HomeMy WebLinkAbout0955 Lc~der's written agrcement or applicable law~. Borruw~r shall pa~• thr am~?unt uf all mongage insuranrc premiums in thc
manne~ providcd under paragraph 2 hereof.
Any amounts dicbursed by Lenae~ purcuant t.. this par.~gr~ph ~~~ith intercct thereon, shall hecome additi~nal
indebledness of BorroN•er secured by this MongaKe. t'nle.c Borro~~cr and Lrn~ler agrce to other termc of paymrnt. ~uch
amountc ~hal) be pat•ahlc up~~n noticc fmm t.cndcr Borro~~rr reyuc~line pa~•mcnt thcrrof. and ch:~ll hcar imrrccl fr~m thc
date of ditburscment at the rate payahlc tmm timc t~ time on outstandin~t p~incipa) under thc IVotc unleec payment of
interest at such rate wauld l+e contrar~~ to applicable la~~•. in Hhich event ~uch amounts ~hal) hcar inlereat at the highest rate
permissible under applicable law•. Nothing contained in thi~ puraRraph 7 shall requirc I.ender to incur any expenu or take ~
any action h~reunder.
8. Iaspec6on. (_cnder ma~• makc or rause to he madc reaconahlc cnt~ic~ upon and intpcclionc of the Properly. pmvided
that l.ender chall give Borrower notice prior to am~ such incpection ~pecift~ing rcasonable cause therefor reiated to i.ender's
interest in the Propert~•. '
9. CondemnaNon. The proeeedc of an}~ award or claim for clamages. direet or concequenti~l. in conneclion with any
condemnatian or other taking of the Aroperty, or part thercof. ~r for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to i.ender. ~
In the event af a total taking of the Pmpert~•. the prc~cee~s chall he applied t~ Ihe cums ucured b~~ thic Mortgage.
with the e~cess, if a~y, paid to Borrower. In thc c~~cm c?f a partial takin~ uf the Property. unleas Aormw•cr and I.ender
otherwise agree in writing. therc shall he applied to the ~ums securcd b~• thic Mortgage ~uch proportion of the pmceeds
as ic equal to that proportion w•hich thc amount of ~hc sum. ~e;urcd by thi~ !1lortgagc immediatel}• prior to the date of
taking bears to :he fair market value of the Pmpert}• immediatel~• prii?r to the date ~t' taking, µ~ith the halance of the pmceeds
paid ta Borrower.
if the Properiy is abandoned by B~rrow~er. or if. after notice hv Lender to Borrc?w~er that the condemnor oPfers to makt
an award or setNe a claim for damages. Borrower fail~ t~~ rrspond to l.e~der within i0 da~•s after the date such notice is
mailed. I_ender is authorized to collect and apply the proceeds, at i.ender'~ option. either to restoration or repair of the
Prope[ty or to !he sums secured b~• this Mc?rtgage. ~
Unlesc T.ender and Borrow•er otherw•ice agree in w•riting. any surh application of proceeds to principal shall not extend
or postpone thc due dale oF the monthly installmcnts referrcd to in paragraphs 1 and 2 hemof or change the amount of
such installments. -
10. Borrower Not.Released. Exten~ion of thc timc for payment or mc~dificatinn of amortization of the sums securcd
by this Mortgage granted by I.ender to any ~ucces~or in interect of Borrower ~hall not operate to release. in any manner.
the liability of the original Borrow~er and Aorrowc~ t successorc in interest. l.ender shall not he required to commence
proceedings against such successor or refuse to extenJ time for payment or otherwise mi~dif~• amortization of the sums
secured h~• thic Mortgage by reason af any demand made h~~ the orieinal ~ Borr~wer and Bormwer s succes~or~ in interesl.
11. Forbearance by Ixnder Not a Wai~~er. An~• f~rhearance by I.ender in crercising an}~ right or rcmcdy hereimder, or
othenvise aflorded by applicahle law. shall not be a waiver of or preclude the exerc'ise of any such rieht or remedy.
The procurement of insurance or the payment af taxec or other liens or charges by I_ender shall not he a w•aiver of Lender s
right to accelerate the maturity of the indehtednecs tecured M• this Mongage. ~
12. Remedies Cumulafive. All remedies pr~vided in thi~ '~lortgage arc distinct and comulative to any other right or
remedy under this Mortgage or afforded hy law c.r equity. :md ma~• he exercised concurrently. independenNr or si~ccessively.
l3. Successors and AssiRns Bound; Joint and Se~•eral i.iability; CapNons. The covcnants and agrcement~ he~ein
contained shall hind. and the riRhts hereunder shall inure to. the recpective sucee~cors and astigns of I.ender and Bormwer.
subject to the pmvicions of paragraph 17 hereoL All covcnants anJ agreements of Borm~•cr shall be j~~ini and ~everal.
