tbe dale speclfied !s t4e notke may tesnlt ia
accderatio~ ot tie s~ aecand br tbb Mortas`e. loreclosure ~r judkial ~r'ocetdi~B aed s~le ot tbe Properry. 77~e notice
s6aY fYrther iafona Eorroaer of tbe ri~W to reiastate at~er accekration awd tbe ri~ht b asseK h tbe foreclosnre proceedi~
fbe no~-e:Mesce oE a dcfa~lt or say dher dcfease of Borrower to sccelerstioa and fonciosore. N tbe 6rraci b not cor~ed o~ ~
or before the dste speci&d fa t6e aotice. Lendrr at [.ender's optbn msr declare s/ d t~e s~ss secued bp ttiis Mort~a~e to be
im~edLtdy dne aoa parsble witbout furthrr demand ~nd msy fonclo~e t6is Mort~a~t by jrdkW pr~oeetdiaR. Lender cha11
be eatided to colleet i~ sre6 proceedia~ s9 eipenses nf foreclosnre. iaclndia=. bvt ~ot WNtei to. reasonsble atturney's fces.
s4d cos4 af docnse~ar~ erWeace, abstrscls snd titk reporb.
19. fonower's Ri~bt to Reimtate. Notwithstanding I.ender s acceleration of the sums secured by th~s Mortgage, ~
Borrower ahall have the right to have any proccedinp.s bcgun hy l.endet to enforce this Mon~nge discontinued at aoy time
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