HomeMy WebLinkAbout0951 I:en~r's w~ritten agreempn~r~~plic'able ~rrowe~ shall pay tfie amo t Of all mo~t~~4psyrance premiums in the
manner rovided undtr ~ ' ' '
p paragraph 2 Fx~roo .
Any amounts disburscd by 1_ender pursuant tu this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mongage. Unless Borrower and I.enJer agree to other terms of payment, such
amounts shall be payable upon notice froni Lende~ to Borrow~e~ requesting payment thereof, and shall bear interest from ihe
date of disburseme~t at the rate payahle from time to timc on outstanding principal under the Note unless payment of
+nterest at such rate would be contrary to applicable law, in w•hich event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur a~y expenu or take
any action hereunder.
8• Iatpectbn. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that t_ender shafl give Borrower notice prior to any such inspection specif~~ing reasonable cause therefor related to I_er.der's
interest in the Property.
9. Condemnation. The proceedc of am' au~ard or claim for e~amages, direct or con~equential, in connection with any
condemnation or other taking of the Property, ~~r part thereof, or for conveyance in lieu of condemnation, are herehy assigned
and shall be paid to Lender.
1n the event of a total t~king of the Properry. the pr~keeds shall F~e applied to the sums secured by this Martgage.
w•ith the eYCess, if any, paid to Borrower. in the evcnt of a partial taking of the Pro~r~,~pl~ Borrower and I_ender
otherwise agrce in writing. there shall be applied to the sums secured by this Mortga c p porNo~ of the proceeds
as is equal to that proportion wfiicfi the amoi;nt of the 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 of the proceeds
paid to Borrower.
if tfie Property is abandoned b}~ BorroH•er, or if, after notice by I_ender to Borrower that the ~n~dem~or bffers to make
an award or settle a claim for damages, Bormwer fails to respond to Lender within 30 davs after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at i.ender's option. either to restoration or repair of the
Propert}• or to the sums secured b}~ this Mortgage.
Untess i_ender and Borrower otheraise agree in riting, an~• such application of proceeds to principal shall not extend
or postpone the due date of the monthly instaifinents referred to in paragraphs 1 and 2 hereof or change the amount of
~urh installments.
!0. Borrower Not Rekased. Ertension of the time for payment or modification of amortization of the sums secured
by this Morigage granted by I.ender to any successor in interest of Borrow•er shall not aperate to release, in any manner,
the liabilit}• of the original Borrower and Borrow•er's sucressors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time foc payment or otherv?•ise modify amortization of the sums
secured by this Mortgage bp reason of any demand made b~• the ori¢inal Borrower and Burrower's s~~ccessors in interest.
11. Forbearance by I,ender \ot a Waiver. Any f~rhearance h}~ I.ender in exercising any right or remedy hereunder, o:
otherwise aRorded bp applicahle law. sha{I not be a wai~~er oi or preclude the exercise of any such right or remed}•.
The procurement of insurance or the payment of ta~es or other liens or charges by [.ender shall not he a w•aiver of I.ender's
right t~i aecclerate the maturity of the indebtednecs secured h~~ thic Alortgage.
l2. Remedies Cumnlafive. All remedies prrn~ided in this 111ortgage are distinct and cumulative to anp other right or
remedy under this Mortgage or afT~rded hy law or equit}•, and may be exercised concurrenNy. independently or successively.
l3: Successors and Assy;ns Bound; Joint and Se~~eral I.iability; Captioos. The covenants and agreements herein
contained shall hind, and the riRhts hereunder shall inure to, the respective successors and assigns of I_ender and Borrow•er.
tubiect to the provisions of paragraph 17 hereof. All covenants and aereements of Borrow~er shall be joint and several.
The captiom and headings of the para¢raph~ of this Mortgage are for convenience only anci are not to be used to
' interpret or define the provisions hereof.
~ l4. Notice. Except for any notice required imder applicable la~ to be given in another manner. (al any notice to
Borrower provided for in this Mortgage shall be given h}~ mailing such notice hy certified mail addressed to Barmw~er at
the Property Address or at such oche~ address as Borr~w~er ma~~ desienate bv notice to i.ender as provided herein, and
(b1 am• notice to Lender shall be given by~ certified mail, return receipt reqiie~ted. to l.ender's address stated herein or to
tiuch other address as Lender ma~~ desienate by~ notice t~ Borro~~~er as pro~~ided herein. Any notice provided for in thi;
~tortgage shall be deemed to havc been gi~~en to Bormuer ~r I.ender Nhen given in the manner designated herein.
