HomeMy WebLinkAbout0255Len~er s w-~tten a9~eement or appi~cabte iaw Borrower sha11 pay the amount o~ aU'i1~6Rc~i~Q ~nsu-an~~ ~~~ums ~n the
manner prowded under paragraph 2 hereol
Any amounts d-sbursed by Lender pursuani to Ihis parag~aph 7. wilh mterest the~eon, shau become add~t~onal
~ndebtedness ol Borrower secured by th~s Mortgage Unless 8orrower and Lender agree to othe~ terms of payment, such
amounts shau be payabie upon not~ce from lencle~ to Borrower request~ng payment thereot, and shalt bear ~nteresl irom the
date of d~sbursemern at the rate payable irom t~me to I~me on outstandmg pr~nc+pal under the Note unless payment ot
~nterest at such rate wou~d be contrary to appl~cable law, :n ~vh~ch event such amounts shall bear ~nterest at the t~ighesl rate
perm~ss~ble unde~ apphcabie law. Noth~ng contained m Ihis pa-agraph 7 shall require Lende~ to ~ncw any expense or take
anv acUon hereunder.
8. inspectfon. lende- may make or cause to be made reasonabie entr~es upon and ~nspecl~ons of the Prope-ty,
p~ov~ded that Lender shau g~ve Borrower nouce pnor to any such ~nspect~on spec~tymg reasonabie cause tnerefor reiated !o
l,enders ~nterest ~n the Prope-ty.
~. Condemnation: The proceeds ot any award or c1a~m for damages. d~rect or consequenl~al, ~n connection w~th any
condemnat~on or other tak~ng ot Ihe Property, ~r pa~f thereot. or tor conveyance ~n I~eu ot condemnat~on. hereby ass~gned
and shall be pa~d to Le~cier
In the event ot a totat tak~ng ot the Property. the proceeds shati be appi~ed to the sums secured by th~s Mongage
w~th the excess, it any pa~d to Barrowe-. In the event of a part~al tak~ng of the Property unless Borrower and Lender
othervvise a9ree ~n writing, there shell be appl~ed to the sums secured by th~s Mortgage such proporUOn ot the proceeds
as +s equa~ lo that proportion wh~ch the amount ot the sums secured by th~s Mortgage ~mmediately pnor to lhe date ot
tak~ng bears to lhe tair market value ot the Property ~mmed~ately pnor to the date ot tak~ng, with the balanr_e ot ihe proceeds
paid to the Bor~ower
If ihe Property ~s abandoned by Borrowsr. or ~t. a(ter not~ce by Lender to Borrower that the condemnor otfers to make
an award or settle a cla~m tor damages Borrower ta~ls to respond to lender w~ih~n 3U days aiter the date such not~ce ~s
ma~led. Lender ~s author~zed to col~ect and appiy the proceeds. at tender's opt~on, e~ther to restorat~on or repa~r ol the
Property or to the sums secured by th~s Mongage.
Unless Lender and Borrower othe-w~se agree ~n wr~t~ng, any such appl~cat~on ot proceeds to prrnc~pal shall not exten~i
or postpone the due date ot the monthly ~nstallments reterred to ~n paragraphs 1 and 2 hereol or change the amount ot
such installments
1 O. Borrower Not Releaaed. Extens~on of the time for payment or modification ot amortization of the sums secured
by th~s Mortgage granted by Lender to any successor ~n interest ot Borrower shalt not operate to release, in any manner,
the I~ab~hty of the or~g~nal 8orrower and Borrowers successors ~n ~nterest. Lender shalt not be requ~red to commence
proceed~ngs aga~nst such successoi or retuse to extend ume for payment o- ceherw+se mod~fy amort~zat~on of the sums
secured by lhis Mortgage by reason ot any demand made by the or~g~nal Borrower and Borrowers successors ~n ~nterest.
11. Forbearance by Lender Nots Waiver. Any forbearance by Lender ~n exerc~smg any r~ght or ~emedy hereunder.
or otherw~se afforded by app~~cabie ~aw. shat~ not be a wa~ver of o~ preclude ihe exerc~se of any such r~ght or remedy.
The procurement of ~nsurance or the payment of taxes or othe- i~ens or charges by Lender shall not be a wa~ver ol Lender s
r~ght to accelerate the matunty ~f the ~ndebtedness secured by th~s Mongage.
12. Remedies Cumulative. AII remedies prov~ded in thls Mortgage are d~stinct and cumulative to any other right or
remedy under th~s Mortgage or attorded by law or eqwty. and may be exerc~sed concurrently, independently or success~vely.
13. Successon and Assigns Bound; Jolnt and Several Liability; Captions, The covenants and agreements
here~n conta~ned shali b~nd. and the r~ghts hereunder ~haii ~nure to, the respecbve successors and ass~gns ot
Lender and Borrower. sub~ect to the prov~s~ons ot paragraph t 7 hereot. AI~ covenants and agreements ot Borrower sha11 be
~o~nt and severai. The capt~ons and headmgs ot the paragraphs of sh~s Mortgage are for coven~ence only and are not to be
used to ~nterpret or del~ne the prov~s~ons hereof.
