HomeMy WebLinkAbout0838 l.eader's writtea agroement or applicabk law. Bomower ahall pay the amwiut ot a11 mott~age insuranoe premium~ ia tbe t
maane~ providod unde~ puaaraph 2 heroot.
Any amounts disbuned by i.ender pursuant to thit parag~aph 7. with iate~est theroon. ahall bxome ~dd~twnal
indeb~edneas of. Bonowe~ aecured by this Mongage. Unless Borrower a~d LenJe~ agree to other ternu of paya~eM. such
amounts shall be payabk upoo nMice from l.ender to Borrowe~ requesting payme~t thercof. and shall bear interdt trom the
date of disburaeme~t at the n~te payabk from time to time on aitstandin~ principal und~ the Note unlan paymaat ot
i~terest at such rate would be contrary to applicabk law, in which eveot such amounts shall bear interest at the hi~ rate.
pernniaibk undec applicabk law. Nalhing cootained in this paragraph 9 shall require Lendet to incor any ea~peu~e or take
a~y action hereunder.
i
S. I~speclio~. Lende~ may make or cause to be made rcaso~abk eotiies upon and inspeclions of the Property. p~dod
that Londe~ shall give BoROwer ndK~e prior ta any such inspectioo specifyina reaso~abk cause therefor related to La~de~'s ;
interest in the Property. • ~
9. Co~deswstio~. The praceeds of any award or claim fo~ damaga, direct or rnnsequential. in rn~nection with any
condemnation o~ other taking of the Property, or paA thercof, ar for conveyance in lieu of condcmnatioo. are hereby assi8ned
and shall be paid to Lender.
ln the event of a total taking of the Propehy. the proceeds tha1~ be applied to the sums securod by this Mortgage. ;
with the excess, if any, paid to Bonower. tn the cvem of a partial taking of the Property. unkss BornoM?e~ and Let~de~
aherwise agree in writing. there shall be applied to the sums socurcd by this Mongage such propo~tion of the prooeeds ~
as is ~qual to that propartion v?hich Ihc amount of Ihc sumc secu~ed by this Mortgage immediately prior to 1he datt of
taking bears 2o the fair market value of the Property immediately prior to the date of taking, with the balano~ of the pt+oceed3
paid to Borrower. ~
If the Property is abandoned by Borrower, or if. after notice by l.ender to Borrc~wer ihat the conddn~wr oRers W make !
an award or settle a claim for damages, Borrawer fails to respond to Lender within 30 days after the date such notice is s
maikd. Lernler is authoriud to collect and apply the proceeds, at ixnder's option, either to restoratio~ or repa~r oi the ;
Propeny or to the sums securcd by this Mortgage. t
Unless Lel~der and Borrower othervvice agree in writinF, any such applicatian of proceeds to principal shall not extend ~
w postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of ~
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such installmeats. {
10. Eorro~?er Not Rekssed. F.xtension of thc time for payment or modilication of amortiz~tion of the sums sxured :
uy this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rekase. in any manner. 4
the Iiabilily of the origi~al Borrower and Borrower ~ successors in intertst_ Lender shall not be required to commence '
proccedings against such suecessor or refuse to e~tend time for payme~t or otherwise modify amortiution of the ~~~ms =
se~:ured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. P
11. Forbearaace 6y Leede~ Not a Waiver. Any forbearance by I~nder in exercising any right or remedy hereunder, or
othenvise afiorded by applicable law. shall not be a waiver of or preclude ~ihe exercise of any such right or remedy-
The procurement of insurance or the payment of taxes ar other liens o~ charges by I.ender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedness secured hy this Mortgage. ;
l2. Remedies Cweuhti~e. All remedies pravided in this Mortgage arc distinct and cumulative to any other right or ~
remed under this Mort a e or affordcd h law or equit ~nd ma be exercised concurrently. independently or successively. ~
' 13. Sacce~sors and Assi~os Eound yJoiet aud Severd i'.iaM'lify; Captbm. The covenants and ag~eements hercin ;
contained shall bind, and the riRhts hereunder shall inurc to, the respective successors and assigns of Lender apd Bormwe~- `
subject to the provisions of paragraph 17 hereot. All covenants and agreements of Borrowtir shall be jary and s~veral-
'il~e captions and headings of the -paragraphc of this Mortgage are for convenience only and are not ta be ~atd to ;
interpret or define the provisions hereof.
