HomeMy WebLinkAbout0207 Lender's written agreement or applicable law. 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 agree to other tenors of` payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless past 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. Isspectiow. Lender may make or cause to he made reasonable entries upon and inspections of the Property. provided
that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9, Coademnatioa. 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 het+eby 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 Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proooeds
as is equal to that proportion which the amount of the sums secured by this Mortgage 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 i"ender to Borrower that the condemnor oBers to make
an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after "the date such notice t3
mailed: Lender is authorized to collect and apply the proceeds, at I~nder's option, either to restoration or repair of tots
Property or to the sums secured h}• 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 of
such installments.
10. Borrower Not Reka~sed. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by i.ender to any successor 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 tse 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 ofrny demand made by the original Borrower and Borrowers successors in interest.
!1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not tx a waiver of or preclude the exercise of any such right or t+emedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cruaulatire. 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,rnd may be exercised concurrently, independently or successively.
' 13. Successors sad Assigns Bound; ,Joist sad Serers~l 1.iabrUry; Captbws. The covenants and agreements herein
coot=fined shall bind, and the rights hereunder shall inure 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 jolty and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to
interpret or define the provisions hereof. "
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
4 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 Tender as provided herein, and
I (b) any notice to Lender shall he given by certified mail, realm receipt requested. to Lender's address stated herein or to
j such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
~ Mortgage shall tx deemed to have been given to Borrower or Lender when given in the manner designated herein.
IS. Uniform Mortgage: Gorerniag Law; Sererability. This form of mortgage combines uniform rnvenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage. shall br 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 shall not slfed
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. borrower's Copy. Borrower shall be furnished a confomxd cop}• of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
~ 17. ,Transfer of the Property; Assumption. If all or any part of the Property or an interest ehercin is sold or transferred
by Borrower without Lender's prior writinn consent. excluding (a} the creation of a lien or encumbrance wbordinate to
this Mortgage, (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 (d) 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 Mortgage 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 ti. be co1J 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 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 assumption agrament accepted in writing by Lender, Lender shall release Borrower from all
obliSations under this Mortgage and the Note.
If Lender 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 less than 30 days from the date the notice is mailed within
=3 which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of wch period,
Lsnder may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
~ NoN-L1NIFOaM CoveNaNrs. Borrower and Lender further covenant and agree ss follows:
!s. Aeceleratlos~; Rewedka. Ettcept at provided iw pragrspi 17 hereof, tt*oa borrower's breach of awy toreiatu>t K
A agreement d borrower M tilt Mortgage. laeiudiwg tie coreaaats to py when sae Hwy war settwnta bf ti4 Mortgage. Lanier
'rbr M actelenNioa itbar naY wtMke to botrrswer at rrorfded la paragrapi 14 tiered s'ecl[rlag: (1) tie Mead: ftl the setba
regdreii b cure web Mead: (3) a date. not tat flaw 30 days from tic date tie wotiee r wnBer fo borrower. by whkb web
Meech nett be cared: mill (4) fiat failure to care wci breach ow or before tie Gate gecYeii f• lie wotkc nosy rewit h
secekratlow d the wms oscurd br tilt Mortgage. torsclowre br ~r+ocsaditrg arrtl sale d tie Pr~u'erty. Tie notice
i shall turtier hstorm boinrower d tie right to rehsstste after aeceletrstiow sail tie rlgit to anted i• tie totreclo~arre pe+sees~ttg
tie tao~exWewce d s ifittaak or say other iletease of borrower to acceleratbw swd toreclowre. N tie breach r sot ettuei a
or 6etore the date speefiei the wotke, Leader st tbewders opbw rosy acdsre aN d tie wr st:etrrsd by fldt Mortgage la be
iwrwetliately dire swd pyabk without ttutlrer demand and Wray. toreclooc tilt Mortgage ti' JrrikW pateetlltrg. Lender chsM
be eaBtld to collect d web procesdirrg all a:peases of /oretbsure. irchiniit~g. brit aN Yadtar N. reatoasMt stt.,reer's fees.
sad cosh d doci:.~rewtarr eriacace, abAracls awn 1Hk rsprts.
I9. borrower's Right to Relastate. Notwithstanding Lenders scceleration of the sums secured by th~~ 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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