HomeMy WebLinkAbout1211 Lender's written :+gn:enrent or applicable law. Borrower shall pay the: amount of all mortgage insurance premium: in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by [.code Attrsuant to this paragraph 7, with interest thereon, shall become additional
indebtedness o[ Borrower secured Hy [h~ Mortgage. Unless Borrower and lender agree to other terms of payment, such
amounts shall be payable upon nMice tram Lender to Borrower requesting payment thereof, and shall hear interest from the
dale of disbursement at the ate payable from tune to time an outstanding principal under the Nate unless payment of
interest at such ate would be contary to applicable law, in which event such amounts shall bear interest at the highest ate
permissible under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur any expense or take
any action hereunder.
f3. iaspectba. lender may makr er cause to he made reasanahle entries upon and inspections of the Property. provided
that !.ender shall give Borrower notice pricer. to any such inspection specifying reasonable cause therefor related to Lender's
interest in tlt?Property.
- 9. Coademrwtbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, ar part therrnf, er for conveyance in lieu of condemnation, are hereby assigned
and tool! be paid to Lender.
in the event of a tMal taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid b 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 proceeds
as is equal to that proportion which the ame++nt ~?f 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 Property is abandoned by Ber:ewer, er if. after notice by fender to Borrower that the condemnor offers to make ;
• an award or settle a claim far damages, Borrower fails to respond to !.ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at iender's option, either to rectoation ar repair of the
Property o~ 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 pcKtpone'the due date of the monthl~• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installnxnts.
10. $orrower Not Released. >~xtensien of the time far payment or modification of amortization of the some secured
by~this,Mprtgage granted by !.ender to any s++ccccser in interest of Borrower shall oat epe~atc to release. in any manner,
the liability of the original Borrower and Berrewer's s++ccessers in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time far payment or otherwice modify amortization of the wms
secured by this Mortgage by reasc?n of :im demand made b~• the original Borrower and Berrev.•ers successors in interest.
11. Forbearance by Lender Nol a Wainer. Any forhearancc by i_cnder in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of er preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes er ether liens or charges by i.ender shall not be a waiver of !.ender s
right to accelerate the maturity of the indebtedness secured by this Mortgage. x
12. Remedies Cnmulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right er i
remedy under this Mortgage or afforded by law er equity. and may he exercised concurrently. independently er sue .essively.
' 13. Snectssors and Assigns Bottnd:.Joint and Several i.iability; 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 Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join) and several.
The captions and headings of the paragraphs of this Mortgage are far convenience only and are oat to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mertga¢e shall be given by mailing such a+otice by certified mail addressed to Borrower at
the Property Address er at such other address as Borrower mav_ designate by notice to i.ender as provided herein. and
(b) 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 Borrower or tender when given in the manner designated herein.
15. Uniform Mortgage: Governing Law•: Senerability. This form of mortgage combines +miform covenants for national
rcisdictien to rnnstiurte a uniform securit instrument covering
~ use and non-uniform cevenana wtlh hmued vanauenc M• f+ Y
t real property. This Mortgage shall be governed h~• the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of this I?iertgage or the Note conflicts with applicable law, such conflict shall not affect
~ other previsions of this Mortgage er the Nate which can be given effect without the conflicting provision, and to this
j end the provisions of the Mortgage and the Note arc declared to he severable.
~ 16. Borrower's Copy. Borrower shall t,c furnished a conformed cop} of the Note and of this Mortgage at the time
' of execution or after recordation hereof.
17. Tamier of the Property: Assumption. if all or an~• part of the Property or an interest therein is sold er transferred
by Borrower without Ixnder's pricer wrincn consent. excluding (al the creation of a lien er encumbrance subordinate to
this Mortgage. (h) the creat+en of a purchase monrs• securih• interest for household appliances. (c) a transfer by devise,
descent or by operation of law upon the death of a juror tenant or (d? the grant of any leasehold interest of three ~•cars er less
not containing an option to purchase. Lender ma~•. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w:uvcd such option ro accelerate if, prior to the sale er transfer. Lender
and the person to wham the Property is to he :ol.l or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest pa~•able 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 tram all _
obligations under this Mortgage and the Nate.
If Lender exercises such option to accelerate, 1_ender shall roof! Borrower notice of acceleration in accerdancc ~.ith
paragraph 14 hereof. Such notice shall provide a pericxl of oat less than 30 days from the date the notice is mailed within _
which Borrower may pay the sums declared due. if Borrower fails to pay such sums pricer to the expiration of such peri.xi,
Lender may, without further notice er demand on Borrower. mveke any remedies permitted by paragraph 1 R hereof.
Nox-UNIFORM Covt:NeNrs. Borrower and Lender further covenant and agree as follows:
18. _ Acceleatioa; Remedies. E:cept as provided in paragraph 17 hereof, neon Borrower's breath of aay covenant or
5 agreement of Borrower in this Mortgage. including the covenants to pay when due any toms secnred by this Mortgage. Leader
prior to acceleration shall mail notice to Bomoaer as provided in paragraph 14 hereof specifying: (1) the breach: (2) the action
trequired to core web breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by v+hich such
bt+each must be cared; aad (4) that failure to cure such breach on or before the date specified in the notice may result is
sccderatiar of the wms secured by this Mortgage. forecbsure by judkial proceeding and sale of the Property. The notice s
shall furiber inform Borrower of the right to reinstate after scceleration and the right to assert in the foreclosure proceedirr`
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the non-existence of a dehnk or any other defense of Borrower to acceleration and foreclosure. If the breach is rwt cored on
k' or before the date specified io the notice. Lender at Lender's option may declare all of the toms secnrtd by this Mortgage to be
immediately due and payable without further demand and may foreclose this Morlga`e by judkial proceeding. i.endrr shall _ =i
be entitled to collect in such proceeding all expenses of foreclosure. includitr=, bnt not limited to, rcasoaabk ~ttorne,'s fees. FI
and costs of +wc~~nentary erideoct. abstracts and title reports.
19. Borrowa's Ri`bt to Reinstate. Netv?•ithctanding Lenders acceleration of the sums secured by this Mortgage, ;
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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