HomeMy WebLinkAbout0022 [.rnde~'s written agreement ar applicabk law. Borruwer shall pay thc amuunt of ali mortgagr insurancc premiums in the
manner provideJ under pa~agraph 2 hereof.
Any amoimts disbursed by l.ender punuan~ to this pa~agraph 7, w~th interest thereon, thall hecomc additional
indchiedness of Borrower securcd by this Mongage. Unless Borrov?•e~ and I_ender agrce to othc~ terms of payment, such
amou~ts shalt he payable upc~~ noti~e from I.ender to Bor~owr~ reyucsting payment there<?f, and shall hcar interest tram the
date of dixburscmeM at the ratc payablc from time to timc an ou~standing principal under the Note unlcsc payment of
interest at such rate would be contrary to applicable law, in which event u~ch am~unts shall Uear interest at the highest rate
permissible under applicable law. Nothing contained in this pa~agraph 7 shall require I.ender to incur any expense or take
any action hereunder.
8. laspectiou. I.enJcr may makc or rause to bt made rcatonaMc cntricc u~n and inspectiano of Ihe Property, provided
that Lender shall give Borrower notice prior to aoy tuch in~pection specitying reasonable cause therefor rela~~d ta t.ender's
intcrest in the Property.
9. CoademnsiNon. The prcx:eedc of any aw~ard or claim for damages, direcl or rnnuquential, in c~~nnection with any
conJemnatian or other taking of the Praperty, or part thereof, or far conveyance in lieu of condemnation, are hereby ascigned
anJ shall be paid tn I.ender.
In the event of a tatal taking of ~he Proper~y, the prckeedc chall he appliecl to the a~ms seciired by thic Mortgage.
w~ith the erress, if any, paid to 8orrc?wer. in the evcm of a partia! taking of the Property, unlecs Borrawer and I.ender
oiherwise agree in writinR, there shall be applied to the sums securcd by this Mortgage such proportion of the proceeds
as ic equa) to that praportion which the amaunt of the sumc ucured by this Morigage immediately prior to the dale of !
taking bears to the fair market value of the Property immrdiately prior to the date of taking, with ~he balance of the prnceeds
paid ta Borrowcr.
If the Property is abandoned by Borrower, or if, after no~ice by 1_ender to Borrower that the condemnor offers to make
an award or setNe a claim far damage~, Borrower faih to resFxmd to Lender within 30 days after the date such notice is
maited. I.ender is authorized ro rnllect and apply the proceeds, at t.ender c aption, either to restoration or rcpair of the
Propert~• or to the sums securcd by this Mortgage.
Unless I.ender and Borrowcr athetwise agree in writing, any such application of proceedc to principa) shall not extend
or postpone the due date of the monthly~ installmcnts rcferrtd to in paragraphs 1 and 2 hereof or change the amounl of
such installmersts_
10. Borrower Not Released. Fxtension of ~he time !or pay~ment or modification of amorti7ation of the sums secured ~
by Ihis Mortgage gra,~t~d by I.enJer to any cuccesax in i~tere~t of Borrov?•er ~hall not operate to release, in any manner.
the liability ~f the o~iginal B~rrovrer and Borraw•er'~ succes~orc in interest. i.ender shall no1 be -reyuired to commence
proceedings againct such si~ececsor or refuse tn extenJ time fnr paymen~ or othervvise modify amortiza~ion of the sums
ucureJ hy this Mortgage b~~ rcau~n o( :~ny demand made b~• the ~riQinal Borrower and Borrower's succeseors in interect.
l l. Forbe~rance by I.ender Not a Wai.er. An}~ f~rtxarancc by I.cnder in crcrcicing an~~ right or remedy hereimder, or ~
o~herwise afl''orded hy applicaMe law, shalf nc?t he a waiver of or predude the exercise of any such rigM or remedy.
The procurement of insurance or thc paymcnt of taxcc or othcr liens ur chargex by l.ender shall not he a waiver af 1_endcr s
right to accelerate the maturity of the indeb~ednecs ~erured hy thic Morigage. .
12. Remedies CumulaHre. All remedies pr~~~ided in thi~ Morigage arr Jistinct and cumutative to any other right or -
remedy under this Mortg~ge or afforded by law or equit~~, and ma~• Fre exercixd cnncurrenlly. independently or succetsively_
13. Successors AIld ASS~ps Bound; Joint and Se~eral I.iability; Captlons. The covenants and agreements herein
contained shall hind, and the riRhts hercunder shall inure to, the rccpective succeticor~ and as~igns of I.ender and Borrower,
sabject to the provisionc of paragraph 17 hereof. All covenams and agreement~ of Borrower shall be joint a~d several.
