HomeMy WebLinkAbout0307 l_ender's writte~ agroemeot or appiKabk law. Borrowe~ shall pay the amount o[ all mortgage insurance premiwnt in the
manner p~ovidcd unde~ pa~ag~aph 2 heroot.
Any amaiots disMirsed by I.eaekr pursuant to tha para6nph 7, with interest thereoo, shall become sdditions)
inJcbtednus ot Borrowcr sccured by ~his Mongagc. Unless Borrower and Lende~ agree to other temu of paymen~ such
am~wnts shall bo payabk upcu~ nc~tice f~om l.endcr to Aorrower rcquesting paymeot thereot, and shall bea~ ioterpt from tht
date of disburstment at the tYte payabk trom time to time on ait~tandina principal under the Note unless payntpit ot
intercst at such rate would be contnry to applicable law, in which erent st~ amoe~nts shall bear interest at the hiahat rate
permissibk untkr applicabk law. Nothing contaioed in this paragraph 7 shall roquire I.ende~ to incur any expetbe or talta
any action hercunder,
a. Iospectio~. l.ende~ may make or rausc to be made reasonabk entries upon and inspections of ti~e PropeKJ?. pmvidod
that [.ende~ shall give Borrower notice prior ta any such inspection specifying reasonabk cause tMeretor related to Lende~':
iMerest in the Propeny.
9. Condem~atba. The p~oceedc of any award o~ claim fo~ damages, dircet or conseque~tial, in connection with any
condemnation or other taking af the Property, or part therrnf, or for conveyance in lieu of condemnation. arc heneby usigned
and shall be paid to l.ender.
in ~he event of a ta1a1 taking of the PropeNy, the proceeds shall be applicd to the sums secured by this Mortaage,
with the excess, it any, paid to Borrower. In the event of a partia) taking of the Property, unltss Borrower and Lender
otherwise agroe in writing. fherc shail be applied to ~he .sums xcurcd by this Mnngage such pmportion of the procesds
as is tqual to that proporiion w~hich the amnunt of thc sums secured by Ihii Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the Jate of laking, with the bala~ce of the ptuceeds
paid ta Borrower.
If the Property is ahandanecl by Borrower, o~ if. after notice by I.ender to 8ormwer tha! the condemnor ofters to make
an awar~l or seltle a claim for damagt~. Borrower tails lo ~espond to l_ender within ~0 days after the date such notice is
mailed, Lende~ is authorized to collect and apply ~he proceeds, at 1_ende~'s op~ion, either to restoration ar repair of the
Pmperty or to the sum+ secured by this M~rtga~te.
Unlese l.ende~ and 8orrower oiherwix agree in w~ritmg. any such application of proceeds to principal shal) not extehd
or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrowe~ Not Rek~ed, Fxtension c+f ~he time for payment or modiBcation of amortization of the sums secured
by this Mortgage granted by I.ender to any cuccessar in interest of BoROwer shall not operate to rrleau. in any manner.
the liability of the o~igioal Borrower and B~•rrower's successorc- in interest. i_ender shall not be required to commence
proceedings against such successor or rcfuse to ertenJ time for payment or otherwis~ modify amortizabon of thr .ums
serured by fhis Mortgage by rcason of any demand made by the origina! Borrower and Borrower s successors in iMcrett_
l l. Forbearsnee hy Lender Not a Wai~•er. Any f~rt+earance by l.ender in exercising any right or remedy hereunckr, or
othervvise afTorded by applicaAle law. shall not he a waiver oi or preclude the exercise of any such right or nmedy.
The procurement of insurance or the payment of tates or other liens or charges by Lender shall not t~e a waiver of L.ender's
right ta accelerate the maturity of ~he indebtedness sere~red hy this Mongage. -
12. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJy under this Mortgage or afforded by law or equity. and may be eaercised concurrently. independently or successiveiy_
' 13. Snccessors and Asai~ss Bound; Join1 and Se~~eral I.abitity; Cspdous. The covenants and agreements herein
contair~ed shall bind, and the rights hereuoder shall im~re to. the respective successors and assigns of Lender aod Borrower.
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 ~+aragraphc of this Mortgage arc for convenience ont~ and are not to be eised to
interpret or defin~ ~he provisionc 6ereof.
