HomeMy WebLinkAbout0980 Lrndr~ s riuen agrermcnt or applicable law. Borrower shall pap the amount of all mortgage insurance premiums in the
manner pn+vidrd under paragraph 2 hereof.
At»• amounts dishursrd by Lcndcr pursuant to this paragraph 7. with imrrect thereon. sh:dl hrcomc additirntal
indrhtcdnrsc of Borrosrr secured by this Mortgage. lJnlcsc Rorn+wcr and 1 rn.lrr agar to other terms of payment. such
amounts .hall he payable up++n nt+ticr from Lcndcr to Rorn+wrr rrycrrsting pa}•mrnt thrr~y+f. and .hall I+rar intrrcct from the
.laic of dishurcemcnt at the talc payable from time to Time ~+n outstanding prinr~pa) under the Note anises payment of
intrust at such rate w•otdd he rnntrary to applic:ahlc law. in which event such amounts shall hear intercct at the highest rate
permissible under applicable IaN•. •T'othing contained in this paragraph 7 shall require Lender to incur any expense or take
:coy action hereunder. -
8. laspection. lender may make or cause to he made reaconahle entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any xuch inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9• Condemnation. The pn+cecds of am• award or claim for damages, Direct or a+ncequential. in rnnnection with am•
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. arc hereby aaigned
and .hall he paid to I_cndci•. '
In the event of a total taking of the Property. the pn+ceeds shall he applied to the some secured by this ;Mortgage.
with the excess. if any, paid to Borrower. In the event of a partial taking of the Property. t h~•~ and Lender
otherwise agree in writing. them shall he applied ro the some secured by this Mortgage such ~T~c
po-
Tliiin of the proceeds
as is equal to that pmporiion which the amount of the sums ucrrred h}• this Mortgage immcdiatcl}• prior to the date of
taking hears to the fair market valor of the Property immediatel}• pri<+r to the date of taking. with the hal:mcc of the proceeds
paid to Bormwcr.
If the Property is abandoned by Bormwcr. or if. after notice by Lrndrr to Rom+wrr that the rnndcmnor ofl'crs to make
an award or settle a claim for damages. Borrower fail. Io uspond to I ender within ZO days after the d;NC such notice is
mailed. Lcndcr is authorized to rnllect and apply the proceeds. at l.ender'c option. either to restoration or repair of the
Propcrt)• or to the sums ccc:urcd by this 111ortgagc.
lrnlrsc Lcndcr and Borrower othcrv?•ise agree in writing. am• such application of pnxca:dc to principal shall not extend
or pcxtponc the dttr date of the monthly installments refcrud to in paragraphs 1 and 2 hereof c+r change the amount of
wCh installments. .
10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured
by this MortF:~e granted M• Lender to am• cuccescur in intrust of Borrower shall not operate to release. in any manner.
the liability of the original Bormw•er and Borrower's sucrrssurc in intcrect.• lender shall not he reyuired to commence
pnceedings against such successor or reface to cxtrnd time for payment or othenvice modih• amortization ++f the sums
I'k secuud M• this Mortgage by rcase+n of am• demand made he the original Borrower and Borrowers successors in interest.
11. Forbearance b}• ixnder Not a Waiver. An}• forlxar:utcr by Lender in exercising anv right or remedy hereunder. or
othriwise afTorded by applicable law. shall not he a waiver of or preclude the exercise of anv such right or remedy.
The procurement of insurance or the pa}•ment of tarts or other liens or charges by Lender shall not Ix: a waiver c+f Lender's
right to accelerate the maturity of the indehtrdness sr_ured by this Mortgage.
12. Remedies Cumulative. All remedies pn+sidrd in this 'tlortgagc are distinct and cumulative to anv_ other right or
remedy under This Mortgage or atiordrd M• law of ryuit}•. and may t+r rsercisrd concurrently. independently or succrssivrly.
13. Successors and. Assigns Botmd; Joint and Several Liabilih•: ('apt[ons. The rnvenants and agr~-rmrnts herein
contained shall hind. and the rights hereunder shill inure to. the respective successors and assigns of Lender and Borrower.
subject to the provision. of paragraph 17 hcrcof. All anenants and agreements of Born+w-er shall he joint and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to
intrrput or define the provisions hcrcof.
