HomeMy WebLinkAbout1121 Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amatnts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortbage. !tutees Borrower and Lender agree to other terms of payment. such
amounts shall be payable upon notice from Lender to Borrower reytresting payment thereof, and shall beer interest from the
date of disbursement at the talc payable from time to time on outstanding principal under the Note unless payment 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 require lender to incur any expense or take s
any action hereunder.
8. laspectiott. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnation. 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 tfiercof, or for a~nveyance in lieu of condemnation, are hereby assigned t
and s:?all be paid to Lender. i
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 Lender
otherwise agree in writing. there shall be applied to the sums secured M this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount 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 Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Bwn+wer fails to resx?nd to Lender within 30 days after the date such notice is
mailed. [.ender is authorized to collect and ap~h• 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 monthh• inst,illmcnts referred to in paragraphs 1 and 2 hereof or• change the amount of
such installments.
I0. Borrower Not Released. Extension of the time fur payment or modification of amortization of the sums secured
by thcs Mortgage granted by I ender 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 in interest. Lender shall not be required to commence
proceedings against such successor or refuse to emend lime for payment or otherwise modify amortizatmn of the sums
se:ur~d try this Mortgage by reason of arty demand made by the original Borrower and Burrowers successors in interest.
11. Forbearance by Lender Not a Waiver. :~m• forbearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law. shall nut he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens ur charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ur equity, and may be exercised concurrently. independentl}• or successively_
13. Successors and AssiRes Borrnd:.Joinl and Several Liability; ('options. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be juirU 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.
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 given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borr+~wer mav_ designate by notice to Lender as provided herein, and
(h} any notice to Lender shall t?e given by certified mail. return receipt requested. to I ender s address stated herein or to
such other address as Lender may designate b}• notice to Burrower 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.
j 15. Uniform Mortgage: Governing law: Se.erahilih•. This form of mortgage combines uniform rnvenants for national
use and non-uniform covenants with limited variations he jurisdiction to constitute a uniform security instrument covering
j real property. This Mortgage shall M governed h~• the law of the jurisdiction in which the Property is located. in the
I event that any provision or clause of• this Mortg:ge ++r the Note rnnflictc with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect withota the conflicting provision, and to this
end the provisions of tlx: A4ortgage and the Mote art declared to be severable.
16. Borrower's Copy. 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 the Propert}•: Assumption. If all or am' part of the Property or an interest therein is sold or transferred
s by Borrower without Lender's prior wrinrn ~.+nsent. excluding lal the creation of a lien or encumbrance subordinate to
~ this Mortgage. (h1 the creation of a purch.,ce m+~ne.• security interest fur household appliances. tc) a transfer by devise.
descent or by operation of law upon the death of ju~nt tenant or (d? the grant of am' leasehold interest of three years or lets
t not containing an option to purchase. Lender may. at !.ender ~ option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have s~:+n•ed such option to accelerate if, prior to the tale or transfer. Lender
t and the person to whom the Property is a, be .ol.l +•r transferred reach agreement in wasting that the credit of such person
is satisfactory to Lender and that the interest 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 assumption agreement accepted in writing by Lender, lender shall release Borrower from all
obligations under this Mortgage and the Note.
s If Lender exercises such option to accelerate. Lender shall mail Burrower notice of acceleration in accordance ith
paragraph 14 hereof. Sash notice shall provide a period of not less than i0 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 peri+xl.
Lender may. without further notice or demand on Burrower. invoke any remedies permitted by paragraph IR hereof.
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Nox-UrvtFOreM Cove~~Nrs. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as pm•~idcd in paragraph 17 hereof, upon Borrower's breach of any covenant or
a agreement of Borrower.io this Mortgage. including the cotenants to pay when due any sums secured by this Mortgage. Lender
prior to accekratioo shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12) the ad'ron
required to cure such breach; (3) a date. not Itss than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cnred; and (4) that failure to cure such breach on or before the date specified in the notice may result in
~ acceleration of tbt sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after sccekration and the right to assert in the foreclosure pr~oceediug
s the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is out cnred on
or before the date specified is the notice, lender at I.cnder's option may declare aq of the sums secured by this MortRafe to bt
immediately due and payable without further dem:?nd and mav foreclose this Mortgage by judicial proceedirrtl. Lender shall
be eotitkd to co0ect in such proceeding all expenses ~rf foreclosure. including, but out limited to, reasonable ~tt•~rnr•.'s fees.
~ and costs of wrco~reotary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by the M.+rtgage.
Borrower shall have the right to have any proceeding. hegiin ~r Lender to enforce this Mortgage discontinued at any time
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