HomeMy WebLinkAbout2285 agreement or applicable law. Borrower shall pay the amount of aU mortgage insurance premiums in the manner pro+ided
under paragraph 2 hereof.
Any amounts disbursed by Louder pursuant to this paragraph 7, with interc+t tt?ereon, ,hall t,ru,me additional in-
debtedness of Borrower stcurtd by this \lortgage. Unless Borrower and Lender agree to other term, of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and ,hall Ixar interest from
d?r date of disbursement at the rate payable from time to time on outstanding principal under the lore unless payment
of interest at such rate would be contrary to applicable law, in which event such amounts shall Ix•ar interest at the highest
r:,te permissible under applicable law. Nothing contained in this paragraph 7 shall require l.eoder to incur any expense or
take arty action hereunder.
8. taspeetion. Lender may make or cause to be made reasonable entries upon and inspections of the Property, pea
sided that Lender shall give Borrower notice prior to any such impectioa specifying reasonable cause therefor related to
Lenders interest in the Property.
9. Condemnation. 1'he pr«etds of any award or claim for damages, direct or consegttentiai, in cortrtection with any
condemnation or other taking of the Property, or part thereoL or for conve}•ance in lieu of condemnation, are hereby as•
sigtred attd shall be paid to Lender.
In the event of a total taking of the Property, the pr«eeds shall be applied to the sums secured b}• this \tortgage,
syith the excess, i[ any, paid to Borrower. In the event o[ a partial taking of the Property, unleu Borrower and Lender
otherwise agree in writing, there shall be applied to the sums secured by this \Iortg:tge such proportion o[ the pr«eeds
a; is equal to that proportion which the amount of the sums secured by this \lortgage immediateh• prior to the date of
taking bears to the fair market ~•alue o[ the Property immediately prior to the date of taking, with the balance of the pro-
ceeds paid to Borrower. ?
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otters to
make an award or settle a claim for damages. Borrower fails to respond to Lender wtthirt 30 da}•s a[trr the Glatt such notice
is mailed, Lender is authorized to collect and apply the pr«ecc(s, at Leader's option. either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, arty 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 pa}'ment or modification o[ amortisation of the sums secured
by this Mortgage goofed by Lender 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 ,hall not t,e required to commence
pr«eeelings against such successor or refuse to extend time for pa},moot or otherwise modih• amortiration o[ the sums se-
cured by this Mortgage by reason of auv demand made by the original Borrower and Borrowers succesu,rs in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance h}• Lender in exercising any right or remed}• hereunder,
or otherwise afforded by applicable law, shall not be a waiver cif or preclude the exercise of am• such right or comedy- The
procurement of insurance or the pa}7rteut of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the in<lebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this ~tortgagc arc distinct and atmulative to am other right or
remedy under this \lortgage or afforded by law or equity, and mac Ix• exercised concurrently. indrlx•ndently or successi+•el}•.
13. Successors and Assigns Bound; Joint and Several Liability; Captions •1•he covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective uucc+sc,rs :uul assigns of Lender an<I Borrower,
subject to the provisions o[ paragraph 17 hereof. :VI covenants and agreements o[ Borrower shall be joint and several. The
captious and headings of the paragraphs of this \tortgage are [or con+•enience onh• and are _not u, be used to interpret or
define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be gis•en in another manner. (a) :uty notice to
Borrower provided for iri this \(ortgage shall be given by mailing such notice by certified mail adder+sed to Borrower at
the Property Address or at such other address as Borrower rosy designate be notice to Lender as provided herein, and (b)
an}• notice to Lender shall be given by certified mail, return receipt requested, to Lender's address vated herein or to such
other address as Lender may designate by notice to Borrower as prrn•ided herein. Any notice procide•d for in this Mortgage
shall be deemed to hate been given to Borrower or Lender when given in the manner de,ignatei herein.
15. Uniform Mortgage; Governing Law; Sevenbility. This form of mortgage combines uniform «,yenants for ua-
tional use and Wort-uni[otTrt covenants with limited +•atiations be juriuliction to constitute a uniform ucurity instrument
co+•ering real property. This Mortgage shall be governed by the law of the juriuliction in which the Property is located.
In the event that any provision or clause of this \tortgage or the emote conflicts +s•ith applicalle la+.. such conflict shall not
affect other provisions of this \tortgage or the \o~e which can be gi+•en effect s.•ithrnrt the, conflicting provision, and to
this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a contormecl cop}, of the Rote and of this \(ortgage at the time
€ of execution or after recordation hereof.
17. Transfer of the Property; Assumption. If all or any part o[ the Property or an interest therein is u,ld or trans-
(erred b}• 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 securitc 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 intcrc•st n( three years or
Irss not containing an option to purchase. Lender may, at Lender's option. declare ali the sums seatrcd b+• this itortgage to
x I,e immediately due and payable. Lender shall have waived such option to accelerate it. prior to the sale or transfer. Lender
and the person to whom the Property is to be wld or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured be this Mortgage shall be at such rate as Lender
g shall request. It 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 shat) release Borrower from
all obligations under this Mortgage and the \ote.
j If Lender exercises such option to accelerate. Lender shall mail Borrower notice .~f acceleration in accordance with
paragraph 19 hereof. Such notice shall pro+•ide a period of not less than 30~dacs from the date the notice is mailed within
e which Borrower rosy, pay the sums declared due- If Borrower tails to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower. invoke any remedies perrnitted by paragraph 18 hereof.
Nom-L?~tt=oeu CovF.:~Ah?5. BOrrONrr and Lender further covenant and agree as follows:
18. Acceleration; Remedies Except as provided in paragraph 17 hereof, upon Borrower's bench of any covenant or
agreement o[ Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage,
i Lender prior to acceleration shall mail notice to Borrower as provided in Iwngraph 14 hereof slxcih•ing: (1) the breach;
(2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower,
' by which such breach must be cured; and (4) that failure to cure such breach on or before the date al,ecified in the notice may
result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and salt of the Property. The
notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure
praeeding the non-existence of a default or am other defense of Botrowtr to acceleration and foreclosure. if the breach is
not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this
Mortgage to be• immediately due and Itayable without further demand and may foreclose this ;lfortgagt by judicial proceed-
a ing. Lender shall be entitled to collect in such pr«teding all expenses of foreclosure, including, but not limited to, reason-
' able attorney's tots, and costs of d«umentar}• evidence, abstracts and title reports.
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