HomeMy WebLinkAbout0666 l.coder's written ag~+oeme~t or applicable I~w. 6orrower shdl pay the amount ot ~ill mortgage insunnce p~emium~ in tba
mar~ner provided unckr puagnph 2 heceof.
Any amounts disM~rscd by I.enck~ pursua~t to this psngraph 7, with interest thercon, shall become additionsl
inckbtodnus ar Borrowc~ secur+ed by this Mortgage. Unless Borrower and l.emier agroe to other tcrnu of payment~ such .
amounts shall be payabk upcxi ~tice from l.ender to Borrower roquesting paymc~u thercot, and shal) bea~ interest from the
datc of disburseme~l at the ratc payabk from time to time on a~tstanding principal unde~ the Note unless payd~t of
interai at sueh rate would be cantrary Io applicabk law, in which event such amounts shall beu interest at the hiahest rste
permiasibk under applicabk law. Nothing containod in this paragnph 7 shall requioe I.ender to incur any expeme or take
any action hereunder.
a. lsspectio~. i_ender may make or cause ta be made rcascK?abk eMries upon and inspections of the Praperty. provided
that t.ender shalt give Borrower na~ice p~ic~ to any sircb inspectioo spocityina reasanabk cause thenfor rclatod to I.ender's
interesl in 1hC Prop~erly.
9. Coode~uaatbw,. The proc~eds of any award or claim for damages, dircct o~ consequential. in rnnnection with any
~obndemnation or other taking af the Prnperty, a~ pa~t thercof, or for conveyance in iieu of condemnation, are hereby assignod
and shall be paid ta [~ende~.
in Ihc event of a toial taking oF the Property, the prcx;eeds ~hall be applied to the. sums sea~rod by this Mortgage,
with the excess, if aey, paid to Borrowe~. In the eve~t of a partial taking of the Property. unkss Borrower and I,ender
o~herwise agroe io writing, therc shall be applied to ~he sums secured by this Mongage such proportion of the proceeds •
as is equal to that p~oportiort w~hich the amount of the sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the pmceeds
paid to Bornnwer.
if the Property is ahandonecl by Borrower. or it. after notice by l.ender ta Bocrower that the condemnor oBers to mate
an award or xttle a claim far damages. &,rrower fails t~ rc~pond to l.ender within 30 days after !he date such notice is
maikd. Ler,Jer i~ authorized :o rnllect and apply the proceeds, at t.ender's option, either to ratoration or repair of tife
Propeny or to the sums sccurcd b~• this Mor~ltal¢e.
Unl~ss i.ende~ and Borrower otherwisc agree irt writing, any such application of proceedt to principal shall not extend
or pas!pone the due date af the monthlv installments rcferrcd to io paragnphs 1 and 2 hereof or change the amount of
such~ installments.
lA. BoROwrer NM Rekased. Eztensian af the time far payment or modiRcation of amartizstion of the surt~s secured
by this Mortga~,te granted by T.encMr to any cuccessor in intcrest of Borrower chall not operate to rekase, in any manner.
the liabili~y of the original Borrower and Borrawer'~ successors io interest. Lender shall not be required to commence
proceedinas against such succesu~r or refuse to eYtenJ lime for payment or othervvise modify amortization af thr ~ums
ucured by this Mortgage by rcason of an}• demand made by the ariqinal Borrower and 8orrowers successon in interest.
il. Forbeuapce by [.esder Not a Waircr. Any~forhearance by t.ender in exercising any right or remedy hereunder, or
othen~vise aBorded by applicable law, shall not I~e a waiver of or preclude tho exercise of any such right or rernedy.
-'TFie procurement of insu~ance or the payment of taxes or other liens or charges by Lender shall ~ot he a waive~ of' l.ender's
right ta accelerate the maturity of the indebtednecs cccurcd hy this Mortgage.
12. Rtmedies Cn~nuhthe. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or
reme~ty under this Mortgage or atiorded hy law or equity, anJ may be exercised concurr~ently, independently or si~ccessively.
~ 13. Soccetaors and Assi~~s Bound: Joinf sad Serend [.isbiiily; Capttons. 71~e covenants and agreements hercin
contained shall bind, and the rights hereunder shall inure to. the respective successors and assig~s of Lender apd $orrower.
subject to the provisions of paragraph 17 hereaf_ All covenants and agrcements of Bonower shall be jcury and xverat.
The captions and headings of the paragraphs c?f this Martgage are for convenience onty and are not to be uxd to
interpret or define the provisions hercof.
10.. Notice. Except for any not;ce rcyuired under applicable law to be given in another manne~. (a) any notice to
Borrower provided for in this Mnrtga¢e shall be given hy mailing such ootice by certifkd mail addressed to Borrower at
the Propeny Addrcss or at such othcr addresa as &?rmwe~ may designate by r?otice to Lendtr as provided herein, and
(61 any notice to Lendor shaN he given by certificd mail, rete~m receipt requested. to t.ender's address stated herein or to
such other addras as Lender may decignate by no~ice to Borrower as provided herein_ Any notice provided for in this
Mortgage shall be deemed to have been given to Bc~rrower ar 1_ender when given in the manner designated herein. .
