HomeMy WebLinkAbout0944 Lender's written agreemrnt ar applicable I~w. Burrower shall pay the amount of all mortgage insurance premiums in the
manner pmvidrd under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, wnh interest thereon, shall oecome additional
indeMednesc of Borrower secun;d by th,s Mortgage llplrss Borrower and 1 ender egret to other terms of payment, such
amaurts shat[ he payable upon notice from Eehder to Borrower requesting payment thereof. and shall bear interest from the
date of disbursement at the rate payable from time to time un outstanding pnncipa) under the Note unless pajrmatt o[
interest at such rate would he cuntrarv to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require !-ender to incur any experae or take
any action hereunder.
8. iwspection. 1 ender may make or cause to he made rrasonahk entries uix+n and inspections Of the Property. provided
that Lender shall give Burrower notice prior to any Such impection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coademnatbn. The pnxeeds of any award or clam for damages, direct or consequential, in connection writh any
condemnation or other taking of the Property, or part thereof, or fur canve}•ance in lieu of condemnation, arc heeeby assigrnod
and shalt be paid to lender.
In the event of a totrl taking of the Properly. the pn+crrds shall he applied to the sums secured by this Mortgage,
with the eticess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied to the sums secured hr this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums srcnred by this Mortgage immediately prior to the date of
taking bears to the fair market valor of the Property immediately prior to the daft of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower. or if after nc.ti.e by 1 ender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower fads to rr,tx,nd ti+ 1 ender within 30 des}s 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 tbE
Property or to Iht sums secured M• this Mortgage.
Unless Lender and Borrower otherwise agree m w ritine. am• such application of proceeds to principal shall not extdld
or postpone the due date of the monthly imtallmcnts referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Fstcnsion of the time for payrgent or modification of amortization of the sums secured
by this Mortgage granted by I ender to am• successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and B.+rr.+wrr's successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to estend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reau+n of .,ny demand made by the nri¢,na! Borrower and Borrowers successors in interest.
11. Forbearance by tender Not a Wai.er. Anv f,~rhearancr hs I ender in ezcrcising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not he a waiver c+f or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of eases or other bens .+r charges by lender shall not he a waiver of Lender's
right to accelerate the maturity of the indehtednrss secured by this Mortgage.
12. Remedies Camulstfve. All remedies pros•ided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded M• law or equity. and may he exercised concurrently. independently or successively.
' 13. Successors and AssiArrs Bound; .Joint and Seseral LiaM'[it}•; GptJons. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure; to. the respective successors and assigns of Lender acct Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and sevenl.
The captions and headings of the paragraphs csf this Mortgage are for convenience only and are not to be treed to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcyuired under applicable law to bt given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall he given by mailing w.h notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borre~wer mac designate by notice to 1_ender u provided herein, and
(b) any notice to Lender shall hr g,ven M cernficd m.ul. ret:~m receipt requested. to Lenders address stated herein or to
such other address as Lender may designate by nt`ti~e rr Boers+wer as provided herein. Any notice provided for in this
Mortgage shall be deemed to hays t+rcn given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage: Governing Lava; Se.erability. This form of mortgage combines uniform covenants for national
f use and non-uniform covenants with limited sariatic+ns by jurisdiction to constitute a uniform security instrument covering
` real property. This Mortgage shall he guvenud hs• the law of the jurisdiction in which the Property is located. In the
~ event that any provision or clause of !his I?tortgage or the tiote conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage s+r the Near wh,ch can t+r given e;fect without the conflicting provision, and to this
end the provisions of the Mortgage and the tiote arc_.ieclarrd t, he severable.
i 16. Borrowers Copv. Borrower shall h< furnnhed a conformed copy of the Note and of this Mortgage at the time
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of execution or after recordation hereof.
l 17..Trsnsfer of the Property: Assumption. if all or any part of the Propert}• or an interest therein is sold or tnnsferrcd
by Borrower without Lender's poor wnn:n sunsent. cscluding lest the creation of a lien or encumbrance subordinate to
this Mortgage. Ib1 the creation of a purchase moors .erunt~ ,merest for household appliances, (c) a transfer by devise.
deccenr i+r by cx+erat,nn of taw anon the death of u~u,t tenam or (d? the 4rant of arty leasehold interest of three years or less
not containing an option to purchase. [.ender may, at Lender's option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall base w,uvrd such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is ro he .old or transferred reach agreement in writing that the credit of such person
rs satisfactory to Lender and that the interc,t payable on the sums secured by this Mortgage shat[ 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
m 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 [.ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not Itss than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. I( Borrower fails ?o pay such sums prior to the expiation of such period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof.
Nort-Uxtt=oRnt Covt=_xatvTS. Borrower and Lender further covenant and agree as follows:
18. Accekratba; Remedies. E:ceps as pro.idcd in paragraph 17 hereof, opoo )<orrower's Mach of any cooraiart K
a=reemest of dorrowcr Is this Mortgage. including the corewawts to pie whew dwe aoy sass sactartd Yy eyes Mortgage. I.etader
l` prbr to actderatba sba8 mail notke to Borrower a< provided In paragrap\ 14 hereof spedfyfag: (1) pee Mcacb; (2) the setioa
~ tregabed to cure tsc6 beach; (3) s date. act less than 30 days from the date the aotke is rraUed fe 1Krewer. bT which sorb
Mcacb msR be cored; acct (4) that failure to care such breach oa or before the date gecYied b the oottice say resttk is
- acederspoo of the steep secared by this Mortgage. foreciosrrre by judicial proceediwg trd sale et the Property. The oetfice
shall farther intorra Borrower of the right to rciastate after acceleration sad the right b attseR iw the foreciowrt /soteeiag
the noa-a:isience of a defank or aay other defeasc of Borrower to accckrstfoo awd foreclosure. N the Meech is not et~eai a
or before the dste specified ties the notke, Lender at Lender's optioa say deciar>c ap of the tatter secured y tYs Mortgage b k
imatediatdy due aai paysbk withprt further demand and may foreclose this Mortgage Sty jariicW ~aeeediaR. Gegder sitai
be stifled to cdieet b arch proceeding a8 expeascs of foncfasare. lacla8ieg. bet toot Wtdted M. reaiowaMe trtt•xwer's fees.
atsd costs of docutreMsry evidence. sbatncts and tick reports.
19. dorrowa's RfgN to Reitastate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun h. Lender to enforce this Mortgage discontinued at any tune
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