HomeMy WebLinkAbout0371I.cnder's written agreemcnt or applicahle law. 13o~~ovve~ shall pay thc amuunt of all mortgage insurance premiums in the
manncr p~ovidcd undcr paragraph 2 hereof.
Any amaunis dishursed by I.enJcr purcuant ~i~ this E-aragraph 7, with interest thercon, shall becomc additional
i~Jebtednesc ~~f Borrowcr securcd by ~his Mor~gagc. Unlec~ Barrow•er and I.enJer agrce to ather Ierms of payment, such
amounts shall t~e payable u~n notice from I.endcr to B~rmvrcr reyue~ting payment thereof, and shall t~ear interest from the
date af clicbursement at the rate payahle trom time to time on outstanding principa) under the Note unlesc payment of
inlerest at such rate woulcl be cantrary to applicable law, in which event such amaunts shall bear iMerest at the highest rate
pc~missible under applicablc law. Nolhing rnntaineci in thic paragraph 7 shall mquirc I.ender ta incur any expe~sc or take
any action hcreu~der.
8• Inspeetion. I.ender may make or cause to t~e made rcatonable entriec u~x~n and inspectionc of the Property, provided
that I.ender shall give Banawer notice prior to an~• such incpeclion s~ifying rcasonable cauce therefar related to I.ender's
intercct i~ the Property.
9. Condemnation. The proceedc af any av-•ard or rlaim for damages, dirce~ or consequential, in connection with any
condemnation or other taking of the Propeny, or part thereof, or for conveyance in lieu of condem~ation, arc tiereby ascigned
and shall bc paid to i_ender.
1~ ~he event of a total taking ~f the Pmperty. the proceeds chall he applieJ to ~he cums secured by thic Mo~tgage.
with the e+ccecs, if any, paid to Borrower. ln the event of a partial taking of the Praperty, unlecc Bormwer and Lender
othen+~ise agree in writing, iherc shall he applied to the cums securcJ by thic Mort~age such proportion of the proceeds
as is equal ta that proportion which Ihe amount ot Ihe sumc ucured by this Mortga~e immediately prior to the date of
laking hears to the fair market value af the Pmpen~~ immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
1f the Propeny is abandoned b~~ Borrow•er, or if. after notice hy l.ender to Bormwer that the condemnor offers to make
an award or setde a claim for dama¢es. Bormwer fails to respond M I.ender within 30 da}~s after the d5te such notice is
mriled. I_ender is authorized to collect and apply ~he proceeds. at i.ender ~ option. either to restoration or repair of the
Property or to the sums secured hy this Martgage.
Unless I_ender and Borrow•er athen~•ise agree in w•ritine. an~• such application of proceeds to principa) shall not extend
or p~xtpone thc due date af thc monthl}• installmcnts rcferred to in paragraphs 1 and 2 hereof or changc the amaunt of
such installments.
10. Borrower Not Rekased. Fxtension of the ~ime for payment or modification of amortization of the sums secured
by this Mortgage granted by I.enJer to an~~ ~uccessnr in interect of Borrower shall not operate to release, in any manoer,
the liabiliry of the original Borrow~er and i3orrower e successorc in interest. T.ender shall not be required ta commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made b~• the orieinal Bormwer and Borrower s successors in interest.
11. Forbearsmce by I.ender Not a Waiver. Am~ fonc~arancc by I.rnder in cxcrcising any right or remedy hereunde~, or
othervvise afTarded by applicablc law. shall not he a waiver of or preclude the exercise of any such right ~r remedy.
The procurement of insurance or the paYment of ~arec ~~r other liens or charges by 1_ender ~hall not be a waiver of Lender s
right to accelerate the mawrity of the indeb~edness ~ecared hy this Mohgage.
12. Remedies Cumulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right ar
remedy under this Mortgage or aBorded by law or equity. •rnd may he exercised concurrently. independenUy or successively.
13. Successors and Assigns Bound; Joint and Se~•eral I.iab7ity; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective succecsors and assigns of I_ender and Borrow~er.
subject to the pmvisions of paragraph 17 hereoL All covenams and agreements of Borrower shall be joint and several.
