HomeMy WebLinkAbout2700 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums 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. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the me payable from time to time on outstanding principal under the Note unless payment of _
interest at such rate would be contr~BY to applicable law, in which event such amounts shall bear 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. laspectba. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that i_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnafbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
conderytnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are 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 Mortgage,
with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applted to the sums secured by 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 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 abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond 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 writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
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 original Borrower and Borrower's successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured b}• this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver 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 by i_ender shall not be a waiver of Lender's
right to accelerate the maturity of the rndebtednea secured by this Mortgage.
12. Remedies Cnmulath~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 concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several i.iability; Captbns. The covenants and agreements 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 joint and several.
The captions and headings of the 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 required 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 Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
j (h) any notice to Lender shall be 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
C :Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the Property is located. Tn the
e event that any provision or clause: of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
f other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
! end the provisions of the Mortgage and the ':`ore arc declared to be severable.
€ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thic Mortgage at the time
~ of execution or after recordation hereof.
t7. Transfer of the Property: Assumption. if all or am' 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 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 (tit the grant of an}• leasehold interest of three years or less
t 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. Lender shall have waived such option to accelerate if. prior to the Sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactor}• to Lender and that the interest payable on the sums secured by this Iriortgage shall be at such rate as 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 from all ;
obligations under this Mortgage and the Note.
If leader exercises such option tc• accelerate. Lender tihall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period cif not less than i(1 da}s from the date the notice is mailed within
vehich Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
- lender may. without further notice or demand nn Borrower, im•oke anv re medies permitted h}• paragraph 18 hereof.
Noty-UNIFORM CovE~~xrs. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any coreaant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
5 required to cure such breach; (3) a date. cwt less than 30 days from the date the notice is mailed to Borrower, by whk6 such
breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notke may result in
acceleration oft the sums 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 accdention and the right to assert in the foreclosure proceeding
the non-existence of a defauN or any other defense of Borrower to acceleration and fortebsurc. If the breach fs toot cured on
or before the date specified io the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately tine and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in web proceedigi all expenses of foreclosure, including. but not limited to, reawcrabk attorney's fees,
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notw•ithstarding Lender's 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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