HomeMy WebLinkAbout0105I.ender's written agrcetnent or applicable law. Borrowe~ shall pay thc amaunt ot al) murtgage insurance prcmiuma in the
manncr providcd unde~ peragraph 2 heeeof.
Any amounts disbursed by l_enckt pursuant tu this paragraph 7. with interest thereon, shall become additional
i~debtedness of Borrow•er securcd by this Mongage. Unlecc Borrow~er anJ I.enJer agree to other ternns of payment, such
amouMs shal) be payable upon notict fram I.ende~ to Bc~r~avrer reques~ing paymeot thereof. and shall bear interest from the
date of disbursement at the rate payahle from time to time on outstanding principa) under lhe Note uniess payment of
interest at such rate would be contrarv to applirable law, in w~hich event such amounts shall bear interest at the highest rate
permissible under applicable Iaw. Nothing cantained in this paragraph 7 shall rcquir~ l.ender to incur any expense or take
a~y action hereunder.
8. luspectbn. I.ender may make or cause to t+e made reaconable emriec upon and inspectionc of the Property, provided
that I.ender shall give Borrower notice prior to any such insprction specifying rcasonable causc iherefor related to Lender's
interest i~ the Propeny.
9. Condemaatbn. The prcueedc of an~• awa~d o~ claim for damages, direct or conuquential, in connection with any
condemnation or other taking of the Properiy, or part thereof, ar for conve}~ance in lieu of candemnation, arc hereby assigned
and shall be paid to Lender.
in the event of a total taking of the P~oper~y. ~he praceeds shatl be applied ta the u~ms secured by this Mo~tgage.
with the excess, if any, paid ta Borrower. In the eveot of a partial taking of 1he Property, unless Borrower and Le~der
othervvise agree in writing, there shall be applied to the cums secured by this Martgage such proportion of the proceeds
as is equal to that proportion which the amount of the sumc secured by this Morigage immediately pri~r to the date of
taking bears to ihe fair market value of the Praperty immediately prior to the date ot ~aking, with the balance of the procceds
paid to Borrower.
if the Property is abandoned b}• Barrower, or if. after notice by i.ender to Bormwer that the condemnor offers to make
an award or settle a claim for damages. Borrower fails to respond to •I_ender within 30 days after the date such natice is
mailed. Lender is authorized to collect and apply the proceeds, at I_ender's option, either to restoration or tepair of the
Propeny or to the sums securcd by this Mortgage.
Unless Lender and Borrowe~ othervrise agree in w•riting. any such application of proceeds to principal shall not extend
or postpone the due date of ihe monthl~~ installments referred to in paragraphs 1 and 2 hereof or change the amount of
s~ch installments.
10. Horrov-er Not Rdezsed. Extension of the time for payment or modification of amortization of the sums cecured
by tF~is Mortgage granted by I_enckr to an}~ successor in interest of Borrower shall not operate. to release, in any manner.
the liability of the original Borrow~er and Borrower'c successorc in interest. i.ender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mottgage by reason of any demand made b~~ the orieinal Borrower and Barrower's successors in interest.
11. Rorbearaace by Lender Not a Waiver. An~• fort~earance b~• I_ender in cxercising any right or remedy hereunder, or
otherwise afl'orded by applicable 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 or other liens or charges by I.ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness cecured hy this Mortgage.
l2. Remedies CumulaN~e. All remedies pro~•ided in this Mortgage are distinct and cumuiative to any other right or
remedy under this Mortgage or afforded hy law• or equity. anci ma~• be erercised concurrently. independently or suceessively.
13. Snccessors and Assigns Bound; Joint and Se~eral Liabitity; Captions. The covenants and agreements henin
contained shall hind, and the rights hereunder shall inure to. the respective succecsors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereo(. All covenants and agreements of Borrower shall be joint and several.
Tlte captions and headings of the parag~aphs of this Mortgage are for.convenience only and are not to be used to
interpret or de6ne the provisions hereof.
14. Notke. 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 tuch notice by cerlified mail addressed to Borrower at
the Property Address or at such other address as Borrow~er ma~~ designate by notice to i.ender as provided herein, and
(b) any notice to Cender shall be given b~~ certified mail. return receipt requested. to l.ender s address stated herein or to
such other address as Lender ma}~ designate b~~ notice ta Barrow•er as provided herein. Any notice provided for in this
Mortgage shall be deerrred to have been given to Borrow~er or i:nder w•hen given in the manner designated herein.
15. Uniform ModRa~e; Govemin~ Iavr; Severabilit~. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited ~~ariations b~• ~urisciiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed h~• the lavs• of the jorisdiction in which the Property is located. tn thc
event that any provision or clause of this Mortgage or the Note conflicts w•ith applicable law•, such conflict shall not affect
other provisions of this Mortgage or the Note w•hich can be gi~•en etfect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared !o t:e severable.
l6. Borrower's Copy. Borrower shall be furnished a conformed cop~- of thc Notc and of this Mortgage at the time
of execution or after recordation hereof. .. '
17. Tra~fer of tl~e Propertv: Assumption. If all or an}• part of the Property or an intetest there:n is sold or transferred
by Borrower without Lender s prior wriUen consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money securit~• interest for household appliances. (c) a transfer by devise.
descent or by operation of law• upon the death of a joint tenant or (d~ the grant of any leasehold interest of three years or less
not containing an option ta p~~rchase. I.ender may. at [_ender's option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w•aived such option to accelerate if. prior ro the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by I.encier. I_ender shall release Borrower from all
obligations unJer this Moitgage and the Note.
If Lender exercises such option to accelerate. Lender sh311 mai! Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shali provide a pericxl of not less than 30 da}•c from the date the notice is mailed within
w•hich Borrower may pa)• the sums declared due_ If Borrowe~ f3ils to pa~~ such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrawer, invoke an}~ remedies E-ermitted by paragraph 18 hereof.
Nox-UNiFORt-t CovEx~NTS. Borrower and [_ender further covenant and agree as follows:
18. Acceleration; Remedies. E:cept as provided in paragraph 1'f 6ereof, upon Borrower's breach of aay rnvenant or
agreement of Borrower ia th~s Mortgage, including the corenants to pay when due any sn~nc secnred by t6is 111ortga~e, Lender
prior lo scceleratioo s6all mail not~ce to Bormwer as provided in paragnph 14 hereof specffyi~: (1) t6e breacb; (2) tbe setion
required to cnre snch brwcb; (3) a date, not le~ than 30 days from the d~e the notice is mailed to Borrower. by whlch snc6
breach muat be cnred; and (4) t6at failnre to cure such breach on or bcfore the date speci6ed in the aotke may resdt ia
acceleration of the surt~s secund by this Mortgage. forcclosure by judicial proceedin~ and sak of t6e Properfy. 1be notke
sha0 furtber inform Borrov-er of the right to reinstste after scceleration and the right to a~ert in t6e foreclo~rore proceeding
the oon-existence of a defauN or aay other defense of Borrower to acceleration and forecbsurc. If t6e breach fs oot cured on
or beforc the date specified in the notice. Lender at I.ender's option may declarc aq of the sums secured by this Mortga`e to be
immediatdy dne snd payable without further demaad and msy forrclose th~ Mortgage by judfcW proceediu~. Leoder shall
be entNled to collecf in wc6 procecding all expenses of foreclosurr. including. but aot I~mited to. ressonsble attorney's fees,
w~d cosfs of docnmentary evidence, abstrscts aad titk roports.
19. Bormrrer's Rfgbt lo Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an~• proceedings hegun by l.ender to enforce this Mortgage discontinued at any time
, f'~347 p~~~ 1t~ ,
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