15. Uaiform Mori~aRc: Governin~ i.avr; Severability. 'il~ic form of mortgage combina ~miform covenants for national
use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument rnvering
real propony. This Mortgage shall he governed hy the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of thic Mortgage or the Note conflicts with applicabk Iaw, such conflict shall not affoct
other provisions of this Morigage or ~he i~1Htr which can ~be given effect without tht eonflicting provision, and to this
end the provisions of the Mortgage and the '~iote.arc cieclared to !~e severable.
i6. dorrower's Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the time
of execution or a(ter recordation hereof.
i7. Traasfer of tie Property; Assumptan. 1f a!! or any paK of the Property or an interut thercin is sold or transfer~ed
by Borrower without Lender's prior wrin~n conscn~. cxcluding Ial Ihe creation of a licn ar encumbnnce subordinate to
this Mortgaga (b) the creation of a purcha~e mooe~ security interest far household appliances, (c) a transfer hy devise,
desceot or by operation of law upon the deat~ af a joint tenant or (di the grant of any leasehold interat of three ycars or less
not containing an option to purchase, Lender may, at 1_ender's option, declarc all ihe sums securcd by this Morigage to be
immediately due and payable. Lender shall have N•aived such option to accelerate if, prior to the sak or transfer. I_ender
and the person.to whom the Property ic t~~ be so1J or transferred rcach agreement in writing that the credit of cuch person
is satisfactory to Lender and that the inter~yt payable on the sums secured by this Mortgage shall be at s~~ch rate ac I_ender
shall rcq~est. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower
s successor in
interat has exeeuted a written assump~ion agreement accepted in writing by i~nder, Lender shal) rckax Borrower from all
obligations unde~ this Mortgage and the Note.
If Londer exercises such option to accelerate. !_ender sha!! mail Borrower notice of accekration in accordanc~ -~+•i~h
paragraph 14 hereof. Such notice sba11 provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared dua Tf Borrower fails to pay such sums prior to thc expiration of such pericxi.
Lender may, without further notice or demand on Borrower, invoke any remedia permitted by Pangraph IR hereof.
Nort-UN~FORM CovENet~rrs. Borrower and Lender further covenant and agree u folbwa:
ls. Accekratbn; Remedia. Except as provided i~ pan~n~ 17.~, rpo~'ornowc~'s 6rescl~ of a~y careeast or
a`reeme~t of lorrower L tl~k Morf~ge, hcludiwa the eoreaaats to pf whe~ dae aar w~ sccrrs~ by t*1s Morq~a6e. I.ender
priur te secderafb~ srali sail ~otlce to dorrnwer as prorWed i~ pan~rapA 14 bereot specif~: (1) trt 6~tacM: (2) tb~ aetbe
rcq~ircd b eore wc~ b~tacb: a d~e. sot Ies~ t6an 30 days troa~ tre date tbe eofke M ~na~e~ M Eon~uwer. by w'bk6 s~cM
6rescM ~awt be c~red; ad (4) tl~ fa~~re to cnre sreh baacM ow or 6etore t1~e date specl6ed ~ tAe ootke ~ay r~suM fa
scederatio~ of tie s~ss secue~ by this Mort~e, l~orrclosnrr h h~ ~aL a~ sak ot tbe Pro~erty. 'IUe notice
s6W fnrtrer htonw Doriowa af the rijlM to reiaststt after sccekrsNos sad t6e ri~t b a~scrt iq tbe foreclosnre ~roeeedi~
tbe wa-e~icteace of a defsdt or a.y abcr aefcase of Borrower to sccek~oa sed foreclowre. N ttie bre~e~ b eot csre~ o~ ~
or bdore tbe dah specified i~ tbe ~otlce. Lender ~t [.eader•s opt~oa usr deciate sM ot trt som~ sectred br ti~is Mo~e to be
iasmedbtely dne asd pys6k witboet trrther demand ~nd.msr /oreclose tbis Morf~a~e ~ j~ikW ~roceedi~. I.ender chall
be estIded to copee! io s~ci procec~ias all espenses nf foreclosere, iecl~. bM ~ot Wdted to, raso~~ble aK~xaey's Eea.
a~d ~ods ot doeueatary e~ideate. s6stracls aad titk reporls.
1!. Dorrower's Ri~Mf to Reirtstt. Notwi~hs~andin~t t.taders acceknt+on of the surr.s secured by th~s Mortgage,
Bonower shall have the right to luve any proceedings hegun hp l.ender to entorce this Mongate discontinuM at any time
go~K299 PA~E ~ss
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