HomeMy WebLinkAbout1776 tender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by (.ender pursuant to this paragraph 7, with interest (hereon, shall become additional
indebtedness of Borrower secured by This Mortgage. Unltss Borrower and (.ender agree to other terms of payment. such
amounts shall be payable upon nMice from (.ender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from tune to time on artstanding principal under the Note unless pa'ymatt of
interest at such rate would he contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible undo applicabk law. N~Nhing contained in this paragraph 7 shall require !.ender to incur any expense or take
any action hereunder.
S. Itsrpectiort Lender may make or caux to be made reasonable entries upon and inspections of the Property. provided
that lender shall give Borrower r?otice prior to any such inspection specifying reasonable caux therefor related to Lender's
interest in the Property.
9. Coaderwwatba. '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 this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Leader
otherwix agree in writing. thtrt shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amain! of the sums secured 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 proceeds
paid to Borrower.
if the Property is abandoned by Borrower. or if. after notice by (.ender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower tails to respond to lender within 30 days after the date such notice a
mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the
Property or to the sums secured by this MortRalte.
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.
10. >dorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by (.ender to any cuccecsor in interest of Borrower shall not operate to release, in any manner,
tFte liability of the original Borrower and Borrower's successors in interest. Lender shall not bt required to eomrntnce
proceedings against such successor or refttx to extend time for payment or otherwix modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers wccessors in interest.
11. Forbearawee b3' Leader Not s Wsdver. Any forbearance by lender in exercising any right or remedy herturtder, or
otherwise afforded by applicabk law. shall not be a waiver of or preclude the exercix of any such right or remedy.
The procttrcment 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 ucttrrd by this Mortgage.
12. Remedks Camuhrtire. All remedies provided in this Mortgage art distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be ezercixd concurrently, independently or successively.
' 13. Successors duel Asaiges >souwd: Joiwt awd Seved l.isbility; Captloas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender sttd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and xveral.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and art not to ISe used to
interpret or define the provisions hermf.
11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this MortRa¢e shall be given by mailing such notice by certified mail addrcsxd to Borrower at
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 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. UeHorm MortgsRe: Goveraiag Law; Severability. This form of mortgage combines uniform covenants for national
use and tton•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 clartx of this Mortgage ar the Note conflicts with applicabk law, such 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 tltc Mortgage and the Note arc declared to be severable.
lt;. Borrower's Cody. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trasder of the Pro'erty: Assumption. 1t all or any part of the Property or an interest therein is sold or transferred
E by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
! this Mortgage. (b) the crcattc?n of a purchase money security interest for houxhold 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 interest of three years or less
not containing an option to purchase, Lender may. at Lender i option, declare all the sums secured by this 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 Property is a, be colt or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and That the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender
E 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 Notes
if Lender exercixs such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period ~f not less than 30 days from the date the notice is mailed within
's' which Borrower may pay the sums declared due. 1f Borrower fails to pay such sums prior to the expiration of such period.
(.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hermf.
s
Not+-UNIFOttM COVENANTS. Borrower and Lender further covenant and agree as fellows:
li. Accderatiou; Remedka. B:ceps s provided iu pragrapr 17 terror. t~oa 7<orrowela [tKeach of ..y cortuawt ar
agreement of Borrowetr b tris Mortgage. rsciudirrg ere eovewawts to py wren due ..y wart tteetasd h t'ris Mortgage. I.asder
prior b accderatlou snap snail wotke to sorrewer as provided la pragrspr 14 rerteti r'eclfylug: (1) ere breast:121 ere actiow
rs~tieti /s ctre asst brsacr;l3) a date, act less traw 3• days trotw ere Gate ere aotke V tuaYed to •orrewer. by wrkr slier
brtrscr mart be crortd: anti (4) trst fa8ure to cure stet breast ou or before ere dste speeiietl b ere aotiee easy result r
aeceleratiou d ere tntar aretsrsd by tlrir Mortgage. toreciorure r!' judkW proctedngg anti sale of ere rroperry. 'ibe aaNce ,
trap ftrrtrer hton¦ lorrower of ere right to reinstate after accelcrMbw awd ere right b avert is ere torticlestmt: proceetlia~
Ire aoa-esirteace of a default or awr otter defense of Eorrower to accelerNiow aai toreeloarre. N trt br~eaer it act awt~ oa
or before ere dale s/eclied i• ere stolice. Lewder at l.ewatrs option wtay decbae ap of ere rttus seeursr h' trlr Mortgage is be
immeahtdy due aa/ pysbk without turtrer dewrand awd may toretlat tris Motripge h' juikW ptecsediaR. Larder snap
b< eMMler a co0tet a suer'rocesrpwg sr e:pewses of forecbsur:. Iwcrstiiag. but oat pmNed te. rtasowablt sttureetr's fees. _
atri cab of iet.-~eutary erldearce. abstrscb anti tkk repro.
1!. lorrowa'r RIgM to Relurtate. Notwithstanding Lenders acceleration of the sums xcured by th~~ Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~~or 304 ~A~F 1??4
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