The captions and headings of the paragraph~ of Ihis Mortgage are for convenience only and arc not t~ he used to
interpret or define the pravicions hereof.
14. Notice. Except for any notice rcquired under applieahle law• to be given in another manner. (a) an~~ notice to
Borrower provided for in this Martgaee shall he given hy mailing s~rh notice b~' certified mail addrecsed to Borrower at
the Property Address or at such other address as Bo~~~wer ma~• desi¢nate bv notice to I.ender as provided herein. and
(bl any notice to [.ender shall he given by certified mail, return receipt requested. t~ l.ender s address stated herein or to
' such other address as I.ender may designate b~• notice to Borrower as provided hercin. Any notice pmvided for in this
Mortgage shall be deemed to havc been givcn to Borrowcr or i.cnder wfien givcn in the manne.r decignated herein.
I5. Uniform Mort~a~e; Governin~ I.aw; Se~~erabilih•. This form of mortgage combines uniform covenant~ for national
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use and non-uniform covenants with limited variations h~• jurisdiction to constitute a uniform securit}~ instrument covering
~ real property. This Morlgage sha{l be governed hy the law• ~,f the juricdiction in which the Propert}~ i~ Icxated. In the
event that any provision ar clause of this Mortgage i~r the Note conflicts with applicahle law, such conflict ~hall not afTect
j other provisions of this Mortgage or the Note which c:in be givcn cffect withoiit the conflicting provi~ion. and to this
~ end the provisions of thc Mortgagc and the 'vote arc dccla~cd to he severable.
16. Borrower's Copy. Borro~~er shall bc furni~heJ a conformed copy of the Note and of thic Mortgage at the time
of execution or after recordation hereof_ .
~ 17. Transfer of the Proptrty: Assumption. If all or an~• part of the Property or an interest thcrcin ic sold or transferred
by Borrower without I_ender's prior writtrn consent. excluding lal the creation of a lien ar encumhrance suhorJinate to
this Mortgage. (b) the creation of a purchase money ~ecurit~• interest for household appliances. (c) a iransfer b}• devise. .
descent or by operation of law upon the death of a jaint tenant or fdi the grant of any leasehold intercst of three yeart or les~
not containing an option to purchase. 1_ender ma~~. at Lender'~ option. declare all the sums secored h}~ this Mortgage to be
immediately due and payable. t.ender shall have w:?i~~ed such aption to accelerate if. prior to the .ale or transfer. I.ender
and the person ro whom the Property i; to be sold or transferred rcach agreement in writing that the credit of such person
is satisfactory to LenJer and that the intere~t pa}~able on the sumc secured by thi~ Mortgage thall be at such rate as 1_ender
shaU request. if I_ender has waived the option to accelerate pro~~ided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in w: iting hy Lender. Lender shall releace Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender ~hall mail Borrow~er notice of acceleration in accordance w•ith
~ paragraph 14 hereof. Such notice shall provide a perioJ of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower failc to pay such sums prior to the expiration of cuch period.
Lender may. without further notice or demand on liorrow~cr. im~okc an~ remcdies permitted h}• paragraph 1R hereof.
Nox-UNtFOrt~t CovEN~;vTS. Borrower and l.ender further covenant and agree as follows:
k 18. Accelerataa; Remedie5: Except as provided in para~raph 1'7 hereof. upon Borrower's breach of any covenant or
~ sgrcemeat of Borrower ia t6is Mortgsige. i~cludinR the covenants to pay when due any sums secured by th~s Nortgage, I.ender
; prior fo nccderstion shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
~ required to curc such breach; (3) a date. not less than 30 days f~om the date the notice i~ mailed to Borrower. by which such
~ breach must be cored; and (4) that failure to cure such breach on or before the date speci6ed ia the notice may resolt en
sccekration of t6e sums aecured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. 'il~e notice
~ shall further inform Borrower of the right to reinstate after acceleration 9nd the right to assert i~ tbe foreclosure proceedi~
the non-e:istence of a defauk or any other dcfense of Borrower to accekration aod foredosure. If the breach is not cnred on
or beforc the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgaqe to be
immedlattly due and payabk witliont'furtber demand and may foreclose this Mortgs~qe by judiciai procceding. Lender shall
be eat~tled to coUect fa such proceeding ap expenses of foreclosure. including, but aot limited to, reasona6k attorney's fees.
and costs of documentary eridence, abstrscts nnd titk reporls.
~ 19. Borrower's Ri~6t to Reinstata Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have anc• proceedings begun by I_ender to enforce this Mortgage discontinued at any time
g~ ~ Pap~ 3 ot 4
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