HomeMy WebLinkAbout0045l.endtr's w~it~eo agretmen~ or spplicabk law. Borrow•er shall pay the amount ot all mortgage insurance prtmiums in thc
manne~ provided under parag-aph 2 hereot.
A~y amounts disbuned by 1.enJer purcuant to ~his paragraph 7, wi~h inlerost thercon, shall becamc additianal
i~Jeb~ednesc of Borrowc~ securcd by ~his Mortgage. Unlecc Borr~wer anJ I.cnJer agrce to ather ternns of papme~t, cuch
amaiotx shall be payabk upon ~otice t~om I.e~der ~o Borrovvrr reyues~ing payment thereaf, and shall bear inlerest from the
date of disbursement at Ihc nte payable from time ta time on outstanding principa) under the No~e unless payment of
interest at such rate would be contrary ta applicablc law, in Khich event such amaunts shall t+ear interest at the highest rate
pe~missibk unde~ applicabk law. Nathing contained in Ihic pa~agraph 7 shall require l.ender to iocur any expense or take
any action hereunder.
S. laspect~oa. I.ende~ may make or cauu to be made reaconable en~riec u~+c~n and inspectionc ot the Praperty, provided
that I_ender shall give Bonower notice prior to any such inspectioo ~peci~ying rcasonable cause therefcu related ta I.ender's
interrst in the Propeny.
9. Condemaatbn. The prcueedc of any aM•~rd or claim for damagec, dired or concequential, in rnnnectian with any
condemnation or other taking af the Propeny, ar part thereof, or for rnnveyance in lieu of condemnation, are herchy ascigned
and shall t+c paid to l.ender.
in Ihe event of 1 total taking of Ihe Pmperty, the proceeds chall he applieJ to ~he cums secured by Ihic Mortgage.
with the etcecs, if any, paid to Born~we~. In Ihe event of a partia) taking of !he Property, unlecc Rorrower and I.ender
atherwise agrce in writing. there shall he applied tc- the +umc SecureJ hy thic Mortgage such proportian of Ihe procetds
as ic equal to that proportion which the am~.unl a( the sumc cecured b~~ thic tilartgage immediately prior to the date of
taking Ixars to Ihe tair market value of the Propcrty immediatelp prior to the Jate of taking, with the balance of the proceeds
paid to Borrowcr.
If the Property ic abandoned b~• Borrower, or if. after notice hy I.ender to Borrower that the condemnor afiers to make
ars aw•ard or setlle a claim for damage~. Borrc.v-er failti t.~ retipond t~ I.ender within 30 dap~ after the dale such notice is
mailed, I.ender ic authoriied to collect and apply ~he proceeds. at I.ender's optian, eilher to rectoration ar oepair of tht
Proper~~• or to the sums secured b~ this Mor~gagc_
Unles. I_ender and Borrow•er Mhenaice agree in ~ritine. an~• such application of prcuetdc to principal shall not extend
~~r p~~ctpone ~he due Jate o( Ihe man~hly inslallments referrcd ia in parag~aphc 1 and 2 hereof or change the amrnmt of
such i~stallmcnts.
10. Borrorrer Not Rekued. Erlencion of Ihe time far payment or modification of amonization of the zumc ucurcd
b~• ~his Mort~age granted by I.enJer to any cucceswr in intere~t ~f Borrow•er chall not operate to rclcasc. in any manner,
the liabili~y of the original Barror~~er and Borrower'c succescorc en interest. i.ender shall not he required to commence
pr.iceedings against such succecsor or re(uce to etilend time for payment or athervvi~e modify amorlization of the sums
xcured hy Ihic Mortgage M reacon of an~~ demand made M• the orieinal 13orrower :~nd Borrower s socces~orc in interect.
11. Forbeannce b~ I.eader Nof s Waiver. Am• t~.rhearancc h}• Lcoder in erercicinR an~ right or remedy hereunder, or
othenvise atTorded by applicahle law. shall not he a wai~•e~ ot or preclude the exercise of any soch righ~ or remedy.
The procurement of insurance ar the payment of tarec ar other liens or chargec by I.ender thall not he a waiver of I.ender s
right t~ accelerate the maturity of the indebtcdnets cccured M• thia Mortgage.
12. Remedies Cumnlatire. All rcmedies prm•ided in thic Mortgage are distinct and cumulative to any o~her right or
remeJy unJer this Martgage or aff~rdecl M law~ ~,r equity, and may he exerciceJ concurrentl}•, independentl}~ or succetsively.
13. Snccessors and Assi~as Bound; Joint and Se~eral I.iabilitv; Captions. The covcnants and agrcementc herein
contained shall hind, and ~he riRhts hereunder shall i~ure tc. thr respective tucce~~rc and atsign~ of I_ender and Borrower.
cubject to tF~e proviciom of paragraph 17 hereo(. All covenants anJ agreement~ of Borrow•er shall I~e joint and ceveral.
The captions anJ heaJin~t~ of the paragraphc of thic Mortgage are for convenienee only and are nM to he uced to
interpret or define the pro~•isionc hercof.
