HomeMy WebLinkAbout0943 ~ l_ender's written agreement or aPplicable law. Borrower shaU pay the amount of all a~'ortgage igsµ~uqe premiums in the ~
manner provided under paragraph 2 hereof. . •
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
inJebtedness of Bo~r~~wer secured by this I?iortgage. L~'nless BorroNer and 1_ender agree to other terms of pa~•ment, such
amounts shall be'payable t~pon notice from l.rnder to BorroNer requesting payment thereof. and shall bcar interest from the ~
date of disbursement at the rate Qayahle f~om time to time un o~+tstanding principal imder the Note unless payment of
interest at such rate would be contrar}• to applicable law, in which event s«ch amounts shall hear interest at the highest rate
p^rmissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Iaspectioa. I.enJer ma~• make or ~ause to be made reasonable entries ~ipon and inspection~ of tfie Property, provided
that l.ender shall give Rorrower notire prior to any such inspection specifying rcasonable cause therefor related to Lender's
interest in the Property.
9. Condemnation. The proceeds of any aw~atd or claim Eor damages, direct or consequential, in connection with an)~
condemnation or other taking of the Property, or part thereof, o~ for conveyance in lieu of coademnation, are hereb) assigned
and shall be paid to I_ender.
in the event oi a total taking of the Property. the pr~eeJs shall be applied to the etims secured hy thi~ Mortgage.
K•ith the eticecs, if an)~, paid to Borrower. In the cvent of a partial taking of the Propert~~, unless Borrow•er and Lender
otherwise agree in writing, there shall be applied ro the sums secund hy th+s Martgage si+ch proportion of the proceeds
as ic equal to that pro~rtion which the amount af the sume secured b}~ this ~tartgage immediatel~~ prior ro the date of
taking t~ears to the fair market value of the Prope.rty immediateh• prior ro the .iate of taking. ~+ith the balance of the pr~keeds
paid to Borrower.
If the Property is abandaned b~~ Borrower. or if. aftrr notice hy i_ender to Borrow•er that the condemnor of~crs to make
an aK~ard or settle a claim for damagee. B~•rrow~er fails t~~ respond t~, I.ender w~ithin 30 da~•s after the date such nMic~ is
maited, t_ender is authorized to collect and apph~ the proceeds, at 1.ender's option. either to restoration or repair of the
Proprny or to the sums secured b}~ th+s Aiortgage.
Unlese l.ender and Borrow~er rnhen~•ise agree in ~?ritine. am• such application of prcxeedc to principal shall not ertend =
or postpone the due date of the monthl~• installmcnts referrcd to in paragraphs 1 and 2 hereof or changc the amnunt of
such installments. '
10. Borrow~e~ Not Released. Extcns+on of ihe time for payment or modification of amortization of the sums secured
hy this Morteage granted b~~ Lendcr t~, an~~ successor in intere~t of Borrow~er shall not operate to release. in any manner,
the liabilit)~ of the orieinal Borrower and Borrow~er's success~,r~ in interest. I.ender shall not he reyuired to commence
pr~keedings against such successor or refuse to e~tenJ time for payment or otherw~ise modifti~ amortizati~~n of the sums
serured hp this Mongage hy reason of an}• demand made b~ the orieinal Bormw•er and Borrow•er's surcescors in interest.
11. Forbearance by I.ender Not a Wai~•er. Am~ f~rhearancc hi~ l.cnder i~ exercising am~ right or rem~d~~ hcret?ndcr, ar
otherwise afTordeei by applicahle law. shall not he a waiver of or preclude the exercise of am~ such right or remedv.
The procurement of insurance or~the payment of ta~es c.r other liens or charges by I_ender shall not he a Haiver af Lender's
right to accelerate the maturity of the indehtedness ~ecured hy thiti Mongaee.
1Z. Remedies Cumutative. All remedies pro~•ided in thic !ltortgage are distinct and cumulative to an~~ ather right or
reme~ly under this Nortgage or afforded hy la~~~ ~~r eyuit~•. :,n~ ma~~ he e~erciseJ concurrenth~. independentl~~ or successively.
13. Successors and Assi~ns Bound; Joini and Se~eral i.iability: CapNons. The covena~ts and agrcements herein
contained shall hind, and the rights hereunder shatl inure to. the respecti~•e succe.sor~ and assigns of I_ender and Borrow~er.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borro«~er shall be j~int and te~•eral.
