HomeMy WebLinkAbout0914 I_endct's wntten agrccment or applicable law. Bo~rower shall pay the amount of all mortgage insura~cc prcmiums i~ the
manner provideJ unde~ paragraph 2 hercof.
Any amaunts disburscd by I.ender purcuant ~a ~his par:~graph 7, wi~h intcrest thereon, shall become additional
in~ch~edness Bo~row•er secu~ed by this Mor~gage. Unle« Borrow~er and l.enJe~ agrce to other terms ot payment, such
amouMc ~hall he payahle upon no~ire trom Lender ~o Barrowrr reyuec~ing paymenl thereot, and shall bear iMerat trom the
date of dicburscment at the rate payahle from time to time on outstanding principa) under the Note unless payment of
interest at such rate would be contrary to applicable law, in which evenl cuch amounts shall bear interest at the highest rate
permissible under applirable law. Nothing cantained in this paragraph 7 chall require l.ends~ to incur any eapense or talce
any action hereunder.
8. Inspection. I cnJer may makc or causc to he made rea~anahlc cnlriec u~n and inspections of the Property, provided
that LenJer shall give Borrowe~ noticc prior to any ~uch i~cprction specifying rcasonable cause thercfor relatcd ro Lender's
in~ercc~ in Ihc Property.
9. Condemnation. The proceed~ of any aaard or rlaim for Jamaees, Jirec~ or con~equential, in connection with any
.ondemnation i~r n~her taking of the Property, or part Ihereof, or for c~~nveyance in lieu of condemnation, are hercby assigned
anJ chall I+e paid to I_ender.
In ~he event of a total taking of ~he Proper~~•, ~he prcxreds ~hall be applieJ to Ihe ~ums secured by this Mortgage.
with Ihe crcea. it any. paid t~~ Bormwcr. In ~hc cven~ of a partial taking of ~he Property, unless Borrower and Lender
otherwic~ agree in wri~ing. therc shall be applied to ~he ~umc ~ecured by thic Mortgage ~uch proportion of the proceeds
~s ic e~ual to that pm~rtion which thr amoun! of the sum~ ~ec~ired b~• this Mortga~te immediately prior to Ihe date of
taking hearx to the fair market value of the Pru~r~r immediately prior to the date of taking, with the balance of the proceeds
paid tn Bo~rower.
If the Properly ic abandoned hy Borroa•er, or if. ;~fler nolice hy I.ender to Borrower that the condemnor offers to make
~ an aw~ard ~r ,et~le a claim (or damage,. B~~rrower faib to re.Mmd to Lender within 30 days after the date such notice is
mailed. I_ender ic authori~cd to collect and apply the proceeds. at I.ender's option, either ta restoration or repair of the
Propen~• or t~~ ~he sums .erured M• this Mortgage.
Unlec~ l.ender and Borrowcr otherwice agree in ~ritinc, any such application of proceeds to principal shal) not extend
~~r ~x~~t~,ne ~hc d~c Ja~e of Ihc montM~ installmcros rcfcrrcd to in paragraphc 1 and 2 hereof or change the amouot of ~
.uch instaltments. '
10. Bo~rower Not Released. Fxtension of the time for payment or modification of amo~tization of the sums ucured
hy thi~ Mort~a¢e graited by I.ender to any cuccessor in interetit of Borrow•er chall not operate to release, in any manner,
ihr liahili~y ~.f the original Borrower and Borrow•cr'~ surcessora io interest. l.ender shall not tie required to commence
prucceJings agai~ct such wececsor or refuse to ertenJ time for payment or othenvice modify amortizatioo of the sums
cecured h~~ thi~ Mortgage h~~ reacon of ~np demand made by the ori¢inal Borrower and Borrawer s successors in interest.
11. Forbe~rance by I.ender Not a Wai~•er. Any f~rhearanre hy I.ender in exercising any right or remedy hercunder, or
~aherw•ice afiurdeJ bp applicahle law, thall not be a waiver of or preclude the exercise of any such right or remedy.
Thr procurement of insurance or Ihe payment of ta~c~ or other lienc or charges by I.ender shall not he a waiver of Lender's
right tn acrclerate Ihe maturity of the indebtedness ~rcured M~ thic Mongage.
12. Remedies Cumulative. All remedies pr~.ided in this Mortgage are distinct and comulative to any othtr right or
' remeil~• under thiti Mor~gage or afiorded h~• law ~.r eyuity, and may be exerciceJ concurreMly. independendy o~ successively.
13. Succecsors and AssiRns Bo~md: Joinl and Se~eral I.i~biliry; Captions. The covenants and agreements herein
contamed chall hind. and the riQhts hereunder shall im~re to. the respeetive succecsor~ and assigns of t_ender and Borrower,
subjrct to the provi~ionc of paragr:~ph 17 hereaf .All covenanls and agreementc of Borrawer~hall be joi~! and several.
The captiunc anJ headings of Ihe paragraphc of thic Mortgage are for convenience only and are not to be used to
inlerprrt oc define the provi~ionc hereof.
