HomeMy WebLinkAbout2857l.ender's writte~ agrcement or applicable law. Borrower shall pay the amount uf all mortgage lnsurance ptrmiums in the
manne~ provided under paragnph 2 hereof.
Any amounts disburud by Lender pursuant to ~his parag~aph 7, with inteoest thereon, shall become additional
indebtedness of Borrowe~ securcd by ~his Mortgage. Unless Borrow~er and l.eoder agrce to other terms of payment, such
amounts shal) be payable upon notice from I.e~der to Borrow•cr reques~ing payment thcreof, aod shall bear interest from the
date ot disbursement at the nte payable from time to time on outstanding principal under the Note unless payment of
interest at such nte would be contrary to applicable law, in which event such amou~ts shall bear interest at the highest rate
permiuibk under applicabk law. Nothing containtd in this paragraph 7 shall require Lender to incur any expense o~ taka
any action hereunder.
8. lnspectbn. I_ender may make or rause to t,e madc reasonable entries upon and inspections of the Praperty, provided
that [_ender shall give Borrower notice prior to any such inspection specitying reasonable caux theretar related to Lende~'a
interesl in the Propetty.
9. Coademnatba. The proceeds of any award or claim tor damaga, direct or consequential, in connsetion with any
condemnation or other taking of the Property, or pah thereof, or for conveyance in lieu of condem~ation, arc hereby assigned
and shall be paid to Lender. ~
in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, it any, paid to Borrower. ln the event of a partial taking of the Propeny, unless Borrower and L.ender
otherwise agree in v-riting. therc shall be applied to the sums secured by this Mortgage such proponion of the proceeds
as is equal to ihat proportion which the amount o( the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair markct value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
lf the Property is abandoned by Barrower, or if, after notice by I.ender to Borrower that the condemnor offers to make
an award ar settle a claim for damages, Borrower fails ta- respond to I.ender within 30 days atter the date such notice is
mailed, Len.ler is authorized to callect and apply ~he proceeds, at I_ender's option, either to restoration or repair of the
Propen}• ar to the sums secured by this Mort~tage.
Unless l.ender and Horrower othervvise agree in writing, any such application of procecds to principal shall not eztend
or post;wne the due date of the manthly~ installmen~s referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekased. Extension of the lime for payment or modification of amortization of the sums secured
by this Mortgage granted by l.ender to any successor in interest of Borrower shall not operate to rclease, in any manner,
the liability of the original Borrower and Borrower s soccessors in intercst. Lender shall not be required to commence
proceedings against such successor or rcfuse to extend time far paya~ent or othenti•ise modify amonization of ihe sums
ucured by this Morigage b} reaso~ of any demand made by the original Borrower and Borrower s succescors in interest.
11. Forbearance by Lender Not a Wairer. Any forbearance by I_ender in exercising any right or remedy hercunder, or
otherwix afforded by 3pplicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or ather liens or charges by I_ender shall not be a waiver of Lender s
right to accele~ate the maturity of the indebtedness secured hy this Mortgage_
l2. Remedies Camulathe. All remedia provided in this Mortgage are distinct and cumulative to any other right or
remcdy under this Mortgage or afforded by law or equity, and may be eaercised concurrcntly. independently or successively.
13. Soccessoa and Assigns Bound: Joint and Se.•eral i.iability; Captio~. 'i~e covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective succecsors and assigas of Lender a~d Borrower,
subject to the provisionc of paragraph 17 hereof. All co~enants and agreements of Borrower shall be joint and several.
The captions and headings of the pa~agraphs of this Morlgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law• to be given in an~ther manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Propeny Address or at suth other address as Borrower map designate by no~ice to T.endcr as provided herein, and
(bl any notice to Lender shall be given by certified mail. retum receipt requested, to I.ender s address stated herein or to
such other address as Lender may designate by notice to Borrower as pro~•ided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrow•er or I_ender when given in the manner designated herein.
