HomeMy WebLinkAbout0472 Lender's writts~ agreement or spplicabb law. Borrower shali psy the smount of all mortgage insurance p~+emiumt in tbe
, manncr provided under paragnph 2 hereot.
Any amounts disMirsed by l.ender pursuant to thia paragrsph 7. with inte~esl thereon. shall become additior~al
indeb~odness ot Bonower securcd by ~his Mortgage. Unl~s Borrowe~ and Le~der ag~+oe to other ternu of paymen~ such '
amounts shall b~ payabk upw~ nc~ice from i.ender to Bomowe~ rcquesting payment thereof, and shall bear intercst from the 3
date of disburscment at the ratc payabk from time to time on outstanding p~incipal uoder the Note unless ~ayrt~a~t of
interest at such rate would be contrary to applicable law, i~ which event such amounts shal) bear i~terest at the hiahest r'~te
permissibk under applicabk law. Nathing cantained in this paragnph 7 shall roquire Lender to incur any eapense or talce ~
any action hereunder.
S. laspeetio~. Lender may make o~ cause to be made reasonabk entries upon and inspections oF the Property. pm~?ided '
that l.ender shall give Botrawer notK~e prior to any such inspection spocifying reasonabk cause therefor nlated to Leoder's
inte~est in the Property.
9. Cosdemaatbw. The proceeds of any award ar claim for damages, dircct or consequential. in connection with any
condemnatio~ or other taking of the Property, or pa~t thennf, or for conveyance in lieu of condemnation. aro he~eby assigned
and s~~all be paid to i.ende~. a
In the event of a total taking of the Properry, the prcx-eeds ~hall be applied to the sums secorcd by this Mortgage, ;
with the exc~ss, if any, paid to Borrower. 1n the event of a partial taking of the Property. unless Borrowe~ and Lender
ahervvise agree in writinR. therc shall be applied to ~he sums secured by this Mortgage such proportion of the proaeds (
as is oqual to that proporiion v?hich the amaint ~f the sumc secured by this Mortga~ee immtdistely prior to the date of
taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the pmceeds
paid to Borrower. ~
tf tht Property is ahandoned by Bo~:ower. ar if. after no~ice by i.ender to Bormwer that the condemnor otfecs to malte ~
an award ar stttle a claim for damages, Bormwer fails to respond to Lender within ~0 days after the date such notice is ;
~mailed. I.ender is authorized to collect and apply the proceeds, at t_ender's option, eithtr to restontion or repair of the a
Property or to the sums secured by this M~rtgage_ ~
Unless l_ender and Borrower oihenvice agree in w•ritinc. any such application of proceeds to principal shal) twt extend s
o~ postpone the due date of the monthly i~stallments referrcd to in paragraphs 1 and 2 hereof or change the amount of
such installments. ;
10. EoROKe~ Not Rekased. Exten~ian of the time for payment or modification of amortization of ihe sums socurcd ~
by this Mortgage granted by t_enJer to any cuccetsc~r in interest of Borrower shall not ope~ate to release. in any manner. ~
tht l:abifiiy o! thc o~ iginai Borrowcr antt 8nrrowct c SiiCiC33fiiS in inttresi. Lea~tr shal! nui tx rrquised i~ rommerzce
proceedings against such successor or refuce to extend time for payment or otherw~ise modify amortization of thr ~ums
secured by this Mortgage by reason of any demand made b~• the ori¢inal Borrower and Borrower s successors in intercst. •
11. Forbearance by I.ende~ Nof a Wdver. Any fc+rt~earanre by 1_ender in exercising any right or remedy hereunder, or :
othen~?ix afiorded by applicabk law. shall not be a waiver o( or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment af tares or other liens or charges by I.ender shal) not be a waiver of Lender's
right to accelerate the maturiry of the indehtednecs secured hy this Mortgage. ~
12. Remedies Cumulati~e. All remedies pro.~ided in this Mortgage are distinct and cumulative to any other right or :
rcmeJy under this Mortgage or atiordeJ by law or equity, and may be exercised concurrently, independently or successively. '
~ 13. Successors aad A~as dound; .loint and Sereral i.wM'Uty; Captbas. The covenants and agreemen;s h~rein ~
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender ~at~d Bornower. ,
subject to the provisionc of paragraph 17 hereof_ All covenants and agreements of Borrower shall be joirt~ and several. °
'il~e captions and headings of the paragraphc of thic Morigage are for convenience only and are not to be ased to
interpret or define the provisions hereof.
14. Notke. Except for any notice reyuired unck~ applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given hy mailing such notice by certified mail addressed to Borrower at
the PropeRy Address or at such ather ~ddress as Borrow•er may detignate by ~otice to T_ender as providcd herein, and 3
(bl any notice to Lender shall he given by cenified mail. return rcceipt requested. ta l.ender s address stated hercin or to
such other address as Lender may decignate b~~ notice to Bormwer as provided herein_ Any notice pmvided for in this
Mortgage shall be deemed to ha~•c l+een gi~•en to Bc+rrow•er c~r Lender when given in the manner designatcd hercin.
