HomeMy WebLinkAbout2638I.ender's w~itten agrcemen~ or applicabk law. Borrower shall pay the amount of all mahgage incuranct prcmiums io the
m~nncr pm~tidrd unde~ parag~aph 2 hercot.
Any amounlc dichurced hy I.rnder pun~~ant t~~ ~his pa~ag~aph 7, with intercst thereon, shall l~ecome additional
indeh~ednesc of Borruw~r ~umJ by ~hie Mongage Unletc Bor~aw~er and LrnJer agrce tp other tem~s pt payment, such
amc~untc ~hall hc payablc u~n notirc fmm I.cnder lo Born~wcr rn~uecting paymenl thcreof, and shall bear%intcrcst from the
da~e ot dicbursement at ~he rate payahle from time ta ~ime on aulstanding p~incipal unAer the Note unlesc E+aymeet of
interest at such rate wauld 1+e contrarv to applicable law, in which event soch amounts shall bear interat at the highest rate
permissibk unde~ applicable law. N~~thing c~mai~ed in ~hic paragraph 7 chall require I.ender to incur any expenst o~ talce
any actio~ hereunder.
a. Iaspecfiou, l.ender may make or cau~c ~o he mad~ rcasonabk entries upon and inspections of the Property. pmvided
thal I.ender shall give Bo~rower no~ice pri~~r ~i. any such inspection specityina reawnabk cause therefor rclated to Lender's
interesl in Iht Pmperty.
9. Cowdemnafioa. The prcueedc of any award o~ claim for damaga, direct o~ rnnxquential, in connection with ar~y
condemnation or other taking of the Propeny, o~ part thercof,.or fo~ conveyance in lieu of condemnation. are hereby assia~ed
a~d shall be paid to I.ender.
in Ihe event of a total taking of the Propeny. Ihe procoeds ~hall be applied to the sums secured by this Mortaage.
with the excess, if any, paid to Borrower. ln the event af a panisl taking of the Property; unleu Borcower aod I.eode~
otherwise agree i~ writing. therc shall be applied to the sums secuted by this Mortgage such proportion of the pmooeds
as is equal to that proponion v-~hich the amoum of 1he sumc secnred by this MoNgage immediately prior to the date of
taking bears to the fair market value of thc Propcrty immediately prior to the date of ~aking, with the balance Qf the proceeds
paid to Borrower. \
If the Property is ahandoned by Barrower. or if. atter notice by I.ender to Bormwe~ that the condemnor olfers to mate
an award or uttle a claim for damages. Borrower fail. to recpond to 1_ender within 30 days aftet the date such notice is
mailed. [.ender ic authorized to collect and apply the prcueeds, at 1.ender's option, either to restontion or npair of the
Praperty or to the sumti cecured h~• this Mongalte.
Unlesc I_ender and Borrower othenvice agree in w•ritmc. any such application of proceeds to principal shall not extend
or pc-alpone the due da~e of the monthly installmen~s referred to in paragraphc 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for paymeM or modification of amortization of the sums socured
by this 111artgage gnnted by I.ender to any cuccessor in interect of Borrower chall not opente to rckase. in any manner.
the liability of the origina) Borrower and Bc-rrower'c socc~ssorc in interest. I_ender shall not be required to commenee
proceedings against such succ~ssor or rcfuse to erteod time for payment or otherwise modify amortizat~on of 1he sums
ucured by this Mortgage by reason of any demand made b)° the orieinal Borrower and Borrower s successors in interect.
tl. Forbesnnce by i.ender Not s Waiver. Any forbearance by 1_~nder in exercicing any right or remedy hercunder, or
othenvise atforded by applicabk law, shall not be a waiver of or prcclude the exercise of any such right or remedy.
The procurement af insurance pr the payment of taxes or other liens or charges by I_ender shall not be a waiver of Lender's
right ta accelerate the maturity of the indebtedneu securcd hy thic Mortgage.
12. Rtmedies Cumulsti~e. All rcmedies provided in this Mortgag~ arc dislinct and cumolative to any othe~ right or
remedy unde~ this Mortgagc or aff~rdcd hy law or equity, and may lx eaercised concurrtntly, independently or succes3ively.
' 13. Successors and Assi~ss dound; .7dnt aad Severd i.iabiliry: Captbns The covenants and agreements herein
contained shall bind, and the ri~hts hercunder shall iourc to. the rcspective successors and assigns of Cende~ aqd Borrower.
subject to the provisions of paragraph 17 hereof. IRII covenants and agreements of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of this Mortgage are for convenience only and arc not to be uc~d to
interprct or define the provisions hereof_
14. Notke. Except for any n~tice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Bc-rrower at
the Property Address or at such othcr addrcsc as Borrower mav designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by cenified mail. re~um receipt requested. to t.ender s address sUted herein or to
such other addrcss as Lender may decienate by notice to Borrower as provided herein. /-ny notice provided for in this
Mortgage shall be deemed to havc 1-een g~ven to Borrower or Lender w•hen given in Ihe manner desig~ated herein.
