HomeMy WebLinkAbout0852 4ender's writtcn agreement or applicabk law. BoROwer ahali pay the amount of all mongage insurance premiums in the
manner provided under paragraph 2 hereof..
Any amounts disburaed by l.enJer pursuant to tha paragraph 7, with interest thercon, shall become additional
indebtedness of Borrower securod by this Mortbage. Unless BoROwer and ~ende~ agree to other tertns of payment. such
amounts shall be paya~le upan naice fram I.ende~ to Borrower requesting payment thercot, and shall bear interest fmm the
date of disbursement at the rate payabk from time to time on aitatanding principal u~der the Note unless payment of ~
intercst at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hiahest nte '
- permiss~bk under applicabk law. Nolhing contained in ihis paragraph 7 shall require Lender to incu~ any expenx or talce
any action hercunder.
S. I~specfio*. I_znder may make or cause to be made rcasonabk entriet upon and inspections of the Property. provided ;
that I.ender shall give Borrawe~ rwtice p~ior to a~y such inspection specifying rcuonabk cause therefor rclated to Lender's {
interest in the Propeny. ~ ~ ~
9. CondemwKoa. The proccedc of any awa~ cir claim for damaqes, direcl or consequential, in connoction with any
condemnation or other taking of the Propeny, ar part tAemot, or for conveya~ce i~ lieu of condemnation, are hereby assigood ~
and s:iall be paid to Lender.
in Ihe event of a total taking of the Pmpehy. Ihe proceeds chall be 3pplied to the sums secured by this Mangage, ~
with the excess, if any, paid ro Bc~rrowe~. In thc cvent of a partial taking of the Property, unless Borrower and Lender ~
otherwise agroe in writinR. there shall t+e applied to the cumc secured b~ this Mongage such proportion of the procoeds ~
as is equal to that proportion v?•hich the amaunt of ~hc sum~ secured by this Mortgage immediately priar to the date of
taking bears to the fair market valuc of the Propcrty immediately prior to the date of taking, with the balance of the pruceeds
paid to Borrower. . ~
If the Property is abando~eJ by Bor:ower. or if. after notice by I.ender to Bormwer that the condemnor offers to make i
an award c~r settle a claim for d~mages. B~~rrower fail. to re+~nd to t.ender within 30 days after the date such notice is t
mailod. Lendtr ic autharized to collect aRd apply the proceeds. at 1_endtr's option, either to restoration or repair of the ~
Propcrty or to the sums secured b~~ this Mortgalte.
Unless !_eoder and Bor~ower othenvice agree in w•rit~ne. any such applicalion of proceeds to principal shall not extend
or Fostpone the due date of the month!y inst~llmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of
~uch inatallments. ~
10. Borrov~er Nof Released. Extcnsion of the time for payment or modification of amortization of the sums secured
hy this Mortgage granted by I_ender ta am~ cuccecsor in intere~t of Borrower chall nM ope~ate to release. in any manner.
the liability of the original Borrow•er and &•rmw~er's successorc in interest. ~ender shall not be required to commence '
pr.~credings against such successar or refase to ertenJ time for payment or othervvise madify amortizat~on of thr ~~~ms }
sec:ured by this Mortgage by reason of an~• demand made b~• the oricinal Borrower and Bormwer s successors in interest.
11. Forbearaace by I.ender Not a Waiver. :1oy fonc~aran~e M• Lender in erercising any right or remedy hereunder, or
otherwise aBorded by applicable law. shall not be a waiver of or preclude the exercise of any such . right or remedy. '
The procurement of insuraoce or the payment of tarec or o~her liens or charges by l.ender shall not he a waiver of Lender s 1
right to accelerate the maturity of the indebtednecs ~ecurrd h~• thic Mortgage. '
12. Remedies Cnmulatire. All remedies pro~•ided in this Mortgage are distinct and cumulative to any ather right or :
remedy under this Mongage ur afforded by law or equity. and may be exercised concurrently, independendy or succecsively.
' 13. Soccessors and Assigas Bouod; .Joint and Se~~eral I.iability; Captions. The covenants and agreemen:s herein
contained shall bind, and the rights hen:under chall inare to. the respective successors and assigns of Lender aod Borrower.
subject to the provisions of paragraph t7 hereof. All covenants and agreements of Borrower shall be joiN and several.
The captions and headings of the paragraph~ ~f thic Mortgage are for convenience only and are not to he oced to
interpret or define the provisions hereof_
14. Notice. Except for any notice rcyuired unckr :?ppticable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgaee shall he given hy mailing such notice by certified mail addressed to Borrow•er at
the Property Address or at cuch othcr adJress as $~~rmw~er may designate by notice to T.ender as provided hercin, and
(h) anv notice to Lender shall he givrn h~ certified mail, return receipt requested. to l.enders address slated herein or to
such other address as Lender may deci¢nate br n~~ice to Bormwer as provided herein. Any notice pmvided for in this :
Mortgage shall be deemed to ha.~c t+ccn ~~vcn to B~rrow~er or l.ender when given in the manner desig~ated herein.
