HomeMy WebLinkAbout0458 Lender's written agreement or applicable law. Borrow=r shall pay the amount of all mortgage insurance premiums in the
manner provided u~der paragraph 2 hereof.
AnX amour?ts disbursed by Le~der pursuant to this parag~aph 7, with interest thereon, shall become additional
indebtedness of Borrower securcd by this Mongage. Unless Borrower and Lenckr agree to other terms of payment. such
amounts shall be payable upoo notice ftom I.ende~ to Borrower reques~ing payment thereof, and shall bear interat [rom ihe
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
intercst at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing co~tained in this paragraph 7 shall require Lender to incur a~y expense or take
any action herwnder.
8. Inspectioa. Lender may make or cause to be made reasonable entrias upon and inspections of the Property, provided
that i_ender shall give BoROwer notice prior to any such inspectio~ specifying reasonable caux theretor related to Lender's
interest in the Property.
9. Condemnatbn. 'fl~e proceeds of a~y award or claim for damages, direct or consequential, in connection with any
condemnatian or other taking of the Praperty, or part thereof; or for co~veyance in lieu of condemnation, arc hereby assigned
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mottgage,
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 appl~ed to the sums secured by this Mortgage such pmportion of the proceeds
as is equal to that proportion which the amount of the sums ucured by this Mortgagt immediately prior to the dste of
taking bears to ihe fair market value of the Propeny immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower..
1f the Propeny.is abandoned by Borrower, or if, after notice by I.ende~ to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to [_eoder within 30 days after, the date such notice is
mailed, Lende~ is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Propeny or to the sums securcd by this Mortgage.
Unless Lende: and Borrower otherwix agree in w•riting, any such application of proceeds to principal shall not extend
or postpone the due date af the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
s~ch installments. ~
10. . Borrower Not Released. Extension of the time for payment or modification of amortization of the sums securcd
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the origi~al Horrower and Borrowe~ s successors in interest. Lender shall not be required to commence
proceedings against such successor or refuu to extend time for payment or othetwise modify amonization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s succe~sors in interest.
l I. Forbearance by Lrnder Not a Waiver. 4ny fort+ea~ance by I.ender in exercising any right or remedy hercunder, ot
otherwiu afforded by spplicable law, shall not be a waiver of or prcclude the exercise of any such right or remedy. -
The procurement of insurance or ihe paymeot of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the ~ndebtedness secured hy this Mortgage.
12. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concqrrently, independently or successively.
13. Soccessors and AssiAns Bound; ]oint and Sevenl i.iability; C~ptions. The covenants and ag~eements 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 co~~enants and agreements of Borrower shall be joint and several.
The captions and headings of ~he paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reqiiired under applicable law• to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Properly Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and
(b) any notice to Lender shall he given by certified mail, retum receipt requested. to l.ender s address stated herein or to
suct: other address as Lender may designate by notice to Borrower as provided herein_ Any notice provided for in this
; ~tortgage shap be deemed to havc been given to Borrower or Lender when grven in the manner designated herein.
! - 15. Unifonn Mori~age; GoverninR Law; Severab~ity. This form of mortgage combines uniform covenants for national
i use and non-uniform covenants w•ith limited variations b}• jurisdiction to constitute a uniform security instrument covering
~ real property. This Mortgage shall be governed hy~ the law of the jurisdiction in which the Property is located. In the
> event that any provision or claus.: of this Mortgage ar the Note conflicts with applicable law, such conflict shall not afitct
other pro~isions of this 1ltortgage or the Note w~hich can be given efiect without the conflicting provision, and to this
~ end the provisions of the Mortgage and the Note are declared to he severable_ .
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
~ l~. Transfer of the Property; Assumption. if all or am• pan of the Pmpcrty or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding fa? the creation of a tien or encumbrance subordinate to
this Mortgage. Ib) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law~ upon the death of a joint tenant or fd? the grant bf any leasehold interest of three years or less
not containing an option to purchase. 1_ender may, at Lender't option, declare all ;he sums secured by this Mortgage to be
~ immediately due and payable. Lender shal) have w•ai~•ed such option to accelerate if. Qrior to the sale or transfer. Lender
and the person to whom the Property is to be sold or trans(erred reach agreement in writing that the credit of such person
is satisfactory to IRnder and that the interest pa~•able on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest ha~ executed a written assumption a¢reement accepted in writing by LenJer. I_ender shall release Borrower from all
obligations under this Mortgage and the Note.
~ If 1_ender exercises such optian to accelera~e. i.ender thall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shalt provide a E+eriod of ~ot Icss than ?0 da~~t frosn the date the notice is mailed within
~ which Borrower ma~• pay the sums declared due. I( Borro~er fails to pa} such sums prior to the expiration of such petiod,
~ Lender may, without furthcr notice or dcmand on Bormu•er, im•oke an~ remedies permitted by paragraph 18 hereof.
~ Norv-UxtFOte~?t Coven~tvTS. Borrower and I_ender further covenant and agree as follows:
l8. Acceleration; Remedies. Except as provided in pan~raph 17 hereof, upon Borrowe~s bnach of aay covenant or
~ agreement of Borrower in this Mortgase. including the co~enants to pay when due any sums secured by thk Mortgage, Lsnder
~ prior to accelerntion shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) E6e action
required to cun suc6 breach; (3) s date. not less than 30 days from the date the noHce it mailed to Borrontr, by which sucb'
~ brcach must be cured: aod (4) that fallure to cure sucfi breach on or before the date specified in the aotke may resdt in
g accderation of tbe sums secured by this Mortgage. foreclosure by judicial procteding and salt of the Property. 'IUe aotice
~ shall further inform Borrower of the right t~ niastate after accele~ntion and the right to assert in tbe foreclosurs proceedia~
t6e non-exictenee of a default or any other defense of Borrower to acceleratioo and foreclosure. If the bresch is not enred on
~ or before the d~te sperified in the notice. Len~er at Le~der's option may declare all of the snms secnred by thk Mort6age to be
~ immediaiely due and payabk without furll~er demand and may foreclose this Mortga~e by judicial proceedin`. Lender s6ali
be eotidcd to collect ia sucl~ proceeding ap e:penses of forecbsure. inclading~ but not limited to, reasonabk attorney's fees. `
~ and costs of documentary eridtnce, abstracts and title reports. ' ;
~ 19. lbrrower's Ri~bt to Reinst~te. Notwithstar.ding Leoder s acceleratio~ of the sums secured by this Mortgage, ~
~ Borrower shall have .he right to have any proceedings begun by Ler.der to enforce this Mortgage discontinued at any tirr~e ~
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~ EOUh ~~,Q "r~CE 458
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