HomeMy WebLinkAbout0208 lxnde~'s written agretment or aPplicabb law. Borrowe~ ahall psy the amount of ap mo~tgsge insurarioe prcmiums in the
manner provided unde~ parag~aph 2 hereof.
Aoy amounts disbursed by [.ende~ pursuant to this paragraph 7, with iaterat thereon, shall becara additional
indebtedness ot Bo~rower securcd by this Mortgage. Unlecs Borrower anJ l.ender agree to other tertns of paymen~ wch
amounts shall be pay~bk upon nMice fmm I.ender ta Borrower roquesting paymcot thereof, and shall bea~ interest from the
date of d'ubursemeM at thc ratc payabk from time ta time an adalandi~g p~incipal under the Note unless payment of
interest at such rate would be contrary ta applicable law, in which event such amounts shall bear interest at the hiahest nte
permissibk unde~ aFplicabk law. Nathing cor~tained in this paragnph 7 shall require [_eodet to incur any expe~pe or take
any action hereunder.
a. l~spectio~. i_enck~ may make or cause to t~e made reasonable entries upon and inspoctions of the Propetty. provided
that 1_ender shaH give Borrawe~ notice prior ta any such inspectian specifying rrasanable cau~se therefor related to I.ender's
interest in the Pmpeny.
9. Coode~uaatbu. The proceeds of any award ar claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of condemnation. are hereby assigned
and shall be paid to Lender.
In ~he event of a to1~1 taking of the Property. the procceds ahall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrowcr. ln, thc event of a partial taking of the Property. unless Borrower and Le~~der
atherwise agroe in writing. therc shall be applied to the sums secured by this Mortgage such proportion of the pr~oeeds
as is equal to that proponion which Ihe amount of ~he sumc secured by this Mortgage immediatety prior to the date of
taking bears to the fair markN value of the Pmpeny immediately prior to the date of taking, with the balance of the pmcoeds
' paid to Borrower. •
if the Property is al~andoned by Borrower. or if. after notice by [_ender to Borrc~wer ihat the condemnor oftera to make
an award or xttle a claim for damages. Bc~rrawer fail~ to respond to I_ender within 30 days aher the date such notice is
mailed. Len~ler is authori2ed to collect and apply the proceeds. at l~nder's option, either to restoration or repair of tlie
Propeny or to the sums secured hy this Mortgage.
Unless Lender and Borrower otherwise agree in ~vriting, any such application of proce~ds to principal shall not extend
or pactpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borror?er Not Rekued. Extension of the time for payment or modification of amortization of ihe sums secured
by this Mortgage granted by i.ender to any cuccessc~r in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrower's succescors in interest. Lender shall not be required to commence
proceedings against such successor or ref~~~e to ertenJ~ time for payment o~ othervvise modify amortization of the cums
secured by this Mortgage by reason of aay demand made by the original Borrower and Borrower s u~ccessors in interest.
I1. Forbearance 6y I.ender Not a Waiver. Any forhearance by t_ender in exercising any right or rcmedy her+eunder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remody.
The procurement of insurance or the 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 indehtcdness cccured hy this Mortgage.
12. Remedks Camulati~e. All remecties provided in this Mortgage are distinct a~d cumulative to any other right or ~
rcmedy under this Mortgage or afforded by law or equi~y, and may be exercised concurrenUy, independently or successively. :
' 13. Snccessors and A~as Bound: Joint and Seversl i.iabiliry; Captbns. 'Il~e covenants and agreements hercin
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender aod Borrower.
subjcet to the provisions of paragraph 17 hereof. All cavenants and agreements of Borrower shall be joiry and several_
'il~e captions and headings of the paragrapha of thic Mongage are for. convenieoce only and are not to be uad to
interpret or de6ne the provisions hereof.
14. Notice. Except for any notice rcyuired under applicable law to be given in another manner, (a) a~y notice to
Borrower provided for in this Mortga¢e shall t~e given by mailing such notice by certified mail addressed lo Borrower at
the Property Address or at such ~~thcr addres~ as B~rrower mav designate by ~otice to T.ender as provided herein, and
(b) any notice to Lender shall he gi~~en by certifieci mail. return receipt requested. to I_enders address stated herein or to
such other address as Lender may decicnate by n~tice to Bormwer as provided herein. Any notice pmvided for in this
Mortgage shall be deemed to have t?een given to Borrower or Lender when given in the manner designatod herein.
