HomeMy WebLinkAbout1041 Le~der's written agreement or applicable law. Borrow•er shall pay the amount o[ all mortgage insurance premiums in the :
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manner provided under paragraph 2 hereof. ~
Any amounts disbursed by l.ender punua~t to this paragraph 7, with interest thereon, shall bccome additianal ;
indeb?edness of Borrower ucured by this Mortgage. Unle~.~ Borrov?•er anJ l.enJer agree to other terms of payment, such
amaunts shall be payable upon notice fram l.ender ta Borrowe~ reyues~ing payment thereof, and shall bear interest from the i
date of disbursement at the rate payable from time to timc on outstanding principal under the Note unless payment of
interest at such rate would !+e contrary ta applicable law, in which event such amounts shall bear interest at the highest rate '
permiuible under applicable law. Nothing contained in this paragraph 7 shall requirc i.ender to incur any expenu or take
any action hereunder. !
8. IospecHoa. l.ender may make or cause to be made reasonable entries upon and inspectians af the Propetiy, pmvided ~
thai I_ender shall give Borrower notice prior to any such inspectian specifying rcasonable cause therefor reiated to Lender's ~
interest in ihe PropeNy. ~
9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any ~
condemnation or other taking of the Property, or pan thercof, or for conveyance in lieu of condemnatio~, are hereby assigned
and shall be paid to I.ender.
In the event of a total taking of the Pmpcrty, the prcxeeds chall be apptied to the sums secured by this Mortgage.
with the eticcss, if any, paid to Borrower. 1~ the event of a partial taking of the Property, unless Borrower and Lendcr
otherwise agree in writing. there shall be applied to the sums secured by this Martgage such proportion of the proceeds
as is equal to that proportion v?hich the amount of the sums secured by this Mortgage immediately prior t~ the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, wi~h the balance of the proceeds i
paid to Borrower. '
If the Property is abandoned by Borrower, or if. after notice by I.ender to Borrower that the condemnor offen to make
an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at I.ender'c option, either to restoration or repair of tht
Properry or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, am• such application of proceeds to principa) shal) 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. BorrowerNot Released. Extension af the time for pa~~ment or modiflcation of amortization of the sums secured
by this M~rtgage granted by l.eader to an~• successor in interett of Borrower shall not operate to release, in any manner,
the liabiliry of the origina) Borrow•er and Borrow~er'c succescors in interest. T.ender shall not be required to commence
proceedings agai~st such successor or retuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the ori¢inal Borrow•er and Borrower s successors in interest.
11. Forbearance by I.ender Not a Waiver. An}• fonc~arancc h}• Lcnder in exercising any right or remedy hereunder, or
othenvise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such rigfit or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a x~aiver of Lender s
right to accclerate the mawrity of the indebtedness sccured hy this Mortgage.
12. Remedies Cnmulative. All remedies pro~•ided in this 114ortgage are distinct and cumulative to any other right or
remeJ}• under this Morigage or afforded hy lav?~ or equity. and ma}• he erercised concurrenHy, independently or successively.
13. Succeswrs and AssiRas Bound; Joint and Several i.iabilify; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective succe:sors and assigns of Lender and Borrower,
subjeet to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shal) be joint and several.
The captions and headings of the paragraphc of this Mongage are for rnnvenience only and are not to be used to
interpret or define the pro~•isions hereof.
14. Notice. Except for any notice required under applicable law~ to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be give~ by mailing such notice b~• certified mail addressed to Borrower at
the Property Address or at such other address as Bormw~er may designatc by notice to i.ender as provided herein, and
(t~) an~~ notice to Lender shall be given by certified mail, retum receipt requested. to I.ender s address stated herein o~ to
such other address as Lender map designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed ro have been given to Borroaer or Lender when given in the manner designated herein.
15. Uniform Mortgage; Go~ernin~ Law; Se~~erability. Thit form of mortgage comhines uniform covenants for national
~ use and non-uniform co~•enants with limited variations hy jurisdiction to constit~ite a uniform security instrument covering
! real property. This Mortgage shall be governed hy the law• of the juricdiction in which the Property is located. In the
~ event that any provision or clause of this Mortgage or the Note conflicts w~ith applicable law, such conflict shall not affect
G other pmvisions 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 !~`ote are dedared to he severable.
' 16. Bomower's Cop}. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
~ 17. Transfer of t6e Propertv; Assumption. if all c.r am part of the Pmperty or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money securit}• interest for household appliances, (c) a transfer b}• devise,
~ descent or by operation of law upon the death of a i~~int tenant or (di the grant of am~ leasehold interest of three years or less
not containing an option to purchase, I.ender may. at l.ender'~ option. declare all the sums secured by this Mortgage to be
{ immediately due and pa}able. I.ender shall have waived tuch option to accelerate if. pri~r to the sale or transfer, Lender
° and the person to whom the Property is to be sold or transferred reach agreement in writing tha~ the credit of such person
~ is satisfactory to Lender and that the interest pa}•able ~m the s:ims secured by~ thic Mortgage shall be at such rate as Lender
~ shall request. If 1_ender has waived the option to accelerate pro~~ided in this paragraph 17. and if Borrowe~ s successor in
~ interest has executed a written assumption agreement accepted in writing b~• Lender. I_ender shall release Borrower from all
~ obligations under this Mortgage and the Nnte.
~ If Lender exercises soch option to accelerate. Lender shall mail Borro~~er notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 da~•s fmm the date the notice is mailed within
which Borrov?~er may psy the sums declared due. If RorroKCr faik to~pa~~ such sums prior to the expiration of sach period.
~ ~ender ma}•, w~ithout further notice or demand on liorrower, im•c.ke am~ remedies permitted h}~ paragraph 18 hereof.
~ No:v-Ux~FOR~t CovEx~NTS. Borrower and Lender further covenant and agree as follows:
~ 18. AcedersUioa; Remedles. Eacept as pro~•ided in paragraph 17 hereof. upon Borrower's breach of any covenaat or
! agreement oE Borrower in this Mortgage, including tbe covenants to pay when due any snms securcd by thk Mortgage, Leader
3 prior to 9cesleration shall mail notice to Borrower as provided in paragraph 14 hertof specifying: (1) the breach; (2) the action
i required to cure sac6 breach; (3) a date, not less than 30 days from the date the notice !s mailed to Borrower, by which such
' brwch m~ be cared; aad (4) that failure to cure such breach on or before the date specified in tbe aotke may resdt io
ti accekratlon of the suatg secnred by this Mortgaqe. forcclosure by judlcial proceeding and sale of t6e Property. 1be notice
shall furthe~ inform Borrower of the right to reinstate after acceleration and the right to s~serf in the foreclosurc proccediug
~ the non-existence of a defauN or any other defense of Borrower to acceleration and foreclosure. If the breach k oot cnred on ~
3 or beEore the date specified in the ootice. Lender at Leoder's option may declaro all of the sams secured by this Mortgn`e to be ;
~ immedintely doe and payabk withoot further demand and may foreclose thtc Mortgage by judicial proceeding. Lender shall
~ be entided to collect in such proceeding a0 eapeases of foreclosure, including. but not Umited to, reasonable attorney's fees,
and costs of docnmentary evidence, abstracts and titk reports.
~ l9. Borro~+er's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by I_ender to enforce this Mortgage discontinued at any time
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