HomeMy WebLinkAbout0796 Lender's written agreement or applicabb low. Borrowe~ shali pay the amount of aU mortgage i~surance premilr~ in the
ma~ne~ providcd under paraa~aph 2 he~eof.
Any amaunts disbuned by [.eode~ pursuant to tha parag~aph 7, with inte~est lhereon, shall become additional
i~debledness of 8orrower secut~ed by lhis Mongage. Unless Borrower and Lender agree to other terms of payment. such
artwonts shall be payabk upoo nnlice f~om I.ender to Borrower reques~i~g payment thereot, and shall bear interat from the
date of disbursement at the rate payahk trom timc t~ time an outatanding principal uode~ the Note unless payment of
ioterest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hiahest rate
permissibk under applicabk law. Nothing contained in this paragraph 7 shall require [.e~de~ to incur any expe~e or take
any actioo hcreuader.
S. I~speefiow. Lender may mcike or rause ta be made reaso~abk eotriec upon and inspections of the Ptoperty. pro~ided
that I.ender shall give BaRavrer notice prior ta any such inspection specifyi~g rcasonabk cause therefor related to Lender's
interest in the Property.
9. Cwdemsatbs. 'ihe proceeds of any awar~i o~ claim tor damages, direct o~ conseqiiential, in connoctioo with any
condemnation or ather laking ot the PropeAy. or pa~t tl~ereof, ar for conveyance in lieu of condemnation, are hereby usig~ed
and s:ialt bc paid to Lender. '
In the evpnt of a totdl taking of the Property. the pro~.~etds ~hall be applied to the sums securcd by this Mo~tgage,
with the excess, if any, paid to Borrower. ln the event of a partial taking af the Property, unless Borrower and Lender
otherwise a6ra in writing. therc shall be applied to the_ sums secured• hy thit Mortgage such proportion of the prnceeds
as is equal to th~t proporiion K•hich Ihe amount of the sumc secured by this Mortgage immediately priar to the date of
taking bean to the fair market value of the Pmpeny Emmediately prior to the date of taking, with the balance of the proceeds
paid to Horrower.
if the Property is abandonecl by Bor: ower. or if. after notice by i.ender ta Bormwer that the condemnor otie~s to make
an award or settk a claim for damages, B~~rrower fail. to resaond ta i_ender within 30 days after the date such notice is
mailed. i.e~der is authorized to collect and apply ~he prcxeeds. at 1_ender c option, either to restoration or rtpair of the
YroFeny or to the sums secured b~• this M~ngage. ,
tJnlrss l.en!ier and BormW~er othervvice agree in writine. any ~ilch application of proceeds to principal shall not extend
or postpone the due date of the monlhly installmcnts rcferred ta in paragraphs 1 and 2 hereof or change the amount of
sucfi installment:.
10. B~nower Not Rekased. Extencion of thc time for payment or modification of amartization of the-sams securcd
by this Mortgage granted by I.e~Jer to am ~uccecsor in intere~t af Borrower chall not ope~ate to release. in any manner, .
the liability of the original Borcower and Bc~rrower'c si~ccesu~rs in interest_ Lender xhall not be required to commence '
proccedings against wch successor or refuse to e<tend time for payment or othenvise modify amortizat~on of the wms
secured by this Mortgage by reason of a~y demand made by the oriQinal Borrow•er and Borrow•er s successors in interest.
U. Forbearance .6y Lender Not a Walver. Any forhearanrc h~• Lcreder in c~ercising any right or remedy hereunder, or
othenvise afiorded by applicable law. shall not he a waiver of or preclude the exercise of an}~ such right ar remedy.
The procurement of insurance or the payment of taxes or other liens ar charges !+y l_ender shall not he a waiver of Lender's
right to accelerate Ihe maturity of the indehtedness cccored h}~ this Alortgage.
12. Remedies Cmm~latire. All remcdies pro~~ided in this Mortgage are distinct and cumulative to an~ olher right or
remecly under this Mortgage or afforded hy law or equity, and may be exerciud concurrently. independently or successivzly.
' 13. S~cceswrs aod AssiRas Eound: ,]oint and Se.•enl i.iab~'lity; Captions. The cove~ants and agreements herein
contained shall bind, and the riRhts hereunder shall inurc to. the respective successors and assigns of Lender a[?d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
The captions and lxadings of the paragraph~ ~f thic Mortgage are for convenie~ce only and are not to be used to ~
interpret or define the provisions hermf.
14. Notke. Except for any notice reyuired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in thic Mortga¢e shall be gir•en hy mailing such notice by certified mail addresud to Bor~ower at
the Properly Address or at such other a~klress as Borrower ma~• designate by notice to i.ender as provided #~erein, and
(b) any notice to Lender shali he gi~•cn by certificd mail, return receipt requested. to I_enderc addrecs stated herein or to
such oth~r address as Lender ma~ decignate b~• n~tice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be dcemed to havc t+ecn gi~•en to Bnrm~~er ur l.cnder when given in the manner designated herein.
