HomeMy WebLinkAbout0561 Lender's written agn;emrnt or applicable law. Borrower shall pay the amount of all mortgage insurance pRmiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by I.cnder pursuant ~lo this parrg?aph 7, wirh interest thereon, shall become addittona!
indchtedness of Borrower secured by this Mortgage. Unless Borrower and 1 ruder agree to other terms of payment, such
amounts shall be payable upon nosier from Lender to &un?wer requesting payment lhcreoL and shall bear interest from the
date of dishurxmcnt at the rate payahlc from time to time on artstanding principal under the Note unless pa~rment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. htispectiow. Lender may make or cause to he made reaaxrahle entries ulx~n and inspections of the Property, provided
that Lender shall give Borrower notice prig to any such inspection specifying n~asonable cause therefor related to Lender's
interest in the Property.
9, Cowdemnation. The pmeeedc of any award ar claim her damages, direct or consequential, in connection frith any
condemnation or other taking of the Property- ar part thereof, or for conveyance $t lieu of condemnation, arc hereby assignod
and shall be paid to I.endcr.
In the event of a total taking of the Property. the prcxeedc shall he applied to the sums secured by this Mortgage,
with the excess, if any. paid to Borrower. In the event of a p:utial taking of the Property, unless Borrower and Lender
otherwix 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 ,reared by this Mortgage immediatety prior to the date of
taking bears to the fair market value of the Property immediately poor to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is ahandonr.l hr• Bar.ower. or if after notice by 1 coder to Borrower that the condemnor offers to snake
an award t`r settle a claim for damages. Borrower fails to res,<ind to I ender within 30 days after the daft such notice is '
mailed': Lender is authorized to collect and apply the proceeds. at Lenders option, either to restoration or repair of the
Property oe to the sums secured by this Mortgage.
Unless lender and Borrower Mherwice agree in wrihne. any such application of proceeds to principal shall cwt extend
ar pastporre the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to am• cuccecuu in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest lender shall not be required to commence
proceedings against such successor or refuse to extent time for payment ar otherwise modify amortization of the sums
xcured by this Mortgage by reason of any demand made by the oric~nal Borrower and Borrowers successors in interest.
11. Forbearance by lender Nof a Waiver. An}• forhearancc hs• Lender in exercising any right or remedy hereunder, or
otherwix afforded by applicable law. shall not he a waiver of or preclude the exercix of any such right or remedy.
The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtednecs secured h}• this 1?lortgage.
12. Remedies Cnmulafi?e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or s?ecctssively.
13. Successors and AssiRws Botrnd; .loins and Several liability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtJ and xveral.
The captions and headings of the paragraphs of this Mortgage are for convenience only and ate not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law• to be given in another manner. (a) any notice to
Borrower provided for in this Martga¢e 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 Lender as provided htrcin, and
(b) any notice to Lender shall be given by certific<l mail. retr:rn receipt requested. to [.enders address stated herein or to
such other address as Lender may desi¢nate by n~•tice to &irrower as provided htrcin. Any notice provided for in the
Mortgage shall be deemed to have been gwcn to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage; Coverniry; I_aw; Severability. This form of mortgage combines tmifotm covenants for national
use and non-uniform covenants with limited variations by juncdiction 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 this Mortgage or the Note conflicts with applicable law, such conflict sh:11 not affect
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 Note are declared to he severable.
It3. )dorrower's Copy. Borrower shall he furnished a conformed cop} of the Note and of this Mortgage at the tierce
of execution or after recordation hereaf.
j 17. ,Ttrttursfer of the Property; Assumption. If all •or an}• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wntt~n consent. excluding la) the creation of a lien or encumbrance subordinate to
€ this Mortgage, (b) the creation of a purchase manes securr!}• interest for houxhold appliances. (c) a transfer by devise,
I descent or by operation of law• upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or kss
not containing an option to purchase, 1_ender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payahlc. Lender shall h;,c•e waved such option to accelerate if, prior to the sale or transfer. Lender
~ and the person to whom the Property is a~ be ,oIJ or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums securtd by this Mortgage shall be at attch rate ac Lender
9 shall request. If 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
obljgations under this Mortgage and the Nate.
t If Lender exercix, such option to accelerate, (.ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periad of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such periad,
Lender may, without further notice or demand ow Harrower. invoke any remedies permitted by paragraph 18 hereaf.
NON-UNIFOttM COVENANTS Borrower and Lender further covenant and agree as follows:
18. Accekratiow; Remedies. Except as provided iw para`nph 17 heteaf~ rpow aorrowers bt~eacb of awy covewawt or
t agreemewt of )sorrower Iw this Mortgage. iwcludirrg the covenants to pay whew due.wy swrws secorei dr (bit Mortgage. Lewder
3 prior to aKCelerstbw shall mail twtke to dorrowcr as provWcd in pragrsph 14 bereot specitybg: (1) the btt~cwcb; (2) the actiow
u trtgtrlred fo care sreb breach; (3) • date. cwt kss than 30 days from the datte the wotke r tanaBed to Borrower. by wbkb ,such
btnacb stores be erred; awd (4) that failure to cure such breach on o? before Ibe date apeci6ed b the raotke rw.y resets iw
aecderwtlow of the attu tecrnd by this Mortgage. forecbsure by Judkial proceeding awd tsk of the Property. The wdke
sha>fl frrtber iwtotrm Eorrower of the right to reinstate after accekration and the right to aarert iw the toreclostrre Noceediwg
the won-exWewce of a detauk or awy other defense of Eorrower to wccckratbw sad torecbwre. if tfre breach M wM erred uw
or before the date sptrified b the wotke, Lender at Lender's opfaw may declare all of the trews sttcrrad by tWt Mortgage io be
imaediately dre and pyable without trAher demand and may foreclose this Mortgage by jrdkh>r ~r+oe~editsR. Lender dtaN
= 6e atltkd to colkef iA treb proceediag sll a:pease, of toreck?srre. locludiwg. bet woe Waited to, rtatowabie trftvreer's fea.
sad casts of doe~!wtwtary evidence. abatrwcts and tick repotrb.
19. ldorrown't Rlgbt to Reiwstate. Notwithstanding lender s acceleration of the sums secured by thts Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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