HomeMy WebLinkAbout0820 l.enJer's writteo agrc,cment or appli~abk I~w. Bonowtr shall pay the amount ot all n?ongage insurance prcmiums in the
manncr providcYl under paragnph 2 heroof. .
Any amounts ~lisbuncd by I.cnJer pursuant to thi~ pang~aph 7, wi~h inteoest ~hercoo, shall become additional
indehtedncss af Bo~rowcr securcd hy thic Mong•rge. Unlecs Borrower and I.enJer agree ta ather terms of payment, such
. amouots shall bc payahk upcx~ nolicc from I.eode~ l0 8orti~wer requestina payment thereot, and shall bea~ intercst from the
date of disburstment at the rate payahk frc~m time to time on oulstanding p~incipal under the Note unkss pa~t of
interest at such nte wauld be contrary to applicabk law, in which event such amounts shall bea~ interat at the hishest rste !
permissibk under applicable law. Nathing con~aincd in this parag~aph 7 shall rcquirc I.ende~ to incur any espense or take 3
any action hereur~der. ;
S. I~specti~w. Lende~ may make ar cause to be made rcasonable emriec upan and inspections of the Piroperty. pmvidod ;
that l.ender shall give Borravve~ nMice p~io~ ta any si~ch inspeclion specitying rrawnabk~cause therefor related to L~fder's
inte~est in Ihe P~operty. .
9. Coedem~afbe. 'Il~e p~i~~~ward or claim fo~ damaga. dircct or consequential. in connection ~vith anr
condemnation o~ other taking af the Property, or part thercof, or tor co~veyance in licu of coodemnation, are he~by sssisned
and shall be paid Io I.ender.
)n the event of a tatal taking of the Propeny, the proceeds ~hall be applied to the sums xcured by this Mottaaae.
with the excess, if any, paid to Borrower. in the event of a par~ial taking of the Piroperty. unless Borrower and I.ender
othenvise agrce in writing. therc shall be applied ta Ihe sums xcurcd by this Mo?igage such proportioo of the proceed~
as is eqwl to that praportian w•hich the amaunt oi the sums secured by this Mortgage immediately prior to the dat~ ot ~
taking bears to the fair m~rket vatue of Ihe Propeny immcdiately prior to the date of taking; with the balance of the proceeds
paid to Borrower.
If the Property is atwndo~ed by Bor:ower, or if_ after notice by I.ender to Borrower that the condetnnor oRe~s to mate -
an awa~d or sel~le a claim fo~ d~mages. Bc.rmwer t~il. to respond ta I_ender within 30 days after Ihe date such natioe is s
maited. Lender ic authorized to collect and apply the proceeda. at l.ender's option, either to testoration or repair ot !be
PropeSty or to the sums secured by this Mortgajte.
ll~es~ ~ender and Borrower Mhenvi~e agrce in writinF, any such application of proceeds to principal shail rat'acta~d
ar postpon, 1he due da~e ot the monthly installments referred 1o i~ paragraphs 1 and 2 hercof or change the amount ot
such insta{Iments.
!9. ~orrower Not Rekssed. Extension of the time for paym~nt or moditication of amortiution of the sums xcured =
by this Mortgage grdnted by Lender to any cuccecu~r in interest of Borrower chall not ope~ate to rckase, in any manner,
the liability of the original Borrower and Borrower's successors in interest. I.ender shall not be requircd to commence
proceedings against such suecsssor or rehise to extend time for psyment .or otherwise modify amortiution ef the sums
secured by this Mortgage by reason ot any demand made by the original Borrower and Bonower's successon in intercu.
11. Forbeara~ee by I.e~der NM a R?airer. Any f~rt+earance by Lender in exercising any right or rcmedy hereunder, or
otherwise afforded by applicable law. shal{ not be a waiver of or prcclude the exercise of any such right or rtmedy.
The procurement of insurance or the payment of taxa or other liens or charges by Lender shap rwt be a waiver of Lender':
right to accelerate the maturity of the indebtedneu ~ecured 6y this Mortgage.
12. Remedies Cumntati~e. All rrmedies provided in this Mortgage arc distinct and cumulative to any other ri6ht or
rcmcdy under this MortRage or afiordcd by law ar equity, and may be exercised concurreotly, independently or successivcly_
' 13. S~ceeaors a~d A~d~s doned:.Joiat sad Se.e~al I.isbAft~: Capdoas. The coeenaats and a6reements hereio
contained shall bind, and the riRhts hercunder shall inur~ to. the rcspoctive successors and assigns of Lender at~d Borcower.
subject to the provisionc of paragraph 17 hereof. All covenants and agrcements of Borrower shall be jan~ and severaj.
The captions~and headings of the parographc of this Mortgage arc for convenienct ooly and are nM ta t3e uxd to
interprct or define the provisions herec~f.
14. Notke. Except for any nc~tice rcquired under applicabk law to be given in another manner, (a) any notice to
Borrower p~+nvided for in this Mortgae~ shall be given by mailing such notice by certif{ed mail addressed to Borrower at _
the Propeny Address or at such wher. addrcss as Bormw~r may designate by ~otece to T.ender ss provided hercin, and -
(b) any notice to Lender shall he given by cenified mail. r~tum receipt requested. to I.ender's addre~u stated hercin or to
such other addrrss as Lender may decignate by notice to Borrower u provided herein. Any notice provided for in tlus _
Mortgage shall be deemed to have been given to Bor~ower or Lender when given in the manner desianated herein.
