HomeMy WebLinkAbout1295~ender's w~itten agreement ar applicable law. Bo-rower shall pay the amounl ot all mongage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by l.encie~ purcuant to this parag~aph ~, with ir~terest thereon, shall become additiona)
indebtedness of Borrower secured by ~his Mortgage. Unleu Barrower and I.enJer agree ta other terms of paymeot, such
amounts shal) be payable upon notice fram Lender ~o Barrower reyuectiog payment Ihereof, and shall l+car interest from the
date of disbursement at the rate payable from time ta time on outslanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in v-hich event such amounts shall bea~ interest at the highest rate
p~rmissible under applicable law. Nothing contained in this paragraph 7 shall require I.ende~ to incur a~y expense or take
any action hereunder. '
8. IaspeeHoa. I.ender may make or cause to be made reaconable eotriec upon snd inspections of the PrapeNy, provided
that i.ender shal) give Borrower notice prior to any such inspection specifying rcasonable cause therefor related to Lender's
interest in the Property. ~
9. Coademnatbn. The proceedc of any award ar claim for damages, direcl or consequential, in connecticm with any
condemnation or other taki~g of the Property, or part thereof, or for canveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender. ~
In the event of a total taking of the Property. ~he p~oceeds shall be applied to the ~ums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking ot the Propeny, unless Borrower and Lender
otherwise agroe in writing. there shalt be applied to ~he wms secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior ta the date of
taking bears to the fair market value of the Pmpeny immediately prior ta the date of taking, with the balance af the proceeds
paid ta Borrower.
If the Property is abandoned by Borrowe~. or if. afler notice_hy l.ender to Bormwer that the condemnor offers to make
an aw~ard or settle a claim for damages, Borrower fails to res~nd to I.ender within 30 da~•s af~er the date such notice is
mailed. Lender is authorized to callect and apply the proceeds. at I_ender's option, either to restoration ar repair of the
P~operty or to the sums secured by this I-tortgage.
Unless Lender and Borrower othen~~ise ag~ee in w~riling. any such application of proceeds to principal shall not extend
or postpone the due date of the mo~thl~• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekased. Extension af the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I_ender to an~ ~uccessor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower e successors in interest. I.ender shal) not be rcquired to commence
proceedings against such successor or refuse to exlend time for payment or otherwise modify amortizatian of the sums
secured by this Mortgage by reason of any demand made b}~ the orieinal Borrower and Borrower s successors in interest.
11. Forbeamnce by~[.ender Not a R-aiver. An}• forhearance by I_cnder in exercising any right or remedy hereunder, or
otherwise afTorded by applicable law, shall ~ot he a waiver of or preclude the exercix of any such right or remedy.
The procurement of insurance or the payment of tares or Mher liens or charges b}~ Lender shall not be a w•aiver of I_ender s
right ta acceterate the maturity of the indebtedness ~ecured h} thic Mortgage.
l2. Remedies Cnmulafire. AIi remedies pro~•ided in this I-iortgage are distinct and cumulative to any other right or
remedy under this Mortgage or affiorded b~~ law or equity. and ma~• he exercised concurrently, independently or succecsively.
13. Snccessors and Assigns Bound: Joint and Se~•eral Liabilify: Captions. The covenants and agrcements herein
contained shall bind, and the righ~s hereunder shall inure to. the respective succecsort and assigns of I.ender and Bonower.
subject to the provisions of paragraph 1'I hereof. All covenants 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 used to
interpret or define the provisions he~eof.
14. Notice. Except for any notice required under applicable law• to be given in another manner, (a) any notice to
Borrower pmvided for in this Mortgage shall be given bp mailing such notice b~' certified mail addressed to Borrower at
the Property Address or at such other addresc as Borrower ma~• designate by notice ro t_ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. retum receipt requested. to I.ender s address stated herein or to
such other address as I.ender may designate b}~ notice to Borrower as pro~•ided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Bc~rrow•er i~r l.ender when given in the manner designated herein.
