HomeMy WebLinkAbout0630 ~ l.ender's writte~ agrcemcnt or applicabk law. Borrowe~ ahall pay the amount of all moNgage insurana premiums in th~e
manncr provid~d under paragnph 2 hereot.
Any amounts disbursed by I.ende~ pursuant to this paragnph 7, wilh interest thercoo, shal) become additiond
indeblcdness of Bc~~~awcr securcd by Ihis Mong~gc. Uniesc Borrawe~ and l.enJer agrce to olher tertns of paymeot. such
amounts shall be payat?k upcm natict t~om I.ender to Borrower rcquesling payment Ihermf. and shall bear intercst fmm the
date ot disbursemcnt at ihe ntc payablc fram time ta time on oulstandinA p~incipal under ~he Note unkss pa~t ot
interest at such rate would be conirarv to applicabk law, in which evenl such amounts shall lx~r interest at the hi~ rate
permissibk under applicabk law. Nathing contained in this paragraph 7 shall requir+e l.ende~ lo incur any eapeme or ta1~e
any action hereunder.
s. l~ectio~. l.ender may make or cause to be,made rcasonabk entri..-c upoo and inspections of the Praperty. pmvidod
that I_ender shall Rive BciROwer nc~tice prior ta any such inspection speci(yina rcasonabk cause therefor related to I.a~de~'s
intercst in the Property.
9. Cowdemaatbn. The praceeds of any award or claim for damages, dircct or consequenti~l, in rnnnection with any
condemnalion or other taking of the PropeRy, or part thercof, or tor conveyance in lieu ot condemeation, are hereby asti6ned
and :hall be paid to I.ender.
In Ihe event of a total taking of the Propenq, the proceeds chall be applied to the sums stcured by this Morita&e,
with the eacess, if any, paid lo Borrower_ I~ the event of a partial taking af ~he Piroperty, unless Borrower and I.eode~
dherwise agrce in writing. therc shall be applicd to the cums securcd by this Mongage such proportioo of the pt~oceeds
u is equal to that proportian w•hich ~he amot~nt of ~he surnc secured by this Mortgage immediately prior to the date ot
taking bears to the fair market value of tht Propeny immediately prior to the date of taking, with the balanoe of the proceeds
paid to Bomovrer.
if the Property ic ahandoned by Bor:ower. or if. af~er notice by I_ender ta Bormwer that the condemnor oRe~s to maice
an award or settle a claim tor damages. Borrower tail~ to res~ond to l.ender within 30 days after ~the date such notioe is
!naikd, Lend:r ic authorized lo collect and apply the proceeds. at I.ender's option, tither to ratorstio~ or ~+epair of the
Propeny or to the sumx secured by this Morlga~te.
Unless Lender and Borrower olhenwice agree in wril~ng. any such application of proce~ds to principa) shall not exta~d
ur pstpone thc due date of the monthly instatlments rcferred to in pangnphs 1 and 2 hereof or chanae the amount ot
such installments. ~
10. dotrower Not Released. ~xtension of th~ time for payment or modification of amortiution of the wms ~ecured
by this Mortgage granted by I.ender to any cuccecsor in interest of Borrower shall not operate to rekase. in any manner.
the liability of the original Borrower and Borrower's successon in intercst. Lender shall not be rcquircd to commence
proceedings against such succ~ssor or refuse to ertend Iime for psyment or athenvise modify amoNizat~on of the surra
secured by this Mortgage by reason of any demand made by the oriainal Borrower and Borrower's successors in intercst.
ll. Rorbeara~ce by LendK NM s R?siver. Any fort+eannce by Lender in exercising any right or remedy he~+eimder, or
othenvise afforded by applicable law, shall nc?t be a waiver of or prcclude the exercise of any such right or remedy.
The procurcment of insurance or the payment of tazes or other liens or charges by Lender shall not be a waiver of I.tnder'~
right to accelerate the malurity of the indebtedneu ~ecurcd hy this Mortgage.
l2. Rew~cdks Cumnlati~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any othtr right or
~ rcmedy under this Mortgage or sf[orded hy law or equity, and may be exerciscd concurrently. independently or successiv~ly.
' 13. S~cee~on awd Assi~~s Eound: Joia1 swd Se•eral i.isbigry; Capt~oRS. 'Ihe covenants a~d agreeonents hercin
contained shall bind, and the rights hereunder shall inur~ to, the respective succoswrs and assigns of trnder apd Borr+ower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and sevenl.
The captions-and headings of the paragraphc of this Mortgage arc for convenience only and are not to Ke used to
interprct or define the provisions hercof.
l~. Notke. Except for any no~ice rcquired under applicable law to be given in another manner. (a) any notice to
Borrower p~ovided for in this Mortga¢e shall be given by mailing such notice by certifled mail addresced to Borrower at
the Property Address or at such dhcr addresc as Bormwer may designate by notice to i_ender u provided herein, and
(b) any notice to Lendet shall he given hy certified mail. retum rceeipt roquested. to l.enders addras atated hercin or to
' such other addrcss az Lender may dtsignate by rK+tice ta Borrower u provided hercin. Any~ notice provided for ie this
Mortgage :hall be deemed to have been given to Borrower o~ Lender when given in the manner desisnatod herein.
