HomeMy WebLinkAbout0974I.cndcr's writtco agr~~menl or :~pplirablc law•. Korn~wc~ shail pay thr am~~unt of all martgagc insurance prcmiums in thc
ma~nc~ providcd u~de~ pa~ag~aph 2 hereof.
Any amoums disbursed by Lender punuant to this pa~:+g~aph 7. with intercst thereon, SfiaR become additional
inJchtedness of Borrower securcd by this Mortgage. llnle+~ Borroa•er and LenJer agree to Mher terms of payment, ~uch
amounts shal{ he payahle upon notice from 1 endrr tu Bc~rn~Wrr reyuec~iog p:~yment thereof, and shall hear interect from the
date of dicburseme~t at the rate payahle from time to time o~ outstandi~g principal under Ihe Note unlesc payment of
interect at such rate w~ould he contrary to applicable law•, in w•hich evertt cuch amounts shall t~ea~ interc~t at the highest rate
permissible under applicable law. Nothing containeJ in thic paragraph 7 shall require l.ende~ ta incur any expense or take
~tn~~ ~*t:o~ !:::c~~r.~~r.
8. lnspection, i.ender may make ar cause to t~e maek rcaconahle entriec u~xm and inspectionz of the Property, pravided
that Lender shall give Borrow•er notice pri~~r to :my surh inspecliun cpecifying reawnable cause therefor related ta I.ender's
~n~crest in the Property.
9, Condemnsitbn. The prcx:..ed~ of any award or claim for damages, direc~ or concequential, in connectian with any
rondemnation or other taking of the Propeny, ~~r pan therrnf, or for conveyance in lieu of condemnatian, arr herehy assigned
and shall bc paid t~ t.cnder.
in tfie event of a tMal takine of ~he Proper~y. thc prcxecds chall Me applicd to the cums secured by thic Mortgage.
w•ith the erccss, if any, paid to Borrowcr. in tfic cvcM of a partial taking oi Ihc Properly, unlcsc Borrower and I.ende~
otherwice agrce in w•riting. therc shall he applied to the ~umc cecured hy thic Mortgage cuch proportion of the praceeds
as ic equal to that pro~rtion which the amount o( the sumc ~rcured by Ihic Mortgage immediately prior ~o the date of
taking bears to the fair market valuc of the Property immrdia~ely prior to the dale of taking. K~i1h the balancc of the proceeds
paid to Bormwer.
!f the Property ic ahandoned hy Borrower, or iL after notice by I.cnder to Bormw~er that the condemnor ~tiers to make
an aw•ard or settle a claim for damage.. Borrower fail~ to res{x~nd to Lender within 30 da}~s aher ~he date such notice is
mailed. I.ender ic authorized to collect and appl~ the proceedc. at l.ender't option. either to re~toration or repair of the
Propert~~ or to the sumx cecurccl h~• thic h[ortgage.
Unlesc l.ender and Borruw~e~ othera•i~ agrec in ~vritinc, an~~ such application of proceedc to principal shall not etitend
or pcxt~ne the due date of the manthl}• installmen~s referr~~d to in paragraphc 1 and 2 hereof or change the amount of
wch installments.
10. Borrower Nof Released. Extension of the time for payment ar modification of amortization oE the sum~ secured
by this Mortgage granteci by I.ender lo am~ ~uccescc~r in intrrect of Borrower chall not operate to n:leasr, in any manner.
the liability of Ihe original Borrawer :~nd Borrow~er't sutcescorc in interesl. I_ender shal) not be rcquired to commenee
proceedings against si~ch succecsor or refuse tn ertend time far payment or other~~ice modiiy amortizatian of the sums
secured by thic Morigage by reason of any demancl made b~• the ori¢inal Borrower and Borrower s succestorc in interest.
11. Forbearance by I.e~der Nof a Waiver. Am~ fonc~aranrc M• I.ender in crercising any right or remedy hereunder. or
otherwise afTordecl by applicahle law, shall not he a waiver af or preclude the exercise of am• such rigM or remedy.
"fhe procurement of insurance or the payment o( ta~es or ~.ther liens or chargec b~ 1_ender shafl not be a~~aiver of i.ender s
right to accelerate the maturity of the indebtcdnecc .ecured hy thic Mortgage.
12. Remedies Cnmulafire. All rcmediec pm~•idcd in thic Alortgage are distinct and cumulative to any o~her right or
remedy under this Mortgage or afiorded h~• tave or eyuit~•. and ma~• be ererciced concurrentl~~. indepersdent!y ar successively.
13. Soccessors and Assigas Bound; ]oinf a~d Se~eral I.+abilit~~: Captions. The covenants and agreements herein
contained shall hind, and the riRhts hercunder shall inure to. the rcspective successors and astigns of I.ender and Borcower.
subject to ~he provisionc of paragraph 17 hereof. All rovenants and agreementc of Borrou~er shal! be joint and several.
The captions and headings of tfie paracraphc c.f thic Mortgage are far convenience only and are not to be used to
intcrpret or define the pravicions hereof.
