HomeMy WebLinkAbout2135l.ender's written agrcement or applicable law. Borrawer shall pay Ihe amounl of all motigage insurance premiums in the
mannef providcd under pa~agraph 2 hct~of.
Any amounts disbursed by I.e~der pursua~t ~o this parag~aph 7, witfi inierest tfiereon, shalf becomc additional
indebiedness of Borrower securcd by thic Mor~gage. llnle.s Borrawer anJ I.enJe~ agree to othe~ tetms of payment, ~uch
amounts shall be payable u~n no~ice from I.ender to Borrow•rr reyiKSting paymeot thereof, and chall btar interest from the
datc a! disbu~semcnt at the rate payahlc from timc 1o time on outstanding principal under 1hc Note unless payment of
intercst at such rate would be contrary• to ~pplicable law•, in which event cuch amounts sfiall hear interest at the highesi rale
permissible under applicable law. Nothing containcd in Ihic paragraph 7 chall rcquiro [_ender to incur any expense or take
any action hereunder.
S. Iaspectioa. i_ender may m:~ke or cat~se to be made re~canafilc cntriec u~x~n and inspecti~nc af the Prapetiy, provided
that l.ender shall give Bonower notice prior to an) such inspection cpccifying rcasonabk cause lheretor related to l.endePs
intercct in the Property.
9. Condemnatbn. The proceedc of any aw•ard or rlaim for dama¢es, direcl or c~ncequential, in rnnnection with any
rondemnation or dher taki~g af the P~apehy, or part the~eof, or for conveyrncc in lieu ai condemnation, are fierchy assigned
anJ shall be paid to Lender.
ln ~he event af a total taking of the Propen)•. the prcxeedc ~hall he applied t~ ihe ~ums secored by ~his Mortgage.
veith the etcess, if any, paid to aorrowcr. ln the cvenl o( a partial ~akiog ~~f the Pro{xrty, ~mlecs Borroveer and I_ender
otherwice agree in writing. there shall be applied m the cums secured by thic Mangage Such pmportion o( the proeeeds
as is equal ta that propartion which Ihe amount ot the sumc ticcured by this Mortg•rge immediately prior to the date af
taking bears to the tair market valuc of the Property immedia~ely prior to the Jate of ~aking, with the I~alance of the proceeds
paid t~ Borrower.
if the Property ic abandoned b}~ Borrow•c~. o~ if. after notice by t.ender ta Borrower that the condemnor aRers to make
an award or settle a claim for damageti, Bo~rower f~ih to reti~+c~nd to l.ender within 30 da~~s af~er the date such noticc is
mailyd. I_ender is authorixed ta rnllect and apply the proceeds, at I.ender c option. either to rectoration or repair af the
Pmpeny or to the sunu xccurcd h~ lhis Mortgage_
Unlesc 1_ender and Borrov-•er othen+~ix agree in untinc. an~~ such application of proceedc to principal chall ~at extend
or poctpone the duc Jate of thc monthly installmcnls refern-d ta in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Nol Released. Erteasion of the time for payment or modi6cation of amonization of the som~ sccuted
by this Mortgage granted b~• I.ender to any ~uccesu.r in inte~ect of Borrower chall not operate to release. in any maooer,
the liability oF the original Barrow~er and B~rrower't successc-rc in inlerest. l.ender shal) not he required to rnmmence
pmcxdings against such successor or refu~e to er~end ~ime for payment or othervvice mc~dify amortization of the sums
urured by thic Mortgage by rcason of any demand madr b~~ the orieinat Rorrower ~nd f3orrower s succe~corc in interest.
11. Farbesrance by I.ender Not a Waiver. An~~ f~rFxarancc h~• I.rnder in erercising any right ar remedy hereunder, or
other~vise atfordtd hy applicable law, shall not be a wriver of o~ preclude Ihe exercise of any such right or remedy.
The procurement of insurance or the payment of taticK or other liens or cfiargea by i.ender tha11 not be a Waiver o( l.ender s
right ta acrclerate the mawrity of the indcbtcdness ~crured h}• thi~ Mongage.
12. Remedies Cumulatire. All rcmeJies prm•ided in thic Martgage are distinct anJ cumulative to an} rnher right or
remedy under tfiis Morlgage or afTordrd h~• law or equily. ~nJ ma}• be rtierciced concurrenUy. independently or successively.
13. Successors and AssiRtts Bound; Joint and Se~e~al I.iability; Captions. Thc covcnants and agreementc herein
containeJ shall bind. and thr riRhts hereunder shall inure to. the re~pective s~~cceti~ors and ascigns of I_ender and Bortawer.
subject to the provisions of parograph 17 hereof. All roven~nts anJ aRreement~ of Borrow•er shall he joint and several.
The eaptions anJ fieadingc ot tfie paragraphc of tfiic Mor~gage are for convenience only and are not to I~e used to
interpret or define the provisionc hereof.
