HomeMy WebLinkAbout0159 l.enckr's written agrcemcnt or applicable law. Bonowe~ shal? pay the amaunt of all mottgage insunnoe.prcmiums in the
manner pravidcd unde~ parag~aph 2 hereo(.
Any amounts disbuned by l.ende~ pursuant ~o this pa~agraph 7, wi~h intercst thercon, shall become addition~l
inJeb~edness af Borrower secured by this Mongage. ~Unlecc Borrower and [.enJe~ agree ta other tetms of payment, such
amounts shall be payabk upan notice from I.e~der ta Bormwrr req~xs~ing payment thereof, and shall bear interest from the
datc of disbursement at Ihc ratc payabk from time to time iin outsta~ding principal under the Nate unless payment of
interest at such rate would be contrarv to applicable law, in which eve~t such amcwnls shall bear intercst at the highcst nte
permissible u~der applicable law. Nothing eontained in Ihic paragraph 7 shall rcquirc I.ender ta incur any expense or take •
any actio,t hereunder. ~
8. la~pection, l.ender may make ~r cause to be made reasonable enlriec upon and inspectinns of the Property, provided
that l.ender shall give Borr~wer no~ice prior to any such inspection specifying reasooable cause'therefar related ta Lender's
interest in ~he Property. '
9. Coademaatbn. The pmceedc of any awa~d or claim for damages, dircct or concequeotial, in connection with any
condemnation ar other taking af the Propeny, or part thereoL or for cunveyancc in lieu of condemnation, are hereby assigned
and s:iall be paid to i_ende~.
ln the event of a total taking of thc Pmperty, the pr~xceJs ~hall bc applieJ to Ihe cums securcd by this Mortgage.
with the excess, it any, paid to Borrower. In ~he event oi a par~ial taking of ~he Property, unlesc Borrower and Lender
otherwise agrce in writing, there shall be applied to thc ~ums xecurcd by this Mortgage cuch proportion of the proceeds
as is equal to that proportion N~hich ~he amount o( the sumc secured by this Mangage immediatdy prior to the date of
taking bears to the fair market value of the Property immediately prior ta the date of raking, with the balance of the proceeds
paid to Bcurower. ,
If the Property is ahandoned by Bor:owcr. or if. aftcr noticc by Lender to Borrowcr that the condemnor oRers to make
an award or setNe a claim for damaee~. B~~rrawer fail~ rcs~nd ta I.enJer within 30 days after the date such notice is
maiied. [_ender i~ authorizrd to collect artd apply the proceed~, at i_ender's optian, either to restoration or repair of the
Pro~cny or lo the sum~ ~ccured hy this Mor~eaec.
Unlesc Lender and Bormw•er othervvice agree in w rihnc. am• ~uch application of prc~reeds to principal shall not eatend
or postpone tht due date of the monthh~ installmcn~s rcfer~ed to in paragraphc 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Releated. Extension of thc time fur payment o~ modiflcation of amortization of the sumc secured~
by this Mortgage granted by I.ender to any cuccecsor in inter~at of Borrawer chall not ope~ate ta release. in any manner.
the liability of the original Borrow•er and Rorrow~er'c success~rc in interest. I_ender shall not be required to rnmmence
proceedings against such successor or refu~e to er~end time for payment or othen~•ice madity amortizatirni of thr ~ums
u~ured hy thic Mortgage hy reason of am• demand m~de b~• the oriQina) Borrc~wer and Borrow~ers succes~ors in interest. ~
11. Forbearance by i.ender !~ot a Wai.~cr. Am• G.rhearancr h~• Lrnder in crercising am~ right or rcmedy hereunder, or
atherwise afforded by applicahle law. ~hall not he a waiv~r of ~r preclude the exercise of an~• such right or remedy.
The procurement of insurance or the payment of taees ~r other liens or charges by l.ender shall not he a waiver of l.eoder's
right to accelerate the maturity of the indehtedne~s ~currd h}• thic Mortgage.
12. Remedies Cumulative. All rcmeilies pmvided in thi~ 111ortgage arc distinct and cumulative to any other right or
remedy under this MortR~ge or afforded M• law or equity, and may he exercised concurrently, independenNy or succeuively.
' 13. Suecessors and A~as Bound; Joint and Se~eral I.iability; Captions. The covenants and agrcemen's herein
contained shall hind, and the rights hercunder shall inure to. the rc~pective succec~ors and assigns of l.ender and Aorrower_
subject to the provisions af paragraph 17 hereoL All covenanls and agreement~ of Borrower shall be joiry and several.
The captions and headings of the paragraphc of thic Mortgage are for convenience only and are not to be used to
interpret or define the provi~ion~ hereof.
14. Notice. Except for any noti.e rcyuired under applicahle laa to be given in another manner. (a) any notice to
Borrower provided far in this Mortga~e tihall Fx givrn h}• mailing such notice by cerlified mail addrescrd to Bormwer at
the Properiy Address or at such uthcr addres. ac B~•rr~~wer ma~~ designatc by notice to I.ender as provided hercin, and
; ~(b) any notice to Lender shall he civen M~ certified mail, return receipt reque~ted. to l.ender s address stated herein or to
j such other addren as [.ender may decienate b~• n~•tice to Borrower as provideJ herein. Any notice provided for in this
~ Mortgage shall he deemed to ha~~c hecn g~~•cn to B~rrnw~er ~~r Lcnder when gieen in the manner designated herein.
