HomeMy WebLinkAbout1776I.ender's writte~ agreement or applicahle law. Barrower shall pay thc amount of all mortgage insurance premiums in the
ma~ner provided under parag~aph 2 hereof. '
Any amounts dishurud by I.ende~ purxuant to ~his paragraph 7, with interest thcrco~, shall become additional
indebtedness af Borrower securcd by this Mor~gage. Unlect Bort~~wer anJ l.enJer agrce to ather terms of payment, such
amaunts shall be payabk upon ~otice from Lender to Borrowrr reyue~ting payment thereof, and chall bear interest from the
dale af disburxmcnt at the rate payahle from timc ta time on outstanding principal under the Nate unlecs payment ot
interest at such rate would be contran~ to applicable law, in which event such amounts shall besr interest at the highest rate
permissible under applicablc law. Nothing ca~tained in this pa~agraph ~ shall rcquirc I.ender to incur any expense or take
aoy action he~eunde~.
8. IaspecNon. I_ende~ may make or cause to be made ~eaconable entriec upon and inspectionc of the Property, provided
that I.ender chall give Borrower notice prior to any such inspection spe:ifying rcasonable cause therefor related ta I.ender's
interest in the Property.
9. Copdemnstbn. The proceedc of any aN•ard or claim far damages, direc~ or conceque~tial, in connection with any
condemnation ~r other taking af the Praperty, or part thereof, or for conveyance in lieu of condemnation, are herchy assigned
and shall he paid to I_endcr.
in the event of a total taking of the Propert~, the proceeJs chall he applied to the aims secured b~ ~hia Mortgage.
with the ercect, if any, paid to Borrowe~. I~ the event of a partial ~aking o( the Property, unlesc Aorrower and I.ender
o~hera~ise agree in writin~_ there shall tie applieJ to thc cums sccureJ hy thic Mo~tgage ~uch pmpartion of the proceeds
as is equal to that proportion which ihe amount of the sum~ tecured hy thic I~lortga~e. immediately prior to the date af
taking hears to Ihe fair market value of the Pmper~y imn~ediately prio~ to the Jate of taking. w•ith the balance of the proceeds
paid t~~ Borrower.
lf the Prapeny ic abandoned b~• Borrower, or if_ after no~ice hy I.ender to Barrower that ~he condemnor ofters to make
an aw•ard or seule a claim for damage~. Bormwer failti t~- re+~nd to l.ender within 30 days after the date such notice ic
mailed, I.ender ic authorized to collect and apply~ the proceeds, at l.ender's option, either to restoration or rcpair of the
Propcny or to the sums sccured by this Morlgage_
Un~es~ I.ender and Borraw~er othetwi~c agree in H ritine, an~• such application af proceedc to principal shatl not extend
or poctpone the due Jate of Ihe manthl}• installmcnts rcferrcd. to in parag~aphs 1 and 2 hercaf or change thc amount of
such inslallments. ~
~ 10. Borrower Not Released. Frtensian of the time for p~yment or modi(ication of amortization of the tumc secured
by this Mortgage granted by l.ender to any ~uccessor in interect of Borrower shall nat operate to release. in any manner.
the liability ot the original Borrow•er and Borrower'c succes~orc in interest. I.ender shatl not he reqnired to commence
proceedings against such saccessor or refuce to etitend time for psyment or otherwice modify amortizati~n of the sums
secured h}• this Mortgage hy reacon of any demand made b~~ Ihe orieinal Bormw•er and Borrower s succes~or~ in interect.
11. Forbearance by i.ender Not a Wai~•er. Am~ f~•nc~ar•rnrc hy l.cnder in crercicing an~• right or remedy hcreunder, or
othenvise aB~irded by applicahle law. shall not be a wai~~er of ~~r prrclude the exercise of any such right or remed)~.
The procurement of insurance or the paymem of tare~ or other lienti or chargrc by i.ender ~hall nnt be a waiver of l.ender s
right to accelerate the maturity of the indeMednecs ~ecured h}• thic Mortgage.
12. Remedies Cumulalive. All remedies prorided in thia Mortgage arc distinct and rumulative to any other right c-r
reme~y under this Morlgagc or affordrd M• law or equi~}•. anJ ma}• I~e e~erciced concurrently, independentl?• or succecsively.
13. Successors and Assi~ns Sound: Joint and Se~eral 1.iabilify; Captions. The covenants :~nd agrcementc 6erein
contained shall bind, and the riRhtc hercunder shall inure to. the rcspective surce.~c~rc and accigns of Lender and Botrow-er.
subject to the pmvicionc' of paragraph 17 hereof. All co~~rnams and agrcrment~ of Borrow•er shall he joint and several.
