HomeMy WebLinkAbout1083l.ender's written ~greement o~ applicable law. 8o~rowe~ shall pay the amount oI all mon~a~e insu~ance prcmiurtu i~ the
manner provided 4indef parag~sph 2 hereof.
Any amounls disbuned by I.ende~ pursuaot to this pa~aQnph 7, with inttrest thercon, sfisll become sdditionat
inJcb~cd~ess of Borrawe~ securcd by this Morlgage. Unless Hormwe~ and l.encie~ a~rce to othe~ tenr~s of psymeM. such
amount~ shalf fic payable u~n natice from l.endcr to Borrawe~ rcquesting payment thereof, snd shall be~r interest from the
datc ot ditbursemc~t at the ratc payabk irom time to time on a~~standing p~incipal under the Note unkss pa)~ment of
interes~ at such rate would be cootrary to applicable law, in which eve~t such amourtls shaR bear interest at t~ hiEhast rats
permiuible under applicable law. Nothing canlained in ~his parag~aph ~ shall rcquirc l.e~de~ to incur any expense e+r tske
any action hereunder. ~
S. lospectiop, l.enckr may make or cause to be made ~caconablt entries u~+o~ and inspections of ihe Properly. provided
that l.ender shall give Bonower notice prior to any such inspection specifying rcasanable cause theretor related to Lendar's
interesl in the Property.
9. Coademq#tbn. The proceeds of any award or claim for damagec, direN or conuquential, in connection with any
condemnation ~r other laking of the Propc~ty, o~ pan thereaf, or for conveyance in fitu ot condemnation, are hercby assigned
and chall I~c paid to I.endcr.
In Ihe event of a total taking of the Prapeny, ~he proceeds chall he applied to ~he sums secured by this Mort~a~e.
with the eticccs, it any, paid lo Borrower. In Ihe evenl of a partial ~aking ot the Property, unltss Borrower and Lende~
u~herwice agree in writing. ~hcrc shalt be applied to the cums ucurcd by thic Mortgage such proporlion of the procesds
as ic equal ta that proponion which ~he amount o( the sumc ~ecured by this Mortgage immediately priar to the date ot
taking t~ears to the fair market value of thc Property immediately prior to the Jate of taking, wilh the balance of the proceeds
paid a~ Borrower.
If Ihe Praperly is abandaned by 8orrower, or if. af~er notice by l.e~de~ to Borrower that the condemnor otfen to makt
an award o~ x~tle a claim for Jamage~, Borrowe~ fail~ !o respnnd to l.e~der wi~hin 10 days after the date such notice is
mailed. l.ender i~ autfiorized to cottect and apply ~he procetds, al I.ender's option. eithet to restorstion or rcpair of the
Pro~x~~y or to 1he sums secured by this Mortgage.
Uolesc I.emfec and Borrower alherwise agree in w•ritin~e, any such applica~ion of praceeds to p~i~cipal shaU not txtend
..r ~+c~.t~ne Ihc duc Jate of the monthly installmcnts referred to in paragraphs 1 and 2 hercof or change the amount of
cuch ~n~tallments.
10. eorrorrer Not Rekased. Fxtension o[ the time for payment or modiflcation of amortization of the sums securcd
by ~h~c Mortgagr granted by I.enJer to any succ~swr in intercit of Borrower shall not operate to rckase, in any manner,
the liafiili~y ~~f the original Borraw•e~ and Borrower'~ succesu~rs in interest. l.ender shall not he rcquirtd to commence
praceeding~ against s~+ch succecsor or refux ta ex~end ume far paymeot or othenviu modify amonization of the sums
~ec~~red by ihi~ Mortgage hy reason ot any demand made by the o~igi~a! Borrower and Borrower's successon in interest.
I1. Forbeannce by [.ender NM a Waiver. Any forhearance by Irnder in exercising any right or rcmedy hereu~der. or
~.sherwise atiurded by applicaMe law, shall not Ix a waiver of ar preclude the exercise of any such right or remedy.
Thr proc~~rement of insurance or the payment ot taxec or other tiens or cfiarges by I.ender shall not be a waivtr of Le~der's
right a. accekrate Ihe maturily of ~he indeh~ednecs .ecured hy thic Mortgage_
12. Remedks Cumulati~e. All rcme.iies provided in this Mortgage are distintt and cumulative to any othe~ right or
remedy under this Mortgage or afforded fiy law or equi~y. and may he exercised eoocurrcntly, independently rr successively.
13. Successors and Assigas Bound; Ioia1 rnd Se~ecal I.isbi{iry; Csptbns. Tht covenants and agreemenls herein
comaincJ chall hind, and the riQhts hereunder thal) im~re to. the respective succe~sors and assigns of Lende~ and Borc~ower,
subject to the provicionc of paragr•rph 17 hereof. All covenan~s and agreementc of Borrower ~hall be joint and several.
The captions anJ headings of tfie paragraph~ of lhic Mortgage are for convenience only and arc not to be used to
~nlerpret or define 1he provicions hereof.