15. Uniform Mortgage; Govemi~ I,aN; Se~~erabilit~. Thic form of mortgage comhines uniform covenants for national
use and non-uniform covenants with limited variations b~• jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall he governed h}~ the law• of the juricdiction in which the Propertp is located. In the
event that any provis~on or clause of this Mortgage ~r the Note conflicts v-~ith applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note w•hich can be given eBect without the conflicting provision, and to this
end the provisions of the Mortgage and the ~ote arc dcclared to he severable.
16. Borrower's Copy. Borrow•er chall be furnished a conformed copy of the Note •rnd of thic Mortgage at the time
of execution or a[ter recordation hereof.
l7. Transfer of t6e Property: Assumption. If all or an~• part of the Pmpert}~ or an interest therein i~ sold or trancferred
by Borrower without I.ender's prior written consent. e~cluding (al the creation ~f a lien or encumbrance suhordinate to
this Mortgage. (b) the creation of a purchase mone~• cecurit}• interest for household appliances. (cl a transfer b~• devise.
descent or by operation of law• upon the death of a joint tenant or (d- the grant of any leasehold ~nterest of three years or less
not containing an option to purchase. l.ender may. at [_ender i option, declare all thc sums secured b~~ this ':liortgage to be
immediately due and payable. I_ender shall ha~~e waived si~ch option to accelerate if. prior to the ~ale or transfer. I.ender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of wch person
is satisfactory to Lender and tha~ the intere~t payable on the sums secured by thic Mort¢age shall be at such rate as I.ender
shall requtst. If I_ender 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 w•riting by I_enekr. [.enckr shall release Borrower from all
obligations under this Mortgage and the Note. •
If Lender exercises such option to accelerate. I.enJer shall mail Borrow~er notice af acceleration in accordance w~ith
paragraph 14 hereof. Such notice chall provide a period of not Iess than i0 da}•s f~om the date the notice is mailed within
w~hich Borrower may pay the sums declared due. If Borro~er f~ils to pa~ such cums prior to the eapiration of such period.
Lender may, without further notice or demand on Korrower, imoke am• remedies permit~ed by paragraph I R hereof.
Nox-UN~FOR~ Coverr~rrTS. Borrower and I_ender further covenant and agree as follows:
18. Acceleratlon; Remedies. Except as provWed in para~raph 17 hereof. upon Borrower's broach of aay coreaaat or
agreement of Borror-er io this Mortgage. includin~ the covenants to psy when due any sums secnred by th~s Mortgage, Ltoder
prior to acceleration s6d1 mail notke to Borrower as provided in paragraph 14 hereof specifyiu~: (1) the breacb; (2) t6e action
required to cnre snc6 brcsc6; (3) a dute. nM less tban 30 days from the d~e the notice Ls maikd to Borrower, by whk6 sncb
breach must be cnnd: and (4) that failnrc to cure such breach on or before Ihe date speci6ed ia the ootice may radt in
accekratbn of t6e sums secured by th~ Mortgage. foreclosure by judicial proceedir~ aad sak of t6e Property. 7Le notke
shsll further inform Borrower of the right to rcinttate after accelerstbn and the right to asserf ia tLe foreclosnre proceedin~
t6e noo-existence of a defauN or aoy Wher defense of Borrower to acccleration and fonclosure. If the breach is not cored on
or before the date specified in We aotice. Lender at Lender's option may declare all of the smns secnred by thk Mort~a~e b 6e
immediately due and payable ~-ithont further demand and may forecMse thts Mortga~e by judkial proceedina. Leoder shall
be eatitled to collect in snc6 proceeding all expeoses of foreclosure. including. but not I~mtted to, reasonabk ~torney's [ees.
and cosfs of documentary evideace, abstracts snd titk reporls.
19. Borrowe~'s Right to Reiostate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun by l.er.der to enforce this Mortgage discontinued at any time
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