HomeMy WebLinkAbout0226 l.ender's writte~ agreement or applicabb law. Bomowe~ shaU pay thc unoun~ of all mortgage inswancx p~emiuau in the
manncr p~ovided unde~ pa~agraph 2 hereof.
Any amounts disbursed by t.enJe~ pursuant to th~ parag~aph 7, with interesl thereon. shall becane additionai
indebtedness ~~t Borrower secured by this Mongage. Unless Borrower anJ I.ende~ agroe to other ternu of payment, such
amounts shall be payabk upcm natice f~om I.cndcr to Bormwcr requesting payment thcreot, and shall bear intetest from the
date of disborsemcnt at ~he ratc payahle fmm time to time an outstandir?g principal uader the Notc unless payma~t of.
interest at such rate would be contrary to applicable law, in which event such amounts shall beu interest at the hiahest rate
permiuibk under applicable law. Noihing contained in this parag~aph 7 shall rcquire Lender to incur any expense or taice
aoy actio~ hereunder.
S. lespectios. I.ender may make or cause to be madr reasonabk ent~ies upon and inspections of the Property. provided
that l.ender shall give Borrower nMice prior ta any such inspection specifying reasonabk cause therefor rtlated to I.ender'a
i~terest in the Property. • •
9. Coademnafba. The pre~ceedc of any award or claim for damages, direct or conseqoential. in con~oction with any
condemnation or other laking of the P~operty, or p'art tAercc~f, or far conveyance in lieu of condemnation, are hercby usigned
and shall be paid ta I.rnder.
Tn the event of a total taking of the Pmperty, the proceeds chall be applied to the sums seeured by this Mortgage,
with the excess, if any, paid to Borrower_ In the cvent af a pahial taking of the Property. unless Sorrower and Lender
o~herwise agre~ in writing, there shall be applied to the ~ums secored by this Mortgage such ptnponion of the procceds
as is equal to that proportion which the amount of the sumc sea~red by this Mortga~te immediately prior to the date of
taking bears to the fair market value of the Pmpcrty immediately priar to the date of taking, with the balance of the proceeds
paid W Bormwer.
if the Property is ahandonec! by Borrower, or if. after notice by I.ender to Bormwer that the condemnor offers to make
an award ~r s~tNe a claim for damagr~, Bormwer fails to respond to I_ender within 30 days after !he date such notice is
mailed, Lender i~ authorized to collect and apply the proceeds, at T_ender's option, either to restoration or repair of the
Propeny or to the sums sccured hy this Mortgage.
Unless l.ender and Borrower othervvise agree in N•ritinc. any such application of proceeds to principal shall not extend
or postpone the due date of the monthly ins~allmcnts rcferrcd to in paragraphs 1 and 2 h~reof or change the amount of
:uch installments.
10. eorrowcr Not Rekased. Extension of the time for payment or modification of amortization of the sums secured
by Ihis Martgage granted by I.ender to any cuccecsor in intcrect of Borrower chall not operate to release, in any manner.
the liability of the, original Borrower and Borrower i successors in interest. l.ender shall not be required ta commerxe
proceedings against such successor or refuce to ertend time for payment or otherwise modify amortization of thr v~ms
secured by this Mortgage by reason of an~~ demand made by the oriQinal Borrower and Borrowers succescors in interect.
1l. Rorbearance by I.ender Not a Waive~. Any forhearancc h~• 1_cnder in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not tK a waiver of or preclude the exercise of any such right .or remedy.
The procurement of insurance or the paymen~ of taxec or other liens or charges by I.ender shall not be a waiver af Lender's
right ta aecelerate the maturity of the indebtednecc cecured hy thic Mongage.
12. Remedies Cnmulati~e. All remeclies provided in this Mortgage are distinct artd cumulative to any othe~ right or
remedy under this Mortgage or afforded tiy law or equity, and may he exercised concurrently, independently or successively.
' 13. Sacceswrs and Assi~ns Bound:.Joint and Serersl I.iaMlity; Captb~u. The covenants and agreements hercin
contained shall bind, and the rights hereunder shall inure to. the rcspective successors and assigns of Lender at~d Borrower.
subject to the provisions of paragraph 17 hercof. All cavenants and agreements of Borrower shall be joiry and several.
