HomeMy WebLinkAbout0960 Lender's written agrre~nent or applicable law. Bo~rower shall pay the amount of all mort~a~o iaturanoe poriaiurts in thc
manner provided undcr parag~aph 2 he~eof. ~
A~y amounts disburaed by Lende~ pursuant to Ihis paragraph 7. with interest thereon, shali become additional
indebtedness of Bor~ower secured by this Mortgage. Unless Bonower and t.ender agrec ta other terma of payment. such
amounts shall be payable upon nWice from i_ender ta Borrowe~ rcquesting payme~t thercc~f, a~d shall bear interest fmta the
date of disbursement at ~he rate payabk from time to timc on outstanding principal under thc Note ~nless payment oi
interat at sucfi rate woutd be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
pernnissibie unde~ applicabk law. Nothing contained in tfiis paragraph 7 shall nquire Lender to incur any expense or take
any action henunder.
8. InspecNoa. Lender may make or causc to be made rcasonable entries upon and inspectio~s af the Property. provided
tfiat Lendar sfia11 give Borrower notice prior to any such inspection specifying reasonablt cause therefor related to Lender's
inter~~st in Ihc P[~operty.
9. Coademnation. The proceeds of any award ar claim for damages, direct or consequential, i~ connection with any
condemnatian or other taking of the Property, or part thereof, or for conveyance in lieu of condem~ation, are hereby assigned
and shall be paid to I.ender.
in the event of a total taking of the Prope~ry, the proceeds shall be apptied to the sums securcd by this Mort$age,
with the excess, if any, paid to Borrower. in the event af a partial taking of the Property, unless Borrower and I.ender
otherwice agree in writing, there shall be applied to the sums secured by this Mongage such proporiion of the proceeds
as is equal to that proportion which the amount of ihe sums 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 oE the proceeds
paid to Borrower.
If the Property is abandoned by Borrow~er, or if. after notice by I_ender to Borrower that the condemnor offers to make
a~ award or settle a claim for damages, Borrawe~ fails to respond to i_ender witfiin 30 days after ihe date such noiice is
mailed, I.ender is authorized to collect and apply the Qroceeds, at I.e~der's option, either to restoration or repair of the
Propeny or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in H•riting, any such application of proceeds to principal shall not extend ~
or postpone the due date of the month{y +nsta{lments referrcd to in paragraphs 1 and 2 htreof or cfiange tfie amount of
such installments.
10. Borrower Not Relrased. E~ctension of the time for payment or modification of amortization of the sums sccured
by this Mortgage granted by Lender to any successor in interect of Borrower shall not operate to release, in any manner,
the liability ~f the original Borrower and Borrower
s successors in interest_ Lender sha{I not be required to commence
proceedings against such successor or refuse ta extenJ time for payment or othen~ise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the origina{ Borrower and Borrower's successors in interest.
il. Forbearance by Lender Not a Wairer. Any forhearance by I.ender in exercising any right or remedy hereunder, o: -
otherwise aRorded by applicable law, shall not he a waiver of or preclude the exercise of any such ~ right or .remedy.
The procurement of insurance or the payment of taxes ar other liens or charges by I.ender shall not be a waiver of Lender s
right to accclerate the maturity of the indebtedness secured hy this Mortgage.
l2. Remedies~Cmm~latire. A11 remedies provided in this Morlgage are distinct and cumulative to any other right or
remeJy under this Mortgage or aftorded hy !aw or equity, and may be exercised concurrently, independendy or snccesstively.
