HomeMy WebLinkAbout0796 l.ender's written agreement or applicable law. Borrowe~ shall pay the amount of all mortgage insu~ance premiur~u in the
manncr provided undar paragraph 2 hereof.
Any amounts disbursed by ~e~der pursuant to this paragraph 7, wi~h inttrest thercon, shall becomc additional
indebtedness of Borrower secured by this Mortgage. Unless Barrower and t_ende~ agree to other tertns of paymeot, such
amounts shal) bo payabk upon notice from [.ender to Borrower requesting payment lhcreaf, and shall bear interest from the
date of disbursement at thc rate payable from time to time on outstanding principal under the Note uoleu payment of
interest at such rate wo~ld be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible u~der applicabl~ law. Nothing contai~ed in this paragraph 7 shell rcquire I.endtr to incur any expense or take
any action hereuader. ~
8. Isspecfba Cender may make or cause to be made reasonable ent~ies upon and inspections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Ltnder's
interest in the Prope~ty.
9. Coademmtbn. 'il~e proceeds of any award or claim for damages, direct or consequential, in connection with a~y
condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of coodemnation, are hereby assigned
and shall be paid to Lender.
in the event of a total taking of the Property, the procceds shall be applieci to the sums secured by this Mo~tgage, ~
with the excess, if any, paid to Borrower. In the event of a partial taking of the Propeny, unless Borrower and Lender
otherwix agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the pmceeds
as is equa) to that proportion which the amount of the sumc. secured by this Mongage immediately prior to the date of
taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor ofters to make
an award or settle a claim for damages, Borrower fails to respond to I_ender within 30 days afler the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at I_ender
s option, either to ratoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of Proceeds to principal shall not extend
or postpon~ the due date of the monthly installments referred to in paragraphs 1 and 2 hereof o~ change the amount of
such installments_
10. Borro~rer Not Rekased. Extension of the time for payment or moditication of amortizatio~ of the sums securcd
by this Mortgage granted by Lender to any successor in inferest of Borrower shall not operate to releau, in aoy manner.
the liabilit} of t!~e original Borrower and Bc?~rower's successors in interest. Lenckr shall not be required to commence
proceedir.gs agai:~st such successor or reluse to extenci time ior payment or otherwise modi"ry ~amortizafion of the sunis
secured by this 1N~rtgage hy reason of any demand made by the oriRinal Aorrower and Barcower's successors in intetest.
1]. Rorbear~nce by Lender Not a Wsifer. Any fort~ea~ance by Lender in exercising any right or remedy hereunder, or
othenvise affurded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rcmedy.
The procurement of insurance or th~ payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtednecs secured hy this Mortgage. .
12. Remedks Caaulatire. All remedies provided in this I?lortgage are distinct and cumulative to any other right or .
remedy under ihis Mortgage or afforded by law or equity, and may be exercieed cancurrently, independently or successively.
l3. Socce~ors aad Assig~ Bound; Joiat and Sereral i.iab'INy; Captions. The covenants and agreements hercin
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shaU be joint and several. ~
The captions and headings of •the paragraphs of Ihis Mortgage are for convenience only and are not to be used to i
r
interpret or define the provisions hereof.
l0. Notice. Except for any notice required u~der 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 cerlified mail addressed to Borrower at ~
the Property Address or at such other address as Borrow•er may designate by notice to T_ender as provided herein, and b
(b) any notice to Lender shall be given by certified mail, retum receipt requested, to I.ender s address stated herein or to ~
such other address as Lender may designate by notice ta Borrower ar provided herein. Any notice provided for in ihis ~
Mortgage shall be deemed to have becn given to Borrower or Lender when given in the manner designated herein.
IS. Uniform Mort~aSe; Goremin~; I.aw; Severabilit,r. This form of mortgage combines uniform covenants for national
k use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform socurity instrumeot 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 this Mortgage or the Note conflicts with applicable law, such conflict shall not affect i
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this ~
end the pro~risions of the Morigage and the Note are declared to be severable. ~
~ 16. Eormwe~'s Copy. Borrower shall be furnisheJ a c~nformed copy of the Note and of this Mortgage at the time ~
~ of eaecution or after recordation hereof.
17. Traasfer of tae Praptrty; Assumption. if all or any pari of the Property or an interest therein is sold or transferred
by Borrower without I.ender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, i
dexent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three years or less ~
not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be ±
immediately due and payabie. Lender shall have waived such option to accelerate if, prior to the sale or transfer, l.ender
and the person to whom the Prooertv is to be sold or transferred reach a¢reement in writin¢ that the credit of such person ~
~ _ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~
shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower
s successor in t
~ interest has exocuted ~ 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 tht date the notice is maifed within ~
~ which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration. of such period. ;
[.ender may, without further notice or demand on ~Borrower, inroke any remedia permitted by paragraph 18 hereof.
~ ;
~ NoN-Ux~FOrtua CovErerrrs. Borrower and Lender further covenant and agrce as foUows: ~
l8. Accekrdbn; Remedies. Excep aB provided in p~r~rsp6 19 hereof, opo~ Borrowe~s breac~ of auy corenaet or ~
~ ~reemeat of Borrower ia this Mort=a6e, iecladi~ tLe cove~ants to pay w6ea dne sny soms secared by t6i~ Mortss`e, I.esder ~
~ Prbr to sccekratlo~ sba~ mail notke b Borrar?er as pro~ided 1n para`np6 l0 hersot specifyi~: (1) t6e breacb: (2) t6e adioa ~
~ eequired b core ~ac6 bresc6; (3) a drie, not ks t~aa 30 days from t6e date tbe notke i~ auiled to Borrow~, by wWc6 wc6 =
~ breac6 m~ut be c~red; aed that fail~re to caro soc6 bresc6 oa or before tLe date spai8ed ie the aotlce e~y TadR h ;
~ accdcntioi oE tbe s~mss aecared by tbM Mort;sje. fweclowre b7 jadkial proceediot add sale of tbe Propertf. 1tie uotlce ;
~ s6a~ farf6er iaform aorrower of tre ri~W to reiesbh after sccekrMbo and tbe risbt to a~ert iu t6e forecfoaero ~e~ucecdi~ :
~ tre ~oo-e:i~teoce ot a defa~k or m~ otrer detease of Eorrower to accekratbe wd foreclwdre. IE the brescti is sot cared o0
~ or betore t~e dNe specl8ed i tre ootiee, I.e~der d Leeaer's op8o~ may dectane aY ot t6e sama secorsd by thk Mort~a~e b 6e
~ imeedLtdy dee aed psyaWe wNLoat fmtru demaod aad may forecbse tbb Mort6a~e by ~udici~l Le~dcr s6~
u
~ be eaWkd to co0ect i~ ~i proeeedio~ a¦ e:peoiea ot forecbsare, ~cl~dio=, bat not limited to, reato~abk attor~ys tea,
~ aod eosls ot dot~aihry e~ide~ee, abrtracb aod title reporb. .
~ 1~. dorrowers Wi~6t to Remstata Notwithstanding Lender's accekration of the sums securcd by this Mortgage. ~
~ Borrowtr shall have the rig6t to have any proceedingi begun by Lender to enforce thia Mongage discontinuod at any time
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