HomeMy WebLinkAbout0330I:ender's written agreement or applirabk IQw. Borrawe~ shall pay the amaunt ot ail mortgage iocuranco prcmiums in the
mannrr providcd under parag~aph 2 hereof.
Any amrninh di~hursed by Le~Jer purnuanl t~~ ~his pararyaph 7, wilh intcroct thereon, shall bccome additional
inikhtednc~c ot H~~rruwcr ucurcd by ~hi~ Morlgagc. Unlec~ Anrrawer anJ I.emler agree to athcr terms of paymeni, such .
amountc shall he puyable u~n nu~ice fr~m I.rnder lo Bormwrr •eqi~ecling payment Iherco(, aod shal) bea~ interest from the
date af dicburscment at ~he ratc payahk t~om Iime to ~~tne an outstanding principal unde- thc Nate unles~ paymeot of
interest at such rate would be cantrarv to applicable law, in which event such amounts shall hear intercst al the highest nte
permissibk under applicable law. Nolhing c~~maineel in this paragraph 7 shall requirc I.e~der to incur any expense or take
any action hereunder.
s• I~spectiou. l.ender may makc or causc to be made reasonable entries opon a~d inspections of the Property. provided
that l.ender shall give Borrower nc.tice prio~ to any u~ch inspection speci(ying rcasonabk cause therefor relatod to Lender's
interest in the Prope~iy.
9. Cowdemnatbn. The praceedc of any award or claim tor damagea, diroct or consequential, in connoction ~vith i~~~y
condemnation or other taking of the Property, or psrt thercot, or for conveyance in lieu of condemnatio~. are herebp assianed
and shall be paid to I.ender.
in the event of a totil taking of the Property. the proceeds chall be applied to Ihe sums securcd by this Mo~aae.
with 1he excess, if any, paid to Borrower. In thc event af a partial taking oE the Propetiy, unless Borrovner and IJendtr
otherwise agree in writing, there shall be applied to ~he sums securcd by this Mortgage such proportion of the procetds
as is equal to that propottia~ v-hich ~he amounl of thc sumc secured by this Mortgage immediately priar to the date of
taking bears to the fair market valuo of the P~opcrty immediately prior to the date of ~aking, wi~h the balance of the pmceeds
paid to Borrower. -
if the Propeny is abandoned by Borrower. or if. after notice by I_end~r to Bormwe~ that the condetnnor oi[ers to malce
an awatd or uttle a claim for d~mages. Borrower fail. to recpnnd ta l_ender wilhin 30 days after the date such notict is
mailed. Lender ic authorized to collecl and apply ihe proceeds, at I.ender's option, either to restoration or reptir of the
Proper~y ar to the sums cccured b~ this Mortgage.
Unlesc t.ender and Borrower othenvisc agrce in w•ri1inF, any such application of proceeds to principal shall not txtend
or postpane the due date of thc monthly installmcnts referred to in paragrapfis 1 and 2'hereof or change.the amount of
such installments_
18. Borrower Not Rekssed. Extension of the time for payment or mc~dification of amortization of the sums sxured
by this MoRgage gnnted by l.ender to any cuccecsor in imerest of Borrower shall not opente to rckase, in any manner.
the liabili~y of ~he original Borrower and &-rrower'c s~~ccessors in in~ercst. Lender shall not be requircd to commence
proceedings against such successor or rcfuse to extend time for payment or otherwix modify amottiution of Ihe sums
ucured by this Mortgage by rcason of any demand made by the oriqinal Borrower and Borrower's successors in intercct.
11. Forbeannce by Lender Na s wai~er. An.y f~fiearance by I.ender in exercising any right or remedy hercuader, or
othenvise afforded by applicable law. shall not be a waiver of o~ proclude the exercise of any such riaht or remedy.
The procurement of insurance {~r the payment of tazes or other liens or charges by Lender shall not be a waiver of Lender's
right to acceleratc the mawriry of the indebtedness cecurcd hy this Mortgage.
12. Remedies Cnmulatire. All rcmedies provided in this Mortgage aa distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or afforded hy law or equity, and may be exe~cixd concurrently, independently or succtssively.
' 13. Soccesso~s and Assi~ss dound; Joint aed Sereral I.isbilH~; Csptbns. The covenants and agrcements hercin
contained shall bind, and the riRhts hercunder shall inure to, the rcspective successors and assigns of I_ender at~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenanls and agreemeMs of Borrower shatl be joiry and sevenl.
'1?~e captions and headings of the paragraphc of Ihis Mortgage arc for convenience only and arc not t~ be used to
interprct or define the provisions hercc~f_
14. NMke. Except for any noticc rcquired under applicable law to be given in another manner, (a) any notice to
Borrower pr+uvided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such wher addres~ as Borrower mav d~signate by notice to i.ender as provided herein. and
(b) any notice to Lender shall he given by certiBed mail. rea~rn receipt rcquested. to l.ender s address stated hercin or to
cuch other addrcn as Lender may deci¢nate by notice to Borrawer as provided hercin. Any notice provided for in this
Mortgage shaq be deemed to have been g~ven to Be-rrower or Lender when given in the manner designated herein.
