HomeMy WebLinkAbout0962 I.endcr's writte~ agreement or applicabk lav?~. Borrower shall pay the amount o[ all mortgage insurance premiums in the
mar?ner pmvided unde~ paragraph 2 hereof.
Any amounts disbursed by l.ender pursuant to this paragraph 7, with intercst thercon, shall becomc additional
inJeb~edness of Borrow~er securrd by this Mongage. Unless Borrov?~er and t_ender agrce to other terms of payment, such
amounts shall be payable upo~ natice from I.ender to Borrow•er rcquesting payment thereof, and shall bear interest from the
date ~f .licbursement at the rate pa~able fram time to time on outstanding principal under the Note unless payment of
interest at such rate wauld be contrary to applicablt law, in which event such amounts chall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require i_ender to incur any expense or take
any action hereunder.
8. Inspectioa. Lender may make or cause to be made reawnable entries u~n and inspectians of the Property, provided
that l_ender shall give Borrower notice prior to any such inspection xpecifying rcasonable cause therefor related to Lender's
inlerest in the Property.
9. Condemnation. The proceeds of any aw~ard or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall t+e paid to Lender. ~
In ~he event of a total taking of the Pmpeny, the proceeds shall he applied to ~he sums secured by this Mortgage. -
w~ith the ercess, if an~~, paid to Borrow•er. In the event of a partial taking of the Property, unlesc Borrow~r and Lender
otherwise agree in writing. there shall be applied to the sums securcd by thic Viartgage such proportion of the proceecls
as ic equal to that proportion which th~ am~~~nt ~f the sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the P~operty immediatel}• prior to the date oi taking, with the balance of the proceeds
paid to Bormwer.
Tf the Property is abandoned b}~ Borrow~er. or if. after nMice by Lender to Borm~~er that the condemnor offers to make
an award or settle a claim for damages. Bormwer faik t~ respond to I.ender within 30 days after the date such notice is
mailed. I_ender is authorized to collect and apply the prc~ceeds. at I_ender'c option. either ta restoration or repair of the
Property or to the sums sccured by this Mortgage.
Unless I_ender and BormH~er otherwise agree in w~ritin~. am~ such application of proceeds to principal shal) not extend
or postpone the due date of the monthl~~ installmcnts refcrrcd ta in paragraphs 1 and 2 hereof or change the amount of .
such installments.
t0. Borrower Not Released. Ertension of the time for pa~•ment or modification of amortization of the sums secured
bp thic Mortgage granted by I_ender to any cuccessor in interest of Borrow~er ~hall n~t ~~erate to release, in any manner,
the liability of the orieinal Borrow~er and Bormw~er'c succescors in interest. I_ender shall not be required to eommenee
proceedings against such succe«or or refuse t~ eYtenJ time for payment or otherwise maiify amortization of the sums
secf~red M• thic Mortgage b}~ reacon of am• demand made b~ the orieinal Borrower and Borrower s successors in interest.
l l. Forbearance by Ixnder \ot a Wai~•er. Am• f~rhearance h~~ Lender in exercising any right or remedy hereunder, or
utherwise afforded by applicable law. shall nat be a wai~~er of or preclude the erercise of any such right or remedy_
The prorurement of insurance or the payment of ta~ec c•r other liens or charges by i.ender shall nc+t be a waiver of Lender's
right to accelerate the maturity of thr indehtedness cecured hy thi~ Morteage.
j 12. Remedies Cumulative. All remedies pro.~ided in this ~iortgaee are distinct and cum~dative to any other right or
reme~~• under this Mortgage or affordcd h}• laµ• or equity, and ma~• be e~erciud concurrently, independently or suecessively.
13. Successors and Assi~ns Bound: Joinl and Se~~eral i.iability; CapNons. The covenants and agreements herein
contained shall bind, and the ri¢hts hereunder shall inure to, th.^ .-_~pective succetsor~ snd assigns of Lender and Borrower.
subject to the pm~~isions of paragrap!: hereof. All co~•cnants and agreements of Borrower shall be joint and severai.
