HomeMy WebLinkAbout2964I.ender's written agrcement or applicable law. BorraNer shall pay the amaunt of all mongage insurance premiums in the
ma~ner providcd under paragraph 2 hercof.
A~y amounts disburud by l.ender pursuant to this parag~aph 7, with intercst thercon, shall become additional
i~Jeb~edness of Bo~~owe~ securcd by this Mongage. Unless Borrower and l_ender agree to other terms of payment, such
amounts shall be payablo upon notice f~om I.ender to Borrowcr requesting payment the~eaf, and shall bear interest from the
Jate of disbursement at the rate payable from time ta time on outstaoding principal u~der Ihe Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amouots shall bear interest at the highest rate
pe~missible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expe~se or talce
any action hereunder.
8. Inspectioa. i.ender may make or cause to be made reaconable entries upon and inspections of the Property, provided
that I.ender shall give Borrower notice prior to any such inxpection specifying reasonable caux therefor related to Lender's
interest in the Proporty.
9. CondemnaHon. The procceds of any award or claim for damages, direct or conseque~tial, in connection with any
condemnation or other taking of the Propeny, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the P~oper~y, the proceeds shall be applied to the sums secured by this Mortgage.
with the etcess, it any, paid to Borrower. in Ihe event ot a partial taking ot the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this MortRage such proportion of the proceeds
as is equal to that proportion a•hich the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears ta the fair market value of the Property immediately prior to ihe date of taking, with the balance of the proceeds
paid to Borrower.
If the Propert}• is abandoned b~ Borrower, or if. after notice by l.ende~ to Bormwer that the condemnor of~ers to make
an award or settle a claim far damages, Barrower fails to respond to l.ender within 30 days after the date such notice is
mailed, Le~der is authorized to callect and apply the proceeds. at i.ender c option, either to restoration or repair of the
Prope~ly or to the sums secured by this Martgage.
Unless I_ender and Borrower othervvise agree in writing, any such application of proceeds to principal shatl not extend
or postpone the due date af the monthty installments referrcd to in paragraphs 1 and 2 hereof or change the amount of
such installmtnts.
10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I_ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borr~wer's successors in interest. Lender shall ~ot be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
~ecure~ b}• this Mortgage hy reason of any demand made b~ the oriqinal Borrower and Borrower s succe~sors in interest.
11. Forbearance by I.ender Not a Wairer. Any forhearance by 1_ender in e!cercising any right or remedy hereunder, or
othenvise aBorded by ~pplicahle law, shall not t-e a waiver of or preclude the exercise of any such right or remedy_
The procurement of insurance or the payment of ~taxes ~r other liens or charges by I.ender shall not lx a waiver of Lender's
right to accelerate the maturity of the mdehtedness ~ecured hy ihic Mortgage.
12. Remedies Cumulati~e. All remedies pro~•ided in this Mortgage are distinct and cumulative to any other right or
remedy i~nder this Mortgage or afforded hy law or equity. and may be exercised concurrently, independently or soccessively.
13. Succes~ors and Assigas Bound; Joint and Se~•eral I.iability; Captio~. The covenants and agreements herein
contained shall bind, and the riRhts hereander shall inure to. the respective successors and assigns of Lender and Borrower,
subject to the provisiont of paragraph 17 hereof. All co~•enants and agreements of Borrow~er shall be joint and several.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be uxd to
interpret or define the provisians hercof.
14. Notice. Except for any notice required under applicable law• to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given hy mailing ~uch notice by certified mail addressed to Bor~ower at
thc Property Address or at such other address as Borrower ma~• designate by notice to T_ender as provided herein, and
(b) aoy notice to Cender shall be given by certified mail. retum receipt requested. t~ [.ender s address stated herein or to
~uch other address as Lender may designate by notice to Borraw•er as provided herein. Any notice provided for in this
'.4tortgage shall be deemed to havc been given to Borrower or l.ender w~hen grven an the manner designated herein.