T?~e captions and headings ot the parag~aphc of this Mortg:~ge are for canvenience only and are not to be used to
interpret or define thc provisions hereof. -
14. Notice. Except for any notice reyuired under applicabte IaK• to be given in another manner. (a) any notice to
Borrower pmvided for in thic Mortgage shafl he given ht~ mailing such notice b}• cer!iPted mail addressed to Borrowgr at
the Property Address or at such ether addresc as B~rrow•er ma~~ designate by notice to I.ender as provided herein: and
(h) any notice to Lender shall he gi~en by certified m~il, return receipt requested, tu I.ender ~ address stated herein or to
such other address as Le~der may decignate b~• ~otice to Darrowcr as pro~•idcd hercin. AnV notice provided for in-'this
Mortgage shalt bc deemed to have been given to I3orrower <?r Lendcr when given in the manner designated herein.
l5. Uniform MortRage; Governin~ Iaw; Severability. Thit form of mortgage rnmbines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. "T~is Mortgage shall be gover~ed hy the fav?~ of the jurisJiction in which the Property is located. In the
event that ary provision or clause ~f thi~ Mortgage ar the tiute conflirtc uith applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can be gi~~en efTect wiihoirt the conflicting provisien, and to this
end the provisians of the Mortgage and the tiote are drelared to hc severaMe.
i6. Borrowe~'s Copy. BorroN•er chall bc furniched confc.rmed copy of the Note and of this Martgage a! the time
of cxecirtion or after recordation hereof.
17. Transfer of t6e Property; Acsumplion. If all ur an}• part of the Pmperty or an interest therein ic sold o~ trancferred
by Borrower without Lender's prior written concent. excluding (a? Ihe creation of a lien or encumhrance subordinate to
this Mortgage. (b) the creation of a purchast money cecurity interest for househalJ appliances, fc) a transfer bti~ devise.
de.ce~t or by operation of law u~n the dcath of a juint tcnant or (~I~ thc grant of an}~ leasehald interest af thrcc ycars o~ less
not containing an option to purchase. I.ender may, at I.ender's option, declare all the sums secured by this Mortgage to he
immediately due and payable. Lender shall have w~aiced tuch opiion u~ accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is ta be soW or transferred reach agreement in writing that the credit of such person
ic satisfactory t~ I_ender and that the interect payable on Ihe sum~ secured by this Mortgage shall be at such rate as Lender
shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a w~ritten assumption agreement accepted in w•riting b~• Lender. I.ender chatl release Borrower from aN
obiigations under this Mortgage and the Note.
If I.ender ecercises such option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such noUCe shall provide a pericxi of not Iess than 30 dayc from the date the potice is mailed within
which Borrc~wer may pay the sums decf:~red due. If Borruuer faik to p~y such tums prior to the expiration ~f se?ch period.
t_cnder.may, without turther no~ice or demand on Borri?wer, inv~ke an} remedies permitteci b}~ paragraph 18 hereof.
Nox-UN~FORtH CovEy,?HTS. Borrower and I.ender funher covenant and agrce as foltows:
18. Acceleration; Remedies. E:cept as provided in para~raph 17 hereof. upon Borrawer's brcach of any covenaal or
sgreemrot of Borro~rer in this Mortg~;e. inrludin~ t1x covenants to pay when due any sums secured by this Mortqage, I.eader
prior to acceleratioa shaq mail notke to Borrower as prorided in paragraph 14 i~ereof specifying: (1) the breach; (2) t6e action
required to cure such breac6; (3) a date, not lcss tiwn 30 dsys (rom the date tbe aotice is maikd to Bormwer, by r?hkb such
breach mwt be cared; and (4) Ihst (dlun to cure such breach oe or beforc tFee d~e speciSed jn the ootke may resdt ln i
accekration of t6e snais secnred by tbk Mortgsge, forecbsure by judicial proceeding and sale of t6e Property. 11~s notice ~
shall further inform Borrower of the ri~ht to reinstate after accekration and the right to as~ert in the foreclosure proceedio;
the non-e:isteoce of a dttauk or any other defense of Borrower to acceleration and forecbaurc. If tbe breach k aot cut+ed an
or before We dale sperlfied in t6e aotice. I.ender at Lender's option may declare aq af the snms secnred by tbb Mortgsae to be
immedlatdy dne and p~ra6k witbodt fnrt6er demand and may forcclose thk Mortgage by judicfal proceedjng. I.ender shall
be entltkd to co1kM in sucb proceedin~ aq ezpeoses of foieclosure. including. but aot IirNted to, re~onable sttorney's fees.
and costs of documtatary eridence, abstracis aod titk reports.
19. Bormwer's Rlgbt ta Refnstate. Noiwithstanding i_ender's acceleration of thc sums secured by this Mongage.
Borrower shall have the right to have any proceedings hegun by [_ender to enforce this Mortgage discontinued at aay time
. BQOK ~9~ Fl.GE 2~
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