The captions and heading: of the paraeraph~ of this MortgaQC are for convenience only and are not to be used to
interpret or define thc pra~•isions hercof.
14. Notice. Except for any notice required under ~pplicable la~c to be given in another manner. (a) any notice to
Borrow~er provided for in this Mortgaee shall he gi~•en h}~ mailing such notice bvi certified mail addressed to Borrower at
~~e Propert}~ Address or at such other address as Borrc?w•cr ma~• designate b~•. notice to i.ender as provided herein, and
(b) an~• notire to Lender shall be ~iven b~• ce: tified mail. return receipt requezted. to I.ender s address stated lierein or to
i such other address as Lender may desienate b~~ notice t<~ Bormw•er as pm~~ided herein. Any notice provided for in this
\lortgage shall be deemed to ha~•c been ei~•cn to Borrowcr or Lender w•hen given in the manner designated herein.
15. Uniform MortQage; Governin~ I.aw; Severabilih•. This form of mortgage combines unifcrm covenants for national
j use and non-uniform covenants with limited ~-ariations b}• jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
event that an}~ provision or clause of this Mortgage or the T~'ote canflicts ~~~ith applicable law, such conflict shall not affect
! other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this
, end the provisions of the Mortgage and the Note are ~feclared to be severable.
16. Borrohe~'s Copy. Borrow•er shall be furnished conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
! 17. Transfer of the Property: Assumption. If all or an~~ part of the Property or an interest therein is sold or transferred
= by Borrower without Lender's prior wrinen consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money securit~• interest for household appliances, (c) a transfer by devise,
~ descent or by operation of law upon the death of a joint tenant ~r (d) the grant of any leasehold interest of three years or less
~ not containing an option to purchase, Lender may. at Lender's aption, 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
E is satisfactory• to I_ender and that the interest payable on the sunn secured by this Mortgage shall be at such rate as Lender
G shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by I.enJer. Lender shall release Borrower from all
- ubligations unJer this Mortgage ard the Note.
if Lender exercises such option to accelerate. I.ender ch~ll mail Borro~~er notice of acceleration in accordance with
- ~+:,ra¢raph 14 hereof. Such notice shall provide a period of r.ot less than 30 days from the date the notice is mailed within
f ~tihich BorroHCr may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period, ?
Lendcr ma~•. w ilhout further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof. ~
~ • NON-LTNIFORM COVENANTS. BO~~OWCf 30d IR(1dCi fUffFIC~ COVe~1~(1t and agree as follows: `
18. Acceleration; Remedies. Except as provided in paraRraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in th~ Mortgaige, includinq the coveoants to pay when due aay sums secured by this Mortgage, Lender
prior to acceleration sha0 mail notice to Borrower as Provided in paragraph 14 hereof specifyiog: (1) the breach; (2) tbe actan
rcquired to cure such breacb; (3) a date, not less t6an 30 days from the date the notice iR mailed to Borrower, by whkh sucb
breach must be cnred; aod (d) ihat failurc to cure such Areach on or before the date speci!'ied in the notice may resdt in
acceleration of t6e snms secnred by this Mortgage, foreciosure by judicial proceeding and sale of tbe Property. 'Ibe notke
shall further iaform Borrower of the right to rcinstatc after acceleratan and t6e right to assert in the Eoreciosure proceeding
ths oon-e:istence oE a default or aay other defense of Borrower to acceleration and forecbsure. If t6e breach ~S not cured on
or before the date specified in the notice, Lender at Lender's option may declue aH of the sums secnrcd by this Mortgage to be
immediately due and payabk without further demand and may foreclose thts Mort;age by judlcial proceedio=. Lender s6aU
be eatided to colleM in snch proceeding all e:penses of foreclosure, including~ but oot limited to, reasonabk ~torney's fees,
and costs of documentary evidence,:bstrnctS and titk rcports.
19. Borrovrer's Right to Reinst~e. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
: Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
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