HomeMy WebLinkAbout1040 Lcade~'s writtea agroement or applicabb law. Borrower shali pa~r the amount of all mo~tgage insurance premiu~ in the
msnner provided unde~ paragraph 2 he~of.
/tny amounts disbuned by I.ender purwant to this paragnph with interest thereon. shal) become additio~sl
indebtednas ot Bonower secured by ~his Morlgage. Unless Borrower and Lender agroe to other temns ot payment. such ~
amounts shall be payabk upon nMice from I.ende~ to Borrower roques~ing paYment thereof, and sh~ll bea~ interest from the
date ot d'uburaement at the ratc payabk from time to time on outatanding principal under the Note unless paytnent of
interat at such rate would be contrary to applicabk law, in which event such amounts shall bea~ interest at the hiahest ~~ate
pennissibk under applicabk law. Nolhing containod in this paragnph 7 shall require Lender to incur any expense or tate
any action hereunder.
S. I~ectbw. i.ender msy make ar cause to be made rcasooable entrits upon a~d inspoctions of the Property. provided ;
that i.ender shafl give BoROwer notice prior to any s~kh inspection specifying rcasonabk cause thercfor relstod to Lender's
intereat in the Properiy.
9: Co~demwatbw. The proceeds of any award or claim for damages, direcl or consequential, i~ connection with any
condemnation or other taking of the Property, or patt thereof; or tor conveyance in lieu of condemnatiot~, are hereby assignod
and shall be paid to Lender.
Tn the event of a total taking of the Prop~ny, the prc~ceeds chall be applied to the sums securcd by this Martgage,
with the exetss, if a~y, paid to Borrower. in the cvent of a partial taking of the Property. u~less Borrower and i.ender '
otherwise agree in arciting, there shall be applied ta the sumc secured by this Mortgage such proportion of the proceods i
ss is equal to that p~oponic~n vehich 1he amount of the sumc secured by this Mortgage immediately prior to the d~?te of
taking bears to the fair market value of the Pmperty immediately prior to the Jate of taking, with the balance of the proceeds .
paid to Borrower. .
if the Property is ai~andoned by Bor;ower, or if. after notice by I.ender to Bormwer that the condemnor offen to malce
a~ award or settle a claim for damages. Bc~rmwer faits to resaond to I_ender within 30 days after the date such notice is
maikd. Lender is authori2ed to collect and apply the proceeds, at 1_ender's oplion, either to r~stontion or repair of the
Propeny or to the sums sccured hy this Mortgage.
U~las Lender and Borrowe~ otherwice agree in v?•ritinc. any such application of proceeds to principal shal) not extend
or.postpono the due da~e of lhe mon~hly installmcnts referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrowe~ Not Rekssed. Fxtension of the time for payment or modification of amortization of the sums secured
by this lbiortgage granted by I.ender to any cuccecu~r in interest of Borrower ~hall not operate to release, in any manner.
tht liability of the original Borrawe~ and Borrawer e succescorc in interest. i_ender shall not be required ta commence
proceedings against such successar or refuce to etitend time for payment or otherwise modify amortization of thr ~~~ms
secured by this Mortgage by reason of any demand made by the orieinal Bormwer and Borrower
s succescors in iMCrect.
11. Rorbearance by I.ender Not a Waiver. Any f~rhearan~r h}• I_cnder in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or rcmedy.
The proc~irement of insurance or the payment of taxes or other liens or charges by I_ender shall not he a waiver of Lender's
right to accelerate the maturity of the indehtedness cecured hy thic Mortgage.
12. Re~ CnmulaWe. All rcmeciies provided in this Mortgage are distinct and cumolative to any other right or
remedy ~mder this Mortgage or afforded hy law or equity, and may be exercised concurr+ently, independently or successively.
' 13. Snccessors snd A~es Bound; ,loint and Sereral i.iabGlity; Captbns. The covenants and agrcements herein
contained shall bind, and the rights herzunder shall inure to. Ihe respective successors and assigns of Lender at~d Borrower.
subject to the provisions of paragraph 17 hereof_ All cavenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphc of Ihic Mortgage arC for convenience only and are not to be uzed to
interpret or define the.provisions herrnf_
14. Notice. Except for any noticc rcyuired under 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 Property Address or a~ such other ~ddress as Borrower ma~ designate by notice to I_ender as provided herein, and
(b) any notice to Lender shall he given hy certified mail. retum receipt requested. to t.ender s address stated herein or to
such other address as Lender may decignate by n~tice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed ta havc becn Riven to Bormwcr or Lender when given in the manner designated herein.
lS. Uniform MortRa~e; Governin~ iaw: Se.~erability. Thic form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations h~~ juriscliction to constitute a uniform security instn~ment covering
I real properry. This Mortgage shall t?e governed hy the law• of the jurisdiction in .which the Property is located. In the
event that any provision or cla~ese of thic Mortgagc ~r the Note conflicts with applicable law, such conflict shall not affiect
~ other provisions of this Mortgage or ~he N~~tr w~hich can be give~ efTect without the co~flicting provision, and to this
~ end the provisions of the Mortgage and ~he Note arc Jeclared to he severable.