1S. Ueifortn Morl~a~e; Covernin~ Law: Severability. Thit (orm of mortgage combines uoiform covenants for nationat
use and non-uniform covenantc with limited variations hy jariuiiction to constitutt a uniform socurity instrument covtring
rcal property_ This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. in the
event that any provision or clauce of thic M~rtgage or the No~e conflic~s with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given efiect wi~hout the conflicting provicion, and to this
end the provisions of thc Mortgage and the Note are Jeclared to be severabla
16. Sorrowe: s Copy. Borrower shall bc h~rniched a conformed copy of the Note and of this Mortgage at the time
of execution or af~er recordation hereof.
17. Traasfer ot the Propertv; Assumption. lf all or any part of the Property or an intercst therein is sold or transferrcd
by Borrower without Lender's prior wrin~n cansen~. excludiqg Ial the creation of a lien or encumbnnce subordinate to
this Mo~tgage. (b) the creat~on of a purehacr m~ney cecuri~y mtercst for houxhold appliances, (c) a Innsfer hy devise.
descent or by operation of law upon ~he dcath of ~ j~m~ tenant or (dl the grant of aoy leaxhold intercst of Ihrcc ycars or kss
not containing an option to purchase, l ender may, at I.ender's opuon, declare all the sums secured by Ihis Mortgage to be
immed~atdy due and payable. [_ender chall have N;uved such option to accrlerate if, prior to the wle or transfer. l.eoder
and the person to whom the Property ic n- be .o1J or transferred reach agrerment in writing that the credit ~f cuch person
is satisfactory to I.ender and ~ha~ the interr.~ pa}•able an the sums secured by this Mortgage shall be at soch ra~e ac Lender
shall request. lf I.ender has. waived the op~ion ~o accelera~e provided in this paragraph 17, and if Borrower i auccessor in
interest has executed a writ~en assumption agreement accepted in wri~ing by l~nder, Lender shall releaso Borrower from all
obligahons under this Mortgage and Ihe Note. •
if Lender exercises such option to accelerate. I_ender chall mail Borrower notice of accele~a~ipn in accordancc N ith
paragraph 14 hereof. Such notice shall prov;de a period of not Iess than 30 days trom the date the notice is mailtd wi~hin
which Borrower may pay Ihe sums declared due. I( Borrower fails to pay soch sums prior to 1he expin~ion of cuch peric~d,
Lender may, without further no~ice or dcmand on tiorrower. ~nvoke any remedia permitted by paragraph IR hercof.
Non-Un~FOarH CoverveNTS. Borrower and Lender further covenant and agrce u follows:
18. Accelcntioa; Remedia. Except as Provided ia p~ra~npl~ 17 hereot, rpo~ dorrower's breac~ of sny coveesM or
asrecmeat ot Eorrower in tbis Mort~a~e. includin~ thc co~enanls fo p~y wAew due say snms secured by thfs MortRa~e. I.ender
prbr to accekraHon shdl mdl notice 1o dorrower as provWed fa para~nph 14 he~eot spceHyiu~: (1) the breacA: t21 the aetbs
requfred to cnre soch breach; (3) a-date. not ku than 30 dsys irom tbe. date the nMke b maikd fo donower. br wAkh wcl~
b~each west be cund: aad (~) thst tailure to c~re snch breacM ou or bdore Ihe date specified ie tAe aotke mar resdt i~
accekration ot tbe sams securcd by Ihk Mort~aRe. toreclosure br jodkial ~oceedi~ a~ sde ot tAc Tmperty. 71~e notiee
shaq turiber inform Eorro~.er of the ri~ht lo rei~state after accekrstioe aed 1he ~Mt b as~ert iw the toreclosure ~eoceedl~
tbe non-ezistence of a dctsuN or aay other defen~e ot eorrower to sccckrstbw ~sd forsclwrre. 1/ Ibc breacA is ~of cr~ o~
or betore Ihe dste sOeciBed ia tbe aotice. l.ender at I.ende~'s o'tio~ ~ declre dl ot the ssms sectrcd bp tAfs Mort~~e fo be
immediatcly due snd Psysble without tunl~cr demand ~nd miy lorecbse thi~ Mo~a~e br jndkW'eotttdi~. ~.ender chall
be entitltd to colleet in sacb proeeedia~ all expenses nf torccbsore. Ineludi~. M~t wot Umited to. re~sonsbk itarrner't fees.
and costs ot doc~n~entary e~idence. sbstracts and ~itk reports.
19. donoaers Ri~ht to Reinsta~c. No~wi~h~tand~ng 1 ender s accderation of the sums ucured by th~s Mortgage.
Borrower shall have the right to have any prcxerd~nec t+r~~n b~ Lender to enforct ~hn Mongage discontinueJ a~ any hme
ao~K346 PaGEzV3•,
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