HomeMy WebLinkAbout0051 Lender': written agrcemettt or ttpplicabb law. Borrows' shall pay the amount of all mortgage ituuranoe pt~anitum is the
' matuter pr3vided under paragraph 2 !tercet.
Any amounts disbursed by Lender pursuant to this paragraph 7. with iatetw thereon. -shall become adtlitioital
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lendw agree to other terra: of payment. such
amounti shall be payable upon novice from Lender to Borrower roquestina p~yt thereof, and shall bear interest twat the
date of disbursement at the rate payable from time to .time on outstancing principal under the Note crates paymttet of
interest at such rate would be contrary to applicable law. in which event such amounts rita11 bear iMa~est st the highest rtt/e
pertnissibk under applicable law. Nothing contained in this paragraph 7 shalt require lender to incur say expense or tube
any rktiou hereunder.
>R IwgtecNew. Lender may make or sates to bt made reasonable entries upon and inspections of the Property, pso~ided
that Lender shall give Borrower novice prior to any such ittspxtion specifying reasonable cause therefor related to Latch's ,
interest in the Prvperiy.
9. C~ The proceeds of any award or claim for damages, direct a consegtteatial, in eonrtectioa wilt sa>)r
condemnation or other taking of the Property, or part thereof, or for cogveyaace iq lieu of eondeannation, are herby assigwed
and shall be paid to Lender. - o
in the event of a total taking of the Property, the proceeds sits!! be applied to the sums tKCUred by this Mortgage,
with the exotss. if any; paid to Borrower. In the event of a partial taking of the Property.. unless Borrower and Larder
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pr~ooeeds
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 ttte balance of the pt+ooeeds
paid to Borrower.
If_tJte_Property-is-ahattdoned by Borrower. or_if. after novice by_Lender to Borrower that the eondemrtor-.OflCts_to maize, _
an award or settle a claim far damages, Borrower fails to respond to Lender within 30 days after the date such ttotioe is
maibd, Lender is' ~uthorined to collect and apply the proceeds, at Lender's option, either to restotatiort or repair of the
Prope~ty~~ 44r tot the sums secured by this Mortgage.
Utih3s L1endnr and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[
• such installments.
16.' Ror~q~rer Not Rek~ed. Extension of the time for payment or modifkation of amortizttiat 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 Harrower
s successors in interest. Lender shall not be required to commence
proceedings against such sttaessor or refuse 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 interest.
11, Forbearawce b .>~rdeg Not s Waiver.. Any fortrcar:tnce_ by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall rat be a waiver of or preclude the exercise of any such right or t+anedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Remedies Camahtlre. •All remedies provided in this Mortgage are distinM and cumulative to any other right or
remedy under this Mortgage or aiTorded by law or equity, and may be exercised concurrently, independently or sttcoessively.
13. Sgeceras eras As>~tts Boutsd:.Joint era Sereral T3abWly; Captions. The covenant: and agreements herein
contained shall bind, and the rights hereunder shall iniirc to, the respective successors and assigns of Lender and Bo7tovver.
_ subjsatso_tF~t
".provisions of_paragraph 17 hereof. All covcnants_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 a used to
interpret or define the provisions hereof.
14. Notice. Except for any novice 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 noticti 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. return rgxipt requested. to Lender's address stated herein or to
such other address as Lender may designate by native to Borrower as provided herein. Amt notice provided for in this
Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein.
1S. Ueiform Mortgage; Gorerniag Law: Severability. This form of mortgage combines uniform covenants for rational
~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of chic Mortgage ar the Note conflicts with applicable law, such conflict shall not af[ect
~ 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 Nate are declared to, be severable.
lf. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. 'Dander of the Property: Assumption. Tf all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (al 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 (d) the grant of any leasehold interest of three years 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 such option to accelerate if, prior to the wle or transfer. Lender
and the person to whom the Property is to be ca1J 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 be at such rate as Lender
shall request. 1f 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 Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordancti 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 declared due. It Borrower fails to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand an Borrower, invoke any remedies permitted by paragraph lit hereof. !
Norr-1.INIFORM CoveNSrr'rs. Borrower and Lender further covenant and agree as follows: ;
18. Aecekratior; Rertedia. Bxcep m provided it paragraph 17 ies~eot, rpor Ban~ewers beeaci of asy eonrawt K
agreewtatt of Borrwrer it tiffs Mortgage, itdrdinR tie corensrNs to pay wicrt are eery srt+ws seerrei i7' tYs Mortgage. Lerner
prbr to aceekratiow s6a11 wa0 notice to Borrower as proriaed i• paragraph 14 letter speei[yirg: (1) tie breach; (2) the setiow i .
rtgrirea to ctn+e stsc6 breach; (3) a dom. rot less than 3A days trorr the Gate the wetice b rtaYed to Bosrowet. by wild srclt
bread soar be erred; std (4) that failaro to crre arch breach or a betore tie date sptxiiea le the roNce stay resrlt b
aceekradow ott the spar secrrea by tiffs Morgtage. torecloarre by jraicial poeeeahig awl sale of tie Pro'erty. '11te rocks
shay frtrtlter httonw Borrower of tie riRM to reiwstde after acceleratbw awl tie right b area i, the torsclostrrs *soeeaisg
tie wor~exWeace of a ae[ark or arty other defense of Borrower to aeceknttiort era forseloatre. g tie brsaei is wet crrsi test
or 6etore the date specl8ea d tie wotice. Leader at T.eader's optiow tray declare a/ et tie strwrs seeress b tiffs MortpBe /o k
ietrtediately dtte sad pyade witbord further demand and may foreclose this Mortgage i7' jraieW peeetedirg. Lender dtaM
be etlitkd to co®eet ie srtclt procsedirg ant expenses at toreclosree. itcitdiag, brt wet Wtea M. reasonable s+nurner's fen,
era errata of ovcr~wertary eriaewee, abstract aaa tick report.
- - 19: Beerawet's Rlgit to-Rsiaatate. Notwithstanding Lenoiet's_sccekration_~_ehe_sttms stcttred.-by-this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforcx this Mortgage discontinued at any time
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