HomeMy WebLinkAbout0945 l.ender's written sgrcernent or applicabk law. Bonower sha11 pay the amount ot all mort~sge insurance Qremiums in the ~
manner p~ovided under para=nph 2 hereol.
Any amaunts disbuned by Lender punuant to thit paragraph 7, with inte~t thercoo, shall becomc additional
inJcbtedne:s of Borrower sxured by this Mongage. Unlcss Borrower a~d LenJer agrce to other temu of payment. such
amounts shsll !x payable upon notice trom l.snder to 8orrower reques~ing payment ~hereof, and shall bear inlercst trom the
date of disbursement at the rate payabk from time to time on outstanding principal undar the Note unless payment of
interest at :uch rate would be contrary to applicable law, in which event such smounts shall bear interest at the highest rate
permiaibk under appticabk law. Nothio~ contained in this paragnph 7 shdl r~;+~±!e 1 e~der to incur sny expense or take
any action hereunde~.
S. InperMo~. Lender may make or cause to be made roasonabk eotries upon and inspections of the Property, provided
that l.ender shall give Borrower ndice prior to any such inspoction specifying ceawnable cause therefo~ related to I~nder's
interat in the Propetty.
9. Coadeu~swdoe. The proceeds of any award o~ claim for damages, direct or consequential, in connectian with any
condemnatioo or dher taking of the Property, or paN thereof, or for conveyance in lieu of condemnation. are hereby assigned
and shalt be paid to i.ender. _
Tn the eve~t of a total taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mortgage.
with the excess, if any, paid to Borrower. ln the event of a partial taking of the Property. unless Borrower and L.ender
c*thervrisr agrec In vvri~ir.g. tltt'!£ S~l3~I ~+t B~jtllL+~ 24 ~h~ s=s~=_ ~r!~~+ri M+ ~his Mortgage such pmportion of the proceeds
as is equal to that proportion which the amount of the sums securcd by this Mortgage immediately prior to the date of
takina bears to the fair market value of the Propeny immediately prior to the da~e of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if, after notice by i.ender to Borrower that the condemno~' offen to make
an award or settk a claim for damaga. Borrower fails ~o respond to l.ender within 30 days after the date such notice is
mailed, Lender is authoriud to collect and apply the proceeds, at I.ender
s option, either to rcstoration or repair of the
Propeny or to the sums xcurcd by this Mon~tage.
Unlas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shal) not extend
or pcntpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of
such installments. ~
!0. Dorrowe~ Not Relea~ed. Extensio~ of the time for payment or modiflcation of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to r+ekase, in' any manner,
the liability of the original Borrower and Borrower s successors in interest. Lender shall not be required to commence
proceedings against such successar or refux to extend time for payment or otherwise modify amortization of the aums
secured. by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. I+orbearance by Lender NM s Wsiver. Any forhearance by I.ender in exercising any right or remedy hereunder, or
othenvise atTorded by applicable Iaw~ shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by I.ender shal) not be a waiver of Lender's
right to accelerate the maturity of the indebtednccs secured hy this Mortgage. . _
lZ. Remedks Cumuiati~e. All remedia provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or atiorded by Iaw or equity, and may be exercised concurre~tly, independently or successively.
13. Socce~ors and A~as dound; Joint and Several i.iabAlty; Csptbos. The cove~ants and agrcements herein
contained shall bind, and the rights hereunder shall inurc to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower shal) be joint and several.
'The captians and headings of the Paragraphs of this Mortgage are for convenience only and aro not to be used to
interpret or define the provisions hereof.
14. NMice. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such aher address as Borrower ma,r• designate by notice to Ixnder as provid~d herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested. to Leoder
s address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgag~ ahall be deemed to have been given to Borrower or l.eader when given in the manner designated herein.
~ 1S. Uaitorm Mort~a6e; Go~ernix~ I.aw; SeverabilNy. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not atlect
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
I end the provisions of the Mortgage and the Note arc declared to be severable.
' 16. Eormwec's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Tna~er of tbe Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding (al ihe creation of a lien or encumbrance subordinate to
t this Mortgage, (b) the creation of a purchase money security interest for houxhold appliances, (c) a transfer by devise,
descent or by operation of law upon the ckath of a joint tenant or (d) the grant of any leasehold interat of three years 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 have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property es to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Leoder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shalJ rcquat. If Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrower
s su~cessor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. I_ender shall mail Borrower notice of acceleration in accordance with
~ 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 sums prior to the expiration of such period,
Lender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragraph 18 hereof.
Nox-UN~FORtK CovEn?,?rrrs. Borrower and Lsnder further covenant and agree at follows:
18. Accderatbn; Remedks. Fscept a~ pro~ided in para~np6 17 6ereof. apon Boao~rer's breach of aay rnreoaat or
a~recwent of Bomower ia t6is Mortsa6e, ioclodiu6 tbe coveaaats to psy w~bcn due aar so~s secdred by t6b Mortta`e, I.eoder
prior to accekratb. sha~ ma~ notke to Borrower as prorjded ia psrqraph 14 6ereoE specityi~: (I) tbe breach: (2) ti~e aetba
~ reqttir~ed b cw~e socr brescM: (3) a date. not ks t~sa 30 dsys [rom the dafe tbe aotke it ~a~ed~to Eorrower, by wbicL mcb
6reacb mmt 6e cared; sod (4) tbat failnre to care soc6 breacb on or betore t6e dste r~ec~ed i~ t6e notke may ra~it ie
~ sccdcratioa ot ttie snm~ aecared br Wb Mort~aje, torrclosun by Jndkial proceedio` aad sde ot tbe Property. 'ILe notlce
shall fnrtber inform Eorruwer ot t~e ~bt to nin~tste after sccekratioo aod tbe ri~t to arsert ie t6e torecloa~re pe~nc~iiw~
~ t6e oo~-e:isteoce d s deta~lt or ~y otber detense of Borrower to aeceleratbn and foncfoarre. If t6e breach i~ aot cored on
or before tbe date speci~kd io t~e sotke, Le~der N Leode~'s optba ~uap declare all of tbe soms secared b~+ t41s Mort~a~e b bc
im~aedhtdy doe and payabk wiWo~lt tortber demaad aad msr foreclo~e t64 Mor1~e by judkW ~roeeedla~. Lesder shaU
be eatidcd a callect ia s~ pwcetdia~ all e:peo~a ot toreclowre, iecl~dia=, bat pot iimited to. rea~ooable attorseys fea,
aed cosb ot docea~eotary e~dence, abstrscb aed tlde ~oNs.
19. aornowe~'s Rl~bt to ReioWate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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