HomeMy WebLinkAbout0649l.ender's written agrcement or applicable law. Bor~ower shall pay the amount of all mortgage insurance premiums in the
manner provided under pa~agraph 2 hereo[.
Any amounts disburud by t.ender pursuant to this paragraph 7, wi~h interest thercon, shall become additional
inJeb~edness of Borrower secured by ~his Mortgage. Unlecs Borrower and Lender agrce to other tenns of payment, such
am~untc shal) he payable upc~n notice fram I.ender lo Borrower rcquesling payment thereof, and shal) bea~ interest from the
date of disbu~sement at the rate payable trom lime ta time on outstanding principal under the Note unless payment of
interest at such rate would be cont~ary to applicable law, in w~hich event such amounts shall bear interat at the highest rate
permissible u~der applicable law. Nathing contai~ed in Ihis paragraph 7 shall require l.ender to incu~ any expense or take
any action hereunder.
8. Inspection. 1_ender may make or cause to be made rea~onable entriec upon and inspections of the P~openy, provided
that l.ender chall give Borrower nolice prior ta any such inspection specifying reasonablC,Cause,~herefar related to I.ender's
in~erecl in Ihe Properly. '
9. Condemnatbn. The pmceedc of any aw•ard or claim far damages, di~ect ar concequential, in connection with any
~ondemnation o~ ather taking of the Property, or part thereof. ar far conveyance in lieu of coodemnation, are hercty assigned
and shall t+~ paid to I.ender.
In the event of a total ~aking of the Proper~y. the prcx;eeds chall he applied to ~he tums securcd by this Mortgage,
wi~h the crcecs, if any, paid to Borrower. In the event of a parlial taking ot the Praperty, unless Borrower and Lender
utherwice agree in wri~ing. therc shall be applied to ~he ~ums secured by this Mortgage such proportion of the proceeds
as ic equ~l to that pro~nioo w•hich thc amaunt o( the sum. tiec~~red by this Mortga~e immediately prior to the date of
taking bears to the fair market valuc of the Propcrty immediately prior to the date of taking, with the balance of tht proceeds
paid t~ Borrower.
if thc Pmperty ia abandoned by Borrowcr. or if. aftcr notice hy 1_~nder to Bormwer that the condemnor offers to make
an aw•ard ~r settle a claim for Jamage~. Borrower fails to res~nd to I.ender within 3(1 days aNer the date such notice is
mailed. l.ender ic authoriaed to collect and apply ~he proceeds,~at i.ender's~option, eithet to restoration or repair of the
Pro~xr~~• or to Ihe iumc tiecured hy this Mortgage.
Unles~ 1_ersJer and Borrow•er othervrise agree in writinc. any such application of proceeds to principal shall not extend
ur Ex,~t~ne thc duc date of the monthl~• installments reterred to in paragraphs 1 and 2 hereof or change the amount of
wch installments.
10. Borrower Nof Released. Fxtension of the time for payment or modification of amortization of the sums securcd
by th~~ Mortgage granted by I.cndcr to am• ~uccesx~r in interect of Borrower shall not operate to rclease, in any manner.
thr liahili~~• ~~f the original Borrower and Bormwer'c successorc in inrerest. I.ender shall not be required to commence
pr~~ceeJing~ against such sucressor or rcfuce to ec~rnd ~ime for payment or otherwice modify amortization of the sums
~ecureJ h~~ thiti Mongage hy reacon of ~ny demand made by the ori~inal Borrower and Borrower s successors in~ intercst.
11. Forbearance by T.ender Not a Waiver. Any forhearance by i.ender in exercising any right or remedy hercunder, or
~~therw•ise atTurded h~• applicahle law, shall nc-t F-e a waiver of or preclude ~he exercise of any such right or remedy.
The procuremem of insurance ar the payment of taxe~ or other liens or chargec by [.ender shal) nM be a waiver of Lender s
right t~~ acrrlerate ~he maturity of the indeMedness kcured hy thic Mongage.
12. Remedies Cumulati~e. All remecfies provided in this Mortgage are distinct and cumulative to any othtr right or
rrme~l}• under this Mor~gage or aBorded hy law• or eyuity. and may he e+cerciced cancurrently. independently or successively.
13. Succ~cwrs and AssiRns Boond; Joint and Se~eral I.iabiliry•; Capfions. The covenants and ag~eements herein
rontameJ chall hind. and the riRhts hereunder chall inure to. ~he recpective suece~sors and assigns of l.ender and Borrower.
+ubject to the provicionc of paragraph 17 hercoL All covenams and agreement~ of Borrower ~hall be joint and several.
The captiuns ~nJ headinR~ ot the paraeraphc of thic Morlgage are for rnnvenience only and are not !o be used to
intrrprcl or define the pravisionc hereof.
