HomeMy WebLinkAbout0105 l.ender's written agreement or applirable law. Borrower shali pay the amuunt of all mortgage insurance premiums in the '
manner pravided under paragraph 2 hercof.
Any amounts disburxd by Lendcr pursuant to this paragraph 7, with intercst thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower anJ I_ender agree to other terms of payment, such
amounts shall be payable upon notice from l.ender to Borrowe~ requesting payment theieof, and shall bear interest from the
date of disbursement at the rate payahle from time to lime on outstanding principal under the Note unless payment of
intercst at such rate would be co~trary to applicable law, in which event such amounts shal) bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder. ~
8. taspeetioa. Lender may make or cause to be made reasonable entries upon and i~spections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's
interest in the Property.
9. Coademnatbn. The proceeds of any award ar claim for damag~s, direct or conuquential, in connection with any
condemnation or other taking of the Property, or part thereof, or for co~veyance in lieu of condemnation, are hercby assigned
and shall be paid to Lender.
In the event of a total taking of ihe Property, the proceeds shall be applied to tht sums securcd by this Mortgage.
w•ith the ercess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ender
otherwise agrce in writing. therc shall be applied tc? the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of ~aking, with tht balance of the procetds
paid to Borrower.
If the Property is abandoned by Borrower, or if. aFter notice by Lender to Borrower that the condcmnor offers to make
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
maited, Lender is authorized to collect and apply the procteds, at I_ender's option. either to restoration or repair of the
Propeny or to the sums secured by this Mortgage.
Unlas Lender and Borrov?er otherwise agree in vvriting, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Releaced. Extension of the time for payment or modification of amortization ~of the sums securcd
by this Mortgage granted by Lende~ to any successor in interest of Borrower shall not operate tn release, in any manner.
the liability of the origina) Borrow~er and Borrowe~ s successors in interest. Lender shall not be required to commence
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 original Borrower and Borrower s saccessors in interest.
11. Forbeannce by Lender Not a Waiver. Any forbearance b}• I_ender in exercising any right or remedy hereunder, or
o~henvise afiorded 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 shaq not be a waiver of Lender's
right to accelerate the maturiry of the indebtedness secured hy this Mortgage.
l2. Remedits CumulaNre. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law er equity, and may be exercised concurrently, independently or successively.
13. Successors and Assigos Bound; Joint and Se~~eral i.iability; CapHons. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inare to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and ag~eements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required ander applicable ]aw 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 addresc as Borrower may designate by notice to I.ender as provided herein, aod
(b) anp notice to Lender shal) be given by certified mail, retum receipt requested. to t.ender s address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
j :~iortgage shall be deemed to ha~~e been given to Borrower or lxnder when given in the manner designated herein.
~ 15. Uniform Mortgage; GoverninR Law; Se~•erability. This form of mortgage combines uniform covenants for national
i use and non-uniform covenants with limited ~~ariations by jurisdiction to constitute a uniform security instrument covering
' real propeny. This Mortgage shall be governed h,y the law of the jurisdiction in which the Property is located. in the
~ event that any provision or clause of thit Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given ePFect without the conflicting provision, and to this
end the provisions of the Mortgage and the ~ote are declared to be severable.
16. Borrower's Copy. Borrow~er shall be furni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof_
17. Transfer of the Property: Assumption. If all or an} part of the Property or an interest therein is sold or transferred
= by Borrow~er without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
s this Mortgage. (b) the creation of a purchase money security interest for household appliances, fc) a transfer by devise,
`s descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest 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 transfer. L.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 pa}~able on the sums secured by this Mortgage shall be at such rate as Lender
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~ shall nquest_ If t.ender has waived the optiore to accelerate provided in this paragraph 17, and if Borrower's successor in
~ interest hac executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
; obligations under this Mortgage and the Note.
~ ?f I_ender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a perind of not less than 30 days from the date the notice is mailed within
- w•hich Borrower may pay the sums declared due. If BorroKer 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.
Nox-UxtFOtet?t Covenr~x7s. Borrower and Lender further covenant and agree as follows:
s 18. Accelerstioa; Remedies. E:cept as pwvided in ps~raph 17 hereof, npon Borrovrer's breacb of any covenant or
agreemeat of Borrower in t6is Mortgage, including tbe covenaats to pay when due any sums secared by t6k Mortgsge, Lender
prior lo accekratfon shall mail notlce to Bormwer as provlded in paragraph 14 hereof specifyina: (1) the breacb; (2) t6e action
requirrd fo core smb breacb; (3) a date, not less thaa 30 days from the date the notice b maikd to Borrower, by wbic6 suc6
' breacb mm~t be cnred; aad (4) that failure to cure sach b~each on or before tbe date specified in t6e notice may resdt in
accekatfon of t6e snnn secund by th~s Mortgaae. foreciowre by jndicial proceedin= sod sak of the Property. 'il~e notice
shall further inform Borrower of the right to reinstate after accekration and the risbt to s~sert ia tLe foreclowre~ pr~oceedie~
We ooa-ezisteoce of a defauk or any other defense of Barroner to sccelentbn a~d foreclo~urc. lf t6e brescb k oot rnred on
' or before the dtte specified in the ratke, Lender at Lende~s option may declare all of the soms secnred by tbit Mottgate b be
~ immediately doe aad payabk rritbout further demaod and msy foncbse thls Mortgn`e by judkial proceedi~. i.ender s6a11
~ be enHtkd to collect in snch proceediag ap espeases ot forecbsnrc. including. but not limited to, rcasonable sttorney's taa,
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and costs of documeatary evidence, abstracts and tjtk roports.
19. Bormwer's Ri661 to Reiostate. Notwithstanding Lender's accelerat~on of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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