HomeMy WebLinkAbout2723 Leader's written agreement or applicable kw. Borrower slr~iU
pay the amount of all mortgage insurance pcemiuau is the
manner provided under paragraph 2 hereof, ,
Any amounts disMtrsed by Tender pursuant to thq psrsgraph 7. with interest thereon. shall becane additional
indebtedness of Borrower secured by this Mortgs~. Unless Borrower and Lrnder agroe to other terrors of payment. wdr
simottnts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest trap the
date of disbursement, at the rate payable from tune to time on outstanding principal under the Note unless pa~eaettt of
interest at such rate would bt contrary to applicable law, in which event such amounts :hall bar interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lendw to incur say experss oft take
any action hereunder,
fL Hrs'ectiew, Leader may make or cause to be made reasonable entries upon and inspections of the Property.
that I.errdtr shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leaders
interest in the Property,
C~ 'Tlre proceeds of any award or claim for damages, direct or consequential. in oonnectiom writs aey
condemnation of dher taking of the property, oa part thereof, or for conveyance in lieu Qf oo~demaation. art hereby assigned
and :hall 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, Tn the event of a partial taking of the Property, unless Borrower and Lewder
otherwise agree in writinft. there shall be applied to the sums secured by this Mortgage such proportion of the pr+ooeedt
ss is egwl to that proportion which. the amount of the sums secured by this Mortgage immediately prior to efts date d
taking bears to the [air market value of the Property immediately prior to the daft of taking, with the balance of the pt+noeedt
paid to Borrower.
If the property is abandoned by Bor.~ower, or if. after notice by Lender to Borrower that the oondemtar oRers to erodes
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 authorised to collect and apply the proceeds, at Lender's option, either to restoration or repair- of ere
Property or to the sums secured by this Mortgage.
Unless lender and Borrower otherwise agree in writing, any such application of proceeds to principal snail not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 ind 2 hereof or change the amount o[
such installments.
11. iorrower Not Rekaaei. 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 B~+rrovver
s succeuors in interest. Lender shall not bt required to canmenoe
proceedings against such straessor or refu-st to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in imerest.
1l. Irerrearawee ~ Lerrier Not s Waiver. Any forbearance by Lender in exercising any right or remedy her+etrnder. or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exarcise-of soy such right or rartedy.
The procurement of imurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Larder's -
right to accelerate the maturity of the indebtedness secured tsy this Mortgage.
I2. Retweiks Csswtrlatlve. All remedies provided in this Mortgage are distinM and cumulative to any other right a .
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independarttly or sueoasively.
13. Sreeerrs awl Assigns •orrf+i:.><oiwt and Several iLbiYfy; Captions„ The rnvenaats and agtearena herein
contained shall bind, and the rights hereunder shat! inuug to. the.respeetive successors and assigns of Lender sad Borrower,
subject to the provisions of parsgraph 17 hereof. All covenants and agreements of Borrower shsll be joiry and several.
The captions' and headings of the paragraphs of this Mortgage are for convenience only and an not to Ile used to
interpret or define the provisans hereof. -
14. Notice. Except for any notice required under applicable law to 6e 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 Tender a: provided herein, and
(b) 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
Mortgage shall be deemed to have been given to Borrower or I ender when given in the Wanner designated herds.
IS. tlJrifora Mortgage; Go~erwirg Law; Severabpity. 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 ooveritrg
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the
event that any provision or clause of this Mortgage or the Nola conflicts with applicable law. such eonAict shall not afTed
other provisions of this Mortgage or the NMe which can be given effect -without the eonAicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
If. •orirower's Cep. Borrower shall bit furnished a conformed copy of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
17..'ikaester of the T'to~erty: Assrrrplow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the cration of s lien a encumbrance subordinate to
ibis Mortgage, (b) the creatiart of a purchase money security interest for household appliances, (c) a transfer l+y devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold iMercst of threw years or less
not containing an option to putchsse, Lender may, at Lender's option. declare all the sums secured by this Mortgage to be
immediattly dot and payable. Lender shall have waived such option to socelerate if. prior to the sale or transfer, Lender
and the person to whom the Property K to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall 6e at such me as Lender
shall request. Tt Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's sttceeasor in
interest has executed a written sssumption agreement accepted in writing by tender, Lender shall release Borrower from all
- obljgations under this Mortgage and the Note.
Tf I~ertder exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aecordancc with
panigraph Tg hereof. Such notice shall provide s period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expiration of each period,
Linder rosy. without further notice or demand on borrower, invoke any remedies permitted by paragraph lR hereof.
Norr-UNtt=oaut CovErut+rts. Borrower and Lender further covenant and agree as fdlosrs:
I0. Accderatlsm Reweiia. B~cept as proviiti ~angeapr 17 res~eet. egos >fonrsra's rower et arty cs+•erarrt rr
agreese~t of ttanwer r iris Madpge. IwclrRrrg ere torewarMs fo Mgr wrew ire aq tents stwrrsi ltry ttMt MarylsBe. leerier
1r aceelesausw srai rsaY swlke a ~o~rrwer as prolici r psngapr i1 retest apCeltyisgs (1) Ae ttre«k (t1 ere aetisw
rp¦trei ~ cent wdt Maer= (3) a L1s, ref ks err 3• drys trorw ere isle tlrs watiee it twaYei N >tenswer. b whirl std
tt~etni srrrt k e~ awl (h fret talilrre is erse stet rrseaer a or release ere late spseliei fa ere rreelee why rark t•
aa~ieertisw et ere err steerrei b arts Moslgage. taseclowre y ~rikW ! ari snit rt trc lr~erry. lire reties
sW~ttirlrer ir[~ >Tbrtrwer et ere rfgrt N stlrsfiste after aeaeksMlow awl ere rlgN Is roved tw ere taeelesrse psrteeirg
ere ~ rt a islearM rr wry wirer Lleare d tierrr+ar a acalerMMw arai terecloswe.. R fire M~eaer Y wN ereri ea
K bdsre Ire Lee spseifiei V us roNes. Ltwtkr st i.errier's apthw rap ieeYse all et ere ewrrs sscsrai b iris Meslga)pe Ir ~
Irwtweiialey ire awl ~ayarle wNrort trdrar icmanA stet ray foreclose tlds llfledgage tYy jrikW /s+seeeLg. Lender shill
re e¦tftlei N alleet Ir stet pnreeiirrg err a=~ of tsrcebsrre. lrclrtlrg, rrt spat ~wilsi M, resrawrMt stturner's tea.
a¦i ads a/ iresa~rhsy t•iiswee, ardraeb sari title re}sds.
I!. Mssrrwes's itltgrt N Rsl¦stde. NoawithstandinE Lender's aooekration of the starts secured by thn Mortgage,
Borrower shaiT have the right to have any proceedings he~ttrn by Lender to entortx this Mortgage discontinued st any time
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