HomeMy WebLinkAbout0962 [.ender'~ written agretment or apphrahle lav. k3orruKCr shall pay the amot~nt uf :~11 mortgage insurance preR~rt:~us in the
manner provide.i •~nder paragraph 2 hereof. •
Any amounts dishursed by I.enJcr punua~t to this par.,graph 7, w•ith interst thereon, ,hail t+ecome additional
inJehtednes, uf BorroNCr secured by thic Mortgage. L~nle,~ Borru~cr an~ I.enJer agrc~ to ather tetm~ of payment, such
amc~untc shall t~e payahte upan notice from Lrnder t~? P.orroacr rey;ies~ing payment thereoL anJ shal~ t~ar interest from the
date of disbursement at the rate payahle from time to time on ou~standing principal under the Note u~l~c~ payment of
interest at such rate woutd be contrary to applicable law, in which event cuch amaunts shall hear interest at the hiahest rate
permissible under applicable laa•. Nothing contained i~ this paragraph 7 shall require I.erde~ to incur any e?cpense or take
any action hereunder.
8. Inspection. i_ender may make or cause to be made reasonable entriec upon and inspectionc of the Property, pro~ided
that Lender shall give Borrower notice prior to any such inspection spc;cifying ;~asonable cause therefor related to I_ender's
interest in the Property.
9. Condemnation. The pro:eedc of any aw•a;d or claim for damages, direct or con~equential, in connection with any
condemnation or other taking of the Propeny, or part thercof, or for conveyance in lieu of ;:ondemnation, are hereby assigned
and shall t+e paid to i.ender.
In the e~•ent of a total taking of the Prope:rt~•, the prcx~eds shall be applieJ to ~he surtes secured by this Mortgage.
with the excess, if any. paid to Borrower. In the event of a partial taking c~f the Property, unless Borrowcr and I_ender
otherw•ise agree in writing. there shall he applied to the sums secuird by this Mortgage such proportion of !he proceeds
as is equat to that proportion w~hich the amount of the sumc secured by this Mortg~ge imm~diately prior to the date of
taking hears ~o the fair market value of the Propcrty immediatel~~ priar to the ~ate of taking, W ith the halance of the proceeds
paid to Borrower.
if the Property is abandoned b~~ Borrow~er, or if. after nnticr by I.cnder to Bormwer that the rnndemnor offers to makc
an ;.ward or setile a claim for ~iamages. Bormwer fails to nspond to l.ender within 30 days aftcr the date such notice is
mailed, I.ender is a~~tho7zed to collect and apply the proceed~, at I.ender's opti.,n. either to restoration or repair of the
Preperty or to the sums secured b~~ this lliortgage.
Unlesc I_ender and Borrow•er otherWisc agree in H riting. an}• such applirati~n of prc~ceeds to principal shall not extend
or poctpone the due date of the montFl~~ installmcnts refcrrcd to in paragraphs 1 and 2 hereaf or chan~e the am~~unt of
such installments.
10. Borrower Not Released. E~tension of the time for pa}~ment or modification of amortization of the sums secured '
by this Mortgage granted bp I.ender to any successor in interest of Borrow•er shall not operate to retease, in any manner,
the liabilit~• of the original Borrow•er and Borrow~er s successort in interest. I.ender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherw•ise modif}• amortization of the sums
secured hy this Mortgage hy reason of an}• demand made b~• thc ari¢inal Bormw~er a~d Borrower s succestors in interest.
l l. Forbearance by Ixnder Not a Wai~•er. Am- f~rhearanre by I.ender in erercising any right or remed~~ hereunder. o:
otherwise afforded b}• applicable law, shall not he a waiver of or preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of taties or other lien: or charges b}~ l.ender shall not be a w•aiver of Lender's
right to accelerate the matority of the indebtcdness cccured ht~ this ~tortgage.
12. Remedies Cumulative. All remedies prrn•ided in this ~tortgage are distinct and ciimulative ta an}• other right or
remed}• under this Mortgage or affordcd h~~ !au• or equit}•. and ma~• he e~ercised concurrenth•, inde~endentl}• or succec,i~~elp_
l3. Successors and Assi~;ns Bound; ]oint and Se~ eral Liabilih~; Captions. The covenants and agreements herein
contained shall hind, and the riehts hereunder shall inisre to. the mcpecti~•e successorc and atcigns of I.ender and Borrow•er.
subject to the provisions of paragraph 17 hereaf. Ali co~~enants and aer~ementc of Bormw•er shall he joint and several.
The captions and heading~ of the paraeraphs ~f thic Mortgagc arc fnr com~enience onlt• and are not to be used to
interpret or define the provisions hercof.
l~i. Notice. Except iar an}• notice reg~jired under applic~hle law~ to be given in another manner. (a) any notize to
Borrower provided for in this Mortgage shall he gi~~en b~• mailing wch notice by certified mail addressed to Borrower at
the Property Address or at such other addresc as Borr~~w~er may designate b~~ notice to T_ender as provided herein. and
(b) an}• ~otice to l.ender shall he eiven b}• certified mail. retum ~eceipt requested. c~, I.enders addres.e stated herein or to
such other addrcss as I_ender ma}• designate o}~ natice t~~ B~~rrower as pro~•ided here:r.. Any notice pmvided for in this
Mortgage shall he deemed to ha~•e been given to Borrow~er or t.ender w•hen gieen in the manner designated 'ncrein.
