HomeMy WebLinkAbout1655 Lender's written agreement or applicabk law. Borrower shalt pay the amount of all mortgage insurance prertthtrtttt in the
manner provided under paragraph 2 hereof.
Any smottnts disbursed by Lender pursuant to this paragraph •7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unkss Borrower and Lender agree to other terms of payment. such
amarnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall hear interest from the
date of disburscrnent at the rate payahk from time to time ore 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
permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. laspectioa. f.cnder may make or cause to be made rcasonabk entries upon and inspcctionc of the Property, provided
that lender shall give Borrower notice prior Corny such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cordemrratioo. The pn?ceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part 1lterrnf, or for conveyance in lieu of condemnation, are hereby assigned
and s.rall he paid to Lender.
In the event of a total taking of the Property. the pr,h;eeds shall he applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial raking of the Property, unless Borrower and Lender
aherwise agree in writing. there shall he applied to the sums secured h}• 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 marker value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
Tf the Property is abandoned h}• Borrower. or if. ;,leer notice by l.cnder to Borrower that the condemnor offers to make
an award or cettie a claim for Damages. Born?wer fail. tx? rcy~ond to Lender within 30 days after the date such notice is
mailed. I_cnder is authorized to collect and appl}• the proceeds, at Lender's option, either to restoration or repair of the
Pro~rty or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writme. an}• such application of proceeds to principal shall not extend
or postpone the due date of the monthh• installments referred to in paragraphs .1 and 2 hereof or change the amount of
such installments.
!0. Borrower Not Released. Extension of the Time fur payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any cuceeccor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and &?rmwer i successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend Time for payment or otherwise modify amortizahun of the wms
secured by this Mortgage by reason of :m}• demand made M• the original Borrower and Borrowers snccescors in interest.
11. Forbearance by Lender Not a Waiver. :1ny fr,rhrarance h}• 1 ender in exenising any right or remedy hereunder. or
otherwise afforded by applicable law, shall not he a wais•er of or preclude .the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges h}• Lender chat) not he a waiver of 1_ender s
right to accelerate the maturity of the indebtedness secured h}• this 1liortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded h}• lav?• or equity. and may he exercised rnncurrently, independently or sur•_essivel}•.
13. Successors and Assigns-Bound: Joint and Seseral I.ialHlity; Captions. Thc covenants and agrccmen's herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of tender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be juicy and several.
The captions and headings of the paraeraphs of Chic Mortgage are for convenience only and am not to he need to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to he given in another manner, fa) 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 ac Borrower ma}- designate by notice to Lender 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 decienatc h}' notice to Borrower as provided herein. Any notirc provided for in this
Mortgage shall be deemed to have I?ccn given M Borrower ar Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing iaw~: Severabilif}•. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constinite a uniform security instrument covering
real property. This Mortgage shall he governed hs• the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of chic Mortgaee ~?r the Nute conflicts with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Nute which can t?e given effect without the conflicting provision, and to this
end the provisions of the 1liortgage and the Mute arc declared to he severable.
16. Borrower's Copy. Borrower shall he furni.hed a cc?nformed cop_, of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. if all or any part of the Property or an interest therein is n?ld or transferred
~ by Borrower without Lender's prior wrinrn consent. excluding la) the creation of a lien or encumbrance subordinate to
j this Mortgage, fh) the creation of a purchase munec securitc• interest for household appliances. (cl a transfer hs• devise.
descent or by operation of law upon the death of a iu~nt tenant or (di the grant of any leasehold interest of three years or less
E not containing an option to purchase, (.ender may. at Lender's option. declare all the sums secured by this Mortgage to be
~ immediately due and payable. Lender shall base w:us•ed such option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to Ix .ol.l or transferred reach agreement in writing that the credit of such person
i is satisfactory to [.ender and that the interest pa}•ahle on the sums secured by this Mortgage shall be at such rate ac Lender
I 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 1_ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accord:,nce iih
F paragraph 14 hereof. Such notice shall provide a period of not lest 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 prior to the expiration of such pen,xl.
Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof.
Noty-Utvtt=otetH Covey~rvTS. Borrower and Lender further covenant and agree as follows:
t 18. Accelerstioo; Remedies. Except as provided in parsgraph 17 hereof. upon Borrower's breach of any rnvensnt or
agreement of Borrower is this Mortgage. including ibe covenants to pay when due any soma secured by this Mortgage. Lender
prior to accekratioo shall mail notice to Borrower ss provided in paragraph 14 hereof specifying: (i) the breach; 121 the action
required to care tarcb breach;l3) a date. not kss than 30 days from the date the notice is outikd to Borrower. by which snub
breach mast 6e cared; sod (4) that failure to cure such breach o0 or before the date specified in the notice may result in
accderatioo of the saris 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 proceeding
the non-existence of a defsuk or any other defense of Borrower to acceleration sod foreclosure. If the breach is not cured o0
s or before the date specified io the notice. [.ender at Lender's option may declare all of the sours secnred by this Mortga?,t to be
immediately dot sod payable without further demand and may forecbst this Mortgage by judicial proceeding. l.endrr shalt
be eotitkd to collect in such proceeding all expenses of foreclosure, includiog~ bat sot 4mited to. reasonable ?nnrne is fees,
1 and costs of wuoroestary evidence. abstracts and title reports.
19. Borrower's Right to Reiastste. Notwithstanding Lenders acceleration of the sums secured by th,• Mortgage.
Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued .rt an}• time
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