HomeMy WebLinkAbout1613 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unkcc Borrower and Lender agree to other terms of payment. such
amounts shall be payable rslx~n notice from Lender to Borrower requesting payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the hi6hest rate
permissible under applicabk law. Nothing contained in this paragraph 7 shall require lender to incur any expense: or take
any action hereunder. •
s. ltaapectio¦. I.enckr may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notke prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cowekmwatba. The proceeds of any award 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, arc hereby assigned
and shall be paid to Lender.
in the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, rsnkss Borrowtr and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount 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 dale of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor oBers to make
an award or settle a claim for damages. Bormwer fail. to respond to Lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at lender's option, either to restoration or repair of the
Property or tc~ the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. IRorbeara¦ce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy herttmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or tmedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness securcd•hy this Mortgage.
12. Re¦xdks Cam¦hli~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively.
13. S¦ecessors swd A>a*>,s bound: ,loirrt s¦d Several i3abiliry; Capdoas. The covenanu and agreements herein
contained shall bind, and the rights hereunder shall inrsr~ to. the respective successors and assigns of Lender acrd Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to~ tie used to
interpret or define the provisions hereof.
11. Notke. Except for any notice required under applicabk law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to T_endcr as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested. to i.endetrs address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uwiform MortgsrRe: Gorer¦iu>< Law: Severability. This form of mortgage combines uniform rnvenants !or national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be goveined by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of chic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given etfiect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
16. borrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
17. ,Tra¦der of the Property: Asearmption. if all or any part of the Property or an interest therein is sold or transferred
E by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of thrcr years or less
not containing an option to purchase, Lender may, at Lenders option, 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
1 and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
g is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. Tf Lender 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 Lender. Lender shall release Borrower from all
oblijations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance Wirh
parajnph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. if Borrower fails to pay such srsms prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Norr-UNIFORM CoveN~rr'rs. Borrower and Lender further covenant and agree as folbws:
la. Accekratio¦; Remedka. Except sts provided i¦ paragraph 17 Irereo/, Row >sorrower'a breach of awy corewnt er
agreement of borrower d this Mortgage, i¦elrrdi¦g the core¦aats to py when d¦e say sarws eseteard by ebb Mortgage. Lender
_ prior b acederatiow dish mail wt?tke to borrower srs psrorlded Iw paragraph 14 hereof speeltylag: p) the brtacb: (2) the attb¦
r+egtrirei to c¦re web Mach; (3) ¦ ebste, wet less than 30 days (rw¦ the watt the wotice b erailed to borrower. by wbkb web
!reach m¦e~t be e¦red; swd (4) that tsrY¦re b csae wch bresscb ow or before the date yeclAed iw the ¦otke saf rredt d
aecekrafiow of ue sraa ttccrrre~ by lids Mortgage. toredowre bq j¦dkir proceednwg awd sale of the Property. 'tire notice
- sbwr briber iwtorrw borrrower o[ the right to reinstate after. aeceleratiow and the rfgbt b assert M the foreeloatne proeeeiag
tae tw¦-a:Wewee of a deta¦k or arq other aeterrse of borrower to acceleratiow s¦i toreelowre. H the breach is weM c¦re, o¦
or before the slate spetiRed `the wotice. Lender at I.ewders optiow may declare sar of the wwn seemd b7' fhb Mortgage M >K
i~wreaiately dsse awl payable withod further demand sand may forecbse fhb Mortgage by j¦dkhl precsedlwR. Lender tlraN
be: ewtltkd to coBeet V web proceednwg a/ espewses of forecbs¦re. b~chrdbtg, b¦t wet Badfed ta, rcwwaNe stU,raeY's fees,
and costs of river'~etrrtary e~idewee, abAraces awd tick roports.
19. borr+owa's Rltit ti Reinstate. Notwithstanding Lenders acceleration of the sums secured by thss Mortgage,
~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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