15. Uniforn~ 1~iorlRage; Governin~ Law; Se~•erobilit~•: Thic form of mortgage combines uniform covenants for national
use and non-uniform covenantc w•ith limited ~~ariationc M• juricdiction to constitute a uniform security instrument covering
real propertt•. This Mortgage shall be governesl h}• the law of the juricdiction in which the Property is located. In the
e~•ent that any provision or clauk of this Mortgage c.r the I~~~te conflicts with applicable law, such conflict shall not afiect
~~ther proritiionc of this Mortgage or the Note which can be given etiect without the conflicting provision, and to this
end the pmvisions of thc Mortgagc and ~he tiotc are declared to t~e severablc.
16. Bomo~e~s Copy. Borrower shall t-e furnitiheJ a conf~~rmed copy of the Note and of thic Mortgage at the time
uf e~ecotion .~r a(ter recordation hereof.
17. Transfer of the Property: Acsumption. if all or am~ part of the Pmperty or an interest therein is sold or transferred
b~• Borrow~er without Lender's prior written concent. excluding (al t creation of a lien or encumbrance suhordinate to
thic Mortgage. (b1 ti~e creation of a purchase money securitv in, est fnr household appliance~. /c) a transfer by devix.
descent or by opera~ion of law upon the death of a joint tenant ~~ (d- ihe grant of an}• leasehold interest of three years or less
not containing an option to purchase. I.ender ma}•, at l.ender'~ pt~on, declere all :he sums secured by th~s Mortgage to be
~mmediately due and payable. t.ender shall have wai~•ed cuch ~ ption to accelerate iL ~rior to the ~ale or transfer. Lender
and the perwn to v-•ham the Property ic to be sold or transferred reach ~greement in writing that the credit of such person
ic sa~isfactory~ to I.ender and that the interest pa~•able on the sumc ~ecured b}• thi~ Mortgage chall be at such rate as Lender
shall request. If 1.enJer has waived the option t~ accelerate provided in th~s paragraph 17. and if Borrower's successor in
~nte~est hac executed a written assumption agreement accepted in writing by I.ender, I.ender shall releace Borrower from all
.~bligations under this Mortgage and the tiote.
If l.e~ider exercisez such option te. accelerate. I.ender ~hall mail $orrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a peri~J ~.f n~t Iess than 3~ Ja~~~ fmm the date the notice is mailed v-ithin
which Borrower ma~• pay the sums decl.~red due. If Bnrrower failc to pa~~ ~uch ~nms prior M the e~pirati~n of such period.
l.cndcr may, wilhout further notice or dcmand ~n Bormw~er_ im•~ke an~ rcmedies permiued b~• paragraph 18 hereof.
Nox-t,'NIFORM COVE!~iA~tTS Borrower and I.ender further covenant and agrce as follows: ~
18. Acceleration: Remedies. Except as pro.ided in para~rsph 17 hcreof. upon Borrower's breach of any corenant or
~reement of Borrower in this'.1lortga,~e. includin~ the co~•enants to pay when due any sums secured by this Mortgsge. Leader
prior to acceleration shall mail notice to Borrower as pro~•ided in parngraph 14 hereof specifying: (1) the breach; (2) t6e action
required fo cure surh breach; (3) a date. not less than 30 da}~s from the date the notice Ls mailed to Bormwer. by which such
breach must be cured; and (4) that failurc to cure such breach on or before the date specified in the notke may resdt in
acceleration of tbe sums secured by this Morlgage. toreclosure by judicial proceeding and sale of the Property. Tht ootice
shall further inform Borrower of the ~ht t~ reinstate after acceler~tion and the right to assert in tht foreclosurt procetdie`
the oon-r:iStence of a default or an~ other defense of Borrower to accele~tion and foreclosure. If the bresch is oot enred on
or before the date sperified 'm the notice. I.ender at Lender's option msy declare all of the sums secured by this viort~age to be
immediptely due and payable without furfher demand and may forcclose th[s 1~fortga~e by judicial proceeding. Lender shall
be entiQed to collect in such proceeding all e:peoses of foreclosurc, including. but not I~mited to, reasonabk attorney's fees,
and cosfs ot documeotary evidtnce. abstracts snd titk reportc.
19. Rorrower's Right to Reinstate. Notw~ithstar.ding I_ender's acceleratio~ of the sums securcd by this Mortgage,
Borrower shall have :he right to have any proceedingc F,egun by I_erder to enforce this Mortgage discontinued at any time
B~nK 346 P~GE2iic59
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