HomeMy WebLinkAbout1316 l.et?der's_written agreement or applicably laver Borrov~er ~ajl~pay the amount of all mortgage insurance praniuna in the
meaner provided under paragraph 2 hereof. .
` Any amounts disbursed by T.erider purswnt to the paragraph with intereest thereon. shall become additional
inckbtedrtess of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shall be payable upa? notice from tender to Borrower requesting payment thereof, and shall bear interest h+oaa the
date of disbursement at the rate payable from time to time on alt:landing principal under the Note unless pajrtaeot of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rata
permisaibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptaas or fate
any sction hereunder. -
laspeetiow. Tender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to i.ertder's
interest in the Property.
9. CewderwwaKow. The proceeds of any award or claim for damages, direct or rnnsequential. in corurectiotr with aey
condemnation or dher taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned
and :hall be paid to Lender. ~ `
Tn the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this MortgaE%
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lewder
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 amount of the sums secured by this Mortgage immediately prior to the date oti
taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proteeds
paid to Borrower.
if the Property h abandoned by Bor:ower, or if. after notice by Lender to Borrower thst the cortdensoor otkts to mate
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after •the date such notice b
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of tbo
Property or_to the sums secured by this Mortgagr.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not pctend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such mstallments.`
It. Borrower Not Released. Extension of the time for payment or modifkation of amortization of the sums secured
by this Mortgage gnntetl by Lender to any successor in interest of Borrower shall not operate to ukase, in any manner.
the liability of the original Borrower and Bo+rrower'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 by this Mortgage by reason of •rny demand made by the original Borrower and Borrower's successors in interest.
11. Forbearance 67' Leader Not a N?sivcr. Any forbearance by Tender in exercising any right or remedy heretmder, 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 Lender sfiall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Rew~edies Ctresalstivs. 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. Sweeeaaors awe Asigws Barad; .Joint swi Several iisbiBfY; Captiows. The covenants and agreements herein
contained shall bind. and the rights hereunder shall intrr~ to. the respective successor 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.
'llte captions' and headings of the paragraphs of this Mortgage arc for convenience only and are rat to 1)e used to
interpret or define the provisans hereof.
14. Notice. Except for any notice required under applicable law to be given in mother 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 Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail, rctum receipt requested. to Lender's 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 :hall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
IS. Uwitorrw Il~ort~e; Goverwieg Law; Severability. This form of mortgage combines uniform covenants for national
use and tton•uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
~ r+eal property. This Mortgsge shall be 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 with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without the oonAicting provision, and to this
end the proviswrta of the Mortgage and the Note arc declared to be severable.
if. Borrower's Copy. Borrower shall be furnished a conformed roP)• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
i?..Trarrster of the lroperty: Asatmptiow. Tf all or any part of the Property or an interest therein h sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the option of a lien or encumbrance wbordinate 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 (d) the grant of any leasehold interest of three yeah 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. Lender shall have waived Stich option to sccelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfsetory to Lender and that the inten~ct payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljgations under this Mortgage and the Note.
it Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanc-c v?•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 okclared due. if Borrower fails to pay such wms prior to the expiration of such period,
Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
Nor+-Urrtt=oac?t Covt=_tverrrs. Borrower and Lender further covenant and agree u tolbws:
~ ifR Acedarados: Rearedia. Bs.-ept as provMed i• paragraph 17 hereof. trpow Bemwer's Mreaelt of gay eotrewawt K
agreement of Msrower b this Mortgage. Iwelaifag the corewawb to pay whew doe awY tuns oscarsi ti this Martgags. i.ewder
prior b aeeeleratloti t~ha1 raW vendee to Borrower as provNN a paragraph 14 hersot speetfylags (1) the rrsaeh; (2) the sctMw i
rs~aireti t etsre veer iesaelr; (3) a Rote. wet loo flaw 3• days Gorw the date fire aodee r ttt~aBsi M Barrawer. ~ whkh ssrelt
rtreaeh aunt k etws~ atsi (q fiat tellers to ettre welt rtrsach ow or before the date speelki V the entice way rssaM 1•
aa~eleratiow a< the war oeewrs~ by this Mot~ags, fersciooare ti JtrdleW proeee~iag ani sale et the >Property. 71re wotke
shag inrlrer irrfetrrw Borreaer of the right to rshtstMe after aeeekrMba aai the right to avert M the toreeieure preese~ag
Irs aorr-exMaes et a ietaaM or awY other tsetewse of Borrower to aeeekrMiea sw/ torsclowre. 1! the breach its net etrtaoi ea
or letere the salt geeliati V the wofke. Lewder a1 I.errder's optiow aaY deehre si o< the pttra oetwrsi ~ this MortgatZt M k
iwwdialrly dire sal payaNe .ritho.t farther dernana awd may terseloaa thin Mertgags y iwiiclal Nress~t• I-ender dta11
k eatldod N taBoet iw such proesediag aw a:peaces of toreclosars, laclatliag, hrrt riot Baaitai /a. reaaowaik sttwaer's Esc.
ant seat et ioerc.~etMary svldewes, a6straet awl title report.
i!. Barnowa's R~ t• Rei¦otats. NotwithstandinE Lender's acceleration of the sums secured by thra Mortgage,
Borrower shall have the right to have any proceedings begun Mr Lender to enforce this Mortgage discontinued at any time
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