HomeMy WebLinkAbout2671 Lender's written agreement or applicabb law. Borrower shall pay the amount ~ ~ fnortga~s iasurraoe premiums is the
meaner provided under paragraph 2 hereof.
Any amounts disbursed by leader purswnt to this paragraph 7, with interest therron, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment„ such
amounts shall be payable upon notice from tender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement st the rate payable from time to time oa outstanding principal under the Note unless pajnnetat 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 roquire Lender to incur any expeaae or take
any sNion hereunder,
>R Ieaa~eeHaa. [.ender may make or cause to be msde rcssonabk entries upon and inspections of the Property. provided
that Lender shall give Borrower rtotece prior to any such inspection specifying reasonable cause therefor related to [.enders
interest in the Property,
Caaierwatbw, The Proceeds of any twar~ a claim for damages, direct or consequential, in coraaectioa with our
condemnation or other taking of the P-roperty, 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 Proper[). the procesds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the evrnt of a partial taking of fife Property, unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums saur+ed by this Mortgage such proportion of the q+ooeeda ~
ss is egwl to that proportion which the amount of the sums secttred• by this Mortgage immediately prior to 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 p~ooeeds
paid to Borrower. ,
N the Property is abandoned by Boy:over, or if. after notice by Lender to Borrower that the condemrar oRets b make
an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days aher'the date such notice le
mailed. Lender k authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the
Property or to tht sums sexured by this Mortgage.
Unless Leeader and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extedd
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the atnouM e><
such installments.
it. >torrower Not Relaaei, Extension of the time for payment or modifkation of amortization of the soda secured
by this Mortgage grented by Lender to any cerccessoP in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to cemmenoe
Proceedings agairat such successor or refuse to extend time for payment or otherwise modify amortization of the soma
secured by this Mortgage by reason of any demand made by the orittina! Borrower and Borrower's seaceessors in interest.
lt. Rorbararace y ieeaier Not a Waiver. Any fofiearance by Lender in exercising any right or remedy hereenadtr, 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 Ilens or charges by Leader shall not be a waiver of Fender's
right to accelerate the maturity of the indehtedreess secured by this Mortgage.
l2. Rerneiiet t^rrarhq~. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or alfooded by law or equity, and may be exercised oaacurrently. independently or successively.
13. Sreerseors alai Assigns lorwi; Jolt ari Serest i.isbiiryr; Capttora. The covenant: and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and sssigns of Lender and Borrower,
subject to the provisions of paragnph 17 hereof. All covenants and agreements of Borrower shall be join 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.
11. Notice. Except for any notice required under applicable law to be given in araotber manner, (a) any notice to
Borrower provided for in this Mortgage shall be givrn by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such aher address as Borrower may designate by notice to i.ender ss provided herein, and
(b) any notice to Lender shall he given by certified mail. rctum receipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice to Borrower ss provided herein. Any notice provided for in thb
Mortgage shag be deemed to have been given to Borrower or Lender when given in the: manner designated hereby.
tS. Uetiforw Mortapege; t;oreniaR Law; Sererabliity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations t?y jurisdiction to constitute a uniform security instrument covering
real property. Thu Mortgage shall be governed by the law of the; jurisdiction in which the Property is located. In the
event that any provision.or clause of thic Mortgage or the; Note conflicts with applicable law, :uch conflict shall not affect
other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc tkclared to be sevenbk.
lf~. >sorrewert Cody. Borrower shall be furnished a conformed copy of thr Note and of this Mortgage at the time
of execution or aRer recordation hereof.
~ 17..7~arrtf
er of the h~o'erty; Aawrr~tba, if all or any part of the _
Borrower without Lender's Property or as interest therein is sold or transferred
by prior written consent. excluding (al 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 interact of three yeah or less
not containing an option to purchsse, Lender may, at Lender's option. declare all the sums secured by this Mortgage to ba
immediately due and payable. Lender shall have waived retch option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Properly is to be so1J or transferred mach agreement in writing that the credit of such person
~ is satisfactory. to Lender and that the interest payable on the sums sexured by the Mortgage shall be at such rate as Lender
shall request. if Leader has waived the option to accelerate provided in this paragraph 17, and if Bornowe~
s successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall ukase Borrower from all
obljgations under then Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in sccordancc 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. Tf Borrower faits to pay wch wms prior to the expiration of such period, _
Larder may. without further notice or demand on Borrower, invoke any-remedies permitted by paragraph 18 hereof.
~ Norr-Ut+r>:aeK Cov/rNAtV'r'S. Borrower and Lender further covenant and agrrt as follows:
i 18. Acerlentk~ Rase~es. Except at povMed io pr~rapM 17 her+eo/. t*eo lioss~rwes't brwei et a~ caveart K
aprnaert a/)sessrwer t• tris Mortgage, irelriirg tre terewarMs to Nf wbrr in My srws se:ererl i)r Mls Mertgs~gr. I.trier
ptiK a aetekratlN shat waB rotice to )forrrwer is proriied iw NragrapU f1 rerrof s~teifylajs (1) tre brsKh: (21 the setNw
r sr*irri a cart seer bread= (3) s i1e, tact less Wra 3l lays frow the late the eaeatiee r wt¦ai M lernwer. fry wlaicla sad
bad sa>•st b esws$ asii (4) trot 1!aifaarr M cure seed bader eta ear reftrr tre late speeifiti rr try taetiee way rrsalt r
ram et tre wtsr faecal b eels . rtrrc~eane h 1~~ Irr'ww~ arts taale M tre >rro'erty. '11ae taNlea
erall trrirer frtfirw >serrrwer eft tre r(RM N abafaee aftkr seetikratiorr ari the right N crest t• tre losrelaera preeetti~
do aow•exirlNee et a iefatrM or swT other lele<are eat itrrower M acc~eleratftw irei ferrdaera. >t< Irr bract Is cart eras er ,
er btere tre late ytelitl i flee wotke. Leader a t.estier's eptitw way ehtel~tre sa a1 ere wteas tarrri b tris MertgaKe It b t
F lateiialely ire awl Myth[[ wMrort trrther iewana acrd way feaeleee tlria Mer~ngt ri jbilel.t'srere~. Lender dal
€ k ertlllti N eeitet i wet pneseii~ alt txperses of forrelosrrt. irelydirrg. btt eaN flWtsi trw, aast~ailt sttwaep's fee.
W etsis e[ itesrtwestt~ary rrNetaee, abtarcb arai Ntle reMrb:
1f. )leraeawets't Rtlrt a Rdrhle. Notwithstandintt Lender's acoekrateon e>E the sums secured by thn Mortgage,
Borrows shsfl bevy the right to have any proceedings beltttn try Lender to enforce this Mortgage discontinued at any time
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goo~303 P~~E266T
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