HomeMy WebLinkAbout2697I.enJer's written agreement or applicable lew. Borrowe~ shall pay the amou~t af all mortgage incurance prcmiums in the
m~nnrr providcd under patagraph 2 herco(.
A~y amaunh di~hurced by Len~ier purcuant 1~~ this parag~aph 7, wilh in~eresl thereon, shal) l+ecome additianal
indcMcdnr~c uf Il~~r~uwrr ucund by ~hi~ Mor~~age. Unle.~ Borruw•er anJ I.rnJer agrec to olhc~ tctms of payment, such
am~~unlc shall hc p~yahlc upon n~~icr fr~~m I ender t~. Bc~rruw~r rcyuecling paymcnt thcreof, anJ ~hall hear interesl from the
dale of dicburscment at the rate payahle fr~~m limc lo time on autstanding principal undtr Ihe Nate unlesc payment ot
interest at such rate would !+e contrary a~ applicable law, in which event cuch amounts chall l~ea~ i~terest at the highest rate
permissible under applicable law. Nothing a~ntai~ed io thic pa~agraph 7 shall require I.ender to incu~ any expe~se or take
any action hereunde~.
S. iaspection. l.ender may makc ar rau~c to he made reaconable enttiec upon a~d inspections of the Property. pmvided
that i.ender shall give Borrow~e~ ~otice pri~~r to any such inspectian specifying reasonable cause therofo~ related to I.ender's
interest in the Property:
9. CondemnatioA. The prc~ceedc of any award or claim for damages, dircct or consequential, in connectan with any
condem~ation or other taking of the Propeny, or part thercof, or tor conveyance in lieu of conde,nnation. are hereby assigood
and shall be paid to I.ender.
in the eveot of a total taking of thc Property, the proceeds shall be applied to the sums sec~ircd by this Mortaase.
with the excess, if any, paid to Borrower. in the event of a partial taking ot the Property, unlesc Borrower and Lender
othervvix agree in writing. therc shall be applied to the sums secured by this Martgage such proponion af the proceeds
as is equal to that proportion w•hich thc am~ium of thc sumc urured by this Mortgage immediately prior lo the date of
taking bean to the fair market value of the Property immediately prior Io the date ot taking, with the balance of the pmceeds
paid to Borrower.
If the Property it ahandoned by Borrowcr. or if after notice by l.ender to Bormwer that the conde~nnor offers to make
an award ar iettle a claim for J~mage~. Bnrr~wer ta~l. to respand M I_ender within 30 days atter the dale such notitt is
mailed. I_ender ic authorized to collec~ and apply ~he proceedc. at I.ender i option. either to restontion or repair of the
Propcrly~ or to the wm~ cccured hy this ~~~rtRagc.
Unlesc l_ender and Borrovver otherwice agree in v-•rit~nc. any such applicati~n of procteds to principal shall not extend
or pcxtpone the due da~e of the monthly installmenls rcferred to in parag~aphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rckased. Extension of the time for payment or mcxlificatiun of amortizatior of the sums socurcd
by this Martgage granted by l.ender to any cuccecsor in interect of Bonower ~hall not operate to rc~ease, in any manner.
the liability of the original Borrower and Borrower'c si~ccessorc in intenst. l_ender shall not be requircd to commence
proceedings against such successor or rcfuse to extenJ time for payment or othen-ise modify amortizat~on of the sums
.e~ured by ~hic Mongage hy reasan of any demand made by the ori¢inal Borrower and Borrower s successors in interect.
11. Forbeannce by i.ender Not s Wdver. Any f~rt~earance by l.ender in erercicing any right or rcmedy hercunde~, or
othenvix affordeci by applicable laa. shall no~ be a waiver ot or preclude Ihe exercise of any such right or rcmedy.
The procurement of insurance Qr the payment ot taxes or other liens or charges by l.ender shall not be.a waiver of L.ender's
right to accelerate the maturity of the indebtednets cecurcd hy thic Mortga~te.
12. Remedies Comulati~e. All rcmedies provided in this Mortgage are dis~inct and cumulative to any other right or
remedy unde~ this Mortgage or afiorded by law or equity, and may 1x exercised concurrently. independently or successively.
' 13. Soccessors snd -As~us Bound; Joiat aad Several i.iab~iry: Csptions. The covenants and agreements herein
contained shall bind, and the riRhts hercunder shall inurc to. the respoctive successors and assigns of Lender aod Borrower.
subject to the provisionc of paragraph 17 hereof. All coveoants and agreements of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of ~his Mortgage arc for convenience only and arc not to be u~ed to
interprct or define the provicions herrnL
t0. NWke. Except for any notice rcquired under applicabl~ law to be given in another manner, (a) any notice to
Borrower pPOVided for in this M~rtga¢e shall be given by mailing such notice by certified mail addressed to Bcxrower at
the Property Address or at such other address as Borrower mav decignate by noiice to T_ender as provided herein, and
(f~) any notice ro Lender shall Ix given by cer~ified m•ril. return rcceipt requestcd. to t ender s address stated herein or to
such other address as I_ender may decienate by notice to Borrow•er as provided hercin. Any notice provided for in this
Mortgage shall be deemed to havc l+een g~ven to Borrower or l_endcr when g~ven in the manner designated herein.