14. Notke, Except for any nMice rcquired under applicable law to be given in another manner, (a) any notict to
Borrower provided for in this Mortgaee shall be given by mailing such ootice by certified mail addressed to Borrower at
i the Property Address or at such other addrecs as Borrower may designate by notice to T.ender as provided herein, and
' (b) any notice to Lendrr shall he given hy certified mail. return receipt rcquested. to I.ender s address stated hercin or to
cuch other addrcss as Lender may deti¢nate by notice t~ Bormwer as provided hercin. Any notice provided for in ihis
~ Mortgage shall be deemed to have t+een given ta Bc?rmwer ~r Lender when giv~n in the manner designated herein, ,
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I5. Uniform MortRa~e; Governin~ I,a~r; Sevembility. 'fhis form of mortgage combines ~miform covenants for national
' ust aed non-uniform covenantc wilh limited variations by jurisefiction to constitute a uniform security instrument covering
I real property. This Mortgage shall be governed hy the law.of the jurisdiction in which the Property is located. In the
i event that any provision or clause of thic Mortgage ~r the Note conflicts with applicable law, such conflict shaH not affect
' other pmvisions of this Mortgage or the Note uhich can be given effect v?~ithout the conflicting provision, and to this
end the provisions of the Mortgagc and the NMe are declared to be severabla j
16. Borrowe~'s Copy. Borrower ~hall bc furnishcd a conformed copy of the Note and of this MortRage at ti~e time ;
of execution or after recordation hereof. ~ f
17. Transfe~ of tht Properiv; Acsomplion. lf al! or any part of the Property or an int~rcst thereio is sold or transferred
by Borrower without Lender's prior wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creat~on of a purcha~e m~mey cecurity interest for household applianees, fe) a transfer hy devise.
descent or by operation of law upon the death of •r joint tenant or (dl the grant of any leasehold intercst of lbrec ycars or less
not containing an option to purchase. I_ender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall ha.~e Naived such option to accelerate if, prior to the cale or transfer. I_ender ~
and the person to whom the Property is, to be colJ or transferred reach agrcement in writing that the credit of wch percon $
is satisfactory to Lender and that the interr.t pa~~able on the siims securtd by this Mortgage shall be at such rate ac.I_ender a
shall request. If I_ender has waived thc option to accelerate provided in this paragraph 17, and if Borrower i successor in
interest has executed a written assump~ion agreement accepted in writing by I_ender. Lender shafl releau Borrower from alt
obligations under this Mortgage and 1he Note.
If Lender exercises such opteon to accelerale. LenJer shall mail Borrower notice of accderation in acrnrdanc~ ui~h
paragraph 14 hereof. Such notice shall provide a period ot not Iess than 30 days from the date the notice is mailed within
which $orrower may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of cuch prriod,
Lender may, without further no~ice or demand on l3ctrrower, invoke any remedies permitted by paragraph 18 ~hereoF.
NoN-UrnFORM CovetvervTS. Borrowtr and Lender further covtnant and agree as follows: -
l8. Accekratbn; Remedks. E:csp as provWcd ia para~rsph 17 6ereof. opon Eorrowe~'s breac~ of aay co~ena~et or
agreemeat of Borrower ia t6is Mort~sge. lnciudin~ tbe co~enaMs to psr whee due say snnis secrred by t6is Mort~a~e. Lcndcr
prior to accekrstbn sball mail notke to dorrower as pro~ided in pangraph 14 be~tof specifyio=: (1) the breach: {21 ~he actan
requirrd to core soc6 bresch;l3) s dah. nol kss Man 30 days from t~e date tbe notice is ma[kd to Borrawer. by which wch
breach mwt be crred; aod (4) tbst failun to care s~ch IKesch os or before tbe date speci6ed in the notke may resuh in
SCttIlAdOA Of ~t fQDK lCCllftd ~j' fb~ MOf?~~t. toreclosun by judkial proceedias aad sde of tbe Pmperty. 'Il~e notice
sbaU furtber inlorm Eorrower of the ri~b1 to reinstate after sccekration and the ~ht to ~cert in the foreclosure pnuceedie~
t6e aon-e:istence of a defauk or aay Mher detense of Eorrower to sccekratioa and forec{osnre. If the 6rescM is eot cmed oa
or before the date specified io the nofice. Cender at I.ender's optbn msr declarr all o! the we~s secored by tbis MortRaRe to be
immedistely due aad paysbk withont f~rtber demand s~nd may forccbse thb Mortxa~e by jndicW proeeedin~. I.ender sha11
be eotitltd to collect in such proceediua a8 expenses of (o~eclosure~ includina. bnt oot limited to. reawnable stt„rnev's fees.
aod costs of docn~eatary eridcpce, abstracts and ~itk nports.
19. dorrower's Rt6ht to Refastate. Nota•ithstanding i.ender s acceleration of the sums secured by th?s Mortgag~.
8orrower shall havt the right to have anp procceding~ begun ~y I.ender to enforce this Mortgage diuontinued at any time
ao~K ~~7 Fac~ 3~~'
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