15. Uniform Mort~;a~e; Goverr~in~ Law-; Se~~erabilit~~. Thi. form of mortgage combines uniform cevenants far national I
~ use and non-uniforrr~ c~venants w•ith limited ~•ariations h~• jurisdicti~~n to co~stitute a u~iform securit}• instrument rnvering
~
i real property. This Mortgage shall be governed h~• the laK of the jurisdictior. in which the Property is located. In the
` event that any provision or clause of this Aiortgage or the '~ote conflicts uith applicable law~, such conflict shall not affect
I other pr.~•isions of this Mongage or the Note whinc ~an be gitien efTect without the conflicting provision, and to this
~ end the ~Srm•isions of the Mortgage and the \olc are ~Ieclared t~ he severable.
~ 16. Borrow•er's Cop~•. Borrow~er shall lhe furni~hed a conformed copy of the Note and of this Mortgage at the iime
' of execution or a~ter re~o:dation hereof.
` 17. Transfer of the Property; A~cumption. if all ~r an}• part of thc Pmpcrty or an interest therein is sold or transferred
~ bp Borrow•er H~ithout i~nder's prior Kritt~n consent. e~cludine (al the crcati~~n of a lien or encumbrance suhordinate to
' ' this Mortgage. (b) the creation of a purcha;e mone}~ securitc interest f~r household appliances. (c? a transfer h~~ devise.
~ descent or b}• operation of la« upon the d~ath «f a j~~int tenant or !d? the grant of any leasehold interest of threc }•ears or less
not containing an option to purchase. Lender may, at I.ender'e i~pUon, declare all the sums serured hy this I~lortgage to bc
? immediateh• due and pa}•able. I.ender shall ha~~e tiai~~ed such opti~~n tc• accelerate if. prior to the ~ale or transfer, I_ender
~ and the person to whom the Prop~:rty is to be sold or transferred reach :~greement in w~r.ting that the credit of such persc~n
it satisfacton~ to I.ender and that the intere;t pa}•able c.n the sums secured b}• this :1lortgage shall be at such rate as Lender
~ shall request. Tf I.ender has waived the opti~~ t~ accelerate pr~~~ided in this paraQraph 17, and if B~rr~w•er t success~r in
interest hac ezecuted a written assumption agrcernent accepted in ~~~riting by I.en~er. Lender shall release Borro~cer from all
~ obligations under this Mortgage and the Notc.
~ If I_ender e~ercises such option to accelerate. l.ender .hall mail Borrotie~ notice of acceleration in accordance w~ith
~ paragra~h 14 hereof. S«ch not~ce shall provide a period oi not Iess ti:an ~0 da}~s from the date the noFice is mailed within
w•hich B~~rruuer ma}' pa}• .he cums declared oi~e. if Borro~+er fails to pa}~ such sums prior to the exairati~n c~f such period.
Lcnder ma}•. without further notice or demand on Borro«er. im~ckc am~ rcmedies permiucd h~• paragraph 1R hereof.
No~-UtvtFORtit Cove:v~~TS. Borrower and I.ender further covenant and agree as foilows:
~ 18. Acceieration; P.emedies. Except as pro~~~ded in para~raph l7 hereof. epon Borrower's breach of any' co~~enant or :
~ agreement of Borrower in this Nortgage. inclodin~ the co~enaMs to Qa~~ when due any sums secured by this Mortgage, Lender ,
= prior to ac.eieration shail mail notice to Borrow•er as pro~~ided in paragraph 14 hereaf specifyiag: (1) the breach; ~2) the action _
requi~ed to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such
i breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resnlt in ~
~ scceleratien of the surr~s secured b}• this Mortgage, foreclosure by judicial proceeding and sale of the Property. 'Ihe notice ~
6 shall further inform Borrower of the rigiit to reirtstafe after acceleration ar~d the right fo acsert in the foreclosure proeeeding ;
5 tt?e non-existence of a defautt or any other defertse of Borrower to acceteration and foreclosure. If th? breach is not cttre~' on
~ or btfore the date spteified in the no:ice~ Lender at Lender's option ma~ declare a11 of the sums secured by this'.Viortgage to be
~ immediately due and payable w~ithaut fuither demand and ma~• foreclose this ~fortgage by judicial proceeding. I,ender shall
be entided to collect in snch ~roceeding a11 ex~enses of foreclosure, including, but nut limited to, reasonable a!torney's fees,
and costs of documer.tary ejidence, abstra~ts and tiUe reports.
19. B~rrower's Rjght to REinstate. Notwithstanding Lender's acceleration of ihe sums secuted by this Mortgage,
~ Borrower shall have the right to have any ptoceedings hegun by I_ender to enforce this ;~tortgage discortinuPd at any time
a
~~~K 447 P~~E ~2
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