15. Uniform Mort~a~e; Governin~ [aw; Severability. This form of mortgage combines uniform covenants-for national
use and non-uniform covenants with iimiteJ variations hy jurisdiction to constitute a uniform security instrument covering
real propeny. This Mortgage shall be governed hy the !aw• of the jurisdiction in which the Property is located. Tn the
event that any provision or clause of thi~ Mortgage ~r the Note conflicts with applicabk law, such conflict shall not affect
~ other provisions of this Mortgage or the Natr ~~hich can t+e given effect without the conflicting provision, and to this
~ end tfie prc~visions of the Mortgage and the Note are declared to he severable.
16. Borrower's Copy. Borrow~er shall be furniched a contormed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
17. Tnosfer of tbe Propettv: Assumplion. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without l.ender's prior wrincn consent. excluding lal the ercation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchace mone~• ~ecurity interest for household appliances. (c) a transfer hy devise.
deuent or by operation of law upon the dca~h of a j~~~nt tenant or (dl the grant of any leasehold interest of thrcc ycars or less
not containing an option to purchase. Lender may_ at l.ender'a option, declare all the sums secured by this Mortgage to be
~ immediately due and payable. Lender shall have u aived such option to accelerate if, prior to the cale or transfer, I.ender
and the person to whom the Property it ta bc :ol~ or transferred reach agreement in writing that the credit of ~uch pcrson
is satisfactory to I.ender and that the interr~t payable on the sums secured by this Mortgage shall be at soch rate a~ l.ender
shall request. if Lender has waived the option to accele~ate provided in this paragraph 17, and if Borrower ~ successor in
interest has ezecuted a wriften assumption agreement accepted in writing by Lender. Lender shall release Borrower .from all
~ obligations under this Mortgage and the Note.
lf Lender ezercises such option to acceferate, I.ender shall mail Borrower notice of acceleration in accordancr ith
~ 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 soch sums prior to the expiration of cuch period.
~ , Lender may, without further notice or demand on t~rrower, mvoke any remedies permitled by paragraph 1 R hereof.
~ NoN-UN~FORtN CovEH~tvTS. Borrower and Lender furthe~ covenant and agree as follows:
l8. Accelerstioa; Remedies. Except as provided in psra~npl~ 17 hereof. upon Eorrowe~'s bresch of any covenaet or
~ agreemeet of Sorrower in t6is Mortqa~e, includin~ the coreaants Io pay when doe any soms securcd by tbts Mo~s~e. Leader
- . prior to aceekratbn shatl mafl aotice to dormwer as provided in pan~nph 14 bereoi specHytu~: (1) the bresch: (2~ tbe action
3 req~ired b core soc6 bresch; (3) a date, aot less than 30 days trom the daRe tl~e notice b mailed to Eorrower, b~hithicb wc6
3 bresc6 ~aust be cered; and (4) tbat failure to cure such breach on or before the dMt specified ia the notice may result in
' ~ccderatba of tbe sams secnred by this Mort=age. toreclosure by jndicial proceedi~ aad sale of tbe Property. 'il~e nMke
~ shaU fnrt6er inform Borrower of the rq~ht lo rei~tate Jter acceleration and t6e ri`6t to ~ssert in t6e foreclosnre pr~ue~edin~ -
tbe ooa-existeace of a defauk or any Mher defense of Borrower to xcelerstion and foreclosun. if tbe breacb is aof cured oa
~ or before the date specified in tbe notice. Lender a~ I.ender's option may declare a0 of the snn~s sec~red by thb Mort~aRe to be
~ im~tdy due and payabk without further demand and may foreclose thts Mo~s6e by jndichl proceedinR. I.en~er chall
n be eotitled to copect in snc6 proceediag sll e:penses of foreclosurc. includioa, bat nM limited to, reasowable m~~rney's fees.
~ aod costs ot docoroeatary erideuce. abstrscts snd titk reports.
~ 19. dorm~+et's Ri6bt to Reiastde. N~tw•ithstanding t_ender s acceleration oi the sums securcd by th~s Mortgage,
Borrower shall have the right to have any pcoce~:dings hc~un ~y I.ender to enforce this Mortgage discontinued at any time
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