16. Eorrower's Copy. Borrow•er shall be furni~hed a c~nformed cop} of the Note and of thic Mortgage at the time
~ of execution or afrer recordation hereaG
~ l7. Tnnsfer oE the Propertv: Assumption. 1f all ~r an}• part of the Pmperty or an interest therein i4sold or iransferred
by Borrower without Lender s prior wrincn ~unsent. e~duding (a? the creation of a lien or encumbrance suhordinate to
this Mortgage. (b) the creahon of a purchac~: m~+nee crcurity imerest for household appliances. (c) a transfer hv devise.
descent or by operation of law upon the Jcath of a j~~mt tenant or (d) the grant of any leaxhold interest af threc }•cars or less
not containing an option to purchase. I_ender may. at 1_ender'~ option, declare all the sums secured by this Mortgage to t~e
immediately due and payable. Lcnder chall ha~c w:u~•ed ~urh option to accelerate if. prior to the cale or transfer. l.ender
and the person to whom the Property ic tu be .olJ ~~r transferred reach agreement in writing that the credi~ ~f wch person
g is satisfactory~ to I.ender and that the interr.t payable on the sums secured by thit Mongage shall be at such rate a~ I.ender
shall request. If 1_ender has waived the option to accelerate provided i~ this paragraph 17, and if Borrower> >uccessor in
interest has executed a written assumption a~~eement accepted in writing by l.encier, l.ender shall releau Borrower from all
obligations under this Mortgage and the Noie.
if Lender exercises such option 1~ accelera~e..LenJer ~hall mail Borrower notice of acceleration in accardancc ~~~~h
paragraph 14 hereof. Such notice shall provide a pericxi of not Iesc than i0 days from the date the notice is mailed w•ithin
which Borrower may pay the sums Jecfared due. 1f Borrower fails to pay such sums prior to the expiration of cuch r?cri.~d,
Lender may, without further notice or demand on E3orrower. invoke any remediu permitted by paragraph 1 A hercof.
Notv-Urt~FORnt Covetv~NTS. Borrower and I_ender further covenant and agree as follows:
b 18. Aceekntjuo; Remedks. Except as provided in pars~raph 17 hereof, upoa Eorrower's breacA of any co~cnant or
~ ssreemeet of Eorrower ie this Mort~a~e. iacludin~ the cove.nsms to pay whea due any sn~ secund by thk Mort~age. [.ender
s prbr to accekratbo shall mdl notke Io.Borrower as provWtd in parasraph 14 hereot specHyina: (1) the breach; (21 ~he action I
' reqeired to crre snc6 breseb; (3) a date. not less thsn 30 days from tbe dste tl~e notke is mailed to Eorrower, by vrhich such
~ bnacb mwt be cored; aod (0) that faiture to curc such brescb oa or before t6e dafe specified in the notice may result i~
~ accekntbn of t6e sams secsred by tbis Mort~s~e. toreclosure by jndicial pmceedi~ and sde of Ihe Propertr. The ~otice
" shatl furtber inform Eorror~er of tbe ~ht to reinstste after sccckntbn and t6e right to ~sert in the foreclosure ~roceedieg
~ t6e non-existence of a defauM or any olher defense ot Borro.?er to acceleration ~nd foreclowre. If the bre~ch is aot cnred oa
or before ihe dale speciGed ie tbe eofice. I.ender at I.cnder's optbn may declare a8 of the soms seenred by this Mort~a~e to be
immed'atdy due and payable ~+ithout turther dem~nd and may forcclose tbts Mort~a~e by judicisl proceedinR. I.ender shall ,
be eoBtled tu eullect in sscb praceedin~ a~ e:penses of foreclosurc. iacludi~. bxt sa lin~ited ta n•sonabk attnroc•r's fees, :
sod cosfs of docr~seMsry evidence, abstrsca and title reports. _
~ 19. Eorruwe~'s Ri~ht to Reiastate. No~withctanding I.ender s acceleration of the sums securcd by ih~• M.~rtgage. .
Borrower ahall have the right to have any procerdinF. heE~~n ~y l.ender to enforce this Martgage discontinued at any time
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