1S. Uaitorm Mort~a~e: Governia~ Law: Severability. This torm of mortgage combina uniform oovenants for nation~l
~ use and ran•uniform cove~ants with limiteci variations by jurisdiction to constitute a uniform security instrument ooverina
! real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located_ In the
; eveot that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affoct
~ other provisions of this Mortgage or the Nc?te which can be given e6ect without the conflicting provision, and to this
~ end the provisions of Ihe Mortgage and the NMe arc declared to be severable.
~ 16. Donowers Copy. Borrower shall bc furni~hed a conformed oop~~ of the Note and of this Mortgage at the time
I of esecution or atter rccordatan hereof.
~ 17. .T~sfer of t4e Properiy: Assumptiow. Tf all or any part of the Property or an interest thercin is sold or transferrcd
~ by Borrower without L.ender's prior writtcn consent_ excluding (al the creation of a lien or encumbtance subordinate to
~ this Mortgsge. (b) the creation of a purchace money security intercst for household appliances, (c) a tnnsfer hy devue,
~ descent or by opention of law upon the death of a joint tenant or (d) the gnnt of any leasehold interest of threc ytars or kss
~ not containing an option to purchase. Lender may. at L~nder's option, declare-all Ihe sums secured by this Mortgaae to be
immediately due and payable. Lender shall have w•aived such option to accelerate it, prior to the cak or transfer. Lender
and the person to whom the Property is ~o be co1J or transferrcd rcach agreement in writins that the crcdit oi cuch percon
~ is satisfactory to Lender and that the interr~t payable on the sums secured by this Mortgage shall be at s~~ch rate ac Lender
shall requat. if Lender has waivod the option to accelerate provided in this paragnph 17, and if Borrower's successor in
~ intera~ hu executed a written assumption agretment accepted in writing by Lender, L.tnder shall rele~se Borrower from all
~ obli~ations under this Mortgaae and the Note.
~ lf Lender exercises such option to accelerate. Lende~ shall mail Borrower notice of accekration in accordanc~ N~iih
~ parajraph 14 hereof. Such notice shall provide a period of not less than 30 days trom the date the notice is mailed within
~ which Borrower may pay the sums doclared due. If Borrower faiis to pay such uims prior to the eapiration of cuch peric~d,
a Lender may, without further notice or demand on Borrower. invoke any remedia pennitted by pananph 18 hereot.
'r'~ •
Nor~r-Ut+tFORwr CoveN~rv'rs. Borrower and Lender funher covenant and aar+a as fdlo~rs:
Is. Accekatio~: Reweaks. E:cept a~ provWcd h ps~ryM 17 bereof, ~=ono~er~ Mrae~ ot aq co~ewt er
~ ~ of dorrower f~ tbk Mort=aee. ~t.a~~ ~ ro.~ ~o P.r a« ..r s~s~ scem~ b Nd~ Mort~a~c. I.ew~er
~ior lo ~ece~o~ tia~ w~Y ~odce to Son+ower as'ro~Ned Iw pra~rapM 1~ ~e~tof ~eelfyi~: (1) fMie 6~ese~: t2i IUe aetio~
- r+e~ire! b cm wc~ bnacM: (3) a L~e. wot la~ traw 3A dsys trus tUe iate t~e wotke Y w~6ei ts ~o~rower. h~ a6feb srci
~r L~
bre~c~ ~rt be c~re~ a~d (4) tMat f~iir~+c b c~u~e arcA bresc~ o~ o~ ~elo~e tbe aale qeeil~ed f~ tUe ~otiee ~asy nsdt h
aeeekratlo~ d t~e wr secrred by Ws Martia~e. tarclos~re b j~dkW ~roeie~Yt ri sde ot tbe ho~crtr. 7Le weRke
sii tr~ier iwfo~ Dorrower ot tYc ri~M to rehMate after secdcratio~ a~ tUe r1~M b areA i~ tre toeecbare ~
tie ~o~-e:We~ce af s detnlt or a~y otl~er ietew~e o~ iorrower to aceekratio~ aw~ toreclowrre. H tbe brcacl~ is ~ot es~ o~
or betore the asle ~ h t~e ~Wice. Lewder st l.e~'s o*tio~ ~ deehre ~ of N~e s~w~ stes~ei ~ fAis Mort~aRe ts be
~ hiwedhhly dre ae~ pYabk witbN i~~fher dtm~nd asd w~ /aetio~t ti~ls Mo~a~t ti j1~IcW ln~tdi~, I.tnder tAtll
~i be e~dei to cdket iw wt~ ~rocteai~ a~ e:peases nf foreciosKe. irchdi~. ~t ~ot li¦iife~ t~, reaw~ablc stvxeer's ftes.
~ ar ~ods d ioe~:.~e~taq? ~+'Wewee+ abst~b n~ titk reprb.
~ 1!. ~oaowa's R~t b Reirtate. Nc~twithsunding ~enders acoekntion of the sums secured by M~s M~rt~e,
~ 8orrower shali have the right to have anr proceedin~s he~un hy Lender to enfora this Monssse diuontinued at any rime
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