15. Unifonn Mott~a~c: Governin~ Law; Sc~~erabilit~•. This (orm of :nortgage combines uniform covenants for national
i use and ncxi-uniforrn a~venanis with limited variations by jurisdiction to constitute a uniform security instrument covering
~ real propeny. This Mortgage shall be governed h~• ~he lavv of the juriuliction in which the Property is located. In the
~ event that any provision or clause of thic Mortg:.ee ~r the Note conflicts a~ith applicabte law, such cunflict shal) not affeM
f other provisions of this Mortgage or the Natc which can be given efTect wi~hout the conflicting provicion, and to t~is ,
~ end the provisions of the Mnrtgage and the Note arc ~leclared to he severable.
16. Eorrower's Copy. Borrower shall t+c furni~hed a conformed cop~ of the Note and of this Mortgage at the time
' of execution or aher rec~rdation hereot_
~ 17. Traasfer of tbe Pmpevtv: Ascumplion. If all or an}• part of Ihe Property or an interest therein ix sold or transferred
~ by Borrower without Lender's prior wrincn roncem. e~cluding (al the creation of a lien or encumbrance sutwrdinate to
~ this Martgage. (b1 the creaticxi of a purch~ce m~~ne~• cecurity mterest for household appliances. (c) a transfer M• devise.
descent or by operation of law upon the eka~h o( a i~~~nt tenant or (d? the grant of any leasehold interest of thr~~: ycars or less
not containing an option to purchase, Lender may. ~at t_ender'~ option, declare. all the sums secured by this Mortgage to be
immediaCel~• du~ and payable. [.ender shall ha~•e Na~~•ed wch oplion to accelerate if, prior to the cale or transfer. I_enJer
and the person to whom the Property i: t~~ be .ol.l ~.r tranaferrcd reach agreement in writing that the credit of wch percon
is satisfactory to Lencier and that the interr~t pa~•able on the sums secured b)• this Mortgage shall be at such rate a~ I.ender
shall rcquest. ~f l.ender has waived the option to accelerate provided in this paragraph 17. and if Borrower ~ successor in
interest has executed a writlen assump[ion agreement accepted in writing by l.ender, Lender shall releace Borrower ~rom all
~ obligalions under this Mortgage and the Note. ~
If Lender exercises s~~ch option t~ accelerate,~ Lender ~hall mail Borrower notice of acceleration in accordancc ~th
paragraph 14 hereof. Such notice shall provide a perii~d of not lesa than 30 days from the date the notice is mailed w~ith~n
which Borrowe~ may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of cuch pene.d.
~ Lender may, without further notice or ciemand on 13orrower. invoke any remedies permitted hy paragraph 1R hereaf.
' NoN-UNtFOatit Cove~v~rrrs. Borrower and l.ender funher covenant and agree as foUows:
~ eorrowe~s bresch ot aoy co~esant or
~ l8. Accekratioe; Remedks. E:cep as provided ia para~raph 17 bereot. epoe
~
~ a6reea~eat of Borrower in t6is Mortgage, iecludin~ tbe corenanfs b psy whe~ due any wms secercd by this Moti~a~e. i,eader
~ prior to accekntbn s6a11 saail notice to aorrower as provided ia pan~raph 14 hereof specN~: (1) tbe breacb;121 the sction
~ required to c~re soc~ breacM;13) a date. not kss 16an 30 days from tbe date t6e aotke is auiled to Eorrower. by which sucA
~ bresch rnrst be carcd; a~d (4) Ihat failure to cnn such breach oa or before tbe date spec~'ied ia thc notice mav recdt ia
~ accdecatioo of tbc snms secuted by tbis Mort~sge. toreclosure by judicfal pcoceedi~ aad sale of tAe Property. 'il~e notiee .
~ shall fn~tber inform Borrower of~the riRl~t to reinstste after sccekrsKon and the ri~ht to sssert ie the foreclos~re proceed~
tbe non-existence of a defa~lt or aoy other defense of Borrowcr to accekntioa and forecbwre. If t6e breach ~S not cnnd oa
~ or before the dste speciRed ia tbe notice. I.ender at t.rnder's optan msy declare aq of tbe snms secored by this MortRq~e to be
~ uamediatdy dne ard parsble withoet furiher dem~nd ~nd mav foreclose this Morl~a~e by judicial procecdin~• Lendrr shall
~ be eotitled to colket i~ such proceedin~ aH e:penses ~~f forecbsure. iacludiu=. brt sot ~mited to. reasonsbk attnrne:'s fees.
aad costs of wrc.:~aentaq evideace. abstrscts snd titk reports.
19. dorrowa's Ri`bt to Reinstate. Notw~ithstandmg ,I.ender s accderation of the sums securcd by thr M.~rtgage.
Borrower shal) have the right to have any procecdmc~ heFun ~y Lender to enforce this Mortgaqc discontinued at an}• time
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