HomeMy WebLinkAbout1611 Lender's written agreement a applicabb law. Borrower shall pay the amount of all mortgage inwrarra premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbttr;ed by .fender pursuant to this paragraph 7, with interest thereon, shall become additanal
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such
amounts shall be payable upon notice tram Lender to Borrower requesting paynxnt thereof, and shall bear interest from rite
date of disbursement at the rate payable from time to time on outt,tandins principal under the Note unless pa~rrtsettt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest tale
permissible under applicable law. Nothing cantairred in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
s, 1ws*ection. 1_ender may make or cause to be made ruwrtabk entries upon and inspections of the Property. provided
that Lender shall give Borrower notice pricer to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property. _
Cowrewtatbw, The proceeds of any award a 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 sssgned
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 Morlgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ertder
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as ft equal to that proportion which the amount of the sums secured by this Monga~te immediately prior to the dale o[
taking bean to the fair market value of the Properly immediatety prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Properly is abandoned by Bor:ewer, or if. after notice by Lender to Borrower that the condemnor oRen to make
an award or xttle a claim for damages, Harrower fails to respond to lender within 30 days after -the date such notice b
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.
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 tq in paragraphs 1 and ~ hereof or change the amount Of
such installments.
10. Borrower Not Released. Extension of the time for payment or modifkation of amortization of the sums secured
by this Mortgage granted 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 io 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 wccessors in interest.
11. Forhearawce br Lewier Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereumder, or
otherwise afforded by applicable law. shall not be 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 xcttrcd by this Mortgage.
12. Rerwedies Crwtrlad~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. Sreceaaors and Asdgas itwwl; .Toiwt arse Several I.isbilifr; Captions The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender and 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 an not to lie used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law to bt given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at
the Property Address or at such other address as Bormwer may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested. to Lender's 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.
1S. Uwi[orsa Mortgage; GoverwiaR Law; Seversbi>itr. This form of mortgage combines uniform covenants for national
use and non•unifotm 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
event that any provision or claux of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this
j end the provisions of the Mortgage and the Note art declared to be severable.
lf. )sorrower's Cop. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
s 17..7~a~afer d the )rropertr; Aswwrpliow. 1f all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prat written consent. excluding fa) the creation of a lien or encumbrance subordinate to
this Mortgagt. (b) the crcatrort of a purchase money security interest for household appliances, (N 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 three year or less
not containing an option to purchase, Lender may, at Lender
s option. declare atl the sums secured by thes Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Properly is to be call or transferred reach agreement in writing that the credit of such person
is satisfactory.to Lender and that the interc~at payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall regtnat. I[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed r written aaumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljgations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanc-c with
paragraph 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 sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
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Nor+•Utvtt~att.t t:.ovet+eta'rs. Borrower and Lender further covenant and agree as fdkrrrs:
3 li. AceeksalioM Rewreiiea. lgue}t s'roviiel i• paragryM 17 hereof. lerrowds 6reaeh d gar cavertarrt ar
agreewsait d lenowtr b fhb Mortgage. hreht~iiwg Ure eoreautwts to Ml' whew dire aarr shuns stcarei hr this Mortgage. Fier
psor a aeeekratfow slain ntafl notke to Borrower as provliei N pngraph 11 hereof yeeifrbg: (1) Ae breach; the sctMw
z rgtiel to crre web >freaeh; (3) a ia1s, not lean thaw 30 dap ttrorw the late ~e wotiee b tstaYel /e •ortrawer. hr whkh arch
x breach ~ he crrs~ awl [A that faiare N erne arch breach ow or before the date apeliei b the wotiee way result V .
acceleraUarr d the was aeearei hr this Merge, fereelowre y jltriieial proeeelhrg awl ante of the Troperty. '1Ue wotiee
shall frriher hrtor¦r •errawer d the right to reirratah aNer acceleratbw gad the right b atrrert iw the for~ecbwre pr+aeeeRag
t t6ewow•esiataree d a lefark or astir other leterrse d sorrower to aecekratiow awl torecloaare. N the breach b wet errrii a
er bdor+e the riate apeifial t. the rrotiee. levier s11_ewier's optiow tar ieebre at of the arwta seerrel hr fhb MortgaRt N De
hwwttlfalelr dwe awl prate rrithort frrther demand and war foreclose fhb Mortgage hr jltrliei.l prreeedlrR. Lender shah ~
bt saUdal N eo0set t• web pncaediwg aw estpeasa at forecbwre. iwtlwiiwg. hrt wet llaafttl pr reasswaik stuNwer's tea.
aai pals d iaet.'~redarr rriiaree. ahatracta awl Usk repro.
1!. llarrowa's lltfghe a ReiMate. Notwithstanding Lender's acceleration of the sums secured by thr• Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Monpge discontinued at any time
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