HomeMy WebLinkAbout1549 Lender i written agreement or applicable law. Burrower shall pap the amount of all morlga:e insurance p~emiutlts in the
manner pnn•ided under paragraph 2 hereof. '
An}• amounts Jichursed by Lender pursuant to this paragraph 7. with interest thereon, shall become addilinnal
indebtedness of Borrower secured h}• this Mortgage. l'nle.c &?rros+er :u+d 1 en.ler agree to other terms of pa}•ment, such
amounts .hall he payable up++n notice from I ender to Borrower rey++ecting pa}•ment thereof. ant ehall hear interest from the
date of dicf?urccment at the rate payable from time to time un outstanding principal tinder the Note unless payment of
interest at strch rate wool) t+e contras- ro applicable law, in which event arch amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take
any action hereunder.
8. Inspection. lender may make or cause to he made reasonable entries ulxin and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Tender's
imerrct in the Property.
9. Condemnatlan. The proceeds of any award bt ~6it~r foi-'Jamages, direct or concegtrential. in connection with any
condemnation or other taking of the Property. or part therrnf. or for conveyance. in lieu of condemnation. arc hereby assigned
and shalt he paid to !.ender.
In the event of a total taking of the Property, the proceeds shall he applietil to the cumc 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 he applied to the sums secure) by thin Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the some secured by this Mortgage immediateh• prior to the date of
taking hears to the fair market value of the Property immediatel}• prior to the date of taking. with the balance of the p~cx:eeds
paid to Borrower.
1f the Property is ahandoneJ b}• Borrower. or if. after notice by Lender to Burrower that the condemnor offers to make
an award or settle a claim for Damages. Borrower fails to reslxmct to Lender within 10 Jayc after the date such notice is
mailed. tender is authorized to collect and apply the proceeds. at l.ender'c option. Tither to restoration or repair of the
Properly or to the sums secure) h}• this Mortgage.
Unless 1_ender and Borrower otherwise agree in writing, am• such application of proceeds to principal shall not extend
or postpone the due Jate of the monthly installments referred to in p:+ragraphc 1 and hereof or change the amount of
such installments.
l0. Borrower Not Released. Extension of the time for pa}•ment or modification of amortization of the cumc secured
by this Mortgaee granted by I.enJer to any successor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and Borrower c successors in interest. lender shall not he required to commence
proceedings against such successor or refuse to extent time for payment or otherwise modify amortization of the sums
secured M• this htortgage h}• reason of any demand made b} the original Borrower and Borrowers successors in interest.
I1. Forbearance by Lender Not s Waiver. .Am• forbearance by Lender in exercising an}• right or remedy hereunder, or
otherwise affordeJ M• applicable law. shall not he a waiver. of or preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of taxce or other liens or charges M• lender shall not he a w giver of lender s
right to accelerate the maturity of the indehtednecc secured M• this Mortgage.
12. Remedies Cumulative. All remedies pms•ided in this 1ltortgage are distinct and cumulative to am• other right or
remedy under this Mortgage or afforded by law or equit}•. ant may he exercise) concurrently. independently or successively.
13. Successors and Assigns Bound; Jpint and Sexeral Liability: Captions. The covenants and :+greements herein
contained shall hint. and the rights hereunder shall inure to. the respective successors and assigns of !.ender and Bormw•er.
subject to the provisions of paragraph 17 hereof. All covenants ant agreements of Borrow•cr shall be joint and several.
The captions ant) headings of the paragraphs of this Mortgage arc for convcniencc only ant arc nut to he uceJ to
intcrprrt or define the provisions hereof.
l4. \otice. Except for an}• notice squired under applicable law to be given in another manner. (al am• notice to
Burrower provided for in this Mortgage shall he given h}• mailing such notice by certificJ mail addressed to Borrower at
the Property AJdresc or at such other address as Borrower mav_ designate M• notice to Lender ac provi.IrJ herein. and
(hl am• notice to !.ender shall I+e given h}• certificJ mail. return receipt requested, to 1 ender s address state) herein or to
wch other address as Lender may designate by notice to Burrower as pm.•ided herein. :1ny notice pms•ideJ for in this
Mortgage shall Ix~ deemed to have been given to Borrower or Lcndcr when given in the manner designated herein.
IS. Uniform Mortgage; Governing Taw; Se~erability. This form of mortgacc rnmhincs uniform covenants fur national
use and non-uniform covenants with iimitecl variations h}• juriuliction to constitute a uniform secorit}• instrument covering
real property. This Mortgage shall he governed by the I-aw of the iurisdiction in which the Pmpem• is located. In the
event that an}• provision or clause of this Mortgage or the Note runtlicts s+ith applicable law, such conflict shall nut affect
other provision of This ':1lurtgage or the Note which can t+e given elTrct without the conflicting provision. ant to this
enJ the provisions of the ;1lortgagc ant the emote arc Jeclarrd to he severable.
16. Borrower's Copy. Borrower shall I+e furnisheJ a conformed copy of the Note ant of this ]1lortga¢e at the time
of execution or after recordation herrnf.
17. Transfer of the Proper!}~: Assumption. If all or grey part of the Property or an interest therein is sold or transferred
by Borrower without Under ~ prior written consent. excluding tat the creation of a lien or encumbrance subordinate to
this Mortgage. (hl the creation of a purchase manev security interest for huucehulJ appliances. (c) a transfer h}• devise.
Jescem ur M• operation of law upon the death of a joint tenant or IJ+ the grant of am• leasehold interest of three .years or less
not containing an option tc. purchase. Lender mav. at Lender's option. Declare all the sums secured M• this Mortgage to he
immeJiatcl}• due and pa}•ahk. 1_ender shall have wcriveJ such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Pmperq• is to I+e sold c.r transferreJ reach agreement in writing that the credit of such person
is saticfacton• to lender and that the interest pa}ahle on the win, secured hs• this Mortgage shall he at such rate as 1_ender
shall reyuect. If lender has waived the uptiun to accelerde provide) in this paragraph 17. ant if Borrower's successor in
interest has executed a written assumption agreement accepted in writing h}• lender. Lender shall release Borrower from all
obligation under this Mortgage and the Note.
if Lcndcr exercises such option to accehrate. Lender .hall mail Borrower notice of acceleration in accordance with
paragraph 14 hereoL Such notice shall provide a perioJ of not Icss than ?(l Jayc from the date the notice is mailed within
sshich Borrower ma} pay the cumc declared dux. If Burrower tails to pa}- such cumc prior to the expiration of such period.
Lender ma}•. without further notice or demand on Borrower. invoke any remedies permitted by paragraph I R hereof.
Non-I.'\IFORM Covrn.xn-rs. Burrower and Lender further rnvenant and agree as follows: '
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Tender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such i
breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the snrns secured by this :lfortgage, foreclosure by judicial proceeding and sale of the Property. Tht notice '
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding j
the non-existence of a defauM or any other defense of Borrower to acceleration and foreclosure. if the breach is not cared on
or before the date specified in the notice. Tinder at Lender's option 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 attorney's fees.
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secure) by this Mortgage. ~
Borrower shall have the right to have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time
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v' k 306 FA~~1548
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