HomeMy WebLinkAbout2647 Lender i written agreement or applicabk low. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms of payment. such
amounts shall 6e payabk upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payahk from tune to time on outstanding principal under the Note unless pa~?arent of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hialrest rate
permissibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any oxpeost: or tats
any action hereunder.
>s. laspeetioa. lender may make or cartes to be made reasonabk entries upon and inspections of the Property. provided
that [.ender shall give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Larders
interest in the Property.
9. Coademtaatioa. The proceeds 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, are hereby assigned
and shall be paid to Lender.
in the event of a total taking of the Property. the proceeds shall be applied to the sums 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 Larder
otherwise 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 same secured by this Mortgagt immediately prior to the date Of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor offers to mate
an award or settle a claim far damages, Borrower fails to resaond to Lender within 30 days after ~ihe date such notice q
mailed, Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair o[ the
Properly or to the sums secured by this Mortgage. '
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to prin:ipal shall not sxtend s
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chsnge the amount of
such installments.
I0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums.socurzd
by this Mortgage granttd by [.ender to any ctrececsor in interest of Borrower shall not operate to release, in any maetrrer,
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 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. Forbearance by Lender Not a R+aiver. Any forhearance by lender in exercising any right or remedy herarnder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy.
The procttremtnt of insurance or the payment of taxes or other liens or charges by Lender shall no! be a waiver of Lenders
right to accelerate the maturity of the indebtedness sccttrrd by this Mortgage.
12. Remedies Cemulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively.
' 13. Saccessora sad Assigns Bound:.Joist sad Several t.iability; Captions. The covenants and agreetrtents herein
contained shall bind, and the rights hereunder shall inttr~ to, the respective successors and assigns of Ltnder and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirM and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to 15e 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 Mortgage 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 i_ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to Lendtn'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. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
tut and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering
i 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 or the Note conflicts with applicabk law, such conflict shall 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 be severable.
16. Borrowers 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..Traasfcr of tee Property; Assumption. if all or 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 o[ a lien or encumbrance subordinate to
this Mortgagt. (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 (d1 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 Mortgsge 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 tc~ be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the irte:ect payable on the sums secured by this Mortgage 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 assump[ion 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 accekntion in accordance with
paragraph 14 hereof. Such notice shall provide a period e`f not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. if Borrower fails to pay such Burns prior to the expiration of each period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Norr-UNIFORM trovteNANrs. Borrower and Lender further covenant and agree as follows:
lA. Accderatba; Rearedks. Bscept as provided is pngrapb 17 Gersof. apes Ilwrrowera breach of awy covsaaN er
agreeasast of Borrower V this Mortfa6e, iwdadiag the coreaaats to py wbea dae say satyrs seeared by this Mortgage. ieairr
prbr to aceekratfba sraB wail aotke to Borrower as provided la pragrspb 14 hereof itpeelfybrgr (1) fbe [rreaeb: t2) tree setioa
rgrdrei to cars sash brescb;l3) • Bats, act less tliaa 3e days tww the Gate the aotke r waileJ /s Borrower, by wlkb Bach
breach mast be ~ sad (4) teat faifars to care strcli breach ow or before the dale specifial r the wotke way resaN d
aecekratba of trs same seetu~ed by tbk Mortgage. torsclosrirs ~ jiadkid lroeeediag aai sale of the Tro~erty. Tlie aetice `
~ shad f5irtbcr iaforw Borrower of tie right to rttiastats after occeleratlorr sad tee riglet to assert i• tlrt foreeloane *roeteiag
the swa-esWeace of a dctaak or rwy other defense of Borrower to accekrafba sad foreelowre. J flee breadr is oof car~ei oa
a before the dste spcifbei i• tie ttiotke. Leader at t.eader's optbw way dechrs ar of fJre straws seearetl try this MortgsRs fro be
imttticd6itely doe salt pysbk witbotN farther demand and gray foreclose tbfs Motrtgage try j.dicw'roeeedfgt. l.erider sbaN
be eatltltd to collect iw saeb procssdiag sJt a:penses of foreclosure. hrcladbss. bat not tfsaitsi te, teasoaoblt stturaet?'s fees.
sell costs of ioen-~eatary e~ideace, abstract sad tick report.
19. Borrowa's Itilgbt to Reinstate. NotwithstandinE Lenders acceleration of the sums secured by thte Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinutd at any time
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