HomeMy WebLinkAbout0214 i.ender's written agreement or applicabb 4w. Botrower ~hall pay the amouat of aq ~nort`age iasuraaoe p~smiums in the
maaner p~ovidod u~de~ paragnph 2 heceof.
Any amounts disbu~aed by I.ender pursua~t to thit paraa~aph 7, with ioterest thercon. shdl become sdditional
indebtedness o[ Borrowcr securod by this Mongaae. Unless Borrower and Lender agree to othe~ terms of payment~ wch
amou~ts shall be payabk upo~ notice from Le~der to Bo~ower roquestin6 paymeot thereof. and shal) bear ioterpt froaa the
date of d'uburseme~t at the nte payabk ftom time to time o0 ountandina principal undet the Note tmless payafeot ot
interest at such rate would be contnry to applicabk law. in which event such amounts shall bear interest at the hi=hdt ra~s ~
permissibk u~de~ applicabk law. Nothing contained in this~paragraph 7 shall requira Lendw to iacur any eacpense ot take
a~y action herr.under.
S. 1~spectio~. I.ende~ may make or cause to be made roasonabk eotries upon a~d inspoctions of the Propecty. p~mridod
that Lender shall give Borrower notice prior to any such inspection specifyi~~ reasonabk cause therefor related to La~det's
intercst in the Property..
9. Co~dematbw. 7?~e proceeds of any award o~ claim [or damages, diroct or conseque~tial, in connectao with any
condemnation or other taking of the Prope~ty, or patt thercof, or for conveyance in lieu of condemnatia~. are heteby assisned
a~d shall be paid to Lender.
In the event of a tot~l taking of the PropeNy, the proceeds Shall be applied to the sums securod by this Mo~t6age,
with the excesa, if any, paid to Borrowe~. in thc eve~t of a panial taking of the Pmperty. unkss Bormwer and Ireader
otherwise agrx in writing, therc ahall be applie~ to the sums socured by this Mortgage such prnportion of the pt~oceed:
as is equal to that proportion which the amount af ~he sums secared by this Mortgage immediately prior to the date of
taking bears to the hir market value of the Propcrty immediatety prior to the date of taking, with the bafanoe of t1~e p~
paid to Borrower.
If the Propertyr is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oBen to malte
an av?ard or settle a claim for damages, Botrower fails to respond to Lender within 30 days after ihe date such notice is
mailod, Lende~ is authoriud to colkct aod apply 1he proceeds, at I.ender's option. either to restontion or ~epair of tLe
Propeny or to the sums securcd by t6is Mortgage.
Unlas Lender and Borrower othervvixe agrce in writing, any such application of proc~eds to principal shall not extend
or postpone the due date of the monthly installments refeRed to in paragraphs 1 and 2 hereof or change the amount of
such installments. •
10. Eormwer Not Rekascd. Exteosion of the time for payment or modifkation of amonization of the sums secured
by this Mortgage gcanted by Lender to any cuccessor in intercst of Borrower shall not opente to rekase. in any manner,
the liability of the original Borrower and Bc~rrower
s successors in interest. Lender shall not be requircd to commence
proceedings against such wccessor or refuse to ectend time for payment or otherwise modify amortization of tbe ~~~ms
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower
s successors in interest.
ll. Forbearance br Lceder Not a Wdrer. Any forbearance by i.ender in exercising any right or rcmedy hercunder, or
othttwise afforded by applicable law. shall not be a waiver of or proclude ihe exerciu of any such right or remedy.
The procurement of iraurance 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 indebtedness secored hy this Mortgage.
12. Ren~ ~melati~e. All remedies provided in this Mortgage ar~e distinct and cumulative to any other right or
rcmedy under this Mor.gage or afforded hy law or equity, and may be exercised concurrently, independently or successively.
~ 13. Srccesro~s aad Assi~as Eound: Jdaf s~d Sererd i.isb8iry; CapKoss. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inurc to, the respective successors and assigns of Lender at~d Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrov~rer shall be joiry and several. '
7~e captions and headings of the paragraphs of this Mortgage arc for convenience o~ly and are not ta be ined to
interpret or define the provisions hercof.
