HomeMy WebLinkAbout2561 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
mariner providcd~under paragraph 2 hereof.
any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall became additional
indebtedness of Borrower secured by this Mortgage. llnlesc Borrower and lender agree to other terms of payment, such
amatnts shall be payabk upon notice from Lender to Borrower reyttesting payment thereat, and shall hear interest from the
date of disbursement at the rate payable tram time to time on outstanding principal under the Nate unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
petmissibk under applicable law. Northing captained in this paragraph 7 shall require Lender to incur any expense or take
•any action hereunder.
8. Inspection. lender may make or cause tp be made reasanahle entries upon and inspections of the Pmptrty, provided
that Lender shall give Borrower notKr prior to any such inspection specifying reasanabk cause ihercfar related to Lender's
interest in the Property.
9. Coademnatbn. The proceeds of any award ar claim far damages, direct or consequential, in connection with any
condemnation or other taking of the Property, ar part thereof, ar far conveyance in lieu of condemnation, are hereby assigned
and s'.tall be paid to i.cnder.
in the event of a fatal taking of the Property. the proceeds shall be applied to Ilte sums secured by this Mortgage,
with the excess, it any, paid to Bormwer. In the event ~f a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. them shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that pmportian which the amount of the sums secured by this Mortgage immediately pricer to the date of
taking bears to the fair market value of the Property immediately pricer to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Properly is abandoned by Bor:ower, or if. after notice by Lender to Harrower that the condemnor offers to make
an award ar settle a claim far damages, Borrower fail. to respond to 1_ender within i0 days after the date such notice is
mailed. Lender is at+tharized to called and apply the proceeds, at Lender's option, either to restoration ar repair of the
Property ar to the sums secured by this Mortgage.
Unless 1_ender and Borrower otherwise agree in wrihnc, any such application of proceeds to principal shall not extend
cr postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured
Ay this Mortgage granted by Lender to am successor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Bormwer and &•rmwer's successors in interest. 1_ender shall pat be required to rnmmence
proceedings against such successor ar refuse to extend time far payment or otherss•ise modify amartizat+on of the wms
secured by this Mortgage by reason of any drmrnd made by the orieinal Bormwer and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. :1ny fonc~arance by Lender 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 tapes or other liens or charges by Lender shall not be a waiver of Lender s
right Ice accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this 1\fortgage arc distinct and cumulative to any other right ar
remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively.
' 13. Successors and Assigns Bound; Joint and Se.eral Liability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure tor. 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 jolty and several.
The captions and headings of the paragraphs of this fifortgage are far convenience only and are pat to he used to
interpret ar define the previsions hereof.
14. Notice. Except far any notice rcyuired under applicable law to be given in another manner. (al any notice to
Borrower provided for in this Mertgaee shall he given by mailing such notice by certified mail addressed to Bormwer at
the Property Address or at such other address ac Rorn,wrr mav_ designate by notice to Lender as provided herein. and
fh) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided fur in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage: Governing law; Se.erability. This farm of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations hs• jurisdiction to constitute a uniform security instrument covering
c real property. This Mortgage shall be governed hv'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 rnnflicts with applicable law, such conflict shall not affect '
other provisions of this Mortgage or the Note sshich can he given effect without the conflicting provision, anti- to this
end the provisions of the Mortgage and the 'Vote arc Declared to he severable.
16. Borrower's Copy. Borrower shall he furnished a conformed cap} of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of fhe Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's pricer wrinen consent. excluding ta) the creation of a lien er encumbrance subordinate to
this Mortgage. (h) the creat+en of a purchase mc~nee security interest for household appliances. fc) a transfer by devise.
descent or by operation of law upon the death of a i,~nn tenant or (d? the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this 'Nertgage to be
immediately due and payable. Lender shall have wais~ed s++ch option tc. accelerate if. pricer to the sale or transfer. Lender
and the person to wham the Property is a. he .ol.l ..r transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inters payable on the sums secured by this Mortgage shall be at such rate as lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Bormwer ~ 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 Notc.
If Lender exercises such option to acceler:+te. Lender shall mail Borrower Halite of acceleration in accerd:+nce ith
paragraph 14 hereof. Such notice sh:+Il 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 ro the expiration of such pericxl.
~ Lender may without further notice or demand on Borrower. invoke any remedies permitted by paragraph I R hereof.
Nort-Uxtr=oRM Cove~~x•rs. Borrower and lender further covenant and agree as follows:
_ 18. Acceleration; Remedies. Except as pmrided in paragraph 17 hereof. neon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage. including the cotenants to pay when due any soma secured by this Mortgage. Lender
~j prior to accekration shall mail notice to Borrower as provided in paragraph i4 hereof specifying: (1) the breach; 121 the action
required to care such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such
breach mast be opted; and (4) that failure to cure such breach on or before the date specdred in the notice may result in
ttccekration of the 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 accekralion and the right to assert in the fot•eclosurt proceeding '
the non-existence of a defauN or any other defense of Borrower to acceleration and foreclosure. If the breach is twt cored on
or before the date specified in the ratite, Lender at Lender's apt'an may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonable ~tU+rnr:'s fees,
and costs of ciuc~mentary evidence. abstracts and title reports.
19. Borrowa's Rigbt to Reinstate. Notwithstand?ng Lender's acceleration of the sums secured by the M,~rtgage,
Borrower shall have the right to have any proceed,ngs heEun Lender to enforce this Mortgage discontinued at any time
~~~K305 ,.~;E~556
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