15. Uniform MoA~a~;e; Go~•ernin~ I.aw; Se.•erabilit~•. Thic form af mortgage combines uniform covenants for national
i use and non-uniform cm•enam~ K•ith limited rari:~tir~c h~~ jurisdictioo to constitute a uniform security instrument covering
i real property. This Mortgage shall he govcrncd h~• thc 1•rw~ .~f the jurisdiction in which th~ Property is located. In the
~ event ~hat any provision or clauce of thic M~rtg:,ge ~•r the T`c.te conflicts with applicable law~. such conflict shall not afiect
other provicions of this Mortgage or ~hc N~~tc which ran !x given etTer~ withoiet the conflicting pmvision. and to this
~ end the pravisions of Ihe Mortgage and the '~IMc are ~I~rlared to he severable.
j 16. Borrower's Copy. Borrow~er zhall hc furni~hul a ci~nformed cop}~ of the Note and of thic Mortgage at the time
f of execation or after recordation hereof. '
; 17. Transfer of the Property: Ac~umplion. If all ~~r anc part of lhe Pmpert)~ or an interest thcrein is cold or transferred
by Borrower without Lender's prior v?•rinrn ~ument_ r~.luding (al tht creation of a lien or encumbrance subordinate to _
~ this Mortgage, (b) the creahon of a pur~•ha.r m~~nr~ .cruri~~• interest f~r household appliances, (c) a ~rancfe~ h~• devise.
' descent or by operation of law• upon the Jcath ~~f a i~~~nt tenant ~~r (d? thc grant of am• leasehold interest of threr }•cars or lets
~ not containing an option to purchase. I.ender m~}•, at 1_Snder'. option, declare atl the sums secured hy this Mongage to t?e
~mmediatel~• due and papable. Lcnder thall h:,vc a~~~~d ~urh option to aceclerate if, pri~r to the ~ale or transfer. I.ender
~ and the person to whom the Propert~• i. t~. tn .~•IJ i.r ~rancferred reach agreement in writing that the credit of wch person
} is satisfacton~ to I.ender and that the interr.t pa~~ahle on the sum~ sec~~red by thi~ biortgage shall be at such rate ac l.ender
~ shall request. If Lender has waived ~he option to acceleratr pmvided in this paragraph 17, and if Borrower's ~uccessor in
~ interest has executed a written assump~ion aFreement acccpted in writing b~~ I.eneier. [.ender s:~all releace Borrow•er from all
ri obligations under this Martgage and the Nrne_
r If Lender exercises such option t~ accelera~e. I.en~er ~hall mail Borrower notice of acceteration in acrnrdancr ~.~th
~ paragraph 14 hereof. Such notice shall provide a~xriod of n~~~ les~ than 30 dap~ fmm the date the notice ic maiied within
s which Borrower may pay the sums declared due. If Barrower fails ro pay such cums prior to the expiration ~.f auch pen~xf.
5 Lender may, without further notice or dcmand on R~rruwer. imoke an~ remedies permilled hy paragraph 13 hereof.
NoN-[.;NiFOR~ CoveN~HTS. Borrower and t.endcr further covenant and agree as follows:
- 18. Acceler~atan; Remedies. Except as provided in psras~roph 1'7 hercof. upon Borrower's breach of any covenant or
' agreement of Borrower in this Mort~a~e. includin~ the covenanls lo pay when due any snms securcd by this MortRa~e. t.ender
; prior to acceler
~tion shall mail notice to Borrower aS provlded in par~raph 14 hereof specifyi~: (1) fhe breach; (21 Ihe action
required to cerc snch breach; (3) a date. oot Icss ~han 30 days from t6e dsfe the notice Lt mailed to Borrower, by v~hich such
i breach must be cored: snd (4) thaf failure to cure such breach on or before the date specified in the notice may result in
accekration of tbe snms secured by this Mo~tga~e. foreclosure by judicial proceeding aad sale of the Property. 'ihe notice
; shall further inform Borrower of the ri~ht to reinstate after accekratan and the right lo ~ert in the foreclosure pr+oceeding
t6e non-existence of a defauM or any other defense of Bonower to scceleration and torecbsurr. if the brtach is aot cured on
; or before the date speci6ed in the notice, l.ender at l.ender's option may declarc aq of the sn~ sccurcd by this Mortga/,e to be
immediately due and payabk without fuMher demand and may foreclose thts Mort~age by judicisl proceedinR. I.endrr chall
be eotided to collect tn sucb proceedir~ all expenses .~f foreclosure. including. but eot l~mited to. reasonable attnrnr:'s fees.
; and costs of ~iuc~~oentary evidence. abstracts and litk reports.
~ 19. Bonowe?'s Ri6ht to Reiastste. N~.lwith~~andm~t l.coder's acceleratian of the sums secured by ~h~• M.~rtgage,
X Borrower shall have the right to have any pra:e~dmc. Fx~un ~y Lendq to enforce this Mortgage discontinued an} time
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~eox 3U8- PacE 159
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