HomeMy WebLinkAbout0229Lrnder's written agrcement or applicahle law~. Borrow•er shall pay thc amount o[ all mortgage insurance premiums in the
manner pravided under paragraph 2 hereo[.
A~~• amounts disbursed by l.cnder pursuant ~o ihis paragraph 7, with interest thereon, shall bernme additional
inJcbtedness of BarroN•er secured by this Mortgagc. Unle+c Borrrnver and I.ender :~grce to other terrns of payment, xuch
amounts shall tx papable u~n notice from Lender lo Borrawer reyue~ting paymcot thercof, and shall txar interest fmm the
date of disbursement at the rate payahle fr.~m timc to time on outstanding principal under the Note unlt~s payment of
interest at such rate would be rnntrary to applicable law, in which event such amounts chall hear interest at the highest rate
permissible under applicable law. Nothing cantained in thic paragraph 7 shall require i.ender Io incur any expe~se or take
any action hereunder.
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that l.ender shali give Borrower notice prior to any such inspection cpecifying reasonable cause therefor related to I.ender's
interest in the Property.
9. Condemnation. The proceeds of an}• :~w~ard or cla~m for damages, direel or concequential, in connection with any
coodemnation ar other taking of the Pmperty, or part thermf, or for conv~yance in lieu of condemnation, are hereby assigned
and shall be paid to I_ender.
Tn the cvent of a total taking af the Propeny. thc prcxecds chall hc applied to the s~ims secured by this Mortgage.
with the cxcess, if any, paid to Borrowcr. In the event ~~f a partial taking of the Property, unless Bormwer and I_ender
otherwi~e agree in writing, there shall be applied to the cums secured hy thic Mortgage such proportian of the proceeds
as is equal to that proportiun which the amount of the sumc tiecured bp thit Mortgage immediately prior to the date of
t:~king bears to the fair market vaiue of the Propert~• immediately prior to the Jate of ~aking, wi~h the balance of the proceeds
p;~id to Borrower. "
if the Property is abandoned b~• Borrower, or if. afler notice hy l.ender to Aormwer that the condemnor ofiers to make
an aw~ard or setNe a claim (or damagec, Borrc.wer faib to respond to Ce~der within i0 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at I.ender's option, either to restoration or repair of ihe
Propert~~ or to the ~ums secured by this Mortgage.
Unless 1_ender and Borrower otherv~•ise agree in ~~•ritine. any such applicati~n of proceeds to principal shall not ertend
or poslpone the due datc of thc monthl~• installmcnts referrcd to in paragraphs 1 and 2 hereof or change thc amount of
such irstallments.
10. Borrower Nof Released. Extension of the time for payment or mcxlification of amortization of the sums secured
by this Mortuage granted by 1_ender to any ~uccesser in interest of Borrower shall not operate to release, in any manner.
the lixbility .~f the original Borrow~er and Borrow•er't successor~ in interest. i.ender shall not be required to commence
proceedings egainst such successor or refuse to extenJ time for payment or ofherw~is~ modify amartization of the sums
cecured by thic Mortgage by reason of any demand made b~~ Ihe ori¢inal Borro~~er and Borrower s suceescor~ in interest.
11. Forbearance by I.ender Not a Wai~•er. Am~ forhearancc h~~ l.ender in exercising am~ right or remedy hereunder, or
othenvise aft~•rded by applicable law. shall not be a waiver of or preclude the exercise of an} such rigM or remedy.
The procurement of insurance or the payment of tares or ~~ther liens or charges b~~ I.ender shall not.he a w•aiver of I_ender's
right to accelerate the maturitp of the indehtednecc tccured hy thic Mortgage.
12. Remedies Cumulatire. All rcmedies pr~~ ided in thit Mortgage are distinct and cumulativc to any other right or
reme~}•~under this Mortgage or afiorded b}~ law or eyuity. and ma~~ be exerciced rnncurrently. independend~~ or successivel~~.
13. Successors and Assigns Bound; ]oint and Se.era! Liability; ('aptions. Tl~e covenants and agrcements herein
contained shall hind, and the rights hereunder shall inure to. the respective succe~corc and astignc of Lender and Borrower.
subject to the provisionc of paragraph 17 hereol. All covenants and agreements of Borrow•er shall be joint and several.
The captions and heading~ of the paragraph~ oi thic Mortgage are for convenience only and are not to be used to ~
interpret or define the ~rcrvicions hereof.