1S. Uaitonn Mort~a~e; Governi~ I.sw: Severabitity. This form of mortgage combines uniform covenants for national
ust and non-uniform covenants with IimiteJ variations by juriufiction to constitute a uniform security instrument coverina
rcal property_ This Mortgage shall be ~toverned by the law of the jurisdiction in which the Property is located. in the
event that any provision or ctause of thic Mortgage ~r ~he Note conflicts wilh applicable law, such conflict shall not afFoct
other provisions of ~hic Mortgage or the Note which ran be given efiect without the conflicting provicion, and to this
end the provisions of thc Mortgage and the '~tote are declared to tx severable.
16. Sorrower's Copy. Borrower shall be turni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Traosfer of tNe Propertv: Assumption. Tf all or any part of the Property or an interest therein is sold or tnnsferred
by Borrowe~ without Lender's prior writ~~n consent. excluding (al the crcation of a lien or eocumbrance subordioate to
this Mongage. (b) the creat~on of a purch~cr money cecurity ~nteresl for household apPliances. (cl a transter hy devise.
descent or by operation of law upon the Jca~h of a joim tenant or (dl the grant of any leasehold intercst ot thrcc ycars or kss
not containing an oplion ta purchase. Lender may. at t.ender'c option. declare all the sums securcd.6y this Mortgage to be
immediately due and payable. Lender ahall have w;~~ved such option to accelerate it, prior to the cale or transfer. Lznder
and the person to whom the Properiy ic ~o be co1J or transferred reach agre~ment in writing that the credit of cuch person
is satisfactory to I.encier and Ihat the intcrr.t pa~•able on the sums secured by this Mortgage shall be at such ratt ac Lender
shall rcquest. If Lende~ has waived thc option to accelerate provided in ~his paragraph 17, and if 8orrower a succasor in
interest has executed a wri~ten assump~ion agreement accepted in writing by Lender. Lender shall release Borrower fram all
obligations under this Mortgage and the Note.
Tf Lender exercises such option to accelerate. l_enJer chall mail Borrowcr notice of acceleration in accordancc u•ith
paragraph 14 hercof. Such notice shall provide a period of not las than 30 days from the date Ihe notice is maited within
which Borrower may pay the sums declared due. I( Borrower fails ro pay such u~ms prior ro the espiration of cuch peric~d.
I.ender may. without further notice or dcmand on Borrower, invoke any remedia permitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS Borrower and Lender (urther covenant and agrce ~as follows:
18. Acccleration; Remedks. F.stept as prorided ie psra~raph 17 bereof. ~ sa.o..~r: ~~ ot .ay ~o.~na~t or
asreta~eet of aorrower in this Mort~a~e, includin~ the to~easnls lo psy whea d~tt asp wms securcd br this MortR~e. I.eader
prior to aceekntbe shdl mafl notice lo doROwer as provided In parasraph 14 lureot speclt~ni: (1) tAe brcach: (21 tAe ~ctb~
requind to crre s~cb brescb; (3) s dste. nol ksa Ihan 30 days trorn 16e dste the notke b aailed to dornur-er. by r.Akh srcU
bKach mwt be c~red: sod (1) Ibat failure to cere srcM bre~cM ow or betore ~he dNe speclfied is the notke nur resdt h
aecekra~ion ot tbe s~n~s secnnd by fbfs Mort~aRe. to~eclosure by judkisl Proeeedfa~ and stle o/ tbe rroperty. 71~e aotke
shall furihe~ lnforn~ eorrower of the riq~M to reiAStMe ~Ier atctle~iow aud tbe ~ht to asart ia the toreclosrre ~uceedi~
tbe non-eaisience ot a detsuk or any other defence ot Qorrower to sccekratioA ~d toreclostire. Ii tbe 6reseM is aM esrtd o~
or betore the date speciRed io the notiee. Lender at I.ender•s oOlbw a~ay declare sll ot N~e s~~ teesred by tAis MortRa~e b be
immediately due aed p~yable without feni~er demand ~nd enay fo~tclose tbi~ Mortsa~t by jodkW proeeediuR. l.ende- sAaN
be entided to cot{eet in socb proceedi~ afl expenses of forecbsurr. incl~dins, brt wot Brnifea to. rea+onsele st~•rrner•s fees.
and eostt of doc~w~eatary eHdence. abstrscts ~nd lilk reports.
19. ~roner's Ri~ht lo Reinstate. Notwi~h~trnd~ng 1 ender s accelerat~on of the sumc securcd by tA~s Mongage.
Borrower shall have Ihe right to havt am picxerd~n~c brE~m by Lender to enforce Ih~s Mor~gage d~sconhnued at any hme
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~a~ 347 Pa~f 330
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