HomeMy WebLinkAbout0401 l.ender's writtea ag~eement or ble' law. Aorro~r ~ Pay the amouM ot dl mohgage insuranoe premiumt i~ tbe
manner providod unde~ para~r~l~eof. F; ,
Any amou~ts disburzod by I.e~de~ pu~suant to thi~ paraaraph 7. with intcrat thereon. ahall become additional
indebtednas of Bor~owcr secured by this Mongaae: Unless Borrower and t_enJe~ aarce to other tenra ot payaxnt, such
~ou ~n.n ~ P.y~~ u~ r~m c~„a~~ ~o eo~roWe~ ~~~~~a wr~~~ ~~~r. a~d shall bear iote~est froat the
' date of disbursanent at Ihe rate payabk from time to time an outatandin~ principal u~der ~he Nae unkss paya~ent ot ~
interest at such ate would be contnry to spplicabk law, in which event such amounts shall bear interest at the hiafiest nte
permi~'bk unde~ applicabk law. Ndhing conWinod in this paraaraph 7 shall roquire Leoder to incur any expetae or taka
a~y action hereuader. '
S. t~peetio~. T.ender may make or cause to be made rcasonabk entries upon and inspections of the Property. provided
that 4enck~ shall give Borrower notice priot to any such inspection specifying reaso~abk cause th~refor rclated to I.ender's ~
interest i~ the Property. ~ .
9. C~ The proceeds of any award or claim for damaga, direct or consequential. in connecKon with any
condemoatio~ or other taking of Ihe Property. or part thercot. or for cooveyance in lieu of co~demnation. are he~by assi~ned
a~d shall be'paid to I.et~der.
Tn the eveM of s total taking of th~ Propetly, the pmceeds chall be applicd to the sums s~curod by this Mo~t6age,
with the excess, if any, paid to Bonc~wer. i~ the event of a panial taking af the Property. unless Bomower and Le~der
otherwise agne in writing, there shall b~ applied to the sums secured by thic Mortgage such proportion of the proceeds
as is aqual to that p~oportion vrhich the amount of tfie sums secarcd by this Mongage immediately Qrior to the date of
taking bears to the fair market value of the Propcny immediately prior to the date of taking, with the balanve of the proceeds
paid to Bort~ower. ~ ' ~
if the Property is abandoned by Borcower, or if, af~er nolice by I.ender to Borrower that the condemnor otfen to mate
an award or settle a claim tor damages. Bormwer fails to respond ta l_ender within 30 days after the date such notice is
mailed. Lender is authoriied to collect and apply the proceeds, at i~nder's option, either to restoration or repair of the
Propeny or ta the sums securcd by this Mnr~~tage.
. Unless Lender and Borrower othetwi~c agree in w•riting. any such application of proceeds to principal shal) not extend ,
or pnstpone the due date of the monthly installments referred to i~ pangraphs 1 and 2•hereof o~ change the amouot of
such installme~ts.
10. Dorrower Not Rekzsed. Extension oi the time for paymeni or modification of amortization of the sums socured
by this Mortgage granted by Lender to any arcccssor in in~crest of Borrower shall not opente to rclease, in any manner.
the liability of the original Borrower and Borrower s successors in interest. l.ender shall not• be required to rnmmence
proceedings against such successor or retuse ta extenJ time for payment or othervvix modify amortizat~on of thr ~ums '
securcd by this Mortgage by reason ot any demand made by the original Borrower and Borrower s suceescors in interec~.
11. Forbeuawee by I.ender Not a Waiver. Any forhearance by I_ender in exercising any right or remtdy hereundrr, or
otherwise atforded by. applicable law. shall not be a waive~ of or preclude the exerciu of any such right or remedy.
The procurement of insurarnx or the payment of ta~es or other liens oc charges by Lender shall not be a waiver of Lender s
right to acceleratc the maturity of the indehtedness cecuretl hy this Mortgage. _ '
12. Remedks C~~anlatite. All rtmedies provided in this Mortgage are distinct and cumulative to any other right or
rcmedy under this Mortgage or atiorded hy law ar equity, and may be exercixd concurreotly, independently or successively_
13. Socceasors and Assi~~s doend; Jaef aad Sereral I.isbilily; Captbes. Th~ covenaats and agreements herein
contained shall bind, and the riRhts hereunder shall inure to. the respective successors and assigns of Lender aod Bomower.
subjoct to the provisian oi paragraph 17 hereof. All covenants and agreements of Borrower shall be jairy and several.
