HomeMy WebLinkAbout1718 Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage inwrance pretttaums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unlect Borrower and I_tnder agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and Shall hear interest from the
date of disbursement at the rate payahk from time to time on attatanding principal under the Note unless payttaent of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permitsibk under applicable law. Nothing rnntained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
a. Itttspectba. Lender may make pr.c~use to he made reasonable entries upon and inspections of the Property, provided
that Lender shall give Borrower ttotk~e prior to any such inspection specifying reasonable cause therefor related to Lender a
interest in the Property.
9. Coitidemestbn. 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 therrnf, or for conveyance in lieu of condemnation, are hereby assigned
and stall be paid to IRnder.
In the event of a total taking of the Property. the proceeds shall he 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 by this Mortgage such proportion of the prorxeds
as is equal to that proportion which the amount 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 ahandoned by Borrower. or if. after notice by Lender to Bormwer that the condemnor offers to make
an award or settle a claim for damages, Borr<~wer fails to restx~nd to lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply 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 w•rittnc. any such application of proceeds to principa) shall not extend
or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of
such installments.
10. Eorrower Not Released. Extension of the time h,r payment or modification of amortization of the sums secured
by this Mortgage granted by i.endcr M any successor in interest of Borrower shall not ope~atc to release, in any manner.
the liability of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence
proceedings against such successor or reface to extend time for payment or otherw•icc modify amortization of Stir wms
secured by this mortgage by reason of am• demand made by the orieinal Borrower and Bormwer s successors in interest.
11. Porbeannce by Lender Not a Waiver. Any fonc~aranre by 1 ender in~cxcrcicing any right or remedy hereunder. or
otherwise afforded by applicable law. ,hall not he a waiver of or preclude the exercise of an}• such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of lender
s
right to accelerate the maturity of the indeMednecs secured M• this Mortgage.
12. Remedks Cnmalati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or sua:ecsively.
' 13. Snccessors and Assigns Bound: Joint and Seteral i.iabilify; Captions. The covenants and agreemen~s herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Bormwer.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he aced to
interpret or define the provisions hereof. i
l4. 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 he given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Bormwer may designate by notice to Tender as provided herein. and
(h) 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 for in this
Mortgage shall be deemed to have been given to Bormwer or (.ender when given in the manner designated herein.
lS. Uniform Mortgage; Governing I.aw•: Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations h~~ jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall he governed by 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 conflicts Kith applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which ran fie given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the ~totc arc Jerlarcd to he severable.
l6. Borrower's Copy. Borrower shall he furnished a conformed cop} of the Note and of this Mortgage at the time t
of execution or after recordation hereof.
17. Transfer of the Property; Assumption. If all or an} part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase m~mev security interest for household appliances, (c) a transfer by devise, f
descent or by operation of law upon the death of a jonn tenant or (dt 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 Mortgage to be =
immediately due and payable. I_cnder shall have w:us•ed such option to accelerate if. prior to the sale or transfer. Lender t
and the person to whom the Property is to t+c .ol.l or trmcferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interc.t pa}ahle on the sums secured by this Mortgage shall be at such rate as 1_ender
a shall re nest. if lender has waived the o Lion to accelerate
q p provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. (.ender shall release Borrower from all
r obligations under this Mortgage and the Note.
if [_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ith
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower (ails to pay such sums prior to the expiration of curh period.
I Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I R hereof.
a
s Note-Urvtt=oRt?t Covetv~tvTS. Borrower and Lender further covenant and agree as follows:
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lg. Accekratbn; Remedies. Except as provided in panagraph 17 hereof, npon Borrower's breach of any covenant or
~ agreement of Borrower to this Mortgage, including the covenants to pay when doe any snms secured by this Mortgage, Lender
prior to scceleration shall mail notice to Borrower ss provided in psragrapb 14 hereof specifying: (1) the breach; 121 the sdion
s rcgnired to enre snob brescb; (3) s date. not less than 30 days from the dste the notice fs mailed to Borrower. by which such
brescb most be Bored; and (4) that failure to cure wch bresch on or before the date specified in the notice may result in
sccekrstioa of the snnis tiecnred by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shall farther inform Eorrower of the right to reinstste after acceleration and the right to assert in the forecbwre pitaceedbsg
the non-existence of a defsuM or any other defeirse of Borrower to acceleration and forecbwre. If the breach is not cared on ;
or before fhe daft specified io the notice. Lender at Lender's option rosy declare sp of the snots secnred by this Mortgage to be
immediately due and psyabk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding aU expenses of foreclosure. including, brat ant limited to, reasonable att~~rnr,'s fees.
~ sad costs of ~wc~rneatsry evidence, abstracts and tick reports.
19. dorrowei's Right to Reinstate. Notwithstandintt Lenders acceleration of the sums secured by th~• Mortgage.
i Borrower shall have the right to have any proceedings hegun ~y Lender to enforce this Mortgage discontinued et any time
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