HomeMy WebLinkAbout1087l.ende~ s written agrceme~l or applicable law. Borruwer shall pay the amaunt ot all mortgage insurance premiums in ~ the
mrnner pravidcd under paragraph 2 hcreof.
Any amounts disburscd by I_ender pur~uant tc~ this paragraph 7, w~~h interest thereon, shall bccome additiona)
inJebtedness of Borraw•e~ secured by Ihis Mortgage. lJnlec~ Bormwer an~l Len~er agrce to other terms of payment, such
amounts shall he payablc upon notice from Lcndcr ti~ Borrowcr reyuccling payment thereof. and shall hear intcrest from the
date af dicbursement at thc rate payahlc from time to time on outstanding principal under the Note unless payment of
interest at such rate would be cantrary to applicable law, in w•hich event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in thic parag~aph ~ shall require I.ender to incur any expense or take
any action hercnnder.
8• Inspeetba. t.ender may make ar cause to he made reacanable entriec upon and inspectionc of the Property, pravided
that I.ender shall give Barrower notice p~ior to any such inspection specifying nas~~nable cause therefor related to Lender's
interest in the Property.
9. Condemnatbn. The prc~ceedc of any aw~:ird or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or pah thereof, or for conveyance in lieu of condemnation, are hereby asaigned
and shall t+c paid to I_ender.
1n the event of a total takinq of Ihe P~operty. the procceds chall he applied to the cums secured by thic Mortgage.
vvith the crcess, if any, paid ~o Borrowcr. In the event of a partial taking of the Praperty, unlecs Borrow•e~ and I.ender
otherwise agree in writinR. therc shall he applied to the ~umt securcJ hy thic Mortgage s~rch proportion af the proceeJs
as is equal to that propohion whieh the amo~ml ot ~he sumc cecured by this Mortgage immediately prior to the date of
Iaking bears to the fair market value of the Praperty immedia~ely prior to the Jate of ~aking, with the halance of the proceeds
paid to Borrower.
If the Property is ahandoned by Borrower, or if. a[ter notice hy l.ender ~a Barmwer that the condemnor offers to make
an award o~ settle a claim for damat;ec. B~~rrower fails to res~nd to Lender within 30 da~s aher the date such notice is
mailed. I.ender is authorized ta collect and apply the prcx:ecds. at 1_ender'c option, either to restoration or repair of the
Propcrty or to the sums secured h}• this Mortgage.
li~less I_ender and Borrow-er otherwiu: agrce in w~riting, am~ such application of proceeds to principal shall not extend
or pcxtpone thc due date of thc monthly inst~llmrnls rcferrcd to in paragraphs 1 and 2 hereof or change thc amoant of
such installments.
10. Borrower Not Refeased. Eatension of the time far payment or modification of amortization of the sums secured
by this Mongage gra~tecl by t_ender to any ~uccescar in interect of Rorrow•er chall oot operate to release, in any ma~ner.
the liability of the original Borrower and Bc-rrower's successo~c in interest. i_ender shall not he required to commence
prc~ceedings against such successor ar refuse to extend time for payment or otherwise modify amortization of the sums
securcd hy Ihis Morigage by reasc~n of any demancl made by the orieinal Borrowe~ and Borrower s succescors in interest.
11. Forbrnrnnce by [.ender Nof a Waiver. Am• f~~nc~arancc by I.cnder in erercising any right or remcdy hereunder, ot
othervvise afforded by applicahle law. shall not be a waiver of or preclude the esercise af aoy such right or remedy.
The procurement of insurance or the payment of tarec c•r other liens or charges by I.ender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtednecs tiecured hy thie Mortgage.
12. Remedies Cnmulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJy under this Martgage or aRorded hy law or equity. and ma~~ he exercised concurrently. independently or succeaively.
13. Snccessors and Assigos Bound; Joint a~d Se~eral I.iabillry; Captions. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall imire to. the respective succescors and assigns of I_ender and Borrower.
subject to the provisions of paragraph 17 he~eof. All covenants and agreementc of Borrower shall be joint and several.