14. Notict. Excep~ for any notice required under applicable iaw to be given in another manner, (a1 any notice to
Bormwer provided for in thi~ Mortgage shal) he given by mailing cuth notice by cerliiied mail addressed to Borrawer at
the Prope[ty Addrest or a~ ~uch Wher addrew as B~xrower may decignate by no~ice to l.ender as provided herein, and
(b) any notirc Io I_cnder shall he gi~•en b}• cerlified mail. return ~eceipt requc~ted. to I ender s adJress stated herein or ta
~uch ulhrr addresc as [.ender may designate by nbtice Io Bo~rower as provided hercin. Aoy notice provided for in this
Mortgagc shalt be deemed to havc been given to Borrower or I.ender when given in the manner designated herein.
1S. lTniform ModRaRe; Governin~ i.aw; Se~erobifily. Thi~ form of mongage combina uniform covenants for national
~iu and n~-n-unifurm covenan~c wi~h limited variationc hp junui~c~ion to constitute a uniform secursty instrumeot covering
real propert~•. Thi~ Morigage shall he governed hy the law of the jurisdiction in which the Property is locattd. In the
event ihat a~y provision or cfaiik of ~hi~ Mortgage i~r ~he N~~te conflic~c Nith applicable law, such conflict shall not affed
uther pmvni~~nc of thic Mortgage or the N.~te v-~hich can he given eftect without the conflicling provision, and to this
end thc provicions of the Mor~gagc and the Nwc arc Jeclarcd ~o h~e s~:verable.
16. Bomower's Copy. Borrovver shall be furniched a conformed copy of the Note and of this Mortgage at the time
o( execution ar a(ter recordation h~rcof.
17. Trans(er ot the Propert~•: Assumpllon. If all ~r an}• part of ~he Pmperty or an +ntercst therein ic sc~ld or transferred
by Borrower without I.ender's prior wriurn conum. eticluding lal ~he crea~ion of a licn or encumbrance subordinate to
this Mortgag~. Ib) the creation of a purchase money cecurity mtrre;t for household appliances. (c) a transfer by devise.
deuent nr by opc~ation of law- upon the ckath of a joint tenan~ or td) the gram of any ieasehold interest of three ytars or less
not containing an option to purchase. I.e~der may, at Lender't opt~on, declare a4 the sums secuted by this MoAgage to be
~mmeJiately due and payable. 1_ender shall have waived cuch option ~a accelerate if, prior to the sale or transfer, Lender
anJ the person to ~vfiom the Property is to be so1J or transferred reach agreement in writing that the credit of such petson
~c saticfactory to [_endcr
siwi~~~est. If 1_ender has waived the option to accelerate provided in this parag~aph 17, and i[ Borrower's succasor in
interest ha~ executed a wrilten assumption agreement accepted in writing by Lender. Lender shall Yelease Borrower from all
obtigations under this Mortgage and ihe Note.
It (_ender exercises such option to accelerate. l.ender ~hall mail Borrower notice of acceteration in accordance with
pa~agraph 14 hercof. Such notice chall provide a period of not less than 30 days ~rom the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower failc to pay such sums prior to the expiration of such period,
t_ender may, without further no~ice or demand on Korrower. ~nvoke any remedies permitted by paragraph 18 hereof.
NoK-UN~FORrH Coverv,-HTS Borrower and l_ender further covenant and agree as follows:
18. Accelerstbn; Remedks. Except as provWed ia psn~nph 1~ hereof. upan dorrower's brtach of asy covew~t or
agrccme~t ot Borrorre~ tn Ihts Maiga~e. incfudin~ tbt cov,enants to psy ~-ben due say sams secured by t6b Mort~a~e~ I.e~der
prbr Io accckratfoa shall msll notke to eorrower as provided le pa~taph 1~ heseof speclfYi~: (1) fhe brcacb: (2) tbc setioa
requind fo cure snch bnsch; (3) s date. not Icss than 30 d~ys (rom the dite the notke b maqed to ~orrower. by wAk~ wc~
brcach must be cnrcd: aad (~) that feilure Io cure such breach on or betore tbc date specWed b~ tbe eotice sa~ ~It h
accelentiow of the wa~s secund by this More~sae. torccfowre by jndkiat proceedin= and sak o[ tAe Prupe~. 7Le sotiee
shall turther inform dorrower of the right to reinstate dle~ ~ccekr~tion aad the ~ht to a~ert iw tbe toreelosere froceed~
Ihe aon-esistence ot a defsuk or any other defense of Bor.orrer to sccelentbn and fonclowro. It the bre~cM L sof cwed o~
or bctore tbe dsle specifkd in the notke. [.eader at Leoder's optbn msr declar~e sN at t6e wau secnred by tWs Mo~a~e b 6e
immedbtely due and payabk witlaut tu~tber demand and msy forecbse Ibk Mort~a~e br judkW ~rocsedi~. I.e~er tlu~
be cotitled to colled fo s~ch procredfna sll e:peoses o/ foreclowrr. iacludla~. bnt aot Ilmfted to, ceawoable ~ttoraey's tea,
aad cosb of documentary erldeace, sbstracts sad tiNe reporb.
19, dorro~+e~'s RiRbt to Rtiestate. Notwiths~~nding i.ender s acceleration o( the sums secured by this Mort`age,
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Morigage discontinuod at any time
Addswd~~ to.~u~~ra~r 1S. The sta~e and bcal laws applkable to thk mortgage shall be the laws o~ the jurisdktbn in
whkh the propertv b located. The toregoing sentence shall not limit 1he apPlicabllity n~ tederal law to this mortgage.
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