1S. UsNo~ Mort~a~e: Coreraiu~ Lavr. Sevenbitity. This form of mortgage combina uniform coveoants tor n:tional
use and na~-uniform covenams with IimitcJ variations by ji~~isdiction to constitute a uniform security instrument ooverina
teal propeny. 77~is Mortgage shall be Roverned hy the law of the jurisdiction _ io which the Property is located. In the
event that any provision or clause of thic Mortgage or the Note conflicts with applicabk law, :uch conflict shall not aRect
! other provisions of this Mortgage or the Note which can be given eQect without the cooflicting provision, and to tha
i end the provisions of thc Mortgage and the Note arc Jeclared to be severabk_
lf. ~oROwer's Coq. Borrower shall bc furniched a conformed cop}• of the Note and of this Mortgage at the time
of execution or after rccordation hereof. _ ~
; ~'f. .Trander of fbe hopeety: Aasn~npliou. if all or any pan of the Properry or an interest thercin is sold or tnnsferred
~ by Borrower without Lender s prior wrincn consem. excluding (al the cneation of a lien or encumbrance subordinate to
~ this Mortgagt. (b) the crcat~c?n of a purchace money ~ecurity intercst for household appliances, (e) a transfer hy devise.
~ descent or by operation of law upon the death of a joint te~ant or (d) the grant of any leasehold intercst of threc ycars or kss
~ not containiog an option to purchase, Lender may, at Lender'c option, declan all the sums xcured by this Mortgage to be
~ immediately due and payable. Lender shall have u~aived such option to accelerate if, prior to the sak or ~ransfer, I.ender
~ and the person to whom the Property ic be co1J or transferrcd rct~ch agrcement in writing that the crcdit of cuch percon
~ is satisfactory to Lendtr and th~t the interect payable on the sums xcurcd by this Mortgage shali be st u~ch rale ac Lender
shall roquest. iE Lender has waivod the option to accelerate provided in this paragraph 17, and if Botrower
s succasor in
' interat hu executed a written assump~ion agreement accepted in writing by I.ender, L.ende~ shall rtkast Borrower fram all
obli~stions under this Mongage and the Nae.
~ If [.ender exercises such option to accderate. Lender shall mail Borrower ratice of accekration in secordarx-.~ a~i~h
~ parajnph 14 hercof. Such naice shall provide a period of not las than 30 days from the date the notice is mailed within
~ which Borrower may pay the sums declared due. lt Borrower fails to pay such sums prior to the expintion af cuch peric~d.
~ Lender may, without fuRher notice or demand on Borrower. invoke any remedia permitteA by parasraph 1R herec~f.
~ Nw+-UN~FatM CovEH~rns. Bonower and Lender tunher covenant and aaree as fdlo~rs:
~ li. Aecekntfos: Rewedia. Lscept a~ provNed F~ p~~a~s~M 17 bered. ~~onowa's Mrac~ ot a~y co~ea~t or
a~rec~eM ot Eorrower i~ tYis M~e, bc{~di~ tre co•ewaiNs to py wbe~ ~~e aq s~ ~sewei i~ tld~ Mo~a~e. i.e~er
~ peior to ~ccelerstio~ swaN ~ail ~otice to don~ower as po~ldea h psra~rap6 11 Mereof ~eelf~: p) tUe Me~cr: (2) t~e ~elio~
- reqdrs~ b a~re wer M+escl~ (3) ~ d~e, ~ot las d~ 30 dsys lro~ tl~e ~ste tbe ~otice r walle~ fe ~onower. b w~ s~i
" 6~+eacti ~aM be e~re~
a~i trat /a~re to errr srcw M~esel~ ow or retoee tbe date yeeiNe~ b tbe ~otiee ~a~ resdt is
n scYeie~atlo~ ot t~e san ne~ br tWs Mo~a~e. to.eclosnre b j~CW M'oceei~ a~ ole of tUe h~u~e.ty. 71ie ~otice
' • slur trrtrer i~fo~w io~rswer d t~e ~M to reiadste sfter xeelcrMfo~ t~ tre ~Mt b a~cM b N~e toreel~aa~t ~+oeee~ I
? 1~e ~ore:aewce a[ a ~eta~lt or ~wy etl~er detcase ot Eorrower b sccekrdiow a~ roreclowR. H t~e lreae~ r~01 e~ee~ M 1
' or 6etore tUe aMe s~eeiie~ i~ d~e ~otke. l.eede~ st I.eeder's o'tiow ~ay dechre r ot tMe w~ see~ i~ tY~ MoA~a~e M 1e i
i~~hly dre awr pysble wkbrt ~utl~ dem~nd and a~ay fasclwt Nds Mo~a~e r! l~~ N'KK~R. Lender ~MaN ~
~ be eNtdd to eoYect i~ wer ~roeeedi~ d espcosa of toreclosrre. hcl~ii~. b~t Mt ~ile/ t~. rea~~Me snureer's fea.
~ ar oesls ot ioc..~e~ary e~i8e~ce. ~b~rsc~ aw~ litk rep+rb. i,
~ 19. ~~owa's RI~M t~ Re~tate. N~?twiths~anding Lender s accckntion of ~he sums secured by ~h~~ Mortasse, ~
~ Borrowu shall have the ri6ht to have any proceed~ngs hegun hv Lender to entorce this Monga~e discondnued at any time
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