The captions anJ headi~gs of the paragraphc of thic Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall t+e given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other addre~s as Borrower may designate by no~ice to i.ender as pravided herein. and
(b) any notice to ~ender shall he given by certified mail. return reccipt requested. to l.ender s address stated herein or to
~uch other address as Lender may designate b}• notice to Borrower as provided herein_ Any notice provided for in this
Mortgage shall be deemed ta havc been given to Borrow•er or 1_ender w•hen given in the manner designated herein_
15. Uniform Mortgnge; Gorernin~ I.aw•: Severabilit~. This form of mortgage combines uniform covenants for national
use and non-uniform covenams with IimiteJ variations b~• jurisciicti~n to constitute a uniform security instrumen( covering
real property. This Mortgage shall be governed h}~ the law of the juriuiiction in which the Property is located. In the
event that any provision or clause of this Mortgagc or the Note conflicts w•ith applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note w•hich can be given efTect without the conflicting provision, and to this
end the provisions of Ihe Mortgage and thc Nate arc dccl•rred to hc severable.
16. Borrowe~s Copy. Borrower shali be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or a(ter recordation hereof.
l7. Tnnsfer of t6e Property: Assumption. If all or any~ part of the Property or an intercst therein is sold or ttansferred
by Borrower without L.ender's prior written cansent, eYCluding lal the creation of a lien or encumbrance sutwrdinate to
this Mortgage. (b) the creation of a purchase money cecurity interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the cleath of a joint tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, l.ender may, at I.ender ~ option. declare all the sums secured by this Mortgage to be
immediately due and payable. Cender shall have waived such option to accelerate if, prior to the sale or transfer. I_ender
and the person to whom the Property ic to be solJ or transferred reach agreement in writing that the credit of such person
is satisfactory to I~nder and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Lender has waived the option to accelerate providecl in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lenckr. I.ender shall release Borrower from all
obligations under this Mortgage and the Note.
If [_ender exercises soch option to accelerate. I_ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periocf of not less than i0 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such cums prior to the expiration of such period.
LenJer may, without further nolice or demand on I3orrc~wer, invoke any remedies permitted by paragraph 1 R hereof.
Nox-UN~FOrei-t CovEx~nTS. Borrower and [_ender further covenant and agree as follows:
18. Accelentba; Remedies. Bxcept as provided in para~raph 17 hereof. upoa Borrower's breach of any coveaant ot
agreement of Borrower ja th~s Mortgage. inclndirq~ t6e covenaMs to pay when dne aay snms secnred by thk Mo~a~e, Lender
prior to accekntioa sbaD mail ootice to Borrone~ as provWed in para~raph 14 hereof specifyin~: (1) the brescb; (2) tbe acfion
nquired to core web breach; (3) s date. not less lhan 30 days from the dste the notice b maiied to Bomnwer, by which socb
brench must 6e cnred; aad (4) that fdlurc to cure snch breach oa or before t6e d~e speci6ed fe the aotice may radt ie
accekration of t6e sams secnred by tbk Mortgage. forecbsurc by judicial pmceedfot and sale of t6e Properfy. 'Ibe notke
shall further inform Borrower of the right to reinstate afler sccelentbn and the right lo assert in t6e foreclowr+e proceedi~
Ihe non-existence of a default or any other defense of Borrower to acceleration and foreclo~ure. if tbe breach is not ettred on
or beforc the dste specified in the notice. i.ender at Leade~'s option msy declare aU of the snms secnred by thb Mortsa~e to be
immediatdy doe and payabk rrithont further demand and may foreclose this Mortgage by judlcW proceediu~. Lender shap
be entitled to rnlkct in sac6 proceedin~ aq expensa of foreclosure. includin~. but oot limlted to, reawaable attoreef's ftes.
and costs of documentary evidence, abstncts and titk roports.
19. Borrower's Rig6t to Reiastate. Notwithxtanding I.ender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by (_ender to enforce this Mortgage discontinued at any time
Br,~K~45 P~GElO85
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