14: NMice. Except for any notice reyuired unJer appticahle law t~• be given in ano~her manner. (a) any notice to
Borrower provided for in thit Mortga¢e shall he given b~• mailinR <urh natice b}• certified mail addresKd to Barrow•er at
the Property Addretc or at such oiher addrec~ as Burrower may devgnatc M•. noticc to I.ender as provided herein. and
(bi any notice to LenJer shall he given hy cerlified mril_, ret4~rn receipt requected. to 1 enJer'c adJrecs s~ated herein or to
such other address as I.ender may designate b~~ notice t~ Borrower as pr,wideJ herein. Anv notice provided for in this
Mor~gage shall he deemed to hare been givcn to F3c-rr~w~cr or I.cnder whcn gi~•en in thc manner designated herein.
1S. Uniform Mort~a~e; Covernin~ iaw; Se~•erabilit~•. This form of mortgage combines uniform covenants for nationa! use
and non-uniform oovenants with limited variations by jurisdiction to constitute a uniform security insvument oovering real property. The
state and {ocal laws applicabk to this Mortgsge shall be the Iaws of the jurisdiction in which the Property is locatod. The for~egoing
sentence shall not limit the applicability of federal law to this mortgage. In 1he event that any provision orclause of this Mortgage or the
Note rnnflicts with app6cabk Iaw. such contlict shall not alfect other provisions of this Mortgage or she Note which can be given effect
without the conflicting provision, and to this end the .provisions of the Mort~age and the Note are declared to be severable.
16. Eomnwer's Copy. Borrower ~hall t+e furnitihed a cnnformed copy of the Notc and of thic Mortgage at the time
of e~ecution or after recordation hereof_
17. Trmsfer of the Property: Assumplion. If all or am• part ot the Property or an interest therein ic cald or trancferred
b}• Borrower withoW I_ender's p~ior written roncent. e~rluding Ia1 the crea~ion o( a lien or encumbrance suFx~rJinate to
thic Morigage. Ih) Ihe ercation af a purcha~e money ceeuril}• interest f~r houcehold applianeec. (c) a ~rancfer M• devise.
detcent or by operation ot laa upon the death c.( a j~~nt tenant or (J~ Ihe granl of an}• leauhold interest of Ihree years or less
not containing an oplion to purchase. I_ender may. at 1_ender'. i,pt~on, declare all the sum~ sec~~red bp this Mortgage to be
~mmediately due and payable. I_ender shall ha~•e waieed ~uch op~ion t~~ accelerate i(, prior to the cale or ~ransfer, l.ender
anJ the person to whom the Property ic to be colJ or tr•rncferred reach agreemeM in writing that the credit o( such per~on
ic satisfactory to LenJer and tha~ the intere~~ payable on ~he tumc secured b} thic Mortgage ~hall I~e at such rate a~ I.ender
shall request. If l.ender has waived the optivn to accelerate provideJ in ~his paragraph 17. and if Borrower's successor in
interest has executed a written assump~ion agreement accepted in writing hy I_ender. [_ender shall releace Borrower from all
obligations unJer this Mottgage and the Note.
If t_ender exercisec such oplian to accelerate, (.ender tihall mail Borrower notice of acceleration in accordance with
paragraph 14 hercof_ Such nutice shall provide a pericxl ~.f not lesc than 30 da~•~ from the date the no~ice is mailed withi~
K~hich Borrower may pay the sums declared due. If B..rrower (ailc to pay tuch cumc prior to the erpiration of cuch period,
Lendcr map, w•ithout funher notice or Jcmand on Hc.rruwer. invake am remedies permitted b} paragraph 18 hereof.
Nox-UtvtFOR:-t CovF~~rrrs. Borrower and 1_ender further cor-enant and agtee as follows:
18. Acceleratioa; Remedies. Escept as provided in paraR~ph 17 hereof. upon eorrower's breach of any co~ensnt or
:p~reemeat oE eorrower ia this Mort~s~e. includin~ the covenants to pay wheo due aay snms secured by this MortRa~e. Lender
prior Io accekration s6aq mafl notice to Borrower as pro.ided in pa~raph 14 hereof specifyin~: (1) the b~each; (2) the actan
required to cure snc6 brescb; (3) a date. not less Ihan 30 da~~c from the date the notice is ma'led to Borrower. by whk6 snch
bresch must be cored: ~nd (4) that failure to cure such breach on or before the dste specif'ied in the aofice may resdf in
accekration of t6e soms secund by Ihis Nort~a~e. forcclosure by judicial proceedin~ and sale of the Properfy. 'ILe ndlce
shall further inform Borrov-er of Ihe ri~ht to rcinstate afler acceleration and the right fo assert in !he foreclosnrc Pmceedi~
Ihe non-e:istence of s detauk or anv Mher defense of Bonovse~ to accelerotion and foreclosure. if the breacb is oot cured on
or beforr the dste speciPied in the notice. Lender at Lender's option m9y declare all of the surns secnrcd by this Mortga~e to be
immediately due and paYabls wilhout further demand and may foreclose this NortRaRe by judicial proceedin~. Ltnder sball
be entitled to collect in'soc6 Proceedi~ ap expenses of foreclosure, including, but not limited to. re~sonable attorney's iees.
and costs of documentary evidence. abstracts and tilk reports.
19. BorroKeis Rigbt to Reiastate. Not~ithctanding LenJer', accelerat~on of the sums cecured by ~his Mortgage,
Borrower shall have the right to have am proceedingc t,~gun by I.cnder to enforcc thiti Mortgage discontinued at any time
80~~ 34~ pa~E
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