HomeMy WebLinkAbout2963l.ender's written agreement or appiicable law. Borrow~r sha~~ pay thc amount ot all mortgage insurance premiums in the
man~er providcd uode~ paragraph 2 hercof.
^ny amounlc dichursed by I.e~Je~ punuant ta ~his par•rgraph 7, wi~h in~erect thercon, shail become additional
inJrh~edness of Harrowrr securcd by ~his Mangage. l.'nlecs Borrower a~d l.ender aRrce tp M er ~~ms. ot payme~t, such
amounts shalt he payahle u~n notice from I.c~der to Borrawc~ requesting payment thcreaf, an~:hall bear interest from the "~
date of disbursement at the rate payahlc from time to lime an outstanding principal under the Note unkss psyment of
interest at such nte would be contrary to applicable law, in which event such amaunts chall l~ear intercst at the hiahest nte
permissible under applicabk law. Nathing c~~nlained in thix pa~agraph 7 shall rcquirc I.ender to incur any esperne a take
any action hereunder.
s. lsspecfio~. i.ender may make or cause to be made ~eaconable eM~ies upon and inspoctions of the Prope~ty. pmvided
thal I.ender shall give Barrawer aotice pri~~r to any such inspeclion spocifyina reasonabk cause thuefor rclatod to Lenders
interest in the Propeny.
9. Cosdemuatbn. The proceeds of any award or claim tor damages, direct or ~nsequential, in oonnection w-ith any
condemnation or wher taking of the Property, or part thercot, or tor cooveyanoe in lieu of co~demnation. are he~r a~ned
and shall be paid to Lender.
In the event of a tota) taking of the Prope~ty. the procoeds shall be applied to the sums secured by this Mort6aae,
with the excess, if any, paid to Borrower. in the event af a partial taking of the Property, unless Bornower and I.ender
otherwise agrtt {n wtitinR, there shall be appiicd to the sums secur+ed by this Mortgage such propoKion of tht prooetds
as is equal to that proportioo v-•hich thc amount ~f ~hc sumc secured by this Mortgage immediat~ly prior to the date of
taking bears to the fair market value of the Pmpcrty immediately prior to the dat~ of laking, with the balance of the pmce~ds
paid to Bonower.
If the Property is abandoned by Borrower, or if. atter notice by I.ender to Bormwer that the rnndeinnor olkrs to malte
an award or uttle a claim far damagec, Borrower fail~ to respc~nd to 1_cnder within 30 days after the date such notice is
mailed. Lender is authorized to collect and a~~iv the proceeds, at I.ender's option, either to restontion or ~epai~ of the
Property or to the sum~ cecured hy this M~rtgatte. '
Unless l.ender aad Borrower othervvise agree in writing, any such application of proceeds to principal shall not exteod
or poctpone Ihe duc date af the monthly installments rcferred to in paragraphs 1 and 2 hereof or chanae the amount ot
such installments.
10. Eorrower Not Rek~ed. Extension of the time for payment or modificatian of amortization of the sums secured
by this MoNgage gnnted by I_ender to any tuccessor in interect of Barrower shall not opente to rckue, in any man~.
the liability of the original Borrower attd Borrower s successors in intercst. l_ender shall not be requircd to commenoe
proceedings against such successor or rcfuse to ectend time for payment or otherwise modify amoniiation of ~he s~~ms
secured by this~Mortgage by rcason of any demand made by the ori¢inal Borrower and Borrower's successors in intercct.
11. Rorbearance by Lender NM s R-aiver. Any forhea~ance by I.ende~ in exercising any right or rcmody heoeunder, or
atherwise afforded by applicable law. shall nc-t be a waiver of or proclude the exercise of any such right or r~emed~r.
The procurement af insurance Qr the payment of taxes or other liens o~ charges by Lender shall not bc a waiver of L,enders
right to accelerate the maturiry of the indebtedness cecurcd 6y this Mortgage.
12. Remcdks Comulati~e. All rcmedies provided in this Mortgage arc distinct and cumulative to any othet riaht or
rcmedy under this Mortgage or afforded hy law or equity, and may be exercised concurrcntly, independently or succrssirdy.
' 13. S~ccessors snd A~ss Eound; Jdat snd Severd i.iabililp; CspBons. The covenants and aarcemenis herein
contained shall bind, and the riRhts hereunder shall inure to. the respective successon and assigos of Lender ac~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agrcements of Borrower shalt be joiry and sevenl.
The captions and headings of the paragraphs of this Mortgage are for convenicnce oniy and ar~ rat ta be used to
interpret or define the provisions herec-f.
14. NWke. Except for any notice rcquircd under applicablc law to be given in another manner, (a) any notice to
Borrower pravided for in this Mortga¢e shall be given by mailing such notice by certified mai) addressed to Borrawer at
the Property Addrcss or at such dhcr address as Bormwer may designate by no~ice to i.ender as provided hercin, and
(bl any notice to Lender shall he given by cenified mail. return receipt rcquested. to l.eoder s address stated hercin or to
such other addrcss as Lender may deciqnate by nMice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have f+een g~ven to Bc+rrower or [_ender when given in the manner desigoated herein.