14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice tv
Borrower provided for en this Mortgage shall be giv,en by mailing such notia by certifled mail addressed to Borrower at
the Property Addrcss or at such other addrcsc as Borrower may designate by notice to T_ender as provided herein, and
(b) any notice to Lender shall be given by certified mail, retum receipt requested. to I_ender s address stated herei~ or to
such other addras as Lender may designate by notice ta Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
IS. Uaiform Mort~~e; Goreroi~ Larr; Serersbility. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform stcurity instrument oovering
real property. This Mortgage shall be gove~ned hy the law of the jurisdiction in which the Property is located. In the
event that any provision~or clause of this.Mortgagc or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given ef[ect without the conflicting provision, and to this ~
end the provisions of the Mortgage and the Note are ckclared to be severable.
~ 16. Borrower's Copr. Borrower shall be furnished a conformed copy of the Note and of ihis Mortgage at the time
of execution or after recordation hereof.
17. Traader of tbe Property; Assumption. if all or any part of the Property or an intercst thercin is wld or transferred
by Bonower without L.ender's prior written consent. excluding (a) the ercation of a lien or encumbrance subordinate to
this Mortgage, (b) the creatioa of a purchace money security interat for household appliances. (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of threc years or kss
not containing an option to purchase. Lender may, a~ Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall h~ve waived such option to aceelerate if, prior to the sale or transfer. Lender
and the person to whom the Property ic to be co1J or transferred reach agrcement in writing that the crcdit of ~uch perxon
is satisfactory to Lender and that the interrct payabk on the sums secured by this Mortgage shal~ be at such rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender, i.ender shall release Borrower fram all
obligatioos under this Mortgage and the Note. ~
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in~accordanc~ ~•i~h
paragraQh 14 hereof. Such notice shall provide a period of not las 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 u~ms p.rior to the expiration of cuch period,
Lender may. without further notice or demand on Borrower. invoke any remediea permitted by paragraph 18 hereof.
Nort-Urr~FORnt CovENerrrs. Borrower and Lender further covenant and agrte u follows:
18. Accekratio~; Remedies. Fa~cep as prorWed in para6rspU l'f hereof, rp~ ~orrower's breacti of asy co~ew~t or
agrcea~eat of Eorrower i~ t6Ls Mortaa6e, iwciudiua tMe co~ewa~ts to pay wl~ea doe aey srms ~cerei br t6k Mort~a~e. I.eeder
prior to sceeleratio~ s6a~ mail ootke to aorrower as provided is parapapli 141~ereof speeifylni: (1) tl~e breacb: f~l the sctioa
rcqe4si to crre s~ 6~acY: (3) a d~te. oot las t6au 30 daps froa~ tlie date t6e ~otice is ~a8ea fo Eo~ror.er. bp wbich s~
bresc6 oaM De c~ed; a~d (1) that fWare to E~re a~rcM breacr o~ or betore ti~e date specilied i~ tbe ootke may ?esuM i~
acederatba ot t~e s~a~s secrr~ed by t6b Morlaa~e. taecbwre b~!~L a~ s~le of tbe Property. 'Ibe aotice ~
shaY further infora~ Eon+ower of t6e risW to «iwshte atter sccekrNios aad t~e ri~bt to a~serf ia tl~e foreclosuee Noceedi~
t6e aon-esisteoce d a defwlt o~ say otber defeRSe of Sorror?er to sccekrMiow swa forecbsore. lf tMe 6resc~ k aot c~rei o~ ~
or before tbt date speti6td is tbe ~otice. Lender at I.endtr's optiow ~ aeclare s/ ot the s~es sectired by t4k Moct~aRe ~o be
immediatdy doe aoa payabk ~?itlwo~ futher demand and may foreclose t6it Morlsa~e by judicW proe~. Lender chaY
be eotltled to cdkct iw s~ proceedin6 all e:peases ~f foreclosrre, iaclydia~, brf ~ot Wdtt~ to, reawssbk attnrneY's fees.
asd casb ot doc~e~eahrp eridcace, abstrscls aod titk reports.
19. Donower's R~t to ReMtate. Notwithstanding Lender s acceleration of the sums securcd by th~s M~ngage,
` Borrower shall have the right to have any proceedings hegun hy Lender to enforce this Mongage discontinued at any time
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