HomeMy WebLinkAbout2734I_ende~'s writtco a~reemen~ or applicable law. Borrower shall pay the amount of all mortgage i~surance prcmium: in the
man~er provided unde~ pa~ag~aph 2 hercof.
Any amouots disbursed by I_ender purcuant to this paragraph 7, with intercst thercon, shall become addilio~al
inJeb~edness of Borrowe~ securcd by ~his Mongage. l,~nle~s Borrower and I_enJer agree to other tertns of payment, such
amamts shall be payable upon nalice f~om I_ender to Borrower rec~uecting payment the~eof, and shall bear interest irom the
dste of disbursement at 1he nte payable from time ta time on outstanding principal under the Note unless payment ot
interest at such rate would be cont~ary ta applicable law, in which evenl such amounts shal) txar interest at the highest nte
pennissibk u~der applicabk law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or talce
a~y action hercunder.
8. Inapectlo~. Lender may make or cauu to bt made reaconable entriec upoo and inspections of the Property, provided
that i.ender shall give Borrower nc~tice prior to any such inspection specifying reasonable cause therefor relatcd to Lender's
interest in the Propeny.
9. Condemaafbn. The proceedc of any aw~ard or claim far Jamages, direct or consequential, in connection with any
condemnation o~ dher taking of the Property, or part thereaf, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to I.ender.
In the event of a total taking af the Pmperty. the proceeds shall be applied to the uims secured by this Mortgage.
with the e~cess, if any, paid to Borrower. In ~he event of a partial taking of the Propeny, unless Bomower and I.ender
otherwise agree in writing, therc shall be applied to the ~ums secureci by thic Mortgage such proportion of the praxeds
as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the procceds
paid to Borrower.
if the Property is abandoned by Barrow~er. or if. afler notice hy l.ender to Bormwer that the condemnor oBen to make
an award or settle a claim for damages, Borrower fails to res~nd to l.ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply ~he proceeds. at i.ender s option, either ta restoration or repair of the
Property or to the sums securcd by this Mortgage.
Unless I.ender and Borrower otherwise agree in w•riting. any such application of proceeds to principal shall not extend
or postpone the dce date of the monthly installments refcrred to in paragraphs 1 and ~ hCreof or change the amount of
such installments.
I0. Borrower Nof Releised. Fxtension of the time for payment or modification of amortization of the sums securcd
by this Mortgage granted by ~e~der to any successor in interect of Borrower shall not operate to release, in any manner,
the liability ef the origina) Borrower and Bc.rrower e succesu~rs in interest. Lender shall not be required to eommence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by Ihis Mortgage by reason of any demand made by the ori¢inal Borrower and Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Any forhearance by [_ender in exercising any right or remedy hercunder, or
othenvise' afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procarement of insurance or the payment af taxes or other liens or charges by I_ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtednecs cecured hy thic Mortgage.
l2. Remedies Cumulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJy under this Mortgage or affordeJ by law ~,r equity, and may he exercised concurrently, independently or successively.
13. Sncceswrs and Assigos Bouad: loint pnd Several I.iability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of Ihis Mortgage are for convenience only and are not ta be used to
interpret or define the provisions hereof.
14. NWke. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bonower at
the Property Address or at sdch other address as Borrower ma}~ designate by notice to I.ender as provided herein, and
(b) any notice lo Lender shall Ue given by certified mail. return receipt requested. to l.ender s address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or l.cnder when given in the manner designated herein.
°1S. UnNorm Mortgsq~e: Governin~ I.aw: Severabllit~•. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limiteii varialions by jurisdiction to consti~ute a uniform security instn~ment covering
real property. This Mortgage shall be governed hy the law• of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can t-e given efiect without ihe conflicting provision, and to this
end the provisions of the Mortgage and the Note are ckclared to he severable. ~
l6. Borrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at ihe time
of execution or after recordation hereof.
l7. Transfer of t6e Property; Assumplion. if all or an}• part of the Propeny or an interest therein is sold or trancferred
by Borrower without I.ender s prior written consent_ excluding (a1 the creation of a lien or encumbrance subordinate ta
this Mortgage. (b) the creation of a purchase money cecurity interest for household appliances. (c) a transfer by devise,
descent or by operation of law upon the death of a jo~m tenant or fd) the gram of any leasehold interest of three years or less
not containing ~n option to purchase. i_ender may, a1 1_ender't option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the •Property is to be solJ or transferred reach agreement in writing that the credit of such person
it satisfactory to Lender and that the interest payable un the sums secured by this Mortgage shall be at such rate as Lender
shall request_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement azcepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and thc Note.
If Lender exercises such option to accelerate. Lender thall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periai of not Iess than 30 days from the date the notice is mailed within
w•hich Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period.
Lender may. without further notice or demand on t3orrower, invoke any remedies permitteci by paragraph 18 hereof.
Nox-UxiFOR~-t CovEN~nrrs. Borrower and Lender further covenant and agree as follows:
l8. Accekration; Remedies. E:cept ~ provided in pa~raph 17 hereof,-upoo Borro~ser'a breach of a»y co~eaant or
agreement of Borrower in tbb Morlgaje, iacludir~ t6e coveaa~ts fo pay whea due aay soms secured by this Morfga`e, Lender
prior to accekntion sbdl a~ail notice to Borror-er as provided in para~np6 14 6ereof spceffyin~: (l) t6e b~racb; (2) the actbn
reqoLed to cnre sec6 bresch; (3) a date, not less t6an 30 days from the dste tbe riotke M mailed to Borroaer, by w6k6 snc6
bresch m~at be cnred; aod (4) that Eailure to cure snch breach on or before the date apeciBed ia tbe ootke a~ar rssdt in
accekratbn of t6e w~os secared by Wis Mort~sge, forecbsure by judlcial proceedio~ sad sale of tbe Propertr. 7be notke
shdl further inform Eorrower of the riRbt to rclnsUte dter sccekration aad tbe ri66t to assert in t6e foreclosnre pruceedio~
t6e aon-existence of s defank or any other defense of Borror-er to accekration and foreclowr+e. If t6e breac6 M oot c~red o0
or before the date spec~ed in t6e aotke. Leader at Leade~'s optbn ma~ declue all of the sams secored by thh Mort~e to be
immedbtely dne and payabk without fnrtber demand and may forcclose thg Mortgage by ~udkW proceedia~. Lender sball
be entided to cdkct in socb Pr+uceedl~ aq expenus of foreclosurc. Including~ but aot limlted to, reaaoaabk mornef's tea,
and cosb of docnmeatary evidence, sbst~ and titk reports.
19. Eorror-er's Rjght to Reiort~e. Notwithstanding Lender s acceleration o! the sums secured by this Mortgage.
Borrower shall have the rigFi( to have any proceedings t-egun by t_ender to enforce this Mortgage dixontinued at any time
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