1S. Uniform MoriRa~e; Governin~ [a..: Se~erobilil~•. Thic (orm of mortgage combines uniform covenants for national
use and non-unitorm covenantc w•ith limited varia~ions hy jurisdiction to constitute s uniform security instrument covering
rca) property. This Mongage shall be gove~ned hv ihe law of Ihe jurisdiction in which Ihe Property is located. in the
event that any provision or clause of ~hic Mongage ~r the No~e conflicts with applicable law, such conflict shall not aBect
other provisions of this Mongage or the Note which can be given efTect without the conflicting provicion, and to this ••
end the prc~visions of the Mortgage and the Nc-te are declared to t+e xverable.
16. Eorrowe~'s Copy. Borrower shall bc furniched a confornned copy of the Note and of this Mortgage at the time
of execution or after recordation hercof.
17. Tnosfer ot tbe Prope~ty: Assump~ion. If all or any part of th~ Pmperty or an intercst thercin ic sold or transferred
by Borrowe~ without Lender's prinr writr~n ~uncent. excluding (al the crcation of a lien or encumbrance subordinate to
this Mortgage. (bl ~he creation of a pur~hacr mnney cecuri~y mterest far houuhold appliances. (e) a trancfer hy devise.
descent or by operation ~f lav- upon the dcath of •r j~~~nt tenant or (d- the gnnt of any Itasehold interest o( ~hrcc ycars or less
not containing an option to purchase. Cender may. at Lender'~ opt~on, declare all ~he sums stcured by Ihis Mortgage to be
immediately dut and payable. I_ender ~hall h~ve N,~~ved such option to accclerate if, prior to Ihe cale or transfer. Lender
and the person to whom the Property ic w t+e :o1J or t~ans(errcd reach agrerment in writing that the credi~ of cuch petson
is satisfaclory to I.enJer and that the interr.t pa~able on tht sums secured by Ihis Mortgage shall be at such ratt ac I.ender
shall request. lf Lender has waived the option to accelerrte provided in ~his paragraph 17, and if Borrower's successor in
interest has executed a wriuen assumption agreement accepted in wriling by Lender, Lender shall release Borrowe~ (rom a!I
obligations under this Mor~gage and thc Nate.
If ~ender exercises such option ~~ accelera~e. I_enJer chall mail Borrowtr notice o( accele~ation in accordancc N ith
paragraph 14 hercof Such no~ice chall provide a period ot not less than 30 days from tht date the no~ice is mailed within
which Borrower may pay the sumc declared due. It 8orrower fails to pay such sums prior to the expiration ot such pericid,
Lender may, without further notice or dcmand on Borrower, invoke any rcmedia permitted by paragnph 18 htreof.
NON-UNIFORM COVEN~NTS Borrower and Lender tunher covcn~nt and agrce u follows:
s •
18. Accekrslioa: Remcdks. Except as provfded ia para~rsph 17 bereof. upoe Eorro.-e~'s breacl~ of any co.esant or
a~reemeat of Eorro~+er in this MortRaRc, includinR tbe co~ensnls to pay ~-hew due sny sums secnred by this MortR~e, I.endcr
prbr lo xcekntbe shdl m~il notke to dorro.-er as prorWed In pan~raph 14 hereol specNyins: (1) tAe breacb: 12) ~he aetbA
requind to c0re snch bnach; (3) s dste. rwt kss Ibsn 30 days ~wm the dNe the notice b msfled to eorrower. by ~+hkh wcb
b~each must be cared; snd (~) Ihst taflurr to c~re such bresch os or bctoro the dale specified in tht nolke miy resdit i~
sccekration ot the soms second by this MoARaRe. fo~eclosure by judkW Proeeed[n~ ~d sde ot tbc rroperry. The notice
' shall turther inform dorrower of Ihe ri~ht to rcinstNe atler sccekrNbn and tbe ~ht to asserf ie Ihe foreclosnte ~oceedi~
tbe aon-e~isfence ot s dcfauN or anr Mher defense of eorrower to ~ecekratioa and toteclosorc. If Ihe Arcech is aot crr~ca o~
or 6efore the date specil'ied ia the notice. l.ende~ a1 I.ender's optb~ wuy deelant all o~ the wss senred b~' tAfs MortRaRe to be
immedistely due snd psyable without furlbcr demand ~od mar /otecbse M4 Mort~a~e bf jodkW proteediuR. I.endcr chap
be totiNed !o tolleet fe wc6 protetdi~ sll expenses of tortclosY~t, fnclndi~q. M~t eot Umiled to. rcasonabk s~a-rneti's fees.
and costs ot doc~n~entary evidence. abstracts ind ~ide rcports. ,
19. son+ower's Rl~ht to Reinstate. Nolwilhcl~nding 1 endtr's acceleration of the sums secured by ~h~s Mohgage.
Borrower shall have the right ~o have an} prcxe~dme• brf~~n by Lender m en(orce thi~ Mortgage dncontinueJ at any ~~me
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