HomeMy WebLinkAbout1717 Lender's written agreement or applicable law. Borrower shall pa)- the amount of all m~n~gitg~`insuran a ums in the
manner provided under paragraph ~ hereof.
:fin>' amounts disbursed by Lender pursuatct n~ this paragraph 7. ++•ith iitterect thcrcon, shall became additional
indeMednccc of Burrower secured by this Mortgage. Unless Borm++er and Lender ague to other terms of payment. such
amount. shall he payable upon notice fmm Lender to Borrower rcyuesting payment Ihcrcof, and chill hear interest from the
date of dicbnrcemen! at the rcte pa~:chle from time to time on outstanding principal under the Note unless payment of
interest at surh rate would be contrary to applicable law. in which event such amounts shall herr interest at the highest rate
perm~ssihle under applicable law. Nothing contained in This paragraph 7 shall require lender to incur any expense or take
any action hereunder.
8. Inspection. i.ender may make or cause to be made rcaconahle entries upon and inspections of the Property, provided
that Lender shall give Borrower notice prior tci any such inspection specifying reasonable cause therefor related to Tender's
interest in the Property.
9, Condemnation. The prctceedc of any award or claim for damages, direct or consequential. in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance 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 he applied to the sums secured by .this Mortgage.
with the excess. if any. paid to Harrower. In ~~~~~v~tt( of a partial taking of the Property. unless Rorrow•cr and Lender
otherwise-agree in writing. there shall he ~~?pl~iid'to the sums secured by this Mortgage surh proportion .•f the proceeds
as is equal to that proportion which the amount of_ the sums secured by this ~4ortgage immediately prior to the date of
taking hears to the fair market vahte of the Property immediately prior to the date of taking. ++ith the balance of the pttxeeds
paid to Bormwec. ~ _
if the Property is abandoned by Borrower. or if. after notice by l.ettder 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 a!tthorized to collect and apply the proceeds. at Lenders option. either to restoration or repair of the
Property or to the sums secured by this Mortgage:
L!nlesc Lender and Borrower otherwise agree in writing, am• such applirction of proceeds to principal shall not extend
or lxntpone the dtte date of the monthh• installments referred to in L:tragraphc 1 and 2 hereof or chance the amount-of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums securer)
by this Mortgage granted M- 1_ender to am• successor in interact of Bormw•er shall oat operate to release, in any manner.
the liability ut the original Borrower and Borrowers successors in interest. Lender shall not Ile .required to commence
proceedings against such successor or .reface to extend time for payment or otherwise- modify amortization of the sums
secured by this-Mortgage by reason of any demand made by the .orieina) Borrower and Borrowers successors in interest.
11. Forbearance by Lender \ot a Waiver. Any forbearance h+• Lender in exercising am• right or remedy hereunder, or
' otherwise afforded by applicable law. shall oat he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a +caiver of 1_enders
' • _ right to accelerate the maturity of the indchtedness secured M• this Mortgage. ,
12. Remedies Cumulative. All remedies pmcided in this '\lortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by la++• ur rquity. and may he eeerciced cancurn;ntly. independenih• ar sucressively.
!3. Successors and a,csiRns Bound: ]oint and Several Liability; Captions. The covenants and agreements herein
cattained shall hind, and the riehtc hereunder shall inure to. the respective successors and assigns of Lender and Borrower.
subject to the provisions of paraeraph f 7 hereof. All covenanh and agreements of Borrower shall he joint and several.
The captions ;coil headings of the paragraphs of this Mortgage arc for rnnvcnience only and arc oat tc. he aced to
interpret or define the provisions hereof.
14. tiotice. Except for any notice rcyuired under applicable la:+• to he given in another manner, (al any notice to
Borrower provided for in this Mortgage shall he gi+•en by mailing such notice M• certified mail addressed to Borm+wer at •
the Propem• Address or at such other addn:cs as Borrower may designate M• nrnice to i.ender as provided herein. and
(h) arts notice to Lender shall F+e given by certified mail. return recript requested. u. Lenders address stated herein or to
such other address a~ Lender ma}• designate by notice to Borrower as pm+ided herein. Am-notice provided for in this
Mortgage shall he deemed t.. have been given to &irn.wcr or I coder when given in the manner designated herein.
15. Uniform 111ort>;a;;e: t;owerninl? Lave: Sewerability. This form of mortgage _omhines uniform covenants far national
use and non-uniform covenants with limited variations by jurisdiction tc. constitute a uniform security instrument rnvering
Iii real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is lcxated. In the
event that am• provision or clause of this MortgaLe or the \ote conflicts with applicable law, such conflict shall oat affect
other provisions of chic MorteaLc or the Note which ran he Liven clfect +vithota the rnn0irting provision. and to this
end the provisions of the \forteage and the \ote arc declared to he severable. -
16. Borrower's Copy. Harrower shall he furni.hed conformed rapt' of the :vote and of this 1lfortgagc at the time
of execution or after recordation hereof_
17. Transfer of the Property: Assumption. If all ar arts part of the Property or an interest therein is sold or transferred
by Borrower without Lender's pricer written consent. excluding tat the creation of a lien or encumbrance subordinate to
this Mortgage. Ihl the creation of a purchase mor.•_~• <ecurih• interest for household applianrec, (c) a transfer by devise,
descent or M• operation of la+c upon the death of joint tenant or (cl? the grant :+f am• leasehold interest of three years or less
not containing an option tc• purchase, Lender m:w_ at Lender's option. declare all the sums secured by this I?tortgage to be
immediateh• due and aayahlc. Lender shall have waived such option tc. accelerate if. prior to the tale or transfer. Lender
and the person to wham the Property i. to be cold or transferred reach agreement in writing chat the credit of such person
is satisfacton- to Lender and that the interest pa~•able on the sums secured M• this Mortgage shall be at such rate as Lender
shall request. If lender has waived the option n. arceler,de pro+ided in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. fender shall release Harrower from all
obligations under this Mortgage and the Nate.
If Lender exercis, s such option to accelerate. Lcndcr shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days fmm the date the notice is mailed within
which Borrower may pay the sums declared due. If Harrower fails ro pay surh sums prior to the expiration of such period.
Lcndcr may. without further notice or demand on Burrower. im•okc any remedies permitted by paragraph 1R hereof.
No;v-Ur,IFORt?1 COYENAtiTS. 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 covenant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender
prbr to acceleration shall mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure snch breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cored; and (4) that failure fo core snch breach on or before the date specified io the notke may result in
acceleration of the sums secured by this ;Mortgage, foreclosure by judicial proceeding and sale of the Property. 'Ilia notice
shop further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored on
or before the date specified in the notice. Lender at Lender's option may declare all of the snms secured by this Mortgage to 6e
immediately due and payable withont further demand and may foreclose this Mortgage by judicial proceeding. Lender shill
be entitled to collect in such proceeding cep a:penses of foreclosure, including. but not limited to,~rettsonable attorney's fees,
and costs of documentary evidence, abstracts and tick reports.
19. Borrower's Right to Reinstate. Notwithstanding Lenders 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 arty time .
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