HomeMy WebLinkAbout2749 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 heroof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mongage. Unless Borrower and Lender agree to other terms of payment. such
amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from tithe to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary 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 lender to incur any expetge or take
any action hereunder.
a. Itupectiow. i_ender may make or cause to be made reasonable entries upon and inspections of the Progeny. provided
that fender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Leader's
interest in the Progeny.
9. Cowdemnaliow. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other faking of the Properly, or pan 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 Progeny, the proceeds shall be applied to the cams secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Leader
othet•wix ague in writing. there shat! be applied to the sums secured by this Mortgage such proportion of the prooeeds ,
as is equal to that proportion v?•hich the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Progeny immediately prior to the date of taking, with the balance of the pteceeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after notice by 1_ender to Borrower that the condemnor oRets to mate
an award or settle a claim for damages, Borrower fails to respond to lender within 3l3 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at i~nder's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall 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.
10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums atxured
by this Mongage granted by Lender to any cuccecsor 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 refux 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 Borrowers successors in intereu.
11. Forbearwwce by Lender Not a Waiver. Any forfitarance by Lender in exercising any right or remedy hereunder, or
otherwix afforded by applicable law. shall not be a waiver of or preclude the exercix of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of i.endePs
right to accelerate the maturity of the indebtedness secured by this Mortgage:
IZ. Remedies Cmwolatlte. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercixd concurrently, independently or successively.
' 13. Swccessors awd AssiRws Iltouad; Joint awd Several i.iability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall imtrt to, the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and ate not to lie used to
interpret or define the provisions herrnf.
14. Notice. Except for any notice 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 notice by certified mail addressed to Borrower of
the Progeny 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 receipt requested. to Lender's 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 Lender when given in the manner designated herein.
1S. Uwiforwt Mortgage: Governing Law: Severability. This form of mortgage combines uniform covenants for national
use and rear-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering
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 claux of Chic Mortgage or the Note conflicts with applicable law, such conflict shall not aRect
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 arc declared to be xvenble.
lf. litorrower'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..Tnwder of the Property; Amomptiow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written conxnt. excluding (a) -the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for houxhold appliances, (c) a transfer by devise,
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 less
not containing an option to purchase, Lender may, at Lender c option, declare all the sutras secured by this Mongage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be cold 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 Mongage shall be at such rate ac Lender
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 rcleax Borrower from all
oblj~ions under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph }4 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. Tf Borrower fails to pay such sums prior to the expiration of such period,
[,ender may, without funkier notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Norr-Ut+tt=oaur CoververtTS. Borrower and Lender funkier covenant and agree as follatvs:
lt. Accekratbw; Rewredles. Bscept ss prodded iw pragraple 17 hereof, wpow •orrower's breach of ssty co~ewawt K
agrcetwewt of Eorrower V fhb Mortgage, bKlwdiwg the covewwwts to py whew dwe ray wars ssewM 67' fhb Mortgage. Lewder
prior to wcceicrwtiow shop tratril wotke to aorr~ower az Provided fw pntgnplt 14 hereof specNplwg: (1) the btRweh;121 the acfiow
regwlM b twee swch breach: (3) w dMe, woe less tlw 30 days trorw the date the wotlce b wtailed b •Onpwer, h' whkh sw:h
breach mwM be erred; sstd (4) that fwNtrrt to ewre wch breach a or before the date specked b? the wotice way reswlt b
wecekrMiow of the tttwws ttecwred 6y fhb Mortgage, fortcloswre h ~w proetedAg wwd sale of the >r'roperfy. The wotke
shttY fitrther bdonw )son~owa of the t~ighf to treiwstate s#ter acreierstlow swd the right b awsert i. the toreelowre ptoctedhtg
tie wow-exbtewee of w defswlt or aaty other defense o11lorrower to wcce{erMiow swd foreelowre. N the breach b woe ewM a
or before the date specified i• the sotice. Lewder at l.ewder's opiow rwwy declare si of the wtws tKewM iy fhb Mortgage Io b<
btttwedhtdy dwe sail pyabie wifbowt fwrtber demand ant way foredost fhb Mot~age h jwdkW pabceedl.g. Lender Chap
be es~tHled to colieef d sroch pr+attediwg ant a=petases of fomloswre, hrchtdiwg, bwt woe rrwited to. reasonable stuxneYs fees,
seed tasb of doct:!wewhrr tridewce, abstracts turd title rtptb.
19. •onowa's Right to Relwstate. NMwitMtanding 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 any time
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