14. Notke. Except for any notice reyuired under applicable law~ to be given in another manner. (a) any notice to
Borrower pmvided Eor in this Mortga¢e shall he given h~• mailing-~uch notice by certified mail addresced to Borrov-•er at
the Property Address or at such other addre« as B~rn~w•er may detignate bt~ no~ice to l.ender as pmvided herein, and
(b) any notice ro I_encisr shall he given hy certified mail_ return receipt requeued. t~ ! ender c addresS stated herein or to
such o~her address as Lender may dcsignate b~• notice to Borrowcr as pm~•ided herein. Any notice pmvided for in this
Mortgage sha{{ h~e deemed lo havc been given to Rorrower c~r I.cnder w•hen givcn in thc manner designated herein.
15. Uniform Morl~;aRe; Gorernin~ Iav-; Se~erabi{ity. This form of mortgagc combines uniform rnvenants for national
use and non-uniform eovenants with IimiteJ variations h~~ jurisdiction t~ constitute a uniform secu~ity instrumeot covering
real property. This Mortgage shall be governed hc the law~ of the juricJi.:tion in which the Property is located_ In the
event Ihat any provision ar clau~e of ~his r4orlga¢e or the `~ute conflicts Hith applicahle law, such conflict shall not affect
osher provisions of this Mortgage or the Note w•hich .:an be given effect withot~t the conflicting provision. and to this
end the provisions of the Mortgage and the Vote are ~kclared t~ t+e severaMe.
16. Borrowe~s Copy. Borrowcr shall t+c furni~hed a conformcd rop~' of thc Note and of thi~ Mortgage at the time
of execution or after recordation hereof.
17. Tra~fer of the Properfy: Assumption. I( all or am~ part of thc Pcopcrty or an interest therein is sold or transferred
by Borrower without Lender's prior writtcn content. e~duding (a) the crcation ~f a lien or encumhrance suhordinate to
tfiis Mortgage. Ibl the creation of a purchase money ~ecori~y interest for household appliances. (cl a trancfer h~~ devise.
descent or hy operation of law upon the dca~h ~f a iuint tenant ar (d- the grant of am leasehold intercst of three years or less
nol containing an option to purchase. I_ender may, at I.ender's option. declare all the sumt secured by this Mortgage to I~e
immediately due and payable. Lender shall have w•aived s~~ch option to accelerate if, prior to tfie sale or traosfer. Lender
and the person to whom the Properly is to be soid or transferred reach ~greement in writing that the credit of such person
ic satisfactory to I~ader aad that the interest payable on the sum~ secured by this Mortgage sfia{I be at such rate as Lender
shall request. If I_ender has waived the option to accelerate provided in this paragraph 17. and i[ Borrower's successor in
interest has executed a written assumption agreement arcepted in writing by i.encler. I.ender shall releace Borrower from all
obligations under ihis Morigage and the Nate.
if I.ender exercises such optian ta accelerate. I.ender .hall mail Borrovrer notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periocl of not Iess lhan 30 days from the date the notice is maited within
which Borrower may pay the sumc declared d~~e. If Borrower fails to pay such sams prior to the expiration of such period.
l.endcr may, without further notice or dcmand on Borrower. invokc an~• remedies permitted hy paragraph I R hereof.
Norr-UNiFOtent Covetv~rrrs. Borrower and I.ender further covenant and agree as follows:
18. Acceleration; Remedies. Escep as provided in paragraph 17 hereof. upon Borrower's brcach of any coveaant or
~reement of Borrower ie t6is-Mortga~e, includin~ tl~e covenants to pay when due sny snms secnred by this Mortga~e, Leoder
prior lo accekratbn shall m~l ootice to Borrower as provided in panq~mph 14 hereof specif~: (t) t6e bres~c(~; (2) tbe action
reqoired to cnre soch bresch; (3) a date. not less than 30 days from the dpte the aotice is mailed to Borrower, by which sncb
breach must be cared; aad (4) Ihat failurc to curc such bnach on or 6efore t6e date speci6ed ie the notice may resdt in
accekration of the sn~ secared by fhis Mort~age, forec{osun by jndicial proceediu~ aad sale of the Property. 7Ls notice
shall further inform Eorrower of the right to reinstste afler accelerstion and the right to assed in the Eorecbsure peoceeding
t6e non-e:istence of a default or nny other defense of Borrower to accelerafion and fombsure. If the breach is not coned on
or before the date specified in qie notice. l.ender a1 Leode~s option may declue all of the su~ secnred by this Mortgaae to be
immedjately dne aad paysbk vrithoet further demaod aad may fonclo6c thts MortRage by judicial proceediog. Lender s6a11
be entitled to coqect in soch proceedin~ aq eapenses of foreclosure. includin~, but aot limlted fo, teasona6le attorner's fees.
and costs of docnmentary evidence. a6stracis and tjtk reporLs.
l9. Borrower's Riaht to Reiostate. Notwiths~anding [_ender s acceleration of Ihe sums secured by this Mortgage.
Borrower shall have the right to have any Qroceedings t~egun hy [.ender to enforce this Mortgage discontinued at any time
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