HomeMy WebLinkAbout2794 Lender's written ~~g cemt:nt or applicabb law. Borrowwer shalt pay the amount of .li mortgage insurance prtemiutra in the
manner provided under paragraph 2 hereof,
Any amounts disbursed by Lender pursuant to the paragraph 7. with interest thereon, shall• become addition>.1
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 Lender to Borrower requesting payment thereof. and shall hear interest trap the
date of disbursement at the rate payable from time to tithe ar atntanding principal tmder the Note unless paymatt of
interest at such ate would be contrary to applicable law, in which event such amounts shall bear interest at the hithest,rate
permissible under applicable law, Ndhing contained in this paragraph 7 stall require Lender to incur any expense or take ,
any action hereutder.
>s. laspeetion. i.entkr may make or cause to be made reasonable entries upon and inspectioac of the Property. provided i
that i.ender shall give Borrower naK-e prior to any such inspection specifying reasonable cause therefor related to mender':
interest in the Property. -
9, Cordewwatiow. The proceeds;ctf any•~wtitd'or claim for damages, direct or rnttsequential, in rnnnection with any
condemnation or other taking of the Property, or paA therectL or for conveyance in lieu of condemnation, arc hereby assigned t
and s. tall be paid to lender.
la the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Montage,
with the t:xccss, if any, paid to Borrower. 1n the event of a partial taking of the Property. unless Borrower and mender ~
otherwise agree in writing. there shall be applied to the sums secttrcd by this Mortgage such propoAion of the prooeeds
as is equal to that propoAion which the amount of the sums secured by this MoAgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior Io the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Box;ovver. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damage.. B~?rrc?wer 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 restoation or repair of the
Property or to the sums secured M• 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.
lA. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any cttccessor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borcower and Borrower's successors in interest. mender shall not be required to commence ~
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the wms
secured by this Mortgage by reason of an? demand made by the original Borrower and Borrowers successors in interest.
11. Forbearawce by mender Not s Waiver. Any forhearancc by l.cnder 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 .x charges by Lender shBl'tnot be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Renredks Crminhtttve. All remedies 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 arts .essively.
' 13. Successors awd ~ Assitns Bound: doirrt sad Severer i.iabBity; Csptbws. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure 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 are for convenience only and are not to be aced to
interpret or define the provisions hereof.
14. Notke. Except for any notice rcyttircd under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortga¢e shall begiven-by -mailing such notice by certified mail addressed to Borrower at
the Property Address or at such iNhcr address as Borrower may designate by notice to i_ender as provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested. to i.ender 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.
15: Uwitorm MoAgate: Goveraiag law: Seversb'lity; 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
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Notc w°hich can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc ?kclared to be severable.
16. Borrower's Copy. -Borrower shall he furnished a conformed cope of the Note and of this Mortgage at the time
of execution or after recordation hereof. •
17, Transfer of the Propene: Assumption. If alt c?r any part of the Property or an interest therein is sold or tansferred
by Borrower without Lenders prior written consent. excluding (a1 the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase mone~• security interest for household appliances. (c) a transfer by devise.
~ descent or by operation of law upon the death of a joint tenant or (di the grant of any leasehold interest of three years or less
~ not containing an option to purchase, [.ender may. at 1_ender'c option. declare all the sums secured by this Mortgage to be
immediately dtte and payable. Lender shall hive waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be :o1J or trancferrcd reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intereu payable on the sums secured by this Mortgage shall be at such rate ac 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 asmmption aEreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to acce{crate. Lender shall mail Borrower notice of acceleration in accordance whh +
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 o! such period,
Lender may. without further notice or demand on Borrower, invoke any remedies pemritted by paragraph I R hereof.
NON-UNIFORM COVENANTS. BOfrOWer and I.Cndei further COVenant and agree as follows:
la. Accdeatiow; Reattedks. Except as provided in psratryb 17 hereof, rpon Bomower's breach of swy covewant or #
' atreerwewt of Borrower iw this Montage. iwclndiat the covenswfs to pay when itre asry saes secured by thk Mortgage. Lender E
prbr to accekratio>s shall mail notice to Borrower as provided iw paragraph l1 ht:reot specNyist: (t) the breach: l2) the adios i
required to a'm streh htYadl; (3) a date, wet less thaw 3A dayi frowt the thrte the notice b ~cd to Borrower. by whkh such
brtmch mtM 6s cwred; and (4) than faNnrc to cure sash brtsc6 a or before the dale speei6ed in the wotice nray rcstdt is
E axcekratiow of the sons secured by this Mortgage. torecbsurc by jrldicial proeeedmt arld sale of the Property. The notke
s6aY furdrer inform Borrower of the right to reinstate after aceelerMbn awd the right to aaseA iw the foreclosure poceediat
the wow-a:isteace of a defsuk or awy other defense of 1orrower to sccekratio~ axle forecbsare. It the breach is not cared ow
or before the date speeisied ~ the awtice. Lewder at I.rnder's option racy declare aif of the swms secared br this Mortgage to be
i immediately dne awd psysbk witboet tnAber demand and alay foreclose this Montage h' jndkW proeeediaR• I.endtr chaU
be eotitkd to coiltd m stash proceedint ant expenses of foreciosorc, inchrdiat. 6rN not ilimitd to, reasowsbk :~tt.xnr~'s fee.
r awd costs of .irrcw.~werrtary etrWence, sbstraets and title reports.
19. Borrowa•s Ritht to Reilrstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proceedings begun t,y Lender to enforce this Mongage discontinued at any time
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