14. Nolict. ~xcep! for any notice required under applicable law ta be given in another manner. fa) any notice to
Borr~iwer provided for in this Mortgage shall tx given b~• mailing cuch notice by cerlified mail addresced to Bormw~er at
the P~openy Address or at such other addre~~ as B~~rrower may de~igna~e hy notice to l.ender as provided herein, and
(bl an~• notice to I_ender shall he given hy certi6eJ mail. return receipt requested. to t ender ~ adJress stated herein or to
siich other address as I.ender may- decignate by notice t~. Bo~roN•er as pr~~•ided herein. Any notice provided for in this
M~~rtgage shaN he deemed to havc been given to Re~rroa•er or I.ender when gi~•en in the manner designated herein.
1S. Uniform Mori~a~r. Governin~ IaN: Sc.•eraM'lit~. This fam of mortgagt combines uniform covenants for national use
and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrumentcovering real property.'il~e
state and local laws applicable to this Mortgage shall be the Iaws of the jurisdiction in which the Property is lacated. The foregoing
sentence sha{I not limit the appGcabifity of federal 1aw to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with appGcable law. such contlict shall not at'tect other provisia~s of this Mortgage or the Nou which can be given efFect
without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Bormwer's Copy. Borrovrer shall fx: furni~heJ a confe~rmed capy of the Notr and ~f thic Mortgage at the time
of e~eci+tion or atter secordation hereof.
17. T~ansfer of the Property; Assumplion. I! all or a~i~• part of thc Prapcrt} or an interest therein i~ sald or trancferred
by Borrowe~ without I_ender's prior written rnn~ent. ercluding lal the creation of a lien or encumbrance subordinate to
tfiis Mortgage. ibl the creation ot a purchrce money cecurilc iMerest for householJ appliance~. fcl a tranc(er bp devise
descent or by operation of lav-• t~pon Ihe death of a joim ~cnant ~r td~ thc gran~ of any leaschold interest o( ~hrec yearc or less
not containing an option ta ptirchase. I.ender ma~•. r~ Lender i~~ption. declare all the suma secured hy this Mortgage to be
immeJiately due and payable. [.ender chall have wai~ed cuch option to accelerate iL prior to the ~ale or transfer. 1_ender
and the person ta whom the Properry ic to ~ so1J or transferred reach agreement in writing tha~ the credil of such person
is sa~isfactory to [_e~Jer and that lhe intere.t payable ~n the sum~ ~ecured by tfii+ Mortgage shall be at such rate as Lender
shall rcquesl. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has eaecuted a written assump~ion agreement accepted in writing by I.eneler. t.ender ~hall release Borrower from all
obligations under tfiis Mangage and the Note_
If 1_ender exercises such option to accelerate. !_enJer tihal{ mail Borrower notice of acceleration in accordance wi~h
paragraph 14 hereof. Such notice shall provide a pericxl of not lesc than ?0 da)•c from the date the notice is mailed within
which Borrower may pa~~ the sums declareJ due. If Borrower failc to pay such wms prior to the expiration of such period.
[_ender may. without turther notice or dcmand on Bormw~er. invol~e an~• rcmedies permitteci b}~ paragraph 18 hereof.
Nox-Urv~FORt-t CovECV~NTS. Borrower and I.ender (urther cavenan~ and agree as follows:
18. Acceleratioa; Remedies. Eacept as provided in panq~nph 17 hereof. upon Borrowe~'s breach of any covenant or
agreement of Borrower ie this Mortgage. includinR the co~~enanfs to pay when dnt any snms secured by fhis Mort~age. Leader
prior to accekration sha0 mafl notice to Bonower ac provided in paraRcaph 14 hereof specitying: (1) the beeach; (2) tl~e action
rcquired to cure such breach: (3) ~ date. not less than 30 days trom Ihe date the notice is mailed to Borro~+er. by whkh such
breach must be cured; and (4) that failure lo cure such bresch on or beforc the date specified in the notice may resdt in
acceleration ot the snms secured by this MortR~e. fonclosure by judicial proceedi~ and sate of the Pmperty. 'IUe notice
shaU further inform Borrower of the ~ht to reinstate ~fter acceleration and the rigbt to asse~t ia the forecbwre proceedi~
the non-esistence of a default or anv other defense of Borrower to accelerotion and toreclosure. If the breach Ls not cured on
or before tfie date speciBed in the notice. l.ender 9t Lender's option may declare all of the sums secured by this Mortga~e to be
immediately due and payabk vrithout Eurther demand 9nd may foreclose thk MortRaKe by judicia{ proceedin~;. Lender shatl
be entided to collect in such procetdin~ all e:penses of foreclosurc, includin~. but not limited to, rezwaabk attorney's Eees.
~nd costs of documentary evidence. abstrocts and Iitk reports.
19. Borrower's R~fit to Reinstate. NotK ith~tanding I.enJer'. •rccelerah<.n of the sums cecured by th~s Mor~gage.
Borrower shall have the right to have am procccd~ngs hc~~~n hy Lcndcr to cnf~+rcc thiti Mortgage discontinued at any time
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