The captions anJ headings of the paragraphc of this Mortgage are for convenience only and are nc~t to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law• to !~e given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall he gi~~en hy mailing such notice by certified mail addressed to Barrower at
Ihe Property Addrecc or at such other addrecs as Borrower may designate by notice to f_ender as provided herein. and
(b) any nolice to Lender shall he gi~~en by certifieci mail, return receipt reque~ted. to l.ender c address slated herein or to
cuch olher address as Lender may desi¢nate by notice to Borrow~er as provideJ herein. Any notice provided for in this
Mortgage shall he deemed ro ha~~e been gi~•en to Borrowcr ar Lender w•hcn given in the manner designated herein.
1S. Uniform Mortga~e; Governin~ iaw: Se~•erabilih~. This form of mortgage combines uniform covenants for national
use and nc~n-uniform covenants with IimiteJ ~~ariations M• jeirisJiction to constitute a uniform security instrument covering
real propert~•_ This Mortgage shall be governed h~• the law• of the juritJiction in which the Property is located. In the
event ~hat any provision or clause of this Mortgage or the I~nte conflicts with applicable law, such confliet shall not affect
o~her provisions of this Mortgage or ihe Note which can be given etfect without the conflicting provision, and to this
end the provisions of the Martgage and thc Votc arc dcclarcd to be ceverable.
16. Bormwer's Copy. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the lime
c~f execution or after recordation hereof.
17. Transfer of t6e Property; Assumplion. If all or am• part of ~hc Property or an interest therein is sold or transferred
by Borrower without Lender s prior wripen rnnsent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money aec~rily interest for household appliances. /c) a transfer by devise,
descent or by operation of law• upon the dealh of a joint tcnant or (dl the grant of any leasehold interest of thrce years or less
not containing an option to purchase, I.ender ma~~. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have a-aived such option to accelerate if, prior to ~he sale or transfer. I.ender
anJ the person to whom the Properly is to be solJ or transferred rcach agreement in writing that the credit of such person
ic satisfactory• to Lender and that the interest payable on the sum~ secured by this Mortgage shall be at such rate as Lender
shall reyuest. If l.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by I.ender, I_encler shall release Borrower from all
obligations under this Mongage and the Nate_
if Lender exercises such option ro accelerate, l.ender shall mail Borrow•er nolice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perioJ of not Iess than 30 days from the date the notice is mailed within
which Borrower may pay the sums declareJ due. If Borrower fails to pay soch sums prior to the expiration of such period.
Lender may. without further nolice or dcmand on t3orrower, im~oke am- remedies permitted by paragraph lA hereof.
Nor--UK~FOxM Covex~xTS. Borrower and I.ender funher covenant and agree as follows:
18. Accelentjoa; Remedies. Except as prorided in p~ragrsph 17 hereof. upon BorrowePs brcach of aay covenaut or
agreement of Borrower in t~is Mortaage. includirq~ tbe covenants to pay vrhen due any sums secnred by this Mortga6e, Leader
prior to accekratioa shall mail notke to Borrower as provided in paragraph 14 hereof specifyio~: (1) tbe breac6; (2) t6e action
reqaired to cnre snch breach; (3) a date. not less than 30.days from the d~e the aotice is mailed to Borrower, by wbk6 soc6
breach must 6e cnred; and (4) that failun to curc such breach on or 6eforc the d~e speci6ed in the notke may radt in
accckration of t6e snms secnred by this Mort~age. forscbsure by judicid proceeding and sWe of the Pmpe~. 'Il~e notke
shall further inform Borrower of the right to rejnstate after acceleration and tMe rig6t to assert in the foreclosure proceedln~
the non-existence of a default or any olher defense of Borrower to accelerotion and foreclosure. if the breach is not cnred on
or before the date speci6ed in the notice. Lender at Lender's option may declare aq of :4e sn~ secnred by this Mortga6e to 6e
immediately due and payable without further demand s~nd may foreclose this Mort~age by judkial proceeding. Leader shall
be eotided to collect in snch proceeding All espeases of foreclosun. including. but aot limited fo, re~onabk attoroey's fees,
and costs of documentary evideace, abstracls snd titk reports.
19. Borrower's Rjght to Reiesttte. Notwilhstanding Lender s acceleration of the sums secured by this Morigage.
Borrower shall have the right to have any proceedings hegun by l.ender Io enforce this Mortgage discontinued at any time
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