14. Nolice. Except for any notice reyuired under applicable law~ t~ be given in another manner. (a) any notice to
Borrower pmrided for in this Mortgaee shall he given h}• mailing tuch notice by certified mail addresKd to Borrower at
the Property Addrecs or at such other addresc as Bc~rr~~wer ma~• decign:ite by notice to I.ender as provided herein. and
(bl any notice to Lender shall be given by certified mail. retum reccipt requested. to 1 ender ~ addresS stated herein or to
such other address as I.ender ma}• designate b~ nMice t~ Borrow~er as pm~~ided herein. Any notice provided for in this
'.1lortgage shall be deemed to have been givcn to Borroucr or I.cnder when given in the manner designated herein.
15. Uniform Mort~a~e; Governin~ Law: Se~erabilih-. Thic fnrm of mortgage comhines uniform rnvenants (or national
use and non-uniform rn~~enams with limite~ ~~ariations M~ junsdiction t~ constitute a uniform security instrument rnvering
real propern~. This Mortgage shall be govcrned h}~ the law of the jurisdiction in which the Propert}• is Icx:ated. In the
event that any provision or clause of thi~ Mortgage c•r the '~~~te conflictc ~ith applicaMe law. such conflict ~hall not afTect
other provisiont of this Mortgage or th~ N~te w•hich can be gi~•en efiect wi!hout the conilic~ing provi~ion. and to this
end the provi~ions of the Mortgage and the ~~te are declared tc. he severahle.
16. Borrower's Copy. Borrower shail be furni~hed a conformed copy of the Note and of this Murlgage ~t the time
of execution or after recordation hereof.
17. TransFer of f6e Property: Assumption. if alt i~r am~ part of the Pr~pert~• or an interest therein ic sold or trancferred
b~~ 3~rrower ~~ithout Lender's prior written consent. excluding lal the creatio~ of a lien or encumbrance subordinate to
thic l~tortgage, (b) the creation of a purchase mone~~ ~ecuri~~• interest f~r household appliances. (cl a tran~fer hy devise,
de~cent or by operation of laa upon the death c~f a j~~int tenam or ld- the gran~ of an~~ le~sehold interest of three years or lecs
not containing an option t~ purchase. I.ender mc~c. at Lender'~ option, decl~re all the cums secured h}• ti~is ~lortgage to be
immediately due and payable. I.ender chall ha~~e a~i~~ed ~urh option t~ accelerate if. prior to the tiale or transfer. i.ender
and the person to whom the Propcr~}• ic to be solJ c~r transferred reach agreement in w•riting that the credit of such penon
i~ satisfactory to I.en~er and thai the intere~~ pay.+ble on the «ims secured h~• ihi~ 4forlgage ~haii b~- a? s~ic1~~ rate a; I.er.ier
shail request. If I.ender has waived the option t~ accelerate pmvided in this paragraph 17. and if Borrower's successor in
~nterest hac executed a written assumption agreement accepted in writing b}• I.enJer, l.ender shall release Borrower from all
obligations unJer this Mortgage and the Note.
If Lender exercises such option t~ accelerate. I.ender ~h~ll mail Borrower notice ~f acceleration in accordance ailh
~aragraph 14 hereof. Such notice ~hall provide a peri<xl ~~f n~~t Icss than i(1 da}•c from the date the notice is mailed within
which Borrower ma}' pa>~ ihe wms declared due. If BormHCr fails to pa~• surh sums prior to the expiration ~f ~och pencxl.
Lender may, w~ithout further noticc or dcmand nn F3orrower. im-oke an}• rcmedies pcrmiucti hy paragraph 1R hercof.
NoN-UNtFOR~t Cove:v~xTS. Borrower and 1_ender further covenant and agree as follows:
18. Acceleration: Remedies. Except as pro~ided in paragraph 17 hereof. upon Borrower's breach of any covenant or
s~reement of Borrower in this ~tortga~e. includin~ the co~•enants to pay when due any sums secured by thts Mortgs~e. Lender
prior to acceleration sball maif notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion
rcquired to cure such breach; (3) a date. nof less than 30 da~~s from the date the notice is mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach on or beForc the date specified in the notke may resolt in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceedin~ and salt of the Property. 'Il~e notlce
shall further inform Borrower of the right to reinstate at~er acceleration and the right to asse~t in the foroclosure proceedi~
the non-existence of a defaulf or any other defense of Borrower fo acceleration and foreclosure. if the breach is not enred on
or before the date speci6ed in the notice. [.ender at Lender's option may deciarc all of the soms secnred by this Mortgage to 6e
immedjately due and payable without further demand and may forcclose thts Mortgage by judicial proceeding. I.ender shal!
be entitled to coilect in snch proceeding all expenses of foreclosure. including, but not Ifmited to, reasons~ble attorney's fees.
and costs of documentary evidence~ abstracts and litle rcports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleratic~n of the sums "secured by this Mortgage.
Borrower shal! have the right to have am~ proceedings hegun by I.ender to enf~rce this ~lortgage discontinued at arry time
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