HomeMy WebLinkAbout0287 Lender's written agreeme~t or applicable law. Borrower shall psy the amount of all moKgsge iRswancx prcmiuros ia ih~
ma~ner provided under paragraph 2 heroot.
Any amounts disburud by Lendcr pursua~t to thu parag~aph 7, with ~interest thereon, shall become additional :
indebtedness of Borrower securcd by this Mortgage. Unleu Borrower anJ I_enJer agree to othe~ ternu of payment. such {
amounis shall be payable upon natice from Lender to Bormwer rcquesting payment thercof, and shall bear inte~est frotn the ;
date of d~burxment at the rate payable from time to time o0 out:tanding priocip~l under the Nbte unless psyment of ~
interest at such rate would be contrary to applicable law, io which evenE such amounts shall bear interest at the highest rate
permissibk under applicable law. Nothi~g contained in this paragraph 7 shall rcquire Lc~der to incur any expense or take f
any action hercuader.
8. Iospecda~. Lender may make or cauu to be made rcasonable entries upon and inspections of the Property, providtd
that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor relatod to Lender's
interest in the Property. ` ~
9. Coodemaatba. The prceeeds of any award or claim for~damagea. direct or consequential, in connection with any
condemnation or other taking of the Property. or paM thereof, or for conveyance in lieu of condemnation, are hertby assigned
and shall be paid to I.ender. i
in th~ event of a tatal taking of the Propeny, ths proceeds shall be applied to the sums securod by this Mongage. ;
with the excess, if any, paid to Bonowe~. in the cvent of a pa~tial taking of the Property, u~less BoROwer and Lender i
otherwise agroe in writing. there shall be applied to the sums secured by~ this Mongage such proportion of the proceeds i
as is equal to that proportion which the amount of the sums securcd by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prio~ to the date of taking, wi~h the balance of the procads
paid to Borrower. ~
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otfen to make
an award or settle u claim for damages, Borrower fails to respond to Lender within 30 days after the dat~ such notice is ~
mailcd. Lender is suthorized to collect and apply the proceeds, at Lender's option, either_to restoration or repair of the
Property or to the sums securcd by this Mortgage. _
Unless Lender and Borrower othenvise agree in writing, any such applicatio~ of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in pangraphs 1 and 2 hereof or change the amount of
such installments. -
10. Borrower No! Released. Extension of the time for payment or moditication of amortization of the sums secured ~
by this Mongage granted by Lender to any-successor= in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrower's s~kcessors in interat_ Lender shall ~ot be required to rnmmence z
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization- of the sums }
secured by this Mortgage by reason of any demand made by the oriqinal Borrowe~ and Borrower's successors in interest. f
I1. Forbeannce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or '
othenvise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. ~
The procurement of insurance or the payment of taxes or other liens or charges by Lender shatl not be a waive~ of I.ender's ,
right to accelerate the maturity of the indebtedness secured 6y this Mortgage: ~
12. Remedks Comuiatlve. All remedia provided in this Mortgage an distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrontly. independently or successively. ~
13. Successors aad Assi~as Bound; Joint smd Seve?al i.iability; Captbns. "11~e covenants and agreements hcrein f
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower. A
subject to the provisions of paragraph 17 hercof_ All covenants and agreements of Borrower shal) be joint and several. ~
'ilk captions and headings of the paragraphs of this Mortgage arc ~ for convenience only and are not to be used to £
interpret or define the provisions hereof. '
14. Notice. Bxcept for any notice required under 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 certified mail addressed to Borrower at ~
the Property Address or at such other address as Bormwer may designate by notice_to Lender as provided heroin, and i
(b) any notice to Lendtr shall be given by certified mail, return receipt requested. to i.ender s address stated herein or to ~
such other address as Lender may designate by notice to Bormwer as provided h~rein. Any notice provided for in this
Mongage shap be deemed to have been given to Borrower or Lender when given in the manner designated herein.
lS. Uniform Mortgage: Govemin~ Law; Severability. This form of mortgage combines uniform covenants foa national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ,
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the ;
I' event that any provision or clause of this Mortgage or the Note conflicts a•ith applicable law, such conflict shall not atfect
k other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and ~to this :
; end the provisions of the Mortgage and the Note are declared to be severable. s
16. Eorrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time _
E of execution or after recordation hereof:
~ 17. Transfer of the Property: Assumptioa. If all or any part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender 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 intertst for household apaliances, (c) a ttansfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat 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 payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer, I.ender ;
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payablc on the sums secured by this Mortgage shaU be at such rate as Lender
shall request. 1f Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower
s successor- in E
interest has executed a written aasumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note. ~
Tf Lender exercises such option to accelerate. Lender shall mail Bonower notice of acceleration in accordance with _
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 such sums prior to the expiration of such period.
~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
a
~ Nox-Ux~FORr?t CovErr,?rrrs. Borrower and Lender further covenant and agree as follows:
~ 18. Aceeleratioe; Remedks. F.a~cept as provided In pan~rap6 17 hereof. npon Borroaer's breach of say co~~m~°t °r
~
° agreement of Eorrower tn tbis Mortss=e, iododi~ tLe coveoaats to pay w6en d~e say sams secored by tbis Morti~K~+
~ prior to accelecaHoa s6a8 ma~ notke to Borw~ver as provided iw parasraph 14 hereof ~peceifyiuss (1) tLe breach; (2) tbe aetioo
reqnlred to cnre soch breac6; (3) a date, not less than 30 days fmm the dste t1~e nMice is maikd to Eomower. b7' wtik~ we6 fi
~ breacl~ mmt be csred; md (4~ tIllt ~Df! t0 CD(! ~ICII L~lSCII OII Or ~Ol~! NI! ~!a I9 NI! OMIt! wf~ ~~Y -
~ aad s~le of t6e Property. '!be sotice ;I
~ acceknuion ot t6e wms secored by tLis Mort`s6e, toreclowrr by jadic~al proceedtoL ~
slaU tnrt~er intorm Borr~ower of the rigM to refestate sEfer accekatba and tbe ri~6t to aMert i~ tbe foralowre procee~i~
~ tbe noa-esi~teoce of s deEanlt .or any M6er detense of Borrower to scceleratbe and foreciowre. It tbe breach is sM eered oe
~ or before tbe date speci&d io t6e notke, Lender at Leade~'s option may declars aq ot ll~e mms ~ectred 6'Y d~M Mo~f~e b be
~ immedhtdy dne ~nd p~yable without further demsnd aad msy ferecloie tbb Mor~a`e by jodkid proceedfo~. Leader ~6a11
be entftkd to cdlect is s~c6 proceedi~ a~ e~entes ot foreclosnrs. inclndiu~, bot sot dedted t0. *woa~6k dtorse~'s tses.
~d cosb of docame~tsry e~ldeoce, abdrscts aad tiNe reporls.
19. Borrower's Ri`6t to Reimdste. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
Borrower ahall have the right to have any proceedings begun by Lender to enforce this Mortgagt discontinued at any time
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