15. Uniform Mort~~e; GoveminR iaw; Sererabilitv. This form of mortgage combines uniform covenants for national
use and non-uniform covenams with limited variations hy juricdiction to constitute a uniform security instrument co~ering
real property. This Mortgage shall be governed h}• the law• bf the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts w•ith applicable law, such conflict shall not affect
other pror~sions of this Mortgage or the Note w•hich can be given efiect without the conflicting provision, and to this
end the pro~•isions of the 111ortgage and ihe 'vote are dedared to be severable.
16. BorrowePs Copy. Borrower shall be furnished a conformed copy of the Note and of thic Mortgage at the time
of eaecotion or after recordation hereof_
17. Transfer of the Properfy: Assumption. If all or am• pan of the Property or an interest therein is sold or transferred
b~~ Borrower without Lender's prior written consent. excluding (al the creation of~ a lien or encumbrance subordinate to
this Mortgage. (b) the. creation of a purchase money seeerit~• interest for household appliances, (c) a iransfer by devise,
descent or by operation of law upon the death of a joint tenant or (d~ the grant of any leasehold interest of three years or less
not containing an option to purchase, I_ender may. at Lender'c option. declare all the sums secored by this Mortgage to be
immediatelp due and payable. I_ender shall have waived such option to accelerate if. prior to the ~ale or transfer, Lender
and the person to whom the Property is to be sold or transferred reach agreement in.writing that the credit of such person
ic satisfacrory~ to Lender and that the interect pa~•able on 1he sum~ secured by thi~ 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 hac executed a written assumption agreement accepted in w~riting b~ I.ender. 1_ender shall release Borrower from all
obligations under this Mortgage and the Note_ .
if I.e~der exercises such optian to accelerate. Lender ~h;~ll mail Borro..er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than .l0 da}~t fmm the date the notice is mailed within
w~hich Borrower ma}~ pay the sums declared due. If Borro~er fails to pay~ such tums prior to the expiration of such period,
Lcndcr may. without further notice or dcmand on Borrower, invoke anc remedies permit~ed hp paragraph 18 hereof.
Nox-Urr~FORat Covex~NTS. Borrower and t_ender fonher covenant and agree as follows:
18. Acceleratioa; Remedks. Etcept ~ provided in paragraph 17 henof~ upon Borrower's bresch of any covensat or
agreement of Borrower ia this Mortga~,e. includin~ tbe covenants to pay when due any sums secured b~ this Mortgage, Lender
prior to acceleration s6all mdl notice to Borrower as provided in paragraph 14 hereot specNyin=: (1) tht breach; (2) tbe actbn
nquired to cure snch breach; (3) a date, not less than 30 days from the date the notice is mailed to Borror-er. by whic6 such
breach musl be cured; aad (4) thAt f~lure to cure such breach on or before the date specified io the notke may radt ia
acceleration of t6e sums secund by this Mortgage. foreclosure by judiciat proceeding aad sak of the Property. 7Le notlce
shall further inform Bonower of the right to reinstafe after acceleration and the right to asserf in the forecbsure proceedlu~
the non-e:istencc of a defauk or an~~ other defense of Borrower to acceleration snd forecbture. If the bresch is nof cnred o0
or before the date specified in tbe notice. Lender al Lender's oplion may declare all of the sums secored by this Mort~a~e to be
immediately due and payable withont further demand and may foreclose th~s :Kortgage by judicial proceedint. Lender shall
be entitled to collect in such Proceeding sll e:peoses of foreclosurc. including, but not limited to, reawnsbk attoroey's tees,
and costs of documentary evidence, a6stracts and titk reports. .
19. Aorrower's Rig6t to Reinstate. Notwithstanding Lender s acceleration of the sums xcurcd by this Mortgage,
Borrower shall have ;he right to have any proceedings begun by Ler.der to enforce this Mortgage discontinued at any time
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