'Il~e captions and headings of the paraeraphc ~f this Mortgage are for convenience only and are not to he used to
interpret or define the provisions hereof. -
14. Notice. Excepi_.fQC aay notire rcyuired under applicable law to be given in another manner, (a) any notice to
• Borrower pruvided for in this Mortgaee ehall he given by mailing such notice by certified mail addressed to Borrower at
the Praperty Address or at such alhcr address as Bormwer mav designate by notice to t.ender as provided herein. and •
(b) any notice to tender shall he givcn by certificd mail. retum receipt requested. to l.enders address stated herein or to
such other address as Lender may desienate by n~tire to Bormwer as provided herein. Any notice pmvided for in this
' Mortgage shall be deemed to have becn gi~•cn to B~rmv?•er or i_ender when given in the manner designated herein. .
15. Uniform Mori~~e: Governin~ Iaw•; Serrrobilit~•. •This form of mortgage combines uniform covenants for ~ational
use and non-uniform covenant~ with limited ~~ariations b~ jurisdiction to constitute a uniform security instrument covering
rea) property. This Mortgage shall be governed bv the law~ of the jurisdiction in which the Property is located. In the
event that any provision or claute of thic Mortg~ee or ~he Note conflicts w~ith applicable law, such conflict shall not afTect
f other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
I end the provicions bf thc Mortgage and the Notc arc ~leclared to be seve~able.
16. Borrower'S Copy. Borro~+~er shall tx: furniched a conformed copy of the Note and of this Mortgage ai the time
of execution or after recordation hereof.
17. Transfer of tht Property; A~sumption. lf all ur an}• part of the Property or an interest therein ic sold or transferred
by Borrower without Lender's pri~r writ~rn cunsent. excluding (al the creation of a lien or encumbrance subordinate to
Zhis Mortgage. (b) the creat~on of a purchaa; m~~nev ~ecurily~ interest for household appliances, fc) a transfer hy devise. .
descent or by operation of law• upon thc dcath of a j~.im tenant or (J? the grant of any leasehold imerest of thrcc }~cars or less
not containing an option to purchase. [.ender ma~, at I.ender s option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have Nai~•ed such option to accelerate if, prior to the ~ale ar transfer. [_ender
and the person to whom the Propertp i~ be :ol.l or trans(errcd reach agreement _in writing that the credi) of such person
is satisfactory to Lender and that the interc,~ pa~•able on the sums securcd by this 1Vlortgage shall be at such rare ac 1_ender
shall request. If I_ender has waived the option to accelerate provided in this paragraph ll, and if Borroweri successor in
interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all.
obligations under this Mortgage and the Note. •
If Lender exereises such option to accelerate, t.ende~ chall mail Borrower notiee of acceleration in accordancr ~~~~h
paragraph 14 hereof_ Such notice shall provide a pericxl 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 ~uch peri~xl.
Lender may, without further notice or demand an Korrower, invoke any remedies permitted by paragraph 1R hereof.
NoN-UrnFORUt CoveN~NTS. Borrower and I_ender further covenant and agree as follows:
18. Acceler~ioe; Remedks. E:cept as pmvided in para~raph 17 henof. upon Sorrow~er's breach of aay coveaant or
agreemeot of Borrower in this Mortga~c, includin~ the eorenants to pay when due sny sams stcared by this Mortgsge. I.ender
prior to accekration shall mail notice to Borrower as provWed in paragnph 14 hereof specifyiua: (1) t6e bresch:l2) ~he aNion
reqnired to cnre soc6 breach; (3) s date, not less than 30 days from the date t6e notice is maikd to Borror?er. by whkh wcb
breac6 must be corsd; aad (4) thst failure to curc such breach o0 or before tbe d~Ne specified in the notke msy result in
sccderation of the sams secored by this MortgaRe, foncfosun by judicial proceedi~ snd ssk of the Pwperty. The notice
shall further inform Borrower of the right to reinstate after accekrstbn and the rq~bt to zssert in the foreclosers peoceedinL
t6e oon-existence ot a default or aoy uther defense of Borrower to accekration and forecbsnre. !f the bnach ~S not cured oe •
or beforc the date speciGed iw the notice. Lender at [.ender's option may declare a8 of the soms secnred by this Mort~a~e to be -
immediately due and payable without Eurther demand and may forcclose this Morlga~e by judicial proceedi~. I.eoder chall
be eatided to colleet in sne6 pmceedi~ all e:penses nf foreclosuro. including, but not linuted to. rcasoasbk att•,rney's fees.
and costs of documeatary evidence, abstrsctc and titk reports.
l9. Dorrower's Ri~bt to Rei~t~e. No~w•ithstanding I_ender's acceleration of the sums secured by this M~rtgage,
Borrower shall have the right to have any proceedings hc~un ~y l.ender to enforce this Mortgage discontinued at an}• time
BGOK JO,1 FACE
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