14. Notice. Except for any notice rcyuired under applicable law to t?c given in another manner. (a1 any notice to
Burrower provided for in this Mortgage shall he given by mailing such Holier M' certified mail addressed tc+ Bormwcr at
the Propert}• Address or at such other address as Bormuer may drsienatr hs• notice a+ I ender as provided herein. and
(h) am' notice to Lcndcr shall he given M• certified mail. return receipt rryurstrd. to 1 ender's address stated herein or to
such other addusc as lender ma}' desi¢nate b}• notice to Borrower as provided herein. AnX Holier provided for in Chic
Mortgage shall Ix, deemed to have Fxcn given to Born+wrr ur I.rndrr whin gisrn in the manner designated herein.
I5. Cniform Mortgage: Governing i.aw: Ses~erabilih. This f++rm .+f mortgage rnmhinec uniform covenants for national
use and non-uniform covenants with IimitcJ variations by jurisdiction tr constitute a uniform security instrument rnvering
real pmprrtc. This Mortgage shall t+c gosrrncd hs the law of the jurisdiction in which the Propern• is Ic+catcd. In the
event that any provision or clause of this Mortgazr ur the \otr conflicts with applicable law. such conflict shall not affect
other prosisions of this Mortgage ur the ~'atr which can t+r Lisrn rlfrct without the conflicting pmvicion. and to this
end the pros isiunc of the Mortgage :utd the \otr :err declared h+ t+e srverahlr.
16. Botrrower's Cop}•. Bornnrrr shall hr furni.hrd a conformed copy of the '~otr and of this t•1ortgagc at the time
of execution ur after recordation hcrcof.
17. Transfer of the Pmpertc; Assumption. If all or :ors part of the Proprrts• or an interest therein is said or transferred
by Borrower without I_cndcr's prior wriurn convent. rscluding ta? the creation of a lien ar cncumhrancc subordinate to
this Mortgage. fh) the creation of a purchase mono} srcurits interest for household appliances. Ict a transfer by devise.
descent ur by operation of law upon the ckath of a joint tenant or Id? the grant of am Irasehoid interest of three }•earc or less
not containing an option to purchase. I ender may. at I.rndrr'. option. declare alt the sums secured h}• this Mortgage to be
immcdiatrly due and payable. Lcndcr shall have waived such option tr. accelerate if. prior to the sale or transfer. Lender
~ and the person ro whom the Pn+penc is to he sol.l or transferud reach agreement in writing that the credit of such person
` is satisfactory to Lcndcr and that the interest payable on the sums secured by this Mortgage shall he at such rate as Lender
shall reyuect. If lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing hs• Lcndcr. Lcndcr shall release Borrower from all
obligations under this Mortgage and the Note.
If Lcndcr exercises such option to accrlerrtr. Lender shall mail Borrower notice of acceleration in accordance with
paragraph Id hcrcof. Such notice shall provide a pericxl of not less than ?0 days from the date the notice is mailed within
which Borrower may pay the sums derLrred due. If Borrower fails to pay such wmc prior to the expiration of such period. ~
Lcndcr mry. without further notice ur demand on Borrower. im•oke any remedies permitted by paragraph 1R hereof. ~
Nox-Utvtt=oreH Covt=_v~H•rs. Borrower and Lender further covenant and agree as follows. ~
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any corenaet or
agreement of Borrower in this lltortgage. including the covenants to pay when due an}• sums secured 6y this Mortgage, Lender
prior to acceleration sbaR mail notice to Borrower as provided in paragraph 14 hereof specifyiug: (1) the brracb; (2) the action
required to curt snob breach; (3) a date. not less than 30 da}s from the date the notke is mailed to Borrower, by whkb such
breach must be cared; and (4) that failure to cure such breach on or before the date specified is the notke may restdt in
acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice -
shall further inform Borrower of the right to reinstate after acceleration .and the right fo assert is the foreclostre proceeding
the non-existence o~ a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is rat cured on
or before the date specified in the notice, lender at t.eader's option may declare all of the surtts secured by this Mortgage to be
imtnediatcl due and +
y payable without further demand and may foreclose this Mortgage by jndkial proceeding. Lender sball
be entitled to collect in such proceeding all ezpertses of foreclosure, including, but not limited to, reasonable sttorney'a fees, f
and costs of docomentary evidence, abstracts and lick reports.
19. Borrower'a Right to Reinstate. Notwithstanding [.endcr's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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