HomeMy WebLinkAbout0524Lender's written agrc~;menl or applicable law. Borrawer shall pay the amuunt of all mortgage insurance prcmiums in the
manner providcd under paragraph 2 hereof.
Any amounts disbursed by l.ender purcuant to this paragraph 7, with intercst thereon, shall become additional
in~lebtcdness of Borrawcr sccurcd by ~his Mortg~ge. Unlecc BorruH~e~ and I.cnder agrcc to othcr tcrms of payment, cuch
am~~unts shall bc payable upon nutice from Lcndcr ~~~ Fi~rrowcr reyuccling paymcnt thereof, and shall bcar in~crest from the
date af diebursement at the rate payahle fn,m timc to time on autstanding principal undcr the Natc unlesc payment of
interest at such ratc would be contrar}• to applicable law, in which event such amaunts shall hear interest at the highest rate
permissible under applicable law. Nothing conlained in lhis paragraph 7 shall requirc I_ender to incur any expense or take
:~ny action hercunder. ~
8• laspection. (.ender may make ~~r cause ta t+e made reaaanable entries upon and i~spectionc of ihe Propehy, provided
th•rt l.ender shall give Borrower notire prior to any c~rch inspection ~pecifying rcasonable cause therefor related ta I.ender's
interest in the Property.
9. Coodemnation. The pmceedc of any aw•ard or claim far damages, direct or concequential, in connection with aoy
~ondemnatian or other taking of Ihe Property, or part thercof, or far conveyance in lieu af condemnation, are herrby assigt~ed
and shall l+e paid to l.ender.
Tn the cvent of a total takinQ af thc Pmpcrty. thc prcxccJs chall hc applicd to ~he cums secured by ~his Mortgage.
with the exccss, if any, p~id ta Borrowcr. ln ~he c.ent of a partial taking of the Property, unless Borrower and I_ender
otherwise agree in wriling. therc shall he applied to the ~ums securcd hy thic Mort~age such proportion of ihe proceeds
as is equal to that proporlion which thc amount of ~he sum< <erured by this Mortgage immediately prior to the date of
taking hears to the fair market value af the Pro~+en~• immediately prior to the date af taking, with the balance af the proceeds
paid to Borrower.
1f the Praperty ic abandoned b~• Rorrower, or if. after no~ice by i.ender to Rormwer that ihe condemnor ofiers to make
an award or settle a claim for damage~, Borrower faih to rec~x.nd to 1_ender within 30 Ja~•s a(ICr the date such notice is
mailed. i.ender ic authorized to rnllert and apply the proceeds, at I.ender'c option, either to restoration or repair af ihe
Properl~• or to the sums secured hy this Mortgage.
Unlesc Lender and Borr~iwer otherwiK agree in ~•ritine. an~• such application of proceeds to principal shall not extend
or pc~slpone the due dale of the manthl~• installmcros rcfrrrcd to in paragraphs 1 and 2 hereof or change the amount of
tuch installments.
10. Borrower Piol Released. Fxtension of the time for payment or modification of amortization of the s;ims secured
by this Mortgage granted by t.ender M any wccestor in interest of Borrower shatl not operate to release, in any manner,
the liabilily of the original Borrawer and Bc.rrower t saccescc~rc in interes~. I.ender shall not he required to commence
proceedings against such successor or refuse to extend time for payment or otherK~ise modify amartization of the sums
~ured by Ihis Mortgage by reau~n of anp demancl made bp the ori¢inal Borrower and Borrawers succescc~rs in interest_
11. Forbearance by I.ender Not a Waiver. An~• forhearance by l.ender in exercising any right or remedy hereunder, or
~therwise atTarded by applicahle law, shall no~ he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of ta~es or other liens or char¢ec by I.ender thall not be a waiver of i_ender s
right to accelerate the maturity of the indehtednecs ~ci~rcd hy thit Martgage.
12. Remedits Cumulatire. All rcmedies pmvided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded hy law or eguity. .~nd ma~• he exercised roncurrcntly, independently or successively.
13. Succe3sors and Assigns Bound; Joint and Se~•eral [.iability; Captionc. The covcnants and agreements herein
contained shalf bind, and the rights hereunder shall inure to. the mspective succe~sors and assigns of I.ender and Borrower,
cubject to the provisionc of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several.
The captions and headings of the paragraphc ~f thic Mortgag. are for convenience only and at+e not to b~ used to
interpret or define the provisions hereof.
