HomeMy WebLinkAbout1626 Lender's written agroement or applicable IaW. Borrower shall pay the amount o[ all mortgage insurance premiums in the
.manner provided under paragraph 2 heroof.
Any amatnts disbursed by !.ender pursuant to this paragraph 7. with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unlt:ss Borrower and !.ender agree to other terms of payment. such
amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on atlstanding principal under the Note unless paymatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall 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. Iuspectiat. !.ender may make or cause to be made rcssonabk entries upon and inspections of the Property. provided
that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cotaderstsafbw. 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. are 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 thin Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums secttrcd 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 t'o the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower. .
if the Property is ahandottecl by Borrower. or if. after notice by lender to Borrower that the condemnor often to make
an awiard or settle a claim for damages. Borrower fails to respond to tender 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 to the sums secured by this Mortgage.
Urtic.ss 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 Rdeastd. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any cttcceccor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. i.ender 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 Borrowers successors in .interest.
11. Forbearance 6y i.ender Not a Waiver. Any forbearance by !.ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy.
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 secured by this Mortgage.
12. Remedies Cumulative. All remeeies provided in this Mortgage are 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. Successors and Assigns Boutnd:.joint and Several 1.iabBity; Captions. "flee covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be juicy and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
l4. Notice. Except for any notice reyttired under applicable law' to be given in another manner. (a) any notice to
Borrower provided for in this Mortgate shall be given by mailing such notice by certified mail addressed to Borrower of
the Property Address or at such-other address as Borrower mav_ designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders 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 Bc?rrow•er or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law: Severability, This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
E event that any provision or clattce of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the IVotc which-can be given effect 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 he furnished a conformed copy of the Note and of this Mortgage at the time
` of execution or after recordation hereof.
" 17. Transfer of the Property: Assumption. 1f all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a purchase money security interest for household appliances, (e) a transfer by devise.
s descent or by operation of law upon the death of a jo?nt tenant or (d) the grant of any leasehold interest of three years or less
1 not containing an option to purchase, Lender may. at l.ender'c option, declare all the sums secured by this Mortgage to be
s immediately due and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer, i_ender
i and the person to whom the Property is to be ;o1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest pa)•able on the sums secured by this Mortgage shall be at such rate as Lender
~ ~ shall request. If 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
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate, tender shall mail Borrower notice of acceleration in accordance ti ith
paragraph 14 hereof. Such notice shall provide a pericxl 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 sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof.
Nort-UNIFORM Covt=_~stvrs. $orrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of say cowenartt or
agreerneat of Borrower is this Mortgage. including the covenants to pay when due any sums secnrcd by this Mortgage. fi.eader
prior to accekratbo shah mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breacb:121 the action
_ required to cure snob breach; (3) a date. not less than 30 days from the dste the notice Is mailed to Borrower. by which such
breach must be cared; and (4) that failure to cure such breach oa or before the date specified in the notice may result is
accekratioa of tlx sums srcntred by Ibis Mortgage. foreclosure by judicial ptroceediag sad sak of the Property. The notice
shag further inform Borrower of the right to reinstate after sccekration and the right to assert in the foreclosure proceeding
the aoa-a:isttnce of a defaoh or say other defense of Borrower to sccekration and foreclosure. it the breach is sot cared oe
or before the date specified is the notice. Lender at Lender's option may declare alt of the sans secured by this Mortgage b be
imatKdatdy due and payable without further demand and may foreclose this Mortgage by judicial proceeding. [.ender shall
be eotitkd to co8eet in such proceeding aN expenses of foreclosure. including. but not limited fo. reasonable att„rnry's fees.
sad costs of doeumtatary evidence, ab6tracts and title reports.
19. Borrower's Right to Reiatstate. Notwithstanding lenders acceleration of the sums secured by thts Mortgage,
~ Borrower shall have the right to have any proceedings begun ~y !.ender to enforce this Mortgage discontinued at any time
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