7~e captions anJ headings of the paragraph~ of thic Mortgrge are f~r ranvenience only and are not t~ he uced to
interpret or define the provisions hereof_
14. Notice. Except for any notice rcyuired under applicablr !aK to he given in another manner. /al an}• notice to
Borrower provided for in this Mort~a¢e shail be givcn h~~ ma~ling tiurh ni~t~cc by rertified mail addresced to Aormw•cr at
the Property Addresc or at ~uch other addre~c ac B~-rrrwer may decignatc hy n~~~ice to I enJer as pmvided herein. and
(hl an}~ notice to I_ender shall he givcn hy certificd mail. retom receipt reqoe~ted. t~• 1 ender c address stated herein or to
such ~~ther address as I_ender ma}• detignate b}• notire t~~ Borrower as pr,»•ided herein. Any notice provided for in this
Mortgage shall be deemed to have•been giv~n to f3orrow~cr or l.ender v-hcn gi~•en in the manner detignaled herein.
15. Uniform MoriR~e; Governin~ i.aw; Se.~erabilif~•. 77~is form of mortgage combines uniform covenants for national use
and non-uniform oovenants with limitod variations by jurisdiction W constitute a uniform security instrument oovering real property. The
state and local Iaws applicabk to this INortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the appGcabiliry of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law. such conflict shall not afl'ect ott~er provisions of this i-tortgage or the Nou which can be given efiect
without the conflicting pro~7sion. and to this end the provisions of the Mortgage and the Notc are declared to be severable.
16. Borrower's Copy. Borrower shall 1x: furni:hed a confe-rmed cop,r' of the Note and ~f thic Mortgage at the time
ot execulion or after rernrdation hereof.
17. Transfer of the Pmperfr; Assumplion. if alt ~-r am part of the Prupert~ or an interest therein i~ s~~ld or trancferred
by Borrower without I_ender's prior wriurn con~em_ e~cluding la1 the creation of a lien or enc~imbrance suhordinate t~
thit Mortgage. (b) the ereation of a purchase money ~ecurity interest f~n c~-i~cehoW appliance~. (e1 a tran~fer M• devisc.
descent or by operation ot la~~ upon the dea~h ~f a j~nn~ tenant or f.U the gram of an}~ leasehold interest of threc ycarc or letc
not containing an option t~ purchase, I.enJer may~. at Lender'c rption_ declare all the sum~ secured by this Mortgage to F-e
~mmediately due and payable_ I.ender shall ha~•e .+•ah~ed ~uch option t~~ accelerate if, prior to the ~ale or transfer. I.enJer
~ and the person to whom ihe Property i~ to be solJ or trancferred reach agreement in w•riting tha~ the credit of ~uch person
is satisfactory to [_enJer and tha~ the interect pa}•ahle ~.n the sumti secured hy thic Mortgage shall be at such rate ac i.ender
shall request. If l.ender has waivec! the op~ion to acceler~te provideJ ~n lhic p•rragraph l7, and if &.rrower'~ successor in
interest has executed a wrilten assumption agr~-ement arcep~ed in writing by I.ender. [.enckr shal) release Borrow-er from all
obligations ~nJer this Mortgage and the Note.
1( I.ender exercices such option to accelerate. Lrnder .h~ll mail Borrov-er notice af acceleration in acrnrdance with
paragraph 14 hereof. Such notice chall proviJe a pericxl of not Iels than 30 Jayc.from the date the notice ic mailed withm
w•hich Borruw~er may pay the sums declare~l due. If BorroNer taik w pay such .umc prior t~ the erpirati~n ~~f such period.
I.ender may. without furiher nMice or Jemand on Horrower, im•oke an~ «medies permiued h~~ paragraph 1 R hereof.
No[v-Utv~FOR~t CovF~~xTS. Barrower and I.ender further covenant and agree as follow~:
18. Accelention; Remedies. Eacept as provided in para~roph 17 hereof. upon Borrower's breach of any covenant or
a~;reement of Borrower in this !-tortRage. includinR tht co~enants to pay rrhen dne any snms secured by ihis Mort~age. I.ender
prior to acceleration shall ma~l notice to Borrower zc provided in paragraph 1~1 hereof specifying: (1) the bceach; (2) the action
required to cun such breach; (3) a date. not less than 30 days frum the date the notice is mailed lo Borrower. by whkh such
breach musi be cu~ed; and (4) that failurc to cure such breach on or before the date speci6ed in the ootice msy resalt in
acceleration oE t6e sums secnred by Ihis ~toHR~e. foreclosure by judicial proceeding and sak of the Properly. The notice
shall furiher intorm Borrower of the riRht to reinstate afler accekrntion and the right to acsert in the foreclosurc procteding
Ihe non-existence of a defauk or any other defe~e of Borrowe~ to acceleration and forecbsure. If the breach is aot cured on
or before Ihe date speci6ed in the notice. Lender at I.ender s option may declare all of tbe sums secured by this Mortga~e to be
immediateiy due and payable without further demand and may forcclose fh~ Mort~~e by judicial proceedin~. Lender shall
be en~itled to colkct in such proceeding all eapenses of foreclocure., includinR. but not limited to, reasonable attorney's fees.
and costs of documentary er~dence. abstr~ctc and litk reports.
19.~ Borrower's Right to Reinstate. Notvrith~~anJing I.enJer ~ acceleraU~~n of the sums cecured by Ihis Mortgage.
Borrower shall have the right to have am procccding~ hceun hv Lcndcr to cnforcc thi~ Mortga~tc discontinued at any time
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5f,~~348 Fa~,E177
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