14. tiotice. Excep~ for any notice requircd under applicable law to be given in another manner. (al any notice to
B~~rruw~cr provided for in thic Mortgaee ~hall he givrn h~• mailinR tuch notice by certified mail addressed lo Borrower at
thc Property AJdretis or at ~uch other addrecc as Borr~~w~er may decignate by no~ice to I.ender as provided herein, and
Ihl am nolice ~o Lender shall he given by certi6ed mail, retum receipt requected. to 1 ender'~ address stated herein or to
~uch i~ther addres~ as Lender may~ designate b}• notice t~ Borrovrer as pro~~ideJ herein. Any notice provided for in this
~tortgage shall hc deemed to ha~•c bcen givcn to Bormw~cr or I.cnder when given in the manner designated herein_
15. Lioi(orm MortRaRr, GnrerninR Iaw: Severability. Thic f.~rm of mortgage combines uniform covenants for national
utic and non-unifi~rm rn~•cnant~ with lim't!e!~ v~~i~tinnc F~~• ~~~ric~i~~~i,,n ~n ~~^Si:!:!!t 4!!:!!~^:.^.! 5„~CCSfi:) tR51ii2ltiYtit COYtti.tg
real propert~~. Thic Mortgage shall be Roverned h~• the law of the juri~diction in w•hich the Property ic located. In the
cvent ~hat an~• provisu~n or clauu of :hic Mortgage ~~r the N~~It conflict~ ~ith applicable law, such conflict shall not affect
~~ther pm~•i~iom of thi~ Martgage or the Note which can F,e given efTect withoirt the conflicting provicion, and to this
enJ thc provisionc of the Mortgage and the '~ote are drrlared to be severable.
16. Borrower's Copy. Bormwer shal) t~e furni~hed a conformed copy of the Note and of thic Mortgage at the time
u( erecotion or after re~ordation hereaf.
17. Transfer of the Propert~; Assumption. If all ~.r an}• part of thc Pmperty or an interest therein ic sold or transferred
hy Borrower W ithout I_ender's prior writtrn concent. e~cluding (a- Ihe creation of a lien or encumbrance subordinate to
this Martgage. Ib) ~he creation of a purchase money ~ecurin• i.nteres~ for household appliances, (c) a transfer by devix,
deccent or by operation of law upcm the Jeath of a joint tenant or (d- the grant of an~- leaiehoid intercst of three years or less
not containing an option to purchase. I.ender may. at 1_ender'~ option, declare ail Ihe sums secured by this Mortgage to be
~mmediately due and payable. l.ender shall ha~•e waived ~uch option tc accelerate if, prior ro the cale or transfer, Lender
~nd the person to whom the Property is Io be sold or tr-rnsferred reach agreement in writing that the credit of such person
'~X/f~5~1~~}• ~o I_eoJcr ~X~y~1S~X74~pY~/f~~~/~I~/~~~ PI~Y~I~}~/t~/~/~PI'~~~T~~Is~n '}'it" Bb~br4~rs'S~~fsSdr in
If I.ender has waived the o tion ta accelerate rovidea ~n this g pn ~ ~ d
interest ha~ executed a written assumption agreement accepted in writing by Lencier. Lender shall release Borrower from all
obligat~ons under this Mortgage and the Note.
IF I.ender exercises such option lo accelerate. [_enJer tihall mail Borrower notiee of acceleration in accordance with
paragraph 14 hereof. Such notice chall provide a perioci of not Iess than 30 days from the date the notice is mailed within
Hhich Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the expiration of such period.
Lender may, without furthe~ notice or demand on Borrower. ~m•oke any remedies permitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS 8orrow•er and [.ender further covenant and agree as follows: ~
18. Accelentan; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's brescb of aay covenant or
agreement of Bonower in Ihis Mortgage. including the covenants to pay v.hen due sny sums secured by tbis Mortsa=e, Lesder
prior to acceleration shall mail notice to Borrower as prorided in paragraph 14 hereof specifyia=: (1) tbe bresch; (2) tbe actbn
required to cure such bnach; (3) a date, not less than 30 days from the dste the notice is maikd to Borrower, by whic6 sncb 1
bnach must be cured: and (4) that failurc to cure svch breach on •or before the d~e specified fa the aotice auy radt is ~
j acceleration of the sums ucured by this Mortgage. foreclowre by judicial proccedfn~ and sak of tbe Property. 1be aotice
shall turther inform Borrower of the right to reinslate sfter sccekntion and the ri~ht to assert in t6e forecbsure pruceedin6
the non-existence of a detault or any other defense of Borrower to accekrstion a+nd forecbsurr. If the bre~ch is oot cored o0
or before the date specificd in the notice. Lender at Lende~'s optlon may declarc a~ of the soms secnred by thb Mort~a~e to be
immediatcly due and parabk withoul fuAher demand and may toreclose thls Mo~aae by judicial proeeedia~. Lender sAaY
' be entitled to colkct in sucb proceedf~ all eapenses of torecbsurc. includfnR, but not Umlted to, reatonabk attorae~'s tea,
i and costs of documentary evidence, abstracts and tftk reportt.
I 19. Borrower's Ri~bt to Reinstste. Notwithstanding Lender's acccleration of the sums securcd by this Mortgage.
i Borrower shall have the right to have any proceedings hegun by Lender to entorco this Mortgage discontinued at any time
' Addtod~~ to Pan¢ap6 15. The state and local laws applicable to this mortgage shall be the laws of the jurisd'ection in ~
which the property is located. The toregoing sentence shall not limit the applicability of tederal law to this mortgage.
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