14. Notice. Eacepl for any notice required under appiicable law• to be given in anather manner. (a) any notice to
Borrower pmvided (or in thic Mortgage shall he gi~•en hy mailing such notice by cettified mail addressed to Bormwer at
the Property Address or at such other addresc as Borr~wer may designale by notice to (.ender as provided heirin, and
Ihl an~~ notice to Lender shall he given by certified mvl, retum receipt requested. to I.ender s address staled herein or to
such other address as I.ender may desi¢nate h~• notice to Borrow~er as provided herein. Any nolice pr~videci for in this
Mortgage shall be deemed to have been given to Borrow•cr or Lender w~hen given in the manner designated herein.
15. Uniform Mortgage; Gorernia~ I.aw•: Se~•erabilify. This form of mortgage combincs uniform covenants for national
use and non-uniform cavenants w~ith limited variations hy jurisJiction to constitute a uniform security inslrument covering
reai propeny. This Mortgage shall be governed M• the law• of the jurisdiction in which the Property is located. in the
event that any provision or clause of thic Mortgage or the Note conflic~s ~ith applicable law, such conflict shall not afTect
other provisions of this Mortgage or the Note w~hich can be gi~•en etfect wi~hoot the conflicting provision, and to this
end the provisions of the Mortgage and thc Notc arc declared to he severatsle.
16. Eorrowe~s Copy. Borrower shall be furni~hed a confonned copy of the Note and of this Mortgage at the time
c~f execution or after recordation hereof.
17. Transfer of the Properfy; Assumption. If all or am• p~rt of thc Property or an interest therein is sold or trancferred
by Borrower without Lender s prior written consent. excluding lal the creation of a lien or encumbrance suborJinate ta
this Mortgage. (b) the creation of a purchace money ~ecurit}~ interest for household appliances, (c) a tranzfer by devise.
descent or by operation of law upon the death of a joint tenant or (d- the grant of any Icasehold interest of three years or less
~ot containing an option t~ purchase. I.ender may, at t_ender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have a•aived aich option to accelerate it, prior to the sale ar transfer. Lender
and the person to whom the Property ic to be solcl or transterred reach agreement in writing that the credit of such person
ic satisfactory to I_ender and that the interest payable on ~he sums secured by thic Mortgage shall be at sueh rate as I_ender
shall request. If l.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 writing by Lender, Lencier shall releace Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender ~hall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice chall provide a period of not less than 30 days from the date the notice is mailed within
which Bormwer may pay the sums declared due. If Borrower faik ro pay such sums prior to the expiration of such period.
LenJer may, without further notice or d.;mand on Borrovi•er, invoke an}~ remedics permitted by paragraph I t~ hereof.
NoN-[,t*~~FORM Coverv~rv~rs. Bonower and l.ender further covenant and agree as follows:
18. Acceleratan; Remedks. Except as provided in par~raph 17 hereof. opon Bomower's breach of any covenant or
agreemeot of Borrower in t6is 1ltortga~e. inclnding the covenanfs to pay when due any sams aecnred by this Mort~sae, Leoder
prior to accekratioo sball mail notice to Borrov-er 9s provided in para~raph 14 hereof specifyin6: (1) tbe breac6; (2) t6e actlon
required to cnrc snc~ breach; (3) a date, nM less than 30 days Erom the dste the notice b ma~7ed to Borrower. by whk~ snc6
breach must 6e cored; and (4) t6at failnro b cure such brcach on or before the date speci8ed io the ootke may- resdt ia
accekntion of t6e sams secnred by this Mortgs6e, forcclosure by judicisl proceediu~ and sak of t6e Property. 'Ibe nolice
shall further inform Borrower of the right to reinsiate after nccekration and the ri~ht to asseri in t6e forecbwre proccediu~
tl~e non-e:istence of a defanlt or aay other defense ot Borrower to accele-stion and foreclosure. if the breach is oot cnred ou
or before the date specificd in the notice. Leader at Lender's option msy declare aU of the sams secared by this Mortss6e to be
immediately due and payable whhont furt6er demand and may foreclose th~ Mortgage by jwiicial proctedio~. Lender shall
be eotitkd to colkct in such proceedir~ ap e:penses of foreclosure. including, but not Bmited to, nasonsbk ~toroey's fees,
and cosf.s of documentary evideace, a6stracts and title reports.
19. Borroae~s Right to Reiaitate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this Mortgage dixontinued at any time
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