15. Uniform MortRa~e: Governin~ Iaw•; Se~eral?ilil~~. Thic form of mortgage combines imiform covenants for national
use and non-uniform co~•enantc w•ith limited variation~ h~• juricdiction to constitute a uniform security instrument covering
i real property. This Mortgage shall be grnerned h~~ the law• of the jurisdiction in which the Property is located. 1n the
event ~hat any provision or clau~e of thi~ Mong~¢c ~r the ihote conflicts ~~ith applicahle law. such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given effect withoi:t the conflicting provision, and to ihis
end the provisions of Ihc Mortgagc and the '~1ote arc Jerlared to he severable.
€ 16. Borrowe~s Copy. Borrow~er shall fx: furni~hcd a conformed cop}~ of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. Transfer of the Properly: Ascumplion. If all ~.r am• part of the Pmperty or an interes! therein is sold or transferred
~ by Borrower without Lender's prior writ~cn con~ent. e~cluding lal the crcation of a lien or _encumbrance subordinate to
~ this Mortgage. (bl the creation of a purchacc m~~ne.• cecurit~• ~nterest for household appliances. (cl a trancfer h~• devise. f
descent or by operation of law upon the dcath of a ~o~nt tenant or (d? the grant of any leasehold interest of thrce ~•cars or less `
~ not containing an option to purchase. [.ender ma~~. at Lender'~ option, declare all the sums secured by this Mortgage to be i
~ immediately due and payable. Lender shall ha~•e N:+~~•ed such option to accelerate if, prior to the cale or transfer. I.enckr ~
and the person to whom the Property i~ ~u ~x :o1J or trant(erred reach agreement in writing that the credit of ~urh percon ?
~ is satisfactory to Lender and that the iMerr.t pa~~able on the sumt secured by thic Mortgage shall be at soch rate a~ I.ender
shall request. If I_ender has waived the optinn to accelerate provided in this paragraph 17, and if Borrower'~ successor in
interest has executed a wntten assumption aFreement accepied in writing by l.ender. Lender shall relea~e Borrower frbm all
~ obligations under this Mortgage and the Note.
; lf Lender ezercises such option tn acce{erate. I.ender tihall mail Borrow•er notice of acceleration in accordancr ~~h
~ paragraph 14 her~eof. Such notice shall provide a pericxl ~~f not lesc than 30 dayc from the date the notice is mailed w•ithin
~ which Borrower may pay the sums declared due_ I( Borrower fails to pay such sums prior to ~he expiration of such peric~d.
~ Lende~ may, without turther notice or demand on ~rrowe~. invoke any remedia permitted hy paragraph IR hereof.
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NoN-Ux~EORM CoveN~NTS. Borrower and l.ender further covenant and agree as followr.
~ 18. Accekratioa; Remedies. Excep as pro~ided is psraRnph 1'f bereof, rpon dorrower's breac~ of aay co~enant or
~ a~reea~eat of Borrowcr in thk Mortgage. iadudin~ the corenants to psy when due aay wn~.s secured by this Mort~a~e. i.cnder
~ prior to sceekrat?oe shdl mail aotice to dorrower as provided in ps~raph 14 Aereot specif~: (1) tl~e breacb: 12) the sction
~ required to core socb breacb; (3) s dste. not less Iban 30 days from tbe date t6e notke is msikd to Sorrower. by which wch
brESCA mwi be cered: asd (4) tbat failurr lo cure wch breach on or betore t6e date specN'ied is tbe notke may result ia
~ sccelerstioo of t6e wnis secured by this MortRs~e. forrcbsurc by judicial proceedin~ aad sak of tbe Pmperry. 'i?~e notice
~ s6s11 furtber inform Borrower of the ri~ht to rei~state afler sccckration and t6e rq~ht lo asseA in the forecbsure proceediu~ ;
~ the noa-e:isience of a defauM or any other defense of Borrower to acceleratioa and forecbsure. If tlu breach is not cartd oe
~ or before the date speci6ed ia tbe notice. I.ender at l.ende~'s optan mar declare aN of tbe sne~t secnred by this Mort~ar,e to be
~ immediattly dne and paysblt without further demand and mar foreclose thts Mo~ase by judicial proceedinR. I.ender chall
~ be eotiHed to collect in s~c6 proceedi~ aH e:penses of foreclosure. inclddiu=. bnt not limited to. reasoeabk a.tt~,rne:'s fees.
and costs of ~wcr~seatary evldence. abstrscts and litk rcporls. . • .
~ 19. Donvwe~'s Ri~ht to Reeostate. Notvvith~~andin~t 1_ender's accelerat~on of the sums securcd by th~• M.~rtgage.
;,r Sorrower shall have the right to have any proce~:ding~ hc~un ~y I_ender to enforct this Mortgage discontinued at an~~ time
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