15. Uaiform MortRa~e: Govemia~ IaN; Se.~erabilit~. This (orm of mortgage combines uniform covenants for national
use and non-uniform co~~enants with IimiteJ variationc bv jurisdiction to constitute a uniform security instrument covering
real propeny. This Mortgage shall be governed h~ the law~ of the jurisdiction in which the Property is located. In the
event that any proviseon or cla:ise af thi~ Mortgage or the Note conflicts w~ith applicabk law, such conflict shall not affect
Ij other provisions of this Mortgage or the N~.tc which can be given efTect wilhout the conflicting provision. and to this
j end the provisions of the Morfgagc and the 'Votc arc dcrlared to be severable.
16. Bormwer's Copy. Borrower shall l+c furni~hed a rnnformed cop~- of the Note and of this Mortgage at the time
; of execution or after recordation hereof. ;
~ 17. Traasfer of the Propertv: Assump~ion. If all or an~~ part of the Property or an interest therein is sold or transferred ~
j by Borrower without Lender's prior wrincn con~ent. excluding (al the creation of a lien or encumbrance subordinate to
E this Mortgage. (b) the creat~on of a purrh~cc mane~• cecurit~• interest for household appliances. (e) a transfer h~~ deviu,
z descent or by operation of law upon Ihe Jea~h of a ja~nt tenant or (d~ the grant of any leasehold interest of thrcc years or less
~ not containing an option to purchase, I_ender may, at l.ender's option, declare all the sums secured by this Mortgage to be
, immediately due ~nd payable. Lender chall ha~e w:~i~~ed such option to accelerate if, prior to the sale or transfer. I_ender
~ and the person to whom ihe Property ic t~~ tx :ol.l ~~r transferrcd reach agreement in writing that the credit of ~uch person
~ is satisfactory to I.encier and that the interc.t payable on the sums secured b} this Mortgage shall be at soch rate aa I.ender
F shall request. [f Lender has waived the option to acceler:~te pmvided in this paragraph 17, and if Borrower's succasor in
interat has executed a written assumption agreement accepted in w•riting by I.ender. Lender shall release Borrower from all
~ obligations under this Mortgage and the Nate.
~ If Lender exercises soch option t~ accelerate. I.enJer chall mail Borrower notiee of aeceleration in accordancc ~th
~ paragraph 14 hereof. Such notice ~hall provide a period of not lesc than 30 days from the date ihe notice is mailed within
~ which Borrower may pay the sums declared due. If Borrower fails ro pay such sums prior to the exPiration of ~uch period,
~ Lender may, without further notice or demand on Borrower. invoke any remcdies permitted hy paragraph 18 hercof.
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NoN-UN~FOrurt CoveNeNTS. • Borrower and Lender further covenant and agrce as follows: ;
~ 18. Accekratioo: Remedks. E:cep as provided in Wr~nph 19 bereof. opoo Eor~+ower's brrscM of aar corenant or ~
i agreemeat of Borrower in this Mort~a~e. [acludi~ tl~e cofenants to psy wbea due any sams secered br thk Mo~tRsRe. I.ender
; prb~ to accelerstbn shall mail aotict to dormv?er ~s provWtd ia para~raph 14 6ereof specKyit~: (1) tbe brescb:/2) tbe actbn j
reqafred to cure soc6 breacb; i3) a d=te. not kss than 30 days from the date the notke is o~ailed to Borrower. br rrbich sncb
bresc6 most be cured; aod (4) that failure to cure such breach on or betore tbe date speci6ed fa the notice may result in
sccderatioe of tbe sums secu~rd by thk Mortgs~e. toreclosure by judkial proceediut and sale of tbe Properry. The notiee
shall further inform Borrower of the ri~bt to reinstate dter accekrstion and tbe right to ~ssert ia ihe forecbsure proceedi~ :
: t6e aoa-existence of s defaok or any Mber defense of Borrower to sccekration and Enreclosure. If the brexb is aot cnred on
or before the dste speciGed ia tbe notice. Lender at [_ender's option may declare aN of tbe son~s secured by this Mort~a~t to be
` immediattly due snd psyabk without furiher dem~nd and may toreclose thts Mort~a~e iry jndkial proceedin~• i.ender chall
; be ~ntitkd to col{ect in sncM proceediu~ sp expenses of foreclosure. includin=. but ~of Wnited to, reasonable att.,rne-r's fea. ;
~ aod cests of ~ioc~~eatary evidence. abscrsca and ~i~k nports. ~
; 19. Eomuwe~'s Ri6ht to Reiostate. Notwiths~a~din~ Lender's accderation of ~he sums securcd by th~~ M.~ngage.
Borrower shall have the right to have an~~ proceedmg~ hcgun ~y I.ender to enforce this Mortgage discontinued at any time ~
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