15. Uniform MortRage: Governin~ i.aw; Se.~enbility. This form ot mongage combines uniform covenants for natwnal
ux and na~-uniform covenantc with limited variations by jurisdiction to constitute a uniform xcurity instrument ooverina
rcal proptny. This Mortgage shall be Roverned hy the law of the jurisdiction in which the Property is locatod. in the
event that any provision or claux of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or ~he Note which can be given efiect without the conflicting provicion, and to this
end ihe provisions of the Mortgage and the Note arc declared to be severable_ - ,
16. dorrower's Copy. Borrower shall be furniched a canformed copy of the Note and of this Mortgaae at the time
of execution or after recordation hereof.
1~. Trsasfer of the Proptrtv: Assumplion. If all or any part of the Property or an interest thereio ic sold or transferred
by Borrower without Lender's prior wrin. n c~insent. ercluding ~lal the crcation of a litn or encumbnnce subordinate to
this Mortgage. (b) the creat~on of a purchace mnney securi~y intercst for houxhold appliances, (c) a tnnsfer hv devise.
descent or by operation of iaw upon the Jcath o( •r j~~nt teoant or (d) the grant of any leasehold intercst of thrcc ycars or kss
not containing a~ op~ion to purchase. [.ender may. at I_ender'c opt~on, declare all the sums secured by this Mottgage to be
:mmcdiatcly duc and payablc. Lcndcr chall ha~-c N;ii~Cd s~:ch option to accctcrate if, priar to iht wk o: t:ansftr. l.e~er
and the person to whom the Proper~y i~ t~. be col.l or Irans(erred rcach agrecment in writing that the credit nf cuch percon
is satisfactory to LenJer and that the interc.t pa~•able on th~ sums secured by this Mortgage shall be at se~ch ra~e ac Lender
shall requtst. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower> >uccessor in
interest has executed a written assumpiion agreement accepted in writing by Lender, Lender shall release Borrower frcxn all
obligations under this Mortgage and the Note.
If Lender eaercises such option to acreleratt. [_enJer chall mail Borrower notice of acceleration in accordancc w~~h
paragraph 14 hereof. Such notice xhall pruvide a period of not las than 30 days trom the date the notice is maikd wi~hin
which Borrower may pay the sums declared due. It Borrower (ails to pay such sums prior to the expintion of cuch peric~d.
Lender may, without furlhcr notice or dcmand on Borrower, invoke any remedia permitted by pangraph IR hercof_
Nort-UtviFORnt CoveN~rv7s. Borrower and Lender (urther covenant and asree u tollows:
ls. Accekrstion: Remcdies. E:ctp as provided ie pa~nph 17 i~ereot. rpo~ forr~owets brcacw of swy co~c~aN K
a~reemest ot dorrower in Ihis MatRa~e. Includin~ tbe coreasMs to pay whew due swy sra~s sec~red ~ t!k MortRs~e. l.ewaer
prior lo ~ccekratba shall mail notice to sorrower as pro~ided is pan`rsph 1~ hertot specityie~: (1) tbe Meaca:/21 tAe scNo~
reqofred to corr soch brescb; (3) a dste. not kss Ihan 30 dsys frora tbe aNe the ~otke Is s~aNeA !o ~ruwer. ~ wAicU s~
D~esch mmt be e~red; sed (~) Ihst ~ailure to c~re srcb bnscb o~ or retore tAe date s~eciRe~ i~ tUe wotke way restilt i~
accckntlos ot tbe sems secnnd by Ih~s Mort~aRe. torcclosure ~ j~dkial proceediq a~i sde ot tbc rrope~ry. 7Ue ~otke
shaq f~rther inform Eon~owcr of tbe riRM to rei~stste dler sccekrNios ~d tbe ri~bl b ascrt h tbe torecloswe ~neee~
t6e oon-e:istence of a def~uk or any olher detease ot Eorrower to aeeekMiow a~d toreclostrt. It tUe bnscA is ~ot cwe~ o~
or before tAe date specifi~d ia the notice. Lender at I.ender's o'tbw aa~ declar~ all ol fhe w~ seeuea i~ tl~is Moet~aRe N be
imatedLttly due snd payabk ..ithout turtber demand ~nd msy Ioreclase thk Mat~a~e y j~dieW /rottedi~R. /.ender cAaN
be e~titled to copett M srtM proceedin~ ~0 ezpenses ot toreclosnre. inelndin~. bd wot li~eitd to. rt~owsbk sl~•-rnev's fces,
and cosfs of doe~ieeefary eridencc. abstracts and ~ilk nports.
19. ~rower's Rkh1 to Reinstite. Nolwilh~tand~ng 1 ender s accelerat~on of ~he sums secured by ~A~s Mongaae.
Borrower shall have ~he right to have any prcxerdmec t~},~m by {.ender to enforct Ihn MortRage dnconunued at any time
$~~'~350 ~~2~~61
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