14. Notice. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice ta }
Borrower provided for in this Mortgaee shall be given hy mailing such notice by certifled mail addressed to Borrower at s
the Property Address or at such dhe~ address as Bormwer may designate by notice to i_ender as provided herein, and }
(b) any notice to Lender shall t~e given hy certifieJ mail. return receipt requested. ~to 1_ender s address stated herein or to ,
such other address az Lernder may designate hy notice to Bormwer as provided herein_ Any notice provided for in this
Mortgage shall be deemed to have been given to &+rrower ar Lender when given in the manner designated herein. •
l5. Uoiform MoN~a~c; Governi~ I.aw: Sererabilitr. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variati~ns hy jorisdiction to constitute a uniform security instrument covering
I ieal 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 thic Mortgagc or the Note conflicts with applicable law, such conflict shall not affect
€ other provisions of this Morigage or the N~te which can be given effect without the conflicting provision, and to this
{ end the provisions of the Mortgage and ihe Note are ikclared to be severable.
j 16. Borrower's Copy. Borrower shall bc furnisheJ a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof. i
17. Trs~fer of tbe Propedy: Assump~ion. 1f all or any part of the Property or an interest therein is sold or transferred
by Borrower without I.ender's prior writtrn consent. excluding (a) the creation of a lien or encumbrance subordinate to i
~ this Mortgage. (b) the creahon of a purchace mone~• ~ecurity interest for household appliances. (c) a transkr by devise.
descent or by uperation of law upon the cieath af a joint tenant or (d) the grant of any leasehold interat of three years or less t
~ not containing an option to purchase, Lender may. at [.ende~ z option, declare all Ihe sums secured by this Mortgage to be ;
immediately due a~d payable_ Lender shall have w~aived u~ch option to accelerate if, prior to ihe cale or transfer. Lender +
and the person to whom ihe Property ic t.~ bc solJ or transferrcd reach agreement in writing that the credit o( wch person c
is satisfactory to Lender and that the inter«t pa}~able on the siims secured by this Mortgage shall be at such rate ac I.ender
shall rcquest. iE 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, 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 accordancr ~~~~~h
~ 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 ihe sums declared due. (f Borcower fails to pay such sums prior to the expiration of ~uch peric~d,
Lender may, without further notice or demand on tiorrower, invoke any remedies perniitted by paragraph 18 hereof.
Nort-UHtFORtK CovENerrrs. Borrower and Cender further covenant and agree as follows: ~
~ 18. Aeeeleratbe; Remedks. E:ccpt as provided ia pa~raph 17 hereof. upon ~orrowe~s breac6 of a~y core~aa! or ~
~ a6reemeat of Borrower fa t6is Mo~sse, lacluding the co~enants fo pay whc~ dnt any soms secsred b7' t6is Mort~ase. I.ender _
~ prior to accekrstba sbaU mail aotlce tn Eomo~rer as provlded ip parssrap6 14 6ereot spccK3~: (1) tbe brescb: (21 the sctiae
~ reqeired to core ~ecb breack: (3) a date, oot las t6an 30 days from t6e dste tbe aotice is aaNed to Sorrower. by. ..Aicb sucb
~ br+eacl~ m~st be c~red: and (4) tb~ failero to cnre soch brescb on or beforc t6e dMe speci6ed is 1Le aotice may result ie
sccekratb~ ot tbe srms xcartd by tbis Mo~s~e. toreclosore ~ jndicisl proceediu= and sde of tbe Pmpertr. The notke
~ ~1 f~Kher iaform Eorrower of the ri`bt to rciastste Jtcr accekrstion aad ttie right to ~ert in t1K foreclosrre ~roceedl~
We non-e:~steoce of a deEaWt or any Mher dctense of Borrower to sccekratioa and forec{osrre• if the bresch is oot ctired oe
~ or betore the date specibed 'm tue notice. Lender at [.ender's optbn mav declue sA of t6e suas secnrcd by tbis Mort~e b be
immediately due and paYsbk ~'~'~ih~ot further dem~nd and may tortclose thEs Mortiate by joakial P~oceed~• i-ender chaU
be e¦titled to cdled in socr proceedinL aY expeoses of foreclosure. iacludia~. bot ~ot Wsited to, reasonable murne r's fees.
aad costs ot docomeatary e~idence, a6strac~s and titk-rcports.
19. Dorrowe~s Ri6bt to Reiastate. Notwithstanding l.ender s acceleration of the sums secured by th~s Mortgage,
Borrower shall have the right to have any proceedings hegun ~+y Lender to enforce this Mongage discontinued at any time i
~ B00!( JO2 F~+,E 838
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