The captions and heading: of the paragraphs of this I~tortgagc are for rnnvenicnce onlq and are not to be used ro
intecpret or define the provisions hereof.
l4. Notice. Except for any notice required under appficable la~~ to be given in anotfier manner, (a) an}~ notice to
Born~wer provided for in this Mortgage shall hc given h}• mailing tiuch n~~tice by' certified maii addressed to Borrower at
the Property Address or at such other addrec. as Borrc~«er ma~~ desicnate by notice t~ i.ender as provided herein, and
~ ./h) an~~ notice to Lender shali he given b~• certificd rnail. retum receipt requested. to I.ender s address stated hercin or to
such other ad~ress as I.ender ma}• decignate by notice t~~ Borrower as pro~~ided fierein. Any notice provide.l for in this
~ Nortgage shall t~e aeemed to ha~~e bcen given to Borrow•er or Lcnder w~hen given in the manner designated herein.
~ I5. Lniform 1?TortRage; Go~~ernin~ I,aw; Se~erabilih~. This form of mortgaee combines uniform covenants for national
~ use and non-uniform covenantt with limited variations hy jurisdiction to constitute a uni~orm securit~~ instrument c~~~~ering
! real property. This 1liortgage shall be governed hv the !aw ~f the jurisdiction in which the Property is iocated. In the
; event that any provision or clause of this Mortgage or the I~'ote confticts ~~ith applicable law~, such conflict shall nut affect
~ ~~ther pro~~~~ions of thfs Mortga¢e ~~r the Note which can he gi~~en e('fect without the confticting provision, and to this
~ end the pro~•isions of the '.~tortgage and the Note are elcclared to hc severable.
' 16. Borrow~er's Copp. BorroHer shall be furni~heJ a conformed copy oL the Note and of thi, Morteage at the time
~E of execution or after rccordation hereaf.
R I7. Transfer of the Propert~: As.sumption. Tf all ur am~ part of thc Property or an interest therein it sold or tranderred
f by Borrow~er without Lender's prior w~ritten consent. escluding lal the creation of a lien or encumbrance subordinate to
p this ~tortgage. (b) the creation of a purchase mone}~ security interest for household appliances. (cl a sransfer b}• devise,
' descent or by operation of law~ upon tRe death of a joint tenant or (~l? the grant of an}• leasehold interest of thrce ycars or less
' not containing an option to purchase, Lender map, at l.ender's option, declare all the sums secured hy this Atortgage to be
i immediately~ due and payable. Lender shaH have w•ai~~ed such option to accelerate if, prior to the sale or transfer. I.ender
~ and the person to whom the Property is to be sol~l or transferrcd reach agreement in w•riting that the credit of such person
is satisfactor}• to I.enJer and that 1he intere>t pa}~able on 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 hac executed a written assumption agreement acceptcd in writing by I.ender, Lender shall release Borrower from all
c~bligations under this Mortgage and the Note.
If Lender exercises such option to acrelerate. Len~er .hall mail Borro~tier notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not iess than 30 days from th~ date the notice is mailed within
which Borrow~er may pay the sums declared due. If BorroHer fails to pay such sums prior to the expiration c~f such period,
[_ender may, without further notice or dcmand on l3orrou~er, invoke an~ rcmedies perm;tted by paragraph 18 hereof.
Nort-L'N~FOtiwt CovexANSS. Borrower and Ixnder further covenant and agree as follows:
. 18. Acceleration; Remedies. Eacept as pro~ided in paragrapfi 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the co~•enants to psy when doe any sums secured by this Mortgage, Lender
prior to arcekration shal! mail notice to Barrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the pMion
required to curc such breach; (3) a date. not less than 30 days fmm the date the notice ~c mailed to Borrower, by whlch sach
breach must be cu~ed; and (4) that failure to cute such breach on or before the date specified ia the ootlce may resdt in
scceleration of tbe sums secured by this Morigage, forcclosure by judicial proceeding and salc of the Pcoperty. 't7se notice
shall further infornn Borrower of the right to reinstate after acceleration and t6e right to assert in the foreclosure proceeding
~ the oon-existence of a detault or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
o~ before the date specified in the notice. Lender at Lender's uption may declare a11 of the sums secured by this Mortgage to be
immediately due And payaWe without further demand and may foreclose this Mortgage by judicia! procceding. Lender shall
be eatitled to collect tn suc6 proceeding all expenses of foreclosure, including. but not limited to, reasooable attoroey's fces,
and costs ot documentary evidence, abstracts and tide reports.
' 19. Borrower's Rig6t to Reinst~te. Notwithstanding Lender's acceferation of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedin~s hegun by Lender to e~force this Mortgage discontinued at any time
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