14. Notice. Except tor any not~ce reqwreci under appl~cable law to be g~ven ~n another manner. (a) any not~ce to
Borrower prov~ded for ~n this Mortgage shatt be grven by maihng such noUce by cert~fied ma~t addressed to Borrower at
the Prope-ty Ad~ress o- at such other address as Borrower may des~9nate by not~ce to Lender as pro~~ded here~n, and
!b1 any not~ce to Lender shatl be g~vEn by cerUt~ed ma~1. retum rece~pt requested. to Lender s address stated herem or to
such other address as Lender may des~gnate by not~ce to Borrower as'prov~ded herein. Any notice provided for ~n th~s
Mortgage sha11 be deemed to have been g~ven to Borrower or Lender when given ~n the manner des~gnated here~n.
15. Uniform Moirtgage; Governing Law; Severability. Th~s form o1 mortgage combines un~form covenants tor
n~bonal use and non-unifo+m covenants wrth I~mrte~f vanaE~ons by ~unsdichon to constRute a un~torm secur~ty ~nsfrument
covenng reai property The state and ioca~ ~av1s ap~~•.~CdbIE: ?o !hiS Mortgage shal~ be the ~aws ot the ~w~sd~ct~on m wMch
!ne Property ~s !ocated The forego~ng semence snait n~t ~~m+t tne apphcab~i~ty o~ federai 1aw to th~s mortgage In the event
that any prov~s~on or cfause of th~s Mortgaye or the ~~~ ~•te confi~cis w.tt~ app~~cable ~aw. such conf!~ct shan not attect othe-
prov~s~ons of th~s Murtgaye~or the Note wh~ch can he y~ven effect w~?hou~ the Cont~~c!~ng pro~is~on and to this end the
provisions o! the Murty~ye ancl thF- Note <i=e ctec~~~rec! tc~ t;e severat~~e ~
16. Borrower's Copy. Borrower shall be furn~shed a contormed copy of the Note and ot th~s Mo-tgage at the t~me
of execut~on or atter recordat~on hereof.
17. Transier otthe Property; Assumption. If all or any part ot the Property or an ~nterest there~n ~s sold or transferred
by Bo-rower w~thout Lenders pnor wr~iten consent. exclud~ng ~a1 the creat~on of a t~en or encumbrance subord~nate to
th~s Mortgage. lb) the creation of a purchase money secur~ty ~nterest for household appl~ances. (c- a transfer by dev~se.
descent or by operalion ot law upon the death ot a joint tenant or ~d) the grant ot any leasehold :nterest of three years or less
not conta~rnng an option to purchase. Lender may, at Lenders opt~on. deciare al1 the sums secured by th~s Mortgage to be
~mmediately due and payable. Lender shall have waived such option to acceterate ~f prior to the sale or transter. Lende-
and the person to whom the Property ~s to be sold or transterred reach a9reement m wr~t~ng that the c:ed~t ot such person
~s sat~sfactory to Lender and that the mterest payabie on the sums secured by th~s Mortgage shal! be at su~h rate as Lender
shall request. It L~nder has wa~ved the opt~on to accelerate prov~ded ~n th~s paragraph 17, and if Borrowers successor ~n
interest has executed a wr~tten assumption agreement accepted ~n wr~t~ng Gy Lender, Lendec shall release Borrower from all
obl~gations under this Mortgage and the Note.
If Lender exercises such opt~on to accele~ate. lender shali ma~l Borrower noUCe ot accelerat~on ~n accordance H~th
paragraph 14 hereo(. Such not~ce shat~ prov~de a perlod ot noi less tnat 30 days irom the date the not~ce ~s ma~ted w~th~n
which Borrower may pay the sums dec!ared due. If Borrovrer ta~ls to pay such sums pr~or to the expirat~on ot such per~~.
Lender may. w~thout turther not~ce or demand on Borrower. ~nvoke any remed~es perm~tted by paragraph 18 hereof.
NON-UNIFORRA COVENANTS Borrower and Lender further covenant and agree as tollows:
18. Acceleration: Remedies. Except as provided in paragraph 17 hereof, upon Borrowsrs breach of any
covenant or agreement of Borrower In this Mo~tgage, inctuding the covensnts to psywhsn due eny sums secured
by thls Mortgage. Ltnde~ prior to accslsration shsll mail notice to Borrower as provided in paragraph 14 hereof
specllying: (1) the bresch; (2) the sction requlrsd to cure such breach; (3) a date, not less than 30 days from the
dste the notice is rr.slled to Borrower, bywhich such breach must be cured; and (4) that failure to cure such bresch
on or before the date spscified in the notlce may result In sccelsration of the sums secured by thls Mortgsgs,
toreclosure.by judiclal proceeding snd ssle of the Property. The notlce shall further inform Bonows~of the rightto
roinstate after accelerstion and the right to sue~t in the foreclosure procesdlny the non-exlstence of a default o~
any other defense of Borrower to acceleration and foreclosure. If the bresch Is not cured on or before the date
specified in the notice, Lendsr st Lender's optton may declare all of the sums sscu~ed by thls ~Aortgage to be
immediately due snd payeble without further demsnd snd msy foreclos~ this Mortgage by judtcisl proceeding.
Lender shall be entitted to coll~ct in such proceeding all expenses of ~oroclosure, Inctuding, but not Ilmitsd to,
reasonsble attorneys ises, and costs of documentary evidence, abstracts and title reports.
19. Borrowers Right to Reinstste. Notw~thstand~n~ Lender s acceleral~on of the sums secured by this Mortgage.
Borrower shail have the nght to'~ave any pro~eed~ngs begun by lender to enforce Ih~s Mortgage d~scont~nued at any t~me
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