14. \otice. Except for any notice required unde~ applicable law~ to be given in another manner. (a) any notice to
Borruw•cr pr~~vided for in thi~ Mort~taee shall tx gi~•en hy mailing wch notice by certified mail addressed to Borrower at ~
~he Propen~• Addrecc i,r at ruch ~~ther addre~c as B,~rr~~wer ma~~ de~ignate by notice t~ I.ender as provided herein, and
(hl am nntice to 1_ender chall tx: gh•en by certified mail, retum receept reque~ted. to l.ender's address stated herein or to
~urh uther addres~ as I.ender ma~ drsignate hy nc.ticc ta Borrovrer as provideJ herein. Any notice provided for in this
~ ~turtgage Shall hc deemcd t~ ha~~c heen givrn to Borrt~wcr ~~r l cnder~khen given in the manner designaled herein.
; 15. ('niform MoriRaRe; GoverninR [.aw; Severabilih~. Thi. f~rm of mongage combines uniform covenants~for national
'i use and ni~n-unifarm a~~•erianl~ Hith limite~l variationc h~• juritid~cti~in to constitule a uniform security inst~ument covering
~ real propertc. Thi~ Mortgage shall be guverned h~• Ihc ~:lK" (lf the juriti~firti~n in u•hich the Property ic located.. In the
; event ~hat an~~ provision or clank of thi. Mortgage ~~r thc ti,~te conflic~~ with applicable law, such confliet shal) not afiect
~ ~~ther pn.vni~~n~ of thi~ Mortgage or the Note wh~ch can be gic~n elTect w•ithout the conflicting provicion, and to this
end the proc~ci~~nc of thr 111ortgage and th~ \ote are ~I~~lared ti, he ceverable.
~ 16. BoROw~er's Copy. Borrowc~ ~hall bc furni~hcJ a cunf~~rmed copy of thc Notc and of this Mortgage at the time
uf execution or after recordation hereof.
~ 17. Transfer of fhe Propert~; Acsumption. If all ~.r :+m p~rt of thc Pmperty or an imerest therein is sold or transferred
by Borrow~r whhout I.ender's pr~or w•riiten con~ent. r~cluding la~ thc creation of a lien or encumbrance sutwrdinate to
th~t Nortgage. (b) the creation ~f a purcha~e money .rciuit~• ~nterest f~r household appliances, (c) a transfer by devix.
de.cent or hy apcration of law upon the Jeath of a joinl tenant or ld1 the g: ant of any leasehold interest of three years or ltss
not containing an option ti~ purchase. I ender may, at Lender'~ e~ption. declare all ~he sums secured by this Mortgage to be
,mmediately due and payable. Lender chall ha.•e wa~ced wch option te accelerate if. prior to the tale or transfer. Lender
and the person Io wham the Property is te, be soW or trans(erred reach agreement in writing that the credil of such person
~ ic satisfacton~ to Len~er and Ihat the intere~t payable on Ihe sumc ucured by this Mortgage thall be at such rate as Lender
sh~ll request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
~ ~nterest hac executeJ a written assump~ion agreement accepted in writing by I_enJer, t_ender shall release Borrower from all
~ obligations unJer this Mortgage and the Note.
~ lf [.ender exercises such option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice chall provide a peric~ of not Iess than 30 days from the date the notice is mailed within
Khirh Barrow~er may pay the cums declareJ due. It Borrower failc to pay~ such sums prior to the expiration of such period.
~ Lender may. without further notice or dcmand on Norrower, invoke anp remedies permitted by paragraph 1R hereof.
~ Now-U!viFORnt CovEw~nrs. Borrower and I.ender further covenant and agree as follows:
; 18. Accelerafion; Remedies. Except as pro~•ided in psr~raph 17 hereof, upoa Borrower's brcacb of any covenanl or
~ agreement of Borrower in this ~tortga~e. includin~ Ihe covenants to psy when due any sums secured by tbLs Mortga6t, Lteder
~ prior to acceleration shall mail notice to Borrower as pro~•ided in paragraph 14 hereof specifyipg: (1) tl~e breach; (2) tbe aetion
~ required fo cure such breach; (3) a d~te. nof less than 30 days from the date the notice k m~iled to Borrower, by whk6 suc6
i breach musf be cured; aad (4) that failure to cure such breach on or beforr the date speclfied ip tbe ootkt may radt in
acceleration of the sums secured by Ihis Mortgage. foreclosure br judicial proceedinq and sale of the Pwperty. 7bt ootitt
~ shall further inform Borrower of Ihe right to reinslate after sccelentan and the rigbt to assert in the foreclosurt proceedin~
j ~he non-existence of a default or any olher defense of Borrower fo acceleration and forecbsurt. If the Dresch is oot cnred on
i or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mort=a~e to be.
~ immediately due and payable without furthtr demand and may foreclose fhk Mortgnge by judicia! proceediu`. Ltuder shaU
~ be entitled to collect in such proceeding all e:peases of foreclosure. includi~, but not'limited to, reasonabk attornep's fees,
and costs of documentary evidence, abstracts and titk reports.
~ 19. Borrower's Right to Reinstate. Notwithstanding Leoder's acceleration of the sums securcd by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
Addendn~ to Paragrap6 15. The state and local laws applicable to this mortgage shall be the laws ot the jurisdiction in
which the propert~r is located. The toregoing sentence shall no~ limit the applicability o( (ederal (aw to this mortgage.
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