The captions and headings of the paraeraphc of this Mortgage are for convenience only and are not to be i~.ud to
interpret Qr define the provisions hereof.
14. Notice. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this 141ortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such dhcr addresc as Bormwer may designate by notice to 1_ender as provided herein, and
(b) any notice to Lender shap be given by cer~ifx:J mail, retum receipt rcquested. to i.ender s address siated herein or to
such other address as Lender may deci¢nate by notice to Bormwer as provided herein. Any notice provided for in this
Mortgage shall be deemed Io havc been givcn to Borrower or Lender when given in the manner designated herein.
15. Uniform Morf~s~e; Governiu~ Law; SeveraWlity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations hy jurisciiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of thia Mortgagc or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the N~~te which can be given eBect without the conflicting provision, and to this
eod the proYisions of she Mortgage and the No~e arc Jeclared to be severable.
l6. Borrower'a Copy. Borrower shall be furniched a conformed copy of the Note and of this MortRage at the time
of execution or after recordation hereof.
17. Traasfer of t6e Propertv; Assumption. If all or any part of the Propeny or an interest thercin is sold or transferred
by Borrower without I.ender
s prior wrinrn ronsem_ excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) ~the creat~on of a purchace money security interest for household appliances. (c) a transfer hy devise,
descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehald interest of threc ycars or leu
j nut containing an option to purchase. Lender may. a~ Lender's option, declare atl the sums securcd by this Mortgage to be
' immediately due and payable_ Lender shall have w•aived such option to accelerate if, prior to the sale or t~ansfer. I_ender
and the person to whom the Property ic to be cc~IJ or transferred reach agreement in writing that the credit of such person !
is satisfactory to Lender and that the inter«t payable on the siims secured by this Mortgage shall be at st~ch rate ac l.ender ~
; shall request. If I_ender hu waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
j ~ interest has executed a written assumption agreement accepted in writing by I~nder, Lender shal) release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordanc~ ~~h
paragraph 14 hercof. Such notice shall provide a pe~iod of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums doclared due. If Borrower fails to pay such uims prior to the expiration of wch peric~d.
[.ender may, without further notice or demand on l3orrower.~invoke any remedies permitted by paragraph IR hereof.
Not~-Utv~FaeM Cov~N~rrts. Borrower and Lender further covenant and agree u folloan:
ts. • Atcderatios; Resedks. E:cepf as providcd ia psn~rap6 17 Mere~~ rpoa Sorrower's breseM of soy coveu~t or
aEreea~ewt of Eorrower h trts Mo~s6e, iscludt+~ tre co~enants to ps~ whew doe aoy sems secarea by tl~k Mw~ry~a~e. I.eader
prior to aeceknUoe shap wil ~otice to Eorrower as pro~ided is pan~rsp6 116ereoE specK~: (1) t4e brescb: (21 tbe setioa
~ rcqpired to csre src~ 6~+esc~:13) a dst~, not less t6an 30 dsys troie N~e date t6e sotke b~ed to Eorrower. bp wAich such -
i brssc6 iawt 6e crad: aod that hilrre to core saca brcacA on or before tbe ds~e ~ea i~ tl~e notice msy resuN ia
aecderaffow ot Ire s~a~s seerred by Wis MortiaRe. /oreclosare 6r jndicW p~+necedie~ a~d sale ot the Property. 71~e notice
s6aB fnrt6er ietoria Qorrower of tAe ri~M to niasWc dter sccekratiow sad tUc ri6bt to asurt i~ N~e foreclosaro ~roceed~
ttie non-esiste~ce of ~~etaWt or sa~ otl~er detense of Eorroaer to sccekrdion and foreclowrs. If tl~e bnscl~ is aM cwred ow ~
or befon tht dah tre wotice. Lender a1 I:rAder's optbw ~asy atch~t aY of t6e so~s sea~red 6ry tAis Mort~a~e to be
ie~sediately doe aaa psysble witbo~ fottber demand and may foreclose t6k Mataa~e ~ jndicial pnoc~. I.ender shall
be e~dtled to co8eet i~ s~t~ prottedf~ s~ e:ptases of foreclosrrc. ischdis~, bM ~ot Wdtea to. reaso~able atiurner's fees.
a~d a~osis of doeoeedar7 evide~ee, s~scts swd litk repo~ts.
19. donower's Ri~t to Rei~tate. Nc+twittntanding t_ender s accekration of the sums securcd by th~s Mortgage.
Borrower shall have the right to have any proccedings t+e~un hy l~nder to enforce this Mongage discontinued at any time .
~ saaK 295 P~~f ' 4a0
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