IS. Uniform ~iort~a~e; Go~•ernin~ i.aw; Se~•erability. Thi. form of mortgage combines uniform covenants for national
use and non-uniform covenantc wifh limited variations ht~ jurisdictinn to constitute a unifo:m sccurity instrament covering
real pronert~~. TThis Mortgage shall he governed h~~ the iaw• of the jurisdiction in w•hich the Propem~ is located. In the
even[ that any provision or clause of this Mnrt~age c~r the Note conflicts H~ith applicable law, such conflict shall not affect
other pmvisions of this ~iortgage or (he I`'ote ~~~hich r.in be gi~•en efTect ~+~ithout the conflicting provision, and to this
end the pr~n•isions of the '~lortgage and the '~ute are Jeclared to he severahle.
16. Borrowe~s Copc. BorroK~er shall he furnished a conformed cop}~ of the Note and of thi; I~tortgage at the time
uf execution or after recordation hereof.
17. Transfer of the Propert~; A~sumption. [f a!1 ur am part of thc Pmpert}~ or an interest therein is sold or transferred
b}~ Borrow~er w~ithout Lender's prior writt~n consent, excluding fal the creation of a lien or en~umh~ance subordinate to
this Mortgage. (bl the creation of a purchase mm~ey securit}• interest for household app)ianres. (cl a t~a~sfer h~~ devise.
desccnt or b}~ operation of la~+ upon thc death i~f a;~~int tenant ~~r (~l~ the grant of an~~ Icasehold interest of threc ~•ears or less
not containing an option to purchase. Lender ma~~. at Lender'~ opti.~n, declare al1 the sums secured b}~ this Mortgage m be
immediateh~ due and payable. Lender shall ha~e uai~~ed such option t~ accelerate if. prior to the sale or transfer. Lender
and the person to H~hom the Propern- is to b~ sold or transferred reach agreement in writing that the credit of such per~on
is satisfactor~• to I.endcr and that thc intcr~st pa}~able on thc sums secured b~• this !~tortgage shall be ai such rate as Lender
shall request. If Lender has w~ai~~ed the option to acceferate pravided in this paragraph 17, an3 if Snrrower's successor ir.
interest has ~xecuted a written zssumption agreement accerted in ~~riting by I.ender, Lender shall release Borrower from all
obligat+ons ~nder this Mortgage and the Note.
If l.ender exercises such option to accelerate, I.ender ~hatl mai! Borrotier notice of acceleration in accordance ~~ith
paragraph 14 hereof. Such notice shall provide a period of not les~ than 3(l day~s fmm the date tfie notice is mailed within
€ «hich Borr.~wer may pa~~ the sums declared di~e. If Borrotier iail; to pa}~ surh sums prior a~ the erpiration of such period.
Lender may. ~~ithout further noticc or demand on Borrv«er, invoke am r~medies permit±et! b~~ paragraph 14 hereof.
£ No~-UvtFOR!K CovEh.~?NTS. Borrow~er and Lender further covenant and agree as follows:
' l8. Acceleration; R~medies. Except ~ prorided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this':Viortgage, includinR the co~enants to pa~~ when due any sums secured b~~ this Mortgage, Lender
prior to acceleration shall mait notice to Barrower as pro~ided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion
required to cure such breach; (3) a date. not less than 30 da}•s from the date the notice is mailed to Borrower~ by v`hich such
breach must be cured; and (4) that failure to cure such breach on or before the date speci6ed in the notice may result in
accelera[ion of t6e sums secured by this htortgage, foreclosure by judicial proceeding and sale of the Property. 'ilie notice
shall further inform Bonower of the right to reinstate after acceleration and the right fo assert in the foreclosure proceeding
the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice. Lender at Lender's option mav declare all of the sums secured by this Mortgage to be
immediately due and paysb3e without iurther demand and may foreclose this MortRage by judicial proceeding. Lender shall
be eatiUed to collect in such proceeding all expenses of forec{osure, including, but not limited to, reasooable aitorney's fees,
and costs of documentary evidence. abstracts and title reports.
19. Borrowr,r's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower sha{I fiave the right to have any proceedings begu~ hy I_ender to enforce this Mcrtgage discontinued at any time
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