13. Succeswrs And Assigas Bound: Jo~~t and Se~eral i.iabiljty; Captions. The covenants and agrcements herein
contained shall bind, and the rights hereunder shall im~re to, the respective successors and assigns of Lender and Borrower,
subject to 1he provisions of paragrapfi 17 hereof. AIt covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraQh~ of this Mo~tgage are for convenier?ce 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 another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing cuch notice by certified mail addressed to Borrower at
I the Property Address or at such other addrecc as Borrower mai~ desig~ate by notice to i.ender as provided herein. and
(b) any notice to Lender shall be given by certified mail, retum receipt requested. to [.ende'r s address stated herein or to
such otfier address as Lender may designate by notice to Borrower as pro~•ided herein. Any notice provided for in this ,
Mortgage shaU be deemed to havc been gi~•cn to Borrou•er or l.ender when given in tfie manner designated herein. ~
l5. Uniform Mortgage; Governin~ Law; Severability. This form of mongage combines uniform covenants for national ~
use and non-uniform covenanis with IimiteJ variations h~• jurisciiction to constitute a unifo:m security instrument covering ;
' real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the +
j event that any provision or clause of this Mortgage or tfie Nate conflictc w~ith applicable law, such conflict sha11 not affect
~ other provisions of this Mortgage or the Note ~•hich can be given effect without the confticting ¢rovision, and to this i
j end the provisions of the Mortgage and the Notc arc Jeclared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thic Mortgage at the time
~ of execution or afte~ recordation hereof.
~ 17. Transfer of the Property; Assumption. if all or an~• part of thc Property or an interest therein is sold or transferred
{ by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance suborJinate to
i this Mortgage. (b1 the creation of a purchase money security interes~ for household appliances. (c) a transfer by devise,
~ descent or by operation of law upon the death a( a joint tenant or {dl the grant of any {easehold interest of tfiree years or less
~ not containing an option to purchase, 1_ender may, at I.ender's option, declare all the sums secured by this Mortgage to be
s immediately due and payable. I_ender shall have waived such option to accelerate if, prior to the sale or transfer, I_ender
~ and the person to whom the Property is to be sofJ or transferred rcach agreement in writing that the credit of such person
E is satisfactory to Ixnder and that the interest payable on the si~ms secured by this Mortgage shall b~ at such rate as Lender
~ shall request. Tf I_ender has waived the option to accelerate provided in this paragraph 17, an~ if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. I_ender shall release Borrower from all
~ obligat+ons under this Mortgage and the Note.
~ If Lender exercises s~ch option to accelerate, l.ender shall mail Borrow~er notice of acce{eration +n accordance with
= paragraph 14 hereof. Such notice shall provide a period of not less than 30 dayc from the date the notice is mailed within
: which Borrower may pay the sums declared due. If Borrower fails to pay sach sums prior to the expiration af such period,
I.ender may, without further noiice or demand on Borrowcr, imol;e anp remedies permitied by paragraph 18 hereof.
Nox-UN~FORat Covex~NTS. Borrower and T_ender further covenant and agree as follows:
I$. Accelention; Remedks. Ezcept ais provided in paragraph 17 hereof* upon Borrowe~s breach of any coreaant or
agretment of Borrower in tbts Morfgagt, incloding t6e covenants to psy v?hen dne any sams secnred by tbLt Mortgage, Lender
x prior to sccekrs~tjon sball mail notke to Borrower as provWed in paragraph 14 hereof specifying: (1) the breacb; (2) the actbn
requjred to cnre soch brsach; (3) a date, not las tban 30 days from the date the notice is mailed to Borrower, by whk6 ~nch
breach must be enred; and (4) t6st falluro to cure such breach on or before tbe date speciRed io tbe noNce msy radt in
acceks'tbe oE tLe sam~ secnnd by t6is Mortgage, fonclosun by jodicial proceedir~ ~nd sak of tbe Pmperty. 7be uotke
shall furlhu inform Borrowa ot tbe ri`bt to relRState afte~ accekratioa aad the right to a~ed in t6e foreclosace proc~
t6e non-exktence ot a detanlt or aay other defense of Borrower to accekntion and foreclosnre. If t6e breacb is not cared on
or before tbe dste speci6ed iu the notice, Lender st I.eader's option may declare aq ot the sams secored by thh Mortaase to be
~ immediately dne aad psyabk rritboat fnrtbcr dcmand aad may forccloae t6is Mortg~e by jodkid proceedin6. Lender sbail
~ be eotiUed to collect in sac6 proceedina aU espeoxs of foreclosure, including. bot nwt Hmtted to. reasonsbk atton+ey's Eees.
and costs of docnmeatary evidence, absirscts nud titk reports.
' l9. Borrower's Ri`ht to Reinstate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage.
Borrovrer shall have the right to have aoy proceedings begun by Lender to enfotct tfiis Mortgage discontinued at any time
. eaa~397 Pac~ ~59
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